NovaGold plans Donlin Gold ownership via stock swap

NovaGold is set to acquire Paulson's remaining 40% stake in the Donlin Gold project via an all-share deal, gaining 100% ownership and creating a new Delaware parent to list on the NYSE with an implied equity value of about $4.2 billion. The deal reallocates ownership to roughly 65% for existing NovaGold shareholders and 35% for Paulson (voting power capped at 19.99%), expands the board, and aims to simplify financing and development for Donlin.