The mining company said in a statement Wednesday that another major development was the sale of its 50% interest in the Galore Creek project in British Columbia to Newmont Mining Corp (NYSE:NEM) for as much as $275 million.
Shares rose US$0.06, or 1.7%, to $3.56 in Thursday’s premarket New York trading.
For the 12 months ended November, Vancouver-based NovaGold said its net loss from continuing operations narrowed to $31.4 million, or $0.10 per share, from $36.9 million, or $0.11 per share in the prior year.
The company cited lower operating losses, higher interest income, an increase of notes receivable and lower foreign exchange loss offset by higher interest expense on a promissory note payable to Barrick Gold Corp (NYSE:GOLD) (TSE:ABX), which shares ownership of the Donlin project.
Zacks upgrade to Buy
The shares of NovaGold were upgraded earlier this week by Zacks Investment Research to Buy from Hold, the Fairfield Current reported.
In 2018, the US Army Corps of Engineers issued a record of decision for the Donlin project after completion of an environmental review.
“I’m very proud of the team’s accomplishments and their dedicated efforts and perseverance, all of which has paid off since the federal permitting process for the Donlin gold project came to a close and multiple key state permits were received,” Gregory A. Lang, president and CEO, said in the statement.
Contact Dennis Fitzgerald at [email protected]