 Today, I'm at PDAC and I'm going to meet and talk to Dr. Luisa Marino, who is the President of Defense Metals. Good morning, Luisa. Good morning, Jack. Thank you for having me. I'd like to know a lot about Defense Metals, so I'd like you to tell me about the company, what it's doing. It's a rare earth project, I understand that. Tell me something about what it's doing, what your deposit looks like and what your targets are for the future. Sure. It's a carbon dioxide deposit. It's located in British Columbia, in Canada, here in Canada, and we are at the pre-feasibility stage. We have a resource of about 30 million tons at 2%, but the good point for our project is that the first few years, we're going to be mining relatively high grade, more than 2%, as high as 2.5% to 3% in the first few years. And the result of that as well, given the type of deposit that we have, is that we're able to produce a high grade mineral concentrate more than 40%. So as I said, we are at pre-feasibility stage. What we're envisioning is to concentrate the material and then produce a hydrometallurgical plant, build a hydrometallurgical plant, and produce a chemical concentrate from there. What are your target dates for production? The way we are envisioning from the PEA, and now as we move forward with the pre-feasibility study, is probably a span of about five years to production, hopefully. That's what we're envisioning. Obviously, we have permitting and all these other things. But as far as the work that has been done, the pilot plant was extremely successful, so we're very happy with that. And now we likely will do another pilot plant as well, both for flotation as well as for the hydrometallurgical. I'm wondering if the public understands that no matter what happens with EVs, the fact is that we will be making some EVs and a lot of hybrids and some internal combustion engine cars. The point is, all of them use rare earth permanent magnets. And the hybrids and the EVs use 10 times as much rare earth, for example, as an internal combustion car. But even internal combustion engines use, let's say, half a kilo of rare earths in various parts of the car. So that even the North American market is still 8,000 or 10,000 tons of rare earth permanent magnets now, okay? As the EV and hybrid era comes on us, that will be much, much larger because a typical hybrid or EV uses 10 times as much rare earth material as an internal combustion engine. So there's a bright future. And right now, America only has one producing mind. I'm talking North America. So I think that your timing is reasonable, quite frankly. And what would be ultimately the amounts you could deliver, do you think? What's your target for production? So the target that we have is 25,000 tons of total rare earths. So that brings about, so if you think about just the magnet materials. So we're looking at about 4,000 tons a year, a give and take. So but you are absolutely right. That is all that's going to be a need for rare earth. It's not so much, or I should say, in addition to the forecasted demand, there is also the issue of a diversified supply chain. And the need of producing more rare earth outside China to say, perhaps, to relieve China a little bit from supplying the rest of the world, all the refined product that they do. You know, I also wonder if the investing public understands that companies like car companies, they like to have up to five suppliers of any important commodity. So if anybody falls out of the basket, they still have sourcing. And if the United States and Canada were to produce all electric cars, for example, next year, they would need almost 50,000 tons of magnets. And that is not going to happen anytime soon. So again, your project sounds pretty good to me. And I wish you a lot of success. And what I'd like you to do is please come back every so often and tell us how you're doing, because serious rare earth projects, and you're telling me that your your grades are two and three percent. That's a serious project. We need everything we can do in North America. It doesn't matter about China. The Chinese have an internal market that's vast. They need to they need to supply themselves. OK, it's the same thing. Politics aside, every region or nation needs to supply itself. So now that I think Washington is finally recognized that Canada is part of North America, excuse me for being cynical. We're looking forward to development. Canada, actually, when I started out looking at where it's when we when I was doing a report about 15 years ago, we discovered that maybe half of the world's where the bosses were in Canada. OK, and yet here we are 15 years later and there's no producing Canadian mind at the moment. OK, so things have got to get better. I won't even talk about the United States. But things that you would agree that having a resource is one thing. Having a metallurgy to extract that resource and make it reserve is something completely different. And I think that is where the fence metals is different. There's a lot of resources. There's a lot of rare earth resources in Canada, fortunately. But I think in terms of metallurgy, we are the ones that are the most advanced. So as you know, all the hard rock producers in the world today of rare earth produce a high grade mineral concentrate, at least 40 percent. You know that. And this is where we are. And that is it goes a long way to making this, you know, a rare earth project economic and we are able to achieve that. Let me finish by asking you, what's your own background? It's diverse. So I study engineering physics, but I was in investment banking a number of years following the rare earth space, traveling around the world, visiting mines, processing plants. And so I know a little bit of the geology of rare earth, just about enough to be dangerous. And I follow very deeply the metallurgy of rare earth, because I believe that contrary to gold, perhaps in some of the base metals, in rare earth, metallurgy is everything, right? It's just like real estate, they say, location, location, location in rare earth, metallurgy, metallurgy, metallurgy. You know, you're in a very small group of people who have the right background and the right attitude for for mining and development. So thank you for for being there. All right. Keep us informed. Let us know what's in. Thank you for stopping by today. Thank you so much for having me, Jack. It was a pleasure talking to you.