 Today I have the pleasure of speaking with Gavin Lock here. How are you today, Gavin? Good thanks Tracy, and thanks for the opportunity to have a chat. Of course, you're one of the leading large-scale global rare earth projects, and I want to ask you what you think has happened with mollicorps and linus. What are you hearing out there in Australia? I guess the two key issues are probably no surprise to anybody, and that sits around technical and financial risks associated with any rare earth project. I guess the production numbers that are being put out there are less than anticipated in forecast, which is understandable given commissioning issues that many plants have, but also the financial situation that many of us find ourselves in, us to a lesser extent because we're not at project finance yet. But obviously the issues surrounding the type of financing structures that they have in place are obviously plaguing them at the moment, and we're working hard to try to avoid making those types of mistakes, I guess. Do you think one of the advantages you're currently experiencing with Arafura are all your many off-take relationships that you currently have? Well, they're part of it, I think. It goes a long way to de-risk the project if you obviously have a big brother sitting in the background helping you out. To that extent, our largest shareholder in ECE has been extremely useful. They've been a long patient suffering shareholder for us, and they've injected $30 million when the company needed it most, so we're forever grateful for that. But also importantly, they're actually providing us with introductions to a range of technical experts within China who are assisting us in reducing our technical risk. So they certainly have gone a long way to helping us, I guess, avoid some of the issues that some of the others may be experiencing. Of course, one of those challenges are environmental permitting. Can you tell us a little bit about where you're at with this presently? Sure. We're one of the most rare organizations. We have some radioactivity associated with your body, so it does create, I guess, a more onerous social responsibility on all of us. And we've submitted our environmental impact assessment to the Department of Environment in the ENT, the Northern Territory of Australia, that is, and we've received feedback and public comment, and we're now amending our current process. So that we can submit our final license to operate next year. And we think that that is a very important matter for potential customers and potential financiers that you're seeing to have your social license to operate, which your EIS is part of. You're considered one of the leaders in the rare earth industry. You speak around the world and you're in Asia frequently. Can you tell us if you can confirm some of the rumors we're hearing that the Chinese are applying downward pressure on rare earth prices? Well, I can't confirm or deny that, but history has shown that that has occurred in the past. But is it happening right now? I can't comment on that and I don't have that intel. I wish I could inform you, provide more information on that. What I do know is that, given the restructuring of the rare earth industry within China, we now have six large organizations that are mandated by Beijing to control the supply process of rare earths out of China. And I think rare earth prices are probably being affected at the moment because of the surplus inventories that are still in China from all those industries that have been closed down or are in the process of being shut down. And that information is consistently being told to us by both people within China and that's customers alike as well as potential customers in the rest of Asia. We have a lot of interest at investor intel about electric vehicles and of course their batteries require an eodymium and you have one of the best neodymium resources in the world. Can you give the investor intel a bit of a background on what and how unique your resource is and how you might be affected by this demand presently? Sure. We're very lucky to have a resource that's enriched in that key magnet feed. The magnets are certainly the... the ND and PR is certainly the backbone of any magnet and for that reason we are extremely bullish on the outlook there. All forecasts across the industry and inside and outside the industry expect demand to grow for these magnets in the order of 10 to 15%. So, you know, we're looking at positioning ourselves as a key magnet producer for the future. I must refer actually to nine years ago I joined Arafira and one of our major German shareholders told me at the time that it's all about the neodymium and I didn't quite get the picture at that point in time but certainly I do now and I think we are starting as we've recently done to report our costs against per kilogram of neodymium and I think that's important for the industry to start realigning itself into its key market sectors rather than just promoting itself as a rare earth generalistic player. And of course you've done a great deal to reduce your CAPEX and OPEX costs and have received accolades from analysts like Christopher Ecclestone. Can you provide us with any additional updates on this? Only that it's always an ongoing process. We're not comfortable with where our current capital and operating costs are. The operating costs are significantly improved and that's a great credit to our team and, you know, we look forward to even trying to bring that down even further with our Chinese optimisation process. The capital constraint still remains our biggest issue and that's the biggest issue for financing. So, you know, we're always looking at ways to chip away at that and, you know, I'd love to see it under a billion dollars but at the same time I guess if you look at Linus and Molly both of their projects are north of a billion dollars for similar tonnages so, you know, we'll keep working at that and see where we get to. Well, I got to tell you, it's a real pleasure speaking with you. Thank you so much Gavin for joining us this evening. You're welcome. No problem Tracy. Thanks very much.