NovaGold Resources Shares Down 3.7%

Analysts remain bullish on the mining company's prospects despite the stock dip.

Published on Mar. 3, 2026

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Shares of NovaGold Resources (TSE:NG) fell 3.7% during mid-day trading on Tuesday, closing at C$17.52. Trading volume was down 91% from the average daily volume. Despite the stock decline, Wall Street analysts maintain a strong buy rating on the company with a consensus price target of C$18.00.

Why it matters

NovaGold Resources is a major player in the mining industry, with a 50% stake in the Donlin Gold project in Alaska. The company's stock performance is closely watched by investors as an indicator of the broader mining sector.

The details

The drop in NovaGold's share price came on relatively low trading volume, suggesting the decline may be temporary. Analysts remain bullish on the company, with BMO Capital Markets upgrading the stock to a "strong-buy" rating and Scotiabank setting a C$21.00 price target.

  • NovaGold Resources' stock closed at C$17.52 on Tuesday, March 3, 2026.
  • The stock traded as low as C$17.49 during the trading session.

The players

NovaGold Resources Inc.

A mineral exploration company focused on the development of the Donlin Gold project in Alaska.

BMO Capital Markets

An investment bank that raised its rating on NovaGold Resources to "strong-buy".

Scotiabank

A financial institution that set a C$21.00 price target on NovaGold Resources.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

Despite the recent stock dip, Wall Street analysts remain bullish on NovaGold Resources' long-term prospects, with several firms maintaining strong buy ratings and price targets above the current trading level. The company's flagship Donlin Gold project continues to be a key focus for investors in the mining sector.