 Let's get over to our man, Mr. Fred Ernest. Fred is the president and CEO of Vistagold. We happen to own Vistagold. Vistagold has been working on a project in Australia, the Mount Todd Project, and we're going to talk to Fred about the updates on this project. Fred, welcome back to TFNN. Thank you, Tom. So, you know, you're doing a lot of work. So, I saw your press release. I saw, you know, if you can give the audience and the, you know, shareholders a little update of what's going on, that'd be awesome, Fred. Yeah, thanks, Tom. You know, earlier this week, we announced that we've completed an internal scoping level study to look at and evaluate a smaller-scale version of Mount Todd, at least on the front end. You know, this is important because, you know, Mount Todd's a huge project, 7 million ounces of reserves, but it's got a huge price tag. And we have completed an evaluation looking at a 15,000 ton per day operation capable of producing something on the order of 150 to 200,000 ounces of gold per year. But building a project at this scale with contract mining and the capital costs could be, are estimated to be less than $350 million. This is really important. It opens a door to a whole other group of companies that either couldn't afford a $900 million CapEx for being a partner or perhaps it's those who just said it was too aggressive. And we're really excited about the results of this study. It preserves optionality and it opens up a whole new door to the way we could develop Mount Todd. Well, in particular, you know, Fred, the way that, you know, just economy is in general across the world, it seems that it's really cool that you could get a piece of it, you know, with the realization that as long as, you know, the economies keep going while the bottom line is that then you can ramp this up. Let me ask you, what does contract mining mean? Well, instead of us buying the mining fleet and operating it with our own employees, we would contract somebody like Keywit or any other number of companies in Australia that specialize in mining open pit using their own equipment. So that's pretty cool because that's just like any type of developer that when you can subcontract out, I guess you're the expense ratio, you know, definitely have a better expense ratio going forward. Would that be correct? Well, what it does is it reduces your upfront capital costs and it reduces your risk as far as being able to deliver because you've transferred that risk to the contractor. Nice. Okay, I get it. I get it. And, you know, if you can tell the folks, you know, so when we look at, you know, we can see what is happening, which is I don't expect any car companies to come in and take a piece of you, but they go after the copper companies, which is kind of intriguing, you know what I mean? And, you know, the aspect that seems that commodities in general, you know, this is the first time in my trading career that I've seen actually car companies going after copper. Okay, so it's like, okay, you know, it's almost like the companies in general understand that commodities are going to be worth more money. When we take a look at inside of Mount Todd, is Mount Todd mostly gold, silver, copper? What is the ingredients inside Mount Todd? Yeah, it's almost entirely a gold project. How cool is that? We've got a very small amount of silver. There is some copper mineralization, but it's so such small proportions that we have no plans to recover it, just is not worth the expense of trying to do that. Oh, for sure. No, listen, it's great that it's gold. It's amazing. It's actually all gold when you actually think of it. And Fred, what is the aspect of, so let's say that, you know, you have companies that start getting interested in it, right? Then what would be the ramp up in order to basically start the first, not to start the first pull, but basically what would the ramp up be going forward? Yeah, so with this new study completed, a smaller project is obviously less complex than the project that we completed the feasibility study on. Yes. It's cheaper. You don't need as big of equipment. The lead times are shorter. So we expect that, you know, from the time that we could sign an agreement, reach a transaction with a potential partner that we'd be looking at still about a year's worth of engineering and design. But then instead of being 24 months for building commission, I expect that we could actually build in commission and something closer to 18 months and maybe even a little bit less than that. And what do you picture? I know you want to negotiate the best deal for your shareholders, but, you know, without actually getting into big details, what do you think the positioning would be? Meaning that how much do you have to, you're not giving up anything. There's going to be a flow coming into Vista Gold, correct? And then going out. So if you could just explain to us how you could envision that. Yeah. So we're looking to form a joint venture partnership where there will be an earn in to the project that would be, you know, a company acquiring, you know, at this scale at 15,000 tons a day, you know, maybe it'd be a 50-50 joint venture or a 55-45. But the idea would be that the amount of money that they would pay up front to earn in to their share of the project would be sufficient to cover all or most of the capital costs that we would incur to fund our portion of it. So the strategy is to execute a transaction that would allow us to essentially own our portion of the project going forward without having to dilute our shareholders further. And you've been very good at that for the last long time. Can you explain to the audience, some of the folks that don't own Vista Gold, Vista Gold folks, by the way, trades on NYSE under the American. It's VGZ, our McCanada VGZCN. Can you explain to them like your debt structure? Yeah, we have no debt. You know, we've been, we have roughly 120 million shares issued and outstanding, which is considerably less than most of our peers. We've been very cautious about money that we've spent. We've been very cautious about going to the market, raising money, diluting our shareholders. And we, you know, in part because we as a management team are shareholders and, you know, we pride ourselves on running a pretty tight ship and trying to do things that make our shareholders money. You know, in the age of, you know, culture, we talk about culture a lot in companies in the world in general. It's amazing to me how far Vista actually goes back with the same type of culture that you have managed to get this far and have no debt. That's almost unbelievable in the mining business, right? It is uncommon. It is uncommon. You know, we're, we're continually approached by people wanting us to, you know, give us a royalty or take a stream or offer us a debt. Sure. You know, it's just that's giving away shareholder value at pennies on the dollar. We just don't see that it's good business. And listen, folks, okay, Fred's going to be up in, up in Toronto next week, Fred, right at PDAC, right? Absolutely. So all you folks up out there, come go visit Fred up in Canada, all you folks in the United States that are going up there. I can't make it this year, but I know I always see a lot of you folks up there. So check out Fred at his booth and wouldn't willing to talk to you. And don't forget, folks, it trades on the American VGZ. Check it out. Go to VistaGold.com. Fred, you have a great one. Safe one. Thanks so much for the update. I hope you have a really great show next week. Thank you, Tom. Thank you. Have a great one. Have a safe one. Stay right there, folks. We'll come right back.