 Hi, this is Jack Lipton and this is Critical Materials Corner. Today I'd like to begin talking about lithium ion battery materials because I think this is probably the most important topic of our time as far as commodity minerals are involved. I'd like to point something out. Nobody seems to be thinking about the fact that we have to match supply and demand. We have many, many institutional investors and banks discussing all the demand for this and the demand for that. I'm talking about lithium cobalt nickel manganese, the components of a lithium ion battery. Well, let me start by saying this. The only essential component of a lithium ion battery is, wait for it, lithium. Of course, all the technologies for lithium ion batteries, no matter what the chemistry involves, lithium. A typical Tesla, for example, battery, giving a Tesla, I believe, 250 to 300 miles range, uses about 10 kilograms of lithium measured as metal in each battery. I want you to think about something. The United States produces essentially no lithium at this point. I don't know how much it's classified because the American companies don't report to our national reporting services their actual production for competitive reasons. Well, let's say it's very small. We were sold in the United States in the last year, 17 million cars and trucks. Each one of them, if they had a lithium ion battery system, would require 10 kilograms of lithium as metal. So that's 170 million kilograms, or 170,000 tons. Now, I want you to think about something. The world production of lithium as metal in the last year 2020 was 86,000 tons. What I'm telling you is with current world production of lithium, there's no way even the United States could convert our production to lithium ion batteries. So what's going to happen here? The manufacturers have understood this, and even the politicians have understood this. So they're saying, well, we'll convert over the next 5, 10 or 15 years. Okay, maybe that'll happen. But it won't happen without a very large increase in the production of lithium worldwide. Because when I told you 17 million cars were sold in the United States last year, did I mention that North America has 325 million cars on the road and that the world has one and a half billion cars? I don't want to bore you with the math, but just think about it. There isn't enough lithium produced today to convert the United States fleet into electric cars, not even close. There isn't even enough lithium produced today to convert half of next year's production into electric operation. So we've got a long way to go. Now, changing my topic to cobalt for a second, the world production of cobalt is 140,000 tons. And it has been for the last three or four years. The use of cobalt in battery, for example, in a Tesla is 10 kilograms. Think about it. So let's see, the world production 140,000 tons, if all of it were used for batteries, that can't be because half of it goes to other uses. Let's see all of it. That would be 140,000 tons times 140 million kilograms divided by 10 or enough for 14 million electric cars using a lithium ion battery of the lithium cobalt type of the size used in a Tesla, 14 million. Annual production in this world is 100 million cars and trucks a year. I think you see the problem. The banks in particular, they just say, well, you know, lithium production increased by a factor 10, cobalt by a factor 10. That's interesting. I wonder if they've ever talked to a miner or even a refiner, because it took all of this time to get to the levels of lithium and cobalt production we've got. And the elephant in the room is price. You can't have lithium or cobalt being as expensive as gold or platinum because it costs so much to recover them from low-grade deposits that are not on mind. You have to have a price ceiling because otherwise manufacturers won't be able to afford to sell you an electric car for a price you can afford. So these issues have got to be addressed by, I guess, national governments because they're the ones pushing electric cars. But we have to understand that we need a huge amount more of lithium, cobalt, and maybe nickel. Manganese is no problem. There's lots of manganese produced in this world. But lithium, cobalt, and nickel are the metals I'm looking at. And we have to increase the production of those if we're going to have an electric car revolution. It's as simple as that. By the way, one last talk. Those of you who think that, well, you know, we're going to use lithium iron phosphate, but we don't need that cobalt stuff, you forget that every personal device, electronic device, your phone, your computer, your television set, if it has a battery, it's a lithium-cobalt battery because those are the highest storage density batteries. And every Apple phone, every Samsung phone, every computer made in this world, personal computer, has a lithium-ion battery of the lithium-cobalt type. That demand's going to continue. So cobalt, there'll always be a demand for cobalt. Right now, I believe the world is in a deficit situation on the supply of cobalt. But we cannot simply stop doing one thing to do another. This is Robin Peter to pay Paul. We're going to have personal devices. We're going to have cars. Where are we going to get the lithium and cobalt? We're going to be discussing this over the next few years. Thank you.