Citi Assigns Buy Rating to NovaGold (NG)

Novagold Resources Inc. (Nyseamerican: NG) is one of 13 promising gold stocks according to Wall Street. On July 15, Citi started covering Novagold Resources Inc. (NYSEAMERICAN: NG), giving the stock to classify the purchase and set the target price at $ 7.00.

Citi indicated that Novagold Resources Inc. (NYSEAMERICAN: NG) is still trading much lower than 2020 levels of about $ 10 per share. This was when gold was trading less than $ 2.00 an ounce.

The company described Novagold Resources Inc. (NYSEAMERICAN: NG) as “highly dangerous” because it is a young company that has not yet produced gold. Although it provides investors with great influence of gold prices, there are also huge risk of implementation.

Novagold Resources Inc. (NYSEAMERICAN: NG) 60 % of the Donlin Gold project in Alaska, while the Paulson Advisers LLC has another 40 %. CITI noticed that this project has the ability to become the second largest golden mine in the United States, with a production capacity of about 1.5 million ounces of gold.

However, the project faces major development challenges, including an estimated $ 10 billion for capitalist spending. CITI also indicated that the last exit of Barrric Mining Corporation is acting as an incentive to enhance the project after more than 20 years of lack of activity.

The Donlin Gold project schedule remains extending, as a new technical report expects in the second half of 2027 and mines were not expected at least 2030. According to Citi, the project becomes attractive at gold prices exceeding $ 2,500 an ounce, but it may not be economical logical if gold prices are less than $ 2000 an ounce.

Novagold Resources Inc. (NYSEAMERICAN: NG) is a valuable mineral company that focuses on developing the Donnin Gold project in Alaska.

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Detection: Nothing. This article was originally published in A monkey from the inside.