 Today I have the pleasure of moderating a panel for Critical Materials Corner on MMRT, the MMRT theory, which was coined by Jack Lipton. Jack, how about you start by explaining to everyone here what that is? It means MMRT stands for Modern Mineral Resource Theory, and I came to this conclusion as I kept hearing about modern monetary theory, which says you can create money out of nothing and you can create infinite supplies of money to buy infinite supplies of commodities. The only one little problem with the theory is that it isn't true other than that it's great. So the truth is I'm saying that the people who think that you can just ramp up production of critical materials by increasing the price are the same stupid people who think that you can just keep creating money and nothing's going to happen to your society. All right, now the thing that intrigues me about the application of this to search minerals is that I was thinking, Greg, in a previous interview, that you're working on a project which would not have been done 10 years ago, correct? Because the technology for extracting and benefiting such a material of that great didn't exist. So the thing that people need to understand is that your breakthrough is that you've given us access to a lower-grade material than would have been economical even a decade ago, so that you open a whole new world of access to a resource. You've increased the amount of resource available. That doesn't change anything about my theory that no resource is infinite, but it certainly expands on the amount of material that's available to us, but it only expands because you've had a high-tech breakthrough, you've had a processing technology improvement. And as you've mentioned before, that doesn't apply to every deposit of this great or every type of deposit, but it certainly applies to your deposit. So I'm very impressed by the work that you and your team under Dr. Dresinger have done, and I think that you've opened a whole new world of access for us. I was intrigued by your prior statements that you're going to provide this material to the Saskatchewan Research Council, for example, and they're going to further process it downstream. Here's my question. Are you going to own the material as it goes through the Saskatchewan Research Council's separation system, or are you tolling it there, or are you selling it to the Saskatchewan Research Council? Yeah, so we're still working on those, but what Saskatchewan Research Council brings to us is their plan that they already have a pilot plant that can do the solvent extraction. That's where our phase 3 project, our work would go to, but then they're scaling up to make, you know, they're still working on that, but their plans were for 500 tons per annum demonstration plant, and with that information, that would be able to build a facility. Our facility, we're going to be producing with our 2,000 tons per day, approximately 7,000 tons of REO per year per annum, so therefore we, you know, to tool with them, they would have to build that 7,000 facility, and then we would be taking it all anyway. So we would be looking at our own facility with the help of them, with the data that we're building with their demonstration plant that we'd be able to scale up and make a solvent extraction facility of our own. Greg, what you've done with your company here is you've gone beyond the traditional mining model of just, we're going to mine it, we're going to concentrate it, and then sell it, you're actually moving into the downstream value add chain, and in that sense, you know, what, you know, jack's theory, you know, versus modern monetary theory, they can print all the dollars they want, but all that that can really do is incentivize people like you to come up with better ideas, but you still need the better ideas, and here you are. So can you, can you just amplify a bit more, you know, what you've done in the past, let's say five or six years, to really move the ball down the field of intellectual property in terms of processing rock and turning it into something super valuable, you know, like these highly critical rare earth materials? Yeah, well, that's really to the credit of Dr. Dreisinger, and again, with the support of both the federal government and provincial government, knowing that, you know, back when they were advancing the funds, the electric vehicles, whereas not the topic Tesla was just coming out, you know, we were talking about these were, you know, somebody at this panel, I think, called them technology metals, the vitamins, and, you know, that's what we didn't have a model of saying, you know, the wind turbines are going to do this, there's electric vehicles, look at the data that we have on the expectation, there's really this industrial revolution going on in the electric transportation, the EV models, and the infrastructure that's going to be needed to support that, the net zero initiatives didn't exist in 2016, when we were looking at our technology, we are, we were looking at rare earth metals, neodymium permanent magnets are going to be around for a long time, they were just invented in 1985, people are still using many applications are trying to figure out even refrigeration is one that no one really talks about the heat cooling that all these applications which are very significant, right now, the models are all based on the EV because we are revolutionizing the auto industry. And, and this is a huge task. And so for us, now, we were, we were just happy that we've been able to support everything advance to our macro thesis was we don't know when and where this is going to happen, but it's now it's happening. And it really started in 2021, when really the auto industry started infesting in these gigafactories of batteries in all these countries, and Volvo's and the auto OEMs making commitments of spending billions and billions of dollars with plans to eliminate internal combustion cars by 2025 or 2030. Well, now you can actually put data to what's going to be required and the supply and demand. The reports vary from 20, the year 2030, you could have a 16,000 ton to 25,000 ton deficit of NDPR. Well, what does that do to the supply chain and the business plans if if the car company's got the business plan to make all these cars and they don't have the product? Well, that that's a problem. So I think that's where it's, you know, this is all going to start changing as, you know, it's really making the OEMs rethink of their supply chain and the importance of raw materials in that supply chain. You made a really great point there, Greg, that about, you know, Tesla didn't really exist, you know, five or six years ago. I mean, it was there, but it wasn't what it is. I mean, I'm thinking back 10 and 12 years ago when to the first, you know, rare earth, you know, boom, so to speak, when we started to get into it, you know, the slide shows that companies would put, they would put like a missile or an F 35 or something on there. Whereas today, you know, the slide shows they begin with an electric car or with a battery or something. And it's sort of, you know, in the olden days, it was all defense defense, you know, little niche markets for F 35s, although, you know, they use a lot of pounds of rare earth in those two. But then today, it's the auto industry, which is a global, you know, machine that just gulps down minerals. And so you have really found yourself at the sweet spot of an industrial transformation in the last decade. It was our macro thesis of it's going to be needed. We don't know when, we didn't know that really the use is back in 2010, Byron, we're talking, I mean, and Jack would know we're talking the cell phones were going to drive in then the disposium went out, the solid state computers came that change, your opium change with the lighting. You had to, you know, the defense stuff was a easy pick because there's access to capital there. That's why that sort of talk, but as Jack would always purport is they don't use a lot of quantity. But what they do, they do need those parts of you do need to have that ability so that you can, you know, support your projects that you do have. So monetary theory can distort the economy, but it takes minerals to make it, I suppose is where we're going to wrap it up. I'll tell you what's happening here. Price is very important. So prices have risen as materials have become scarce. We understand that the problem is you've had a technical breakthrough allowing us to access some lower grade material to make materials that are economical in the current price structure. But that doesn't mean there's an infinite supply of material. This is the mistake that modern monetary theory is making. You're proving my point, Greg. Price rise has allowed your project to become economical and quite frankly impressive, but it's not going to increase dramatically the world's amount of rare earth. That's the problem. Absolutely. Just on if you believe the one research paper that says 16,000 tons deficit and we're at 1700 tons, we need 10 search mines. So it's not like back in 2010, there was PEAs out there that were going to be producing, you know, fixing the world's problems, what they were back there. Jack, you remember that, right? Oh, we're going to produce 30,000 tons and the world's we're done. Well, that's not the case anymore. There's not those mega projects that are going to come on stream to supply that. And so, you know, the companies that are advancing, they have to have all those mechanics of A, a good secure jurisdiction, the resource, the technology, because no matter what, you're still going to be pricing with, you know, the price is going to be a matter for out of China and whatnot. And that's always been our theory is we can compete. We need to compete. And if we can do better, if legislation comes in and changes the rules on pricing or whatever, we're there. We're trying to operate under the same theory as a bull company. You want to be the lowest cost producer. So when everything falls, you're the last one standing. That's our goal. Gold's a good example, isn't it? If price were the only issue, then we'd all be wearing gold underwear. Thank you, Greg. Thank you for a very interesting discussion. And thank everybody for listening to my ramblings about modern mineral resource theory.