Webcast viewers may submit questions through the text box in the lower right corner of the webcast frame. I would now like to turn the conference over to Mélanie Hennessey, Vice President, Corporate Communications. Please go ahead. Thank you, Aisha. Welcome to the presentation on today's announcement of NOVAGOLD entering into definitive agreements to acquire 100% ownership of Donlin Gold. On today's call, we have John Paulson, Founder of Paulson, Dr. Thomas Kaplan, Chairman of NOVAGOLD, and Greg Lang, NOVAGOLD's President and CEO. I would like to remind you, as stated on slide two, any statements made today may contain forward-looking information, such as projections and goals, which are likely to involve risk detail in our various EDGAR and SEDAR filings and forward-looking disclaimers included in this presentation. Without further ado, I will hand the call over to Mr. Lang, our President and CEO. Greg? Thank you, Mélanie. Today, we announced a transformative all-share transaction that consolidates 100% ownership of Donlin Gold under a single U.S.-domiciled parent company. Donlin Gold Holdings currently owns 40% of the Donlin Gold project. NOVAGOLD owns the other 60%. This deal brings the two together. NOVAGOLD and Paulson's Donlin Gold Holdings will combine in an all-share transaction, effectively taking NOVAGOLD's ownership of Donlin from 60%-100%. New NovaGold, which will be a Delaware corporation, U.S.-domiciled, with a roughly $4 billion market cap. On a fully diluted basis, existing NOVAGOLD shareholders, including Paulson's equity stake in NOVAGOLD, will own about 65% of New NovaGold, and Donlin Gold Holdings will remain 35% shareholder. Paulson, inclusive of his existing NOVAGOLD and Donlin stake combined, will hold approximately 40% of New NovaGold, with his voting interest being capped at 19.99%. The number of New NovaGold shares to be issued to Paulson will be determined based on a 10% discount to the equity value of Paulson's 40% ownership interest in Donlin, implied by the equity value of NOVAGOLD, based on a 10-day VWAP rated average of NOVAGOLD common shares as of July 21st. Each NOVAGOLD share will be exchanged for one voting share of New NovaGold in this arrangement. NOVAGOLD's independence is preserved through specific lock-up, standstills, and voting restrictions applicable to Paulson's stake. The New NovaGold board will be Co-Chaired by Dr. Kaplan and Mr. Paulson. The board will be expanded from 10-11 directors. Paulson can nominate two directors as long as their ownership interest remains above 15% of the issued and outstanding shares of New NovaGold. Paulson intends to nominate himself as Co-Chair and Marcelo Kim as the second designee at closing. The deal is intended to qualify as a tax-free exchange and is expected to be a taxable disposition. The approvals needed require at least two-thirds of the votes cast by NOVAGOLD shareholders, plus court approvals, regulatory approvals, and customary closing conditions. We expect to close in the fourth quarter of this year. Turning to the next slide, let's look at what the pro forma structure is like. At the top sits New NovaGold, a U.S.-domiciled parent company. New NovaGold is owned by two shareholder groups on a pro forma basis, legacy NOVAGOLD shareholders and former Donlin Gold Holdings shareholders. Below New NovaGold sits NOVAGOLD Resources, the Canadian entity, NOVAGOLD U.S. Holdings, and NOVAGOLD Resources Alaska. Donlin Gold LLC, which owns the Donlin Gold project itself, will be 100% owned by New NovaGold, up from the previous 60/40 split with Donlin Gold Holdings. Paulson's aggregate 40% economic interest in New NovaGold reflects his stake from both the former holdings and his existing holdings in NOVAGOLD, which he has held since 2010. What does this do for NOVAGOLD shareholders? Slide six highlights the substantial benefits. The transaction creates value across eight distinct areas. We'll be a leading U.S. pure-play gold developer with $4.2 billion equity value and 100% ownership of Donlin Gold, which is expected to have annual production of 1.3 million ounces in the first 10 years. That's an increase of over 520,000 attributable ounces of annual production for NOVAGOLD. The transaction is immediately accretive on multiple key metrics. Accretive on net asset value per share, on gold reserves and resources per share. This adds 16 million ounces of measured and indicated resources, including 13 million ounces attributable to proven and probable reserves for pro forma totals of 33 million ounces of reserves and 40 million ounces of resources. This transaction will enhance access to capital. It facilitates broader access to private and official sector funds, government agencies, and sovereign wealth funds to fund the next phase of Donlin Gold's development. This strengthens our long-term alignment with the board chaired by Dr. Kaplan and John Paulson. This delivers continuity of ownership, oversight, and access to capital. This also increases our operational efficiency and streamlines corporate decision-making at Donlin while preserving NOVAGOLD's independent governance through the lock-up, standstill, and voting restrictions. This is a tax-efficient structure for a U.S.-domiciled parent, and that is where our assets sit. We create a single point of contact, which simplifies engaging with key stakeholders, notably Donlin's long-term Native corporation landowners, Calista and TKC. This also better positions the company for any future strategic opportunities. Moving on to slide eight. Looking at North American peers, New NovaGold stands out as a leader on both total mineral resources and annual production, especially among the intermediate producers and developers. Donlin Gold combines a rare set of attributes, exceptional scale, high-grade open pit mineralization, a multi-decade mine life, competitive operating costs, tremendous exploration upside, and crucially, a stable and predictable jurisdiction. New NovaGold, as shown on slide nine, enhances the scale, liquidity, and market appeal. On a pro forma market capitalization basis, New NovaGold would be approximately $4.2 billion. Larger market cap improves index eligibility, broadens the potential investor base, and typically drives greater liquidity. Greater liquidity in turn reduces the cost of capital and expands the pool of potential institutional investors who can meaningfully own the stock. Being a U.S.-domiciled pure gold developer at this scale is a distinctive positioning versus our peers. Critically, this transaction is accretive to NOVAGOLD shareholders. Turning to slide 10. Accretion to net asset value per share is shown on the left chart. Accretion to gold resources per share is shown on the right. Both metrics highlight the fact that NOVAGOLD shareholders are consolidating full ownership of an asset they already partially owned with a share issuance whose value is more than offset by the additional resources and net asset value pickup. Independence is preserved through specific lock-up, standstill, and voting restrictions applicable to Paulson's stake. This is not a change of control transaction. None of this would have been possible without the strong relationship between Dr. Paulson and Tom Kaplan. I'll now turn the call over to Dr. Kaplan. Thank you, Greg. I'd like to reiterate what Greg just concluded with, which is to say a lot of this has to do with the fact that this deal, the second major deal over the last year, which is being done with John Paulson, is built on a 16-year partnership between NOVAGOLD and John Paulson. John has been one of our longest-standing and most engaged shareholders. He's been in the story only a few months shy of my 17-year engagement with NOVAGOLD. I think it's fair to say that neither of us have ever experienced along the way any sense of deal fatigue. Those who are looking at this transaction, which clearly, for all of the reasons that Greg Lang has enumerated, is accretive on every metric, is shareholder-friendly by every standpoint of corporate governance, of being able to have more economic interest in the story, of being able to have consolidated the story in a way that's going to make access to capital to build Donlin so much more available and accessible, to be able to rationalize the management. It looks like a great deal. Candidly, maybe this is a forward-looking statement, it is a great deal. It is exactly what it looks like. There are no tricks, no gimmicks. It is the combination of two completely apples to apples assets. More than that, what I wish to impress upon you, a lot of you out there will have seen me in different capacities over the last couple of months, as you've always heard me say, the jewel in our crown, our gold flagship, is NOVAGOLD. That is because in its combination of attributes, its size, its production profile, this will be the biggest gold mine in the safest jurisdiction in the world. For all of these reasons, we consider Donlin to be unique. Indeed, in my quote in the press release, I put it this way as to the contribution made by John Paulson to this journey. As underscored by last year's game-changing and operationally seamless joint acquisition by NOVAGOLD and Paulson of Barrick Mining Corporation's 50% interest in Donlin Gold, John Paulson and his team's steadfast and loyal commitment as a partner and shareholder have been absolutely integral to NOVAGOLD's continued success. Since 2009, he and I have been fully aligned in our belief that Donlin Gold constitutes a holy grail for gold mining investors, as well as the ultimate expression of a shared view that the most successful investing in this space comes through superlative rich, differentiated Tier 1 assets that achieve maximum leverage to gold in a jurisdiction where one can keep the fruits of that leverage." Let me underscore what John has said. "Consolidating our interest in Donlin into NOVAGOLD enhances Donlin's organizational structure and will facilitate, streamline, and expedite the development of the Donlin mine. As the major shareholder of New NovaGold, I share the conviction that Donlin Gold is a world-class gold investment. I look forward to developing this magnificent project as co-chair with Tom and our teams. In addition, NOVAGOLD will be re-domiciled to the U.S., the home of Donlin Gold, which is quite simply the best jurisdiction in the world for gold investors. I look forward to applying our joint expertise to advance the interests of all shareholders." These quotations bear repeating because every word is true. You can see it as a transparent reflection of the enthusiasm which both Paulson and Electrum have for this project, and the enthusiasm for which John Paulson and I have for working with each other. I want to say this about John because a lot of shareholders know me very well, they know that if there's anything that they can count on, it is complete transparency. John has been one of the very easiest partners I have ever worked with in my life. I've been blessed with several, starting with George Soros as my first partner back in the day, several decades ago. Mubadala, the sovereign wealth fund of the UAE, which has been unbelievably loyal, steadfast, and a major booster of NOVAGOLD. John Paulson, whose commitment as a partner in multiple spheres, but particularly to NOVAGOLD, reached an unbelievable expression of solidarity with the taking out of Barrick last year. We literally exchanged the most difficult and challenging partner that I have seen in my decades in this business to quite simply the easiest one. One who always puts himself in the shoes of the other person. When there were things that we needed for this deal so that he would be able to be met by shareholders with flowers and not stones, he did it. He did it willingly, he did it openly because John understood, as he is famous for understanding, that there is a big trade in the world. That big trade, which has only been ratified over the last couple of years, but which is in the early phases of the bull market, is gold. Just as he did prior to the instability in 2008 and 2009, John saw the big trade and identified the right vehicles with which to leverage those convictions. When John said, "As far as I'm concerned, NOVAGOLD is the best way to play gold. It will give me the biggest leverage in a jurisdiction that I love," he really put his money where his mouth is with great effects for all of us. Having John Paulson as the largest shareholder of the company is a tremendous blessing. Something that I want to highlight to our shareholders is that Paulson, the group led by John and Marcelo Kim, have a highly successful track record of investments in the gold space, ranging from gold mine developers to major gold producers. They were an essential ingredient in the transaction that allowed Agnico to become the largest gold producer in Canada with the acquisition of Detour and multiple other transactions, some of which I'm intimately familiar with myself. In other words, what you're going to have with John Paulson and with me as co-chairs are you're going to have, it's almost frightening to imagine, as those who have heard me speak about Donlin, you're going to have the NOVAGOLD story told in stereo and to multiple audiences that are complementary to each other. We have intersections, but we also bring different ecosystems to bear, and all of that is being combined in a way that I truly believe one plus one can equal three. If we could go to the next slide, please. There's no question that the Paulson partnership has been catalytic. The strategic alignment reignited the share price when we were able to announce the transaction by which we extricated Barrick and removed that headwind with the tailwind that is Paulson. It was very, very clear that we were going to regain our status, which is one that we had for so many years of being the premier-rated development story in our space. The time that we lost, we were making up for, in fact, at one point, the stock went from $3 to $14. It is my considered belief, and I know John shares this, that we are going to make new highs. One of the critical path elements on this, at least from my standpoint, was being able to fulfill the very obviously smart bolt-on transaction of having a 1.3-million-ounce gold producer 100% owned under the NOVAGOLD umbrella. John saw it, I saw it, I have no doubt that when people look back on the share price, when people look back on what we had before, that this transaction will be viewed as being, as was the transaction taking Barrick out in the first place, one of the most intelligent transactions in the gold space. Million-ounce producers are extremely rare, they capture a tremendous premium. They make access to financing easier when it's 100% owned, it also makes any kind of transaction going forward, whether it's industrial or financial, so much easier and friendlier as you can get a premium for 100% owned asset that gives you all the leverage you could possibly ask for in a safe jurisdiction. This transaction, we look forward to being able to develop into the top-rated, most highly valued gold stock in the development space. If I could move to the next slide 14, once again reiterate what makes Donlin so special. Why am I so excited about it? Why has John Paulson, who has been a gold bull for as long as I have, been so willing to make such a substantial investment? Donlin Gold is simply unique. The combination of attributes, its long life, federally permitted, with a production profile that will make it the largest single gold mine in the United States. A mine that starts with 40 million ounces in the M&I category at a grade of 2.22 g per ton gold, which is double the industry average. The jurisdictional safety is second to none. Ladies and gentlemen, I assure you that the premier valuation in the mining space will be given to those assets that are located in places where the rule of law is established, where when you go to sleep at night, you know that when you wake up in the morning, it will not have been taken away from you what you thought you owned the night before. The blue sky of NOVAGOLD, of Donlin, is absolutely extraordinary. Only 7.5% of the land package that yielded the 40 million ounces, we can see considerably more just along strike, has actually been explored. There are historical reasons why that's happened. Watch this space. This is a very different world. We are on private land, legally designated for mining. We have an experienced team that has been there and done that in building some of the biggest gold projects in the Western Hemisphere. We enjoy excellent shareholder support and support from our native corporation partners, who know that we adhere to the very best practices in ecological stewardship, that we are their partners now and in the future. Let's go to slide number 15. I want to reiterate this. As many of you who have been on our webcasts before know very well, periodically I will give updates on where I see the gold market. Earlier this year, before gold peaked, I spoke about a scenario that wasn't a requirement, but nonetheless, I felt was a very reasonable one, that we would have a 1987 moment. That this would test people's resolve, but that those who had the fortitude to be able to buy on weakness would be rewarded with making many times their money. The gold story is not just intact, it is actually better than ever. The demand drivers are absolutely there, whether it is as a historic safe haven, asset diversification, inflation/deflation protection, demand from the emerging markets. The supply pressures have not been abated. The discovery rates are very poor. Ore grades continue to plunge. Central bankers remain buyers, not sellers, unless they need some cash, in which case, they are basically selling to the Chinese and a few others. The jurisdictional risk, which is making so many projects candidly un-investable. The gold story is completely intact. We are dealing right now with the classical pullback within a bull market. If I had told someone a year ago that people would be asking me the question, "Gee, why is gold down to $4,000?" I would have shaken my head and said, "Excuse me, you must have got that wrong." Maybe I wouldn't have said that because I wouldn't have been so surprised. Someone else would have said, "What do you mean it's down to 4,000?" It was at 5,500 from 3,000 wherever it was a year ago, or 2,500. This is a bull market. Have no illusions. If I could move to the next slide. Slide 16. I have shown this slide before, but I want to reiterate it because Donlin will be one of the great beneficiaries of what I do believe will be seen as the greatest bull market of our generation. The greatest bull market of the previous generation, maybe my generation, I suppose so too, up till now, has been on a risk-adjusted basis, the secular bull market in the U.S. stock market. I would like to point out what I said in October of last year. As a curiosity, I want you to go back and look toward the mid-1980s. The blip, which barely is noticeable, is the crash of 1987 that a lot of us thought was going to be the harbinger of the Four Horsemen of the Apocalypse. You can't even see it as the Dow marched from 1,000 to a 45+ leap, I guess it's now over 50, in value over the decades. What I was trying to point to is that you shouldn't be surprised when there is a blip. Those of you of my vintage would barely be able to see that blip in 1987. That's how meaningless it is. At the time, we thought the world was coming to an end. In fact, when the Dow went from 3,650-ish to 2,650-ish, that was the greatest opportunity to buy. The reason that you knew that this was an opportunity was because it had hit the 3,650. That's what gold at 5,500 was when you're dealing now with gold having had a pullback. When this pullback is over, I do believe, very strongly, we are going to see new highs in gold. In fact, precious metals in general. Gold, of course, is the stock with others, the warrants. All of the factors that made people bullish on gold going into the Gulf War, or this most recent iteration of it, are not only in place, they have actually been accentuated. Going on to slide 17. How does this relate to NOVAGOLD? I do believe that after this transaction, NOVAGOLD will be seen by institutional investors who want extraordinary leverage to gold, but only in a jurisdiction that will allow you to keep its fruits. This will be seen as the greatest way to play gold development. The leverage to gold is absolutely unquestionable. You really can't ask for better. The bar chart shows post-tax pro forma NPVs at various gold prices. With gold above $4,000 per ounce, the project reflects a value of over $50 billion at a 0% discount rate, or approximately $20 billion at a 5% discount rate. Either way, being able to buy something that we expect to be 100% ownership of Donlin is going to give you tremendous leverage. Why do we put in the 0% discount rate? I'll tell you. Because that's where I believe that great assets in safe places, particularly those that can deliver great news through the drill bit, will be trading. For those of you who wonder if that's ever happened before, that was actually the norm before the early 1990s, when Newmont went to Peru and opened up the frontier spirits of the go where the gold is mentality. U.S. assets were valued with 0% discount rates versus the risky jurisdictions at the time, Canada, Australia, and South Africa. The world has changed, one thing hasn't. Human nature is human nature. If we are remotely right, John and myself, on where the world is going and what this will do to the gold price, I think that those of you who aren't located in jurisdictions with the rule of law are going to find that it's going to be very hard to keep what you think that you own. That's why we call it the sleeping well rule. If you sleep well, you can hold it forever. I've never lost a night's sleep in 17 years about being in Alaska. Alaska is one of the great jurisdictions in the world. It's already the second-largest gold-producing state in the United States. The permitting framework has been predictable. Rule of law is sacred. We enjoy tremendous support from stakeholders, from not just the federal government's permitting, but also in the state all the way to, or all the way up, I should say, to our native corporation partners. The bottom line is that with NOVAGOLD, after this transaction is concluded, you will have 100% ownership of what is amongst the best in class in scale, grade, a U.S. domicile, deep partnerships at the shareholder level, as well as in the state itself, and tremendous torque to the share price. That is the NOVAGOLD investment thesis and opportunity. That is why John Paulson and I call it the Holy Grail. Let's go with the next slide just to go through some of those attributes which are unique to Donlin. I always start out by saying having the largest single gold-producing mine in the U.S. will be absolute catnip to investors who understand that they need to get back into gold or establish positions and speak to their broker and say, "Where can I find a great world-class asset with a great management team?" We will be one of those beneficiaries. When you look at our shareholder base, I doubt, anything's possible, but I doubt the equilibrium level will not be where we are today. When we look at Donlin, there's the size, of course, 40 million ounces. The fact is, it's at double the average grade of what the industry is showing now, and those grades continue to fall. With higher grade, you get more ounces a ton, lowering the cash cost per ounce, so that our cost structure will be amongst the most favorable in the industry. Next slide, please. Those of you who know me certainly know that I've made my fortunes for the last 33 years by focusing only on what we call category killer assets. One thing that I've found can allow an asset to become a 10x or more is being long the drill bit. We really believe at NOVAGOLD that the next big gold discovery could be at Donlin Gold. More colloquially, we very strongly believe that we have a shot that the next Donlin is at Donlin. Being a shareholder of NOVAGOLD allows you to be long that thesis, and it's a legitimate one. The mineral reserves and resources that we have right now, the 40 million-plus, occupy only 3 kilometers of an 8-kilometer mineralized belt. Again, that's only 7.5% of the broader land package. 92.5% has not been properly explored. The reason is very simply put, our previous partners did not want that to happen while they still didn't own the rest of it. Meanwhile, what we do see is that both along strike and at depth, we have multiple targets to be able to add millions of ounces of gold to our inventory, hopefully tens of millions of ounces. I've been in this movie before. This is the single best way to be able to add cheap, high grade for an open pit gold ounces in the world. More than that, it's in the part of the world that you want to be in for those discoveries, a part of the world that will allow you to keep it. Which brings me to the next slide, and that is Alaska and permitting. We've had permitting stability. We have our federal permits, the first time that the Bureau of Land Management and the U.S. Army Corps of Engineers ever did a joint permitting at the federal level, including the final EIS. State permitting is absolutely either completed or on track. Alaska itself, fabulous place to be doing business. Great mining jurisdiction. As I said, already the second largest gold producing state in the U.S. after Nevada. What we see is that Alaska is welcoming for mining and the reception that we have had in Alaska has been absolutely wonderful. Next slide, please. I'll highlight this quote by Governor Dunleavy, "Getting the Donlin Mine to production will be transformative for Alaska and provide hundreds of great paying jobs." End quote. I would add also the ancillary benefits of this, which has made this a cause championed by our senators and representative, and of course, our native corporation partners, which you can see on slide 22. The Calista Corporation and the Kuskokwim Corporation by combining, by giving us the land and surface use agreements, have really put their lot in with us. I can say that for them as for the company, until Paulson came they were frustrated by the fact that we were not allowed to move forward much as we wanted to do. As soon as John Paulson came into this story, he flew with his team, with Marcelo Kim, with Michael Waldorf to Alaska to meet with the native corporations as well as government officials. More than that, we spent much more time with our native corporation partners than anyone else, anywhere else because there is nothing more important in our industry than being able to have social license. We are located on private land designated by law for mineral potential five decades ago. Our native corporations are, with the metal, our greatest assets, and we are absolutely committed to doing everything right by them. It's the least that we can do, and they deserve every aspect of whatever we can do to provide for them. This transaction will be transformative, not just for the native corporations that we work with, TKC and Calista, but the way that the system works is that whereas they get the top 30% of the royalty benefits, 70% goes to the rest of the native corporations in Alaska. In other words, the wealth gets spread. It's a very, very intelligent system that is very mining friendly on all levels. Slide 23 shows our team, the first thing that I would highlight is that they have the trust of our native corporation partners. They have been working with them from the beginning hand in glove. This is a management team that can build and has built big mines. Greg Lang was president of Barrick North America for eight years, a Barrick and its predecessor's veteran for 30 years. He built on his watch the Cortez Mine. He brought in Richard Williams, who had just finished bringing online under budget and on schedule the Pueblo Viejo mine in the Dominican Republic, a much more challenging project in many ways than Donlin. The team that they have also assembled since the arrival of Paulson, led by Frank Arcese, our project director, but now including Fluor as our lead EPCM with experts WSP, Worley and Hatch in their respective fields. We are on the path to building the biggest gold mine in the U.S. with a Tier 1 management team. Here is this path on slide 24. These are the funding strategies and milestones. We are well-funded to be able to finish our bankable feasibility study. We are on schedule and on Budget. The timing between the completion of the BFS and the start of construction will depend on development and financing strategies informed by the BFS. Certain engineering, financing, and project readiness activities will occur concurrently. I can say that we will be advancing project financing in parallel with this timetable. We are very confident that the results will allow us to raise the capital we need, and we don't feel that we need to wait for that final document in order to begin serious discussions on being able to raise that capital with very serious players, including government agencies, domestic and abroad. It goes without saying, but should be very obvious, that being able to deal with one owner having 100% is not just an outcome that is accretive on every metric for our shareholders, but is accretive strategically. What you are witnessing with this transaction is a surge of ideas, something that we hope that our existing shareholders will see as having been the right and smart culmination of a process that has taken us, like a phoenix, from languishing to being what we believe will be soon shown to be the best performing development story in our space. Also an incredible entry point for new shareholders to take advantage of what's going on in the gold space, not just NOVAGOLD, to take a look at this transaction and to say to themselves, "You know what? Not only does this make sense, but it shows that the shareholders and the management team really have all of the shareholders' wishes, needs in mind when they do this kind of a deal." On slide 25, as you can see, we enjoy a very strong treasury position. We do intend to exercise the option that we have to prepay the Barrick promissory note for $100 million prior to the December 3rd, 2026 option expiration date. It's a highly accretive transaction, it leaves us with a treasury strong enough through prudent financial management and capital allocation to take us exactly where we need to be for the next level of our growth. On slide 26, I'd like to point out that one of the greatest assets that NOVAGOLD enjoys is a tremendously supportive institutional as well as retail shareholder base. There is no better evidence of the kind of support that NOVAGOLD has been blessed with than the transaction last year that allowed John Paulson to become a 40% stakeholder directly into Donlin, to be willing to back NOVAGOLD's going from 50% to 60%. People shouldn't forget that. When I say that he has had our backs as shareholders from the beginning, I absolutely mean it. John has been a blessing for all of us. I can't tell you how excited I am to work with him. I also have to say that if it weren't for the strength of our relationships with our friends, great investors at Lingotto, Fidelity, BlackRock, Vanguard, Capital, D. E. Shaw, First Eagle, VanEck, many others, and more that I expect to show up on our shareholder roster, we wouldn't be able to be in a position to say that we are now poised for exactly the kind of future we hoped for when we were able to exit the Barrick relationship and enter into literally the best kind of partnership that I could have imagined. Nothing makes me happier than to think of John Paulson and I talking to shareholders, repeating as we do the same beliefs, echoing the same values, just doing it in stereo. With that, if I may, I would like to pass the baton to John himself to be able to give the concluding remarks before we go to Q&A. Thank you. Hey. Thank you, Tom. I just want to say what a great presentation from both of you. I must say, I don't need to repeat myself, but I agree with all the slides you presented and with everything you said. Today is a very exciting day for me to follow you and Greg, in this presentation and now to be a significant shareholder in NOVAGOLD. Of course, it's needless to say, I'm very excited about this combination. Let me say why I'm in this Donlin'. I want more exposure to gold for all the reasons that Tom articulated, and by buying Barrick's stake in Donlin, and now merging into NOVAGOLD, it gives me the best possible option to the gold space that I can conceive of for the three reasons that Tom articulated. One is the asset itself is one of the best in the world. Second, the jurisdiction, the best jurisdiction in the world. Three, the value is extremely compelling. Here's how I look at value, and we know no one can predict the stock price in the future, but I'll just lay out a couple of valuation metrics for the four companies that I'm involved with. NOVAGOLD, as Tom articulated, has 40 million Measured and Indicated ounces, and a market value today of about $4.2 billion. That comes out to only $119 per ounce. When you buy the stock today, that's the implied price per ounce of NOVAGOLD's resources. We also control a company called Perpetua, which is a little further down the line in terms of production. We've raised the financing, all permanent. We started construction. That trades at more or less 4x the multiple of gold. It trades about $400 per ounce. Then we also own a stake in Artemis, which we've been long-term shareholders, that has followed the same progression that NOVAGOLD and Perpetua has. That trades at almost $900 an ounce today. Then the greatest company perhaps in the gold space today, Agnico, with heavy concentration in North American, great production, they trade at $1,300 an ounce. To me, the way to progress value is exactly the plan we have, to follow the steps to ultimately become a producing company. As we do, I believe our valuation metrics will change. My goal in buying Donlin was always from day one to merge it into NOVAGOLD. Buying the stake from Barrick was just the first step, and from that initial period, we always thought about the possibility of putting our two great companies together. We went through all the benefits of having NOVAGOLD now own 100% of the stock, and I've swapped my stake to shares in NOVAGOLD, which is the perfect outcome. Instead of having three separate companies manage this Donlin asset, Donlin Gold Holdings, the company that owns our stake, Donlin Gold, which has its own structure, and NOVAGOLD, its own structure. We will now combine those three structures into one, with NOVAGOLD owning 100%, and that will allow a lot of efficiencies and expedite production. Our goal is ultimately to become a producing mine. Greg is leading that effort for us. We've put together the best engineers, financiers, to work moving towards the Bankable Feasibility Study, later FID, and after that, construction and productions. Let me just close in saying I couldn't be happier with this merger. This was my dream from the very beginning, to consolidate Donlin under one ownership, under NOVAGOLD. I'm ecstatic to be on the board with Tom and to be co-chair with Tom to advance this project forward for the benefit of all shareholders. Thank you. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. The first question comes from Nick Giles with B. Riley Securities. Please go ahead. Thank you, operator, and good morning, everyone. This is Henry Hearle on for Nick. Congratulations on this transformative transaction. I first wanted to ask, how long had this been going on in the background, then what ultimately makes this the best time to execute? Thanks. Greg, do you want to take that or shall I? No, why don't you take that one, Tom? Okay. As John referenced, his vision, and I've had this vision for nearly 20 years, was that one day NOVAGOLD would own 100% of Donlin. For all of the reasons that John laid out, both in terms of the mechanics of simplifying, of being able to consolidate, of management, for all of those reasons, but also strategically, it was very obvious that the world had changed, and has changed over the last couple of years, regarding the public participation. By public, I mean actually state participation in the gold space. My strength of relationships is primarily sovereign wealth funds. John's strength of relationships, as has been very well evidenced, is domestic The combination means that we have the very best opportunity to be able to achieve a financing that will take us into production on the best possible terms. This is only accentuated by being able to have one-stop shopping for any discussions, whether they would be with institutions, government agencies, potential partners from the industry who might want to engage in the project implementation. There are a whole host of things that are completely simplified, which has a bearing, not just financially, but also in terms of our agility. I would say that this has always been the smart move. The question was how to make sure that it is demonstrably accretive to our shareholders, both financially, the metrics that John was willing to allow in terms of discounting his share, so that it would benefit from the outset all shareholders, but also in terms of the corporate governance. Those things which give shareholders the comfort that what you see is what you get. You have someone with 19.99% voting stake, which is entirely balanced with two members on an 11-member board. In other words, the company's independence has been ratified by John. What he's expressing is this ability to be able to have the benefit of adding to the luster of NOVAGOLD by making sure that his stake in Donlin is acquired, allowing us to have all the benefits of 100% ownership, but without being held hostage in any way. For NOVAGOLD shareholders, this really is the ideal outcome, and it's possible. We should have done this sooner, but as the Chinese proverb goes, "The best time to plant a tree is 20 years ago. The second-best time is today." The fact is that the stars aligned and allowed us to be able to have even more accretive transaction now than we might have had even a year ago. The outcome from our standpoint, and for John's, can't be better. It is the perfect example of 1+1=3 or 4 a win-win. Understood, thanks for all that color there. If you just had to pick one of those several benefits of this transaction that you just went through, which one are you, yourself, most excited about, and which one should shareholders be most excited about? Thanks. Well, I'll start by speaking for myself, I think it's more important actually to hear from Greg, because he's the one at the mine face and understands how this transaction changes the lives of everybody who works with and engages with Donlin. From my standpoint, for the things that I do, and to the extent that I have an expertise, the flattening of the cap table, as it were, in a macro sense, allowing us to be able to have the maximum leverage to Donlin in as simple a way as possible is going to maximize our access to the best kind of capital. That can come in many forms. I do believe that you will see in short order that we are making concrete steps on working on financing in parallel with all of the things that Greg is doing. I think shareholders should see that as being a very important signal that we mean business, and that we're getting ready for that, and we are bullish on gold, and we are doing things while there isn't that much noise in the system. When the gold market recovers, I believe it will do so with a vengeance, and I want us to be in a position to capitalize on that shift in momentum in the best way possible. I know that John feels exactly likewise. That to me is extremely important because I'm focused as the interface so often with shareholders on wanting to make sure that they understand that as Will Danoff used to say about me, I'm the owner who lives above the store. Well, I'm co-owner who lives above the store with John Paulson, a wonderful cohabitation if ever there was one. We are as shareholder friendly and committed to maximizing the value of NOVAGOLD shares as much as any two investors in the gold mining space. I'd like to say that we are not only a safe pair of hands each of us but together, I think and I hope that we will prove to be the most formidable in being able to extract the greatest value from NOVAGOLD for the shareholders. The examples that he cited of Perpetua, of Artemis, of Agnico, which he was so helpful in being able to position itself as the premier-rated company in the space. These are all great examples, and each one of them argues for us to be able to multiply our share price in the not too distant future. That's our agenda, that's my agenda. I focus on those issues. For analysts and for everyone else who wants to know actually how does this affect how the project goes forward, Greg, take them through it, please. Sure. Well, I think that, yeah, it's a great question, and I think many benefits for us, but first off, it really simplifies the management of the asset. Anytime you simplify something, you can move more expeditiously and it creates for the outside partners and government agencies, it creates really a single point of contact now. It's in the future, it will help facilitate financing and give us more flexibility in any strategic options. I think also just the putting Donlin Gold inside of NOVAGOLD, yeah, it will be better for the employees and it will certainly make all the decisions and management of the asset simpler for everybody. We're looking forward to that, as well as the long-term benefits that we've articulated through our presentation. Great. Thank you, Greg and Dr. Kaplan, and to you and the rest of the NOVAGOLD team, continued best luck. Thank you. Thank you. The next question comes from Raj Ray with BMO Capital Markets. Please go ahead. Thank you, operator. Good morning, everyone. A couple of questions. One, a follow-up on the financial flexibility that Dr. Kaplan mentioned. It was great color in terms of understanding the strength that he and Mr. Paulson brings together. I also wanted to ask whether, and as we have looked through various financing options, does this structure make certain fundings more available now that were not achievable under the previous joint ownership model? I do have a follow-up question on the Glenfarne LOI signed earlier this year, and if you can share any color on the progress that has been made over the last few months. Thank you. Hi, Raj. Good to hear your voice. As far as the facilitating financing, I think there's no question. Would we have been precluded from different sources of capital because of the structure? Hard to say. I can't tell you that that would necessarily have been the case, but would it have complicated matters? Of that is metaphysical certitude. Being able to talk directly to one owner with one platform is exponentially easier than having to go through three different structures when you're talking about sovereign wealth funds or government agencies. You've seen the remarkable job that Paulson has done with EXIM for Perpetua. Well, being a U.S. company 100% owned, that will be the largest single gold mine in the United States, at a time when people are going to see very shortly that if anything, there's a resource nationalism that's going to be taking place with regard to gold. This is clearly accretive for shareholders strategically. Strategic accretion lends itself to what we always want to see we can achieve, which is premier valuation. We want to be the best performing gold development stock in the space. That comes from being able to have the combination of scale, production profile, grade, cost structure, exploration potential, mine life, all of the attributes that go into creating a Tier 1 story, and which we believe we have in its combination a unique Tier 1 story. It's not just that. You get a premier valuation when you are sponsored properly by shareholders who do live above the store, and with management teams that are focused on unlocking the value and valuation for shareholders. This transaction, by any lens, any prism through which you seek to look at it is a smart one. It makes sense. It's not a deworsification, as Peter Lynch would say. It is the perfect example of a bolt-on transaction that will allow us to become on 100% basis a 1.3 million ounce a year gold producer. Do the math on what those gold producers are. Again, it's not just that we'll be producing that much, it's that we will be producing that much for so long. The lifespan of Donlin, which candidly we believe we've just scratched the surface, is more like a porphyry copper. It just will go on for decades and decades and decades. I think that is what attracted John to say, this is the right asset in the right place, being a gold bull at the right time. I know that it's certainly been the case for me, and I've no doubt that the best is absolutely yet to come. Hopefully sooner rather than later. I will also say, if I may, the problem before with the ownership structure with Barrick is neither party could move without the other consent. While NOVAGOLD wanted to expand drilling- expand the development of the mine, Barrick didn't want to move, so they weren't able to move. Even though when we bought the Barrick stake, Tom and I or NOVAGOLD and completely aligned, it's still a cumbersome structure. Now having everything under one roof, NOVAGOLD owning 100%, there's no one to negotiate with. They can move now NOVAGOLD, or we can move at whatever speed with no conflict, whenever we want. That's the biggest, I think, most important change with this merger. That's great. Thank you very much for that. All right. Raj, turning to your question on Glenfarne, for those that aren't aware, Glenfarne is leading the effort to build a natural gas pipeline to bring gas from the North Slope into the Cook Inlet in Alaska. This is very important for Donlin because our current plan was to import natural gas into the Cook Inlet, put it in a pipeline, and deliver it to the site. This pipeline that Glenfarne is advancing would bring a cheaper supply of gas into the Cook Inlet, which would have broad benefits for not just Donlin, but all of Alaska. We follow their progress with interest. As you noted, we have a non-binding letter of intent with Glenfarne, and we're actively engaged with them, as we follow their progress like everybody else through the Alaska media, which, as you might imagine, covers it in great detail. They are working with the state and various government officials, we wish them great success. It's an important project for- Thank you, Greg Alaska and for the U.S. energy independence. Thank you. That's it from me, and all the best. Thank you, Raj. Thank you, Raj. This concludes the question and answer session. I would like to turn the conference back over to Greg Lang for closing remarks. Well, everybody, it's a fantastic day for NOVAGOLD. Thank you for joining our webcast and hearing from myself, Dr. Kaplan, and John Paulson. Have a good day. This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.