NovaGold Resources (NG) Mining Forum Americas 2026 summary

Transaction overview and strategic rationale

• Announced acquisition of remaining 40% interest in Donlin Gold from Paulson, resulting in 100% ownership and simplifying governance and operations.

• Transaction expected to close by December, with Paulson receiving NOVAGOLD shares at a 10% discount to imputed value.

• Paulson will have less than 20% voting rights and two board seats, including John Paulson as Chairman.

• Full ownership is immediately accretive on key metrics and positions the company as a leading U.S. gold developer.

• Operational efficiency and stakeholder alignment are expected to improve with single-point decision-making.

Project development and feasibility

• Fluor appointed to update the feasibility study, supported by Hatch, Worley, and WSP; completion targeted for mid-next year.

• Endeavour and Macquarie engaged to arrange project financing; work is underway.

• Recruitment continues to strengthen the project team.

• Updated feasibility study will guide the construction decision and future project milestones.

• Exploration potential remains significant, with only a fraction of the gold-bearing system explored.

Financial position and shareholder base

• Recent equity raise at $10/share, no warrants issued; treasury stands at $370 million.

• Proceeds will retire a $170 million note to Barrick for $100 million, leaving the balance sheet unencumbered.

• Sufficient liquidity to complete the feasibility study and consider future financing options.

• Strong institutional support from Paulson, Electrum, Lingotto, Fidelity, and BlackRock.