Novagold Resources (NG) stock plummeted 5.08% on Friday during the intraday trading session, as the company's financial results for the 2024 fiscal year failed to impress investors and concerns persisted regarding the advancement of its flagship Donlin Gold project.

In its earnings call highlights, Novagold Resources reported a net loss of $45.6 million for the 2024 fiscal year, reflecting its status as a development-stage company without production. While the company maintained a strong cash position of $101.2 million as of November 30, 2024, investors may have been disappointed by the lack of progress and continued cash burn.

Furthermore, the company faces ongoing legal challenges related to project permits, inflationary pressures, and cost overrun concerns, all of which could impact the Donlin Gold project's advancement and investor sentiment. Despite Novagold Resources' efforts to secure necessary permits and partnerships, the timeline for initial production remains uncertain, leaving investors to grapple with uncertainty.