Paulson and NOVAGOLD RESOURCES INC. to acquire Barrick Gold Corp.’s 50% stake in Donlin Gold LLC for US$1 billion

Goodmans LLP is advising Paulson & Co Inc. in connection with a backstop financing commitment entered into as part of its agreement to jointly acquire with NOVAGOLD RESOURCES INC. a 50% interest in Donlin Gold LLC from Barrick Gold Corporation for US$1 billion in cash. 

Under the agreement, Paulson will acquire a 40% interest in Donlin Gold for US$800 million and NOVAGOLD will acquire a 10% interest for US$200 million. Both parties will collectively oversee the management of the Donlin Gold project in Alaska. The transaction is expected to close late in the second or early in the third quarter of 2025.