 Ian Chalmers is the Managing Director of Alcain Resources Ltd, and Ian, you're joining us via Skype from very early in the morning Australia time. Thank you for joining me in the Investor Intel Studio. Yes, so well, good morning and good evening, friend, depending on which perspective you have, but yes, it is still a bit dark here. Thank you. You've just recently put out some news of a deal on zirconium marketing with Minchum in the UK. The market responded very enthusiastically. Let's talk about the DZP project, the Dubo zirconium project, and how much zirconium you intend to produce there. Yeah, you're right. It was a pleasing response because we actually put out a couple of quite decent announcements in the previous six months and got a new market response. So for zirconium it was great. We produce about 16,000 tonnes a year of zirconia, which really means zirconium oxide and zirconium chemicals. And it's the bulk of the volume of the project so that we will produce. In terms of revenue though, it's about 30%, so important, but not the dominant output. The market gets excited about rare earth elements outside of China, and you've got in this project both heavy rare earth elements and late rare earth elements. What will you be producing? We can produce all the rare earths, so the full spectrum through the lanthanum, through the lutetium and yitrim. So yes, it's important. But in terms of revenue, again the key ones are the magnet materials like neodymium, prasodymium, dysprosymenterbium, and they really do dominate the rare earth revenue part of the project. Other ones lanthanums here in volume, but right now the price is so low that it's almost not worth producing those. So we'll focus on the key revenue generators. I understand the current quarter in that you're going to be operating a pilot plant there. Is that to show that your flow charts actually do work? Or is it also to demonstrate to your potential buyers what your products will be? The pilot plant's really been operating now for coming up to nine years, and really the length of that time has been to optimise, to de-risk it. And this current run is a culmination of all of that work over many, many years. So we think we've now de-risked the flow sheet to such an extent that it will work in a full scale commercial plant. We made some modifications and adjustments to the pilot plant for this run, but the other really big drivers to produce product. We've got a number of products, we will produce all products this time around. Get them out to the customers, get the customers to look at them, decide whether this is what they would buy, or if there are any issues. We need to go back and re-look at what we need to do to produce that material that a customer wants to buy. So, as you're probably aware, when you're dealing in these sort of exotic metal suites, the customer drives the demand, the customer decides the purity, the particle morphology, all of these things which are very important when you start generating science. When you actually get into commercial production, you're not going to be doing the production. I think you've got the beginnings, you've got an LOI in place with the Vietnamese company. How important is that? It's very important, Rick. Basically, we decided many years ago that we would only produce a rare earth concentrate on site, and the reason for that is we would try and go to minimise the risk of going into a commercial, technically complex rare earth separation plant, knowing full well that we could produce the whole spectrum of rare earth. So, we looked around for different opportunities and finally settled on Vietnam rare earths in Vietnam. An interesting company, run by a very entrepreneurial gentleman, and basically that plant's been operating since 2012. It can produce all the rare earths, it can produce them to high specifications, and it's already selling a product into Japan. And also, importantly, they've now added on a rare earth metal plant. So, we can take our rare earths, if we produce oxides, and then go through to produce the actual metal, which is very important when you get into site-deluxe magnet space and trying to get into sales into that area. So, a very important step forward for us, and a very encouraging to adventure, and I have to add, I've been very impressed in Vietnam over the last three or four years I've been going there, just how enthusiastic and industrious the people are. They're quite amazing and they want to succeed, and they want to succeed against the big hairy neighbour as they call them to the north. Now, these ADPs, it's got all of its environmental permitting and you're ready to go. What are the next steps there? Really, the step is financing, and really we've been working on that for probably three years as well. So, getting financing for a billion dollar project, it takes a lot of time and effort, putting credibility in place. It's always credibility, and then ultimately, off-take agreements. You have to have off-take agreements, or at least levels of off-take certainty that's going to make a financier's happy. So, the big drive right now is to tidy up all the off-take arrangements, get genuine agreements in place, while we continue to work with our advisors on putting the finance together. So, very important. We see financing as being staged, perhaps over 12 months, 18 months, but the key step for us initially is to start work on ground, doing the infrastructure, getting the roads in place, power and water supply in place, do the final steps of the detailed design. We'd like to start that early in the new year if we can. You've been mining for 20 years in that part of Australia. You're pretty well established there. You know the rules and the routines. That must be helping. It is. It is. It's an interesting exercise. As you say, we've been there for a long time. Even though processes and procedures and conditions have changed dramatically during that 20 years, they're making it tougher and tougher all the time, but having done all that and having just recently put the goldmine into production, we're now at least on talking terms with the regulators. They know who we are. We know how they need the information presented and how they need for us to go forward. So, yeah, and the local community. We work very well with the local community and really the majority of people in our region are very keen for the project to proceed. You touched briefly on some of the lower commodity prices. Is that going to be a challenge when you go into production? If things stand as they are? Yeah, fortunately no. All the financials that we've done since August last year when we completed the front-end engineering and design phase, the food design, we use that stage current spot prices for all of our commodities. And basically, we've just rerun the numbers again recently and they're not vastly different to what they were in August last year. But fortunately, the project is very robust at current prices. We don't need rare earth to double, for example, to make the project work. It works currently. And that's the other important thing about Vietnam. Their cost structure is so low that given our upfront costs that we have in the project and their cost to produce separated rare earths, we can actually compete with China. So we're not dependent upon a price rise in any of the commodities for the project to be successful. Well, Ian, I should disclose that I have an economic interest in some American depository receipts and alchemy resources. Well, thank you, Fred. I'll take that as a vote of confidence. Thank you very much. Thank you, Ian, very much. We look forward to seeing what happens next. Thanks for appreciating that. Thank you.