 Hi, this is Jack Lipton, and today I'm speaking with Constine Cariannopoulos, the chairman and CEO of Neo Performance Materials, a company which he brought back from the living dead, I think four years ago now, is it not? Well, I've had a number of stints. The latest one started last July. It wasn't quite, but we're really feeling the impact of COVID and the market and so on. But yeah, we bounce back very handsomely. Yeah, and I think everyone knows how well you did in the last quarter. That's an old story. It's at least three days old, isn't it? So that's ancient history. What I'd like to ask you today is, one, do you have any competition in the non-Chinese world? Well, yeah, we have three divisions. So division, we do have some competition. In our Magnequins division, however, in that business, our magnetic materials and magnets compete with other technologies. So you can never live without competition. In our chemicals and oxides business, which is where we produce rare earths and catalytic materials and electronic materials, a lot of value added specialty stuff. Yeah, outside of, we have two plants in China and one plant in Estonia. So technically, we don't have a lot of competitors. There are, you know, Linus and MP materials, but they are in parts of the supply chain that are a lot than we are. In the value added space, we tend to compete in the catalytic materials, for example. And even in the nanostructured electronic materials we sell to Japan, we tend to compete with chemical companies, either Europe or Japan. So in our rare metals business, tandem niobium, we compete against, again, other alternatives or there's a few producers of specialty super alloy metals that we can beat again. Still in all, I don't know of any other company operating in the West today that has the range of product specialization you do with regard to rare earths. So I think that neopreformance is really the go-to company for rare earth products. If you don't want to work with a Chinese company. So my next question is, what is the future for you? Tell me what you're planning to do in, I understand that you've got good market in Japan and Europe. Are you planning to expand in Europe or the United States? Jack, you and I have talked about this subject before. Go where the demand, where our customers need us to be. So we are in Europe because we have some very big customers in Europe. And given how fast the European market is growing, driven primarily by green energy, green technology, decarbonization, electric vehicles, it's quite likely that we will have to make a decision in the next few quarters to expand significantly in Europe. In China, a lot of our Western customers have plans in China. So we'll continue its business as usual there as the economy is really steaming ahead. Japan is a great market because that's where a lot of the innovation comes. And we will continue to serve our Japanese customers in a highly collaborative way. The United States is more of a question mark. We don't see demand growing as fast. Things haven't developed and unfolded outside of defense in the United States, EVs and so on. That demand is growing but not the rate that is growing in Europe and China and Japan. So given the fact that we have a finite capital to invest, we'll be investing in the markets that are growing faster. And eventually when demand develops in the United States and we feel that our customers are pulling us a bit more aggressively doing now, we will eventually, I'm sure, invest in production in the United States as well. The Financial Times this morning had a very lengthy article about Foxconn going into the electric car assembly business. And I'll understand if you don't want to comment. Have you spoken with Foxconn about any part of their supply chain? Well, that's an easy answer. No, we don't deal directly with Foxconn, but we do deal with a lot of the supply chains that Foxconn has a very dominant position in. My question is, if Foxconn suddenly begins producing electric cars and the Europeans really focus on, let's say, self-sufficiency and domestic, where do you see the best growth for your company in the next five or ten years? Geographically, I was in Europe clearly and China and Asia to a lesser degree, but clearly Europe is in the driver's seats right now in terms of EV supply chains. By EV supply chains, I'm not only talking about magnets for the traction motors, there's a whole host of applications that will grow along with it, smaller motors, sensors, other smart devices, chips and so on. So the driver for global demand and industrial output is very, very significant in terms of EVs. And if Foxconn goes into it, I'm sure we will have opportunities in wherever Foxconn does business, whether it's Asia, if they ever build a plant in the United States, North America, Europe, wherever, I'm sure their suppliers and therefore people like companies like ourselves will have to make plans to respond. But the fact is, of course, your company does not have infinite capital to deploy. So what I'm saying is it looks to me, and you know, just like your comment, looks to me like the United States is becoming and also ran in this. There's a lot of talk in the United States, but I don't see much action. You're involved in this. Do you see more action than I do? Not necessarily. I do see a lot of talk. And eventually, I'm always an internal optimist, and I also always believe in the human condition. So at some point, talk and planning will translate into action and just taking a little longer. And don't forget that in North America, both in Canada and my country and yours in the United States, we do have this election cycle that the powers that we need to manage to. So decisions are not always made on the basis of the best reasons and rationality. So we have to live within that environment. And Europe, you have the European Union that tends to make decisions outside of election cycles in China. That has been the case and it will continue to be the case. So, yeah, different environments. We will continue to allocate our capital to areas of investment, both geographically and in terms of the activity that we expect to get the highest return. And then one last question. Do you expect Canadian mines to be operational in this decade to supply rare earth materials? This decade is a long time. I've been wrong before, Jack. So it's really tough to find deposits in Canada that are really world-class because it's a highly globalized industry. These deposits and the finger-mining companies that are developing need to be competitive globally. I see the possibility, but I don't give them much more than a 50-50 chance, although there are a few projects that are very worthwhile to at least take to the next step. Cass, I'd love to put you on the spot some more, but I'll hold that for a few talks. So thank you very much for taking the time to speak with us today. Thanks. Thanks, Jack. Always a pleasure.