9 Best Mining Stocks to Buy According to Billionaire John Paulson

2. NovaGold Resources Inc (NYSE:NG)

Billionaire John Paulson Q1’2024 Stake Value: $81,714,183

Billionaire John Paulson has been holding stakes in NovaGold Resources Inc (NYSE:NG) for about 14 years now. As of the end of the first quarter of 2024, Paulson & Co. reported owning an $82 million stake in NovaGold Resources Inc (NYSE:NG).

For 2024, the mining company, which is working on the Donlin gold mine in Alaska, expects expenses of $31.2 million, including $14.3 million to fund the Donlin Gold project, and $16.9 million for corporate general and administrative costs.

Insider Monkey’s database of 919 hedge funds shows that 20 hedge funds reported owning stakes in NovaGold Resources Inc (NYSE:NG) as of the end of March. The biggest stakeholder of NovaGold Resources Inc (NYSE:NG) (after Paulson) is First Eagle Investment Management of Jean-Marie Eveillard which a $55 million stake.