 Here's the little investor intel pin. Chris, I think you got one of those last year at the Clean Tech Metal Show when we first met. I certainly did, Peter. How are you? I'm good. We're with Chris Reid from NeoMetals. Last year, NeoMetals had a really interesting story with various components and we're catching up on those different components. Chris, you have three basic parts to your business, right? Correct, correct. We have a share in the world's second largest producer of lithium concentrates, the Mount Marion project in Western Australia. We're looking to integrate that into lithium hydroxide production. We've got a lithium battery recycling business and we're commissioning a pilot plan up in Montreal this month and we have the world's second richest titanium deposit. It also has the benefit of having one of Australia's highest vanadium reserves as well. So an embarrassment of riches. Let's start with the recycling because that's the most interesting to me. What are you doing and what's your time frame for success? Right, so we had a look at the lithium battery supply chain because obviously we're in the lithium industry. We had a look at some of the thematics and the one that stood out was that cobalt, 60% of the cobalt is coming out of the DRC. Less than 5% of lithium batteries are recycled. Now lithium batteries have been around in consumer electronics for more than a decade. So to have less than 5% be recycled basically has somewhere between 60 and 80,000 tons of cathode materials being stockpiled annually. So you look at a ton of these lithium cobalt tape batteries, they're 20% by weight cobalt. So more than 10,000, 11,000 US dollars a ton in situ value. We have an R&D team in our laboratory in Montreal. They've got a very deep background into base metals and a lot of these EV batteries have a lot of base metals in them. So we basically sat down with them, bought them a ton of batteries and said, look, you need to come up with a process that works for us. And look, we didn't know exactly what we're doing. That's why they call it research and development. We blew up a couple of hammer mills, get a lithium polymer battery in there and crack that and expose lithium metal and the mill doesn't last long. So look, we've developed a process to get it safely into solution and then to break the cobalt out. Is it scalable? Absolutely. So at the moment, we're building 100 kilo a day pilot plant that'll get commissioned later this month in Montreal. So we've run lithium cobalt tape batteries. The next step for us has been to run the construction and the process at the same time to recover the copper, the nickel, the lithium out of EV batteries. So we'll run a ton of NCM and a ton of NCA batteries through that. Some for battery makers, some for car makers. The scoping study on a 10 ton a day, which would be the next scale up, which is pretty reasonable. I mean, they're only small base metal circuits, really. So the scoping study we did on that earlier in the year had about a capex of about four and a half million and an operating cost of about four bucks, 50 US a pound of cobalt, which puts you down the lower end of the curve. Cobalt's creating around 30, $31 this week, a pound. So you've got a lot of margin there. Yeah, look, there is. And we expect that as we recover the copper, nickel and the lithium, that the economics will actually get better. So look, we are, we are very excited about that, but it's, you know, we've got a disciplined evaluation going through that. So we'll run the pilot, then we'll do an engineering cost study for a 10 ton a day plant. We're running the partner and site selection in parallel. The construction period for the 10 ton a day plant is about 42 weeks. If it's lithium cobaltate and it's probably a year, if it's for NCM slash NCA. And I find that very interesting because I'm very interested in cobalt and anything we can do to help mitigate the risk of the supply chain out of the Congo is a good thing. So we'll be watching that part really closely. Excellent. We also have vanadium and lithium in deposits in Australia. Vanadium is very hot right now together with scandium. So let's hear about that. Yeah, so look, our Barambi titanium project is the second highest grade titanium project in the world. It has significant vanadium in terms of, in terms of a byproduct, we did look at it a number of years ago as a primary vanadium producer. I guess that was in sort of 2007 to 2009. It was a little bit flat after the global financial crisis. You basically had CBMM ramping up the niobium production, which is a substitute for vanadium in steel. Is that depressed or held the price flat for a number of years? I think what's behind the current vanadium surge is that there is definitely in China a push to the better quality alloys, so increasing intensity of use of the vanadium, and that still is the primary use. Certainly the vanadium redox batteries, you need a higher spec vanadium than you do for the steel. So rather than the typical 98.5% V205 flake, you're probably looking at 99.5% or better, and you can command a premium. You can have a chat with the boys at Largo. I mean, they would be much better versed than I in the vanadium market. I saw a report of a speech given by Robert Friedland that he's calling for a 10 to 15 times win on vanadium over the next while. And of course, we can't define what while means, but it's not a decade out. It's more imminent than that. Yeah, well, from Bob's lips to God's ears. And you can always trust a good boy from Canada, right? Look, he's been right more than he's been wrong. I agree with him on this one, which brings us then to the production out of Mount Merian. You have the good fortune after having worked so hard for so long to be in production and you've given guidance to the market on is it earnings or cash flow or costs this year? Yeah, so we put out earnings. So we started commissioning Mount Merian at the start of the year. In the first half of the calendar year, we produced 156,000 tons of concentrates. The majority was 6% LI2O concentrates. We're now running at steady state production. We put collectively the partners, Mineral Resources, GANFANG, and us put earnings into the market, Australian 72 million on 100% basis for this current half. How did the market respond to that? Oh, look, all of us have had a bit of a lift out of it, so that's been good. Our C1 costs are about US290 a ton, all in cost delivered to China around 360 a ton. But one has to remember there's the capital recovery cost for the plant in there because Mineral Resources is built on a build-on-operate basis. We never put any capital into the plant, and it's the world's largest lithium concentrator. It's twice as big as green bushes. Are you running at full capacity now? We are running at nameplate capacity, correct. So nameplate's about 400,000 tons of concentrates per annum. And how long will you be able to run at that for? So we're putting through about 2.3 million tons of ore per annum to get that. We've got about a bit under 78 million tons of resource. So a rough math is you're good for another 25 years. It'll be a long life. We have not published a reserve, but notwithstanding that, it's a very robust ore body. So I was looking through your review of operations for the full year, and they're quite impressive. There's a really good map at page 2 showing where the deposits are. They indicated the inferred and the unspecified. That was a very interesting map. Is there anything else you want to tell us today? For us, we're about building a world-class integrated lithium producer. So we've got our interest in Mount Marion. We can take our share of offtake from 2020 onwards. So basically what we're doing is looking to build a lithium hydroxide plant in close proximity to the mine. We're currently doing vendor test work on run-of-mine concentrates. We'll have a very similar flow sheet to the GANFING by. So we've taken the risk out of the mine with mineral resources operating that. It's operating at steady state. The GANFING gentlemen have taken the risk out of the flow sheet because they're putting through 100,000 tonnes a quarter that concentrates through that flow sheet. So we're doing vendor test work in Canada or in the US. We'll get lump sum pricing this quarter and update our models. We'll then look subject to board approval to move into the feed study, run partner selection offtake process in parallel with that, and hopefully get to consider a final investment decision in the December quarter of 2018. We've then allowed a comfortable two-year construction period and with an aim to start commissioning in 2021. So for us, it's migrating out of the mineral concentrate business into a lower-cost lithium hydroxide business. I mean, we see the brine producers producing about 25% of lithium hydroxide. The Chinese guys about 75% and that tail is getting longer. So we can migrate from higher up the cost curve to lower down the cost curve. And that's an important strategy. I think when markets are up, you have to have a look at not sometimes people are looking at just getting bigger in that stage without having got to each stage of production. Well, you should always, while prices are high, you should be trying to get lower down the cost curve. Okay. I appreciate your time. Always learn something every time I talk to you, Chris. Norris, you have a great night, Peter. Thanks. See you soon.