 All the way from Australia, we have the only gentleman in the world who's taken two companies from exploration in rare earths to production. We have Jeff Atkins. Jeff, I'm delighted you're here. Thank you. Thanks, Tracy. And thanks very much for the very kind introduction and for having me here today. I'm going to follow on a little bit from what Jack said there about the challenges for the industry. But my focus is actually going to be a little bit more on specifically the mining industry and some of the changes which need to occur within the mining industry to if we are going to have any hope of meeting any sort of demand. A little bit of background to myself. As Tracy mentioned, from a mining perspective, my background was I started with Linus in 2007, worked there in corporate development, which involved everything from project development to BD strategy, all of that sort of thing. From there, went into Vanadium and finished up establishing cheetah resources, which turned into vital metals. Vital acquired the Nechelarcho project or the surface assets of the Nechelarcho project and we did that in 2019. In 2021, we started mining at Nechelarcho and building a processing facility up in Saskatoon. Now, I've recently left there and that really gives me a great opportunity to really have a talk about what I've found in the mining industry and not just from the project development side of things, but also prior to my life in mining, I actually started off in project construction, project delivery, actually did some bit of software, even worked on the opening ceremonies at the Sydney Olympics to give you a bit of an idea of how, of age and all the rest of it. So, I've been able to come through with a lot of experience delivering a lot of different types of projects and that's really part of what I want to talk about today. As Jack mentioned, we are in a transformational event. We have from the title, this perfect storm occurring where you've got a disruptive technology in terms of replacement of internal combustion engines with batteries and motors. You've got this incredible strategic importance of these critical minerals from governments and the need to establish these supply chains outside of China. You also have this consumer demand where the importance of ESG principles and things like that on the end user has absolutely gone through the roof. Everybody here with young kids will probably be able to appreciate and from my perspective I've got a 10 year old daughter who, being in the mining industry, it's all about are you doing the right thing? Are you doing the right thing by the environment or are you doing the right thing by the communities? It's no longer a nice to have, that is a must have and that's driving electrification as well. The last thing you also have is supply and logistics changes. When you look at and all you need to do is have a look at what's happened in the computer chip market and what effect that's had on cars. What really highlights I guess the shift which we're going through is if we look back and Jack mentioned phones, if we look back at the market for smartphones and you look at the way the demand curve occurred from about 2007 up to about 2017, it's remarkably similar to what's happening in the magnet market and this gives a bit of a reflection of the challenges which are affecting the market at the moment. We are looking at forecast demand of up to a thousand percent growth and that's not something which is, I'm not aware of my mining industry which has had to deal with that before. So we have to look at what our approach is to meet this demand because there is a wave and there's two ways to look at it. It's either an opportunity or it's a threat and because if we don't set up the supply chains around the rest of the world whether it be in Europe or North America, we'll lose that opportunity. And this is really what I want to talk about, how are we actually going to do that? The first thing is time frames are critical. We have to shorten the time frames for mining projects. When you look at the, I'll focus here on rare earths in particular because it is a more complicated supply chain than something like lithium. If we're going to establish that supply chain, the very first thing that you need is raw materials. If you don't have the raw materials, you can forget about the rest of it because it's just not going to happen. The second thing you need is you need to have full alignment along the supply chain where everybody's actually trying to achieve the same thing because once again, if you have a single point of failure along that supply chain, the whole thing will go. And this is where I think there needs to be in some ways a bit of a change of approach because if we look at the mining industry, or if we look at that supply chain, you've got processing companies, metal manufacturers, magnets who all want to get into operations. The challenge and the question which I'd ask from the mining industry is, is the mining industry actually trying to get into operation to supply this, or are we looking at this current bull market as an opportunity to promote a stock? I'm sure we've all seen the Lausanne curve. If you look at that curve now at the majority of critical minerals projects and specifically rare earth projects, whereabouts on that curve are these projects today? They're all going up that first hill. So my question is, if you're an investor or if you're looking, if you're a government or an end user and you're saying, okay, how are we going to get this supply? My question is, how do you make sure that you move from that first hill to the second one? Because if a company and executives are focused on maximising that first value, that doesn't necessarily mean that you're going to actually get into operations because that means the focus is actually on how do you maximise your NPV? How do you promote the stock so that you can then sell out? That's the reality of a junior mining space, particularly when you look at a market which is so bullish at the moment because we've all seen many, many companies a new entrance to the market coming in at the moment. And that is the big risk that we have. So the key question for me and the challenge for the mining industry is instead of focusing on your speculative value. So instead of being able to say, we've got the biggest project in the world, we've got an NPV of $3 billion or $4 billion, how about you say, we've got a project which is going to get into operation and this operation is going to provide the greatest value to our shareholders in the long term, not just in the short term when we can pump this up and then investors can sell out because unless there's that shift, we're not going to have any hope of getting volumes that we need to give the certainty to the downstream supply chain. And so how do you do that? Sounds simple, but it does actually require a fundamental shift in the way that mining projects are developed. And this is where I find it quite interesting with when I look at my background because I've come, as I say, I've come from the construction industry originally, spent about 15 years doing that before going into mining. So I've had a look at a number of different ways that projects are developed. And one of the things which is really, yeah, I find quite interesting when I look at a lot of the way mining projects are developed is, and it was described to me best actually when I was involved in a port and rail project, which was engineers quite often believed that if you follow a process, you'll get the desired outcome. That's not actually true. You might get an outcome, but it all comes down to what your definition is of a desired outcome. Is your desired outcome an engineered result or is your desired outcome the best result for your company? Because what I would suggest is rather than follow a process and see what comes out at the end, because we all know what the process is. We drill out a resource. We make the resources as big as what we can. That defines the size of the project, 20-year mine life. You then do your feasibility studies based on that. Then you have a look at what approvals you need, what finance you need, and you go, and that's basically the path which you use. It's a push model. When you start looking at the critical mineral sector and you have this massive demand curve, the first step has to be what are our objectives? Then you say, what process do we need to follow to meet those objectives? And when you consider the value of a project, you not only consider the NPV, you also need to consider what the opportunity cost is. What's the financing cost? What's the schedule cost? Because if you've got a project which is going to take you an extra three years, that's a hell of a cost. It might not show up on an NPV, but the reality for your investors is huge, and that's something which you really need to focus on. The next challenge which I'd give to the mining industry is understand this. Time cost quality. Three key things on a project delivery. You can only have two, which is the most important. I'd suggest that at the moment for critical minerals, time and quality are the two. So cost, it all comes down to how you're prepared to accept the risk. If you accept the risk, you can change your model. Now, mining companies, everyone knows you do an APCM contract. That's the standard. APCM contract focuses on anything but time. It's all about engineering. So you need to get the alignment in your delivery model to what your objectives are. And I'll leave a thought. We're in a unique environment from a market perspective and the demand. It's not a typical mining model. It's not a typical mining market. It's time for some innovation. 40 years ago, the construction industry had a delivery model which involved architects designing the project, project managing it, building it. It was a disaster. Moved away from that 30 years ago. Why is the mining industry still focused on an APCM model? Which is effectively exactly the same. You end up with an engineered result. Is that necessarily the best one? Is it time that the mining industry started looking at other industries about delivery models? As I say, I'm fortunate I've been involved in IT. I've been involved in construction. And I think there's something to be said, but if you start looking at the IT model. Because that's focused on consumers. That's focused on saying, how do we get this product out? How do we make the product good enough to get it out? You can always improve it later. Is it time that the mining industry starts thinking along the same lines and challenging themselves on what is the best thing that we can actually do? And then from governments, people like that, the challenge for them is how do you create an environment which encourages mining companies to make that change? Because at the moment, why would you? If you can promote your stock, if you're an investor, you can promote your stock and you can get that up really high and you can make a lot of money out of it, why would you change? So if you're looking at the whole industry to get that alignment, we have to change the environment. You have to make it that that's what is going to add value to the mining industry and to those mining companies. And I think that's much on. Thank you very much.