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DATE

Thursday, Oct. 8, 2026

CALL PARTICIPANTS

• Vice president, corporate communications - Melanie Hennessey
• Chairman - Thomas Kaplan
• President and CEO - Gregory A. Lang
• Vice president and CFO - Peter Adamek

TAKEAWAYS

• Net Loss -- $36 million, or $0.08 per share, increasing by $20.4 million from the prior year period due to higher study costs and professional fees.
• Cash and Term Deposits -- $343.4 million as of Aug. 31, 2026, which management believes is sufficient to fund the completion of the bankable feasibility study in 2027.
• Corporate G&A Guidance -- $31.2 million for fiscal 2026, increased from the previous guidance of $11.5 million to reflect elevated transaction-related costs.
• Total Operating Expenditure Guidance -- $110 million for fiscal 2026, including $78.8 million in funding for the Donlin Gold project.
• Donlin Gold Expenditures -- $24.8 million in funding during the third quarter, an increase of $16.7 million versus the prior year period driven by bankable feasibility study activities.
• Interest Income -- $3.8 million during the third quarter, partially offsetting higher general and administrative expenses.
• Market Cap Projection -- $4.9 billion for the pro forma New NovaGold entity following the acquisition of Paulson's 40% interest in Donlin Gold.
• Attributable Production Increase -- 520,000 ounces per year for the first ten years, representing the additional annual production gained by increasing ownership from 60% to 100%.
• Total Measured and Indicated Resources -- 40 million ounces at Donlin Gold, with the pending transaction adding approximately 16 million ounces to the company's attributable resources.
• Proven and Probable Reserves -- 13 million ounces of reserves added through the transaction, increasing the company's total attributable reserve base.
• Resource Grade -- 2.22 grams per tonne, representing more than twofold the global industry average for open-pit gold deposits.
• Average Annual Production -- 1.1 million ounces over a 27-year mine life, with 1.3 million ounces annually projected during the first ten years of operation.
• Net Asset Value Projection -- $20 billion at a 5% discount rate, assuming a gold price above $4,000 per ounce.
• Headcount -- 77 employees as of October 2026, an increase from 35 employees at the beginning of the year to support project development.
• Proceeds from Marketable Securities -- $1.2 million received during the third quarter.
• Voting Interest Cap -- 19.99% for John Paulson in the new US-domiciled parent company, despite owning approximately 40% of the equity.
• Share Exchange Ratio -- 1-to-1 for the transition to the new parent company, New NovaGold, which will list on the New York Stock Exchange.
• Shareholder Meeting Date -- Nov. 3, 2026, with a voting deadline of Oct. 30, 2026, to approve the consolidation transaction.
• Exploration Trend -- 8 kilometers of gold-bearing potential, with current resource pits covering approximately 3 kilometers of that trend.
• Fish Sampling Program -- 7,000 fish sampled during the 2026 George River salmon monitoring program to strengthen environmental baseline data.

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RISKS

• Adamek stated, "Legal and professional fees are expected to remain elevated for the balance of fiscal 2026 and into early 2027 until we complete the previously announced transaction," indicating a sustained negative impact on corporate expenditures during the consolidation process.

SUMMARY

NovaGold Resources Inc. (NG -1.26%) is undergoing a major corporate reorganization to consolidate 100% ownership of the Donlin Gold project in Alaska by acquiring the 40% stake held by Paulson Advisers LLC. The transaction involves establishing a new US-domiciled parent company to be listed on the New York Stock Exchange and is expected to close by the end of 2026. Management reported that this move will streamline decision-making and significantly increase attributable gold reserves and annual production metrics. Simultaneously, the company is advancing a bankable feasibility study for the project, which remains on schedule for completion in 2027. Technical work is currently integrating major engineering packages, while environmental and permitting activities continue at both state and federal levels.

• President and CEO Lang stated, "The bankable feasibility study remains on track for completion in 2027."
• Lang noted that the consolidation of ownership under one parent company is intended to streamline corporate decision making and improve capital efficiency.
• Management reported that the team has grown from 35 to 77 employees since the beginning of 2026 to support technical and operational milestones.
• The company appointed Endeavour Financial and Macquarie Capital as financial advisors to evaluate funding alternatives ranging from project finance to sovereign wealth fund support.
• Chairman Kaplan stated, "We have always had bipartisan political support in Alaska," noting that federal permits remain in place as legal appeals proceed.
• The U.S. Army Corps of Engineers published a supplemental environmental impact statement on Sept. 23, 2026, with a final decision anticipated in April 2027.
• Management indicated that the company is well funded to complete the current feasibility study and exercise its option to prepay the Barrick promissory note in the fourth quarter of 2026.

INDUSTRY GLOSSARY

• BFS (Bankable Feasibility Study): A comprehensive forward-looking technical and economic study used by financial institutions to assess the creditworthiness of a project for financing.
• M&I (Measured and Indicated): Categories of mineral resources that have been sampled and tested to a level of confidence that allows for planning of the mine's development.
• P&P (Proven and Probable): The economically mineable part of a measured or indicated mineral resource, representing the highest level of confidence in resource estimates.
• SEIS (Supplemental Environmental Impact Statement): A document required under the National Environmental Policy Act to update an original EIS when new information or changes in project scope occur.
• FEED (Front-End Engineering Design): Basic engineering that comes after conceptual design or feasibility study to define project requirements and provide a cost estimate.
• EPCM (Engineering, Procurement, and Construction Management): A professional services contract where a contractor is responsible for managing the design and construction of a project on behalf of the owner.
• TKC (The Kuskokwim Corporation): An Alaska Native Village Corporation that owns the surface rights for a portion of the Donlin Gold project land.
• Calista (Calista Corporation): An Alaska Native Regional Corporation that owns the subsurface rights for the Donlin Gold project.
• SEDAR+: The electronic filing system for the disclosure documents of public companies and investment funds across Canada.

Full Conference Call Transcript

Operator: Thank you for standing by. This is the conference operator. Welcome to Vice president, corporate communications. Please go ahead.

Melanie Hennessey: Good morning, everyone. Are pleased that you have joined us for NOVAGOLD's 20 Third Quarter Webcast and Conference Call and for an update on the Donlin Gold project. On today's call, we have NovaGold's chairman, Dr. Thomas Kaplan; president and CEO, Gregory A. Lang, and Peter Adamek, NovaGold's vice president and CFO. At the end of the webcast, we will take questions by phone. Additionally, we will respond to questions received by email. Please note that while we provide commentary on our pending transaction to acquire 100% of Donlin Gold during the prepared remarks portions of today's call. We will not be addressing any questions or providing further comments regarding the transaction during the Q&A portion of the call.

For additional information regarding the we direct you to the management information circular and proxy statements and other documents filed by NovaGold with the SEC under the SEC's website and under NovaGold's profile on SEDAR at sedarplus.ca or Novagold's website at novagold.com. As stated on slide 3, any statements made today may contain forward looking information, such as project projections and goals, which are likely to involve risks detailed in our various EDGAR and SEDAR filings and forward looking disclaimers. Included in this presentation. With that, I will now turn the presentation over to NovaGold's President and CEO, Gregory A. Lang. Gregory?

Gregory A. Lang: Thank you, Melanie. I will start my remarks by highlighting several key activities that took place during the quarter. Starting with positioning the company as the premier US gold developer, through a series of definitive agreements entered into on July 21 Under this proposed transaction, as depicted on slide 5, a new US domiciled parent company New NovaGold, will be established and listed on the New York Stock Exchange. This will be done with a 1-to-1 share exchange. Dr. Thomas Kaplan, our current chair, and John Paulson will become co-chairs of New Nova Gold. Inclusive of the existing ownership in NovaGold, Paulson will own approximately 40% of New Nova Gold. And its voting interest will be capped at 19.99%.

Once closed, New Nova Gold will become the ultimate parent company acquiring Paulson's 40% interest in an all share transaction and will then own 100% of Donlin Gold. This transaction requires 2 thirds shareholder approval along with other court regulatory listing, and customary closing conditions. The meeting of special shareholders is scheduled for November 3, 2026. And the voting deadline is October 30th with closing expected by the end of the year. This transaction gives shareholders equity in a well capitalized developer with ownership of the strategic asset projected to be the largest single gold mine in The United States with an anticipated market capitalization of about $5 billion. The transaction is expected to deliver immediate benefits to stakeholders.

By increasing net asset value gold reserves, and resources per share. Specifically, it adds approximately 16 million ounces of and indicated resources. Including 13 million ounces in proven and probable reserves. And this boosts the attributable annual production by over 520 thousand ounces during the first decade. Beyond the numbers, consolidating ownership under 1 parent company streamlines corporate decision making, and improves capital efficiency. While maintaining independent governance through specific voting and lockup restrictions. The structure also creates a single point of contact for our key stakeholders. Including landowners, Calista Corporation and The Kuskokwim Corporation.

As highlighted on slide 7, Donlin Gold is positioned to become 1 of the highest annual gold producers in The Americas, on both a resource and production basis. With projected production, of approximately 1.1 million ounces per year over its 27 year mine life. Comparing very favorably when looking at some of America's largest gold companies like Agnico Eagle, Equinox, and others. That are listed on the chart. As mentioned earlier, once the transaction closes, the company is expected to have a market capitalization of approximately $5 billion. Placing it among some of the largest gold companies in the industry as shown on slide 8.

This transaction is immediately accretive to NovaGold shareholders across key share metrics including NAV per share, and gold resources. Per share. In our view, having John Paulson and Dr. Thomas Kaplan serve as co-chairs following the close of this transaction. Will provide NovaGold with a uniquely aligned and experienced leadership team as the company advances Donlin Gold and considers opportunities to fund its future development. As shown on slide 10, Mr. Paulson brings a distinguished track record as a gold investor including his long standing commitment to NovaGold and his experience in identifying and investing in high quality, differentiated gold assets.

Combined with doctor Kaplan's deep knowledge of Donlin Gold, and long standing leadership of NovaGold, Their shared conviction, complementary expertise, market reach, and alignment with shareholders, should position the company to advance the project efficiently and maximizing long term shareholder value. On slide 11, we show NOVAGOL's share price movement over the last 2 years. The strategic alignment between NovaGold and Paulson has helped reignite investor confidence and share price momentum. Reflecting the market's growing recognition of Donlin Gold's value and the potential benefits of a more streamlined ownership and development structure As shown on slide 12, Donlin Gold continued to extensively engage with government, and regional stakeholders while supporting local programs across the YK region during the third quarter.

This quarter, we coordinated with Calista to conduct a series of village visits including a dedicated community meeting in Crooked Creek the closest village to the project. To provide general updates, and discuss the subsistence plan. Additionally, we have facilitated several key initiatives for the subsistence Community Advisory Committee. Including meetings on communication plans, and a tour of the Red Dog Mine. On the infrastructure front, we are advancing our planning along the proposed pipeline corridor. We have initiated outreach to over 90 individuals and entities in the region by coordinating closely with legislatures in the neighborhood boroughs engaged with key decision makers at the state and local levels.

Including recently holding briefings with Senator Dan Sullivan and collaborating with the DOE on permitting and infrastructure. Donlin's ongoing support for rural activities through Excel Alaska and health and safety initiatives. Provide key touch points in the region. Lastly, environmental stewardship. Remains a core priority. We completed the 2026 George River salmon monitoring program in coordination with the native village of Nepaimute. Sampling over 7 thousand fish and we continued biodiversity monitoring at Snow Gulch. To further strengthen our environmental baseline data. Turning to slide 13. Several work streams on the technical front Continue to advance. The bankable feasibility study remains on track. For completion in 2027.

A team led by Fluor is currently integrating major work packages and coordinating with specialist contractors including WSP, Worley, and Hatch. Geotechnical work is wrapping up this fall, and key sites including the Jungjook Port and the access road corridor. While resource modeling and mine planning are progressing as planned. Toward a high quality bankable feasibility study We are also scaling our internal capacity to support these technical and operational milestones. Since the start of 2026, we have more than doubled our team from 35 to over 70 employees across Anchorage, and Vancouver. And we continue to recruit for critical roles as the project advances toward a final investment decision.

As shown on slide 14, in the third quarter, we announced the appointment of Endeavor Financial and Macquarie Capital as financial advisers. They will help us evaluate various funding alternatives ranging from conventional project finance to potential support from sovereign wealth funds. Ensuring that our financing strategy is executed in tandem with the bankable feasibility study to preserve long term shareholder value. I will now turn the presentation over to NovaGold's vice president, and chief financial officer. Peter Adamek. Peter?

Peter Adamek: Thank you, Gregory. Turning to our operating performance on Slide 16, NovaGold reported a fiscal 2026 third quarter net loss of $36 million or $0.08 per share. NOVAGOLD's net loss during the third quarter increased by $20.4 million from the comparable prior year period primarily due to higher Donlin Gold expenditures as a result of ongoing bankable feasibility study activities and higher NovaGold G&A expenses. Partially offset by higher interest income in the current year. The company's share of Donlin Gold expenses in the third quarter of 2026 was $16.6 million higher than the comparative prior year period due to ongoing 2026 activities by Fluor, WSP, Worley, and Hatch, to advance Donlin Gold's bankable feasibility study.

NovaGold G&A expenses increased in the third quarter of 2026 by $5.7 million from the comparable prior year period. Primarily due to higher ongoing legal and professional fees related to the proposed transaction to acquire 100% of Donlin Gold announced on July 22, 2026. Legal and professional fees are expected to remain elevated for the balance of fiscal 2026 and into early 2027 until we complete the previously announced transaction.

On Slide 17, our treasury comprising cash and term deposits decreased by $26.8 million to $343.4 million during the third quarter reflecting $24.8 million of funding of Donlin Gold, and $9.8 million of NovaGold's corporate G&A partially offset by $3.8 million in interest income and $1.2 million in proceeds from the sale of marketable securities. Corporate G&A cash expenditures during the third quarter increased by $5.5 million and our share of Donlin Gold funding increased by $16.7 million compared to the prior year, for reasons discussed on the previous slide.

Moving to slide 18, our treasury at the end of the third quarter was at a very robust $343.4 million Nova Gold is well funded, enabling us to complete the Donlin Gold bankable feasibility study in 2027 exercise our option to prepay the Barrick promissory note during the current quarter and cover our corporate G&A costs for at least the next 12 months As noted earlier, our legal and professional fees have been elevated in 2026, and are expected to remain elevated for the balance of the year and into early 2027 until we complete the previously announced transaction.

As such, we have increased our 2026 corporate G&A guidance from $11.5 million to $31.2 million to support the completion of the transaction to acquire 100% of Donlin Gold. I will now turn the presentation over to Gregory to discuss the third quarter highlights.

Gregory A. Lang: Thank you, Peter. it is worth reflecting on the value created through the company's long term commitment to advancing the Donlin Gold project. Over the past 2 decades, extensive drilling and exploration programs have significantly increased Donlin's reserves and resources. The company's success advanced permitting for the Donlin Gold project. Representing an important step in its development. In June 2025, NOVAGOLD and Paulson jointly acquired Barrick's 50% interest in Donlin. Increasing NovaGold's ownership to 60% and Paulson's to 40%. Looking even further back, a key milestone occurred in 2008 and 2010 when Electrum and Paulson became major shareholders of NovaGold. That commitment has continued through recent announcements to consolidate Paulson's remaining interest in Donlin. Bringing NovaGold ownership to 100%.

These events combined with the project's attributes of scale grade, location, and production profile. Underpin the value creation and incredible investment opportunity Many of our shareholders view NovaGold as an unexpiring warrant on an ounce of gold. On slide 21, the bar chart illustrates the post tax net present value at various gold prices. Both on the current ownership basis and a pro forma basis following the proposed consolidation. With gold prices above $4 thousand an ounce, this reflects a value of over $50 billion at a 0% discount rate. Or approximately $20 billion and a 5% discount rate. This projection underscores the substantial economic potential of the Donlin Gold project. In the current market environment.

As slide 22 highlights, Donlin Gold is positioned to become 1 of the highest annual gold producers in the world. Projected to produce 1.3 million ounces annually in the first 10 years of production. And over 1 million ounces annually over its 27 year mine life. Looking at slide 23, Donlin Gold hosts approximately 40 million ounces of measured and indicated resources at an average grade of about 2.25 grams per ton. This is more than 2x the industry average. The project's exceptional scale strong grade, and long mine life provide a robust foundation for value creation. And position Donlin to remain resilient across a wide range of gold price environment. Moving on to slide 24.

We believe there are significant exploration opportunities beyond the current resources in the ACMA and Lewis pits. As illustrated in the graphic. In the upper right hand corner. Which covers approximately 3 kilometers of the 8-kilometer gold bearing trend. Representing just a small portion of our overall land package. This underscores the potential to add ounces and extend the mine life through further exploration. As slide 10 outlines, Donlin Gold's current permitting status and the advantages of its location in Alaska with a well established regulatory framework and supportive approach, to responsible resource development. Collaboration with state and federal agencies remains constructive.

At the state level, we continue to support Alaska in defending the Clean Water Act Section 404 certification with a decision anticipated within the coming year following oral arguments which were made on June 3rd. This year. At the federal level, the Army Corps of Engineers and the Bureau of Land Management published the supplemental environmental impact statement on September 20 third of this year. Analyzing a larger theoretical tailings release. All permits remain in place with public comments open through October 20 third and the final EIS anticipated in April 2027. Dam safety permitting also advanced as expected. With detailed design packages for the project's 7 dams, anticipated by the end of the year or early 27.

And the issuance of dam safety certificates is expected in 2028. On slide 26, we highlight a quote from governor Mike Dunleavy who is expressed strong backing for responsible resource development in Alaska, including the Donlin Gold Project, We appreciate his advocacy and look forward to continuing open and construction communications with him and his team. Turning to slide 27. We highlight our long standing collaboration and ongoing engagement with Calista and TKC. Whose roles at private landowners are integral to the success of Donlin Gold.

Their Shared Commitment To Responsible Development Grounded In Deep Local Knowledge And Stewardship, Supports Job Creation, Long Term Economic Opportunities, And The Preservation Of Cultural Heritage Across The Y-K region NovaGold is supported by a seasoned management team. As shown on slide 28. With a proven track record of mine development across The Americas. Our team is complemented by the Donlin Gold project execution team. Including Frank R. Case, and supported leading contractors, including Fluor, WSP, Worley, and Hatch. Together, they bring deep technical and project execution expertise to advance Donlin Gold efficiently responsibly, and with a strong focus on execution discipline.

We deeply appreciate the continued support and confidence of our long term shareholders some of whom are highlighted on Slide 29 NovaGold, remains committed to responsibly advancing the Donlin Gold project. Delivering on key milestones and fulfilling our commitments. We sincerely thank our shareholders stakeholders, our board of directors, and the entire Donlin Gold team. For their continued support trust, dedication, and hard work. The recently announced consolidation of Donlin Gold represents an important milestone for our shareholders. Simplifying the ownership structure, and increasing NOVAGOLD's direct exposure to the significant value and long term potential of the project. We believe this positions NovaGold to capture greater value from Donlin Gold for the benefit of our shareholders.

As we continue to advance the project, and build over the momentum created in the last year In closing, slide 30. Summarizes the core attributes that distinguish Donlin Gold as a truly differentiated asset within the global gold sector. Donlin Gold combines exceptional scale high grade open pit mineralization, a long line life, low projected operating costs, significant exploration potential, and a stable jurisdiction.

A project that stands apart among large scale gold development opportunities With the bankable feasibility study, and subsequent stages of development ahead, Donlin Gold is supported by an experienced leadership and project execution team strong relationships with local landowners, and a clear commitment to responsible development providing a strong foundation for disciplined advancement and long term shareholder value. Operator, we are now prepared to take questions. Again, please remember that we will not be addressing any questions or providing further comments regarding the pending transaction during the Q&A portion of the call.

Operator: We will now begin the question and answer session. If you are using a speaker phone, please pick up your handset before pressing any key. Once again, if you have a question, please press star then 1. We have a few questions from the line of Matt Kovacs, Online.

Matt Kovacs: Last quarter, Matt thanked you for your integrity and family regarding NovaGold, and that is directed to Dr. Kaplan. Again, thank you for your commitment not to get political, but the current administration seems very bullish the progression of mining precious metals. Would you see any reason to expedite? What are your thoughts on the administration?

Thomas Kaplan: First of all, thank you for the question, and thank you for your continued support for NovaGold. Thank you. 1 of the very nice things about, the Donlin project is that we have not been a political football. We were permitted under president Obama. Those permits were defended under president Biden. Needless to say, the Trump administration has expressed a very ardent, passion. For Alaska. And we do benefit from that. We have not had to request assistance regarding permitting because we have the permits that we need to advance. We have our federal permits. So we have not needed the support of the administrations, but we have always had it. We have had bipartisan political support. In Alaska.

If there are opportunities to be able to accelerate the timeline for Donlin, and I think that there could be. They involve the fact that a number of countries have committed hundreds of billions of dollars to investment in The United States. Japan, 550 billion. Korea, 350 billion. Countries in the Gulf, The UAE, etcetera, hundreds and hundreds of billions of dollars.

Being able to participate in what will be the largest single gold mine in The United States in a bull market in gold located in a state that is already the second largest gold producer in The United States after Nevada, we believe that this is a very compelling case for those who want to invest in The United States to be able to do so. If you are an Asian country, and your investment is on the Pacific Coast Of Alaska, already investment grade for you, that is not a deterrent. it is the opposite. it is an inducement.

And, similarly, all the countries that I mentioned, are bullish consumers of gold, the Japanese, the Emiratis, the South Korean Central Bank has officially, reinitiated a gold purchase program. So we do believe that we benefit from the tailwinds of the gold bull market. We benefit from the tailwinds of gravitation towards jurisdictional safety. We benefit from the tailwinds of those who have made commitments to investing in The United States under this administration, Being able to see that 1 of the offerings in the buffet is America's largest gold mine.

Which we think, is going to assist us in the financing that we are working on in parallel with all of the work that you heard Gregory referring to on the ground. Thank you.

Operator: Thank you. The next question is also from the line of Matt Kovacs and is addressed to Dr. Kaplan. I have been hearing a rumor of an 8-year bull cycle coming to an end.

Matt Kovacs: For gold soon. Do you believe that we will see a gold price near $5 thousand in the next 6 months? Thanks again, Matt.

Thomas Kaplan: The short answer is yes. But the bigger answer is I believe that we are just in the foothills of the gold bull market. I do not see this as an 8-year bull market. I see this as being a pullback within the context of a much longer wave that will take gold far beyond $5 thousand. It will take gold far beyond the highs this year. And in fact, I have said publicly that I can easily see gold going into the tens of thousands. I believe that we have not even gotten started. And the comparison that I make and I did this before we had the peak and the pullback, is to the Dow Jones.

Which began its bull market when it broke through 1 thousand definitively in around 1.98 thousand. Reached 3.65 thousand ish. We had the crash of 1.99 thousand which you can barely see on a long term chart. it is so tiny. In comparison to what happens next. That took it down to about 2.65 thousand. And then it began to chug along to taking us to 50 thousand. I think that we are embarked upon something the likes of which people have not really had the opportunity to experience since the great bull market in the equities markets of the last decades. So the short answer is yes. We are going to see $5 thousand.

The longer answer is I believe that is just scratching the surface of 1 of the biggest bull markets that will have been seen in modern history. For many years, people would ask me which currency to own. And I would say, if you are looking at what I would call colloquially paper currency, unless you are nimble and can look at things like the Swiss franc or the Singapore dollar, etcetera, go for the US dollar. All paper currencies are toilet tissue, but the US dollar, for a number of reasons, is double ply. And I would say, but if you want the currency, that is going to be the best performer against everything. that is gold.

And both of those things, I think, have been good advice. People would say that seems mutually exclusive to say buy the dollar and buy gold. And I said, that is a myth. There are many myths about gold. It was a myth that you have to have strong commodities for gold to prosper. it is not true. Oil is barely where it was, 20 years ago. You do not need to have inflation. Did not have inflation in gold multiplied in value. The dollar is stronger now. Than it was 20 years ago. So what you are really dealing with is a duck. It looks like a duck. It tastes like a duck. It quacks like a duck.

It walks like a duck. it is a duck. And I cannot say what I think the dollar will do against other paper currencies. I really do not know because we are in a very, very different environment when it comes to the underpinnings of what made the dollar double ply. So I am just agnostic. But my comment has been against gold the dollar will collapse. If you look at gold through that lens, if you take the chart which shows gold going parabolic and you just flip it over, I would ask you to see it as a currency against the dollar And it is very daunting. To be a dollar bull against gold.

So it is a long term trend We are in the early phases of it. Like I would say, the 1.99 thousand-ish washout that we saw in the Dow Jones, But this is not over at all. And this pullback, whenever it ends, will be to my mind, if past is prologue, the definitive end leading to the next long wave in gold. Thank you.

Operator: With no further questions, I will hand it back over to Gregory for closing remarks.

Gregory A. Lang: Thank you, Melanie. And thank you, everyone, for taking the time to listen to our quarterly update today. Take care.

Operator: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.