 Hi, this is Jack Lifton and today I'm speaking with Jeff Atkins, the CEO of Australia's Vital Metals. How are you, Jeff? Not too bad. Thanks, Jack. How about yourself? I'm fine. I'm not locked down. I'll bet you are. Yes, yes. We're locked down and the joys of homeschooling. But that really at this point doesn't matter from the point of view of your production since you're now producing in Canada. Is that correct? That's correct. So our mining operations have commenced up in Canada and we have started producing our rare earth concentrate up on the site. Well, I've seen the news today that you've now bought into and bought, I believe, entirely two Canadian well-known Canadian juniors. And can you tell us about that? Yes, so we've agreed to purchase the Kapoa project up in Quebec. So for us, that's quite an important acquisition as what that will do is that provides a source of then heavy rare earths. And as you're well aware for magnets, you need to have both lights and heavies. So that acquisition will allow us to be a single stock shop for rare earth makers in terms of their rare earth needs. Well, I think that's a very good move. And actually, the fact that you're already Canada's first producer of rare earth concentrate carbonates, I can't remember anybody else in Canada ever doing that. That may not be true, but if it's true, it's 50 years ago or more. And so again, I congratulate you on bringing this project forward. What I'd like to ask you is what is your, these are tactics, you know, buying deposits, etc. What is your long-term strategy? What do you expect to actually be in target production and revenue producing profit-making production? Okay, so from our perspective, the whole purpose of the North Tea project up at Nechelacho is to give, is really to build the foundations of the business. So that's about confirming to the market that we are able to produce rare earths at specification and to get that project into production. And as you say, not many rare earth projects have actually got into production. So there is a credibility issue there, which we have to build. So that's what North Tea is about. Once we get North Tea into production, we then move down to the Tartuff zone, which is really all about scale. And you can't get the scale until you actually have those foundations there. So Tartuff is all about scale and to really build up the volume of what we're producing. And then after that, we have the likes of Kipawa, which will then be able to come in and provide the full suite of products. So that's our strategy in terms of, I guess it's a three-stage approach there in terms of how we're looking at bringing product into the market. When do you think this might occur? When do you plan? Yeah. So our extraction plant down in Saskatoon construction there has started. So we then expect first feed into that plant by the end of this year. And that means we'll then start our commissioning process and first product coming out first half of next year. Have you, I think I've asked you this before and I don't know if you'll answer or not, and I wouldn't blame you if you don't. Have you been contacted by any European car makers? Look, or any conversations that we've had there, I'd have to keep confidential. Okay. So what I want to tell our viewers is that, for example, the Daimler Corporation has basically said they want 50% of their rare earth magnets supplied to be non-Chinese by 2025 and 100% by 2030. And they are planning to be by 2030 at 50% BEVs, which would be 1 million high-end cars a year with a lot of magnets on them. So that's just one company. And quite frankly, Daimler may be the most well-known luxury brand, but it's by no means the biggest European car maker. In fact, compared to Volkswagen, it's tiny. And there is much more aggressive movement towards supply chain diversion back to the continent in Europe than there is at the moment in North America. So I know you have a research or development deal with RETEC to do separation. I assume that along with the Saskatchewan Research Council. So at this stage, we don't have an agreement with the Saskatchewan Research Council for separation. Our plan is next door to theirs. So we'll let them develop their plant first and their plans first before we do anything there. But yes, we have an agreement with RETEC who will, as our first customer, who will separate our product and then sell that in. Would you be selling to RETEC or would they be tolling for you? No, we're selling to RETEC. Okay, fine. That's fine. So that enables RETEC, however, to approach European metal, alloy, and magnet makers. Exactly. So what we will do is we will guarantee the supply of the rare earths that they require. Have you raised enough capital to do these things? Yes. So we are fully funded. So the first question for any rare earth project, have you got the money? Yes, we are fully funded. And Kippewa is not yet developed. So what is your plan there? So obviously, Kippewa has had a full feasibility study completed on it. We will undertake a process now of reviewing that. And one of the things is that when Kippewa did their feasibility study, that was back in 2013 that they completed that. So there have been a lot of developments over the last eight years in processing. So we will go through now and review that feasibility study and we will update that. And we think that there are a lot of opportunities there for cost improvements in terms of capital and also operating costs. So that'll be our first stage. And then when we define that project, we will then go through the mining license approvals and things like that to bring that into development. Let's advance in your mind to 2025. What tonnage of magnetic wearers, NDPR and Turbium Disprosium would you hope to be producing in that year? In terms of 2025, by that stage, I would hope that we have both Tartuff and also Kippewa into production. So that would be a minimum of 5,000 tonnes at this stage, TREO. So from a NDPR perspective, that brings you down with the ratios we've got. That's about 1,250 tonnes. However, that's based on current projections. If the demand was there, then we would obviously look at how we would be able to increase that. So 1,250 tonnes would be enough to manufacture about 4,000 tonnes of rare permanent magnets. The demand in the United States and the EU for those magnets is between 25 and 30,000 tonnes a year. So I think you'll be very well positioned to be a very popular guy. And the reason I talk about the automotive industry, it is the world's largest user of rare permanent magnets by a long shot. So again, you couldn't possibly produce enough for them. In fact, the sort of, I don't want to say joke, but the fact is that Ford makes 2 million cars a year, GM makes 2 million cars in North America. Diver makes 2 million, Volkswagen makes 10 million in Europe. So that my opinion is that you could supply all of GM, all of Ford, and then Diver might be out of luck. So what's going to happen is you're going to be a very popular girl at the dance because you'll be one of the only ones. There'll be a lot of guys and two or three girls, I don't know if that's politically correct anymore. So you're going to have a very bright future because you've got the right idea. And the fact is anybody who thinks mining on its own is going to make them a living, it needs to go back to 2011 and 12 and see what happened to those guys. That's right. So I'd like to keep in touch and know what you're doing, Jeff. And I appreciate your time and hope you're out of lockdown soon. Yes, likewise. Likewise. Yes, thanks very much, Jack. And we're really excited about the future. We think we are positioning ourselves to really be in prime position for when that growth in the rarest demand really does kick in. And for us, it's all about being in position then to react quickly. And for that, you have to be in operation. You can't be sitting there waiting to start. This is an interesting horse race because I only see win, win, and win. I don't see win place and show. And there just aren't enough horses to fill all the docks. So I'm pretty sure you're going to be successful. Yeah. Thanks very much, Jack. We certainly plan to be. Thank you.