 Thanks Tracy, and good morning everybody. I can guarantee you I won't be after the gong. Two reasons. I don't want to evoke the wrath of Tracy, but also in Australia if somebody rings a bell it typically means that you have to buy drinks for the entire room. So I'll definitely make this swift. My name is Gavin Lockyer, I'm Managing Director of Arafura Resources. I've been with the company for around 12 years now. I commenced as CFO and company secretary and has stepped into the managing director role about three and a half years ago. All besides travelling with me is our general manager for business development and exploration Mr Richard Brescianini who's standing over to the side there. So if you have any technical questions about the project later on please feel free to seek out Richard or myself. Richard's also got some little toys which we can pass around because we all talk about these magnets but not all of us have been have seen them or been able to feel how strong they actually are and Richard's got a couple of toys there to play with. As you heard earlier if you're around when I was on the panel we're developing the Nolan's Boar project which sits in the middle of Australia and it's enriched in the rare earths in particular NDPR or neodymium prazodymium and these are the key feed materials for these high strength magnets. I won't bore you with all the standard details what I like to do in this presentation is to talk a little bit about the the market about what we're experiencing at the moment so it perhaps might not correlate to the slides that are on the on the screen but I think you're all educated enough to jump on the website and download a standard presentation. I think it's probably more beneficial if we have some interaction around what we're actually seeing in the real world from our discussions with magnet producers both in China Japan etc. What I will say about this slide though is that our project is one of only 12 in Australia that's been granted major project status by both the federal government and our local Northern Territory government and I think that reflects the strategic importance of rare earths in particular to Australia and its export partners and what this means really it just gives us a dedicated case officer in in Canberra our capital and also in Darwin the capital of the Northern Territory where we can coordinate relationships through government and not fast-track but supposedly grease our way through the wheels of bureaucracy and I'll touch on some of our permitting stuff a bit bit later on. As we've all heard the the NDPR market is is critical to the high performance batteries sorry magnets we're seeing and we're seeing renewed interest in capital markets in particular around the fact that a lot of these guys have made money out of the battery metals excuse me so a lot of the fund managers etc. where we're speaking to now have all made money in graphite cobalt lithium and they're starting to think well what's the next technology metal that is going to take off and inevitably the battery technology has been the key enabler around the electrification of of transportation fleets those batteries have to drive something inevitably it's an electric motor those electric motors as we heard from Nick from Alcane earlier if you want that magnet if you want that motor to be lighter and more efficient it will have NDPR magnets in it and China has dominated this market compared to the last I guess bubble in rare earth prices what we're seeing now is that China we've got a backdrop of China restricting supply as we heard they're cleaning up their industry and at the same time they're increasing their own demand requirements along with the rest of the world also increasing its demand and we can go into a bit of that soon the it's a little bit busy that that chart but the the the inset chart shows you historically where the NDPR price has been and you can see the big spike in 2012 11 12 you may recall those that have been around long enough that's when Molly corp raised all their money that's when Linus the Australian operation raised all their money because the market was hot and that was all around geopolitical issues as we've discussed but what we're seeing now and that's the closer up chart to the bottom there since China has undertaken structural reform we've seen the market flooded with illegal product suppressing prices but then towards the end of 2017 China northern or Bautow the largest producer in the world announced that at these prices it wasn't going to supply the market and so we started to see prices start to trend upwards until there was another geopolitical event the Communist Party met to have their five year round chat about the next 25 year plan and there was a bit of panic buying out of Japan in particular around maybe the changing government in China would actually reinstigate the quota and tariff system that they had before there was some panic buying that didn't actually happen so prices dropped again but now as that panic buying is filtered through the market we're seeing prices slowly start to tick back up again we've heard the from from Nick at Alcain the uses of the magnets within a normal car I think what's important here is to say that the existing automobile industry is by far one of the largest users of rare earth magnets now the EV stuff is over and on top of existing cars and I think it's important whilst the EV revolution is certainly alive and well in Asia in particular because of the cleaning up the air and the and restricting the mining I think in countries like Australia where we still have to travel large distances the EV revolution hasn't really quite got there there'll be pockets and I think it'll be the same in North America there'll be pockets of major capital cities where people want green cars but I think still as an overarching comment places like Australia where we still have large distances to travel I think the EV revolution will be slower but by comparison we're a small market everybody talks about Tesla in terms of electric vehicles Tesla's really nothing BYD in China produces probably five times more electric vehicles than than Tesla does but we don't hear about it because it's Chinese you can see there some of the statements made by most of the car manufacturers that they all have ambitious targets of 10 to 60 percent a lot of that was driven out of the diesel gate that we heard earlier but the rest of it is around I guess consumers now demanding that they want clean green environments in which to breathe particularly in Asia and they want obviously fuel efficiency this chart here is really the change in the dynamic and and that's where historically as we said earlier geopolitical issues had influence price but as Nick alluded to in his commentary China is becoming a bigger and bigger user of of rare earths and that's what these charts are showing here and my guys got some numbers out of China just the last couple of days and that's why we've actually just amended this this morning China's now moving some of the previously illegal production that was being fed into the market and then our classifying it as legal and that doesn't mean it's a legal mining operation it could be illegal smelting so they have to clean up that smelter in order to meet these production targets and that's what they're doing but the real kicker is that by early 2020s most analysts are saying that China will become a net importer of NDPR and as Nick already alluded to we don't see ourselves as competitors in terms of market we're probably more competitors in the capital markets base to try and fund our projects but there is room for us for our gain and for many others and we still can't meet the the forecast demand targets so that's the real dynamic change in the industry China's restricting supply China's growing demand where is the rest of the world going to get their their material from just a quickly a little bit about our project in in particular it's called the Nolan's project it sits in the Northern Territory of Australia we are doing all the mining Tracy asked me a question earlier about what's the most difficult or annoying question you get I guess it's it's a I'll start with a negative but it'll finish with a positive the most annoying question I get is typically from usually my shareholders usually they're retired usually their geologists and they say I invested all my pension fund or all my savings in Darafura why aren't you paying me a dividend I've been in Darafura for you know five years plus and I have to explain to them we're not a mining process here this is a chemical process we're not just digging it up and shipping it out like most of Australian companies do for iron ore etc we actually have to do a chemical processing process and that's shown there in the extraction plant that's about 80% of our capital 80% of our operating costs sits there the mining dollar 50 kilo it's nothing the rest of it all sits in that in that process because we're producing oxides that are 99.99% pure they're pharmaceutical grade so it's not a traditional mining project and so the frustrating thing for investors is they they think it is and fund managers historically have been the same they've tried to put the rare earth model into it into their gold models and it doesn't work and that's because we're value-adding we're not just digging it up shipping it out the positive to that is that now because of the the battery technology metals have and the battery technology has enabled electrification people understand the market more now they understand that it's a much more sophisticated process than as I said just digging it up and shipping it out and so the type of investor we're now getting and the type of funds that we're now talking to are much more educated so it is a positive although there is still those annoying sharehold of phone calls just a little bit more about the project itself whilst we're sitting in the middle of Australia which anybody that's been there would know that's pretty much big desert we do have some really good infrastructure nearby we're just off the main road 10 kilometers from the main highway that dissects Australia the red line there is an existing gas pipeline which as you can see runs through our tenements and the green dots down the bottom are a new water resource that we've dilineated and we know that there's a sustainable water supply for the life of our operation the other bonus about having all this infrastructure there it means we can actually put more of our processing at site which from an environmental perspective means we can we we can leave all of our radio activity and and other processing wastes at site from where they came which leads me to environmental we're just about through the whole process in Australia have to go through the local EPA process which we've now done and got the tick of approval that incorporates public comment as well we've done that it's now with Canberra seeing with the federal government for the final approval when we're expecting that any day now we think that this is critical for us to be able to attract off-take because the off-taker will underpin ultimately our project finance and as many of you would be aware these projects are typically being developed by small market cap companies but they have a big capital requirement ours is no different that process there I won't go into it I'm not a chemical engineer 680 million US dollars worth of capital at the moment we're refining that as we're going into our finishing our feasibility study by the end of this year the difference between our that our resource and our flow sheet to others is predominantly this first section at the top there which is really fertiliser technology where a where a phosphate hosted all body we've taken fertiliser technology extracting the phosphate which is a value add product which gives us a revenue credit and an operating cost credit and then a clean rare earth feed goes into the next phase which is fairly standard rare earth processing technology by cleaning it up at the front it allows us to operate this acid break at much lower temperatures 200 degrees C most rare earth companies would operate around 700 C so operationally it's much much better some of the work we're completing our piloting this year we're engaged with engineering companies to complete our feasibility study and then these are some pictures of the piling program which are all YouTube on our on our website as well if you'd like to see them and these are the financials but as I said that the elephant in the room is really the capital and as I said we're utilising our environmental process to basically have meaningful discussions with potential off takers in order to fund the project and spot on