On April 22, 2025, NOVAGOLD RESOURCES INC. and Paulson Advisers LLC announced the acquisition of Barrick Gold Corporation’s 50 percent interest in Donlin Gold LLC for US$1.0 billion in cash. Under the agreement, NOVAGOLD would purchase a 10 percent stake for US$200 million, increasing its ownership to 60 percent, while Paulson would acquire the remaining 40 percent for US$800 million. The transaction closed on June 3, 2025, when both parties entered into a new limited liability company agreement to co-manage the Donlin Gold project in Alaska on an equal-governance basis.

To finance its share, NOVAGOLD secured US$170 million in equity commitments from Paulson, Electrum Group, and Kopernik Global Investors via common shares issued at US$3.00 per share, supplemented by US$30 million from its treasury. These investors also received five-year warrants to acquire 25.5 million NOVAGOLD shares. NOVAGOLD additionally retained the option to acquire Barrick’s project-related debt for US$90 million prior to closing or US$100 million within 18 months thereafter.

The partnership intends to advance the Donlin Gold project by updating the Feasibility Study, expanding and converting reserves and resources, and continuing permitting and stakeholder engagement with Calista Corporation and The Kuskokwim Corporation, the project’s Alaska Native landholders.

Advisors included Citi, Dorsey & Whitney LLP, and Blake, Cassels & Graydon LLP for NOVAGOLD; Kleinberg, Kaplan, Wolff & Cohen, Goodmans LLP, McCarthy Tétrault LLP, and Stoel Rives LLP for Paulson; and Baker Botts LLP and Stikeman Elliott LLP for Electrum.