 Today, I have the pleasure of speaking with Greg Bose of Northern Graphite. How are you today, Greg? I'm very well. Thank you, Tracy. Greg, I was reading your summary, your commentary that you did for your shareholders, and I thought it was outstanding. You started by explaining why graphite prices are where they are presently. Can you just share that with our audience, please? Yes, Tracy. Obviously, we've had a slowdown in China and probably bigger than most people think. And there's very little growth elsewhere in the world, Japan, Europe, the United States. And steel industry and industrial demand is still the main user of graphite. So obviously, that's had a very negative effect on graphite prices. And the other thing is the strong U.S. dollar. Graphite is priced in U.S. dollars, so if you want to think of it simply, it takes less U.S. dollars to buy a ton of graphite, hence the price goes down. And then you went on to discuss the catalyst that might actually drive prices up and drive the demand for graphite. You discussed three in particular. Can you outline those for me, please? Yes, obviously one would be an economic recovery. We always get them when is a $64 question. If the economic cycle, as we know it, the traditional cycle is dead, we might as well all go home. So we will get a recovery at some point in steel demand. The second major factor would be that the lithium ion battery industry is growing rapidly, it has become the second largest user of graphite. And it is getting close to the tipping point where it will start to drive graphite prices higher. It's already doing that in the lithium space. And that's a big advantage graphite has over other commodities, which are also depressed. Nobody's coming up with new uses for oil or coal or copper. We have a very new dynamic market for graphite. And the third factor which would lead to higher share prices, maybe not higher graphite prices, would be strategic partnerships and that kind of thing. And graphite projects actually moving forward with real deals. Well, and speaking of new applications, I was reading you have a very competitive spherical graphite technology. Can you explain that to me? Yes, graphite mines produce a basic concentrate. In order for that concentrate to be used in lithium ion batteries, it has to be upgraded to spherical graphite. So that is where a lot of the excitement is coming from. And every junior, us included, says we are going to be in the spherical graphite market. That is very easy to say, but it's more difficult to do. Nobody is really answering the question, how are you going to do it? Because pretty well all spherical graphite from natural graphite is manufactured in China. And those methods are very expensive and difficult to use in the West for environmental or regulatory reasons. So you not only have to have graphite concentrate, you have to have a process. And we have been working on this for three or four years with a very high-end consultants. We have an alternative to the Chinese method. We have demonstrated in the lab. We have demonstrated at a bench scale. We have done an internal scoping study, which was very positive. We did not release the results of that because it's too early stage in our mind. And the next step is a pilot plant to prove those processes. And of course, you're not going to be relying on the Chinese. Can you explain that advantage as well? Yes, we're not going to be relying on the Chinese for supply, obviously. We're going to be building our own mind for supply. We're not going to be relying on the Chinese for their technology, their processes for producing spherical graphite. We have developed our own. I think that's the point I was trying to make, that you won't be relying on the Chinese for their technology processes, like many of your competitors will be. I read an interesting report by Christopher Eccleston. He currently has your 12-month target raising your prices, I believe, by 49%. And he said that you're not one of the noisemakers and you're one of the doers. And he said your four competitive advantages included the best infrastructure, the lowest capital cost, the best flake size distribution, and the lowest unit operating cost. OK, those are some pretty impressive advantages. And I liked that he said you were an oven ready graphite company in an accessible location. Can you tell us which of those four advantages you think are most beneficial for your shareholder presently? That's a difficult question, because when you're evaluating graphite deposits, many things go into the mix, whether it's flake size distribution, location, capital cost, operating cost, grade, metallurgy, et cetera, et cetera, et cetera. So the only way to really quantify all of those things is to do an economic analysis, a cash flow analysis, which brings all those factors in and demonstrates whether the project is economic or uneconomic. And I think we are the only one that is demonstrated it is economic at current graphite prices, not where people expect prices to be in three or four or five years. So all of those competitive advantages lead to that position. And of course, graphite flake. You talk about this a lot. So what is the graphite flake advantage? Basically, well, the simple way of putting it is we always like to say you can make a big flake smaller, but you can't make a small flake bigger, which simply means the large flake is more valuable. The supply demand dynamic in the market is better. The prices are higher. It's used in many high-end applications. And if we can't sell it there, we can push it down into lower value markets. Many graphite deposits, this is another way of looking at it. Everybody talks about how much large flake they have. Think of it the other way around. How much material do you produce that is not suitable for any of the high-end or high-growth markets, being refractories, lithium ion batteries, or expandable graphite consumer electronics? Some deposits, that's 40% to 60% of their production, is suitable for low-grade pencils. Is somebody going to give you a substantial amount of money to do that? That's a bit of a long shot. So in our case, it's almost entirely the other end of the spectrum, large and extra large flake, and very little of the fines, as we say. So what should we as shareholders anticipate, say, in the next upcoming two quarters? That's, again, a difficult question, because the big things that are affecting the graphite market are the economy, potential strategic partners. We don't dictate that. So we are like many graphite companies. We are waiting for the tide to change, like many other commodities. There's a little more excitement and a little more buzz in the graphite space because of Tesla. They have more of a sense of urgency in terms of potential supply partnerships than other people in the industry do. But the main thing we're focused on are advancing our technologies, because we think we're as much a technology company as we are a graphite company, and pursuing strategic partnerships, both with those technologies and with the quality of our project. Well, Greg, thank you so much for joining us today. It was my pleasure.