NovaGold (NG) Soars to 5-Year High as Gold Breaks Past $5,100

We recently published 10 Big Names With Easy 10-30% Gains. NovaGold Resources Inc. (NYSEAmerican:NG) was one of the best performers on Tuesday.

NovaGold soared to a new five-year record on Tuesday, as investors took heart from gold’s climb to the $5,100 territory during the day—extending a run of all-time highs.

At intra-day trading, NovaGold Resources Inc. (NYSEAmerican:NG) jumped to its highest price of $11.76 before trimming a few cents to finish the day just up by 12.56 percent at $11.74 apiece, mimicking spot prices of gold, which climbed to its highest price of $5,189 during the day amid geopolitical and trade uncertainties.

NovaGold Resources Inc. (NYSEAmerican:NG) rallied alongside its counterparts, namely AngloGold, Newmont, and Orla Mining, among others.

In other news, NovaGold Resources Inc. (NYSEAmerican:NG) recently announced plans to raise $300 million in fresh funds from the private placement of 30 million common shares at a price of $10 each. Of the amount, a European institutional investor was said to have cornered $140 million worth of shares.

The company also granted its underwriters an overallotment option of up to $45 million, potentially increasing the total funds raised to $345 million.

NovaGold (NG) Soars to 5-Year High as Gold Breaks Past $5,100

Proceeds will be used to fund expenditures related to Donlin Gold activities, settlement of the company’s prepayment option on the promissory note with Barrick Mining Corporation, alongside other general corporate purposes.

NovaGold Resources Inc. (NYSEAmerican:NG) said that the offer is targeted to close on February 5, 2026.

While we acknowledge the risk and potential of NG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NG and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.