Donlin Gold Advances with Fluor, Eyeing US's Largest Gold Mine

VANCOUVER, British Columbia – February 09, 2026 – NOVAGOLD RESOURCES INC. and its partner, Paulson Advisers LLC, have taken a pivotal step in advancing one of the world's most significant undeveloped gold deposits, selecting global engineering giant Fluor Corporation to lead a Bankable Feasibility Study (BFS) for the Donlin Gold project in Alaska. The move signals a renewed push toward financing and developing what is anticipated to become the largest single operating gold mine in the United States.

The selection of Fluor concludes a competitive bidding process and marks a critical milestone in a long-term strategy to de-risk and position the massive project for a final investment decision. The BFS, a comprehensive and detailed examination of a project's technical and economic viability, is expected to be completed in 2027 and will serve as the cornerstone for securing project financing.

A Strategic Step for a World-Class Asset

For NOVAGOLD and Paulson, bringing Fluor on board is a calculated move to inject proven, top-tier engineering discipline into the project's next phase. A BFS is an exhaustive review that integrates all aspects of a proposed mine—from engineering and scope to cost and schedule—into an investment-grade document. Fluor's role will be to orchestrate this complex undertaking, integrating work from other specialist contractors and delivering a framework for construction and execution.

Fluor boasts a formidable track record, with a portfolio of successfully executed large-scale mining and infrastructure projects in some of the world's most challenging environments, including remote and cold-weather locations analogous to Donlin's setting in the Yukon-Kuskokwim Delta. This experience was a key factor in the decision.

“Fluor is pleased to be appointed as Donlin Gold’s partner to lead the BFS,” said Harish Jammula, Fluor’s President of Mining & Metals Business. “Our focus is on delivering an integrated, high-quality study, with an emphasis on safety, sustainability, quality, cost accuracy, constructability, and execution readiness as the project advances.”

The sentiment was echoed by the project's owners. “The selection of Fluor marks an important step in advancing the Donlin Gold project,” said Greg Lang, NOVAGOLD’s President and CEO. John Paulson, whose firm Donlin Gold Holdings owns 40% of the project, added, “They bring a proven track record of delivering complex projects on schedule and within budget, which is critical at this stage as we position Donlin Gold for development.”

Fluor's work will be conducted primarily from its Canadian offices and will integrate several major work packages, including the design of the power plant, a 315-mile natural gas pipeline, and the complex pressure oxidation circuit required to process the ore.

The Promise and Scale of Alaska's Next Gold Giant

At the heart of this strategic push lies a deposit of staggering proportions. The Donlin Gold project holds an estimated 40 million ounces of gold in the Measured and Indicated resource categories. Its average grade of approximately 2.22 grams per tonne is more than double the industry average for similar open-pit projects, making it a rare combination of immense size and high quality.

Once operational, Donlin Gold is projected to produce an average of more than one million ounces of gold annually over an initial 27-year mine life. This scale would not only make it the largest gold producer in the U.S. but also a significant contributor to the global gold supply.

The potential economic impact on Alaska, particularly the remote Yukon-Kuskokwim Delta region, is substantial. The project is expected to create up to 3,000 jobs during its multi-year construction phase and over 1,200 high-paying jobs annually during operations. It also promises significant revenue streams for its Alaska Native corporation partners, Calista Corporation, which owns the subsurface mineral rights, and The Kuskokwim Corporation, which owns the surface rights. These partnerships include shareholder hire preferences and are a central component of the project's proposed regional benefits.

Navigating Engineering and Environmental Hurdles

However, the path to production is paved with immense engineering, environmental, and social challenges. Developing a mine of this magnitude in a remote region with no existing infrastructure requires a monumental effort, including the construction of the lengthy natural gas pipeline, a new upriver port, and an access road.

Beyond the logistical complexities, the project faces continued legal and environmental scrutiny. Despite receiving a joint Federal Record of Decision in 2018, key permits have been challenged by a coalition of local tribes and environmental groups. In 2024, a federal court ruled that the project's Environmental Impact Statement was deficient, specifically finding that regulators had failed to adequately analyze the potential impacts of a larger-scale tailings dam failure. This decision has forced the U.S. Army Corps of Engineers to undertake a Supplemental Environmental Impact Statement (SEIS), a process that is currently underway and bars any permit-related construction until its completion.

Opponents, represented by groups like Earthjustice, raise concerns over the risks a catastrophic tailings spill could pose to the Kuskokwim River watershed, a vital source of subsistence for downstream communities. Other major concerns include the potential for mercury contamination from the disturbed bedrock, the generation of acid mine drainage, and the impact of increased barge traffic on the river's delicate ecosystem. While the land-owning Native corporations are key partners, this opposition from several regional tribal governments highlights a deep divide over the project's perceived risks versus its economic rewards.

A High-Stakes Bet in a Bullish Gold Market

This determined push forward by NOVAGOLD and Paulson comes amid a favorable global market for gold. With prices remaining robust and sustained by economic uncertainty and central bank buying, the financial case for developing large, high-cost, long-life assets like Donlin has grown stronger. The depletion of reserves at existing mines has also increased the premium on world-class, undeveloped deposits.

Compared to other global mega-projects, Donlin stands out. While projects like the KSM deposit in British Columbia may boast larger total resources, they often come with significantly lower grades. Donlin’s combination of high grade and massive scale makes it a uniquely valuable asset in the development pipeline.

With Fluor now leading the charge on the BFS, the Donlin Gold team is concurrently advancing other critical workstreams. This includes ongoing geotechnical drilling and materials assessments along the proposed infrastructure corridors to support detailed engineering. The company has also begun recruiting for key roles to build out its owner's project team. These parallel efforts underscore a deliberate, integrated strategy to position the project for a final investment decision upon the study's completion, as it navigates both immense opportunity and considerable opposition in the Alaskan wilderness.