Novagold Resources Inc. and Donlin Gold Holdings LLC, wholly owned by Paulson Advisers LLC and its affiliates, announced on Aug. 11, 2026, the appointment of Endeavour Financial and Macquarie Capital as financial advisors for the Donlin Gold project in Alaska. The advisors will provide financial advisory services to support the arrangement of project and infrastructure financing, assisting in the evaluation of funding alternatives and the execution of a structured project financing strategy. This move is designed to optimize the overall funding mix, preserve long-term shareholder value, and maintain exposure to the project’s upside potential as it advances toward construction.
The mandate requires the financial advisors to coordinate engagement with potential financiers, advance select funding avenues, and assist with due diligence processes. They will provide tailored advice as the project progresses toward a final investment decision following the completion of the Bankable Feasibility Study (BFS) and related workstreams. The process will consider a range of financing sources, including conventional project and infrastructure finance, complementary forms of capital, export credit agencies, project debt, and alternative funding options.
Key Project Metrics
| Metric |
Value |
| Mineral Resource (Measured & Indicated) |
~40 million ounces |
| Average Grade |
2.22 grams per tonne |
| Total Tonnes |
560 million tonnes |
| Estimated Mine Life |
27 years |
| Annual Production Target |
>1 million ounces |
Greg Lang, Novagold’s President and CEO, stated that the combined expertise of Endeavour and Macquarie in structuring large-scale, agency-supported financings will be instrumental in evaluating funding alternatives. He noted that this work supports readiness for a final investment decision and positions the project to advance in a thoughtful and value-focused manner through the next phase of development.
Endeavour Financial is a specialist independent advisory firm focused on mining and natural resources financing, with services spanning project and structured finance, capital markets, and strategic advisory. Macquarie Capital, the advisory arm of Macquarie Group, brings deep expertise in critical minerals, infrastructure, and energy sectors. Daniel Hill, Director of Endeavour Financial, and Lance Rishor, Head of Macquarie Capital Canada, both expressed support for advancing the Donlin Gold project through complex mining and infrastructure financings.
This appointment follows the July 22, 2026, announcement that Novagold entered into definitive agreements to acquire 100% of Donlin Gold from Paulson’s DGH interest. The proposed transaction aims to streamline corporate decision-making, increase operational and capital efficiency, and facilitate access to private and official-sector capital, including governmental agencies and sovereign wealth funds.
What the Numbers Show
The Donlin Gold project contains approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories, based on 560 million tonnes at an average grade of 2.22 grams per tonne. This resource base, inclusive of Proven and Probable Mineral Reserves on a 100% basis, underpins the project’s potential to produce more than one million ounces of gold annually over an estimated 27-year mine life. The scale of the resource and the high-grade nature of the deposit justify the engagement of specialized financial advisors to secure optimal financing structures, balancing debt, equity, and agency-supported capital to mitigate execution risk during the transition from feasibility study to construction.