Paulson Discloses 9.1% Stake in NovaGold (NG)

According to a 13D that was just filled with the Securities and Exchange Commission, John Paulson of the famed hedge fund Paulson & Company, now owns 20,181,818 shares of NovaGold Resources Inc., which is a 9.1% stake in the precious metals company. The report states that the total amount allocated to acquire the shares was $113,003,059, which equates to a cost basis of $5.59 per share. Note that this disclosure did not represent an increase in the number of shares, rather a conversion to a D filling, which illustrates Paulson’s applicable voting shares. NovaGold Resources Inc. is a precious metals company, which is engaged in the exploration and development of mineral properties in Alaska, the United States and British Columbia, Canada. The company conducts its operations through wholly owned subsidiaries, partnerships and joint ventures. The company is primarily focused on gold properties, some of which also have copper, silver and zinc resources.