 Now folks, let's say we got a great guest player out here today folks, okay, we got Mr. Fred Ernest, you've heard Fred many times on TFNN. Fred is the CEO of Vista Gold Corporation. They have a huge development right now in Australia, the Mount Todd Project. Fred Ernest, welcome back to TFNN. Hey, it's great to be back with you. Thank you. Absolutely. So let's go through this. You know, I saw the press release come out last night. You know, I have your feasibility study up. Where do you want to start, Fred? Well, you know, this is a tremendous achievement of a milestone for Vista. You know, I think some of the key highlights, Tom, are first of all, the significant increase in reserves. You know, the project now has 7 million ounces of proven improbable reserves and 19 percent increase from our last technical report. The costs are based on quotes and price estimates from the fourth quarter of last year. I think that they fairly represent the inflationary pressures that our industry has seen. And even with those costs, the project still demonstrates a very robust economic picture. You know, we're very pleased with the results of the feasibility study. Yes. And you know, it was interesting when I was going through the numbers there. Can you talk a little bit about the expectation of your cash costs and your all-in costs? Because they're very reasonable costs. Absolutely. You know, they're higher than they were three years ago. We're subject to the inflationary pressures just like everyone else. But we've designed the project to take advantage of economies of scale. And second of all, we've designed the project to be a community-based project. Unlike many Australian operations that are fly-in, fly-out, we've based this on being able to hire people locally. You know, we're just 30 minutes from a regional commerce center of, you know, 14,000 people. And so we won't have airfare. We won't have a camp. We won't have the expenses of having a fourth crew in order to staff the operation. And, you know, one of the things that has saved us on capital costs and that insulates us from certain construction and operating risks is we've made the decision to use a third party to build, own, and operate the power plant. And it comes with just a modest increase in our power costs. But it certainly gives us some distinct advantages on the capital cost side. Yeah. Listen, you may not know it, Fred, but I build a lot of houses, right? And subbing something out is totally where it's at. Because the cost structure, folks, you know what the cost structure is. The payroll is totally different. That is really a cool deal. Hey, let me ask you, this is really cool. So, locally, you know, once this thing gets up and going, locally, this mining operation is going to be very, really good for this local community. Absolutely. Absolutely. You know, it's the concept when we approach government with the concept of a community-based project, they were immediately all in. And I think that there will be some incentives given to us as we make a definitive investment decision. Because the idea of a locally-based project is that income, you know, salaries paid stay in the territory. We're not paying salaries to be flown out to be spanned in New South Wales or Western Australia. So, really some big advantages for the Northern Territory. Now, so what is the next step that you're going to, I mean, it looks to me that you have just about everything in place. Now, you just got to entice some of these larger companies come in and take a look, right? Well, that's certainly, that's certainly where our focus is turning. We are now focused on the aspects of increasing shareholder value, realizing value that's closer to the intrinsic value of the project. And that will take place, you know, in the coming months, there will be announcements to inform the public about what we're doing with that regard as we consider a broad range of potential partners, structures, obviously looking forward to the transaction that will create the most value for our shareholders. No doubt. And, you know, the return on investment, I mean, for Goldmine, you know, this feasibility study, that's a big return on investment, man. And it doesn't seem to me, I mean, you know, we're 1850 on Gold, but, you know, that's been a decent price for a long period of time, well, 1830. But it seems like that return on investment is also a decent return on investment inside the mining business. Yeah, absolutely. You know, and I think that's the demonstration of the resilience to the inflationary pressures, the robust nature of the project. You know, we conservatively reported economics at a $1,600 Gold price, you know, on a sensitivity basis, you know, we report the economics at an $1,800 Gold price. And at $1,800, we have an NPV5 of $1.5 billion, an IRR of 26.7%, free cash flow or after tax cash flow of $2.1 billion over the first seven years of the project. You know, this is definitely capable of repaying capital, the capital investment and generating, you know, dividends for shareholders. And, you know, when you just brought up the aspect of the reserves going up, so can you just explain to the folks like, I mean, there's many folks out there, of course, like we have bull and bear markets, okay, some feel folks think that, okay, Gold's going to $1,500, plenty of folks thinking $2,500 is the next number out here. So as the price, you know, goes up, my take is we're going up. I mean, we got inflation. I mean, it's a real simple deal out here, actually. You know what I'm saying? It's like, okay, the market's kind of recognizing it out here. And I was talking about a little bit earlier, Fred, is that it looks like there's plenty of market participants worn around the last bout of inflation, which would totally make sense because it was almost 50 years ago, you know, so I can see that. You know, that being said though, when Gold, let's just say Gold's at $2,000 to $2,200. That brings all your numbers much higher, right? Absolutely. You know, in simple terms, for every $100 that the Gold price changes, the net present value of the project at a 5% discount rate increases by $230 million. There's tremendous leverage to the Gold price in Mount Todd. Right. And my understanding is that as you just explained that, you know, you're in a local community, everything's in place. Bottom line, you need a partner in order to get this thing good done. Is that where we stand right now? That's, we believe that that's the best way to create value is to bring in a partner to work alongside of us in developing the project. Yeah, no, I can see that. It's totally where it's at because then you have the expertise, they have the cash. Bottom line, there's plenty to divvy up. I can see that. There's no nothing, there's no doubt about that. Well, listen, man, congratulations. This is, hey, so let me ask you, when did this start? Did this start with Jock? When did this Mount Todd deal start? Because I met Jock so many years ago and the poor guy that passed away that I then Mike, is it like 10 or 15 years? 15 years? I'm sorry, ask the question again, Tom. It was Jock, right? That was the first CEO. Yeah, Jock McGregor passed away in 2004. And then Mike Richings led the company from 2004 to 2012. I joined Mike in 2006 and was appointed as the CEO in 2012. That time even goes faster than I think, man, because I remember we were doing a show together and I was right next to Jock and we were both putting the rugs down, 2004. That's scary. That's 17 years ago, man. Yeah. Totally cow. Just like that, really fast. Well, listen, folks, Vista trades on the NYSE under the symbol VGZ. Check it out. You know, Fred's got a great presentation. I had the presentation up here, but you just go over to VistaGold.com, hit that button, go through that presentation. And of course, Fred, congratulations. You've done a great job. It's always tough. You know, it's amazing. It's not like the oil business. The mining business takes a lot longer to get this thing done. And you're almost to that finish line, man. We're getting closer. So it's been a long, long, long path. We're very pleased with where we're at today and think that we're well positioned to achieve our objectives of unlocking tremendous value for shareholders. Right. Because you don't have any debt either, right? We have no debt. Right. And what has happened, folks, I've followed this company a long time because it just said we were right next to each other years ago. And they've always basically been very conservative. And you don't see that in the mining business. That's the reality. You just don't see it. So it's pretty cool that you can get a lot done and still have a lot of bread in the bank, you know, which we know you always need, you know, because we never know us around the next corner. Well, listen, Fred, this has been a great one, safe one. Appreciate you having it on and look forward to having you on again. Very well. Thank you. Have a great one, man. Have a safe one. Thank you.