 Welcome back folks. Dow industry is down 20 in Essex, up 52, S&Ps are up 8. Let's get over to our man, Mr. Fred Ernest. Fred is the president and CEO of Vistagold. I happen to own Vistagold. Vistagold is building shareholder value with one of Australia's largest and most advanced undeveloped gold projects. There's no doubt about that, man. Welcome back, Fred. How are you doing? Very well, Tom. How are you? I'm doing great. I'm doing great. Well, you know, I saw the news release you put out on May 25th, so tell us a little bit about that news release. Yeah, really quickly, you know, we have an agreement with the Northern Territory government whereby they have retained the environmental liability for the project site up until the point in time that we make a definitive investment decision. That was renewed. That agreement is now valid through the end of the year, 2029. And we're really excited about it. I think it's a demonstration of the outstanding relationship that we have with the Northern Territory government. I can see that. I can see the context of when you're actually negotiating with other companies. I expect that's really important, right? Absolutely. You know, just having runway, knowing that there's, you know, the comfort zone of being able to advance the project, go through the studies that need to be undertaken without having the government, you know, breathing down our back is certainly a huge advantage for companies that would be looking to partner with us on Mt. Todd. Sure. Now, Fred, does this have to do with that, you know, at one time, you know, this was a mine, right? And then so is there water in the mine? What does this have to do with? Does this have to do with a legacy issue from a long time ago? Absolutely. You know, when you look at the pictures of the mine site, you see that there's a... And we have them up right now. ...the daily storage facility, the waste rock dump, you know, these things. I see. We get a lot of water and, you know, the government looks at it from the point of view that these are things that need to be reclaimed. We look at it as, you know, this is infrastructure and things that we'll be able to utilize. And to reclaim them as part of the mining operation will be part of our bond. So the government maintaining that liability up until the point in time that the decision made to develop the project is a tremendous advantage to us. Wow, that is really cool because when I read that, I really didn't get that. I got the aspect of, I thought it had something to do with the licensing that you have that much more time in order to make a deal with someone else. So that's a lot bigger than that. That is really cool. It's both. Yeah. It's really big. Yeah. So let's talk about the mine. I have the presentation because I know you come up with another presentation on the first. And so I have your presentation up here. I mean, this is, there's a lot of infrastructure here, Fred. There's a tremendous amount of infrastructure. You know, we mentioned the tailing storage facility. It has capacity for the first 80 million tons. That's roughly a third of the reserves of the project. There's paved roads to the site, power lines and natural gas pipeline. And we plan to use that pipeline to generate power with our own power plant, allowing us to generate power for somewhere between a quarter and a third of the cost of buying it from the grid. You know, there's just many things that were built and paid for by the previous owners and operators of the project that we're able to take advantage of that give us, you know, cost advantages and time advantages. We just don't have to take the time to build some of these things. Yes. And, you know, the bottom line is that, I guess, when we're talking about when this mine was operating versus where we are now, I mean, we have gold that's running at 1979. I suspect when, you know, when you guys had come into this project, I believe gold was like it bellows, right? It was like 280 to 320 or something, right? The mine operated in the mid 1990s, it shut down in 1997, operated again for a year in 2000. In that period of time, the gold price was in the range of a low 260 at a high, you know, 380. I mean, we're in a tremendously different environment today than what those operators faced in their day. You know, it's amazing Fred and folks. I started the gold report in 1998, I think. And Merrill Lynch had one of the best commodity desk, and they were shutting it down. Whenever the gold was 282, because I got into a 252, but it's so weird that that happens a lot. Merrill Lynch had one of the best commodity desk in Europe. They shut it down. They opened it back up like six years ago. But it's like, it's wild that that's what does happen at severe lows, right? That, you know, it's like, okay, I'm going to throw in the towel. Yeah, it happens. It happens a lot, Tom. It happens in a lot of industries. You know, it's really a credit to those who are persistent and have the foresight to buy things when they're cheap and to buy things when nobody else wants them and to hold on to them because they're the people that actually realize the tremendous value creation. No, I agree. Someone told me a quote, and I'm sure most of us know it. You make money buying at the lows. It's not the selling. It's really making the money buy-in right, right? I mean, that's what it comes down to. So that we have the project now where, you know, at the 1979, things are still tight, you know, interest statewide, but it's going to get intriguing here, Fred, because, you know, the way that the Fed fund rate is looking right now is that we won't go up in rates in June, and, you know, we'll see what happens in, you know, the rest of the year. But I'm sure that that's another maybe more wind at your back if, in fact, these rates have topped out. Would that be correct? Yeah, we believe so. We believe so, Tom. And, you know, the other interesting thing is that the gold price typically lags some of the other indicators. Yes. While we have a really good gold price today, we believe that there's strong reason to believe that in the coming year, two years, three years, that we're going to see tremendous increase in the gold price, which will drive considerable value creation for VISTA shareholders. No, I can see it, because what happens, folks, is this, is that when the rates top out, it doesn't mean inflation's topping out. So that's when everyone's going to go into gold. They don't have much choice at this time, Fred. We had a couple of banks go down, right? And then all of a sudden it's like, OK, we got to bring things a little bit slower, you know? So it's really intriguing. And so they, I'm sure you're still out there, you know, looking at all these different companies looking at this project. Yes. You know, there are companies that are still undertaking due diligence. We continue to knock on doors to sign confidentiality agreements. And we'll see where this goes. I love it. Well, listen, it's always a pleasure, Fred. You have a great one. Safe one. We look forward to having you on again. All the best, Tom. Thanks, Fred. Have a great one. Have a safe one. Stay right there, folks. We'll come right back.