 Today, I have the pleasure of speaking with Mark Smith of Largo Resources. How are you today? Very good. Tracy, how are you? For starters, I'd like to congratulate you. You've just completed a private placement of closing at what, $26.8 million U.S.? Correct. Okay. Well, that's pretty challenging in these current markets. Can you tell me how you managed to do this? Well, you start out with a great project, but also let me say that this was a recent financing that we announced. And about nine months ago, we had completely refinanced the company as well. So we've actually done this twice now in 11 months. And I say that not to pat our team on the back for being able to raise the money. I say it because it speaks volumes about the project. This is a truly phenomenal resource. The technology is well known. The people are fantastic that work at this company. This one has to win. I think indeed that being able to close this financing shows confidence from your investors. And of course, all of you investors at Investor Intel that are seeking companies that have capital management. And of course, you're the only pure producer of vanadium in the world. Is that correct? That's correct. Can you talk to us a little bit about your production? Well, the production is continuing to ramp up. We've been in that ramp up phase for probably about 16, 17 months now. So as you look forward, sometimes it feels like it's taking a long time. But as you look backward, I like the progress that we continue to make every day. Every day we learn something new about our process. We incorporate those learnings into what we do and we're continuing to ramp up as we go. That's what we want to see. And I also want to ask you about the grade. You know, you have the highest grade vanadium in the world as well. That's correct. Can you talk to us about why this is advantageous for not only Largo and your shareholders, but in general? You know, it's a real simple calculation actually. We're sitting there at about a 1.34% ore grade for our V205. Similar ore grades are probably half of that. That means that we have to process less than half the material to get the same amount of product that we get to sell to our customers. It's a huge economic advantage for you as a mining company. Now the other thing about vanadium though, which a lot of people don't understand or even realize, is that there's two concentrations that are very important in the vanadium industry. One is the ore grade because that tells you how much material you have to process. The second one is how high of a percent V205 can you create in your concentrate? We're also the winner in that category. We have the highest ore grade, so to speak, or the highest concentrate of V205 in our concentrate of anybody in the world. Well, and speaking of globally, you're a leader as a technology metal expert, Mark, and we're delighted to have you here today. I'd love for you to talk to us about supply and demand for vanadium globally. This is the story in my opinion, and this is why as a company and as investors that came in, they bought into Largo in the most recent past. When you take a look at the supply and demand fundamentals for vanadium right now, it's a fascinating story because what's happening is the price of vanadium went down so badly that there are now two companies in particular who are in bankruptcy and at least all of the news on these two companies suggest they're going to wind down entirely. That's 12% of the world's supply right there, so roughly 12,000 tons, we'll call it. It's probably a little bit less than that, but about 12,000 tons off the market because if they wind down, that's it. Now we take a look at China. China has two things going on that are very fascinating to me on the supply side. One is that they produce 53% of the world's vanadium today, and the vast majority, almost all of it, is produced in what's called a co-product method of manufacture. All that that means is that there's a little bit of vanadium in the domestic iron ore that they use in their steel mills, and when they process that iron ore into steel, they end up with this little slag layer on the top. Well, the vanadium through that process reports into that slag, and it gets up to be 4% to 6% vanadium. They take the slag, they process that for the vanadium content, and that's why they're very large producers of vanadium. Well, first thing that's going on is we all know that there's more and more seaborne iron ore coming into China. That seaborne iron ore has absolutely zero vanadium. So as they're processing that seaborne iron ore, the imported iron ore, they end up with the slag on top, but there's no vanadium in it. That necessarily means less vanadium production in China going forward as long as they continue to import iron ore. The second thing that's going on in the vanadium industry over there is that there's eight different companies that produce all of the vanadium that constitutes 53% of the world's supply. One of those companies in particular, the largest vanadium producer in the world, about a 30,000 ton per year producer, has shut down two of the eight steel mills that provide that vanadium-containing slag for feedstock. So by definition, they are now going to be down 25% in their production capabilities. And you start adding all of these numbers up on the supply side. I would suggest that the supply side for vanadium is probably going to be less than 80,000 tons of production in 2016. Whereas the demand side, we've got forecasts all over the board, but I would guess that it's going to be north of 90,000 tons per year in terms of demand. And we're seeing the orders for rebar are picking up, prices for rebar are picking up. When I think of vanadium, I think of rebar. So I look at those types of issues in all the newspapers that I read. I think the demand is going to be very good. I think it's going to be 90 plus thousand tons a year. There's going to be a delta between what we can produce and what the world wants. And again, I'm not an economics expert, but at least the few economics courses I took suggested quite strongly that when you have lower supply than demand, good things happen to prices. So if I hear you correctly, with this reduction of supply, you're basically positioning yourself to come in and handle the demand. Is that correct? Absolutely, because our resource is world class. It's gigantic, 40 kilometers long, 150 meters wide, and 350 meters deep. This is going to be here for a long, long time. With our low unit cost of production, I think it puts Largo in the best position to be in the expansion mode once the demand gets to the point where we need more supply in the world. I think it puts us in the first driver's seat. And there may be some investor intel members out there who are not familiar with Largo. Would you mind just giving us a bit of an overview? They may not appreciate where you're located, your infrastructure, etc. Would you mind just giving us a bit of a competitive advantage overview in addition to being a major supply source? A very good point. We're headquartered in Toronto, but our mining facility is in Marcos, Brazil, which is in the state of Bahia. It's about 270 kilometers west and a little bit south of Salvador, Salvador being the third largest city in Brazil. So, you know, it's kind of an arid mountain-type environment. Water is in plentiful supply for us. New electricity grid lines and a good power source for us. The people in the area are warm, they're generous, they want success. And you just put all that together, we think the stars are aligning very well for Largo right now. And, of course, for us as investors, we have capital, we have production, we have the highest grade vanadium in the world, and you're the only pure vanadium producer in the world. What should we as shareholders expect, perhaps, in the next couple of quarters, Mark? Well, as you know, I can't predict too much into the future. But one thing I think you can absolutely expect is laser focus on production right now, because it's all about production. We've got the financial side of the business, it's all in order. We have to focus on production, because if we hit the production targets that we have, and the market does what we think it's going to do from a supply and demand standpoint, I think 2016 is going to be pretty exciting for Largo. Well, I can't thank you enough for joining us today, Mark. My pleasure as always, Tracy. Thanks for what you do.