NovaGold to buy Paulson's stake in Donlin Gold, creating U.S. miner valued at $4.2B

NovaGold Resources Inc. has agreed to acquire Paulson & Co.'s stake in the Donlin Gold project in Alaska, consolidating ownership and creating a U.S.-focused gold mining company with an estimated valuation of $4.2 billion. The deal involves NovaGold issuing shares to Paulson in exchange for its 50% interest in the joint venture, making Paulson a significant shareholder in the combined entity. Donlin Gold is one of the world's largest undeveloped gold deposits, with proven and probable reserves of approximately 39 million ounces. The transaction is expected to close in the second quarter of 2025, subject to regulatory approvals. NovaGold stated that the consolidation simplifies the project's ownership structure and positions the company to advance development and permitting.

Global Impact

The deal has moderate economic and industry-specific implications. Economically, it creates a mid-tier gold producer with a market cap of $4.2 billion, which could attract institutional investment and improve access to capital for the Donlin Gold project.