Is NG or OR more undervalued in 2026?

CirclFi compares Novagold Resources Inc. (NG) and OR Royalties Inc. (OR) using 13 institutional-grade valuation models. NG has a Quality of Company score of 4.6/10 while OR scores 3.1/10.

Which is a better buy — NG or OR?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do NG and OR valuations compare?

NG at $8.57 and OR at $37.01 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

NG vs OR Valuation Comparison 2026 — Intrinsic Value Analysis

NG

Gold and Silver Ores

Novagold Resources Inc.

Quality

4.6

out of 10

Value Trap

SAFE

Price

$8.57

Last close

Models

10/13

Active

OR

Gold and Silver Ores

OR Royalties Inc.

Quality

3.1

out of 10

Value Trap

—

Price

$37.01

Last close

Models

13/13

Active

Model-by-Model Comparison

Model	Type	NG Fair Value	NG Upside	OR Fair Value	OR Upside
Bayesian DCF	Intrinsic	$2.08	-75.7%	$15.26	-58.8%
Earnings Power Value	Intrinsic	$3.40	-60.6%	$6.33	-83.6%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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NG vs OR — Which Stock Is More Undervalued?

NG scores higher with a 4.6/10 quality rating vs OR's 3.1/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Novagold Resources Inc. (NG) and OR Royalties Inc. (OR) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

NG currently trades at $8.57 with a QOC of 4.6/10, while OR trades at $37.01 with a QOC of 3.1/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).