[4] Seeking to expand, NOVAGOLD sought to take over, but only acquired (71%) controlling interest, in Etruscan Enterprises Ltd. for its properties in the Northwest Territories.

Before they were amalgamated, NOVAGOLD used SpectrumGold to purchase RioTinto and Anglo American's Galore Creek property in northwest British Columbia for US$20 million on condition of a pre-feasibility study (that evaluates mining options) was completed.

With the Galore Creek and Donlin properties emerging as potentially developable mines, the stock price of NOVAGOLD had risen from $0.20 a share in 2000 to $10 in 2005.

At the time, Barrick was the world's largest gold mining company and had previously acquired Placer Dome, taking its 30% interest in the Donlin property.

NOVAGOLD management and largest shareholders, which at the time was Neuberger Berman and Sprott Assets, resisted the takeover believing the shares to be under-priced.

[23] Meanwhile, NOVAGOLD had developed the small Rock Creek gold mine near Nome, Alaska[24] but it was forced to shut down shortly after beginning production as it defaulted on a loan and failed to fulfill environmental obligations.

NOVAGOLD rebuilt by selling a one-third stake in the company to Thomas Kaplan's Electrum Strategic Resources LLC.

This included splitting off its copper assets to a new company called NovaCopper (later renamed Trilogy Metals) under Rick Van Nieuwenhuyse, with Greg Lang becoming the new CEO of NOVAGOLD,[31] and selling the aborted Rock Creek mine.

[32] NOVAGOLD also sought buyers, beginning in 2012, for its stake in Galore Creek but it was not until 2018 that it was able to complete a deal with Newmont Corporation, leaving Donlin as its sole mining asset.

[36] The substantial costs of bringing power to the remote site, and other development expenses, gave Barrick reason to rethink its investment in the project.

[22] Despite efforts to re-design or move the tailings pond the project remained uneconomic, and NOVAGOLD sold its stake in 2018 to Newmont Mining for US$275 million.