Donlin Gold

Large-scale open-pit gold development project comprising the ACMA and Lewis deposits. Located in the Kuskokwim region of southwestern Alaska, approximately 250 km northeast of Bethel; access planned via a 44 km road from a proposed Jungjuk port on the Kuskokwim River, with power supplied by a planned 507 km natural gas pipeline from the Beluga Gas Field. Property covers approximately 19,988 hectares of subsurface rights leased from Calista Corporation and 16,923 hectares of surface rights from The Kuskokwim Corporation, encumbered by NSR and net proceeds royalties. Gold mineralization is hosted in Late Cretaceous to Early Tertiary intrusive dikes and sills within Kuskokwim Group sedimentary rocks. Consolidated 60% ownership in June 2025 following Barrick's exit. Proposed flowsheet includes a 53,500 tpd mill with flotation, pressure oxidation, and CIL circuits. Bankable Feasibility Study update underway with prime contractor selection expected in early 2026. Key risks include ongoing litigation challenging federal and state permits, and the need to secure substantial external financing for the $9.2 billion initial capital cost. Flagship US gold asset.