Big Board Breakdown: NOVAGOLD votes on Donlin, Torex guides on US$4,500 gold, Discovery buys more Timmins
NOVAGOLD wants the last 40% of Donlin for shares. Torex's guidance assumes a gold price above anything it averaged last quarter. Discovery is paying mostly in stock for McEwen ground next to the Dome mine.
October 13, 2026 at 12:00 p.m. EDT · 2 min read
Five TSX names made news between October 5 and October 13. Here is what each release actually says.
NOVAGOLD: a vote on November 3
NOVAGOLD (TSX: NG) has mailed materials for a special meeting on November 3 to approve buying the 40% of Donlin Gold it does not already own, from Paulson Advisers and its affiliates. NOVAGOLD owns 60% today and would own 100%.
It is an all-share deal. The mailing release does not restate the exchange ratio. It does say the combined company would be worth about $4.9 billion at NOVAGOLD's $7.25 share price on September 15.
The deal needs two thirds of the votes cast and court approval. Holders of about 28%, including Paulson and Electrum, have agreed to vote in favour. NOVAGOLD may walk away if dissent rights are exercised on more than 10% of its shares, with Paulson's consent.
Torex Gold: guidance priced above the quarter
Torex Gold (TSX: TXG) produced 131,900 gold equivalent ounces in the third quarter, 98,685 of them gold. Year to date it has produced 329,071 equivalent ounces against 2026 guidance of 420,000 to 470,000, and says it is "solidly on track to achieve the midpoint." By our arithmetic, the midpoint needs about 116,000 ounces in the fourth quarter, less than it produced in the third.
The detail to note: the guidance assumes US$4,500 gold, US$72.50 silver and US$6.00 copper. Torex's third quarter averages were US$4,262 gold and US$62.59 silver. Gold equivalent ounces are calculated with those prices, so the assumptions matter.
Torex also bought back 1,755,843 shares in the quarter at an average of C$66.84. Full results are due November 4.
Discovery Silver: more Timmins, mostly in shares
Discovery (TSX: DSV) agreed to buy McEwen's properties next to the Dome mine in Timmins, including Fuller, plus McEwen's 60% of the Paymaster joint venture. The price is $55 million, of which $50 million is in Discovery shares and $5 million in cash. Franco-Nevada will pay Discovery $8 million at closing under an amended royalty agreement. Closing is expected in October.
Eldorado Gold: a designation, with no numbers attached
Eldorado Gold (TSX: ELD) said the European Union has designated its Skouries copper-gold mine in Greece a Strategic Project under the Critical Raw Materials Act. The release says the designation recognizes Skouries' importance to EU supply. It does not state any specific benefit, such as a permitting timeline or access to funding.
Seabridge Gold: a small cheque in Wyoming
Seabridge Gold (TSX: SEA) bought the early stage Slaughterhouse project in southern Wyoming from Orogen Royalties for US$300,000 in cash and up to US$2.55 million in milestone payments. Orogen keeps a 2.5% net smelter return royalty on the existing claims.
Sources: NOVAGOLD, October 5, 2026; Torex Gold, October 6, 2026; Discovery, October 9, 2026; Eldorado Gold, October 9, 2026; Seabridge Gold, October 13, 2026.