Wisevoter
Alaska

NovaGold Shareholders Approve Donlin Gold Buyout

Shareholders backed a plan to raise NOVAGOLD's Donlin Gold stake from 60% to 100% by acquiring Paulson's 40% interest.

Updated on Nov. 4, 2026 in Business Strategy

Wide view of a remote Alaskan tundra plain with gravel industrial pads, a processing structure, and distant snow-capped mountains under flat overcast light.
NOVAGOLD shareholders approved a plan to acquire Paulson Advisers' 40% stake in the Donlin Gold project, giving the company full ownership of the Alaska mine. AI Illustration. Upload story photo >

NOVAGOLD shareholders approved an arrangement that will consolidate full ownership of the Donlin Gold project in Alaska. The deal acquires Paulson Advisers' 40% interest in an all-share transaction, with completion conditioned on regulatory, stock exchange and court approvals.

Why it matters

Full ownership of the Tier One Donlin Gold development project would give NOVAGOLD sole control over a major Alaska mining asset. The transaction also restructures the company under a new Delaware parent, NovaGold Corporation.

Shareholders representing 69.15% of issued and outstanding common shares, or 303,446,751 shares, attended the November 3, 2026 meeting. The arrangement lifts NOVAGOLD's Donlin Gold ownership from 60% to 100%, with completion still awaiting regulatory, exchange and court approvals.

The players

NOVAGOLD

NOVAGOLD is a mining company headquartered in Vancouver, British Columbia, whose principal asset is its interest in the Donlin Gold project in Alaska.

Paulson Advisers LLC

Paulson Advisers LLC is an investment advisory firm that holds a 40% interest in the Donlin Gold project through affiliates.

The details

Shareholders approved a special resolution on the arrangement, which will be completed through a statutory plan under British Columbia's Business Corporations Act. The 40% stake held by Paulson Advisers LLC and affiliates will be acquired through Donlin Gold Holdings LLC in an all-share deal.

Timeline

  1. July 22, 2026: Transactions were announced.

  2. November 3, 2026: Shareholders approved the arrangement at a special meeting.

  3. Fourth quarter of 2026: Expected completion of the Transactions.

Market Landscape

The move follows a pattern in which developers buy out minority partners to capture full control of large gold projects rather than share economics. Consolidating Donlin Gold gives NOVAGOLD the entire upside of a Tier One Alaska asset as it advances toward development.

For investors, the outcome determines whether NOVAGOLD's future Donlin Gold economics are shared with Paulson or retained entirely by NOVAGOLD shareholders. The all-share structure means Paulson's stake is paid for in equity rather than cash, which affects dilution for existing holders.

The takeaway

Consolidating ownership of a single major asset concentrates both risk and reward in one company. Shareholders should watch the regulatory and court approvals that will determine whether the deal closes in the fourth quarter.

What happens next

Completion of the arrangement is expected in the fourth quarter of 2026, pending regulatory, stock exchange and court approvals.

Further reading

Explore more on Business Strategy to see how companies like NOVAGOLD reshape ownership of major assets.

Source note: This article includes information reported by The Star.