 Hi, I'm Andy Godrie of Investor Intel. We're here at PDAC 2018. I'm joined by Dr. Richard Spencer. Thanks for joining us today. Thanks for having me, Andy. So what's the chat about the Iranian market at PDAC this year? I think the chat is that we're through the bottom of the market. I think that what happened in December last year with both Kazakhstan and Kamiko taking supply off the market, that was just huge. And I don't think that people understand quite the extent of that cutback. If we apply it to the zinc market, when the zinc in 2015 had been in the doldrums of the declining market for a long time, one of the big producing companies, Glencore, took 3.5% of world supply off the market. And it didn't have a dramatic impact on the zinc market at the time. It was just a gradual rise. But looking back on the zinc market, that was the bottom of the market. And I think that we're going to look back on 2017 in the uranium market and see that those cuts by those two big producers were, they did define the bottom of the market. So I think that we're through it. And people are talking about the amount of uranium inventory that there is above ground. And the old adage is that a bull market climbs the wall of worry. And I think that we're going to see a gradual strengthening of the uranium market from December 2017. How's the market going to be affected now with Mr. Trump and Mr. Putin going head-to-head? That's a really interesting question. I think that it's bizarre that we have Russia that controls or is very friendly with two-thirds of the suppliers or the suppliers of two-thirds of the world's uranium. And we've got the uranium market just trundling along, ignoring this sort of escalation of discussion between Putin and the wall between Russia and the U.S. And, you know, if I were a U.S. utility, knowing that my president is sort of going toe-to-toe with someone who supplies or controls or is very friendly with the supplier of two-thirds of the world's production of X, I would start taking action. I would start building my own inventory to keep my reactor running. And I think that that's exactly what we will see happen in the uranium industry. But at the moment, no one seems to care that the U.S. is sort of upping the ante with the Russians or vice versa between the two of them. The ante is rising and the uranium market is doing absolutely nothing. And it's absolutely bizarre. I think we're going to look back at this and say, well, why won't people reacting to this? I think they need to be reacting to it, which is good for the uranium suppliers. Your company is operating in Argentina. How's that affecting the world markets? The Argentinians have a strong nuclear program. They've got three reactors, big reactors, that are operating and they're building another two. And they're talking about building a sixth reactor as well. And these are the big reactors. Their aim is to produce about 20% of their electricity from nuclear by 2025. And they're balancing that with a huge growth in renewables, both solar and wind. And the objective is to get to 20-25% of electricity supply from wind and solar at more or less the same time, so they're growing both industries. So non-emissions electricity is a huge thing in Argentina. But the market is really quite exciting because they're importing all of their uranium. In 2016, they paid US dollars a pound to import that uranium. I haven't got the numbers from 2017 yet, but they're paying a big premium on the spot price. And they're very interested in fueling their reactors with their local uranium production. So there's quite a strong emphasis in trying to replace that imported uranium with local sources. But that's for the big nuclear reactors. One of the niches that Argentina has got is the small modular reactors. And there's quite a lot of buzz around the world about these things. Basically, it's just using nuclear-powered submarine technology that's been around and people living within a couple of meters of those reactors for 50 years. It's applying that kind of technology to the civilian industry. And so these reactors are typically about the size that would fit in a 40-foot shipping container and that they would be able to be transported by rail or road or whatever the core of them. And the Argentinians are one of three countries that have actually got a prototype of a small modular reactor under construction at the moment. And there's a pretty advanced. And what they aim to do in getting... And the other two countries that have got prototypes are Russia and China. But the Argentinians are seeing that first mover advantage and saying, well, if we can come in on budget and bring this thing into production on time, we will be able to get somewhere between 10 and 20% of the world's small modular reactor market. And they reckon the Argentinians say that they've got orders for a good number of these small modular reactors. And what they're trying to do, their marketing strategy is to be able to go to a country and say, look, we'll supply you with the design, the construction, the fuel, the fuel enrichment, and then taking the spent fuel away at the end of the day and putting it into long-term storage. And they've got all of those facilities. The Argentinians built Australia's only nuclear reactor. And they've built reactors all over the world. But this small modular reactor, which is a 25 megawatt unit designed in Argentina, being built in Argentina, the fuel enrichment and the fuel rod design and everything is Argentinian. And the only component that's missing from them being able to supply that turnkey operation is the actual yellow cake, the actual fuel to go into the enrichment. So if they want to market the small modular reactors, a complete package, they need a local supply of uranium. So we're in a great position in Argentina. It's a unique market and a very interesting market. That's very exciting now for your shareholders. What can they expect from the next quarter or two? I think we're going to see a strengthening uranium market. And into that, we're going to be putting out results on... We're doing some tweaking of the metallurgical process. A year ago, Dave Marsh became a director of U308. And he's one of the only people who has actually designed and built a yellow cake production plant in the last good number of years. Got this huge experience and he's coming on, always come on onto the board and is driving some efficiencies that he thinks that we can get out of the original design process. And that was only at a preliminary economic assessment level. But he's still seeing a whole lot of redundancy in the design and saying, well, you know, at Lange Heinrich, which was the pallet and mine that he got his experience on, we did things in a much simpler way. Let's try and prove that we can simplify that plant design, our plant design. So we're going to be doing a whole lot of small tests that he's designing and he's pushing with the labs. And as each result comes out, we'll report on the results and try and give some indication as to what extent it would decrease operating and capital costs. We appreciate your insights here today. Thank you so much for stopping by. Thanks for having me.