Filed the 2026 first quarter report and provided an update on the Donlin Gold project, which is 60% owned by NOVAGOLD. Completed an upsized bought deal private placement for net proceeds of approximately $294 million. Ended the quarter with approximately $392.5 million in cash and term deposits. Launched the Bankable Feasibility Study (BFS) for Donlin Gold, appointing Fluor Corporation as the lead engineering firm. Awarded strategic engineering contracts to WSP USA, Inc., Worley Alaska, Inc., and Hatch Ltd. for the on-site power plant, natural gas pipeline, and pressure oxidation circuit/oxygen plant, respectively. Donlin Gold signed a non-binding Letter of Intent (LOI) with Glenfarne Alaska LNG, LLC to jointly evaluate natural gas supply from the Alaska LNG pipeline. Reported net first quarter operational cash expenditures of $20.8 million, including $15.5 million for Donlin Gold and $5.3 million for corporate general and administrative costs. Reported earnings of ($15.4) million and earnings per share of ($0.04) for the first fiscal quarter of 2026. Higher expenditures at Donlin Gold were due to the commencement of BFS-related activities and increased corporate general and administrative expenses, remaining in line with 2026 guidance. The Donlin Gold project hosts approximately 40 million ounces of Measured and Indicated Mineral Resources at an average grade of 2.22 grams per tonne. Continued engagement with local communities, government, and regional stakeholders in the Yukon-Kuskokwim (Y-K) region. Oral argument before the Alaska Supreme Court is scheduled for April 8, 2026, regarding the Clean Water Act (CWA) Section 401 Water Quality Certification. The U.S. Army Corps of Engineers (USACE) has submitted a schedule to complete the Supplemental Environmental Impact Statement (SEIS) by mid-2027, with the draft SEIS anticipated in September 2026. Anticipated operating expenditures for fiscal year 2026 remain unchanged from previously issued guidance at approximately $98.5 million.