History
NovaGold sold its copper-gold project to focus on Alaska's Donlin Gold, then joined Paulson in a $1.0 billion buyout of Barrick to take 60% control.
2018-2020: Narrowing to one project
In July 2018 NovaGold sold its entire interest in the Galore Creek copper-gold project and the adjoining Copper Canyon property in British Columbia to Newmont for up to $275 million. The price was $100 million in cash up front, plus milestone-based notes worth up to $175 million more. The deal closed on 27 July 2018 and left NovaGold concentrating fully on Donlin Gold, a major undeveloped gold deposit in Alaska that it owned 50/50 with Barrick Gold Corporation.
The record for 2019 and 2020 is quiet. Over this stretch the share count crept up gradually, from about 323 million at the end of 2018 to about 330 million at the end of 2020.
2021-2023: Drilling at Donlin
The story picked up with drilling. In early 2021 Donlin Gold reported assays from its 2020 program, and by March it had released results for all 85 holes. They showed higher grade-thickness than the existing geologic model predicted, and the strong outcome confirmed a follow-up drill program planned for 2021. In September, that program found high-grade intercepts in the ACMA and Divide zones, which pointed to possible feeder zones for the wider mineralizing system.
In December 2021 the chief executives of Barrick and NovaGold held a workshop and a site visit, and the partners reaffirmed their confidence in the project and set out next steps toward a feasibility study update. The 2021 program ended up covering 79 holes and 24,264 meters, and came with the largest annual project budget in more than a decade.
The 2022 program ran ahead of schedule. It finished with 141 holes and 42,331 meters drilled, and the tightly spaced Divide grid supported the resource model. Final assays in January 2023 included a 17.20-meter intercept grading 11.11 g/t gold, and the program finished ahead of schedule and under budget. The record then goes quiet through 2024.
2025: Buying out Barrick
On 22 April 2025 NovaGold and Paulson Advisers agreed to buy Barrick's 50% of Donlin Gold for $1.0 billion in cash. NovaGold would pay $200 million for an extra 10%, taking it to 60%, while Paulson would pay $800 million for the other 40%. Electrum, Paulson and Kopernik, NovaGold's largest shareholders and related parties, backstopped up to $170 million of NovaGold's funding through warrants, and an independent special committee vetted the deal.
NovaGold also raised money from the market. In May it launched an underwritten public offering through Citigroup and RBC, expected to net $169.7-195.2 million, and closed a $64.4 million private placement with Electrum and Kopernik of 17.2 million shares at $3.75. These raisings explain the rise in shares on issue, from about 335 million at the end of 2024 to about 407 million at the end of 2025.
The purchase closed on 4 June 2025. Barrick's involvement ended, and NovaGold and Paulson now share equal governance under a new LLC agreement. In September NovaGold announced assay results from the 2025 drill program, which returned high-grade gold intercepts, strengthened resource conversion and supported progress on the Bankable Feasibility Study.
2026: A bankable study
In February 2026 NovaGold closed a $310.2 million bought-deal offering at $10.00 a share, roughly triple the $3.00-3.75 pricing of the 2025 financings. Shares on issue reached about 439 million. On 9 February NovaGold and Paulson chose Fluor Corporation to lead a new Bankable Feasibility Study for Donlin Gold, targeted for completion in 2027, with WSP, Worley and Hatch on key infrastructure.
As of 22 July 2026, NovaGold owned 60% of Donlin Gold and Paulson 40%. The day before, the company had agreed to move its home from British Columbia to a new Delaware holding company, NovaGold Corporation, through a 1-for-1 share exchange.
Written from the 16 story beats below (2018 to 9 Feb 2026), which come from the company's own announcements and filings.