NOVAGOLD & Paulson Announce the Appointment of Endeavour Financial and Macquarie Capital as Financial Advisors to the Donlin Gold Project
Novagold tapped strategic advisors to fund Alaska’s largest undeveloped gold mine following its 100% consolidation of the project.
Novagold Resources Inc. and Donlin Gold Holdings LLC (DGH) have appointed Endeavour Financial and Macquarie Capital as joint financial advisors. The mandate focuses on evaluating funding alternatives, executing a structured project financing strategy, and coordinating with potential financiers, including export credit agencies and commercial banks.
This appointment directly supports the consolidation transaction announced on July 22, 2026, where Novagold will acquire Paulson's 40% interest in Donlin Gold, increasing ownership to 100%. The advisors will assist with due diligence and provide tailored advice as the project progresses toward a final investment decision following the Bankable Feasibility Study (BFS). The financing strategy aims to optimize the funding mix while preserving long-term shareholder value and maintaining upside potential.
Novagold Resources Inc. (NG) has appointed top-tier financial advisors, a logical follow-up to the definitive agreements signed on July 22, 2026, to acquire 100% of Donlin Gold. This move signals management’s proactive approach to securing the massive capital required to develop the world-class project, which carries a net present value (NPV) of more than $20 billion.
The appointment confirms the execution of the previously announced merger and acquisition strategy rather than introducing unexpected terms. It aligns with the company’s historical progression: after securing $310 million in equity in February 2026 and appointing Fluor for the bankable feasibility study (BFS) in February 2026, engaging specialized project finance advisors represents the necessary next step to bridge the gap between feasibility and construction.
No immediate dilution or debt issuance was announced, preserving the current balance sheet strength of approximately $370 million in cash and term deposits.
Novagold Resources Inc. is a Canadian-based gold development company focused on the Donlin Gold project in Southwestern Alaska. The flagship Donlin Gold deposit is one of the world's largest and highest-grade known open-pit gold deposits.
The company reports a resource estimate of approximately 40 million ounces of gold in Measured and Indicated categories, comprising 560 million tonnes at an average grade of 2.22 g/t. Reserve estimates include Proven Reserves of approximately 9 million tonnes at 2.29 g/t and Probable Reserves of approximately 495 million tonnes at 2.02 g/t. The production profile anticipates output of more than 1 million ounces of gold annually over an estimated 27-year mine life.
Novagold currently owns 60% of the project, while Donlin Gold Holdings LLC, managed by Paulson Advisers LLC, holds the remaining 40%. A transaction scheduled for July 2026 will consolidate 100% ownership under a new U.S.-domiciled parent company, NovaGold Corporation, which will be listed on the NYSE.
Engineering work is led by Fluor Corporation for the Bankable Feasibility Study, with specialist contracts awarded to WSP for the power plant, Worley for the pipeline, and Hatch for the pressure oxidation circuit.