 Hi, today I'm at PDAC in Toronto for 2024, and I'm meeting with Rowena Smith, who is the President of Australia's Strategic Materials. Yes? Okay, I got that right. Anyway, Rowena, can you tell us where you stand in the supply chain for wearer and wearer of the Permanent Magazine? We have a strategy to go from mine to metal within that supply chain, so that we'll start with our project in Dubbo in New South Wales, which is in advanced development, and then it goes through to our metals plants, the first of which we've built and it is in production in South Korea. Okay, and do you plan to supply only metal or will you make alloys for magnet makers? So we are already making both pure metal, so an NDPR metal in that facility, and also the strip alloy, so the ND FEB alloy, so both of those products are currently being produced there in Korea. Okay, and is that going to be used for centered magnets, yes, as opposed to bonded magnets? Yes, that's right, scented magnets it will go into, yes. So that's good. Yes. As far as I know, you're the first Australian company to ever do anything like that to get that far down the supply chain, is that correct? That is definitely correct, and in fact we would be one of the only companies globally doing it at the moment outside of China. I know that the primary or principle wearer deposit of Australia is underway. What's your timetable on that to get something going? Well the critical path for that is funding, because we've done the engineering, the exploration work, we've got our 70 year resource, we've got our permitting, we've got our flow sheet all developed, the engineering is well advanced, and so really for us it's just completing these offtake agreements and securing the funding to be able to take feed. So from the point where we've got our funding secured then the construction program is about 27 months. So at the moment, depending on when we get funding, we would expect to be in production in 27, maybe early 28. Have you come to North America looking for funding or end-use customers? Both, absolutely, and obviously not my first trip. So it's continuing those discussions that we've had underway now with offtake parties, but also the last six months we've had a lot of conversations with U.S. government departments about potential U.S. government participation in funding of the Dubbo project as well. I understand that, because the U.S. Department of Defense and Energy have actually invested maybe between half and one billion dollars so far in wearer magnet projects, because in the United States we produce no wearer metals, alloys, or magnets at this time, and we have one producing wearer of mine. So the idea that on our own North America's become self-sufficient is ridiculous. So I'm in Canada, so I have to be careful what I say, but I have a lot of family in Canada too. So the point is that Canada, with perhaps the most wearer discoveries in the world, you know, produces nothing so far in the way of wearers. And so Australia seems to be leaping ahead, because Australia seems to be determined to be a critical minerals hub, so to speak. Well, we also have got a very rich endowment of the materials, but the advantage that I think that certainly our project has got in Australia is that we're not starting today. We started 20 years ago, and so we've done the exploration work. We've done 15 years of development on the IP to be able to do the separation and refining of the product. We've spent 10 years working on developing the IP for the metallization. We've built the metallization plant already. We're well advanced in doing the customer qualification processes with the magnet producers. So we can very rapidly provide a credible alternative supply chain to feed into those magnet producers that are looking to set up here in the States. Can you tell us what your plan is for the capacity of your metal plant in Korea? So the design for the metals facility in Korea is 3,600 tonne per annum of the alloy material. We've installed thus far equipment that gives us a 600 tonne per annum capacity, but it's very easy and it will be very rapid to take that from the 600 to the 3,600. And we'll do that as the customer demand is established. But then also what we can do is either expand beyond that in a second phase expansion, there in Korea, or potentially we can replicate that facility in another jurisdiction. So would you consider building such a plant in the United States? Absolutely, and a number of the parties that we're talking to for offtake at Dubbo, you know, some of them are Korean and so they're interested in the product coming through the existing facility, but some of them are here in the States and they're very interested in replicating that plant, not necessarily immediately because they're happy to take it through Korea in the first instance. But as the supply chain grows, then we're very open to talking about replicating that facility here in the States. No, because in the United States we don't, there's currently no metal or alloy, we're metal or alloy making, and there's a definite dearth of skills. We don't have a lot of people here who know anything about it or, because since there was no feedstock for 25 years, what was the point of building downstream facilities? So it's the same thing in Europe, although Europe had a legacy of more such facilities, but not metal making necessarily. They have one company in Europe which is making a small amount of metal. That's it, okay. And your company in Korea, has it begun production? Yes, absolutely. How much have you produced? So we started delivering metal to our first customer there in Korea in 2022. So it's small volumes at the moment, the amount that we have produced is in the order of about 20 tonne that has been delivered to customers so far. We've got more than that, that is in our inventory there at the moment as we're progressing these customer validation processes. But really what we want to do is we want to ramp that up when we've got security of customers. And really what we're talking about, particularly when we visit the States, is we're talking to potential customers to say, okay, you tell us what your off-take needs are. We can expand very rapidly to be able to fulfill that. And we've got the ability, if we do put a facility here in the States, to be able to leverage both the operational know-how, but also a technical team to be able to come over and train staff here in the States. So that's obviously a huge advantage. I think it's very important for people to understand that one small company in Great Britain, one operation in Thailand and your operation are the only rare earth metal operations I know outside of China, Japan, in the world. And there's no way you could ever meet the demand so you are into a seller's market. As long as we have got feed, so I guess the important thing for everybody to recognise is the downstream part of this supply chain is only as strong as the upstream sources that you've got. And if no one is investing in bringing projects like the Dubbo Project online, then these metals plants will continue to be very small. We need to get the feed that is going to be able to enable the whole chain to grow. Well, still, the point is that you're actually making metal. Yes, absolutely. So it gives you a lot of credibility in building your upstream mine, OK? Well, it gives comfort to the end-users because, you know, particularly when we're talking to the large OEMs, you know, they want to know that they're dealing with people who are credible and commercially credible, but also operationally credible and technically credible. And so we can say we'll come and have a look at our facility and they can come and they can do an ESG review or they can do a product quality review. They can review our laboratory and see actually how well we're managing our quality controls. So they can meet with our team. They can meet with our R&D team. And all of that gives them confidence then about the way that we're going to partner going forward. Well, all I can say is that the rare earth market outside of China is rapidly coming to a conclusion, OK? And those that can do will continue to do and those that can't will have to think of something else to do. So please keep us informed on your progress and thanks very much for the time. It's lovely to speak with you, Jack. Thank you.