feasibility study. Donlin Gold is one of the world’s largest undeveloped gold deposits, with 39 million ounces of measured and indicated gold re - sources. Exploration in 2025 will focus on reserves and resources conver - sion and expansion, the companies said June 3. Barrick had planned a $43 million 2025 budget, but this will now be reviewed by Donlin Gold’s new leadership. Following the closing of the trans - action later this year, Donlin Gold ex - pects to: n Immediately begin work to up - date the project Feasibility Study, in - cluding assembling a specially dedi - cated team to advance the effort; n Shift the 2025 drill program focus to the conversion and expan - sion of Donlin Gold’s reserves and resources, with both partners com - mitted to exploring for new resourc - es along strike and to depth in future campaign seasons; n Advance technical work and engineering; n Continue to support state per - mitting efforts and maintain exist - ing federal and state permits in good standing; n Enhance social the license, with ongoing community outreach and in - vestment initiatives with partners and landowners, Calista Corporation, which owns the subsurface mineral rights at Donlin Gold, and The Kus - kokwim Corporation, which owns the surface lands. Paulson is NOVAGOLD’s sec - ond-largest shareholder after Elec - trum and one of its longest-tenured investors — having initially become a shareholder in 2010. Paulson enjoys a distinguished track record as an experienced investor. Its Chairman, John Paulson, is one of the high - est-profile advocates for gold. The firm also holds credentials as a successful investor in the min - ing industry, including as a pivotal shareholder in advancing Detour Gold Corporation, which owned the Detour Gold mine. This is Canada’s largest gold mine with more than 19 million ounces in reserve and is now owned by Agnico Eagle Mines Ltd. “Donlin Gold is one of the most attractive development gold projects in the world,” Paulson said. “With 39 million ounces of gold at double the industry average grade, and an op - timal location in the prime jurisdic - tion of Alaska — already the second
in Southwest Alaska, Donlin Gold hosts approximately 39 million ounc - es of gold in Measured and Indicated Mineral Resources (inclusive of min - eral reserves. The resources at Donlin Gold have an estimated grade of 2.24 grams per tonne3, or twice the indus - try average of 1.03 grams per tonne4, significantly lowering its projected per ounce operating costs relative to peers. If developed as planned, Donlin Gold is projected to have a 27-year mine life, with average annual pro - duction expected to reach approx - imately 1.1 million ounces. The new partners believe there’s considerable exploration potential in the project, as Donlin Gold’s current resources span approximately three kilometers of an eight-kilometer mineralized belt. This represents only approxi - mately 5% of the total land package.
largest gold-producing state in the United States — we believe that the project could create value for decades to come. The project enjoys excellent social license with Calista, the subsurface resource owner, and TKC Corp., the surface owner, Paulson said. “There is formidable exploration upside potential to significantly ex - pand its resources and production profile,” Paulson said. Greg Lang, NOVAGOLD’s Presi - dent and CEO, said: “As with many of our shareholders, we have en - gaged extensively with Paulson over the years and are grateful for their steadfast solidarity. Our management team welcomes this enormous vote of confidence and looks forward to ini - tiating an updated Feasibility Study, as well as to allowing our new drill program to move towards reserve and resource expansion. Located in the Kuskokwim region
— Tim Bradner
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