NOVAGOLD Resources and Paulson Advisers have completed the $1bn acquisition of Barrick Mining’s 50% interest in the Donlin Gold project.
This deal establishes new ownership of Donlin Gold to advance the project, which is located in the historic Kuskokwim Gold Belt in south-west Alaska, 10 miles north of the village of Crooked Creek.
At the closing, NOVAGOLD increased its stake to 60% by acquiring an additional 10% in Donlin Gold for $200m (C$274.17m), while Paulson secured a 40% interest for $800m.
In April 2025, Barrick Gold signed a definitive agreement with the affiliates of Paulson Advisers and NOVAGOLD Resources to sell its 50% interest in the Donlin Gold project – held by Barrick’s subsidiary, Barrick Gold US.
Both companies have entered into a new agreement with equal governance rights over Donlin Gold.
Following the upsized public offering and private placement that concluded on 9 May 2025, NOVAGOLD had $327m available to fund the additional stake and ongoing activities at Donlin.
The company has chosen not to prepay the $90m debt owed to Barrick at closing but retains the option to do so for $100m within 18 months.
If NOVAGOLD does not exercise this option, the debt, valued at $158.9m as of 3 June 2025, will remain under its current terms.
NOVAGOLD president and CEO Greg Lang said: “Today we completed the successful and strategic Donlin Gold transaction through a strong collaborative effort between NOVAGOLD, Paulson and Barrick since announcing the transaction on 22 April 2025.
“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. We look forward to providing updates on the key milestones in the coming months, starting with our revamped and determined efforts regarding the Feasibility Study workstream.”
In partnership with Paulson, a strategic review of the 2025 budget for Donlin Gold, amounting to $43m, is under way.
The review will cover an array of activities including updating the feasibility study and executing the 2025 drill programme.
Both partners are committed to exploring new resources and advancing technical work and engineering designs.
They will also support state permitting efforts, maintain permits, engage with government representatives, and collaborate on stakeholder outreach and investment initiatives in Alaska.
Donlin Gold has a high grade compared with other open-pit mines and projects, with a measured and indicated resource grade of 2.24 grams per tonne.
