12 Stocks Under $5 With Biggest Upside Potential

7. NovaGold Resources Inc. (NYSEAMERICAN:NG)

Upside Potential: 116.46%

Stock Price as of January 17: $3.28

Number of Hedge Fund Investors: 13

NovaGold Resources Inc. (NYSEAMERICAN:NG) is a leading gold exploration and development company with a primary focus on the Donlin Gold Project in Alaska, which is one of the largest and highest-grade undeveloped gold deposits in the world. The company operates this project in partnership with Barrick Gold and aims to establish a profitable mining operation.

NovaGold Resources Inc. (NYSEAMERICAN:NG) is actively advancing the Donlin Gold Project through a series of strategic initiatives aimed at optimizing the project’s development and maximizing its long-term value. One of the key areas of focus is the ongoing update of the resource model, which is nearing completion and will provide a more accurate and detailed understanding of the project’s potential. Another critical aspect of the project’s advancement is the Dam Safety certification, a mandatory requirement for the construction and operation of the tailings dam and related water retention structures. NovaGold Resources Inc. (NYSEAMERICAN:NG) has submitted the majority of the preliminary design packages to the Alaska Department of Natural Resources and anticipates receiving feedback and approval in the coming months.

Additionally, NovaGold Resources Inc. (NYSEAMERICAN:NG) has made significant progress in metallurgical testing at a pilot plant in Ontario, Canada, aimed at validating optimizations to the flow sheet. This work is expected to provide valuable insights that will guide the project’s future development.