 Thanks, Tracy. Good everyone. I'm from Australia, which is why my voice is really clear and I've got these dulcet nasal tones. So forgive me if I draw too much. Look, I'm going to focus on industry dynamics, as distinct from talking about our project. And if that disappoints you, you can grab my colleague John or I and we can make it so that you regret ever asking us at lunchtime. And also we can tell you the joke that I was going to tell until I realised I was being recorded. So I also have an update to our business case for our Dubbo project coming out in May as well, so that will that will give it have a lot more detail. So I don't need to convince this audience, because you know we just heard there from Paul, that there's a significant transformation in the specialty metal sector underway at the moment. Here's a Tesla. I love the fact that it's got no grill. I think that's the most subtle piece of marking I've ever seen in a car model. I just want it fantastic. So I'm going to, you know this conference is going to focus a fair bit on the battery, but I'm going to talk about what this battery drives, which in general is a rare earth permanent magnet. I think we all agree on the scale of the trend. There's a trend occurring and that it's one of the most fundamental and rapid shifts we've seen in consumer behaviour in a generation. So rare earths, particularly the permanent magnets, go into into all these places, but the big change that's coming is the drivetrain because actually rare earth magnets been used in the devices inside doors and windows and wipers for quite a few years. And so you know most major manufacturers have been debating do or do they not incorporate rare earth permanent magnets inside their drivetrains and they are starting to do that. Do that now. The Tesla long range vehicle has a rare earth permanent magnet. These magnets consume about 0.7 to 1 kilogram per vehicle of neodymium, prosodymium in the vehicle. And depending on how many bells and whistles you buy in this one or a Mercedes S-Class, you'll be up at one and a half kilos in the other drive motors within the vehicle, but as minimum 0.8. So you're talking somewhere around one and a half kilos of rare earth in each electric vehicle. So numerous projections on this I won't spend too long, but we can see that from ground zero, we're talking six and a half times the amount of rare earths. People can argue about the ups and downs of that, but broadly we can agree that there's a fundamental shift occurring in the market. And it's really interesting, we as a company go looking for off take contracts to launch the project. The most common thing that I've heard across this last year has been, hey, rare earth slip, I know I've got a problem there, mate. Well, I actually don't say mate, that's me. And they say, you know, no, I've got a problem there, but we're going to get to that soon. We're so busy dealing with the lithium and cobalt supply chain issue at the moment that that will deal with rare earths later. So it's quite widely acknowledged. So I'm of the view that a sentiment for rare earths is going to follow the sentiment change that we've seen for lithium and cobalt and other materials. I just I just chose a 50% CAGR so that I could do the maths. Anything smaller, I found a bit tricky. But you know, if we do get market penetration sometime in the 2020s of 10 million EVs, then that is going to be consuming about 15,000 tons of rare earths that's not on the market at the moment that doesn't exist in the supply chain. I'm going to talk about that. So if we look at the forecast supply deficit, and I've got, you know, I've got the material here from Dudley Kings North from in Coa. Lastly, the deficit was about 3000 tons of neodymium prasadium, which isn't much, you know, when you're producing around 50, 50, 5000 tons. They reckon by 2020 as the as it takes off, it's going to be about 5000 tons 5000 tons neodymium prasadium is the equivalent of Linus and its production, which is the, you know, largest Western manufacturer or maker of neodymium prasadium oxide. So this is happening now. Already we have a deficit in these materials. Now, of note is that you can see we've got lanthanum cerium and the other materials. In general, the hunt for neodymium prasadium in the magma materials is driving all of these into surplus. And that's what creates a fair bit of media consternation is we're seeing stagnant and falling prices in other rare earths and rising prices in neodymium and prasadium. And so they're they're economic and economic rare earths. And when people talk about projects, you know, everyone goes on and on about about different stuff, but people particularly focus on the magma materials. And so, you know, our particular project, the Dubbo project of our rare earth suite in the mineralogy, about 80% of our revenue comes from neodymium prasadium is by no way the highest part of mass. And that rare earth man is about 30% of our revenue overall for that project. The other point I want to talk about here is clearly on rising demand. People talk about substitution. And it's a big, big thing talked about in rare earth permanent magnets. But I think the point that I would make is that at the moment, we don't have alternatives that have the same weight and efficiency. And in the electric vehicle market, everything's about range at the moment. Everything's about range. And so we don't have viable alternatives coming down the pipeline. And the car manufacturing and particularly their supply chain that we're speaking to at the moment, they're locking in orders now for the 2022 to 2030 supply. And so, yes, there may be substitution to some degree in the future, but it's certainly quite inflexible at present. And that's not we're standing the the cost impact of the rare earth on the whole of the electric vehicle. The other thing is that we're just talking about electric vehicles. There's wind power. There's quite a range of other technologies that are causing increased consumption of rare earth materials. So, you know, what does this mean for price? Well, prices have gone up, you know, circa 30% this year. Clearly, they've got a lot further to run. And why do I say that? Because at the moment, there's not the incentive prices pulling anything but brownfield expansion into production. So our project, other projects, they do not have incentive price yet in order for people to strike long term offtakes. So there are price rises to come. Let's talk a bit about China, because clearly their behavior causes a great deal of uncertainty when they supply 80% of the world's market. You know, the big thing that I get told is that the Chinese can meet all the supply and they can manipulate the market. And if you look at the last 40 years, you can see that the Chinese have steadily moved down that manufacturing chain. And many manufacturers have moved to China to compare, not to compare, but to make their componentry. However, if we watch what's occurred in the last year, and some of you will be very familiar with this, they've consolidated the industry, they've moved into six state enterprise, that's complete. They're shutting down illegal production, illegal production has moved from approximately 35% down to about 30% to a touch below 30% of production in China. So that's happening. They've continued to provide cheap funding for companies, although that's tightening up a fair bit at the moment. They've actually eliminated some of the export quotas and taxes and instead just put a production quota in place. They're imposing environmental restrictions and they're integrating the supply chain like I said. So what does that mean? The only point that I'm making there is that they are starting to address rampant supply as an issue. And so they in general are dealing with that 30% illegal production and in general they're increasing the cost-based environmental restrictions. And so all projections in general industry view is that the Chinese will not rise to meet this supply because they can't. So the rare earth market status, it's only worth about four to five billion US a year, which doesn't make major mining companies get out of bed. So it's left to small and medium companies to deal with. We can see that the demand is dictated like I've talked about Neodymium, Presodymium. China continues to be dominant. They're addressing illegal production. And then we come to the basic point. And that is that several Western companies, and you'll hear Gavin speak on his project later today as well, are proposed and there's evaluation in progress. My view is simply all of these projects have to enter the supply chain within by 2030 or there simply won't be enough supply for without incredibly aggressive moves inside the prices. If we look at the market projection, this is what I think is really telling. If we say that there's 15,000, 20,000, 10,000, it doesn't really matter which number you pick in terms of tonnes that need to come on the year. My project can bring 1200 tonnes. The current stated line of expansion brings another 1000 tonnes. So that's 2000 out of whatever number that you want to choose. There are other projects each can bring 1, 2, 3, 4,000 tonnes. When you add those together, we're still not meeting the demand that exists. So if you look at the project that I'm trying to bring in production, the Dubbo project, we also have a Gold business, which you can talk about at lunch if you're interested. But this project is a poly-metallic ore body that has rare earths, zirconium, hafnium, niobium. The exciting thing for me trying to launch my project is I've just spoken about the rare earths portion. But actually, within China at the moment, there's massive moves occurring on the environmental restrictions around zirconium, and so there's been very large price rises. And you can see that through investment in zircon mines, which we don't compete with. We compete at the chemical zirconium level. And so those moves have had, those prices have had significant moves in this year. And so what that means is that there's a lot of incentive in the zirconium markets, which is great for my project. We also have niobium, and you know, the impact in special metals of vanadium is actually driving the niobium price up despite CBMM's market position from there in Brazil. And hafnium is just an exciting 10% of our revenue. So it's a pretty interesting project to have our hands on at present. And then you say to yourself, well, hey, you know, where are you at? You know, why don't you have contracts in place? Well, that's all that we have left to do. I've listed here, in my view, any mining project, any mining and minerals project you want to do in the world, you have to get those things, right? You have to get a proven resource. Ours has been proven for, you know, more than a decade. You have to get your flow sheet and engineering right. That'll be extensive piloting and engineering programs. We've done BFS level engineering and had a pilot plant running for over 10 years at Anstow. You have to get your permits in place. It took us, you know, in New South Wales, which is a bit like getting permits approved in California, it took us, you know, three years to get those permits in place. But now we have all our permits in place. It will enable me to start construction. You have to have land tenure and negotiate. Some areas it's easy to negotiate. You can be negotiate with Indigenous parties. You know, on our own 3,500 hectares of farmland on which our project is based. And in fact, I run a pastoral company as well, out of interest. Although it's been dry, we've sold all the lambs. You know, you have to be in a stable mining jurisdiction. And there's a price imperative. Of course, there's a permit price mining jurisdiction trade-off as to whether or not you want to invest because it's just risk. But you know, I think for long-term projects you want to be in a stable mining jurisdiction. You have to have a team together and they have to know what they're doing, which we have. And then you need the external markets of pricing. And I believe that time is coming. It's certainly coming in zirconium and I believe it's going to come in rare earth as well if it's not already here. And so really, you know, you'll hear panel discussion on the whole thing. But if you look at, if you look at my fundamental point, that is the EV supply chain has to include rare earths. If you are investing in lithium and you believe the price forecast, then you have to believe the demand forecast for rare earths. It's an unavoidable truth. Rare earth production must therefore increase for us worldwide. There is not enough supply to meet the demand. There just isn't. You can hope there is. You can wonder where about there might be. You can assume that the Chinese are going to rise to demand to meet the Western world. Why they would want to defend our Western world manufacturing industry, I don't know, but I don't think they will. So the new new projects must come online. And we are ready to execute ours. And several others in this timeline, in this timeline between now and 2030, if you are an investor, look at all those criteria that I've got, and you look at other projects, you'll be able to tick them off one by one, and different projects will meet those, meet those if they haven't already one by one. And then each of us will come online at a particular price point. And so I think this is certainly a space to watch. If you're interested in mega trends, I think this is very different as a mega trend in 2011 when the Chinese government moved and therefore caused price responses. This is a demand supply issue as distinct from a regulatory issue. And so I believe that incentive to invest in our sector now occurs and given that this is an investment conference, it's well worth a relook. So thank you very much.