MergerJul 22, 2026, 07:02 AM
NOVAGOLD to acquire Paulson’s 40% Donlin Gold stake for 100% ownership
AI Summary
NOVAGOLD RESOURCES INC. announced an all-share transaction to acquire Paulson's 40% ownership interest in Donlin Gold, increasing NOVAGOLD's stake to 100%. The deal involves forming a new U.S.-domiciled company, NovaGold Corporation ("New NG"), with an estimated US$4.2 billion equity value. Current NOVAGOLD shareholders will own approximately 65% of New NG, while Paulson will receive approximately 35% on a fully diluted basis, holding a 40% economic interest with voting capped at 19.99%. The transaction, expected to close in Q4 2026, aims to streamline project development and financing for Donlin Gold, which is projected to be the largest gold development project in the U.S.
Key Highlights
- NOVAGOLD to acquire Paulson's 40% interest in Donlin Gold, increasing ownership to 100%.
- All-share transaction creates new U.S.-domiciled company, NovaGold Corporation ("New NG").
- Current NOVAGOLD shareholders to own approximately 65% of New NG; Paulson to own approximately 35% (fully diluted).
- Paulson's economic interest in New NG will be approximately 40%, with voting interest capped at 19.99%.
- New NG will have an approximate US$4.2 billion equity value.
- Donlin Gold projected to produce 1.3 million ounces of gold annually in its first decade.
- Adds over 16 million ounces of measured and indicated gold resources.
- Transaction expected to close in Q4 2026, subject to shareholder, court, and regulatory approvals.
Price Impact
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