 Hi, this is Jack Lipton and today I'm speaking with Pierre Neatby, the CEO of the Imperial Mining Group of Canada. And I believe that the focus of your company, Pierre, is on Scandium. Is that correct? That's correct, Jack. Scandium and Rare Earths. Okay. Here's my brief opinion. Scandium is misunderstood by the investing public as if it's some kind of treasure hunt and you're going to find a lost Leonardo da Vinci painting somewhere, rather than it's a commodity waiting to be born when there's enough volume. So that's my opinion that Scandium is underrated right now and undervalued because people don't realize that it's important and that there are sources of it that could produce commercial quantities. Can you tell us something about what your company is doing in Scandium and the Rare Earths and where you are? So just maybe to continue on your point, Jack, I think it's a very, very good one. But the crustal abundance of Scandium is similar to that of lead, but there's a lot of lead being produced in the world and not much Scandium. So Scandium is what I understand to be a dispersoid, which gives it its properties when alloyed with aluminum, but it also gives it its properties in the crustal, in the Earth's crust, where it tends to want to separate from itself and therefore no large concentrations of Scandium are abundantly found. So currently there are no primary Scandium mines in the world. Our deposit in North America is the most concentrated at 271 ppm, but you're correct that there is not a lot of Scandium being produced in the world and currently the only Scandium being produced in the world is from byproducts out of China, out of Russia, out of Ukraine, out of Philippines. So the world is waiting for Scandium to be more abundant to use it because the world I think understands Scandium. There are a lot of patents for Scandium aluminum alloys that companies have developed, applications that companies have developed. And so we're not introducing to the world something that is absolutely new. We're introducing quantities and so that is going to be a game changer for this industry when we're talking about dozens and dozens and dozens and dozens of tons, whereas in the world right now there may be 25 tons being consumed. Now turning to Scandium, it's been known for some time and a lot of research has been done on it proving that the alloys of Scandium and aluminum and perhaps magnesium show very improved properties. And so that the only problem is, is there enough Scandium? Well, that's I believe what you're trying to address. So that's exactly it, Jack, and there are some major mining companies that have shown some interest in Scandium, which gives you another sense that Scandium is starting to be developed. But the two things that are really I think changed in the world is that North America, Europe are looking for more national supply chains for these materials that historically have been produced by countries like China, like Russia, like Ukraine, that are maybe not as stable towards the West as we would like. And the same concept with Rare Earths during the when I started with Avalon in 2010, all Rare Earths came from China and that concerned people. So all Scandium comes from Russia, Ukraine, Philippines, China and that concerns people. And the proof of that is that Canada, the United States and Europe have deemed Scandium to be critical on Canada's list of 31 critical minerals and metals. Scandium is identified. So the idea is, how do we get a larger supply into the marketplace? And this is where Imperial Mining Group with its Crater Lake deposit in Northern Quebec comes into play, Quebec a friendly mining jurisdiction. It just happens to be a large producer of aluminum and aluminum is the allowing agent for Scandium that increases the properties, as you mentioned, of strength, corrosion, weldability of aluminum. And so we're well positioned. And the deposit, we issued a preliminary economic assessment in June. The deposit we just released yesterday an increase in our resources to 27 million tons. So the deposit is large, it's at surface. And the PEA showed $1.71 billion NPV, sorry, at 10% and the 32.8% IRR. So we're ready to move forward. And as you know, Jack, better than most people, I think, no, most better than most people that critical material junior mining companies are different than base metal junior mining companies. Because junior mining companies in the critical metal space need to prove metallurgy, and they need to find customers. And this is something that base metal companies do not need to do in order to be taken over by a larger producer. So we're focused on these two items, doing work on the metallurgy, which we started in the PEA, and we're continuing right now with SGS, and making sure that what we do at the bench scale works at a larger scale. And this is what investors are going to require. And we understand that. And then finding a partner, an off-take partner, who will see that there are opportunities for larger scale, larger availability of quantities of scandium, and that they can have a competitive advantage over their customers by investing in a project like ours. And having access to this material, because access is a big, big thing when you're talking about material like scandium. What's your ultimate target for production per year of scandium? So in our PEA, we went with just over 80 tons, which would be currently maybe three times the world's production, which some people would say that's astronomical, you can't do that. This is such a small market that a three-fold increase in consumption is still very small. So we're looking at by 2030, a market of maybe a thousand tons. And that means that there needs to be five or six crater lakes to be developed. And we want that to happen. We don't see the other producers as competitors yet. We see them as enablers with us of this market because a large company, yes, they will invest in us, but they'll also naturally want to see the market, the supply grow beyond just one company. So that's why some of these secondary sources are still very, very important. But it's more difficult to get large quantities from a secondary source than it is from a primary mine. There are two issues where scandium is really important. Two places right now. One is solid oxide fuel cells, which the demand would be increased if they could make more of that. And they're consuming a healthy percentage of all the scandium in the world right now, one company. And the other one, in case anyone from Ford is watching this interview, I want to point out something to the younger ones, 150, that Ford spent money and time researching scandium aluminum rotors for disc brakes. They found them to be superior to the ones they had, but they couldn't get enough scandium. At the time, I said, why don't you make this a special option just on high end Lincoln products, for example? And they said, they don't want to market that way. That was inimical. They were not Rolls-Royce. Okay. So the point is, if you could provide 80, 90 tons, that would make 100 times as much alloy, 10,000 tons. And that you could make an awful lot of rotors there. And some automobile company could have competitive advantage, that's all I'd say, or Ferrari could offer them. And there are quite a few of these, there's heat exchangers. There's a number of parts that companies have deemed would be made lighter. And especially for electric vehicles, which are very, very heavy, we always want to make cars lighter because they become more fuel efficient. But when we talk about electric vehicles, because the battery is so heavy, there's an additional reason to be lowering the weight of cars. And these aluminum scandium alloys, either replacing aluminum or replacing other heavier metals where the strength might not have been there for plain aluminum, but is there with aluminum scandium, I think is a, but it's a revolution ready to happen with projects like ours and other projects with the understanding that the world is looking for these national regional supply chains. Thank you, Vera. And I just like to add one thing. I think your strategy of taking a hard look at the metallurgy is the right one. Because this is a rare material at present. Not much has been done on this from the point of view of mining in the metallurgy and hydro metallurgy. So it's very important to get that under control, to get it done and get it under control. And I think you sound like you're way ahead on that. And I congratulate you.