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THE JOURNAL - AN OFFICIAL PUBLICATION BY THE ALASKA MINERS ASSOCIATION
SEPTEMBER 2026 | WWW.ALASKAMINERS.ORG
Donlin consolidation sets stage for next phase of Alaska’s largest gold project
Its current development concept envisions production of approximately 1.3 million ounces of gold annually during the first decade and about 1.1 million ounces annually over a 27-year mine life. That production profile would place Donlin among the largest gold development projects in the United States. The deposit also offers significant exploration potential. NOVAGOLD reports that the current resource covers only a portion of an approximately eight-kilometer mineralized trend, leaving additional opportunities for resource expansion. With the ownership consolidation underway, attention is increasingly focused on the technical and financial work needed to move Donlin toward a construction decision. Donlin's 2026 budget includes advancing the bankable feasibility study, maintaining and securing permits, strengthening community relations and workforce development, continuing environmental initiatives and conducting exploration. The approved budget is approxi- mately $131.4 million on a 100% project basis. NOVAGOLD has also said it is pursuing financing oppor- tunities in parallel with the feasibility work. The new U.S.-domiciled structure could provide a platform for
engaging potential private, governmental and institu- tional sources of capital. For Alaska, the potential development of a project of Donlin's scale would extend well beyond the mine site. Construction and eventual operations could gen- erate substantial demand for transportation, energy, engineering, construction, equipment, logistics and other services while creating long-term employment opportunities in Southwest Alaska and across the state. Donlin has spent decades advancing through explora- tion, engineering, environmental studies and permitting. The proposed consolidation does not itself represent a construction decision, but it creates a corporate structure focused on moving the project toward that milestone. The transaction remains subject to shareholder, regu- latory and court approvals. The companies expect it to close in the fourth quarter of 2026. Once completed, the new NovaGold will have full ownership of a project with the scale to significantly influence Alaska's future gold production and resource economy.
N OVAGOLD and investor John Paulson have moved to consolidate 100% of the Donlin Gold project under a new U.S.-domiciled company, creating a corporate structure designed to advance one of Alaska’s most significant undeveloped mineral projects toward its next stage of development. Under agreements announced recently, NOVAGOLD would acquire Paulson’s 40% interest in Donlin Gold through an all-share transaction, increasing its owner- ship from 60% to 100%. The transaction would create a new NovaGold Corporation with an estimated equity value of approximately $4.2 billion. The consolidation is intended to streamline deci- sion-making and financing as Donlin advances work on a bankable feasibility study and evaluates financing options for a project that could become one of the largest gold mines in the United States. The transaction would put the entire Donlin project under one corporate structure.
Current NOVAGOLD shareholders would own approx- imately 65% of the new company on a fully diluted basis, while Paulson would receive approximately 35% in exchange for his Donlin interest. Dr. Thomas S. Kaplan and John Paulson are expected to serve as co-chair- men of the new company. The consolidation follows a major ownership change in 2025, when NOVAGOLD and Paulson acquired Barrick Mining Corp.’s 50% interest in Donlin. That transaction increased NOVAGOLD’s stake to 60%, with Paulson holding the remaining 40%. The new structure is intended to simplify corporate decision-making and provide a single platform for advancing the project, while maintaining relationships with key Alaska Native stakeholders, including Calista Corp. and The Kuskokwim Corp. Donlin's scale remains its defining feature. The project contains approximately 40 million ounces of measured and indicated gold resources, according to NOVAGOLD.
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