 Hi, this is Jack Lipton speaking and today I'm going to be talking with Greg Andrews, the CEO of Canada's Search Minerals, which has had quite a bit of news lately. And I'd like Greg to tell us about what's going on. Hi, Jack. How are you today? Good. So, Greg, I see that two things have happened. One, Search has become, I believe, Canada's first rare earth company to be involved in a domestic North American total rare earth-enabled product supply chain. That's a mouthful. But that's a very big move and it puts Search into the real top tier of North American rare earth ventures. And second, I see you're making progress on your technology to extract rare earths from the ore in your deposit. And I'd like you to tell us something about that. So, please go ahead. Hi, Jack. Yeah, thank you very much. Yes, Search has been in the rare earth space since 2010. And as we've continued to evolve with our project and our district in St. Louis Labrador, we've been working on building, you know, we look at four pillars of the rare earth of having the resource, the technology, the processing, the separation offtake. And what you've just mentioned is offtake being one of those key pillars that we just signed a non-binding MOU with USA Rare Earths, who we've been doing some technical collaboration with. And that helps solidify that when we're talking with our funding partners that they can see that there's an end game for product sales if we get this project developed. I want to tell our audience that USA Rare Earths actually already owns a rare earth permanent magnet manufacturing facility. And of course, it's going to need NDPR to make those magnets. So I believe that that is the plus for both of your companies. That's true. They have a mind-to-market strategy as well. So we look to do 500 tons of NDPR per annum just from our Deep Fox and Foxtrot projects. And that would represent probably a third of the production that would be out of those prospects. And actually 500 tons of NDPR would be sufficient to make about 1,600 tons of rare earth permanent magnet. And I note that the company USA Rare Earths has also said they plan to expand their production from 2,000 tons of rare earth permanent magnets to as much as 5,000 tons sometime by the middle of this decade. Are they looking to search to be supplying that NDPR even for that? Yeah, I really can't comment on that, Jack. I mean, our deal right now is just for the 500 tons as we develop our project. I'm sure they're out looking for other sources as well. But yeah, so we're focused on getting our projects done with that. Having an offtake is really good for us in terms of our, like I say, our government funding parties that are looking to make sure that we can continue on with our project and have sales at the end of that end of the day. I have to say that as a one-time chemical engineer, practicing chemical engineer, I'm very impressed by the work that your board member, Dr. David Drysnier, professor at University of British Columbia has done on the hydro metallurgy for your project. And can you tell us something about that? Sure. Dave started out back in 2010 doing the, you know, with a bench scale, we've completed two successful pilot plants. We've produced our mixed rare earth oxide concentrate and a mixed rare earth carbonate. We're now looking to do demonstration plants to build that out. But more importantly, recently, Dave has now gone back and re-looked at doing some physical beneficiation whereby we're looking at grinding and magnetic separation, which again is going to hopefully drive down our capital and operating costs as we continue to develop our technology in that regard. So right now, Jack, we are actually processing. We have 80 tons of material ready to go to SGS to start the process of testing that grinding and magnetic separation circuit. And then I also believe you're ahead of the pack in Canada. I'm making the point that you're a Canadian-owned and operated company. So there is another company in Canada doing some supply chain work, but it's not Canadian-owned. So you are perhaps, I believe, only the second company North American-owned and operated that has entered the total supply chain space. And I congratulate you on that. Quite frankly, you're also a survivor. As we spoke before, and you mentioned that you thought you were one of 600 companies that started in 2010, you exaggerated a little bit because I actually measured that metric. And there were 450 where the juniors in the year 2012. Of those up today, exactly one is in production in separated material, and that is Australia's Linus. So you're entering a very charmed circle of companies. And I wish you the best of luck. I'd like you to tell us a little about your cost structure and your target. Do you have a target cost for, let's say, one kilogram of NDPR when you actually are able to deliver that material? Yeah. Jack, right now we're in the process of redoing that calculations as we're doing our physical and beneficiation to the direct extraction process. So we don't have that cost narrowed down right now. When we started this business, our whole thesis was always to be low capital cost and operating cost and be in module. So our PEA, that is really our next step, is we're looking at taking our PEA of 2016 was 1,000 tons per day. And with our Deep Fox resource, we'll be doing 2,000 tons per day production. And with the new technology that we're putting in place, the physical beneficiation, the chemical beneficiation. Once again, we look to keep lowering those costs so that we can compete on that world scale. Can you say when you expect to be in production? Yeah, we're hoping that our production would be a decision to build at the end of 2023. We have things that are in place right now. Our milestones right now is our PEA that we're looking to have January, February of 2022. And that will really leapfrog us into a bankable feasibility study continuing on. We're currently doing environmental base studies so that we'll be repurposing our environmental impact statement with the new information adding the Deep Fox resource as the basis for our new environmental impact statement. And what's your target production volume? Our target production volume on the 2,000 tons per day would be about 7,000 tons of rare earth oxides, of which about 16 to 17 hundred tons would be the permanent magnetic material. That's about 20%. Yeah. What minerals are you are containing the rare earth in your deposit? Well, like most rare earth deposits, 93% of our revenue is derived from neodymium, crazeodinium, dysposium, and terbium. Those four elements comprise those that revenues. And is the geology of your project, is it monazite, vasocite, elinite? What is the principle? Elinites carry the light minerals and the fergusonite carries the heavies. Fergusonite, okay. Because I don't know of any other project that is going to produce heavies from fergusonite. So that's another plus for your company. Do you have any long-term plans to perhaps sell technology, process technology? That's a question we get asked when we look at our government funding partners. And the answer to that is we would have to do the same stringent testing that we've done on our project with any other project. So we would be looking at taking samples and starting the bench and doing pilots along with everything else. So we're certainly open to our technology in that regard. And but as you know, every vertebrate deposit is unique. Yes, but I have to say that I think that your project is exceptionally high-tech. And you're one of the rare companies that has actually got a technology tailored to your deposit that's working. So I take, if I were worrying ahead, I'd take it off too. Well, thank you very much. But it's been with our funding partners. David Reisinger has been clearly instrumental. When we started, there are rare earths getting in the space, we wanted to be that low-cost producer and be module. And so Dave actually eliminated our original process, eliminated grinding, flotation, magnetic gravity separation. We've only added those back in as the magnetic technology has increased and retested it and have had good success that we can now beneficiate our resources on site. I note that in your announcements, you say that you're cooperating with USA where earths. Can you tell us what technology might be involved in that? Well, they use Iron Exchange. So we're looking at some of that technology and some of our flow sheet working along with that. That would be sort of that. We'd also be looking at considering our separate further separation. We're also working with Saskatchewan Research Council in terms of separation. So our goals here are to get that bulk sample done and then run that material through our direct extraction and have product that can then go into demo scale separation facility with the end goal, Jack, producing a neodymium metal bar. That's what we want to show the market because it answers a lot of the questions of can you separate? So you really plan to go downstream to metals? Yeah, that's the plan right now because that's what the market seems to push us that way. I think that's absolutely right. Again, I'm impressed because that's the high value ad section of the rare supply chain, metals and alloys. So that's very good. Anyway, there's a lot for you to keep us informed about. So I hope we talked to you on a regular basis because things finally seem to be happening in Canada and they're not happening in Ottawa, they're happening in Labrador. So thank you very much. Thank you, Jack.