NOVAGOLD Acquires Full Ownership of Donlin Gold Project

NOVAGOLD Resources Inc. and Paulson Advisers LLC entered into definitive agreements on July 21, 2026, for NOVAGOLD to acquire Paulson's 40% ownership interest in Donlin Gold LLC. This all-share transaction grants NOVAGOLD 100% ownership of the Alaska-based project and establishes a new Delaware-domiciled parent company, NovaGold Corporation, which the companies intend to list on the New York Stock Exchange.

The new entity is expected to have an equity value of approximately US$4.2 billion. Current NOVAGOLD shareholders will own about 65% of the corporation, while Paulson will receive approximately 35% on a fully diluted basis. This restructuring aims to streamline financing and expedite the development of the Donlin Gold project, which is projected to be the largest gold development project in the United States with estimated annual production between 1.1 and 1.3 million ounces.

The transaction remains subject to shareholder, court, and regulatory approvals, with an expected closing date in the fourth quarter of 2026. Following the closing, Thomas Kaplan and John Paulson will serve as Co-Chairs of the new corporation.