Vancouver-based mining company NOVAGOLD RESOURCES INC [NG] (NYSE: NG) has reported a net loss of $36.4 million for the nine months ended August 31, 2023, according to its latest quarterly financial report released on [insert release date]. The company's revenue for the same period was not disclosed.
During the period, NOVAGOLD RESOURCES INC experienced a loss from operations of $32.4 million, compared to a loss of $37.3 million for the same period in the previous year. This improvement in financial performance can be attributed to a decrease in general and administrative expenses, which amounted to $16.4 million, compared to $15.4 million in the previous year.
Despite the net loss, the company demonstrated financial stability with a total assets value of $138.1 million as of August 31, 2023. NOVAGOLD RESOURCES INC had cash and cash equivalents of $44.1 million, term deposits of $86 million, and notes receivable balance of $0 million as of the same period. The company's liabilities amounted to $138.1 million, primarily driven by a promissory note of $133.3 million.
NOVAGOLD RESOURCES INC reported a basic and diluted loss per share of $0.11 for the nine months ended August 31, 2023. This is a slight improvement compared to a loss per share of $0.12 for the same period in the previous year.
In summary, NOVAGOLD RESOURCES INC reported a net loss of $36.4 million for the nine months ended August 31, 2023. With a focus on reducing operating expenses and improving financial stability, the company aims to drive profitability in the coming quarters. However, the company continues to face challenges in the mining industry, and investors should closely monitor its financial performance in the future.