NOVAGOLD pushes Donlin Gold toward its next development phase

In an interview with the Canadian Mining Journal, NOVAGOLD president and CEO Gregory A. Lang (GL) discussed the appointment of Fluor Corporation to lead the bankable feasibility study (BFS) for the Donlin Gold Project.

Lang explained that Fluor was selected following a competitive process and said the updated feasibility study will provide the cost clarity and technical foundation needed to advance one of the largest undeveloped gold projects in the U.S. The study is expected to be completed in mid-2027 and will support future financing discussions and development decisions.

The conversation also addressed key engineering components feeding into the BFS, including studies for the pressure oxidation circuit, oxygen plant, gas pipeline, and power plant — all essential systems for the planned large-scale processing operation.

As Donlin Gold advances through the feasibility phase, the focus remains on detailed engineering and integrated technical studies needed to prepare the project for potential development and construction.

CMJ: What were the key factors that led NOVAGOLD and Donlin Gold Holdings to select Fluor to lead the BFS, and how does this choice reduce execution risk as the project moves toward development?

GL: The project’s ownership structure changed when Paulson and NOVAGOLD acquired Barrick’s interest in the Donlin gold project. That created a partnership fully aligned on advancing the project, and the first step in that process is updating the feasibility study.

When we began evaluating potential engineering partners, we kept the list of candidates very short. We were looking for companies with deep experience in Alaska and a strong track record with large-scale mining projects.

Equally important was selecting a company capable not only of preparing the feasibility study but also potentially carrying the project forward into detailed engineering and construction management.

There are only a handful of firms globally that meet those criteria. We conducted a rigorous and transparent selection process that examined each company’s technical capabilities, the experience of their teams, and their familiarity with operating in Alaska.

Ultimately, Fluor stood out. The company has extensive experience working in Alaska and has delivered large mining and infrastructure projects around the world. Their expertise and capabilities made them particularly well-suited to undertake a BFS for a project of Donlin’s scale.

Fluor is also well-known to our leadership team. Our project director and chief operating officer, Richard Williams, worked closely with Fluor when they managed engineering, procurement, and construction management for the Pueblo Viejo project in the Dominican Republic. That experience gave us confidence that Fluor has the technical depth and operational capability needed to support Donlin’s next phase of development.

CMJ: How will the upcoming BFS reshape the project timeline, cost clarity, and financing outlook as the Donlin gold project moves closer to a potential construction decision?

GL: We are currently working with Fluor to finalize the detailed timeline for the BFS. At this stage, we anticipate completion around mid-2027.

Once the study is completed, we will have a much deeper level of technical detail and cost certainty for the project. That level of engineering and economic clarity is essential before moving into financing discussions.

While we are already evaluating possible financing options, the immediate priority is completing the BFS. The study will provide the technical foundation needed for those conversations.

In large mining projects like Donlin, the feasibility study is a critical milestone because it brings together all the engineering work, cost estimates, and operational planning required to support a development decision.

Completing that work will position the project to move forward with the next stage of planning and financing.

CMJ: Beyond the completion of the BFS in 2027, what major milestones should investors and stakeholders watch for as the Donlin gold project advances toward development?

GL: Our near-term focus is on working with Fluor to complete the feasibility study, but there are several important components feeding into that process.

In addition to Fluor’s work on the overall feasibility study, there will be several integrated sub-studies covering key infrastructure and processing systems required for the project.

These include studies for the pressure oxidation system, the oxygen plant, the gas pipeline and the power plant. Each of these elements is essential for the project’s processing and energy infrastructure.

The results of those individual studies will be incorporated into Fluor’s overall feasibility study. Together they will provide the technical and engineering foundation for the updated feasibility work. Once those components are integrated, the completed BFS will give us the comprehensive understanding required to advance the project further.

For investors and stakeholders, the completion of the BFS will represent a major milestone because it will define the project’s technical parameters and economic framework. 

To watch a video of the full interview, visit
https://youtu.be/orZRoW8mk7o?si=RAxeWArwB8PxVRkQ