NOVAGOLD is a pre-revenue gold development company whose sole asset is a 60% interest in the Donlin Gold project in southwestern Alaska. NOVAGOLD does not produce gold — its entire focus is advancing Donlin through feasibility, permitting, and ultimately to construction and production. Donlin is one of the largest undeveloped gold deposits in the world, with roughly 40–45 million ounces of gold resources at a grade of approximately 2.25 grams per tonne, about double the global open-pit industry average. At full build-out, Donlin is projected to produce over 1 million ounces of gold per year over a roughly 27–30 year mine life. The remaining 40% interest in the joint venture is held by Paulson-affiliated entities, after NOVAGOLD acquired an additional 10% from Barrick in 2025. NOVAGOLD generates no revenue and funds itself entirely through equity raises and cash on hand. The company is currently advancing a Bankable Feasibility Study, with a prime contractor expected to be selected in early 2026 and the study expected to take roughly 18 months and cost $80–100M on a 100% basis. Federal permits are in hand, and the primary remaining state permit relates to the tailings dam. Management targets a construction decision following BFS completion, a roughly four-year construction period, and commercial production around 2030–2031. NOVAGOLD's intrinsic value is driven primarily by the gold price, the deposit's scale and grade, and the eventual capital cost of construction, which prior estimates put above $7B.