NOVAGOLD Secures Full Ownership of Donlin Gold, Forming a Leading North American Gold Developer

NOVAGOLD has agreed to acquire Paulson Advisers' remaining 40% stake in the Donlin Gold project in Alaska via an all-share deal. This will deliver full ownership of one of the largest undeveloped gold deposits and form a U.S.-based company valued at roughly $4.2 billion.

The streamlined ownership should simplify financing and decision-making ahead of a new feasibility study. Existing shareholders will hold about 65% of the combined entity, while Paulson retains a 40% economic interest capped at 19.99% voting rights. John Paulson will serve as Co-Chair alongside the current chairman.

CEO Greg Lang stated that the larger market cap will enhance visibility and liquidity for investors. The transaction boosts net asset value per share and adds over 520,000 ounces of annual production in the first decade. Donlin contains approximately 40 million ounces of resources at 2.22 grams per tonne, targeting 1.3 million ounces yearly initially.

The Fluor-led feasibility study remains on track for the first half of next year. Most permits are secured, and the U.S. location aids access to funding sources.