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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Novagold Resources Inc | AMEX:NG | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.17 | 4.71% | 3.78 | 3.84 | 3.63 | 3.63 | 806,090 | 01:00:00 |
British Columbia
|
N/A
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
(I.R.S. Employer
Identification No.)
|
789 West Pender Street, Suite 720
Vancouver, British Columbia
Canada
|
V6C 1H2
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
(604) 669-6227
(Registrant’s Telephone Number, Including Area Code)
|
|
Large accelerated filer o
|
Accelerated filer x
|
Non-accelerated filer o
(Do not check if a smaller reporting company)
|
Smaller reporting company o
|
Page | ||
PART I - FINANCIAL INFORMATION | 1 | |
Item 1. | Financial Statements | 1 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 13 |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 17 |
Item 4. | Controls and Procedures | 17 |
PART II - OTHER INFORMATION | 18 | |
Item 1. | Legal Proceedings | 18 |
Item 1A. | Risk Factors | 18 |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 18 |
Item 3. | Defaults Upon Senior Securities | 18 |
Item 4. | Mine Safety Disclosures | 18 |
Item 5. | Other Information | 18 |
Item 6. | Exhibits | 18 |
|
·
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our ability to achieve production at any of our mineral exploration and development properties;
|
|
·
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estimated capital costs, operating costs, production and economic returns;
|
|
·
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estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying our resource and reserve estimates;
|
|
·
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our expected ability to develop adequate infrastructure and that the cost of doing so will be reasonable;
|
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·
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assumptions that all necessary permits and governmental approvals will be obtained;
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·
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assumptions made in the interpretation of drill results, the geology, grade and continuity of our mineral deposits;
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·
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our expectations regarding demand for equipment, skilled labor and services needed for exploration and development of mineral properties; and
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·
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our activities will not be adversely disrupted or impeded by development, operating or regulatory risks.
|
|
·
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uncertainty of whether there will ever be production at our mineral exploration and development properties;
|
|
·
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uncertainty of estimates of capital costs, operating costs, production and economic returns;
|
|
·
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uncertainties relating to the assumptions underlying our resource and reserve estimates, such as metal pricing, metallurgy, mineability, marketability and operating and capital costs;
|
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·
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risks related to our ability to commence production and generate material revenues or obtain adequate financing for our planned exploration and development activities;
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·
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risks related to our ability to finance the development of our mineral properties through external financing, strategic alliances, the sale of property interests or otherwise;
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·
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risks related to the third parties on which we depend for our exploration and development activities;
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·
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dependence on cooperation of joint venture partners in exploration and development of properties;
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·
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credit, liquidity, interest rate and currency risks;
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·
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risks related to market events and general economic conditions;
|
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·
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uncertainty related to inferred mineral resources;
|
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·
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risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of our mineral deposits;
|
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·
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risks related to lack of infrastructure required to develop, construct, and operate our mineral properties;
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·
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mining and development risks, including risks related to infrastructure, accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with, or interruptions in, development, construction or production;
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·
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the risk that permits and governmental approvals necessary to develop and operate mines on our properties will not be available on a timely basis, subject to reasonable conditions, or at all;
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·
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commodity price fluctuations;
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·
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risks related to governmental regulation and permits, including environmental regulation;
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·
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risks related to the need for reclamation activities on our properties and uncertainty of cost estimates related thereto;
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·
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uncertainty related to title to our mineral properties;
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·
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uncertainty related to unsettled aboriginal rights and title in British Columbia;
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·
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our history of losses and expectation of future losses;
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·
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uncertainty as to the outcome of potential litigation;
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·
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risks related to our largest shareholder;
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·
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risks related to increases in demand for equipment, skilled labor and services needed for exploration and development of mineral properties, and related cost increases;
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·
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competition in the mining industry;
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·
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our need to attract and retain qualified management and technical personnel;
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·
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risks related to our current practice of not using hedging arrangements;
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·
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risks related to conflicts of interests of some of the directors of the Company;
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·
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risks related to global climate change;
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·
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risks related to opposition to our operations at our mineral exploration and development properties from non-governmental organizations or civil society; and
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·
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increased regulatory compliance costs relating to the Dodd-Frank Act.
|
Item 1.
|
Financial Statements
|
NOVAGOLD RESOURCES INC.
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
(Unaudited, US dollars in thousands)
|
||||||||
At August 31,
2015
|
At November 30,
2014
|
|||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 44,987 | $ | 70,325 | ||||
Investments (note 4)
|
85,000 | 95,000 | ||||||
Other assets
|
3,043 | 3,735 | ||||||
Current assets
|
133,030 | 169,060 | ||||||
Investments (note 4)
|
462 | 901 | ||||||
Investment in affiliates (note 5)
|
248,107 | 284,865 | ||||||
Mineral properties
|
44,266 | 50,897 | ||||||
Deferred income taxes
|
9,952 | 11,445 | ||||||
Other assets
|
6,637 | 7,378 | ||||||
Total assets
|
442,454 | $ | 524,546 | |||||
LIABILITIES
|
||||||||
Accounts payable and accrued liabilities
|
$ | 2,524 | $ | 3,489 | ||||
Debt (note 6)
|
— | 15,112 | ||||||
Other liabilities
|
518 | 625 | ||||||
Current liabilities
|
3,042 | 19,226 | ||||||
Debt (note 6)
|
79,219 | 76,153 | ||||||
Deferred income taxes
|
20,912 | 24,051 | ||||||
Total liabilities
|
103,173 | 119,430 | ||||||
Commitments and contingencies (note 13)
|
||||||||
EQUITY
|
||||||||
Common shares
|
1,938,042 | 1,936,336 | ||||||
Contributed surplus
|
79,367 | 74,038 | ||||||
Accumulated deficit
|
(1,664,887 | ) | (1,640,103 | ) | ||||
Accumulated other comprehensive income (loss)
|
(13,241 | ) | 34,845 | |||||
Total equity
|
339,281 | 405,116 | ||||||
Total liabilities and equity
|
$ | 442,454 | $ | 524,546 |
These condensed consolidated interim financial statements are authorized for issue by the Board of Directors on October 6, 2015. They are signed on the Company’s behalf by:
|
||
/s/ Gregory A. Lang, Director
|
/s/ Anthony Walsh, Director
|
NOVAGOLD RESOURCES INC. | ||||||||||||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF LOSS | ||||||||||||||||
(Unaudited, US dollars in thousands except per share amounts) | ||||||||||||||||
Three months ended
August 31,
|
Nine months ended
August 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Operating expenses:
|
||||||||||||||||
Equity loss of affiliates (note 5)
|
$ | 2,457 | $ | 5,709 | $ | 9,018 | $ | 12,946 | ||||||||
General and administrative (note 8)
|
4,062 | 5,037 | 15,714 | 17,379 | ||||||||||||
Exploration and evaluation
|
52 | — | 353 | — | ||||||||||||
Depreciation
|
8 | 9 | 26 | 27 | ||||||||||||
6,579 | 10,755 | 25,111 | 30,352 | |||||||||||||
Loss from operations
|
(6,579 | ) | (10,755 | ) | (25,111 | ) | (30,352 | ) | ||||||||
Other income (expense):
|
||||||||||||||||
Interest income
|
192 | 183 | 557 | 649 | ||||||||||||
Interest expense
|
(1,045 | ) | (1,609 | ) | (4,146 | ) | (5,229 | ) | ||||||||
Foreign exchange gain
|
1,141 | 173 | 4,356 | 1,521 | ||||||||||||
Write-down of investments (note 4)
|
— | — | (426 | ) | — | |||||||||||
Other
|
— | — | — | 25 | ||||||||||||
|
288 | (1,253 | ) | 341 | (3,034 | ) | ||||||||||
Loss before income taxes
|
(6,291 | ) | (12,008 | ) | (24,770 | ) | (33,386 | ) | ||||||||
Income tax (expense) recovery
|
(10 | ) | (1 | ) | (14 | ) | 5 | |||||||||
Net loss
|
$ | (6,301 | ) | $ | (12,009 | ) | $ | (24,784 | ) | $ | (33,381 | ) | ||||
Loss per common share
|
||||||||||||||||
Basic and diluted
|
$ | (0.02 | ) | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.11 | ) | ||||
Weighted average shares outstanding
|
||||||||||||||||
Basic and diluted (thousands)
|
317,862 | 317,288 | 317,835 | 317,175 |
NOVAGOLD RESOURCES INC.
|
||||||||||||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS
|
||||||||||||||||
(Unaudited, US dollars in thousands)
|
||||||||||||||||
Three months ended
August 31,
|
Nine months ended
August 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Net loss
|
$ | (6,301 | ) | $ | (12,009 | ) | $ | (24,784 | ) | $ | (33,381 | ) | ||||
Unrealized gains (losses) on marketable securities
|
||||||||||||||||
Unrealized holding gains (losses) during period
|
(75 | ) | 26 | (327 | ) | 135 | ||||||||||
Reclassification adjustment for losses included in net loss (note 11)
|
— | — | 426 | — | ||||||||||||
Net unrealized gain (loss), net of $10, $1, $14 and $(5) tax recovery (expense)
|
(75 | ) | 26 | 99 | 135 | |||||||||||
Foreign currency translation adjustments
|
(17,969 | ) | (1,157 | ) | (48,185 | ) | (9,869 | ) | ||||||||
Other comprehensive income (loss)
|
(18,044 | ) | (1,131 | ) | (48,086 | ) | (9,734 | ) | ||||||||
Comprehensive loss
|
$ | (24,345 | ) | $ | (13,140 | ) | $ | (72,870 | ) | $ | (43,115 | ) |
NOVAGOLD RESOURCES INC.
|
||||||||||||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
|
||||||||||||||||
(Unaudited, US dollars in thousands)
|
||||||||||||||||
Three months ended
August 31,
|
Nine months ended
August 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Operating activities:
|
||||||||||||||||
Net loss
|
$ | (6,301 | ) | $ | (12,009 | ) | $ | (24,784 | ) | $ | (33,381 | ) | ||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||||||||||
Depreciation
|
8 | 9 | 26 | 27 | ||||||||||||
Deferred income taxes
|
10 | 1 | 14 | (5 | ) | |||||||||||
Foreign exchange gain
|
(1,141 | ) | (173 | ) | (4,356 | ) | (1,521 | ) | ||||||||
Share-based compensation
|
1,673 | 1,886 | 7,730 | 8,451 | ||||||||||||
Equity losses of affiliates
|
2,457 | 5,709 | 9,018 | 12,946 | ||||||||||||
Write-down of investments
|
— | — | 426 | — | ||||||||||||
Other
|
1,018 | 1,379 | 3,704 | 4,164 | ||||||||||||
Withholding tax paid on stock based compensation
|
— | — | (827 | ) | (636 | ) | ||||||||||
Net change in operating assets and liabilities (note 10)
|
521 | 1,525 | (864 | ) | 2,594 | |||||||||||
Net cash used in operations
|
(1,755 | ) | (1,673 | ) | (9,913 | ) | (7,361 | ) | ||||||||
Investing activities:
|
||||||||||||||||
Additions to property and equipment
|
— | — | — | (22 | ) | |||||||||||
Proceeds from term deposits
|
40,000 | 50,000 | 135,000 | 160,000 | ||||||||||||
Purchases of term deposits
|
(40,000 | ) | (45,000 | ) | (125,000 | ) | (150,000 | ) | ||||||||
Funding of affiliates
|
(2,757 | ) | (3,799 | ) | (9,219 | ) | (12,990 | ) | ||||||||
Net cash provided from (used in) investing activities
|
(2,757 | ) | 1,201 | 781 | (3,012 | ) | ||||||||||
Financing activities:
|
||||||||||||||||
Repayment of debt
|
— | — | (15,829 | ) | — | |||||||||||
Net cash used in financing activities
|
— | — | (15,829 | ) | — | |||||||||||
Effect of exchange rate changes on cash
|
(197 | ) | (13 | ) | (377 | ) | (45 | ) | ||||||||
Decrease in cash and cash equivalents
|
(4,709 | ) | (485 | ) | (25,338 | ) | (10,418 | ) | ||||||||
Cash and cash equivalents at beginning of period
|
49,696 | 71,329 | 70,325 | 81,262 | ||||||||||||
Cash and cash equivalents at end of period
|
$ | 44,987 | $ | 70,844 | $ | 44,987 | $ | 70,844 |
NOVAGOLD RESOURCES INC.
|
||||||||||||||||||||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF EQUITY
|
||||||||||||||||||||||||
(Unaudited, US dollars and shares in thousands)
|
||||||||||||||||||||||||
Common shares
|
Contributed
|
Accumulated
|
Accumulated other comprehensive
|
Total
|
||||||||||||||||||||
Shares
|
Amount
|
surplus
|
deficit
|
income
|
equity
|
|||||||||||||||||||
November 30, 2013
|
316,661 | $ | 1,933,953 | $ | 66,811 | $ | (1,599,619 | ) | $ | 64,504 | $ | 465,649 | ||||||||||||
Net loss
|
— | — | — | (40,484 | ) | — | (40,484 | ) | ||||||||||||||||
Other comprehensive loss
|
— | — | — | — | (29,659 | ) | (29,659 | ) | ||||||||||||||||
Share-based compensation and related share issuances
|
627 | 2,383 | 7,227 | — | — | 9,610 | ||||||||||||||||||
November 30, 2014
|
317,288 | $ | 1,936,336 | $ | 74,038 | $ | (1,640,103 | ) | $ | 34,845 | $ | 405,116 | ||||||||||||
Net loss
|
— | — | — | (24,784 | ) | — | (24,784 | ) | ||||||||||||||||
Other comprehensive loss
|
— | — | — | — | (48,086 | ) | (48,086 | ) | ||||||||||||||||
Share-based compensation and related share issuances
|
574 | 1,706 | 5,329 | — | — | 7,035 | ||||||||||||||||||
August 31, 2015
|
317,862 | $ | 1,938,042 | $ | 79,367 | $ | (1,664,887 | ) | $ | (13,241 | ) | $ | 339,281 |
NOVAGOLD RESOURCES INC.
|
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
|
(Unaudited, US dollars in thousands except per share amounts)
|
NOVAGOLD RESOURCES INC.
|
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
|
(Unaudited, US dollars in thousands except per share amounts)
|
At August 31, 2015 | ||||||||||||||||
Cost
|
Unrealized
|
Fair Value
|
||||||||||||||
Basis
|
Gain
|
Loss
|
Basis
|
|||||||||||||
Current:
|
||||||||||||||||
Term deposits
|
$ | 85,000 | $ | — | $ | — | $ | 85,000 | ||||||||
Long-term:
|
||||||||||||||||
Marketable equity securities
|
$ | 465 | $ | 57 | $ | (60 | ) | $ | 462 | |||||||
At November 30, 2014 | ||||||||||||||||
Cost
|
Unrealized
|
Fair Value
|
||||||||||||||
Basis
|
Gain
|
Loss
|
Basis
|
|||||||||||||
Current:
|
||||||||||||||||
Term deposits
|
$ | 95,000 | $ | — | $ | — | $ | 95,000 | ||||||||
Long-term:
|
||||||||||||||||
Marketable equity securities
|
$ | 990 | $ | 139 | $ | (228 | ) | $ | 901 |
At August 31,
2015
|
At November 30,
2014
|
|||||||
Donlin Gold LLC, Alaska, U.S.A
|
$ | 1,376 | $ | 1,618 | ||||
Galore Creek Partnership, British Columbia, Canada
|
246,731 | 283,247 | ||||||
$ | 248,107 | $ | 284,865 |
NOVAGOLD RESOURCES INC.
|
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
|
(Unaudited, US dollars in thousands except per share amounts)
|
Nine months ended August 31,
|
||||||||
2015
|
2014
|
|||||||
Balance – beginning of period
|
$ | 1,618 | $ | 1,720 | ||||
Funding
|
8,711 | 11,123 | ||||||
Share of losses
|
(8,953 | ) | (11,426 | ) | ||||
Balance – end of period
|
$ | 1,376 | $ | 1,417 |
At August 31,
2015
|
At November 30,
2014
|
|||||||
Current assets: Cash, prepaid expenses and other receivables
|
$ | 2,179 | $ | 2,294 | ||||
Non-current assets: Property and equipment
|
275 | 403 | ||||||
Non-current assets: Mineral property
|
32,692 | 32,692 | ||||||
Current liabilities: Accounts payable and accrued liabilities
|
(1,078 | ) | (1,079 | ) | ||||
Non-current liabilities: Reclamation obligation
|
(692 | ) | (692 | ) | ||||
Net assets
|
$ | 33,376 | $ | 33,618 |
Nine months ended August 31,
|
||||||||
2015
|
2014
|
|||||||
Balance – beginning of period
|
$ | 283,247 | $ | 305,735 | ||||
Funding
|
508 | 1,867 | ||||||
Share of losses
|
(65 | ) | (1,520 | ) | ||||
Exploration tax credit
|
— | (693 | ) | |||||
Foreign currency translation
|
(36,959 | ) | (7,112 | ) | ||||
Balance – end of period
|
$ | 246,731 | $ | 298,277 |
NOVAGOLD RESOURCES INC.
|
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
|
(Unaudited, US dollars in thousands except per share amounts)
|
At August 31,
2015
|
At November 30,
2014
|
|||||||
Current assets: Cash, prepaid expenses and other receivables
|
$ | 859 | $ | 386 | ||||
Non-current assets: Property and equipment
|
222,324 | 254,991 | ||||||
Current liabilities: Accounts payable and accrued liabilities
|
(410 | ) | (360 | ) | ||||
Non-current liabilities: Payables and reclamation obligation
|
(7,269 | ) | (8,268 | ) | ||||
Net assets
|
$ | 215,504 | $ | 246,749 |
Three months ended August 31,
|
Nine months ended August 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Donlin Gold LLC:
|
||||||||||||||||
Mineral property expenditures
|
$ | 2,760 | $ | 5,402 | $ | 8,825 | $ | 11,295 | ||||||||
Depreciation
|
43 | 37 | 128 | 131 | ||||||||||||
2,803 | 5,439 | 8,953 | 11,426 | |||||||||||||
Galore Creek Partnership:
|
||||||||||||||||
Mineral property expenditures
|
46 | 62 | 71 | 390 | ||||||||||||
Care and maintenance expense
|
247 | 208 | 633 | 1,130 | ||||||||||||
Gain on sale of equipment
|
(639 | ) | — | (639 | ) | — | ||||||||||
(346 | ) | 270 | 65 | 1,520 | ||||||||||||
$ | 2,457 | $ | 5,709 | $ | 9,018 | $ | 12,946 |
At August 31,
2015
|
At November 30,
2014
|
|||||||
Convertible notes
|
$ | — | $ | 15,112 | ||||
Promissory note
|
79,219 | 76,153 | ||||||
79,219 | 91,265 | |||||||
Less: current portion
|
— | (15,112 | ) | |||||
$ | 79,219 | $ | 76,153 |
Nine months ended August 31,
|
||||||||
2015
|
2014
|
|||||||
Balance – beginning of period
|
$ | 15,112 | $ | 13,570 | ||||
Accretion expense
|
717 | 1,135 | ||||||
Repayment of Notes
|
(15,829 | ) | — | |||||
Balance – end of period
|
$ | — | $ | 14,705 |
NOVAGOLD RESOURCES INC.
|
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
|
(Unaudited, US dollars in thousands except per share amounts)
|
At August 31,
2015
|
At November 30,
2014
|
|||||||
Principal amount
|
$ | — | $ | 15,829 | ||||
Unamortized debt discount
|
— | (717 | ) | |||||
Net carrying amount
|
$ | — | $ | 15,112 |
Level 1 —
|
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
|
Level 2 —
|
Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
|
Level 3 —
|
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
|
Three months ended August 31,
|
Nine months ended August 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Salaries
|
$ | 1,513 | $ | 1,509 | $ | 4,563 | $ | 4,612 | ||||||||
Share-based compensation
|
1,673 | 1,886 | 7,730 | 8,451 | ||||||||||||
Office expense
|
503 | 749 | 1,571 | 1,917 | ||||||||||||
Professional fees
|
176 | 505 | 554 | 1,287 | ||||||||||||
Corporate development
|
197 | 388 | 1,296 | 1,112 | ||||||||||||
$ | 4,062 | $ | 5,037 | $ | 15,714 | $ | 17,379 |
Three months ended August 31,
|
Nine months ended August 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Stock options
|
$ | 493 | $ | 795 | $ | 4,111 | $ | 5,362 | ||||||||
Performance share unit plan
|
1,124 | 1,045 | 3,457 | 2,943 | ||||||||||||
Deferred share unit plan
|
56 | 46 | 162 | 146 | ||||||||||||
$ | 1,673 | $ | 1,886 | $ | 7,730 | $ | 8,451 |
NOVAGOLD RESOURCES INC.
|
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
|
(Unaudited, US dollars in thousands except per share amounts)
|
Three months ended August 31,
|
Nine months ended August 31,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Decrease in receivables, deposits and prepaid amounts
|
$ | 54 | $ | 481 | $ | 559 | $ | 2,985 | ||||||||
Increase (decrease) in accounts payable and accrued liabilities
|
497 | 1,081 | (1,316 | ) | (277 | ) | ||||||||||
Decrease in reclamation and remediation liabilities
|
(30 | ) | (37 | ) | (107 | ) | (114 | ) | ||||||||
$ | 521 | $ | 1,525 | $ | (864 | ) | $ | 2,594 |
Unrealized gain
(loss) on
marketable
securities, net
|
Foreign
currency
translation
adjustments
|
Total
|
||||||||||
November 30, 2014
|
$ | (104 | ) | $ | 34,949 | $ | 34,845 | |||||
Change in other comprehensive income (loss) before reclassifications
|
(327 | ) | (48,185 | ) | (48,512 | ) | ||||||
Reclassifications from accumulated other comprehensive income (loss)
|
426 | — | 426 | |||||||||
Net current-period other comprehensive income (loss)
|
99 | (48,185 | ) | (48,086 | ) | |||||||
August 31, 2015
|
$ | (5 | ) | $ | (13,236 | ) | $ | (13,241 | ) |
NOVAGOLD RESOURCES INC.
|
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
|
(Unaudited, US dollars in thousands except per share amounts)
|
Nine months ended August 31,
|
||||||||
2015
|
2014
|
|||||||
Interest received
|
$ | 479 | $ | 494 | ||||
Interest paid
|
$ | 435 | $ | 435 | ||||
Income taxes paid
|
$ | 132 | $ | 295 |
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
·
|
Advance the Donlin Gold project toward a construction decision.
|
|
·
|
Advance Galore Creek mine planning and project design.
|
|
·
|
Evaluate opportunities to monetize the value of Galore Creek.
|
|
·
|
Maintain a healthy balance sheet.
|
|
·
|
Maintain an effective corporate social responsibility program.
|
|
·
|
Outline the purpose and the need for the development of the proposed mine and the benefit it would bring to the stakeholders of Donlin Gold’s Native Corporation Partners, Calista Corporation and The Kuskokwim Corporation (TKC).
|
|
·
|
Identify and analyze a reasonable range of alternatives to the mine development proposed by Donlin Gold which comprise variations on certain mine site facility designs, as well as local transportation and power supply options.
|
|
·
|
Involve the preparation of an environmental analysis of the proposed action and reasonable alternatives (including a no action alternative), which identifies and characterizes the potential physical, biological, social, and cultural impacts relative to the existing baseline conditions. This portion normally constitutes the most extensive part of the EIS.
|
|
·
|
Describe potential mitigation measures intended to reduce or eliminate the environmental impacts described in the impact analysis section.
|
|
·
|
working with the State of Alaska to finalize an air quality permit application for submittal;
|
|
·
|
finalizing approaches to water management, treatment, and discharge to facilitate issuance of the water discharge and use permits;
|
|
·
|
coordinating and supporting the State, Federal, and native landowner reviews of the rights-of-way and lease applications for the gas pipeline;
|
|
·
|
working with the Alaska Dam Safety Program on engineering evaluation and authorization of the seven large dams proposed for the project, including the tailings storage facility dam; and
|
|
·
|
supporting the Corps in finalizing the determination of the impacts on wetland areas, functions, and values and proposing compensatory mitigation as required by the Clean Water Act section 404 permitting process.
|
Three months ended August 31,
|
Nine months ended August 31,
|
|||||||||||||||
($ thousands, except per share)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Loss from operations
|
$ | (6,579 | ) | $ | (10,755 | ) | $ | (25,111 | ) | $ | (30,352 | ) | ||||
Net loss
|
$ | (6,301 | ) | $ | (12,009 | ) | $ | (24,784 | ) | $ | (33,381 | ) | ||||
Net loss per common share
|
||||||||||||||||
Basic and diluted
|
$ | (0.02 | ) | $ | (0.04 | ) | $ | (0.08 | ) | $ | (0.11 | ) |
Three months ended August 31,
|
Nine months ended August 31,
|
|||||||||||||||
($ thousands)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Cash used in operations
|
$ | (1,755 | ) | $ | (1,673 | ) | $ | (9,913 | ) | $ | (7,361 | ) | ||||
Cash provided from (used in) investing activities
|
$ | (2,757 | ) | $ | 1,201 | $ | 781 | $ | (3,012 | ) | ||||||
Cash used in financing activities
|
$ | — | $ | — | $ | (15,829 | ) | $ | — |
($ thousands)
|
At August 31,
2015
|
At November 30,
2014
|
||||||
Cash and cash equivalents
|
$ | 44,987 | $ | 70,325 | ||||
Term deposits
|
$ | 85,000 | $ | 95,000 |
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information.
|
Item 6.
|
Exhibits
|
Date: October 6, 2015
|
NOVAGOLD RESOURCES INC.
|
|
By:
|
/s/ Gregory A. Lang
|
|
Gregory A. Lang
|
||
President and Chief Executive Officer
|
||
(principal executive officer) |
By:
|
/s/ David A. Ottewell
|
|
David A. Ottewell
|
||
Vice President and Chief Financial Officer
|
||
(principal financial and accounting officer) |
Exhibit No.
|
Description
|
|
Certification of the Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a)
|
||
Certification of the Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a)
|
||
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350
|
||
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350
|
||
101
|
The following materials are filed herewith: (i) XBRL Instance, (ii) XBRL Taxonomy Extension Schema, (iii) XBRL Taxonomy Extension Calculation, (iv) XBRL Taxonomy Extension Labels, (v) XBRL Taxonomy Extension Presentation, and (vi) XBRL Taxonomy Extension Definition.
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of NOVAGOLD Resources Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of NOVAGOLD Resources Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
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