 Today, I had the pleasure of speaking with Nick Erner from Alcane Resources. How are you today, Nick? I'm excellent. Thanks, Tracy. Good to be with you. Nick, we're so delighted to have you. We really want to talk to you and get right into this US Defense Act and how this might affect shareholders for Alcane Resources as you're clearly the frontrunner for supply for magnet materials worldwide. Yeah. Thanks, Tracy. We're really hoping that this provides a catalyst to get Western companies, particularly those that want to supply US defense contracts, moving and motivated to shore up their supply chain. If you look at this, if you look at this Act, what it's saying is the US will only be or wants its contractors to only buy magnets from allied countries. This excludes by magnets out of China and Russia. It's not must happen immediately today because we all know the capacity for that to actually happen doesn't exist, but it's saying, put your best foot forward, best endeavors, this is where the US government is moving. These companies have to act if they want to meet that regulation now or into the future. Yeah. Well, we've been talking and discussing sustainability for a number of years, so we were delighted to see that the US is putting a good foot forward. Of course, they don't have the supply, so let's talk about your timeline for getting to production. If I understand this correct, Nick, and please do correct me. When you guys are in full production, you'll have the largest supply chain for magnet and battery materials in the world outside of China. Is that correct? I'd like to think so, but no, Linus will still be number one in that. If you look at Linus' near-demium-praised-demium production, with their next program, they're moving towards 6,000 tonnes per annum, which would put them at about 15% to 20% of the magnet market as it stands today, not in the expanded demand. We for near-demium-praised-demium would be doing 1,200 tonnes, however, we do have the heavy rare earths of terbium dysbrosium, which others don't, apart from northern minerals now with their pilot plant, so we have a very good mix of the magnet rare earths and the heavy magnet rare earths, but then, of course, we have 40% of our revenue coming from zirconium, a lot of users for that, a 10% of our revenue coming from hafnium, which is an emerging technology metal. We see people now using some of the latest-generation phone chips, and then we have 20% come from niobium, so certainly, we'd be one of the largest complexes and revenue generators. That's nearly 500 million US of revenue a year, so that's a substantial revenue base, but we would be definitely one of the front-runners, absolutely, and more importantly, we do not have offtake into China or a large Chinese shareholding, either, which really means we can take those US defence boxes. I'm still certain that most of the investors out there may not be clear on how unique this critical material market is. Now, I was reading in your quarterly activities report that your project, your double project that we're referencing, could generate 4.7 billion free cash flow at the 20-year base case. Can you just talk to us a little bit more about really the size and what you could actually be producing at Devo? Yeah, yeah, yeah, thanks. So, yes, like I alluded to before, it's a polymetallic all-body. The classic ones are, of course, copper-gold or nickel-cobalt. In our case, zirconium, hafnium, nobium, and rare earth elements. And so, if you look at that revenue stream, in Australian dollars, nearly 600 million a year, and then 4.7 billion, including a ramp up over 20 years, and that's just the start of it. This is an over 75-year all-body. We have adjacent, another adjacent all-body we don't even really talk about because once you've moved past 20 years, people are saying, oh, the scale of it surpassed them. So, we would be putting a billion US worth of plant down to make all of these streams and revenues, and it would be a very large hydrometallurgical facility, producing very refined products. It's quite unique for Australia. We typically do direct shipdyne or rock coal, but here we are talking about separated rare earths, high-purity zirconium and hafnium. It's quite an exciting development, and could, yeah, like you say, a lot of technology metals. Well, I think I read as well that right now there's a what, a 6 to 10% compound demand for magnet materials year after year. You're currently not beholden to the Chinese with any off-take agreements in place. You're debt-free. You've got some revenue just on the side. What are you doing about 60 million a year right now with your gold revenue? Yeah, we're up to, you're right, at the moment I've got 80 million Australian in the bank. Not enough to start a project at this scale, but certainly enough to mean that we don't have a capital overhang in the market. So, others in order to have to continue to hit the equity market in order to move through DFS approvals. We've done all of that. That's all in our past. We've purchased the land we're on, state and federal government approvals, fully engineered by Hatch at different cases. We are ready to rumble. And so, yeah, a successful gold business, we're making decisions on the board, do we go underground there? Yeah, it's pretty exciting for us. We're actually a gold production company that has this large project that we've funded. So, we're almost uniquely positioned in that space. Well, of course, investor intel has been following Alcane resources for nine years now. And we're aware of the fact that you have some of those formidable leaders, not only in your management team. I mean, one of your members, I think, is celebrating 30 years in management, but you also have some extraordinary board members. So what should we as shareholders anticipate this next quarter or two, especially with this U.S. Defense Act? I'm wondering if that's going to give you any extra mileage. Oh, look, we're really hoping so. So I'll talk about that differently. So, our board, our largest shareholder is Ian Gandel. He's a quite a renowned mining investor. He comes from a very successful family in real estate and shopping as well, a very wealthy family. We have Tony Lethline from, he has an investment banking background. We have Ian Chalmers, whom you mentioned, very successful explorationist over 40 years on the ground and 30 years involved with this project. And we have Gavin Smith, who's the CEO for Bosch Australia, so very well-connected international trade, understands the European market, devices market in great debt. So we have quite a good board in order to deliver this. What we're really working on and continue to work on is seeking out which companies are now under enough pressure or have enough line of sight going forward to say, yep, I'm going to commit to that offtake. And that's always on our horizon. And it's very difficult to tell in a negotiation. Is that, is that two weeks away? Or is that two months away? Or are people going to sit around doing nothing and just take more and more pain and is it two years away? You know, I, I really feel and I, you know, I don't know whether you're feeling the same thing in North America. I really feel that people are saying, OK, I need to act. A lot of people have worked through ROTO. I understand what I'm doing in Lithium. I understand what I'm doing in Cobalt. OK, now let's look at at rare earths and insuring them as well. Well, I got to tell you, your valuation must be arguably one of the best buys on the market. Can you comment on that? Oh, look, I'd like, I'd like to think. So, and, you know, we've seen, we've seen, you know, we've seen our directors buying at prices above this, you know, we put out our annual accounts, you know, within the next four weeks, you know, we've already talked about those results now quarterly. Look, we think so, you know, at the moment, our valuation is almost cash backed, you know, and we have an active goldmine, very strong exploration pedigree, a lot of gold exploration ground and a project ready to execute subject to financing. So, yeah, we, you know, we, we, we think we're undervalued, but, you know, we're only, you know, as a board, we're only a small portion of people that can actually, well, we're even restricted from buying and selling shares. So, you know, the broader market will do it. I think, Tracy, that when we secure an offtake agreement and people say, oh, hang on, this is really happening. You know, these guys are going to get this done. I think that there will be a, a very strong rewriting, yeah. Well, Nekai, couldn't agree with you more. And thank you so much for joining us again. It's always a pleasure to get an update on Allocate. Thank you, really appreciate your time.