By Jamie Hyland, MiningIR
NOVAGOLD Resources has announced one of the most significant gold sector transactions of 2026, entering into definitive agreements to acquire the remaining 40% interest in the Donlin Gold Project from Paulson Advisers in an all-share transaction. The transaction will increase NOVAGOLD’s ownership of Donlin Gold from 60% to 100% while simultaneously redomiciling the company from Canada to the United States through a consolidation transaction. The newly formed U.S.-based NovaGold Corporation will have an implied equity value of approximately US$4.2 billion, creating one of North America’s largest pure-play gold development companies.
The transaction represents a major milestone for one of the world’s largest undeveloped gold deposits. Once completed, the new company will simplify ownership of the project while positioning it for the next phase of development, including completion of the Bankable Feasibility Study (BFS), project financing, and ultimately a construction decision.
Following closing, existing NOVAGOLD shareholders are expected to own approximately 65% of the new company, while Paulson will hold approximately 40% of the economic interest with voting rights capped at 19.99%. The board will be co-chaired by Dr. Thomas S. Kaplan and John Paulson, subject to shareholder, court and regulatory approvals.
The redomiciling is intended to better align the company’s corporate structure with its flagship U.S. asset and shareholder base. Management believes establishing a U.S.-domiciled parent company will broaden access to American institutional investors, simplify the corporate structure, enhance liquidity, and position the company more effectively as it advances Donlin Gold toward construction and production.
Donlin Gold remains one of the premier undeveloped gold assets globally. Located in Alaska, the project hosts approximately 40 million ounces of gold in the Measured and Indicated categories and has the potential to produce more than one million ounces of gold annually over an estimated 27-year mine life.
Management believes consolidating ownership under a single corporate structure will streamline project decision-making, improve financing flexibility and strengthen engagement with Alaska Native landowners Calista Corporation and The Kuskokwim Corporation.
CEO Greg Lang stated: “We at NOVAGOLD could not be more excited that this exceptional partnership is now heading to the next level. Our combination epitomizes the ultimate ‘smart’ consolidation transaction in the gold industry that aligns the interest of everyone involved, and I feel immense pride at seeing it happening. Paulson has been a true partner in every sense of the word — whether initially as a very long-standing shareholder, or indeed more recently at the project level, supporting the successful advancement of the leading gold development asset in the United States. Accretive to NOVAGOLD shareholders on key metrics, the more streamlined structure that will emerge under New NG will progress Donlin Gold that much more efficiently — and at reduced operating costs. Our absolute focus will remain on completing the Bankable Feasibility Study with the contractors and on pursuing a full range of financing options in parallel, while continuing to prioritize safety, environmental best practices, community engagement, and workforce development with landowners, Calista and TKC.”
The announcement comes as gold companies continue pursuing strategic mergers and acquisitions amid record gold prices and increasing investor demand for large-scale, long-life development assets in politically stable jurisdictions. Industry observers view the transaction as positioning NOVAGOLD among North America’s leading pure-play gold developers while removing the complexity associated with split project ownership.
