NovaGold Resources Maintained at Outperform, Speculative, at RBC as Donlin Advances; Price Target Cut to US$14

MT Newswires Live03-19 23:37

RBC Capital Markets maintained its outperform, speculative risk, rating on the shares of NovaGold Resources (NG.TO, NG) while cutting its price target to US$14.00 from US$18.00 as the company advances its Donlin gold project in Alaska.

"High gold prices and a June 2025 restructuring have fundamentally changed the outlook for NG's Tier 1 Donlin project in Alaska, now having transitioned from limited activity to advancement and execution. Following a 1Q $310m equity financing, NG is completing a bankable feasibility study by 2027, early infrastructure investment, and exploration, ahead of a potential construction decision. In our view, continued technical de-risking, BFS delivery, and sustained high gold prices have the potential to support a revaluation of NG. We adjust our PT to $14 (from $18), reflecting a 1.3x NAV multiple on our updated Donlin estimates," analyst Josh Wolfson wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 10.78, Change: -0.97, Percent Change: -8.26

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