Oct 8, 2026 earnings call — Proposed consolidation to acquire Donlin Gold
NovaGold announced a proposed transaction to acquire 100% of Donlin Gold and expects a post-close market capitalization of about $5 billion.
EPS $-0.08 (est $-0.07)
Key quotes
"Once closed, New Nova Gold will become the ultimate parent company acquiring Paulson's 40% interest in an all share transaction and will then own 100% of Donlin Gold."
"A team led by Fluor is currently integrating major work packages and coordinating with specialist contractors including WSP, Worley, and Hatch."
"All permits remain in place with public comments open through October 20 third and the final EIS anticipated in April 2027."
Analyst Q&A 2
Donlin permits and political support
Q (Matt Kovacs): He asked whether the current administration's pro-mining stance could speed up the Donlin project and what Dr. Kaplan thought about the administration.
A: Management said they already have the federal permits and have not needed help from the administration. They said Donlin has had bipartisan political support in Alaska and that foreign investment (Japan, Korea, Gulf countries) could help accelerate the timeline and financing.
"We have not had to request assistance regarding permitting because we have the permits that we need to advance." — Thomas Kaplan (CHAIR)
Gold price outlook and bull market view
Q (Matt Kovacs): He asked if an 8-year gold bull cycle is ending and whether gold could reach $5,000 in the next six months.
A: Management gave a short, direct answer of yes on $5,000. He said the bigger view is that we are only in the foothills of a much longer gold bull market and that this pullback is part of a larger trend that will take gold far beyond $5,000, even into the tens of thousands.
"But the bigger answer is I believe that we are just in the foothills of the gold bull market." — Thomas Kaplan (CHAIR)