NovaGold buys John Paulson's 40% Donlin Gold stake for $4.2 billion

Signed July 21, the all-share deal values Paulson's stake near $4.2 billion and hands him a board co-chair seat.

NovaGold held 60% and Paulson 40% of Donlin Gold before this agreement.
Paulson's new shares price at a 10% discount, leaving him near 40% of the merged firm.
The new company, New NG, will be co-chaired by Kaplan and Paulson, closing by Q4 2026.

Why it matters: No gold has left the ground; what changed hands is the paper claiming all of it.

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