NovaGold plans Donlin Gold ownership via stock swap

NovaGold Resources is moving to consolidate control of the Donlin Gold project in Alaska through an all-share deal that will lift its ownership to 100% by acquiring John Paulson’s remaining 40% stake. The transaction creates a new Delaware-based NovaGold Corporation with an expected equity value of about $4.2 billion and a planned NYSE listing. Existing NovaGold shareholders will hold about 65% of the new company, Paulson around 35% with voting power capped at 19.99%, and the deal expands the board to 11 seats. The restructuring aims to simplify operations, broaden financing options, and position Donlin for development, while cementing NovaGold’s control over one of the world’s largest undeveloped gold resources. Donlin’s large resource base and potential long-term production underpin the strategic rationale, though the path includes risks such as permitting, cash burn, and reliance on external financing. Market commentary highlights the deal as a catalyst for clarified strategy and a U.S. listing, with investors weighing the blended governance structure against ongoing development challenges.