 Hi, I'm Chris Thompson for Investor Intel and we're back at PDAC 2023 today with Leo Power who is the Interim President and Chairman of Search Minerals. How are you today Leo? Great, thank you Chris. Now, Search Minerals has an interesting rare earth project in Newfoundland and Labrador but had some exciting news today about a grant from the government. Why don't you talk about that first? Sure, Minister Wilkinson announced today $5 million towards our demonstration plant which we will have at SGS facilities in Lakefield, Ontario and it's a $9.3 million demonstration plant. Search will contribute $3.3 million, the government of Canada $5 million and we've applied to other sources for the balance of $1 million and we're doing this for three reasons. Number one, we need to test our direct extraction technology using a hydromet plant to concentrate the rare earth materials. Number two, we'll secure the engineering data that we require to complete our bankable feasibility study by the end of 2024 and we'll also secure one ton of high purity rare earth carbonate that will send to the Scatchron Research Council for validation of separation into individual rare earth oxides. Now your project is in the Labrador in Newfoundland, it's on the aisle of the actual deposit or resources are in Labrador. Last year you put out a PEA on that project so maybe you can just talk a little bit about the PEA and your plans for developing the site. Sure, the PEA was released in July of 2022. It confirmed we have two significant deposits, our flagship deposits called Deep Fox and Fox Trot and it confirmed over 26 years we can produce using both open pit and underground and our end production will be 1437 tons a year of those four very valuable magnet rare earth oxides so NDPR and the two heavies TB and DY and we'll produce that for 26 years. So what is the importance of these critical minerals in the EV space for wind turbines and why is it getting so much traction here at the show? Well number one, permanent magnets are the world's most efficient and highest strength magnets and they're required for example in an electric vehicle for the traction motors that actually propel the electric vehicles so a lot of people think about the need for critical minerals for the batteries of electric vehicles but these permanent magnets that provide the traction motors to provide the motion are equally important and also they're used for in turbines increasingly for robots and so Dr. Sagawa who is a brilliant Japanese scientist received an Nobel Prize for developing the world's first permanent magnet and I was at a presentation he gave last year and he said we need to be aware that by 2050 his prediction is that we'll have 30 billion robots and of course they all require permanent magnets and so there's huge demand for for permanent magnets and I just read somewhere this morning in China today you can buy an electric vehicle with a range of a thousand kilometers and can charge in eight minutes so I hear people dissing electric vehicles in North America the technology is rapidly evolving and what's not the like of what's not the like of an electric vehicle I mean charge in eight minutes when you get this newer charging technology and very minimal service as you know so huge demand for rear earth elements to produce permanent magnets so what is that search minerals plans for developing you know your deposits in in Newfoundland well we'll start with doing the mine and the primary concentration in laboratory will produce a three and a half percent product then we'll ship to concentrate down to a brownfield site on the island of Newfoundland and there we will build a hydromet facility which will produce a 56 percent pure product and then separately we'll build a separation plant and that will produce a pure individual rareth oxides and again we'll produce the four in the money elements that are required for permanent magnets so NDPR and DYTB we're very fortunate in Labrador to have economic concentrations of four of those rareth elements and so that'll help feed the North American sort of green economy then well it will I mean Adam's intelligence a Canadian based firm with X deep expertise in rareth elements they say there'll be a shortage of NDPR of 68,000 tons by 2035 search will produce 1437 tons a year so we'll satisfy just 2 percent of that demand in 2035 and so it'll take 48 mines the size of Deep Fox and Foxtrot to satisfy the projected demand now I know from writing a big research report on your company you have more than just those two deposits for exploration so what what are your plans for looking at regionally for more deposits well we hope our Deep Fox and Foxtrot project which we hope to get into production by the end of 26 first concentrate by the end of 26 we hope that'll serve as a catalyst to launch an entirely new industry in Newfoundland Labrador so we know we have at least two other significant deposits Fox Meadow and Fox Valley but we have 20 other significant re-showings in our 63 long it's 63 kilometer long belt in addition to that we have a very good land position northeast of church of falls about 110 kilometers called the red wine district and then there's massive potential in the rest of northern labrador strangely for earth elements as well so we're hoping to act as a catalyst to develop this industry well that's great I'm sure that investors will see a lot of news flow as you work towards your pre-feasibility for this year and I thank you for your time today great thank you