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NovaGold (NG) and Paulson Complete $1 Billion Donlin Gold Acquisition

NovaGold Resources Inc. (NYSE:NG) announced on June 3 that it has raised its ownership interest in Donlin Gold from 50% to 60%. The remaining 40% was taken up by NovaGold’s partner in the venture, Paulson Advisers LLC. This portion was Barrick Mining Corporation’s (NYSE:B) stake, which is pulling out of the 50-50 venture with NovaGold.

A drilling rig in the middle of an industrial mining site, surrounded by rugged terrain.

The transaction was valued at $1 billion, of which NovaGold forked $200 million for the additional 10% interest. Paulson secured its stake for $800 million. The transaction establishes a new limited liability company, Donlin Gold LLC, with both companies receiving equal governance rights despite the different ownership percentages. Donlin Gold is a project in southwest Alaska with undeveloped, high-grade open-pit gold deposits.

Greg Lang, NovaGold’s President and CEO, described the deal as “truly transformational” and highlighted it as an “exciting new chapter for Donlin Gold.” He emphasized that the transaction advances “one of the best and most jurisdictionally attractive gold development projects in the world.” Lang indicated the company will provide updates on key milestones, beginning with enhanced efforts on the Feasibility Study workstream.

NovaGold said it funded the acquisition using proceeds from a public offering and private placement that closed on May 9, 2025. The company chose not to immediately repay $90 million in outstanding debt to Barrick but retained the option to settle for $100 million within 18 months.

NovaGold Resources Inc. is a Canadian mining company focused on gold exploration and development. Its primary asset is the Donlin Gold project in Alaska, whose stake has now risen to 60%.

While we acknowledge the potential of NovaGold Resources Inc. (NYSE:NG) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NG and that has 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None.

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