 Today I have the pleasure of speaking with Constantine Carinopoulos and Mark Chalmers about the deal you two just announced last night, which is really substantial news for the overall rare earth industry specifically in North America. Who should I let talk first about this deal? Go ahead, Mark. Yeah. Look, and I think I let Constantine, he's been in the business more than I have Tracy, so Constantine, the floor is yours. But Mark means Tracy is that I have a lot less hair than he does, because when I started I had a full head of hair, so Mark, this is what you have to look forward to. So listen, Mark and Tracy, I've spoken to you separately about this, and I will make the same comment I made to Mark when we met in April and started working on this, that I always felt that monazites could be a great game changer for the industry, byproduct, great distribution, but they have thorium and uranium, which not everybody can handle, and when we met with Mark, this is what I said to him as well. Energy fuels is the missing link to solving that monazite problem, and I'm glad we've gotten to stage one, because this is only the beginning. We're starting with available capacity, both at energy fuels and NEO, and we're maximizing sort of the immediate benefit. With a highly efficient use of capital, we're spending very little new money to do what we're trying to do, and we're both very excited about this, and we could set a new example of how things could be done, not only in our industry, but probably in the broader critical materials universe. In fact, just further to that, Frederick Kozak wrote last night in response to your news release, he said, when ramped up to commercial scale, this new rare earth supply chain is expected to constitute the first time in over 20 years that monazite ore from the U.S. will be used as a feedstock to manufacture separated rare earth materials outside of China. Mark, let's talk about that, and how this came about. Obviously, you two started speaking in April of last year, and look how fast you've moved this along. Okay, yeah, Tracy, yeah, we've been moving very quickly. As you know, we didn't announce that we're getting into the rare earth space until April of 2020, but I think that we've been very focused. We brought in advisors like Constantine and Neo, Jack Lifton and Braco Kelly, who had a long history of working at MP or Mountain Pass, so we've been very purposeful in the fact that we've been focused on monazite for the reasons Constantine gave because of the uranium and the thorium content was our core business, and we could treat that material right now. The state of Utah is very supportive in this initiative, but at the same time, I always use a phrase that I tell people I know what I don't know, and we've been very focused on making sure that we have the right mix of people, equipment, and availability to move this initiative forward very quickly. Well, I'll tell you, I think this is some of the most substantial news we have seen in the rare earth sector in quite some time, and interesting to me, just want to direct this to you, Constantine, a lot of Neo's current rare earth demand is coming from Europe. Can you comment on how this demand is growing and where it might also be coming from in the future? Sure. Europe is, I think, in all of my conversations with our investors, as well as customers in Europe, it is absolutely apparent, and it's demonstrating itself in an increasing way every day, that Europe has done the EU and the member states, they've done an awful lot of really good things to drive and encourage demand by the consumer for EVs. As a result, last month and the month before, from what I was reading, Europe produced and sold more EVs than China, which is the first in the last three years, because China has been dominating that sector. However, demand in Europe is driving supply chains, and Europe is encouraging the establishment of both battery and drivetrain, therefore, motor and rare earth magnet supply chains in Europe. So we tend not to engage in geopolitics. We go where the demand is. And if the demand is in Europe, we have the only facility that produces rare earths in Europe, and hopefully, we'll figure out a way to do a lot more there and perhaps go further downstream with more value added products and alloys and magnets and so on. So we're very excited about, you know, in terms of what we're seeing in Europe, and I think there's lessons there for the rest of the world, including Canada, which we need to get going with some of our industrial policies, but I'll leave that for another conversation, Trace. Well, of course, let's just jump to North America, please. Mark, what do you see the implications of this initiative for rare earth consumers in North America? Would you like to comment on that? Yeah, well, I think you've got to start somewhere. You know, this gap in the ability to process rare earths in North America goes back a few decades. So, you know, we want to take these first steps showing that we can go ahead and make this rare earth carbonate. Certainly, the relationship with NEO, because there is no separation in the United States, you know, is able to build a bridge to Europe in that regard. So, you know, I think that, you know, really, you're starting with kind of almost a zero basis in the United States when it comes to processing currently of rare earths and rare earth products. So, you know, we'd like to expand that with time. And as Constantine said, you know, our relationship, you know, we have existing infrastructure that has capacity right now in scalability. So, look at its early days, but it is our objective. This is a big deal and that we are able to show over the next few years at a pace that probably people didn't expect, that we're able to grow this, you know, mini-fold from where we are today. OK, well, congratulations to both of you. I have enjoyed some of the analyst commentary on what this actually means for the sector. I actually, one analyst actually put it to text that he thought this would slow down the interest in any other U.S. processing facilities. Would either of you like to comment on that? No, you know, there's a lot of good projects around and this room for a lot of good responsible operators. I think eventually as the EV industry takes hold in a much bigger way in North America, there will be a continuing need for more supply. But also, as Mark pointed out, for more downstream processing. So I think this is not hurting any new project, but, you know, they will have to come up with a business model that works because, you know, we may have set a benchmark here with Mark for a project that works in probably the most efficient use of capital that I have ever come across in our industry, using incremental capacity, by-product feed material. I really like all aspects of it. So, you know, I don't think it means that other projects will be slowed down as long as these projects have a proper, valuable business proposition. And, you know, White Mesa could eventually process other minerals. You know, given the excellent capabilities that energy fuels have in White Mesa, it could be the missing link not only for monazites, but for a lot of other minerals that need to find a proper place to be processed by people who know what they're doing. Perhaps I'm being too politically correct here. Having sat through more than a thousand billable hours of discussions on rare earths and sustainability in our supply chain here in North America, one of the items that have been really drilled home is that we can't compete with the Chinese because they can simply make rare earths more cost effective. Now, it's my understanding that what the two of your companies bring together in this initiative is a cost effective and competitive solution. Is that correct? Well, I think our first and very beginning has been on very competitive capital and operating costs for earth production. We're pretty confident. In the early days, we've got a lot of work to do, but we're pretty confident that we can be cost competitive with the world. And I think that's where you have to be to be successful long term. So our focus is in that regard. And the beauty of the monazite plan is we're dealing with very high grades to start with. And as Constantine said, with very good distributions as well. So that's going to be our focus initially. And we'll just see how it goes. But we're very encouraged and very excited where this could take us. Let me challenge that original premise, Tracy, because, you know, Neil has been competing with with China. In fact, we have plans in China, but we also have plans in Europe and Thailand when we make magnetic materials. So is it possible to compete with the big Chinese producers? Yes, as long as you have a proper business plan and you have a project that is well thought through, and it you have to ensure that you are always competitive in terms of your cost structure. And again, as Mark pointed out, this is a very cost competitive project, just, you know, similar to those who are familiar, at least with bassin zites from China and Baoto rare earths, utilizing a byproduct bassin zite from iron ore processing, you know, collectively, Kim wars is recovering an extremely high grade rare earth mineral monazite, which is then, you know, effectively zero mining costs. Mark is cracking that mineral into a usable feed material for downstream separation, separation and recovering the uranium values as well. So that helps the overall economics. And Mark is doing that with available capacity and capabilities. And the and the feed material comes to our existing plant and silmet that is just complementing our existing arrangements. So we're not spending any significant incremental capital. So that's what I meant earlier. There's an exceptionally efficient use of capital here that I, you know, I would bet dollars to donors for anybody to come up with a project that is that has a more efficient cost of capital per ton of area separated collectively in this in the three way deal. Well, again, gentlemen, I'd like to thank you both for joining us today. And before you leave, can you just tell us what we should be looking forward to and say the next quarter with this initiative? I think that there are more perspective from energy fields. The investors can expect trucks arriving to trucks seem to go to this point. We hope to have a good news flow with other initiatives because, you know, the original agreement with Camors and Neo, we plan to build on that over the next, you know, few months. And I think it's going to be an exciting place for our investors and for Neo investors, because we're going to actually be doing something quickly and cost effectively as Constantine says. So, so watch this space. But I think it's going to surprise people on the upside on the kind of progress we can make as we've made in the last year. The whole concept, the whole idea of going from nothing, an idea in Mark's head and in my head to actual deliver shipments of full container loads of rareth carbonate originating in the United States, cracked in the United States and shipped to, for separation in Europe, you know, 12 months, 10 months, 14 months, whatever it is, it's extraordinary. And I think eventually people will will grasp the importance of this. But as I said, we're, we're, this is step one in what we both hope to be a complete game changer for the industry. So we're, we're going to write this and we're really excited about it. Extraordinary news indeed. Thank you both for joining us today. It's, it's wonderful news. Thank you, Tracy. And also before we go, I would like to say thank you to Tracy for being the, the, the person who introduced Mark and myself. So, you know, you had a big hand in this, Tracy. So again, thank you a bit more publicly. Yeah, and I'd like to echo that to Tracy corporate matchmaker here. Thank you. Have a good day.