NOVAGOLD Resources
Canadian gold exploration and development company focused on advancing the Donlin Gold project in Alaska.
Last updated August 27, 2026
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Overview
NOVAGOLD Resources is a Canadian mineral exploration and development company headquartered in Vancouver, British Columbia. Its principal business is the advancement of Donlin Gold, a large undeveloped gold project in Alaska operated through a 50:50 joint venture with Barrick Gold. The company is listed on the Toronto Stock Exchange and NYSE American under the symbol NG. The business began in 1984 in Dartmouth, Nova Scotia, as NovaCan Mining Resources, pursuing mineral exploration and development opportunities. It adopted the NOVAGOLD Resources name in 1987, around the time of its Toronto Stock Exchange listing and an initial public offering. During its early years, the company acquired, developed, and traded interests in exploration properties across North America. Its first producing asset was the small Murray Brook gold and silver mine in New Brunswick, which operated from 1989 until 1992. The mine closed despite efforts to extend its life, and the company remained exposed to debt associated with its construction. NOVAGOLD later expanded into Alaska and Yukon. Under the leadership of Rick Van Nieuwenhuyse, it acquired Alaska Gold Company in 1998, giving it the Rock Creek property near Nome, Alaska. Rock Creek was developed into a small gold mine, but production was suspended soon after opening in 2008 after the operator defaulted on financial obligations and failed to satisfy environmental requirements. The episode became one of the company's most difficult operating setbacks. The company also assembled interests in two major undeveloped deposits. It acquired an interest in Donlin in 2001 from Placer Dome and subsequently entered a joint venture with Barrick Gold. Donlin is in the Kuskokwim Gold Belt of western Alaska, near Crooked Creek, and is one of the world's largest undeveloped gold projects by published resource and reserve measures. The project is remote and would require substantial infrastructure, including transportation and power facilities. Its economics and construction cost have therefore remained central issues in the development process. Federal permitting advanced substantially when the U.S. Army Corps of Engineers issued permits in 2018, although permitting did not itself constitute a final construction decision. NOVAGOLD obtained its Galore Creek interest in British Columbia in 2003 through the acquisition of SpectrumGold and related transactions. Galore Creek is a copper-gold-silver project in the Stikine region. NOVAGOLD and Teck Resources formed a 50:50 joint venture and moved toward construction, but a major cost reassessment in 2007 increased the estimated capital requirement dramatically. Teck withdrew support for proceeding on the then-current basis, and the project was placed on hold. NOVAGOLD ultimately sold its Galore Creek interest to Newmont in 2018 for reported consideration of US$275 million. Following the 2008 financial crisis, NOVAGOLD restructured and narrowed its focus. It sold or spun out non-core assets, including copper interests that became associated with NovaCopper and later Trilogy Metals, and concentrated on Donlin. The company's current identity is therefore less that of a diversified mining operator than of a project-development company whose value is closely tied to the permitting, engineering, financing, and eventual construction prospects of Donlin Gold. It does not currently operate a producing mine according to the cited reference material.
History
NOVAGOLD's predecessor, NovaCan Mining Resources, was established in 1984 in Dartmouth, Nova Scotia, to pursue mineral exploration and development. In 1987 it adopted the NOVAGOLD Resources name and became publicly traded on the Toronto Stock Exchange after an initial offering. The company used equity financing and private placements to assemble and trade exploration interests across North America. Its first significant development was the Murray Brook mine in New Brunswick. The small, relatively low-grade gold and silver operation entered commercial production in 1989. Attempts to use additional technology and investment to extend the mine's life did not prevent its closure in 1992, and the company continued to owe debt connected with mine construction. NOVAGOLD subsequently acquired interests in other exploration properties, including assets in the Northwest Territories and Yukon. In 1998, the company purchased Alaska Gold Company and its Rock Creek property near Nome. Rock Creek was developed into a small gold mine, but it closed soon after production began in 2008. The closure followed a default on financial obligations and problems meeting environmental obligations, adding to the company's financial and operational difficulties during the global financial crisis. NOVAGOLD entered the Donlin story in 2001, paying Placer Dome for a 70 percent interest in the property. Barrick Gold held the remaining interest after acquiring Placer Dome. The two companies later formed a joint venture to advance Donlin. The project is located in western Alaska's Kuskokwim Gold Belt and is remote from established infrastructure. Engineering studies have described a potentially large, long-life operation, but the scale of required roads, power facilities, logistics, and processing infrastructure has made capital cost and permitting persistent challenges. The company became involved in Galore Creek in 2003 through SpectrumGold and related acquisitions. The British Columbia project contained copper, gold, and silver resources and was considered a potential large-scale mine. NOVAGOLD and Teck Resources established a 50:50 joint venture and moved toward construction. In 2007, however, an updated review found that difficult water-management and tailings requirements, together with higher construction costs, had raised the projected capital requirement to a level that Teck would not support. The project was suspended and later reconsidered without reaching production. The mid-2000s also brought corporate and market pressure. Barrick made an unsuccessful attempt to acquire NOVAGOLD, while the company defended its independence and pursued legal actions connected with the bid. During the same period, the market value of the company rose sharply as investors responded to the apparent potential of Donlin and Galore Creek, then fell substantially after the projects' cost reassessments and the 2008 financial crisis. NOVAGOLD rebuilt its balance sheet and portfolio after 2008. It received strategic investment from Electrum Strategic Resources, settled a shareholder class action concerning statements about Galore Creek, sold or separated non-core assets, and transferred copper interests into a separate company that became associated with NovaCopper and later Trilogy Metals. Greg Lang succeeded Rick Van Nieuwenhuyse as chief executive during this refocusing. The company also sold the Rock Creek mine and concentrated its corporate resources on Donlin and, for a time, Galore Creek. After seeking a buyer for Galore Creek, NOVAGOLD completed a transaction with Newmont in 2018. The sale made Donlin the company's sole principal mining asset. Since then, NOVAGOLD's business has primarily involved project planning, technical work, permitting, and joint-venture activity related to Donlin Gold. The company is consequently exposed to the long time horizon, high capital requirements, regulatory process, infrastructure needs, and commodity-price sensitivity typical of a major undeveloped mine project.
- 2018
Galore Creek divested
[1]NOVAGOLD completed the sale of its Galore Creek interest to Newmont, concentrating the company on Donlin Gold.
- 2012
Donlin joint venture advanced
[1]NOVAGOLD and Barrick pursued development of Donlin through their joint venture.
- 2008
Rock Creek shut down
[1]Rock Creek closed shortly after starting production following financial default and environmental compliance problems.
- 2007
Galore Creek construction suspended
[1]A major cost reassessment led Teck and NOVAGOLD to halt the planned development.
- 2003
Galore Creek portfolio assembled
[1]Through SpectrumGold and related transactions, NOVAGOLD obtained control of the Galore Creek copper-gold-silver project in British Columbia.
- 2001
Donlin interest acquired
[1]NOVAGOLD acquired a 70 percent interest in Donlin from Placer Dome.
- 1998
Alaska Gold Company acquired
[1]The acquisition gave NOVAGOLD control of the Rock Creek property near Nome, Alaska.
- 1992
Murray Brook closed
[1]Murray Brook ceased operations after a short production life and continuing debt obligations.
- 1989
Murray Brook entered production
[1]The company's small gold and silver mine in New Brunswick began commercial production.
- 1987
Company renamed and listed
[1]The company became NOVAGOLD Resources and completed an initial public offering associated with its Toronto Stock Exchange listing.
Products and positioning
A focused precious-metals development company centered on advancing a large, long-life gold project rather than operating a broad portfolio of producing mines.
Gold development project · 2001
Donlin Gold
Donlin Gold is NOVAGOLD's principal asset and is being advanced through a 50:50 joint venture with Barrick Gold. The property lies near Crooked Creek in western Alaska's Kuskokwim Gold Belt. Published feasibility work describes the potential for a large open-pit gold mine with a long operating life and annual production of more than one million ounces under the referenced study. Its development depends on extensive infrastructure, technical planning, financing, environmental review, and permits.
Copper-gold-silver development project · 2003
Galore Creek
Galore Creek is a large copper, gold, and silver project in northwestern British Columbia's Stikine region. NOVAGOLD assembled its interest in 2003 and later formed a 50:50 joint venture with Teck Resources. The project required major roads, power transmission, and other infrastructure through difficult terrain. A 2007 cost reassessment halted construction plans, and NOVAGOLD sold its interest to Newmont in 2018.
Gold mine · 2008
Rock Creek
Rock Creek was a small gold mine near Nome, Alaska, acquired through Alaska Gold Company. It began production in 2008 but was closed shortly afterward following financial default and unresolved environmental obligations. The asset was subsequently sold as part of NOVAGOLD's post-crisis portfolio refocusing.
Gold and silver mine · 1989
Murray Brook
Murray Brook was a small, low-grade gold and silver mine in New Brunswick and NOVAGOLD's earliest major mining development. It operated commercially from 1989 to 1992. Efforts to extend its operating life were unsuccessful, and the mine closed while debt related to its construction remained outstanding.
Controversies
Brand decisions
2018
Sell Galore Creek to NewmontM&ABackground
NOVAGOLD had sought a buyer for its Galore Creek interest after the project was suspended and its economics remained challenging.
Action taken
The company completed a transaction transferring its Galore Creek interest to Newmont.
Aftermath
The divestiture simplified NOVAGOLD's portfolio and left Donlin Gold as its central development focus.
Reported transaction consideration. US$275 million (2018)
2008
Refocus the portfolio after the financial crisisStrategyBackground
The company faced the Rock Creek shutdown, depressed market conditions, project cost inflation, and pressure to simplify its asset base.
Action taken
NOVAGOLD sold or separated non-core assets, including copper interests, disposed of Rock Creek, and concentrated on Donlin and Galore Creek.
Aftermath
After selling Galore Creek in 2018, Donlin became the company's sole principal mining asset.
2007
Suspend Galore Creek constructionStrategyBackground
A technical and cost review found that infrastructure, water diversion, tailings, and construction requirements had made the project substantially more expensive than earlier estimates.
Action taken
NOVAGOLD and Teck Resources halted the planned construction and reconsidered the project's design and economics.
Aftermath
Galore Creek did not proceed to production under the joint venture and was ultimately divested by NOVAGOLD in 2018.
Recent events
- 2018
Donlin Gold received major federal permits[1]
Regulation
The U.S. Army Corps of Engineers issued permits following an environmental review, marking a significant permitting milestone for the remote Alaska project.
- 2018
NOVAGOLD sold its Galore Creek interest to Newmont[1]
M&A
The transaction removed Galore Creek from NOVAGOLD's portfolio and left Donlin Gold as the company's sole principal mining asset.
- 2008
Rock Creek mine closed shortly after opening[1]
Bankruptcy · Regulation
The Rock Creek mine near Nome, Alaska, was shut after financial default and failure to fulfill environmental obligations.
- 2007
Galore Creek cost escalation halted construction plans[1]
Other
A review by Teck Resources substantially increased the projected development cost for Galore Creek, leading the joint venture to halt the project and reconsider its design and infrastructure requirements.
- 2006
Barrick Gold launched a takeover bid for NOVAGOLD[1]
M&A
Barrick pursued control of NOVAGOLD during a period when the company's Donlin and Galore Creek assets were attracting strong market interest. The bid was resisted by management and significant shareholders; Barrick ultimately acquired only a minority position before later selling its shares.
Sources1 sources
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