NovaGold offers strong gold exposure with 60% stake in Donlin, a top undeveloped gold asset, trading below recent institutional price.

NovaGold holds a 60% stake in the Donlin gold project, one of the world's largest and highest-grade undeveloped gold assets, offering significant leverage to gold prices. The stock currently trades at about 25 cents on the dollar of its spot net present value (NPV), which is below the $10 per share price paid by institutional investors in a recent $310 million placement. Most permitting approvals are complete, with state and federal permits secured, and the next major milestone is the bankable feasibility study expected in early 2027. While execution and dilution risks remain, the project has passed many early hurdles, making current stock dips attractive entry points for patient investors seeking asymmetric exposure to gold.