NOVAGOLD Reports First Quarter 2021 Financial Results Donlin Gold Completes Its Successful, COVID-Free 2020 Drill Program with Outstanding Assay Results Higher Drilled Grade-Thickness than Predicted by Previous Modelling and New High-
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NOVAGOLD Reports First Quarter 2021 Financial Results
Donlin Gold Completes Its Successful, COVID-Free 2020 Drill Program
with Outstanding Assay Results
Higher Drilled Grade-Thickness than Predicted by Previous Modelling and New High-
Grade Extensions Identified, Including Near Surface
Community Engagement is Further Strengthened in Response to the Global Pandemic
NOVAGOLD Has Strong $114 Million Treasury with a Further $75 Million Due in July
2021
The Donlin Gold project (“Donlin Gold” or the “project”) reported the remaining assay results for the 85 -
hole 23,361-meter drill program1, which demonstrated higher drilled grade-thickness results than predicted
by previous modeling, enabling an improved interpretation of gold mineralization controls
Following on from this success, additional confirmation and extension drilling are being planned for the
upcoming field season. It is anticipated that, on the completion of the 2021 drilling program and a geologic
model update, subject to a formal decision by the Donlin Gold LLC Board, the focus will then shift to
updating the feasibility study
With key Federal and State permits in hand, Donlin Gold successfully advanced additional State permits
Donlin Gold, together with its Alaska Native Corporation partners, Calista Corporation (“Calista”) and The
Kuskokwim Corporation (“TKC”), continued to carry out broad outreach programs in support of local
communities as the effects of the global COVID-19 pandemic continued to be felt in Alaska
NOVAGOLD continues to maintain a strong treasury with $1 14.2 million in cash and term deposits as of
February 28, 2021, plus receivables from Newmont Corporation (“Newmont”) amounting to $75 million due
in July 2021 and an additional $25 million due in July 2023
March 31, 2021 - Vancouver, British Columbia – NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the
Company”) (NYSE American, TSX: NG) today released its 2021 first-quarter financial results and an update on its
Tier One2 gold development project Donlin Gold, which NOVAGOLD owns equally with Barrick Gold (“Barrick”).
Details of the financial results for the quarter ended February 28, 2021 are presented in the consolidated
financial statements and annual report filed March 31, 2021 on Form 10-Q with the SEC that is available on the
Company’s website at www.novagold.com, on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov. All
amounts are in U.S. dollars unless otherwise stated and all mineral resource and mineral reserve estimates are
shown on a 100% project basis.
NOVAGOLD and Barrick, through a joint release issued on March 25, 20213, reported the last set of assay
results from the successful 2020 drill program at Donlin Gold:
1 See NOVAGOLD media release dated March 25, 2021, “Donlin Gold Announces Assay Results from the Remaining 30 Percent of the
2020 Drill Program”.
2 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected
production of at least 500,000 ounces of gold, and average projected cash costs over the production life that are in the lower half of the
industry cost curve.
3 See Footnote 1.
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The 85-hole drill program, totaling 23,361 meters in the proposed ACMA and Lewis pit areas, was
successfully carried out in order to further increase confidence in recent geologic modeling
concepts.
Results in both the ACMA and Lewis deposit areas exceeded the previously modeled grade-
thickness, with higher grades observed over narrower intervals, particularly in sedimentary rocks.
Data collected has resulted in an improved appreciation of the controls on mineralization.
With extensive communication and the application of health and safety protocols, there were zero
COVID-19 cases at the project site and no Lost-Time Incidents.
Ten of the top intervals for the 2020 drill program were contained in the Donlin Gold joint media
release issued subsequent to quarter-end4:
DC20-1937 intersected 103.88 m grading 6.1 g/t gold, starting at 390.19 m drilled depth,
including a sub interval of 22.15 m grading 12.5 g/t, starting at 459.17 m drilled depth;
DC20-1871 intersected 41.91 m grading 11.61 g/t gold, starting at 30.35 m drilled depth;
DC20-1903 intersected 8.14 m grading 45.3 g/t gold, starting at 99.39 m drilled depth,
including a sub interval of 6.84 m grading 52.1 g/t gold, starting at 99.39 m drilled depth;
DC20-1877 intersected 4.17 m grading 80.6 g/t gold, starting at 123.48 m drilled depth,
including a sub interval of 3.15 m grading 106.2 g/t gold, starting at 124.50 m drilled depth;
DC20-1888 intersected 6.93 m grading 43.1 g/t gold, starting at 178.58 m drilled
depth, including a sub interval of 3.25 m grading 90.5 g/t gold, starting at 180.26 m drilled
depth;
DC20-1912 intersected 37.30 m grading 7.0 g/t gold, starting at 249.70 m drilled depth,
including a sub interval of 3.30 m grading 24.5 g/t gold, starting at 251.70 m drilled depth;
DC20-1930 intersected 51.15 m grading 4.6 g/t gold, starting at 148.85 m drilled depth,
including a sub interval of 7.60 m grading 12.4 g/t gold, starting at 182.40 m drilled depth;
DC20-1866 intersected 45.91 m grading 5.03 g/t gold, starting at 35.39 m drilled depth;
23.36 m grading 4.15 g/t gold, starting at 108.30 m drilled depth; and 30.28 m grading 4.20
g/t gold, starting at 226.53 m drilled depth;
DC20-1932 intersected 47.66 m grading 4.8 g/t gold, starting at 101.62 m drilled depth,
including a sub interval of 4.00 m grading 19.5 g/t gold, starting at 143.28 m drilled
depth; and,
DC20-1878 intersected 19.77 m grading 11.3 g/t gold, starting at 48.86 m drilled depth,
including a sub interval of 7.00 m grading 25.2 g/t gold, starting at 54.86 m drilled depth.
The Board of Donlin Gold is considering additional confirmation and extension drilling in 2021 to
expand upon recently obtained information into the continuity and structural controls of the
higher-grade mineralization, which will be incorporated into the geological model.
4 Drill intercepts disclosed in the March 25, 2021 media release “Donlin Gold 2020 Announces Assay Results from the Remaining 30 Percent
of the 2020 Drill Program” https://www.novagold.com/_resources/news/2021-03-25.pdf. Significant intervals represent drilled intervals and
not necessarily true thickness of mineralization. Mineralized intervals meet or exceed 3 meters in length above 1 g/t. A maximum of 4 meters
of continuous dilution (< 1 g/t) is permitted. g/t = grams per tonne; m = meters.
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In the first quarter 2021, the following milestones were achieved:
Donlin Gold, together with Calista and TKC, continued their long-standing community engagement during
the quarter:
In partnership with TKC, the Village of Crooked Creek, and Napaimute Tribe, Donlin Gold was
again the lead sponsor of a project to construct and maintain the upper portions of a
200-mile ice road on the Kuskokwim River.
In mid-January, the Middle Kuskokwim village of Tuluksak with a population of approximately
370 had its water supply plant destroyed by fire, creating a health and safety crisis for the
community. In the days following, Donlin Gold and several other community organizations,
companies, and individuals stepped in to assist in the effort, providing drinking water, buckets
for carrying and storing water, sanitary wipes, diapers, and other health supplies.
As part of Donlin Gold’s ongoing community engagement efforts, Friendship Agreements
have been approved and signed by six communities (Akiak, Sleetmute, Napaimute, Crooked
Creek, Napaskiak, and Nikolai) in the project’s region. These agreements with Donlin Gold
expand upon the long-term relationships already established with these communities and
address specific community needs such as water, sewer, and landfill projects; the ice road that
connects remote villages in the Yukon-Kuskokwim (Y-K) region during winter; salmon studies;
and suicide prevention programs.
With key Federal and State permits in hand, Donlin Gold advanced additional State permits:
In November 2020, the Alaska Department of Natural Resources (ADNR) published an initial
public notice for comment on Donlin Gold’s 12 applications for water rights for the mine site
and transportation facilities, which closed on December 15, 2020. Water rights are for local
surface water sources and groundwater to be used for process water, dust control, fire
protection, and potable water. In March 2021, ADNR introduced a second two-week public
notice period, which closed March 26, 2021. It is anticipated that the ADNR will issue final
decisions on the water rights applications in the first half of 2021.
In April 2020, the ADNR’s Division of Oil and Gas agreed to reconsider its decision on the
State Right-of-Way (ROW) agreement and lease authorization for the buried natural gas
pipeline. Under the reconsideration, on September 10, 2020, the ADNR issued for additional
public comment a revised Consideration of Comments document. This document further
describes how the ADNR is considering previous public input that was solicited in the ROW
review, including how cumulative effects are addressed in the decision. The comment period
on the document ended on November 9, 2020. It is expected that the ADNR will re-issue the
ROW agreement and lease authorization in the first half of 2021.
Donlin Gold, working with its Native Corporation partners, continues to support the State of
Alaska to advance other permits and certificates needed for the project.
President’s Message
Donlin Gold and Alaskan resilience
As spring arrives and many of us note the anniversary of the COVID-19 global pandemic, we all reflect on the
past year and the challenges that affected our families, our communities, and our organizations. I am proud of
the accomplishments of the NOVAGOLD, Barrick and Donlin Gold teams in executing the 2020 drill program
while remaining ever-mindful of the risk posed by COVID-19 and adhering to the stricter health protocols put
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in place in our workplaces in response. By far, our most important objective in 2020 was to protect the health
and safety of our workforce, contractors, and partners. Despite the added challenge of navigating a pandemic,
all Donlin Gold 2020 drill program objectives were achieved and accomplished with zero COVID-19 cases on
site and no Lost-Time Incidents.
By working closely with our partners at Barrick and our Alaska Native Corporation partners, Calista and TKC,
we strengthened and deepened our relationships with local communities. The past year has reminded all of us
at NOVAGOLD of the tenacity, resilience, and flexibility of our partners and our team. I extend my most sincere
appreciation to Donlin Gold, its workforce, as well as Calista and TKC for their dedication to the highest
standards of safety, social responsibility, and environmental stewardship.
The State of Alaska is a leader among the United States in COVID-19 vaccination availability, with Governor
Dunleavy announcing in early March that vaccinations are now available to everyone aged 16 and older living
and working in Alaska. The success of the vaccination campaign in the Y-K region can be credited in large part
to the leadership of the Yukon-Kuskokwim Health Corporation (YKHC) and Native health partners, who made
access to the vaccines at grocery stores possible without appointment, thereby removing a barrier for those
who did not want to go to the hospital or did not have transportation. In addition, the YKHC made home visits
to serve as an extension of the distribution network among village medical clinics. By February, the Y-K Delta
became one of the Nation’s leaders in COVID-19 vaccination. This achievement bodes well for an eventual
return to something close to normal life within the Y-K region where the Donlin Gold project is located.
Donlin Gold drill program and value
The hard work of the past year and first quarter of 2021 also yielded valuable results in the form of generating
additional detailed information about the deposit. We are proud of the fact that, despite the global pandemic,
we were able to carry out the largest drill program at Donlin Gold since 2008. We did so with extensive
communication and application of strict health and safety protocols, resulting in zero COVID-19 cases at the
project site and no Lost-Time Incidents. The knowledge we gained was enormous. We were gratified by the
fact that drilled grade-thicknesses within both ACMA and Lewis deposits exceeded those predicted by
previous modeling, with higher grades observed over narrower intervals, particularly in sedimentary rocks.
These have bolstered our confidence in Donlin Gold’s recent geologic modeling concepts developed jointly by
the Barrick and NOVAGOLD teams. We also encountered multiple high-grade extensions in both the intrusive
(igneous) and sedimentary rocks, including near surface. One such near surface hit in drill hole DC20-1938
intersected 17.96 m grading 10.5 g/t gold. While impressive in its own right, this intercept included a
sub-interval of 3.96 m grading 28.0 g/t gold starting at 1.83 m drilled depth5. The exceptional results Donlin
Gold has received, from the outset right up to the latest set of results, is indicative of the extraordinary nature
of this deposit.
Now, equipped with outstanding assay results from the 2020 drill program, we are well positioned to update
our geologic model. and follow up on new targets. Additional confirmation and extension drilling is being
planned for the 2021 field season after which it is anticipated that, on the completion of the updated geologic
model and, subject to a formal decision by the Donlin Gold LLC Board, the focus will then shift to updating the
feasibility study.
5 Drill intercept disclosed in the March 25, 2021 media release “Donlin Gold 2020 Announces Assay Results from the Remaining 30 Percent
of the 2020 Drill Program” https://www.novagold.com/_resources/news/2021-03-25.pdf. Significant intervals represent drilled intervals and
not necessarily true thickness of mineralization. Mineralized intervals meet or exceed 3 meters in length above 1 g/t. A maximum of 4 meters
of continuous dilution (< 1 g/t) is permitted. g/t = grams per tonne; m = meters.
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With approximately 39 million ounces of gold in measured and indicated mineral resources grading
2.24 grams per tonne6, Donlin Gold is indeed rare, particularly given that no new major gold discoveries have
been made in the past four years. Furthermore, and perhaps more importantly, Donlin Gold’s grade, which is
twice the industry average7, is simply incredible. Size and grade are not the only attributes that make Donlin
Gold unique. The project has tremendous exploration potential, especially considering that its gold
endowment is contained within only three kilometers of an eight-kilometer mineralized belt, itself limited to a
mere five percent of the property.
Discussion of Donlin Gold’s unique status would not be complete without special recognition of the fact that it
is located in Alaska, a Tier One jurisdiction8. In an environment in which governments can either physically or,
through legislation or other means, effectively seize an asset, we are grateful that Donlin Gold is located in
Alaska where there is a time-tested culture of support and respect for responsible and sustainable mine
development. And in that regard, we are confident that NOVAGOLD’s seasoned management team, which has
worked together since 2012, supported by its well-developed partnership with Barrick as well as Native
Corporations, can advance this unique project up the value chain in a technically advanced, safe, as well as
environmentally and socially responsible manner. Therefore, it is not surprising that NOVAGOLD has become a
go-to investment for some of the wisest investors in the space.
Building better through community partnerships
Donlin Gold is fortunate to have time-tested partnerships with Calista and TKC, owners of the mineral and
surface rights, respectively. The project’s location on private land specially designated for mining activities
through the 1971 Alaska Native Claims Settlement Act is a key attribute that distinguishes it from most other
mining assets in Alaska. Our commitment to meaningful tribal consultation throughout project development
and permitting has been tested over decades of reliable and dependable engagement with the community.
We are proud to provide significant economic and social benefits to the Y-K region.
In the first quarter of 2021, Donlin Gold continued outreach activities in support of local communities. These
were carried out in strict adherence to COVID-19 protocols. In partnership with TKC, the village of Crooked
Creek, and Napaimute Tribe, Donlin Gold was the lead sponsor of a project to construct and maintain the
upper portions of an ice road on the Kuskokwim River and provide technical data to assist the road builder,
including aerial photographs and ice measurements along the river. The work done on the ice road has greatly
improved safety and access to nearby communities for residents in remote locations. At its completion in
February 2021, the Kuskokwim ice road was approximately 200 miles long.
In mid-January, the village of Tuluksak with a population of about 370 in the Middle Kuskokwim region had its
“washeteria” water purification plant destroyed by fire, creating a health and safety crisis for the community.
As neighbors of the villages in the Y-K region and as a team largely made up of people from the area, Donlin
Gold strives to aid communities with support and resources, particularly when health and safety are of
concern. Donlin Gold worked closely with the Tuluksak Tribal Administrator and the tribal council to assess
how Donlin Gold could best help and to coordinate support efforts. In the days following, Donlin Gold,
together with several other community organizations, companies, and individuals, stepped in to assist –
providing drinking water, buckets for carrying and storing water, sanitary wipes, diapers, and other health
6 Donlin Gold data as per the Donlin Gold FS (as defined herein). Donlin Gold measured resources of approximately 8 Mt grading 2.52 g/t
and indicated resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis and inclusive of mineral reserves. Mineral resources
have been estimated in accordance with NI 43-101.
7 2020 average grade of open pit and underground deposits with gold as primary commodity and over 1Moz in measured and indicated
resources is 1.12 g/t, sourced from S&P Global Market Intelligence.
8 NOVAGOLD considers Tier One jurisdictions to be any in the top 10 rank by the Investment Attractiveness Index in the Fraser I nstitute
Annual Survey of Mining Companies, 2020. Alaska is ranked number 5.
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supplies. Donlin Gold team members traveled to Tuluksak via the ice road and delivered 100 five-gallon
reusable containers of water to be distributed to each household in the community. They also backhauled a
truck load of empty water bottles and brought them to Northern Air Cargo to be shipped to a recycling facility
in Anchorage. Shortly after the fire, Donlin Gold worked with Alaska Commercial Company and Fox Air in
Bethel to deliver to some 120 cases of water along with basic needs items, including paper towels, baby wipes,
hand sanitizer as well as liquid and bar soap to the village as quickly as possible. Donlin Gold also arranged for
DesertAir to donate a DC-3 flight directly from Anchorage to Tuluksak to bring a second delivery of water
tanks, containers, and pumps, including hose assemblies, totes for washing and bathing, scrub brushes for
cleaning, 50 more cases of water, and other supplies.
Six Friendship Agreements formalizing current engagement with key local Y-K region communities have been
finalized to date (Akiak, Sleetmute, Napaimute, Crooked Creek, Napaskiak, and Nikolai). These agreements
include educational, environmental, social and economic development initiatives to support the villages.
Additionally, Donlin Gold continued its long-term support of a team from the Y-K region for the annual Iron
Dog snowmobile race in February. Donlin Gold also worked with TKC, the State of Alaska and the Alaska
Native Tribal Health Consortium in an initiative to upgrade – as well as improve the health and safety
standards of – water and sewer services in Middle Kuskokwim area communities. These partnerships, activities,
and programs demonstrate NOVAGOLD’s, as well as Barrick’s, commitment to sustainable and responsible
development for the benefit of all stakeholders in the Y-K region.
Advancing permits and creating value
During the quarter, Donlin Gold continued to work with State agencies, in coordination with its Native
Corporation partners, to advance remaining permits and approvals needed for the project. The ADNR
published a public notice for comment on Donlin Gold’s 12 applications for water rights for the mine site and
transportation facilities, which closed on December 15, 2020. Water rights are for local surface water sources
and groundwater to be used for process water, dust control, fire protection and potable water. In the first
quarter, with Donlin Gold’s support, ADNR introduced a second two-week public notice period to address
concerns about the legal language used in the previous public notice as well as concerns about the public’s
ability to review the subject applications, which notice period closed on March 26. We anticipate ADNR will
issue final decisions on the water rights applications in the first half of 2021.
In April 2020, the ADNR’s Division of Oil and Gas agreed to reconsider its decision on the State ROW
agreement and lease authorization for the buried natural gas pipeline. Under the reconsideration, in
September 2020, the ADNR issued for additional public comment a revised Consideration of Comments
document. This document further illustrates how the ADNR is considering previous public input that was
solicited in the ROW review, including how cumulative effects are addressed in the decision. The comment
period ended on November 9, 2020 and we anticipate ADNR will re-issue the ROW agreement and lease
authorization in the first half of 2021.
My report would not be complete without a proper reference to NOVAGOLD’s strong financial position. As of
February 28, 2021, we had $114.2 million in cash and term deposits. In July 2021, we expect to receive an
additional $75 million from Newmont resulting from the sale of our 50% interest in the Galore Creek project in
2018. We expect our existing financial resources and future incoming payments to be sufficient for
NOVAGOLD to carry out its business without resorting to raising more capital until a construction decision.
I wish to thank the experienced team of professionals at NOVAGOLD, Donlin Gold and Barrick – as well as the
stellar 2020 drilling contractor teams. We are proud of your professionalism and unrelenting commitment to
safety, especially at a time when COVID-19 presented us with major challenges. I would also like to recognize
the importance of the great mutual support we have been experiencing with our Native Corporation partners,
Calista and TKC, particularly during the ongoing pandemic.
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As we move forward together, allow me once again to express sincere appreciation to my dedicated
colleagues on the NOVAGOLD Board for their unwavering support, keen engagement, and commitment to
best governance practices. It is a pleasure to serve with you. My gratitude also goes to the various State
agencies for their diligent and professional work and adherence to well-established regulatory procedures,
particularly during these challenging times.
Lastly, we are blessed to have a stellar group of long-term shareholders supporting the value of our strategy.
To all of our shareholders, including Paulson & Co., Fidelity Investments, BlackRock, the Saudi Public
Investment Fund, First Eagle, EXOR, and Van Eck, among others, NOVAGOLD is thankful for your continued
dedication, engagement, and encouragement. This is especially noteworthy during a global pandemic – a
result of our team’s flexibility and adaptability. The strong relationships that we enjoy with everyone from our
retail shareholders to our institutional shareholders were deepened, and many have added to their positions in
the past several months. NOVAGOLD will continue to apply its efforts to deliver on its strategy to increase
shareholder wealth in a safe and socially responsible manner. Best of health and safety to all.
Sincerely,
Gregory A. Lang
President & CEO
Financial Results
in thousands of U.S. dollars, except for per share amounts
Three months ended
February 28, 2021
$
Three months ended
February 29, 2020
$
General and administrative expense (1) 5,329 4,714
Equity loss – Donlin Gold 1,968 1,568
Total operating expenses 7,297 6,282
Loss from operations (7,297) (6,282)
Interest expense on promissory note (1,434) (1,760)
Accretion of notes receivable 854 824
Other income (expense), net (79) 887
Income tax expense — (264)
Net loss (7,956) (6,595)
Net loss per common share, basic and diluted (0.02) (0.02)
At
February 28, 2021
$
At
November 30, 2020
$
Cash and term deposits 114,193 121,906
Total assets 218,040 224,441
Total liabilities 113,180 113,714
(1) Includes share-based compensation expense of $2,042 and $1,761 for the first quarter-ended February 28, 2021 and quarter-ended
February 29, 2020, respectively.
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For the first quarter ended February 28, 2021, NOVAGOLD’s share of Donlin Gold losses increased from
$1.6 million in 2020 to $1.9 million in 2021 due to the work in completing the 2020 drill program assays.
General and administrative expense increased from $4.7 million in 2020 to $5.3 million in 2021 primarily due
to higher share-based compensation costs, salaries, and legal fees.
In the first three months of 2021, total cash, cash equivalents and term deposits decreased by $7.7 million of
which $4.3 million was used in operating activities for administrative costs and working capital changes,
$2.9 million was used to fund Donlin Gold and $0.7 million related to withholding taxes paid on vested
performance share units (PSUs). Effects of exchange rate changes also increased cash by $0.3 million.
Net cash used in operating activities of continuing operations increased by $0.8 million, due to lower interest
income and higher general and administrative costs. Net cash provided from (used in) investing activities
included a $0.3 million increase in Donlin Gold funding due to the work in completing the 2020 drill program
assays. Term deposits were reduced by $10 million in the first quarter with the proceeds deposited in interest-
bearing savings accounts.
As of February 28, 2021, we had cash and cash equivalents of $63.2 million and term deposits of $51.0 million.
In July 2021, we expect to receive $75 million from the first note receivable from Newmont in relation to the
2018 sale of our 50% interest in the Galore Creek project. The term deposits are denominated in U.S. dollars
and are held at Canadian chartered banks. Additional capital will be necessary if a decision to commence
engineering and construction is reached for the Donlin Gold project.
2021 Outlook
We continue to anticipate spending approximately $31 to $35 million in 2021, which includes $18 to
$22 million to fund our share of expenditures at the Donlin Gold project ($11 million for the 2021 drilling
program, camp improvements and studies; $7 million for permitting, community engagement and
administration; and an additional $4 million for other studies contingent upon mid-year approval by both
owners) and $13 million for corporate general and administrative costs.
NOVAGOLD’s primary goals in 2021 are to continue to advance the Donlin Gold project toward a construction
decision; maintain/increase support for Donlin Gold among the project’s stakeholders; promote a strong
safety, sustainability, and environmental culture; maintain a favorable reputation of NOVAGOLD, its
governance practices, and its project among shareholders; and manage the Company treasury effectively and
efficiently, including streamlining the corporate structure. Our operations primarily relate to the delivery of
project milestones, including the achievement of various technical, environmental, sustainable development,
economic and legal objectives, obtaining necessary permits, completion of feasibility studies, preparation of
engineering designs and the financing to fund these objectives.
Conference Call & Video Webcast Details
NOVAGOLD’s conference call and video webcast to discuss these results will take place April 1, 2021 at
8:00 a.m. PT (11:00 a.m. ET). The video webcast and conference call-in details are provided below.
Video Webcast: http://services.choruscall.ca/links/novagold20210401.html
North American callers: 1-800-319-4610
International callers: 1-604-638-5340
Questions may be submitted prior to the call at [email protected]. There will also be an opportunity to ask
questions during the webcast following the presentation.