 Alright, I'll make a start. Good afternoon everybody. I'm Darren Townsend from Peak Resources where ASX listed with a rare earth project in Tanzania. So we're halfway through our bankable feasibility study and I'll take you through the project. The usual disclaimer of this is on the, being released to the ASX and on the website. So we're a very large rare earth project in south west Tanzania in the eastern side of Africa. It's a 31 year life project, so a very substantial oil body. It's a baston site which is one of the standard types of mineralogy for rare earths and similar to the baston sites used or processed at Mountain Pass, although a little bit richer in the neodymium, presodymium as a component. And I'll talk a bit more about the market and where rare earths are because it's changed substantially in the last five years. We've got a management team with a lot of experience. I've recruited Rocky Smith, he's come out of Mountain Pass, he's been running that for the last five years. So he brings a lot of operational experience and actually executing construction and operation of a rare earth operation. And I've also got a marketing executive to come out of Solbay Radio out of Europe. So we've got the team together now to take us through the next step. So this is where we are, our sort of global footprint. We're going to be doing the mining and beneficiation in country in Tanzania. Then we're going to be taking a mineral concentrate. We've already pilot planted that at 45% mineral concentrate grade. We're going to be taking that up into the European Union and we're looking to put our hydro metallurgical facility and our solvent extraction facility up into the European Union. And a key focus for us will be delivering into the European market as one of our sort of target markets. We're based in Perth in Western Australia and we've already pilot planted and extensively de-risked the majority of the process. So the beneficiation has already been completed. We took 50 odd ton of material across to Australia and we piloted that in Perth. We pilot planted our solvent extraction a couple of years ago at Anstow in New South Wales. And we're also just starting, in fact I think we're starting today, our final pilot plant which is for our middle step, our hydro metallurgy. We're actually, interestingly enough, using the old mountain pass flow sheet from the mid-1980s which was a flow sheet that got rid of a lot of cerium. Effectively cerium is a loss-making rare earth and one of our big advantages with our process is we've worked out a way of getting or leaving behind more than 70% of that cerium, which is very important in terms of the process. You can see there we're able to truck our product within 48 hours into anywhere in Europe so that's one of our key focuses is some of the manufacturer's and automobile industries in Europe. We've got partners helping us develop the project. We've got Appian, a private equity group out of London and we've also got IFC, part of the World Bank. So they've been very good partners with us. They have a combined interest in the listed coal of around about 20% and they also have an effective project level interest of 25%. So that's the structure we've got in place. Just a few more of the board there. We've got guys on our board like Robin who's built 30 plus mines in Africa. John Jatter has executed offtake into Europe, etc. XJP Morgan Banker. So we've got a very good team there. Our chairman, Pete Harald, has been running a nickel operation in Australia, a chemical engineer, lots of experience. So this is the market and this is where there's a lot of confusion in the market. Everybody's sort of stuck in a time warp of about five years ago thinking rare earths is all about lanthanum and cerium. Well, as you can see, it's all about the magnet metals. Rare earth magnets are the most powerful magnets that you can get and they're about 10 times more powerful than your normal iron boron magnet. So extremely powerful, very good power to weight ratio. So anything where you've got to keep your weight down, you want to be using these high-powered magnets. So automobiles is one of the key markets as is wind turbine drive motors and I'll talk a bit more about that later. So most of this and this is the rare earth market by value. Really, that's all that matters. It's where is the money. It's in the magnets and most of it is neodymium and presodymium. 85% of our revenues will be coming from neodymium and presodymium and we have one of the world's highest grade undeveloped projects for those two metals. So that's really the big peak advantage. The drive motors for the electric vehicles and standard cars as well. Standard automobiles use about a kilogram of these high-powered magnets per vehicle. Electric vehicles are using about double that or at least double that. Unfortunately for us, Tesla don't use rare earth magnet motors. But just about every other electric vehicle is powered by rare earth magnets. So I think Tesla is probably 5%, 10% maximum on the market. So it's a bit unfortunate they don't use it but if you think about the name Tesla and what that implies it's actually an induction motor. It would be a bit difficult for them probably to use a DC motor instead. So there's two sort of growing trends. There's the wind turbines. When you use a drive motor that has rare earth magnets in it for wind turbines, you're able to get a drive motor that's a lot, weighs a lot less and has a lot less maintenance. You're able to get rid of a complete gearbox system and about 28% of the wind turbines at the moment are using rare earth magnets, motors, but that's rapidly growing. 90% of offshore applications are using rare earth magnet motors and a growing demand for rare earth magnet motors on land-based wind turbines and the amount of wind turbines going into China is absolutely insane at the moment. The e-mobility, it's all about moving into e-mobility with the electrification of bicycles, cars, etc. So very, very strong demand going forward. So yeah that's really what's driving our demand and I'll show you a couple of graphs shortly which will show you how much the demand is growing for these two particular metals. And these are Dudley's numbers so I'll acknowledge Professor Kingsnorth, thank you Dudley. Just between now and 2020, incrementally the world's going to need another eight and a half of annual capacity of our project. So a rapidly growing demand, very strong demand fundamentals and really if you look at even some of the statistics like BHP Billiton put out in their half yearly there's going to be 500 million new automobiles on the road by 2030. Even if they don't electrify and they just stay as standard vehicles, when you've got a kilogram per vehicle of these rare earth magnet motors you do the mass very quickly you can see this huge increase in demand. So neodymium, pressodymium is looking very, very good into the future. Where we're at we've already put out some preliminary numbers on our study so we've put these out in March, we've been able to drop about 20% or so out of our operating cost, we've dropped our capex down to 330 million dollars and really a lot of this has driven out of our ability to drop out this cerium very early in the process. We're only processing less than 5 tonne an hour of material into the back of our hydro metallurgical processes so that's why we're able to get our operational costs down so low, that's our big advantage. This is what it looks like at the moment, rare earth prices are pretty horrible at the moment, we're talking about six or seven year lows where we sit at the moment. This is my operating cost per year, this is current revenues at current prices, this is the average revenues, basically the average pricing if you like, since the boom. So I went past the big boom in 2010 and 11, waited for where the curve came down to something sensible and then just took the average prices between then and now so it's over about a three year period as you can see. So as you can see if you get back to that sort of average pricing scenario, there's obviously some good margins to be had with this business. At these current prices I actually don't think there's any rare earth companies on the planet actually making any money including the Chinese so it's not a sustainable pricing environment we're in and as you can see if you're a believer in the e-mobility and the electrification and where we're heading with society then you're not going to have 10 plus percent k-gaes on demand for these metals and not see the pricing improve. Here's some of these graphs on capital intensity etc. The different products here, the blue is a fully separated rare earth so that's all the way through to like a three nines oxides. The key here is you know everyone can argue about their projects and where they sit etc but you're getting a low capital intensity on the basis of we're getting all the way through to separated rare earths so you know we think we're in a very very good position in terms of the capital efficiency of the project. These are zap-ins so they're a $375 million long-term focused fund that have been coming as our partners on the project. So ex-JP Morgan banking guys got people involved that have built 60 plus mines around the world they bring a lot more to the table and just financing horsepower they've got the relationships in with the banks they assisted in fact we're really key in bringing the IFC in as part of the the structure of the deal so they're very good operators and you know certainly got some very good relationships. IFC you know a very good group to have obviously very interested in seeing the development of projects in Africa and certainly it's always good to have a group like the World Bank on your share registry as a partner in your project and I think the other thing is top tier environmental standards as well you know we we're really putting ourselves to be a top tier and nothing better than an IFC you know quater principle top tier environmental solution of rare earths into Europe and beyond so that's really one of our key opportunities in terms of marketing. This is we've done a lot of work there's a deposit was only discovered in August 2010 to give you an idea I think we've spent only about 35 million dollars to get to where we are now which is halfway through the bankable which is amazingly efficient for a rare earth project and that's really driven by the mineralogy and also the very cost-focused management and board that we've had so very proud of our efficiency to develop the project through to this point and a lot of it is not only in terms of the management focus but it's our natural advantages in the oil body that the oil body our 32 year mine life is very low in carbonate and phosphate minerals very low in radionuclide so that really gives us a huge advantage with the processing these these are not really mining operations these are chemistry sets and and basically chemical businesses so it's very important to have the right makeup of your mineralogy to allow you to operate in a cost-effective manner and I think with our cerium rejection 70 plus percent cerium rejection and we continue to improve on that we really think it puts us right down on a blockhole with an operating cost pretty competitive with the top or the lowest cost producers in China and I think that's a place where you've got to be you've got to have a defendable cost position to be able to play in the industry with the Chinese and I know that I know that we're in that position because we certainly do have quite a bit of interest from Chinese groups with our project we we regularly get feedback that you know they use us as a bit of a yardstick for the non-Chinese projects out there so that's you know always positive feedback to get from the the experts so bankable feasibility finished in the first quarter of next year I think you know being direct we've obviously got to see some improvement in the rare earth prices to make this bankable project and you know we think with the underlying demand dynamics we'll see that come through in time and we've got a couple of very good patient strategic partners helping us out with the development so that's a bit of a summary on us so if you're a believer in the e-mobility and you know the lithium battery story and I think everybody here is otherwise we wouldn't be here then I would just ask everybody think about the other bits that go into this whole e-mobility story and people have really forgotten or haven't understood the link back to the the rare earth metals and the particular the neodymium and presidium and as I said we have one of the world's highest grade undeveloped projects for those two metals thank you