 Day two at The Mining Show. Today we're with George Putnam from Scandium International. How are you George? Good Peter. I haven't talked to you since May. Right. We were chatting before this and I mentioned that Scandium was a rare earth and you told me I'm wrong. Tell me about that. Well, Scandium is actually a light transition metal and the difference that we see is that if you're in the rare earth business you're going to make a concentrate and you're going to need a refining capability downstream to actually get your product to the end user. Scandium is different. We can make products that go directly to the end user and there's a shorter supply chain and we're much more in control of that. And your capex must be less than? Well, the rare earth guys tend not to own the refinery that's downstream of them. I would say it's simpler and it's more direct and that's the biggest difference for Scandium. It's a plus. When you talked to me you were looking at signing a couple of letters of intent and moving the projects along and you've since done that. Tell me about that. Well, we are now focused on finding customers and signing sales contracts and this is what the first start of a sales contract looks like, a letter of intent to do some study and do some work on the efficacy of Scandium and understand what that value is to customers. That's when we know whether they're a true customer or not. It's important to note that the LOIs represent folks we're working with who are happy to have a public disclosure. We've got two kinds of programs underway. There's another set of programs that's very secretive because the customers, the potential customers want it to be. So we can tell you what we can tell you about and we'll work with either type of... And given what Scandium does, one would expect the military and aerospace to be involved in some way. Scandium makes metals lighter with more strength basically. Right. And you were showing me some anodized pieces yesterday. Yes. We think that there's a real finish advantage, an anodization finish advantage to aluminum Scandium alloys and that is, that may be the key element that brings some customers to the table. Not even strength, not other properties, anodization. That finish is so important. And it would then resist oxidization or what we like to call rust. Right. It would be more durable and it would be better looking for a very long time. Right. So you have a property in Finland you've done some work on but the majority of your Scandium would be coming out of your project in Australia. That's correct. I never can pronounce it because it doesn't have enough vowels in it. Ningen. Ningen. Ningen Scandium project. Right. And what stage is that at? Well, again, we've finished our definitive feasibility study. We're all done. We're fully permitted. We've got all the primary permits that we need out of the New South Wales government. Right. We are now. Mining friendly jurisdiction. Absolutely. These people understand that business and it's been a great place to work. We're in the hunt now for our customers and our customers will take our $100 million and build this mine. And your customers would be the end users who sell to the retail customers who are then going to pull through your product and impose your grade on the steel manufacturers. On the aluminum. On the aluminum manufacturers. Guys, yeah. Well, the value ends up in the product. So the guy who's making the product sees the value in the Scandium. Right. And so that's where we want to sell. We want to sell the Scandium to the guy to the business that understands the value. And then they can move back up the chain one step and have some aluminum allways made for them. Or they can, in some cases, they'll make them for themselves. The global Scandium market right now is. It's very small. $10 million. No, it's $50 million. $50 million. Even if it was $500 million, it wouldn't, you know. It's tiny as a specialty metal. But it has huge latent demand. I think this is a $1 billion business in 10 years. And when Scandium goes, it's going to go. That's right. It'll catch fire. That's right. In a good way. And we actually think the tipping point is to have what we are bringing to the market, which is the first primary Scandium mine ever. We think that sets the market on its trend. We'll check in with you again in a few months to see what progress you're making on the LOS. Good. Thank you for your time. Great to talk to you today, Peter.