NEW YORK, December 30, 2025, 12:02 ET — Regular session
- NovaGold shares were up about 0.5% midday after a 6.8% slide in the prior session.
- Gold rebounded nearly 1% after Monday’s sharp drop, with Fed minutes due later Tuesday.
- Traders are watching bullion direction and upcoming milestones tied to the Donlin Gold project.
NovaGold Resources Inc shares were up about 0.5% at $9.54 in midday trade on Tuesday, after ranging between $9.40 and $9.78.
The development-stage company has no production, making its stock a higher-beta proxy for swings in gold sentiment and long-dated project economics.
That sensitivity is front and center as bullion volatility flares into year-end. Spot gold rose 0.9% to $4,369.59 an ounce by 11:29 a.m. ET after posting its biggest daily percentage loss since Oct. 21, and traders were waiting for the Federal Reserve’s December meeting minutes due later Tuesday; “Things have stabilised somewhat today,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. Reuters
Monday’s precious-metals selloff was also amplified by higher margin requirements at CME, which can force traders to post more cash to maintain futures positions — and can prompt fast deleveraging when prices swing.
NovaGold closed down 6.78% on Monday at $9.49, after touching $9.34 intraday and trading more than 3.2 million shares.
Gold-linked equities broadly firmed on Tuesday. The VanEck Gold Miners ETF was up about 1.9%, while Newmont rose about 1.9%.
NovaGold’s core exposure is the Donlin Gold project in Alaska. After Barrick agreed to sell its 50% stake earlier this year to John Paulson and NovaGold, NovaGold’s ownership rises to 60% and Paulson holds 40%, Reuters reported.
The company’s latest project update highlighted high-grade drill results and a favorable Alaska Supreme Court ruling upholding key state permits, and it said the bankable feasibility study — a detailed engineering and cost review used to support financing decisions — is expected to start in the first quarter of 2026.
For investors, the next meaningful signal is less about near-term earnings and more about whether feasibility work tightens estimates on capital costs, operating costs and timeline — the inputs that drive valuation models for pre-production developers.
Macro drivers still dominate day-to-day tape. Rate expectations matter because lower real yields tend to support gold prices, which can lift assumptions for long-life projects even before a shovel hits the ground.
Technically, traders are watching whether NG holds above Monday’s low and whether it can reclaim the pre-selloff area near $9.80, a level that coincides with recent highs ahead of the margin-driven washout.
