 So the question today I think is, is there going to be any change in the focus on critical materials by the new U.S. President Joe Biden and his administration? And the answer is no, it's the critical materials interest by the U.S. federal government is increasing by the day. And I think that what people don't have is perspective. This interest in critical materials began in 2007 with the publication of a list by the U.S. Department of Energy of the most critical metals, the ones they were concerned about being able to get. And actually their concern was production more than sourcing in those days. If anybody is old enough to remember, I think at that time the key metal of concern was dysprosium, the rare earth metal dysprosium. Okay. Now it's 13 years later and finally the bureaucracy in Washington codified the critical materials in 2018 when the USGS Department of Energy Defense and Interior listed 35 critical metals. Now in 2007 we weren't thinking about batteries. We weren't thinking about quite frankly much about solar or wind and we are now. I remember I was part of that 2007 creation of that list and I remember being annoyed that tungsten was kept off the list while it's back and now I'm annoyed that copper is kept off the list and we're talking about that in the US government. But keep in mind that even though the administration changes, that only makes changes at the top. The United States has a permanent civil service just like Britain, Canada, Australia, New Zealand, South Africa. We have people who spend their lives as bureaucrats, for example, the Department of Energy or the US Geological Service. Yes, the ultimate heads of those departments are appointed by the President and serve it his pleasure, i.e. the moment he's out of office they're gone too. But 99% of all the people in these bureaucracies are permanent civil service and this critical materials theme originated with them way back 13, 14 years ago and they've been working out it ever since and in fact people think oh the President, you know, he told them to do this. It's the other way around. They've been talking about this for a decade and a half. They've finally penetrated to the highest levels of government and it is not a partisan issue. It's not a Democrat or Republican issue in the US. It is policy and the problem today is how is that policy going to be enabled? Now if you want to know the difference between the People's Republic of China and the United States of America, the answer is in the People's Republic when the top dog, excuse me, the top man says we are going to have electric cars. Then the bureaucrats in China they're called Mandarin. The permanent civil service in China make sure that happened. They don't think about it. Their job is not to think. China runs top down. America runs middle up. That's a big difference. So our bureaucracy, they spend their time convincing the management, the President and his cabinet of what they should do. Then it's then, and only then does the top layer of our government react. And how do they react? They fund things. They put out the money. I don't know how many times I've known people to be frustrated because the US Department of Defense or Interior Energy won't give them a grant because their budgets are fixed for the year. If they're going to give any money that isn't in the budget, it has to be approved very high up. Either the Secretary of Energy or the President himself, of course, the Secretary is appointed by the President. Keep in mind that the drive to make the US independent of China for critical materials, which is actually what the drive is, it's to be independent of China for critical materials, came from the bureaucracy. They finally convinced the government to do it. Now they're trying to figure out how to enable it. That's the problem. They look at the Chinese and they actually probably weep because the Chinese bureaucracy doesn't have the problem. The American bureaucracy does. They are ordered to do things. Policy is set in Beijing. We're going to replace internal combustion engines with electric propulsion in vehicles by a certain date, I don't know, 2030, 35, something like that. And they then tell the bureaucracy, get it done. The bureaucracy goes to state-owned companies and what's called a private company in China. They say, did you want to have money for expansion? Yes. What are you planning to make? We're going to make Tootsie rolls. No, no, no, you're not. You're going to make components for electric cars or you don't get any money. Okay, we're going to make components for electric cars. That's how it works in China. In America, our bureaucracy says we really need to convert to alternate energy away from coal, have electric cars instead of internal combustion. And the car companies say, okay, so what? So what do they do? The bureaucracy convinced the Congress to give subsidies for these various forms of energy production and they did and that kickstarted an industry. Now in the last few months, the dams opened. General Motors and Ford, they said they're converting to electric propulsion in the next 10 years. By the end of this decade, they don't expect to make internal combustion powered cars. Okay, that's a big change for them. Toyota was resisting all of this until very recently, suddenly they're very interested in it. All it means is that they've done the analysis and they see that they're not going to have any friends in Washington unless they convert to this power train. Now I've said this many times and some people know me, no, I say this all the time. The automotive companies would sell you hamsters on treadmills as power supplies if that's what you wanted. They just want to make money. They can't make money right now on electric cars. So the government makes all kinds of subsidies and grants to help them out, so to speak. The big drive in the U.S. is to get the price of the batteries down because that's the killer. The battery is the most expensive component of an electric car. They're trying very hard to do this. If I were an investor, I would be looking at batteries, battery management, battery raw materials, and also the raw materials for solar and wind because these are big pushes by the U.S. government. Now, the U.S. government may look like a clown show to many, many of my friends who are overseas, but that's because it is. Okay, so it's not a secret. However, let's say certain materials will not roll downhill. It's finally rolling. They're going to get this done. There is going to be a technology revolution in the sense of we're going to go away from internal combustion and we're going to electric operation, not just of cars, sports lifts, golf carts, bicycles, believe me, there's a lot. And we can talk about lithium. It's very important. Cobalt's very important. Don't rule out cobalt because even though the car companies don't want to use it because there really isn't enough, our companies that make personal consumer products, computers, phones, they have to use it because lithium cobalt is the highest power density battery known. So they want to give you a little tiny phone with as much power as possible. They're forced to use lithium cobalt and they do. They'd be delighted. Apple would be thrilled if they could just get the car company to stop taking so much cobalt. They need it, okay? So cobalt's a good play. Lithium is the middle of the future. The rare earths are extremely important because guess what folks? You can store energy with lithium cobalt, nickel and manganese, but you can't make anything move without rare earth permanent magnets. Those are the core of all electrically powered items. Okay, rare earths. And the key rare earths are the magnet rare earths. Neodymium, praise you, neodymium, dysprosium, and terbium. It's a mantra, just keep saying it. And this is the future. Now, there'll always be a need for iron, there'll always be a need for aluminum. There's going to be more and more need for copper. Here's another problem the world has. There's lots of iron, there's lots of aluminum. But copper may be a problem. I saw a prediction that copper would reach an all-time high price in the next 12 months. That wouldn't surprise me at all. Because even though a battery-powered car only uses 50 kilo of copper, guess what folks, a brand new home in North America uses, on average, a quarter of a ton of copper. And that's permanent. That's not recycled until the house is torn down. So you think about that. Every time we build a few million houses in North America, and that's a yearly event, we use a couple of million tons of copper. That's a healthy percentage of the copper. Copper is something to keep your eye out. And lithium, and the rare earths.