Name of the Project
Donlin Gold project.

Location
Alaska, in the US.

Project Owner/s
Precious metals company Novagold Resources and global investment management advisory firm Paulson Advisers.

Project Description
Donlin Gold has the potential to become one of the largest gold-producing mines in the world, producing an estimated 1.5-million ounces a year of gold in the first five years of operation and about 1.1-million ounces a year over its 27-year life.

The project is expected to be a conventional openpit, truck-and-shovel operation.

Peak production rates are expected to reach 155-million tonnes a year. The mining equipment required includes large hydraulic shovels, front-end loaders, ultra-class haul trucks, rotary blast-hole drills, and various support equipment, including track and wheel dozers, graders, water trucks, and excavators.

The process plant will be fed with stockpiled low-grade ore for two additional years following the completion of mining. 

Donlin Gold is proposing to build a subterranean natural gas pipeline to serve as the energy source for on-site power generation. The 507 km, 356-mm-diameter steel pipeline would transport natural gas from the Cook Inlet region to the project site.

Potential Job Creation
Up to 3 000 jobs will be created during construction and up to 1 400 jobs during operation.

Net Present Value/Internal Rate of Return
According to the 2021 technical report, the project has an after-tax net present value, at a 5% discount rate, of $3.4-billion using a gold price of $1 500/oz, and internal rate of return of 9.2%, with a payback of 7.3 years.

Capital Expenditure
The total estimated initial capital cost to design and build the Donlin Gold project is $7.4-billion according to the National Instrument 43-101 Technical Report on the project, effective June 1, 2021, and the S-K 1300 Technical Report Summary effective November 30, 2021.

Planned Start/End Date
Not stated.

Latest Development
Pure gold mining company Barrick Mining Corporation completed the sale of its 50% stake in Alaska’s Donlin Gold project for $1-billion in cash in June 2025, handing over one of the world’s biggest undeveloped gold deposits to joint buyers Novagold Resources and Paulson Advisers. 

The transaction reshapes ownership of the project, with Novagold increasing its interest from 50% to 60%, and Paulson acquiring a 40% stake. The new joint owners have equal governance rights and have said that they are aligned in a renewed push to advance the project through an updated feasibility study and targeted exploration.

Key Contracts, Suppliers and Consultants
SRK Consulting (technical report); and AMEC Americas (lead feasibility study consultant).

Contact Details for Project Information
NovaGold, tel +1 604 669 6227 or email info@novagold.com.
Paulson Advisers, Michael McKeon, email mmckeon@actumllc.com