Novagold Resources Buys Remaining 40% of Donlin Gold in $4.2 Billion All-share Deal

Dow Jones07-22 20:11

NovaGold Resources has struck a deal to take full ownership of the Donlin Gold project by buying investment firm Paulson's 40% stake that will create a large U.S. gold development company.

The all-share transaction will create a new U.S.-domiciled parent company, NovaGold Corporation, valued at roughly $4.2 billion and owned 65% by existing NovaGold shareholders and 35% by Paulson.

The Donlin Gold project is located in southwestern Alaska, in the Kuskokwim Gold Belt region.

NovaGold said Wednesday that the acquisition will create a leading U.S. gold developer, with a projected annual gold production of 1.3 million ounces in its first decade and then 1.1 million ounces over the 27-year mine life.

With the full ownership in its fold, NovaGold said the Donlin Gold project is expected be the largest gold-development project in the country, and will streamline decision-making, improve access to financing, and accelerate development of the project.

The acquisition is immediately accretive to NovaGold shareholders, the company said, for net asset value per share, as well as gold reserves and resources per share.

The company noted that including Paulson's existing equity ownership in NovaGold, it would own about 40% of the economic interest in new company, but would only have about a 19.99% voting interest.

The new company will be co-chaired by Thomas Kaplan and Paulson founder John Paulson.

The transaction is expected to close in the fourth quarter.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

July 22, 2026 08:11 ET (12:11 GMT)

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