Canada’s Barrick Gold said on Tuesday it will exit the Donlin Gold Project in Alaska by selling its 50% stake to billionaire John Paulson and NovaGold Resources for up to $1.1 billion.

Paulson and NovaGold will acquire 80% and 20%, respectively, of Barrick Gold’s interest in the entity.

The transaction is expected to close in the second quarter or early in the third quarter of 2025.

NovaGold will also have an option to buy outstanding debt owed to Barrick for $90 million if purchased prior to closing, or $100 million if purchased within 18 months from deal closure.

Barrick said it would use proceeds from the sale to strengthen the balance sheet and drive shareholder returns.

U.S.-listed shares of the company were up 1.9% before the bell, supported by higher prices of the bullion.

The divestiture was first reported by Bloomberg News earlier in the day.

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