Novagold, Donlin Gold to complete Donlin project BFS

Executive Summary

• Novagold Resources Inc. and Donlin Gold Holdings (wholly owned by Paulson Advisers LLC) have selected Fluor Corp. to lead the Bankable Feasibility Study (BFS) for the Donlin gold project in Alaska.
• The BFS is expected to be completed in 2027, with a detailed schedule and budget to be released in the coming months after full-scope alignment with other contractors.
• Fluor will integrate work streams from specialist contractors for key infrastructure components, including the power plant, natural gas pipeline, and pressure oxidation circuit, positioning the project for development and financing.

Key Details

• Engineering Partner: Fluor Corp. selected to lead the Bankable Feasibility Study (BFS) as the engineering firm.
• BFS Timeline: Expected completion in 2027; detailed schedule and budget to follow in the coming months.
• Scope of Integration: Fluor will integrate major work packages including the power plant, natural gas pipeline, pressure oxidation circuit, and oxygen plant.
• Specialist Contractors: Requests for proposals (RFPs) were issued in Q4 2025 for specialist contractors covering the power plant, pipeline, and pressure oxidation/oxygen plant scopes.
• Project Team & Site Activities: Management is recruiting critical roles for the owner's project team; site activities include geotechnical drilling and material assessments for the planned upriver port and access road.
• Project Status: Donlin Gold is advancing toward financing and development, aiming to become the largest single operating gold mine in the United States.
• Resource Data: Approximately 40 million ounces of gold in measured and indicated categories (560 million tonnes at ~2.22 g/t Au), inclusive of proven and probable reserves.
• Production Outlook: Expected to produce >1 million ounces per year over a 27-year mine life on a 100-per-cent basis.

Notable Quotes

• "Fluor is pleased to be appointed as Donlin Gold's partner to lead the BFS... Our focus is on delivering an integrated, high-quality study, with an emphasis on safety, sustainability, quality, cost accuracy, constructability, and execution readiness as the project advances." — Harish Jammula, Fluor's president, mining and metal business.
• "The selection of Fluor marks an important step in advancing the Donlin gold project... They bring a proven track record of delivering complex projects on schedule and within budget, which is critical at this stage, as we position Donlin gold for development." — Greg Lang, Novagold's president and CEO, and John Paulson.