NovaGold to Buy Remaining Donlin Gold Stake
The all-share deal would lift NovaGold’s Donlin Gold holding to 100% and create a U.S.-domiciled developer with about US$4.2 billion equity value.
NovaGold Resources Inc. (NG) and Paulson Advisers LLC agreed on July 21, 2026, to take Donlin Gold LLC fully into NovaGold’s capital structure, lifting the gold developer’s ownership from 60% to 100% in an all-share transaction.
The deal is structured as an arrangement under which a new Delaware corporation, NovaGold Corporation, would be listed on the NYSE. Current NovaGold shareholders, including Paulson’s equity interest, would own about 65% of the new company. Paulson would indirectly receive about 35% on a fully diluted basis for its 40% Donlin Gold stake. Inclusive of its existing NovaGold equity, Paulson would own about 40% of the economic interest, with voting capped at 19.99%.
The company said the transaction is accretive on all key metrics, preserves NovaGold’s independence, and would create a leading U.S.-domiciled gold developer with approximately US$4.2 billion in equity value. Dr. Thomas S. Kaplan and John Paulson are to co-chair the new company.
The strategic case is equity participation in a well-capitalized gold developer with 100% ownership of Donlin Gold, with projected production of 1.3 million ounces of gold annually in its first 10 full years of production and 1.1 million ounces of gold annually over the 27-year mine life.
The partnership with Paulson dates to April 2025, when NovaGold and Paulson bought Barrick Gold Corporation’s 50% interest in Donlin Gold for $1.0 billion in cash. NovaGold paid $200 million for an additional 10%, taking its stake to 60%; Paulson paid $800 million for 40%. That deal closed on June 3, 2025, and the two parties entered an LLC agreement with equal governance rights.
The new arrangement is subject to NovaGold shareholder approval, court approval, regulatory approvals and customary closing conditions, and is expected to close in the fourth quarter of 2026.