NOVAGOLD & Paulson Select Fluor as Donlin Gold's Partner to Lead Bankable Feasibility Study
Building the path to America's largest gold mine
The most recent news release (February 9, 2026) announces the selection of Fluor Corporation to lead the Bankable Feasibility Study (BFS) for the Donlin Gold project in Alaska. Fluor will act as the lead engineering firm, integrating work packages for the power plant, natural gas pipeline, and pressure oxidation circuit. Site activities, including geotechnical drilling and materials assessments, are currently ongoing. The BFS is projected for completion in 2027, with a detailed schedule and budget to be released following scope alignment with specialized contractors.
The selection of a Tier-1 contractor like Fluor is a positive operational milestone that confirms the project is moving from a period of corporate restructuring into active technical development. However, this news is categorized as Routine - Positive because it aligns with previously communicated timelines (Q1 2026 selection) and does not fundamentally alter the project's economics or the company’s capital position.
- Project Execution: Hiring Fluor provides the technical rigor required to eventually secure multi-billion dollar project financing.
- Timeline Clarity: Establishing a 2027 completion date for the BFS sets a definitive, albeit long, window before a final investment decision (FID) can be reached.
- Integration: The inclusion of the natural gas pipeline and power plant in Fluor's scope is critical given the infrastructure-heavy nature of the project.
While positive, investors should note that the company is still in the "study" phase, and actual production remains several years away.
NOVAGOLD's flagship asset is the 60%-owned Donlin Gold project in Alaska, a Tier-1 gold deposit.
- Resource Scale: 39 million ounces of Gold in Measured & Indicated categories at a grade of 2.24 g/t Au (significantly higher than the industry average of ~1.0 g/t).
- Production Potential: Projected average annual production of 1.1 million ounces over a 27-year mine life.
- Infrastructure: Requires a 315-mile natural gas pipeline and an on-site power plant.
- Jurisdiction: Located on private land owned by Native Corporations (Calista and TKC) in Alaska, a top-ranked mining jurisdiction.