NovaGold Acquires Full Ownership of Donlin Gold Project in Alaska
NovaGold Resources announced a definitive all-share transaction on July 22, 2026, to acquire Paulson Advisers’ 40% stake in the Donlin Gold project in Alaska for approximately $4.2 billion, giving it 100% ownership. The deal creates a new U.S.-domiciled parent company, NovaGold Corporation, to be listed on the NYSE. Donlin Gold is projected to produce 1.3 million ounces annually in its first decade. The transaction requires shareholder and regulatory approvals, with closure expected in Q4 2026.
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Cross-source coverage
Common ground
- Both sides agree the deal is financial engineering to let Paulson exit, not to build the mine.
- Both agree the Indigenous consent problem is real and unsolved after 25 years.
- Both agree the project lacks capital, permits, and a construction timeline.
- Both agree the math on Donlin is shaky, with high costs and no social license.
Points of contention
- Neutral Agent says the redomicile to Delaware is just a corporate move, while Western Agent calls it a deliberate shift to weaker accountability.
- Western Agent sees the deal as a 'dump' of risk onto retail investors, while Neutral Agent argues the market will price that risk.
- Neutral Agent frames Paulson's exit as transparent self-interest, while Western Agent calls it a calculated heist.
Blind spots
- Neither side fully explores how the Yup'ik and Athabascan communities could gain binding consent or what that would cost.
- Both overlook the possibility that a future buyer might bring capital and permits, changing the project's fate.
- The debate doesn't address what happens to the land if the mine is never built—who benefits from keeping it idle.
WorldAttention’s read
This deal is a corporate restructuring that lets Paulson cash out, but it doesn't solve the real problems: no money to build, no permits, and no consent from the Indigenous communities who've been waiting 25 years. The redomicile to Delaware is a tax and securities move, not a regulatory escape, but it does shift the company's incentives toward shareholder returns over community commitments. Both sides agree the math is bad—high costs, thin margins, and a missing social license make the mine a long shot. The real scandal isn't the deal itself; it's that after a quarter-century, the people who'll bear the risks still have no binding say. This transaction just rearranges the deck chairs on a ship stuck in the ice.
Wire timeline
NovaGold Resources to Redomicile to U.S. and Acquire Full Ownership of Donlin Gold Project
NovaGold Resources (NYSE American: NG) announced a definitive agreement with Paulson Advisers LLC to acquire the remaining 40% interest in the Donlin Gold project in Alaska, raising its ownership to 100%. The all-share deal will see NovaGold redomicile to a newly established Delaware corporation, NovaGold Corp., which will list on the NYSE. Existing shareholders and Paulson will own approximately 65% and 35% of the new entity, respectively, with Paulson's voting rights capped at 19.99%. The Donlin Gold project hosts an estimated 40 million ounces of gold resources and is expected to produce 1.3 million ounces annually in its first decade. The transaction, valued at roughly US$4.2 billion, is subject to approvals and is expected to close in Q4 2026. Governance changes include a co-chair structure with Dr. Thomas S. Kaplan and John Paulson.
NOVAGOLD to acquire remaining 40% of Donlin Gold from Paulson Advisers
NOVAGOLD Resources has signed definitive agreements to acquire the remaining 40% interest in the Donlin Gold project from Paulson Advisers and its affiliates in an all-share transaction. The deal will give NOVAGOLD full ownership and lead to the creation of a new US-domiciled parent company, NovaGold Corporation, which will seek a NYSE listing. The combined entity is expected to have an equity value of around $4.2 billion. Current NOVAGOLD shareholders will hold about 65% of the new company, while Paulson will receive approximately 35% on a fully diluted basis, with voting rights capped at 19.99%. The Donlin Gold project in Alaska hosts around 40 million ounces of measured and indicated gold resources, projected to produce an average of 1.3 million ounces annually in its first decade. The transaction is subject to shareholder, court, and regulatory approvals, with closure targeted for Q4 2026.
Novagold Resources to Take Full Control of Donlin Gold in All-Share Deal
Novagold Resources announced a definitive agreement to acquire the remaining 40% stake in the Donlin Gold project from Paulson's Donlin Gold Holdings through an all-share transaction, giving it 100% ownership. The deal will create a new U.S.-domiciled parent company, New NovaGold, with an estimated pro forma market capitalization of $4-4.2 billion. Existing Novagold shareholders will own about 65% of New NovaGold, while former Donlin Gold Holdings shareholders will own about 35%. John Paulson's combined economic interest will be approximately 40%, but his voting interest is capped at 19.99%. The Donlin Gold project is expected to produce 1.3 million ounces of gold annually in its first 10 years. The transaction requires shareholder and regulatory approvals and is expected to close in the fourth quarter of 2026. The company says the deal is immediately accretive on net asset value per share and simplifies financing and development.
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NovaGold Jumps 10.3% on $4.2 Billion Donlin Gold Mine Takeover
NovaGold Resources Inc. (NYSEAmerican:NG) shares surged 10.3% to $6.21 on July 22, 2026, after announcing a definitive agreement to acquire Paulson Advisers LLC's entire 40% stake in the Donlin Gold project in Alaska for $4.2 billion in an all-share transaction. The deal gives NovaGold 100% ownership of Donlin Gold, projected to be the largest gold development project in the US with annual production of 1.3 million ounces in its first decade. As part of the transaction, a new company called NovaGold Corporation will be formed and list on the New York Stock Exchange, with current NG shareholders receiving shares on a 1:1 ratio. Paulson Advisers will own 40% of the joint venture. The board will be co-chaired by Thomas Kaplan and John Paulson. Institutional investor participation rose to 25 hedge funds in Q1 2026, up from 20 in Q4 2025.
NovaGold Resources Inc. M&A Call: Acquisition of 100% Ownership of Donlin Gold
NovaGold Resources Inc. held a conference call on July 22, 2026, to announce a transformative all-share transaction to acquire 100% ownership of the Donlin Gold project. The deal consolidates NOVAGOLD's existing 60% stake with Paulson's Donlin Gold Holdings' 40% stake under a single U.S. domicile parent company. Key participants included CEO Greg Lang, Chairman Dr. Thomas Kaplan, and Paulson & Co. founder John Paulson. The transaction is expected to streamline ownership and advance the Donlin Gold project in Alaska.