Novagold and Paulson confirm $1.0 billion deal

Novagold resources has made a press release informing that with Paulson Advisers LLC have entered into a definitive agreement with Barrick Gold Corporation to acquire Barrick’s 50% interest in Donlin Gold LLC for $1.0 billion in cash. This transformative partnership paves the way for the responsible development of the Donlin Gold project, located in Southwest Alaska’s Kuskokwim region.

Dolin Gold project

Donlin Gold is a unique project in the North American gold space. Nestled in a prime jurisdiction, it hosts 39 million ounces of gold in measured and indicated resources, with grades twice the industry average. This project represents immense potential with an estimated 27-year mine life, projected annual production of 1.1 million ounces, and significant exploration upside. Beyond its scale and quality, Donlin Gold benefits from strong community and state support, with longstanding partnerships with the landowners, Calista Corporation and The Kuskokwim Corporation (TKC).

Key points

Under the agreement: Novagold will increase its ownership in Donlin Gold LLC from 50% to 60% for $200 million and Paulson Advisers LLC, will acquire a 40% interest for $800 million and become an equal partner in project management.

Together, this partnership brings unparalleled expertise and commitment to advancing Donlin Gold responsibly and sustainably

What is next?

Donlin Gold is more than a mining project. It’s a symbol of sustainable development, balancing economic progress with environmental stewardship and respect for traditional ways of life. Through strong collaboration with Calista and TKC, the project will prioritize the protection of the land and subsistence practices while delivering significant economic benefits to the region.

Key initiatives for the coming year include: updating the Feasibility Study to unlock Donlin Gold’s full potential, advancing technical work, engineering designs, and permitting efforts, expanding exploration to uncover new reserves and resources, enhancing community outreach and investment in the Yukon-Kuskokwim region.

Word from CEOs

Dr. Thomas S. Kaplan, Novagolds’s Chairman , said: “The announcement of our new partner, Paulson, marks the watershed moment in our company’s ambition to unlock conscientiously the full value of Donlin Gold.”

Greg Lang, Novagolds’s President and CEO , said: “Our management team welcomes this enormous vote of confidence and looks forward to initiating an updated Feasibility Study, as well as to allowing our new drill program to move towards reserve and resource expansion. Most importantly, this agreement reaffirms both partners’ pledge to our Native Corporation partners and to the State of Alaska to advance this project.”

Andrew Guy, Calista’s President and CEO , said: “This land has been stewarded by the Alaska Native people of the Yukon-Kuskokwim region since time immemorial and Calista continues to be engaged in all aspects of the Donlin Gold project. Donlin Gold represents a most valuable resource and a commitment to responsible development that honors the land and the legacy of our Elders and ancestors.”

Andrea Gusty, President and CEO of TKC , said: “We support resource development when it can be done responsibly — aligned with our values of sustainability, community investment, and respect for traditional ways of life. The advancement of the Donlin Gold project represents a once-in-a-generation opportunity. Like all development, it must be guided by our obligation to steward the land — ensuring today’s opportunities do not compromise tomorrow’s.

This agreement marks a pivotal moment, reinforcing the commitment to environmentally conscious practices, economic growth, and long-term partnerships.