NovaGold Resources Inc. (NG): Business Model Canvas [Dec-2025 Updated]

You're looking at NovaGold Resources Inc. (NG) not as a gold producer, but as a pure-play development entity betting big on the Donlin Gold Project, one of the world's largest undeveloped assets. Honestly, their current business model is all about managing risk and securing capital until production hits, which is why their $\mathbf{\$125}$ million liquidity as of August 2025 is so critical as they push toward the Bankable Feasibility Study (BFS) planned for early 2026. This canvas strips away the noise to show you the core mechanics: their strategic partnership with Paulson Advisers LLC, the $\mathbf{60\%}$ ownership they manage, and the zero-revenue structure that hinges entirely on successful permitting and technical de-risking. Dive in below to see the precise structure underpinning this massive potential leverage to the gold price.

NovaGold Resources Inc. (NG) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that underpin the advancement of the Donlin Gold project, especially after the major ownership shift in mid-2025. These partnerships are critical because they bring capital, local alignment, and regulatory navigation expertise to the table. Honestly, the structure now reflects a clear path forward, which is what investors want to see.

The most significant recent change involves the capital partners who now jointly own Donlin Gold LLC. This new structure, finalized on June 3, 2025, replaced the previous arrangement with Barrick Gold Corporation.

Here's the quick math on the ownership structure following the $1 billion acquisition:

This partnership means NovaGold Resources Inc. now holds the majority economic interest, but both parties share responsibility as a full and equal partner in project management, as outlined in the new limited liability company agreement.

The local relationships are just as vital, especially in the Yukon-Kuskokwim (Y-K) region of Alaska. These entities secure the surface rights and ensure community buy-in, which is non-negotiable for a project of this scale.

• Calista Corporation: Surface rights partner. The Calista Lease terms include various royalty and other payment provisions.
• The Kuskokwim Corporation (TKC): Surface use agreement partner for the project site. The TKC SUA also includes royalty and other payment provisions.
• Community Investment: The 2025 exploration program provided over 30 jobs to Calista Shareholders this summer.
• Local Engagement: Both partners met with Calista and TKC in July 2025 to discuss the path forward, reinforcing commitment to responsible development.

The 2025 budget for Donlin Gold, on a 100% basis, was set at $43 million. Due to the new ownership structure, NovaGold Resources Inc.'s pro rata share of this funding obligation increased to $24 million. Still, the company reported a treasury of approximately $125.2 million in cash and term deposits as of August 31, 2025, which management believed was sufficient to fund its share of planned activities.

Navigating the regulatory environment in the United States is streamlined through a key government relationship. NovaGold Resources Inc. achieved a significant permitting milestone in 2025:

• Acceptance of Donlin Gold into the Federal Permitting Improvement Steering Council's FAST-41 program. This is an important step to ensure a transparent, accountable, and predictable process for conducting the supplemental environmental analysis requested by the U.S. District Court for the District of Alaska.

Finally, advancing the project technically requires specialized external expertise. The focus is squarely on the Bankable Feasibility Study (BFS) update, which is expected to take around two years and cost about $80 million upon commencement.

• BFS Status: The Request for Proposal (RFP) was issued to top-tier qualified engineering firms in the third quarter of 2025.
• Selection Timeline: Selection of the lead engineering firm is expected by the fourth quarter of 2025 (or 'year-end').

Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Key Activities

You're focused on the core work NovaGold Resources Inc. is doing right now to push the Donlin Gold project forward. The key activities are all about de-risking the path from development to a construction decision, which is a massive undertaking for a Tier One gold development project.

Advancing the Donlin Gold project toward a production decision

The entire focus is on advancing the Donlin Gold project, which management views as a standout asset in the global gold sector, potentially becoming America's largest gold mine. This advancement is heavily reliant on the technical work completed in 2025, which solidified the path toward the next major study.

The Donlin Gold project possesses significant scale, with historical estimates showing:

For NovaGold Resources Inc.'s 60% share as of November 30, 2024, this translated to approximately 4 Mt of Proven Reserves and 249 Mt of Probable Reserves.

Executing the 15,000-meter 2025 drill program for resource conversion

The 2025 field program kicked off with the camp opening in February and drilling starting in March. The initial plan was for a 15,000-meter drill program, which was later expanded to support the updated resource model and feed the Bankable Feasibility Study (BFS) work. The work centered on three key areas essential for the BFS.

Here's a breakdown of the 2025 drilling scope and some of the final results reported in late November 2025:

• Total planned drilling for 2025: Approximately 15,000 meters.
• Drilling focus areas: Grid drilling for mine-planning inputs, in-pit exploration for resource conversion, and geotechnical drilling.
• Geotechnical drilling: Four holes totaling 2,607 meters for pit wall stability.
• Material site drilling: An additional 26 holes totaling 399 meters for the access road construction.
• High-grade intercept example: DC25-2262 intersected 41.09m grading 3.06 g/t gold starting at 387.96 m drilled depth, with an estimated true width of 35.87 m.

The program was supported by a team of about 80 locally hired staff and external contractors.

Commencing the Bankable Feasibility Study (BFS) by early 2026

The data generated from the 2025 drill program is specifically intended to provide the key data points needed to move into the BFS phase. The Request for Proposals (RFP) for the BFS was issued to engineering firms in the third quarter of 2025, and Donlin Gold expected to award the contract and begin work before year-end.

The timeline and cost estimates you need to track are:

• Expected BFS start: By the first quarter of 2026.
• Estimated BFS completion timeline: Approximately two years once initiated.
• Estimated BFS cost: Between $80 million and $100 million.

Defending and maintaining key state and federal permits

Permitting defense was a critical activity, resulting in two major legal and regulatory wins by late 2025, which helps ensure a predictable process moving forward. These efforts are crucial for advancing the project.

Key permitting milestones achieved:

• Federal FAST-41 Acceptance: Donlin Gold was formally accepted into the Federal Permitting Improvement Steering Council's FAST-41 program on October 27, 2025. This enhances transparency and predictability for the supplemental environmental analysis.
• Alaska Supreme Court Ruling: On November 14, 2025, the Court affirmed the project's water rights permits and the Department of Natural Resources' approval of the State Right-Of-Way (ROW) lease for the proposed 316-mile natural gas pipeline.

The company also noted a favorable ruling from the Alaska Superior Court on May 6, 2025, upholding the Department of Environmental Conservation's issuance of the 401 Certification.

Managing the 60% ownership stake in Donlin Gold LLC

A major corporate activity in 2025 was the transaction that increased NovaGold Resources Inc.'s ownership stake. On June 3, 2025, NovaGold completed the acquisition of Barrick Mining Corporation's 50% interest, increasing its own stake to 60%. This involved paying $200 million for an additional 10% interest, while funds managed by Paulson Advisers LLC secured the remaining 40% interest for $800 million.

This ownership change directly impacted the 2025 budget allocation for NovaGold Resources Inc.

The company bolstered its liquidity to fund these obligations, holding approximately $125 million in cash and term deposits as of August 31, 2025. This followed raising approximately $234 million in net proceeds from a public offering and private placement in May 2025.

NovaGold Resources Inc. (NG) - Canvas Business Model: Key Resources

You're looking at the core assets NovaGold Resources Inc. (NG) is banking on to build what's projected to be the largest single gold mine in the United States. These aren't just ideas; they're tangible, quantified resources and strategic agreements that form the foundation of the business right now.

The single most important resource is the Donlin Gold Project itself. It's classified as a Tier One asset, which means it's built for longevity and low-cost production. Here's the breakdown on the scale and quality of that asset as of late 2025, using the latest resource and reserve estimates:

The total resource base, inclusive of Mineral Reserves, stands at approximately 542 Mt, containing an estimated 39 million ounces of gold. That resource grade is what really sets it apart. The overall resource grade, inclusive of Mineral Reserves, is 2.24 g/t gold. For context, the global industry average grade for comparable deposits as of September 2025 was reported at 1.06 g/t gold. That's a significant difference in grade you're looking at.

Financially, the company maintains a solid position to fund its ongoing work. You need cash to advance a project of this magnitude, and NovaGold Resources Inc. held approximately $125 million in cash and term deposits as of August 31, 2025.

The strategic alignment with Paulson Advisers LLC is a critical non-physical resource, solidifying the funding and governance structure. This partnership was cemented in June 2025, resulting in the current ownership split:

• NOVAGOLD Resources Inc. ownership: 60% interest in Donlin Gold LLC.
• Paulson Advisers LLC ownership: 40% interest in Donlin Gold LLC.
• NOVAGOLD paid $200 million for its additional 10% stake.

Finally, the permitting status in Alaska is a major de-risking factor. You've got favorable legal outcomes supporting the project's infrastructure needs:

• Favorable Alaska Supreme Court ruling affirming the project's water rights.
• Favorable Alaska Supreme Court ruling affirming the state right-of-way lease for the proposed 316-mile natural gas pipeline.
• Donlin Gold was accepted into the Federal Permitting Improvement Steering Council's FAST-41 program on October 27, 2025, to streamline federal review processes.

The next big action item is awarding the contract for the Bankable Feasibility Study (BFS) before year-end. Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Value Propositions

You're looking at the core reasons why NovaGold Resources Inc.'s Donlin Gold project stands out in the development pipeline. It's not just about owning an asset; it's about the quality and scale of that asset, especially now that the ownership structure has shifted.

Exposure to one of the world's largest undeveloped gold assets.

The Donlin Gold project represents a massive gold endowment in the ground. This isn't a small deposit; it's one of the biggest known undeveloped gold assets globally. The sheer scale is what drives the leverage. As of the third quarter of 2025, the total resource base on a 100% project basis is substantial.

Here are the key figures for the Donlin Gold project as of late 2025:

To put that grade in perspective, the Donlin Gold average grade of 2.24 g/t is more than double the industry average grade of 1.06 g/t reported by S&P Global Market Intelligence as of September 2025 for similar-sized deposits. That difference in grade is a major value driver.

Exceptional leverage to gold price due to project scale.

The project's scale means that once it is built, it will be a major global producer, offering shareholders significant operating leverage to any sustained increase in the gold price. The expected mine life is long, meaning the asset can generate returns for decades.

• Projected average annual production over the life of mine: over 1 million ounces (on a 100% basis).
• Average annual production over the first five years: 1.5 million oz.
• Projected mine life: 27 years.

Expected low operating costs: Projected cash costs in the lower half of the industry cost curve.

Low operating costs are critical for profitability, especially when gold prices fluctuate. NovaGold Resources projects that Donlin Gold will be a low-cost producer, which is a key component of its Tier One gold development project definition.

• Anticipated life of mine operating gold cash cost: $635 per ounce.
• Industry ranking: Ranks in the lower half of the industry cost curve based on March 2025 peer data.

Safe jurisdiction: Project located in Alaska, a stable, mining-friendly region.

Location matters immensely for long-term capital deployment and project security. Alaska provides a stable political and regulatory environment, which reduces jurisdictional risk compared to many other global gold districts. The project has its key permits in hand, which is a significant de-risking factor.

The jurisdiction is viewed favorably by the industry. Per the Fraser Institutes 2024 Annual Survey of Mining Companies, Alaska ranks third globally on the Investment Attractiveness index.

Long-term production potential: Anticipated annual production of over 1 million ounces for decades.

This speaks directly to the asset's longevity and its ability to become a cornerstone asset for its owners. The long mine life combined with high annual output creates a durable cash-flow profile, assuming the construction decision is made.

The expectation is for an average annual production exceeding 1 million ounces for a period spanning 27 years on a 100% basis. This places it among the largest single gold mines projected in the United States. Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Customer Relationships

You're looking at how NovaGold Resources Inc. (NG) manages the crucial relationships that support the massive Donlin Gold project, especially after the major ownership shift in mid-2025. It's all about maintaining trust and alignment with key stakeholders while advancing the project toward a construction decision.

Investor Relations: Proactive communication of project milestones and financial strength

NovaGold Resources Inc. keeps investors informed through regular, detailed filings. For instance, the Company filed its 2025 third quarter report on October 1, 2025, detailing operations up to August 31, 2025. The proactive communication highlights major financial and operational shifts. A key event discussed was the transformative $1 billion acquisition of Barrick Mining Corporation's 50 percent interest in Donlin Gold, which closed on June 3, 2025, increasing NovaGold Resources Inc.'s stake to 60 percent. To fund this, the Company strengthened its treasury, announcing the full exercise of the underwriters' option on June 5, 2025, which raised an additional $25.6 million. As of August 31, 2025, the treasury stood at $125 million in cash and term deposits.

The financial reporting reflects the increased commitment to the project. For the third quarter of 2025, NovaGold Resources Inc. reported earnings of a ($15.6 million) loss, with earnings per share of ($0.04). This is set against the backdrop of the revised 2025 budget, where NovaGold Resources Inc.'s pro-rata share of Donlin Gold's $43 million budget increased to $24 million due to the 60 percent funding obligation starting mid-year. The Company also updated its 2025 corporate general and administrative costs guidance to $18 million, up from the previous $16 million. Project milestones communicated include the release of initial results from the 2025 drill program, which confirmed intervals with up to 23.49 g/t gold.

Here are some key financial and operational metrics shared with investors:

Community engagement: Ongoing collaboration with Alaska Native Corporations (Calista, TKC)

The relationship with Alaska Native Corporations, specifically Calista Corporation ("Calista") and The Kuskokwim Corporation (TKC), is foundational, as the Donlin Gold project is situated on private land selected under the Alaska Native Claims Settlement Act of 1971 (ANCSA). NovaGold Resources Inc. assists Donlin Gold LLC in executing the Community Development and Strategic Plan, which is built on trust.

Collaboration focuses on shared values and local benefit. The enduring partnerships have been pivotal in building trust with the 56 villages in the Yukon-Kuskokwim (Y-K) region. In 2024, Donlin Gold conducted over 14,000 direct engagements with key stakeholders. Furthermore, Donlin Gold established a total of 18 formal Shared Values Statements to reinforce ongoing commitment. These guiding principles direct investment priorities:

• Environmental concerns & stewardship.
• Community and economic development.
• Cultural traditions.
• Education and workforce development.
• Health, safety & wellness.
• Community and partner engagement.

Government relations: Continuous engagement with Alaska state and federal representatives

Government relations are managed through continuous engagement with both state and federal representatives, often in partnership with Calista and TKC. This engagement covers the Y-K region, the broader state of Alaska, and Washington, D.C. The Company views stable regulations and transparent government processes as critical enablers that empower NovaGold Resources Inc. to confidently navigate risks and make informed investment decisions. A recent positive development noted in the November 2025 updates was receiving a Positive Decision From Alaska Supreme Court.

Transparent reporting: Regular filing of quarterly reports and project updates

You can track the Company's progress through its mandated public filings. For example, the 2025 first quarter report was filed on April 1, 2025, showing a treasury of $93 million as of February 28, 2025, with net first quarter cash expenditures of $8.3 million. The 2025 budget, prior to the June ownership transaction, was set at approximately $37.5 million total cash expenditures. The commitment to transparency continues with the filing of the 2025 second quarter report on June 25, 2025, which detailed the $234.1 million raised through offerings. These regular updates, including the Q3 report, ensure stakeholders have the latest figures on project advancement and financial health. It's defintely a high-frequency information flow for a development-stage company.

Here's a snapshot of the reporting cadence and associated figures:

Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Channels

You're looking at how NovaGold Resources Inc. gets its information and its stock out to the world, which is crucial for a development-stage company like this. The channels are a mix of traditional market access and direct stakeholder engagement, especially given the focus on the Donlin Gold project in Alaska.

Stock Exchanges

Trading of common shares for NovaGold Resources Inc. (NG) occurs on two primary venues. You can find the stock listed on the NYSE American and the TSX (Toronto Stock Exchange). As of early December 2025, the market capitalization stood at C$5.65 billion. The 52-week trading range for the stock has been between a low of $2.26 and a high of $10.90.

Investor Presentations

Shareholders and the investment community access updates through several key channels. NovaGold Resources Inc. maintains a dedicated section on its corporate website for these materials.

Key communication events in late 2025 included:

• The latest Corporate Presentation released on November 28, 2025.
• The 2025 Third Quarter Report & Donlin Gold Update conference call and webcast on October 1, 2025.
• Presentations at industry events such as the Precious Metals Summit, Zurich, and the BMO European Roadshow.
• The 2025 Second Quarter Report & Donlin Gold Update, presented on June 25, 2025.

Regulatory Filings

Financial and operational data is disseminated through mandatory regulatory filings, which provide the hard numbers you need for due diligence. The quarterly report on Form 10-Q for the third quarter ended August 31, 2025, was filed on October 1, 2025. These documents are available on EDGAR (SEC), SEDAR+, and the Company's website.

Here's a quick look at some key figures from the Q3 2025 filing:

The net third quarter cash expenditures of $9 million break down into $8.1 million to fund NovaGold Resources Inc.'s share of the Donlin Gold project and $0.9 million for corporate general and administrative costs.

Direct Community Outreach

For the Donlin Gold project in Alaska, direct outreach is a critical channel for maintaining social license to operate. This involves on-site teams and local offices working closely with Alaska Native communities. The 2025 operations saw locals hired from 19 Yukon-Kuskokwim (Y-K) villages to support drilling, logistics, and environmental monitoring.

Engagement efforts are broad, spanning over 60 communities in the Y-K region through collaboration with Calista Corporation and The Kuskokwim Corporation. Historically, in 2024, over 14,000 direct engagements with key stakeholders were conducted. The project itself, which NovaGold Resources Inc. owns 60 percent of, is on private land selected under ANCSA.

Key community engagement activities include:

• Direct engagements with tribal councils and regional organizations.
• Forming partnerships in health and safety, education, and cultural preservation.
• Maintaining active cooperation with Alaska Native Corporation landowners.

Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Customer Segments

The customer base for NovaGold Resources Inc. is segmented across the investment lifecycle, from early-stage equity holders to the eventual off-takers of the gold produced from the Donlin Gold project.

Institutional investors represent the largest block of ownership, indicating a high degree of professional validation for the long-term development thesis of the Donlin Gold project. As of late 2025 filings, institutions hold a substantial portion of the equity.

Specific institutional holders, as of September 30, 2025, show significant positions:

• Lingotto Investment Management Llp: 35,111,968 shares
• Paulson & Co. Inc.: 27,238,061 shares
• Blackrock, Inc.: 19,105,623 shares
• Capital World Investors: 17,666,000 shares
• Fmr Llc: 16,922,359 shares
• Vanguard Group Inc.: 14,587,516 shares

Retail investors comprise the segment of individual shareholders attracted to NovaGold Resources Inc. as a high-leverage play on future gold production. This group includes those who participated in recent capital raises.

• General Public Ownership Percentage: 28 %
• Total Shares Outstanding (millions): 407
• Float: 305.03M shares
• Insider Ownership Percentage: 25.03 %

Future gold buyers are the ultimate commercial customers, though they are not yet active counterparties. Their interest is tied directly to the scale and economics of the Donlin Gold project, which is projected to be one of the largest single gold mines in the United States.

• Projected Annual Gold Production (Initial 10 Years): 1.4 million ounces
• Projected Gold Grade: 2.25 g/t

Alaska Native Corporations are critical local stakeholders whose support is essential for project advancement, as the Donlin Gold property is located on their private lands. The relationship structure provides them with direct benefits.

• Donlin Gold Project Land Owners: The Kuskokwim Corporation and Calista Corporation
• Subsurface Mineral Rights Owner: Calista Corporation
• Precedent for Royalty/Participation (Ambler Project): Option to participate as a joint-venture partner or receive a net proceeds royalty from NANA Regional Corp. Inc.

NovaGold Resources Inc. (NG) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive NovaGold Resources Inc.'s operations as of late 2025. This isn't about potential; it's about the cash burn required to move the Donlin Gold project forward, especially after the ownership structure shifted in June 2025.

The cost structure is almost entirely focused on advancing the Donlin Gold project through technical work and maintaining the legal and regulatory footing necessary for future development. Here's the quick math on the key expense categories for the 2025 fiscal year, based on the latest updates.

Project Funding and Exploration Work

The total 2025 budget for the Donlin Gold project, on a 100 percent ownership basis, remained firm at $43 million. However, NovaGold Resources Inc.'s required contribution increased due to its larger stake. The original guidance for NovaGold's share was $21.5 million, but this was revised upward.

The actual expected funding obligation for NovaGold Resources Inc.'s share of Donlin Gold expenses for 2025 increased to $24 million following the June 3, 2025 transaction. For context, the spend in the first nine months of 2025 was $18.5 million. This funding covers the 2025 field program, which included 15,000 meters of drilling aimed at refining mine planning inputs and supporting the Bankable Feasibility Study (BFS) work.

Corporate General and Administrative (G&A)

Corporate G&A costs also saw an increase, reflecting the higher level of activity and transaction-related professional fees. The initial 2025 guidance for corporate G&A was approximately $16 million. This was subsequently increased to $18 million. For comparison, the G&A cost in the first quarter of 2025 was $3.8 million.

Here is a breakdown of the key 2025 budgeted expenditures for NovaGold Resources Inc.:

Future Study and Regulatory Costs

Moving to the next major capital outlay, the upcoming Bankable Feasibility Study (BFS) represents a significant future cost. The estimated cost for the comprehensive BFS work is between $80 million and $100 million, with an expected completion timeline of about two years once the engineering firm contract is awarded.

Maintaining the project's approvals involves ongoing, non-trivial expenses for permitting and legal defense. These costs are embedded within the Donlin Gold budget, covering activities like community relations and permit defense efforts. A key regulatory development in 2025 was the acceptance of Donlin Gold into the Federal Permitting Improvement Steering Council's FAST-41 program to ensure a predictable federal permitting process.

The costs associated with legal and regulatory maintenance include:

• Defending approvals related to the tailings storage facility and NEPA review.
• Ongoing government affairs engagement with state representatives.
• Funding community relations and cultural awareness initiatives.

Finance: draft 13-week cash view by Friday.

NovaGold Resources Inc. (NG) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of NovaGold Resources Inc., and honestly, it's a picture of pure development-stage financing right now. This isn't a company selling metal; it's a company selling its future potential to fund the path to production. The revenue streams are entirely non-operational at this point.

Zero commercial revenue: NovaGold is a development-stage company with no gold production.

As of late 2025, NovaGold Resources Inc. has no revenue from gold sales because the Donlin Gold mine is still under development, not in production. This means the financial results reflect expenditures, not income from operations. For instance, in the third quarter of 2025, the company reported a net loss of $15.6 million. Revenue for that period was not reported, which is expected for a company at this stage.

Future gold sales: Expected revenue from the Donlin Gold mine after construction and commissioning.

The entire financial model hinges on the future cash flow from the Donlin Gold project in Alaska. Once built, the projections are substantial, targeting an annual production of 1.4 million ounces of gold in the first decade. This future revenue stream is what underpins all current financing activities. The project boasts an initial resource of 40 million ounces.

Interest income: Earnings from the investment of the cash and term deposits.

A secondary, though minor, source of cash inflow comes from investing the substantial capital raised. This is interest income earned on the company's cash and term deposits. For example, in the first quarter of 2025, the actual Earnings Per Share (EPS) beat consensus, partially offset by lower interest income compared to what S&P Global consensus expected. The company held approximately $125 million in cash and term deposits at the end of the third quarter of 2025.

Equity financing: Proceeds from public offerings, like the $234.1 million raised in 2025.

The most significant recent cash inflow has been from equity markets to fund the major project acquisition. NovaGold Resources Inc. secured substantial capital in May 2025. The company closed an upsized public offering and a concurrent private placement, generating net proceeds of $234.1 million. This capital raise was instrumental in funding the Donlin Gold stake increase. Here's a quick breakdown of that May 2025 financing:

• Public Offering Gross Proceeds: Approximately $179 million
• Private Placement Gross Proceeds: Approximately $64 million
• Total Gross Proceeds: Approximately $244 million
• Net Proceeds to Company: $234.1 million
• Share Price in Offering: $3.75 per share

Also, the underwriters' option was fully exercised on June 5, 2025, adding another $25.6 million to the financing pool.

Partner contributions: Funding from Paulson Advisers LLC for the Donlin Gold project.

The strategic partnership with Paulson Advisers LLC is a core component of the funding structure, especially following the acquisition of Barrick Mining Corporation's interest. This transaction closed on June 3, 2025, for a total of $1 billion. The partner funding is structured as follows:

The $800 million investment by Paulson Advisers LLC secured their 40% ownership interest in Donlin Gold LLC. The equity financing proceeds were used to fund NovaGold's $200 million portion of this acquisition. The company's share of the Donlin Gold 2025 budget increased to $24 million following this ownership change.