NG · CIK 1173420
What NovaGold Resources Inc. told the SEC could break it.
1 self-disclosed vulnerability, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for NG. More may follow as additional filings are processed.
In its own words
What could break it.
Commodity & input dependence
- Pure gold-price leverage — Donlin Gold project economics hinge entirely on the gold price ($2,100/oz base, $1,342/oz break-even)medium
NovaGold is a single-asset, pre-production gold developer whose entire value rests on the future economics of the Donlin Gold project, which are driven by the gold price. The 2025 Technical Report Summary evaluates the project at a base-case gold price of $2,100/oz, producing an after-tax NPV(5%) of ~$5.1 billion and a 10.3% after-tax IRR, against an undiscounted break-even gold price of $1,342/oz (~$1,554/oz at a 5% discount rate). With ~$9.2 billion of estimated initial capital still to be financed and no current revenue, the company is highly leveraged to gold prices: a sustained decline toward the break-even level would erase the project's economic viability, while higher gold prices amplify its upside.
“The project's estimated after-tax NPV at a 5% discount rate is $5,058 million with an IRR after-tax at 10.3% using the base case gold price of $2,100 per ounce.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Calista Corporation
“The property is under lease for subsurface mineral rights from Calista Corporation and surface land rights from The Kuskokwim Corporation, two Alaska Native”
Cited →The Kuskokwim Corporation (TKC)
“The property is under lease for subsurface mineral rights from Calista Corporation and surface land rights from The Kuskokwim Corporation, two Alaska Native”
Cited →Paulson (Paulson & Co.)
“The Company has accounts payable to Barrick at November 30, 2025 of $31 (2024: $84) for reimbursement of management, administrative services, and third party contracted services on behalf of the Company, to NOVAGOLD of $1,044 (2024: $144) for reimbursement of third party contracted services on behalf of the Company and nil to Paulson.”
Cited →
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