NOVAGOLD and Paulson Advisers Complete $1 Billion Acquisition of Barrick Mining's 50% Interest in Donlin Gold

Core Viewpoint - NOVAGOLD Resources Inc. and Paulson Advisers LLC have successfully closed the acquisition of Barrick Mining Corporation's 50% interest in the Donlin Gold project, resulting in a new ownership structure for Donlin Gold LLC to further advance the project in Alaska [1][2][3]. Company Summary - NOVAGOLD increased its ownership in Donlin Gold LLC from 50% to 60% by acquiring an additional 10% for $200 million, while Paulson acquired a 40% interest for $800 million [2][6]. - The transaction is described as transformational for NOVAGOLD, marking a significant step in advancing one of the most promising gold development projects globally [3]. - As of March 1, 2025, NOVAGOLD had $327 million available to fund the acquisition and ongoing activities at Donlin Gold, and it has the option to prepay $90 million of outstanding debt owed to Barrick within 18 months [3]. Industry Summary - The Donlin Gold project is recognized as one of the largest and highest-grade open-pit gold deposits in the world, located in Alaska, a jurisdiction known for its safety in mining operations [4]. - A strategic review of the Donlin Gold 2025 budget, amounting to $43 million on a 100% basis, will be conducted in coordination with Paulson [7]. - Key activities planned include updating the Feasibility Study, executing a drill program to convert and expand reserves, advancing technical work, and supporting state permitting efforts [7].