Private Equity Firm Takes 40% Stake
Storyknife, July/August 2025 edition
On June 3, NOVAGOLD Resources Inc. and Paulson Advisers LLC announced they completed a transaction to acquire Barrick Mining Corporation’s 50 percent interest in the Donlin Gold Project.
NOVAGOLD has taken a 60 percent stake in the company, while Paulson secured a 40 percent interest.
These changes do not change Calista’s position on responsible development of the project.
a Donlin Gold field technician this summer, stages supplies to
construct a drill pad.
“At Calista, we have a generational mindset toward the proposed Donlin Gold Project. Our priority is supporting Shareholders by protecting our land, our traditional way of life, and by promoting economic opportunities that benefit our people. One of the ways we accomplish this is by sustainable development of our natural resources, and this is why we support the Donlin Gold Project,” says Andrew Guy, Calista Corp. President/CEO.
Guy adds, “Our land is central to our lives and has been so for generations. After Elders and leaders selected the Donlin area in the 1970s for potential development, the first thing early Calista and Tribal leaders did was wait. We waited for about 20 years before signing any exploration agreements. We continue to strongly believe in the value of Calista’s oversight and the solid science behind Alaska’s industry-leading regulations surrounding resource development.”
“At Calista, we have a generational mindset toward the proposed Donlin Gold Project. Our priority is supporting Shareholders by protecting our land, our traditional way of life, and by promoting economic opportunities that benefit our people.”
Andrew Guy, Calista Corp. President/CEO
Company Background
NOVAGOLD has been involved in developing the Donlin Gold project for over 20 years. Paulson is a private global investment management advisory firm based in Palm Beach, Florida.
Barrick, one of the world’s largest gold producers, sold its stake in the Donlin Gold project as part of an overall change in business strategy to focus on copper mining.
Next Steps
NOVAGOLD and Paulson Advisers announced they plan to continue with the current budgeted activities for this year, including the summer drilling program, and will also begin work to update the project’s feasibility study, which is a necessary component of moving the project forward to development.
The project plans to spend $43 million in 2025, which includes exploration as well as key environmental and community initiatives in the Yukon-Kuskokwim Region. The exploration program is providing over 30 jobs to Shareholders this summer; it involves collecting core samples via small drill rigs to help refine the extent of the gold deposit. Donlin Gold’s community initiatives include the distribution of life jackets to ensure safe travel on the Kuskokwim River and a multi-year partnership with the Native Village of Napaimute on a salmon smolt monitoring program.