NovaGold Resources Inc

NOVAGOLD and Paulson have appointed Endeavour Financial and Macquarie Capital as financial advisors for the Donlin Gold project in Alaska. The advisors will evaluate funding alternatives and execute a structured project financing strategy, coordinating engagement with potential financiers and assisting with due diligence as the project advances toward a final investment decision following completion of the Bankable Feasibility Study. The process will consider conventional project and infrastructure finance as well as complementary capital sources, aiming to optimize the funding mix while preserving shareholder value. The Donlin Gold project contains approximately 40 million ounces of gold in Measured and Indicated Mineral Resources and is expected to produce more than one million ounces annually over an estimated 27-year mine life once in production.

Hedge fund manager John Paulson said gold is in the early stages of a long-term bull market, driven by central bank buying and declining faith in paper currencies. Speaking on CNBC, Paulson noted that gold has roughly quadrupled since he turned bullish in 2009, recently topping $5,000 before pulling back. He argued that gold is becoming the most apt reserve currency and that the best way to invest is through early-stage gold stocks, citing NovaGold Resources and its 40 million ounces of indicated and measured resources. Paulson made the comments as NovaGold announced it would acquire Paulson Advisers' 40% stake in the Donlin Gold project in Alaska.

NOVAGOLD Resources has entered into definitive agreements to acquire Paulson Advisers' 40% ownership interest in Donlin Gold in an all-share transaction, consolidating 100% ownership of the Alaska-based gold project. Under the deal, a new Delaware-domiciled company, NovaGold Corporation, will be formed, with current NOVAGOLD shareholders owning approximately 65% and Paulson receiving approximately 35% on a fully diluted basis in exchange for its Donlin Gold stake. Inclusive of its existing equity, Paulson will hold roughly 40% of the economic interest while its voting interest will be capped at 19.99%. The transaction, which values the combined entity at approximately US$4.2 billion, is expected to close in the fourth quarter of 2026, subject to shareholder, court, and regulatory approvals. Donlin Gold is projected to produce 1.3 million ounces of gold annually in its first decade and 1.1 million ounces over a 27-year mine life, making it the largest gold development project in the U.S.

BlackRock has raised energy security to a high-risk category in its latest geopolitical outlook, warning that the conflict involving Iran has exposed the global economy's dependence on energy flows through the Strait of Hormuz and could reshape national economic and investment strategies. The asset manager said disruptions linked to the conflict have created the most significant global energy crisis since the 1970s, displacing more than one billion barrels of crude and one-fifth of the global LNG supply while driving higher energy prices and market volatility. BlackRock maintained a high-risk rating for a broader Middle East conflict, despite a fragile ceasefire between the U.S. and Iran, and warned that reaching a comprehensive agreement covering Iran's nuclear programme remains difficult, leaving the risk of renewed escalation elevated. The report also combined its previous cyber and terrorism categories into a single high-risk assessment, citing growing threats from state-backed cyber activity and increasingly capable artificial intelligence models. Another high-priority risk identified was accelerating technology decoupling between the U.S. and China, with BlackRock expecting artificial intelligence to move closer to the centre of U.S. political debate ahead of the midterm elections. The firm assigned medium-risk ratings to global trade protectionism, U.S.-China strategic competition, the Russia-Ukraine war, transatlantic relations and tensions on the Korean Peninsula.

NovaGold Resources used its second-quarter fiscal 2026 earnings call to emphasize steady advancement of the Donlin Gold project, with the bankable feasibility study on track for completion in the first half of 2027. The company reported a net loss of $25.5 million, or $0.06 per share, in line with the Zacks Consensus Estimate, and ended the quarter with approximately $370.2 million in cash and term deposits. Management highlighted that Donlin funding requirements totaled $16.3 million in the quarter, reflecting expanded ownership exposure and intensified study activity. NovaGold's increased 60% ownership in Donlin Gold following a 2025 transaction significantly raises its exposure to project economics and funding obligations, with the Donlin investment balance standing at approximately $222 million at quarter's end. Executives also noted that all major federal and state permits remain in place despite ongoing litigation, and the company is actively working with advisors to evaluate financing options.