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    What NovaGold Resources (TSX:NG)'s Donlin Assays and FAST-41 Win Mean For Shareholders

    Simply Wall St·12/06/2025 11:23:32
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    • NovaGold Resources has reported final assay results from its 2025 Donlin Gold drill program and key permitting advances, including FAST-41 acceptance and an Alaska Supreme Court ruling upholding water rights and a state pipeline right-of-way, marking meaningful progress for what it anticipates could become America’s largest gold mine.
    • By combining high-grade drill intersections with a clearer federal permitting pathway and a forthcoming Bankable Feasibility Study, the company is tightening both the geological and regulatory foundations of the Donlin project at a critical stage of its development.
    • We’ll now examine how the FAST-41 permitting designation and other developments may influence NovaGold’s investment narrative in the near term.

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    What Is NovaGold Resources' Investment Narrative?

    To own NovaGold you have to believe that Donlin will ultimately justify today’s mine‑less, loss‑making company, where value lives almost entirely in a single, very large gold project. The new drill results and FAST‑41 acceptance strengthen two of the key near term catalysts: a higher confidence resource base feeding into the upcoming Bankable Feasibility Study and a more structured path through federal permitting, following the Alaska Supreme Court’s support for key water and pipeline rights. With the share price already up very sharply this year and trading well above peers on book value, the incremental good news may be partly reflected already, but it does reduce some of the permitting overhang that previously dominated the risk list. The flip side is that execution, dilution and a long road to first production still matter a lot.

    However, investors also need to weigh how long Donlin might take to translate into cash flow. Our valuation report unveils the possibility NovaGold Resources' shares may be trading at a premium.

    Exploring Other Perspectives

    TSX:NG Community Fair Values as at Dec 2025
    TSX:NG Community Fair Values as at Dec 2025
    The Simply Wall St Community’s single fair value estimate of US$19.50 sits against a market that already prices in very large future expectations. You can weigh that optimism against the tightened permitting pathway and continued operating losses, then decide which side of the Donlin story you lean toward.

    Explore another fair value estimate on NovaGold Resources - why the stock might be worth as much as 43% more than the current price!

    Build Your Own NovaGold Resources Narrative

    Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

    • A great starting point for your NovaGold Resources research is our analysis highlighting 3 important warning signs that could impact your investment decision.
    • Our free NovaGold Resources research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate NovaGold Resources' overall financial health at a glance.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.