NOVAGOLD Set to Acquire Remaining 40% Interest in Donlin Gold

VANCOUVER, British Columbia, Oct. 05, 2026 /CourierPR/ -- NOVAGOLD, a gold developer based in Vancouver, British Columbia, is set to acquire the remaining 40% interest in Donlin Gold from Paulson Advisers LLC and its affiliates, increasing its ownership to 100%. This move is part of a broader strategy to enhance the company’s financial strength and operational efficiency, as detailed in a press release issued today.

The special meeting of shareholders, scheduled for November 3, 2026, at 10:00 a.m. (Vancouver Time) at 1133 Melville Street, Suite 3500, Vancouver, British Columbia, will see shareholders vote on the proposed acquisition. The meeting will also consider other resolutions, including the adoption of the New NOVAGOLD 2026 Omnibus Incentive Plan, the New NOVAGOLD Employee Stock Purchase Plan, and the NOVAGOLD Employee Share Purchase Plan. Additionally, shareholders will vote on an advisory resolution regarding the compensation of NOVAGOLD’s named executive officers.

NOVAGOLD’s Board of Directors, which has unanimously recommended that shareholders vote in favor of the proposed acquisition, highlights several benefits of the transaction. The acquisition is expected to generate immediate accretion to shareholders, with a projected increase in net asset value per share, gold Reserves and Resources per share, and attributable production metrics. Specifically, the transaction is anticipated to add approximately 16 million ounces of Measured and Indicated Resources, inclusive of about 13 million ounces contained in Proven and Probable Reserves, to NOVAGOLD’s portfolio.

The company projects that the acquisition will result in increased annual gold production, with an expected output of 1.3 million ounces in the first 10 full years of production and 1.1 million ounces annually over the 27-year mine life. Following the completion of the acquisition, NOVAGOLD is expected to have a market capitalization of approximately $4.9 billion, based on a per share closing price of $7.25 on September 15, 2026.

The transaction is subject to the approval of not less than two-thirds of the votes cast by shareholders present in person or represented by proxy at the meeting. Regulatory approval from the Supreme Court of British Columbia is also required, which will consider the fairness and reasonableness of the arrangement to shareholders.

Citi, a financial advisory firm, has provided a fairness opinion, stating that the consideration to be received by NOVAGOLD shareholders, other than Paulson, is fair from a financial point of view. The Board has also secured support from key stakeholders, including the directors, executive officers, and certain shareholders, who have agreed to vote in favor of the transaction.