On April 22, 2025, NOVAGOLD RESOURCES INC. and Paulson Advisers LLC announced the acquisition of Barrick Gold Corporation’s 50% interest in Donlin Gold LLC for $1.0 billion in cash. Under the agreement, NOVAGOLD will purchase a 10% stake for $200 million, raising its ownership to 60%, while Paulson will acquire the remaining 40% for $800 million, establishing a new equal-governance partnership to co-manage the Donlin Gold project in Alaska.

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

The partnership aims to update the Feasibility Study, convert and expand reserves and resources, and maintain permitting and social engagement with Calista Corporation and The Kuskokwim Corporation, landholders of the project.

Legal advisors include Citi (financial advisor), 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.

The transaction is expected to close in late Q2 or early Q3 2025, pending regulatory approvals.