NOVAGOLD Resources Inc. and Paulson Advisers LLC finalized a $1 billion acquisition of Barrick Mining Corporation’s 50% stake in the Donlin Gold project, reshaping the ownership and governance structure of one of the world’s most significant gold development ventures.
Under the terms of the deal, NOVAGOLD has acquired an additional 10% interest in Donlin Gold LLC for $200 million, increasing its total stake to 60%. Paulson Advisers acquired the remaining 40% for $800 million. The two partners now share equal governance rights over the project under a newly signed limited liability company agreement.
The announcement comes in the middle of the Alaska Sustainable Energy Conference, where over 1,000 leaders from around the world have gathered to reinvigorate Alaska’s resource economy. Other major announcements during the conference included advancement of Graphite One project near Nome, the US Gold Mining’s Whistler Gold-Copper project that is 105 miles west of Anchorage, and Tectonic’s Flat Gold Project.
Donlin Gold is located in southwestern Alaska and is considered one of the largest and highest-grade known undeveloped open-pit gold deposits globally. The project holds particular strategic value given its location in a geopolitically stable and mining-friendly jurisdiction.
“This constitutes a truly transformational transaction and an exciting new chapter for Donlin Gold as we advance one of the best and most jurisdictionally attractive gold development projects in the world,” said Greg Lang, president and CEO of NOVAGOLD.
The acquisition was financed through an upsized public offering and concurrent private placement completed May 9. As of March 1, NOVAGOLD held $327 million in cash earmarked for its increased ownership stake and its share of future development activities.
As new co-owners, NOVAGOLD and Paulson will soon begin a strategic review of the Donlin Gold 2025 budget, currently set at $43 million on a 100% basis. Key initiatives under the new partnership include:
- Launching an updated feasibility study with a dedicated technical team
- Continuing the 2025 drill program to convert and expand reserves and resources
- Advancing engineering design and technical work
- Supporting state permitting efforts and maintaining federal and state approvals
- Conducting active stakeholder engagement across Alaska
Paulson Advisers, based in Florida, is a private global investment management advisory firm. The firm’s financial commitment to Donlin Gold represents a turning point in the development phase of the promising asset. With new capital, governance, and strategic focus, the Donlin Gold project is positioned to become a cornerstone of future US gold production.
