New York, Feb 12, 2026, 09:21 EST — Premarket
- NovaGold shares edged lower premarket, giving back some of their gains from the prior session’s surge.
- Investors are watching Donlin Gold’s feasibility studies, along with the company’s path to obtaining funding.
- A director scooped up shares in the open market, according to an SEC filing.
NovaGold Resources Inc gave back 1.4% ahead of Thursday’s open, down to $11.61, after surging 12.7% the day before to close at $11.77. Volume spiked on Wednesday as about 6.6 million shares changed hands, putting the stock close to the top of its recent range.
What moves NovaGold is all about those project milestones, not production numbers. Traders zero in on the hard data — costs, timelines, details on how the thing gets funded. Slip up on an update or nudge a target out, and the stock usually feels it.
One thing driving the action: work linked to the bankable feasibility study, the document lenders scrutinize before signing off on mine funding. Fluor—handling engineering—heads up the feasibility work on Donlin Gold’s Alaska site, eyeing completion by 2027. A more precise schedule and complete budget details should land soon.
“Our focus is on delivering an integrated, high-quality study,” Fluor’s Mining & Metals president Harish Jammula said. NovaGold CEO Greg Lang called the decision to bring in Fluor “an important step” for Donlin. Investor John Paulson pointed to Fluor’s record with complex projects. NOVAGOLD RESOURCES INC.
NovaGold has swelled its cash reserves after closing an upsized bought-deal private placement last week. The company sold 31.02 million shares at $10 each, collecting about $310 million before expenses. Fresh funds will go toward the Donlin project, paying down a prepayment option on a promissory note owed to Barrick, and covering other general corporate purposes.
Things started moving once director Daniel Muniz-Quintanilla made his move. According to a Form 4 filed Feb. 10, he bought 22,470 common shares at an average price of $8.94.
Gold edged down 0.3% to $5,062.83 an ounce on Thursday, Reuters said, as stronger-than-expected U.S. employment figures took some steam out of bets on swift Fed rate cuts.
This much is clear: Donlin is a huge, expensive gamble. More engineering might just turn up fresh cost issues rather than solve old ones. The Wall Street Journal reports development costs have already surpassed $9 billion, and there’s another wrinkle—financing is being lined up while critical studies are still ongoing. That could backfire fast if any core assumptions shift.
NovaGold took its stake in Donlin to 60% after Barrick agreed to offload its 50% interest in the project, selling it to both Paulson and NovaGold for up to $1.1 billion, according to Reuters. Paulson holds the other 40% of the venture.
Investors want specifics on the study’s budget and how NovaGold plans to handle contracts, and they’re also wondering if management can keep things moving once the project enters the accounting phase. NovaGold is set to report earnings around April 7, according to Zacks.
