Donlin Gold
Donlin Gold LLC is a development-stage gold mining project in Western Alaska's Yukon-Kuskokwim region advancing the world's fourth-largest gold deposit (33.8M oz probable reserves), owned 60% by NOVAGOLD and 40% by Paulson Advisers, targeting first production in the early 2030s.
- Company typePrivate
- Founded2007
- HeadquartersAnchorage, United States
- Headcount1–10
- GTM typeB2B
- OfferingHardware or Manufacturing
What Donlin Gold does
Donlin Gold LLC is a private development-stage mining company advancing a world-class open-pit gold deposit in the Yukon-Kuskokwim region of Western Alaska. The deposit ranks fourth globally, with 33.8 million ounces of probable gold reserves and approximately 40 million ounces in Measured and Indicated Mineral Resource categories, supporting a projected 27-year mine life producing over one million ounces of gold annually. The project is owned 60% by NOVAGOLD Resources Inc. (operator) and 40% by Donlin Gold Holdings LLC, an entity wholly owned by Paulson Advisers LLC, following NOVAGOLD's June 2025 acquisition of Barrick's 50% stake. Mineral rights are held by Calista Corporation and surface rights by The Kuskokwim Corporation, both Alaska Native corporations that selected the lands under the Alaska Native Claims Settlement Act (ANCSA), creating a distinctive ownership and revenue-sharing structure.\n\nThe company's core technology stack is centered on conventional open-pit mining combined with multi-stage ore processing: crushing, grinding, flotation, pressure oxidation (POX), and cyanide leaching (carbon-in-leach circuit) to produce gold doré bars for shipment to custom refiners. Critical supporting infrastructure includes a planned 312-mile, 14-inch buried natural gas pipeline from the Cook Inlet region to supply on-site power generation at 157 MW average load, an engineered 2,350-acre lined tailings storage facility with a 471-foot rock-fill dam and dry closure plan, and a river barge logistics chain running from Bethel through the Jungjuk/Angyaruaq Port to the mine site. State-of-the-art environmental controls include 99% mercury capture efficiency, International Cyanide Management Code compliance, and a transportation system that would reduce diesel barge traffic from 120 million to 40 million gallons annually.\n\nDonlin Gold is pre-revenue and pre-construction. The 2026 approved budget is $131.4 million (100% basis), funded by NOVAGOLD's treasury, which stood at $370.2 million as of Q2 2026 following a $310 million gross-proceeds private placement in February 2026. The go-to-market model is dual-track: an enterprise project development motion targeting completion of the Bankable Feasibility Study in the first half of 2027 (Fluor Corporation lead) followed by a 3-4 year construction phase, coupled with a community-led engagement model that has logged over 500 community meetings with the Y-K region and prioritized shareholder hiring from Calista and TKC. Once operational, the company will sell gold doré bars into the international commodity market via a custom refiner; the Alaska Supreme Court has upheld key water rights and pipeline permits, and the project is included in the federal FAST-41 expedited permitting program. A June 2025 federal court order triggered a supplemental EIS analyzing larger tailings spill scenarios, with a final decision expected by May 2027.
Donlin Gold firmographics
Firmographics- Name
- Donlin Gold
- Legal name
- Donlin Gold LLC
- Website
- https://donlingold.com
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Donlin Gold LLC is a development-stage gold mining project in Western Alaska's Yukon-Kuskokwim region advancing the world's fourth-largest gold deposit (33.8M oz probable reserves), owned 60% by NOVAGOLD and 40% by Paulson Advisers, targeting first production in the early 2030s.
- Ownership category
- akta.pro rank
Donlin Gold industry classification
Industry- Product category
- Gold Mining
- NAICS
- Gold Ore and Silver Ore Mining (212220), Mining (except Oil and Gas) (212)
- SIC
- Gold And Silver Ores (1040), Metal Mining (1000)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
- akta.pro secondary industry
- Precious Metals Smelting & Refining (IMAKAEAE)
Keywords
Where Donlin Gold is headquartered
LocationHeadquarters
- HQ city
- Anchorage
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Donlin Gold business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Others
Revenue model
- Gold Production and Sales: Donlin Gold will produce gold doré bars through open-pit mining and processing operations. The project has probable gold deposits estimated at 33.8 million ounces (or approximately 40 million ounces in Measured and Indicated Mineral Resource categories). Projected average production exceeds one million ounces per year over a 27-year mine life once operational.
Go-to-market motion2 records
Distribution channels2 records
Marketing channels6 records
Donlin Gold product offering
Product offeringCore offering
Donlin Gold is developing a world-class open-pit gold mining project in Western Alaska with probable reserves of 33.8 million ounces. The core offering centers on extraction and processing of gold ore via crushing, grinding, flotation, pressure oxidation, and cyanide leaching to produce gold doré bars, which will be shipped to custom refiners and sold on international commodity markets. The project is designed for over one million ounces of annual production over an estimated 27-year mine life, supported by a buried natural gas pipeline, tailings storage facility, and seasonal barge logistics.
Product overview
Donlin Gold is a world-class gold mining project operated by Donlin Gold LLC (a partnership between NovaGold Resources and Donlin Gold Holdings, with Calista Corporation and The Kuskokwim Corporation as Alaska Native landowner partners). The project encompasses gold extraction and processing operations, including open-pit mining, multi-stage ore processing (crushing, grinding, flotation, pressure oxidation, cyanide leaching) to produce gold doré bars, supported by critical infrastructure including a natural gas pipeline for power generation, river barge transportation, and comprehensive environmental management systems including tailings storage.
Differentiator
Problem solved
Functional benefit
Products and services
- Donlin Gold Mine Operations World-class open-pit gold mining operation in the Yukon-Kuskokwim region of Western Alaska, involving open-pit mining, multi-stage ore processing (crushing, grinding, flotation, pressure oxidation, cyanide leaching) and production of gold doré bars for shipment to refiners. Projected to produce over one million ounces of gold annually over a 27-year mine life.
- Gold Doré Bar Production Refined gold doré bars produced through the project's multi-step mineral processing circuit, shipped to a custom refiner for further processing and sold on international commodity markets. The product draws on probable reserves of 33.8 million ounces and projected annual production exceeding one million ounces.
Quantifiable outcome
- Over 1 million ounces of gold produced annually during operations
- +3 more outcomes
Companies that use Donlin Gold
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles2 records
Donlin Gold technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Donlin Gold partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered major, core and minor.
- WSP USA Inc., Worley Alaska Inc., and Hatch Ltd.majorEngineering contracts awarded for the Donlin Gold project's feasibility study update, including power generation, pipeline, and ore treatment design. Working under Fluor's coordination for the Bankable Feasibility Study.
- Fluor CorporationcoreFluor Corporation selected to lead the Bankable Feasibility Study for the Donlin Gold project, expected to complete in 2027. Fluor is a major engineering and construction firm with $16.3 billion in 2024 revenue. Will integrate specialist contractors covering power plant, natural gas pipeline, and pressure oxidation circuit.
- Glenfarne Alaska LNGmajorDonlin Gold signed a non-binding letter of intent with Glenfarne Alaska LNG to supply up to 50 million cubic feet of natural gas per day for the mine. Includes cooperation on developing an approximately 315-mile natural gas pipeline and power plant. Glenfarne is developing the $44 billion Alaska LNG project.
- ENSTAR Natural GasminorENSTAR Natural Gas has signed a non-binding letter of intent for 30-year domestic gas supply as part of the Alaska LNG project. Donlin Gold is one of the in-state gas customers under this agreement.
- NOVAGOLD Resources Inc.coreNOVAGOLD Resources Inc. owns 60% of Donlin Gold LLC following the June 2025 acquisition of Barrick's 50% interest. NOVAGOLD is the operator of the project and leads project development, permitting, and feasibility study work.
- Village of NapaimuteminorDonlin Gold partners with the Village of Napaimute on multi-year fisheries projects to study and protect Kuskokwim River fish populations, including rainbow smelt studies and habitat enhancement projects.
- Donlin Gold Holdings LLC (Paulson Advisers LLC)coreDonlin Gold Holdings LLC, wholly owned by Paulson Advisers LLC, owns 40% of Donlin Gold LLC as a fully-aligned partner following the 2025 transaction. Paulson Advisers provides strategic support and funding for project development.
- Calista CorporationcoreCalista Corporation is the Alaska Native corporation that owns the mineral rights at Donlin Gold, selected under ANCSA. Donlin Gold has a mining lease with Calista and is committed to shareholder hire, scholarships, and revenue sharing under ANCSA 7i/7j provisions.
- The Kuskokwim CorporationcoreThe Kuskokwim Corporation (TKC) owns the surface rights at Donlin Gold. Donlin Gold has a surface use agreement with TKC including annual payments, production payments, bidder preference, and shareholder hire commitments.
- Worley LimitedmajorWorley has been provisionally selected for EPCM services for the Alaska LNG pipeline project that will supply natural gas to Donlin Gold. Worley completed Phase One engineering work for the Alaska LNG project.
Scale indicators9 records
Recent moves6 records
Expansion highlights6 records
Donlin Gold competitors and assessment
Company assessmentDirect peers
- Seabridge Gold: Seabridge Gold is a development-stage gold/copper company advancing the KSM project in British Columbia, one of the world's largest undeveloped gold projects. Like Donlin, it is pre-revenue, focused on permitting and feasibility work, and its valuation is anchored in long-life, large-scale resource optionality.
Broad incumbents
- NOVAGOLD Resources: NOVAGOLD owns 60% of Donlin Gold and also co-develops the Galore Creek copper-gold project with Newmont. As Donlin's operator and majority owner, it is the closest publicly traded proxy and shares the development-stage, long-life gold/copper thesis.
- Barrick Gold: Barrick was Donlin's 50% JV partner until June 2025 and is one of the world's two largest gold producers with major North American operations (Nevada Gold Mines, etc.). It is the natural strategic acquirer of large undeveloped gold assets and a direct operational benchmark.
- Kinross Gold: Kinross operates the Fort Knox gold mine in Alaska (near Fairbanks), making it the most direct regional operating peer for Donlin. Donlin's new GM Todd Dahlman joined from Kinross's Fort Knox, underscoring the operational comparability of Alaska gold mining.
- Newmont Corporation: Newmont is the world's largest gold mining company and is co-developing NOVAGOLD's Galore Creek project. It is a likely strategic acquirer of large permitted gold projects like Donlin and a benchmark for Tier-1 gold asset valuations.
- Agnico Eagle Mines: Agnico Eagle is a major North American-focused gold producer with large, long-life mines in Canada and the U.S. Its strategy of acquiring and developing large, high-quality assets makes it a comparable operator and potential strategic partner for Donlin.
- Gold Fields: Gold Fields is a major global gold producer with significant operations in the Americas, Africa, and Australia. As a senior gold producer with appetite for large development projects, it serves as a comparable incumbent and potential strategic acquirer benchmark.
Regional players
- Northern Star Resources: Northern Star Resources acquired the Pogo gold mine in Alaska and is a significant mid-cap gold producer with strong cash generation. Pogo provides a directly comparable Alaskan operating benchmark for grades, costs, and logistics in the Y-K-style operating environment.
- Hecla Mining Company: Hecla operates the Greens Creek mine in Southeast Alaska, one of the largest silver producers in the U.S. with significant gold byproduct. Its Alaska operating experience, regulatory engagement, and stakeholder management make it a relevant regional peer.
- Coeur Mining: Coeur Mining operates the Kensington gold mine in Southeast Alaska, providing another Alaska-specific operating peer for logistics, community relations, and regulatory navigation comparable to Donlin's Y-K setting.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Donlin Gold social profiles
Digital presenceDonlin Gold financial estimates
Financial estimateRevenue estimate
Valuation estimate
Donlin Gold leadership team
Management profileNumber of profiles
Profiles10 records
Donlin Gold funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Donlin Gold M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Donlin Gold
What does Donlin Gold do?
Donlin Gold is developing a world-class open-pit gold mining project in Western Alaska with probable reserves of 33.8 million ounces. The core offering centers on extraction and processing of gold ore via crushing, grinding, flotation, pressure oxidation, and cyanide leaching to produce gold doré bars, which will be shipped to custom refiners and sold on international commodity markets. The project is designed for over one million ounces of annual production over an estimated 27-year mine life, supported by a buried natural gas pipeline, tailings storage facility, and seasonal barge logistics.
Is Donlin Gold a public or private company?
Donlin Gold is a private company. It is classified as corporate owned and is currently operating.
When was Donlin Gold founded?
Donlin Gold was founded in 2007. It employs 1 to 10 people.
Where is Donlin Gold based?
Donlin Gold is headquartered in Anchorage, United States, in the North America region.
How does Donlin Gold make money?
One revenue line is on record: gold Production and Sales.
Who are Donlin Gold's main competitors?
Seabridge Gold is listed as a direct peer. Broad incumbents are NOVAGOLD Resources, Barrick Gold, Kinross Gold, Newmont Corporation, Agnico Eagle Mines and Gold Fields. Regional players are Northern Star Resources, Hecla Mining Company and Coeur Mining.
Does Donlin Gold have an API?
No public API is recorded for Donlin Gold.
What industry is Donlin Gold in?
Donlin Gold's product category is Gold Mining. Its primary akta.pro industry code is IMAKAEAA, Gold Mining, with a secondary code of IMAKAEAE, Precious Metals Smelting & Refining. Its NAICS code is 212220 and its SIC code is 1040.