 And today I'll give you a bit of an insight on how our lithium business is evolving and moving further downstream. Now I've printed it off, so if anyone wants to see the disclaimer, you should read the paper version. All right, our two commodity focus is lithium and titanium, we've recently added cobalt. And so our investment thematic is we are a conservative exposure to the energy storage revolution. And one of the things in the lithium industry that big and small producers have got wrong is how fast demand is growing. We have consistently got it wrong with undershot completely. We sold equity in our minds at various stages over the last two years and we've got very very good valuations. But we've increased our price this year alone from about $570 a ton to about $750 from one July we'll move higher. And this is what's driving it is the investment particularly in Asia into the lithium battery factories. Now these factories take three, four, five years, lots of robotics and they're building them now. Between now and in the next five years you're going to see an increase by a factor of six, which is normally fairly hard to see. But the guys at Umicore last week announced, this seems a bit jumpy, announced that they were going to not only increase their investment in cathode production for these batteries, they're sort of halfway or three quarters away through doubling it, then they're going to take that and they're going to take it up by a factor of three. So Umicore investing half a billion euros to take their cathode capacity to six times what it was in 2015. So it is real. So what we've got is we've got captive sources of lithium and titanium, the lithium's in production. We've got downstream technologies that can push us down the bottom end of the cost curve. So we're looking at all parts of the batteries. So lithium, cobalt to go into the cathode, lithium titanate into the anode. And just to top it off, we've got a lithium battery recycling process using the metallurgical skills that we have in the other businesses. So we plan a number of parts and positions in the supply chain. So we've developed a co-developed Merian, which at full production in its current configurations, about 50,000 tonnes of LCE, which is about 20% of the world's production. We're just looking at tweaking that up. We've got technology for electrolyzing lithium chlorides through to hydroxides. We're looking at down streaming in WA. We've got some really big mitons, it's green bushes, Mount Merian. And there's a couple up in the Pilbara as well. We've recently made some lithium titanate and we are testing that in a battery manufacturer at the moment. And we developed this lithium battery recycling process. We've been in lithium for eight years, so it's not sort of overnight. Titanium for 13. The cobalt really about a year. And that was just off the back of some discussions in London with the world's biggest cobalt buyer and a cobalt producer in the DRC. And they couldn't do business because all the cobalt was getting flown back to China. You couldn't buy LME cobalt for physical delivery. I couldn't get a ring dealer to make this a call option market in it. So I thought, well, what's the best way to get cobalt? Then we had a look and thought, well, these lithium batteries, the cobalt ones are ones in your in your laptops and phones are 20% by weight cobalt, right? It's like, you know, you've got to work out a process to mill six ounce gold. You can make some errors and still make some really good money. So we've got a hardware lithium operation. We looked at downstream using conventional technology. Then in sort of about 2011, 2012, we looked at electrolyzing it, just basically adapting the chloralkali. We've then adapted that to brines because their primary all sources lithium chloride. We're doing R&D to selectively extract the lithium out of the brines and purify it. And then we would stick it back in the electrolyzer. And then just to cap it off is our lithium cobalt. So I'll fly through this. So, Mount Marion, we've got a sale process underway for the remaining equity in the business. We did offer it to our partners and we're in a third party sale process. It's fairly unique. So that's what it looks like, built from scratch, poured the first concrete in October 2015. We've had three, we explored about 50,000 tons of concentrates in February, March, April, next shipment about 30,000 tons leaving this month at full production. In that configuration, we'll do about 400,000 tons of concentrate. And really, as one of the earliest speakers said, in industrial mineral or tech metals, you've got to have someone on the other end to buy this stuff. Otherwise, it's just incurring costs. So our second stage, one is to get the mine up and running and monetize that. And then actually to move further downstream because if you had a choice of where to invest the dollar, you would go a little further downstream in a normalized market. And I don't think we're in a normalized market. And it may not return to normal for four or five years. The IRRs in downstream are about twice as good as the upstream. So we're looking at a standalone downstream operation. Using, we've got great reagents. We've got one of the world's biggest reserves of gas. We've got power, electricity, you name it. And so we're going through test work, vendor test work now. I hope to make a decision next year on that. The Eli process, as I said, we needed something to compete with the Brian guys and try to get in front of the Chinese converters. So essentially, we adapted to chloralkylite. We took the lithium, put in hydrochloric acid, purified it around electricity, and it works really, really well. Pushed us down the bottom end of the cost curve. Then we worked out it would actually be better if we applied it to Brian's. So we had a leading global engineering company that does a lot of working lithium benchmark our process against the normal carbonate costusizing route for Brian producers to produce lithium hydroxide. And it makes a massive difference for these guys. But, you know, we don't want to get into the brines in terms of the capex and the timing. When that's one of the beautiful things about lithium, half comes from rock. It's expensive to do it in Australia. It's expensive to do it in Argentina or Chile. And that's going to naturally, supply is going to take longer to get to the market, but they're building these battery plants and flying at it. So then, yes, we'll go to the lithium battery recycling. We developed, co-developed the technology here. We've got an R&D facility in Montreal. We've got some really good smart guys there. Dr. Harris, we own 50% of the IP and got an exclusive license to exploit the technology. So, you know, why we went for it. I mean, there's the consumer electronic batteries. Lithium cobaltate. There is less than 5% of these batteries in a cycle. They're stockpiled everywhere. The car batteries, they will come, but in time. Right, so what we're looking to do then is really to close the loop on these batteries. Initially, we just looked at the cobalt. Now, in our pilot plant, which we are currently building and will run next quarter, we will recover the nickel, copper, manganese, that sort of stuff. So, what we're looking at is, we're looking, and we did the study on a 10 tonne per day plant, which you would put next to one of these battery-making plants. Basically, take the wastage and the off-spec. So, you know, there's wastage in the cathodes. There's wastage in the cell production. And for these guys, it's a good way to get up the curve to get used to the metallurgy, because they're gonna have to build a much bigger plant when all the battery packs come back in five or six years, depending on the quality. So, this is what the commercial plant, this is a 10 tonne a day plant. The capex was about four and a half million US. It was seven 40 foot C containers. We needed a concrete hard stand of about 1500 square meters to put it on, pretty much self-contained. The upshot from the engineering cost study at a scoping study level, and this was ignoring any by-product credit. This was just strictly on the cobalt, pushed it down to four bucks 45 a pound. So, logically, we then proceeded, we're going to 100 kilo a day feed rate of EV batteries, NMC format, or NMC cathode format. And we can construct and commission this in 42 weeks. And the good thing is we can do it off our balance sheet because we've got 70 million bucks in cash and investments. So, our commercialization plant is to have, subject to the Board approval and the various studies to have this in commercial operation by the end of 2018 and speed to market is certainly one of the methods that we have to approach to commercialize this. There is competition, and we're running partner and site selection processes at the moment. So, lithium's one part of our business. We've got the world's second highest grade titanium deposit second only to Quebec's QIT. So, look, we're not resource constrained, which is good. And so, we've finished a pre-feasibility study and we are doing the metallurgical drilling to move into a full pilot phase. Technology originally developed in Canada. The pilot plant will also be at our R&D facility in Montreal. We'll run that later in the year. Essentially, what we're doing is taking an oxide, putting it in a hydrochloric solution, precipitating it out as a titanium hydroxide that can then go pretty much straight into the pigment process. All of the cost advantages are in the titanium hydroxide and basically, we're looking at A, removing all the iron waste that's a big problem in the Chinese pigment industry and at industry leading costs. So, the flexibility that producing a hydroxide, one, we can go to pigment, we can save. You know, the engineering studies say we can save $1,000 a tonne on their optics, which is pretty significant. We have produced titanium nano tubes for water purification. We've recently produced some lithium titanate. That's a fantastic anode material. We haven't gone to metal yet, but, you know, we could at some stage in the future. I'll just go on to quickly R&D phase. So, you know, lithium titanate, what a beautiful marriage of two of the commodities that we're in. Essentially, you're exploiting the physical characteristics of it as an anode. I mean, graphite's got a surface area of about three square metres of gram. Lithium titanate's 100 square metres of gram. You can charge unbelievably quickly out of these things. And I phoned a charge in about a minute. And, you know, the cycle life, and I've chosen a reasonable sized battery here, a 20 millimetre, we can read it later in the paper version. But these are what you would put in a car. And the cycle life there is about 40 or 30 odd thousand. So it lasts an incredible amount of time, very robust. And, you know, we think that it will become the choice for EVs and conventional stop-start engines. The Porsche E-mission, or missioneer, which they call the Tesla killer. So I'll take a slightly different bang on Tesla. This thing will, same range, but it will recharge wirelessly in 15 minutes. And with the batteries that are coming on, that'll come down even more. And Johnson Controls and Toshiba are building the 12-volt batteries now. So, you know, we see that as another value add. I've got too much to go through, but look, you can come and get me at any other time. Thank you very much, ladies and gentlemen.