On July 22, 2026, NOVAGOLD Resources Inc. and Paulson Advisers LLC entered into definitive agreements under which NOVAGOLD will acquire the 40 percent interest in Donlin Gold LLC it does not already own, consolidating full ownership of the Donlin Gold project in Alaska. The all-share agreements, signed July 21, imply an equity value of roughly US$4.2 billion for the combined company, based on NovaGold's closing share price of $5.63. The transaction will be effected through a newly formed Delaware parent company, NovaGold Corporation, which intends to list on the NYSE. Existing NovaGold shareholders will exchange their shares on a one-for-one basis, while Paulson contributes its Donlin holding companies in return for voting and non-voting stock. Existing Novagold shareholders will own nearly 65 percent of the new entity, while Paulson will receive about 35 percent in exchange for its Donlin interest, and including its current holdings Paulson will own about 40 percent of the combined company. The deal is expected to close in the fourth quarter (of 2026). The board will expand to 11 seats from 10, co-chaired by Thomas Kaplan and John Paulson. The transaction requires NovaGold shareholder approval, court and regulatory approvals, and applicable stock exchange approvals. Strategically, the deal removes joint-decision-making friction ahead of a bankable feasibility study and creates a single counterparty for Alaska Native landowners Calista Corporation and The Kuskokwim Corporation.