 Welcome back folks, Dow. Dow Industries right now down 177, Nasdaq's off 121, S&P's are off 36. We have our man, Mr. Fred Ernest. Fred is the president and CEO of Vista Gold. We happen to own Vista Gold. Fred Ernest, welcome back to TFNN. Tom, good afternoon. Thanks for having me. Great to be here. I'm so happy to hear. You know, I read this news about the Northern Territory government. I mean, I want to talk about Vista and how this relates to Vista, because this is like, you know, you do a lot of development in the gold market. I do a lot of development in the real estate market. And a zoning change is always good. So explain to us, like, what may happen here? I guess this is just a final report, Fred. Is that correct from the Mineral Development Task Force? Yeah, that's absolutely right, Tom. A year ago, they formed a task force to evaluate the things that are keeping mining investment from happening in the Northern Territory. And we've been lobbying for years to have reforms in the royalty scheme in the territory. Presently, and what we included in our feasibility study, the royalty that we would pay to the Northern Territory government under the present net profits proceeds regime would be about the equivalent of a 7 to 9% ad valorem tax. And then ad valorem tax is the way that Western Australia and other states in Australia tax the mining industry. Western Australia, for example, has a 2.5% ad valorem tax on gold projects. So you can see that there's a huge disparity. Now, the royalty reforms haven't been determined, but the recommendation is that the government needs to change to an ad valorem structure, and we expect that it will be something in the range of 3 to 5%. And so, you can appreciate that when, like we're using your real estate example, when real estate taxes go down, it's a good thing. Yes, yes, because it makes the aspect folks of more investors, you can hire more workers, there's a whole flow that actually does happen down. There's not a trickle down, it's pretty immediate, because if you're going to banks or you're going to investors to get money, well, if you have a 2 to 3% difference when you're talking millions, it's quite a bit of money. Absolutely, and another part that is being recommended is that there'd be some sort of consideration so that in the early years of a project, when the project is paying back the capital investment, that the royalty rate be decreased, thereby allowing a little bit more space for investors who really take the risk of the project to receive some cash flow in those early years instead of just all the money going to the bank. We think this is a tremendous win for the mining industry and especially for the Mt. Tocco project. And Fred, can you explain, my understanding is that VISTA has the biggest project right there in a Tier 1 district. And if we go back years, was this always like a large district and then folks just move somewhere else? What happened in this district? Well, so the mining district where we're located is the Pine Creek District. It's been a gold producing district for over 100 years. Deposits have been developed, mined out and closed. And so there's been a little bit of flux in the activity in the Pine Creek District. And inside the territory and recognize that the territory is a huge place geographically. Eyes of North and South Dakota, Minnesota, Kansas, Nebraska, Oklahoma, Missouri, Iowa and Minnesota if I didn't name that. It's a big place. Yes. And yet there's only a quarter of a million people that live there. So it's largely unexplored. And the reason that it's unexplored is because why would somebody spend money in the northern territory so they could pay the tax that we've been using when they could go to Western Australia and pay a tax that's a quarter? I see. So our key structure trickles down and has impacts on business investments. And like I said, we've been working with government for years. But when they form the task force, we were able to meet with the task force, explain our position, present hard data. And I'm very pleased that they've seen the light, so to speak. I think this is just outstanding for us. Yeah, I know. And it's very common sense too. I mean, you know, in many businesses it's hard to, you know, basically pick them apart. But in this particular case, you can see, you know, I mean, if we just look at the United States, you know, these cities, they have incentives so that money comes in, you know, and businesses come in. And it works. I mean, you know, people sometimes if the incentive is too big, they'll, you know, say, oh, that's no good. But the bottom line is that incentives like this actually work. So let's switch gears for a little because it's the last time that I had you on, you know, this gold price has got some juice also. You know, so that's encouraging in the aspect of where your feasibility study is, you know, versus where we are. And I do understand that, like, when you're doing feasibility studies, I mean, you have to bring the price, have the price of gold tremendously under kind of where we are, right? Is that how this works? Yeah, we typically use a backwards-looking gold price through your average. You know, we do use a conservative gold price. Right, right. And the project in general, is there any updates here? I know that, you know, are there any updates inside of that project? Well, you know, just so we're talking about gold price, you know, the current gold price offsets any of the impact of inflation over the last year and a half, and combined with the potential impact of the change in the royalty. And we're going to have to wait almost a year to find out what the change in the royalty are. But those two factors combined add somewhere between a quarter of a billion and $400 million to the NPV of the project. This is the price. I mean, we've always talked, you and I've had conversations about the leverage to the gold price. Yes. And gold price, it makes a huge difference for Mount Todd, and when it goes up like it has, I think we benefit as much or more than almost any other developer in the value of our project. Yeah, you got to love it. Well, listen, it's always a pleasure having you on. I'm really happy, you know, for you in general, for the company, in particular folks, because, you know, like all of us do a lot of work, folks. It's easy to do in work when it's kind of going with you, right? Do you know what I mean? You know, we've all had it both ways. I mean, I'm just not talking about, you know, Mr. Gold in general. But things are always easier for all the work that you've already put in place. And it seems that, you know, the gold price is where, you know, it's going higher. The dollar is pulling back, you know. It seems like afraid to beat all the currencies are pulling back. That's kind of the reality out here, you know, around the world. So people are getting, you know, I don't see a crash in the dollar, but I can see that dollar going back to 90, which is, you know, which would get that acceleration going in a big way. Well, listen, this is always a pleasure, Fred. You have a great one. Safe one. We look forward to having you on again. Very good. Thank you, Tom. Thanks, Fred. Have a great one. Have a safe one. Stay right there, folks, we'll come right back. We have the Dow. The Dow Industries, let's see where this baby is. Invista, by the way, folks, trades on the NYSE American VGZ. The high Dow is up down 189. Nasdaq's up 125. S&P's off 36. Stay right there. We'll come right back, folks.