Donlin Gold

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.

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

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

• Gold mining operations
• Open-pit mining
• Gold ore processing
• Mineral resource development
• Mining infrastructure

Headquarters

HQ city

Anchorage

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. 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

Core 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

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered major, core and minor.

• WSP USA Inc., Worley Alaska Inc., and Hatch Ltd.majorImplementation/ SI/ Consulting Partner · 12 March 2026Engineering 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 CorporationcoreImplementation/ SI/ Consulting Partner · 9 February 2026Fluor 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 LNGmajorStrategic or Co-development Partner · 8 January 2026Donlin 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 GasminorStrategic or Co-development Partner · 8 January 2026ENSTAR 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.coreStrategic or Co-development Partner · 3 June 2025NOVAGOLD 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 NapaimuteminorStrategic or Co-development Partner · 11 September 2024Donlin 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)coreStrategic or Co-development PartnerDonlin 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 CorporationcoreStrategic or Co-development PartnerCalista 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 CorporationcoreStrategic or Co-development PartnerThe 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 LimitedmajorImplementation/ SI/ Consulting PartnerWorley 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

Direct 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

• Facebookfacebook.com/DonlinGold
• LinkedInlinkedin.com/company/donlin-gold
• Instagraminstagram.com/donlingold

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Donlin Gold