This restructuring eliminates the complexities of a joint venture, centralizing control under a single corporate umbrella. Greg Lang, President and CEO of NOVAGOLD, emphasized that the move is designed to provide greater liquidity and visibility while streamlining decision-making for potential lenders. Following the deal, existing shareholders will retain 65% of the company, while John Paulson’s hedge fund will hold a 40% economic interest, with voting power capped at 19.99%. Paulson is set to join Thomas Kaplan as Co-Chair, formalizing a partnership that recently saw the two parties acquire Barrick Mining's stake in the project.

The Donlin Gold deposit contains roughly 40 million ounces of measured and indicated resources at a high grade of 2.22 grams per tonne. With federal permitting largely complete, the company’s immediate focus shifts to an updated feasibility study, currently led by Fluor and expected in the first half of next year. Management anticipates that this consolidation will boost the project's attractiveness to sovereign wealth funds and private investors, as the company prepares to move toward an expected average annual production of 1.3 million ounces during the first decade of the mine’s 27-year lifespan.