 Thanks Gracie for the opportunity to present the peak story, we're an ASX listed company Mark Kappa around about $25 million just heading into our bankable feasibility study. So as we talked about this morning in the panel, as you're aware we've done a financing transaction with Appian and the IFC which funds us through the bankable study. I'll talk a little bit about a bit more about Appian and IFC further in the presentation but just wanted to give you an overview of the project. We're located in southwest Tanzania in the east coast of Africa and it's a bassinocyte deposit so similar mineralogy to the mountain pass deposit at Molycorp but we've got a couple of unique parts of the ore body in terms of the composition is quite a bit simpler from a processing perspective so I'll talk through a bit on the processing. So that's where we are, southwest Tanzania I can't say we've got excellent infrastructure and all that sort of stuff because it's not as good as some of the other projects but rare as you were talking about producing in our PFS case we were talking about producing 10,000 ton a year a final product we're actually now looking at producing about six and a half thousand ton a year product so rare earth mining and processing it's more about incoming chemical logistics and it's about the amount of product you've got to ship out. We're not going to talk a lot about the PFS numbers they are quite dated now we're now moving to a hydrochloric acid leach rather than a sulfuric acid leach and those big breakthroughs and the beneficiation really substantially changed the economics. We've also worked out a way of getting rid of 70 to 80 percent of our cerium very early in our process and cerium is effectively a loss making rare earth so it's very good to get that out of your process as early as possible. I'm not going to talk a lot about the market I think most of you and most of everybody here is familiar with the market it's really all about NDPR as you can see from from that chart so high powered magnets is really our key focus and 81 percent of our revenue stream is going to come from NDPR. That's the cross section through the ore body I can use some of the bingo words for this it is on the surface low strip ratio all that sort of stuff this is you know rare earth mining it's about it's really chemical processing the mining side of it is actually quite simple so I'm not going to dwell. We have a mine life well in excess of 30 years so this is a big long life project but out as I said before our big advantage is the mineralogy we're very low in carbonate and phosphate minerals and really what you're trying to do with rare earth processing is make sure you're not chewing up too much acid so we're very lucky we are effectively zero in carbonate and phosphate minerals for our ore reserve which gives us a really big advantage. Okay NDPR grade so I do have to qualify this this is the NDPR grade on the y-axis and the head grade on the x-axis this is of all the development projects outside of China I don't have all the data or the deposits in China it's just about impossible to get and it does exclude Amanda's deposit which is a production asset so that's how I get a way of not putting Linus on our chart but but as you can see of all the other development projects in the western world we are up at the top there on the NDPR composition and that's really the key driver along with the mineralogy for our project it keeps our CAPEX and our OPEX costs down if you've got grade you got simple mineralogy that's what helps that's just a cross-section through a piece of the core I'm not going to go into a lot of detail on that but I think another key advantage of the project is extremely low and radionuclides our uranium and thorium levels are extremely low and that also helps keep our processing costs down okay so we go through a beneficiation an acid leach and a solvent extraction process that's our beneficiation we do a bearite pre-flight so we get rid of the bearite very early in the process and we take it up to we've actually achieved an excess of 50 concentrate grades the dust will settle around about a 35 concentrate grade to give you an idea our PFS case was 17 concentrate grade so we haven't yet ran all the updated economics with that upgrade in concentrate grade but obviously that will substantially help improve the OPEX for the project and also the the CAPEX and importantly we're getting rid of 90 percent of our mass reduction so we're really reducing the amount of material going into the next phase of the plant that's the leach recovery it's a hydrochloric acid leach process is our current thinking we do a effectively a calcination process very early in the piece this is not high pressure baking kilns and stuff we heat stuff up to about 700 degrees celsius add a bit of this add a bit of that and basically what comes out of that is we can drop 70 to 80 percent of the serum out very very early we're only feeding at the front end of this between five to seven dry tonne an hour of material to our plant so as you can imagine the back end of this plant is quite quite small and that will obviously keep the CAPEX cost down the pre pfs CAPEX was 367 million us which is also already very very low for a rare earth project but you know we will obviously see some improvements as we factor through these improvements to the process flow sheet there's our sx this is our latest thinking we're going to look at doing two two phases of sx so really focused on the the NDPR that's 81 percent of our revenue you know we've still got more work to do in the market and you know we've got some good discussions already happening with a number of partners but the reality is too we finalize all of our pilot plants for our beneficiation and our acid leaches we won't be able to completely finalize the final product suite we have already as I said earlier today pilot planted the sx part of the circuit we actually went to high purity oxides for all four products lanthanum cerium NDPR combined and the the mids and the heavy so we've been there we've done it we've produced this product so we're very comfortable with with this part of the process the beneficiation pilot planning is actually just about to start back in Australia but we have already you know we've done a lot of test work on this we've already been using 25 litre sized float cells and getting them to work very successfully the acid leaching we've already done a lot of work with anstow in Australia so we're feeling pretty confident about that but obviously it's good to get the pilot plants completed and that's our key focus over the next six months so I talked a bit about apium before xjp Morgan banking guys the people involved have raised in excess of 200 billion dollars for mining projects them and a mining activity so got a strong financial track record you know got a operating team that built a lot of mines and obviously have some very good contacts so they open up a lot of doors for a you know a west Perth based junior company we've got partners now that really add a bit of a bit of grunt I suppose to the team and to the board and you know we're very very happy to have them involved and they also bring a good rigor of operating discipline to the to the company so you know it is a private equity arrangement we do work hard but we're very happy to do that and apium are a you know a seven to ten year type time horizon investor apium and the IFC want to see these plants built they're not looking for a short-term financial gain they want to see this thing built IFC invested over $400 million into Tanzania so they're obviously very you know the country very well we'll be having one of the rep come onto the board from apium sorry from IFC we have two board reps from apium already and we're looking forward to welcoming IFC board members so in terms of path forward we're in bankable feasibility now Amec Foster Wheeler are doing lead engineering on that we'll have that study finished by the end of 2016 we'll be looking for an investment decision by mid 2017 and then getting into construction off the back of that and into production we hope to be commissioning late 2018 I think not really going to sort of go through that you know I've talked about the grade and the mineralogy we've got the strong financial partners now to get the job done and you know very happy to be in that position it's not an easy mark up to raise funding in and I think it's testament to the quality of the project and the team we've got to move the project forward I'll wrap up on that thank you any questions