NOVAGOLD to Acquire Full Control of Donlin Gold in $4.2 Billion All-Share Deal — NOVAGOLD RESOURCES INC.

Event summary

NOVAGOLD to acquire Paulson’s 40% stake in Donlin Gold, increasing its ownership to 100%.
Transaction valued at approximately $4.2 billion, creating a leading U.S.-domiciled gold developer.
Deal expected to close in Q4 2026, subject to shareholder, court, and regulatory approvals.
Post-deal, NOVAGOLD shareholders will own ~65% of the new entity, with Paulson holding ~35%.
Donlin Gold project boasts 40 million ounces of gold in Measured and Indicated Mineral Resources.

The big picture

The acquisition consolidates NOVAGOLD’s control over one of the largest gold development projects in the U.S., positioning it as a key player in the precious metals sector. The deal reflects a broader trend of consolidation in the mining industry, aimed at streamlining operations and enhancing project financing capabilities. With Donlin Gold’s high-grade resources and multi-decade mine life, NOVAGOLD is poised to leverage this asset in a stable regulatory environment.

What we're watching

Governance Dynamics: How the co-chairmanship of Dr. Thomas S. Kaplan and John Paulson will influence strategic decisions.
Execution Risk: The pace at which NOVAGOLD can secure necessary approvals and close the deal by Q4 2026.
Project Development: Whether the streamlined structure will accelerate Donlin Gold’s development and financing phases.