NovaGold ends quarter with sufficient balances to repay convertibles

By Lisa Kerner

Charlotte, N.C., Oct. 8 – NovaGold Resources Inc. ended its fiscal third quarter on Aug. 31 with cash and cash equivalents of $70.85 million and debt of $75.17 million. The company also had term deposits of $100 million.

NovaGold believes the balances are sufficient to cover the anticipated funding at the Donlin Gold and Galore Creek projects as well as repayment of the convertible senior notes due on May 1, 2015, according to a 10-Q filing with the Securities and Exchange Commission.

At Nov. 30, 2013, NovaGold had cash and cash equivalents of $81.26 million and debt of $85.3 million.

For the fiscal third quarter, NovaGold had a net loss of $12 million, compared with a net loss of $20 million for the prior-year period.

The Vancouver, B.C.-based precious metals explorer held an earnings call to discuss its fiscal third-quarter results and project updates on Wednesday.

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