SCHEDULE: Kopernik Global Investors Boosts Novagold Stake to 5.81%

Kopernik Global Investors and David B. Iben report a 5.81% beneficial ownership in Novagold Resources Inc., including shares from warrants.

Summary

• Kopernik Global Investors, LLC and David B. Iben jointly filed an Amendment No. 1 to Schedule 13G regarding Novagold Resources Inc.
• The reporting persons beneficially own an aggregate of 24,003,695 Common Shares of Novagold Resources Inc.
• This ownership represents 5.81% of the Issuer's outstanding Common Shares.
• The beneficial ownership includes 6,375,000 Common Shares that Kopernik Global Investors, LLC has the right to acquire pursuant to warrants.
• The percentage of class is calculated based on 413,301,988 Common Shares outstanding, which comprises 406,926,988 shares reported in Novagold's Form 10-Q (August 31, 2025) plus the 6,375,000 warrant shares.
• Kopernik Global Investors, LLC and David B. Iben hold shared voting power over 22,754,680 shares and shared dispositive power over 24,003,695 shares.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Novagold Resources Inc.

Sentiment

Score: 7

Explanation: The filing indicates a significant and continued institutional investment in Novagold Resources Inc. by Kopernik Global Investors, including warrants, suggesting a positive long-term view on the company's prospects. The filing itself is a routine disclosure and does not contain negative information.

Positives

• A significant institutional investor, Kopernik Global Investors, maintains a substantial stake in Novagold Resources Inc., indicating continued confidence in the company.
• The inclusion of 6,375,000 shares from warrants in the beneficial ownership calculation suggests a long-term perspective and potential for increased ownership by the reporting persons.

Future Outlook

This filing does not contain forward-looking statements or guidance from the issuer. It is a disclosure of beneficial ownership by an investor.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

This filing indicates a significant institutional investment in Novagold Resources Inc., a company primarily involved in gold exploration and development. Such a stake by an investment adviser like Kopernik Global Investors can be seen as a vote of confidence in the company's long-term prospects within the precious metals sector, especially given the inclusion of warrants, which suggests a strategic, long-term position.

Comparison to Industry Standards

• A 5.81% stake by an institutional investor is a notable position, often signaling a belief in the company's value proposition relative to its peers in the gold mining industry.
• While specific comparable companies or projects are not mentioned in the filing, such an investment suggests that Kopernik Global Investors views Novagold's assets, such as the Donlin Gold project, favorably compared to other gold development opportunities globally.

Stakeholder Impact

• Shareholders: Existing shareholders may view this significant institutional stake as a positive signal of confidence in Novagold's future.
• Management: The continued investment by a major fund could provide stability and validation for the company's strategic direction.

Key Dates

Recommendation

The filing indicates a substantial and continued institutional investment by Kopernik Global Investors in Novagold Resources Inc., including a significant number of warrants. This suggests a long-term positive outlook from a sophisticated investor. While not a direct endorsement of immediate price appreciation, it signals underlying confidence in the company's assets and future potential. For existing investors, maintaining a 'hold' position is prudent to observe the realization of this long-term value. New investors might consider initiating a position based on this institutional validation, but further due diligence on Novagold's operational specifics and market conditions is always recommended.

Keywords

Novagold Resources Inc., Kopernik Global Investors, David B. Iben, Schedule 13G, Beneficial Ownership, Common Shares, Warrants, Institutional Investment, SEC Filing, Gold Mining