 PEDAC 2023, Day 3. And I'm here with the two keynote speakers for the upcoming Critical Minerals Institute Summit in June. Mark Chalmers, of course, from Energy Fuels, and Konstantin Karinopoulos from Neopreformance Materials. So we at Investor Intel, we see a lot of announcements about multi-billion-dollar investments from governments and hedge funds and investment groups. They want to change the world. And we've been addressing not only the challenge with supply and demand, sustainability, and of course the supply chains, but the actual shortage of people. How are you dealing with the shortage of people? Well, I think the shortage of people is real because it's hard to find process engineers and technical people that have any understanding of how you would recover these rare earths. And in our case, we started early in the process. We linked up and started working with NEO and Konstantin's team. This has a long history of processing and refining and coming up with different products. But at the same time, we had a head start as Energy Fuels because we have a number of very solid professionals that understand solvent extraction that are very motivated, very focused, and actually making very big strides in advancing our initiatives. So but it's still difficult. But I have no idea how companies that have no technical expertise whatsoever, how they're going to get there without having at least a core nucleus or relationships or partnerships to help them get there. I am certain you have an opinion on this because I recall you telling me years ago, you know, how do these companies make these announcements that don't even have any relationships? We've talked about this many times, Tracy. There is a massive investment gap, a massive resource gap, a massive infrastructure gap, a massive skills gap. And I think in order for all these governments to meet the deadlines that they've imposed on themselves and the markets, we need massive investment, first of all, along the supply chain from resource extraction to manufacturing to infrastructure and charging infrastructure in particular. And then industry needs to bridge that skills gap, which is very real and probably with the exception of China, every advanced economy in the world is facing that skills gap as it's looking to secure both resources but also the technical and manufacturing infrastructure that it needs to get to the decarbonized vision of 2030, 2035, 2050, whatever the number is. So of course, as you both will be keynote speakers at the CMI Summit, do you have any idea what your favorite theme will be to discuss at that time? From our perspective, from energy fuels, I mean, our theme is going to be progress, right? It's advancing a strategy. We believe quicker, faster than most companies out there by focusing on what Constantine just said. You've got to start with the molecules. You've got to process it. You've got to have the people to do that, and you have a strategy to focus on integration. So I think absolutely my focus and my talk will be on attaining integration as quickly as possible, as efficiently as possible by combining all those elements that you have to have. If you have all the expertise in the world, you can't produce rare earths if you don't have the molecules to start with. So you've got to have all these steps established so that you can actually achieve what your objective is. Well, that's exciting. So what will you be discussing? I'll talk about whatever you want me to talk about, but I'd really like to just provide an update on our expansion in Estonia where we have Europe's only large commercial rare earth processing facility, and we are building a state-of-the-art magnet facility to supply primarily the European OEMs and Tier 1s in automotive with the magnets they need for the motors that they need, for the drive trains that they're putting into their electric vehicles, regardless of what Mr. Musk may be thinking or may be aspiring to, permanent magnets made with rare earths are here to stay, and for the next decade at least, at least decade to two decades, they will be the main driver of energy efficiency in electric vehicle drive trains. Well, because of both of your experiences, I mean, you've got offices in 10 countries, correct? Correct. And of course, you are in the red, white, and blue of critical minerals. I'd like, if you could just touch on perhaps some of the geopolitical issues presently, starting with Elon Musk's impact to the China market when he announced that we can do it without rare earths, thoughts? I think it's an aspirational comment. And when I ask my extremely bright technical folks about the future of motor design and energy efficient motors, I really don't see any chance that other than induction motors, you know, the very mature technology that Tesla started with before adopting permanent magnet, permanent rare earth, rare earth permanent magnet motors, I think that drive will continue. So for the rest of my career, and probably the next decade, as I said earlier, to the decade and a half or two decades, the rare earth magnet motors will continue to be the most efficient motor that you can put in an EV. So, and Mr. Musk found that out when he started building automobiles in China. He built some of the best EVs, some of the most efficient EVs in the world. In all of the discussions that we're having with our German automotive customers, there's only one option for them, and that's the rare earth permanent magnet motor. And I'll take the wisdom that comes from very, very smart people like that any day of the week. Would you like to add anything to that? No, I think that, you know, Konstantin is right. I mean, it's a big world out there. You know, if one person makes a comment that, you know, they're not going to need it, well, there's still another rest of the world out there that needs it, right? So, you know, I think that, you know, if you want the best efficiency, the maximum efficiency of electric vehicles, with what we know today, you've got to have these permanent magnet motors. So, but it's kind of, it was surprising how it moved the market so much on that day. It was a little rocky for a number of companies, but I think we've all pretty much recovered since then. So, we're hearing a lot of news here on the floor at PDAC. For instance, I spoke to one exploration junior company, and they're like, they were talking about a large automotive company. They were having negotiations with. And it occurred to me, it seems kind of premature. They're many years away from actual production. But according to Jack Lipton, who's our co-chairman, he believes there's going to be a big transformation for more and more end users, basically, making deals with some of these exploration companies. Do you see that trend occurring? Are you getting, because I would assume everyone's knocking on your door right now. Actually, there's a trend there, and the only, and I think it's a recognition that you have to have the molecules. And so, people are going upstream to secure molecules, because there is going to be a shortage of molecules, in my opinion. So, but it's also kind of an interesting issue too, because the automobile manufacturers and OEMs, that's what they do. And they're going into areas that they're not typically experienced in or have a long history of going upstream like that. So it'll be very interesting to see how many of those relationships are successful, and actually contribute and give them the molecules that they're looking for. Vertical integration is a very tricky business, because it takes not only unique skill sets if you're trying to move to a different part of the supply chain, but it also takes a different mindset and culture. Just like junior miners and resource types, they've always historically had a very difficult time making the transition to becoming specialty chemicals producers, which is the case in rare earths. Similarly, people who, companies and people who can build the best cars in the world, making the transition to becoming resource extractors, it's a completely different game. So I believe the lessons have been learned, and I'm hopeful that the automotive companies will do a much better job this time. However, and since you also put it, Tracy, in geopolitical terms, geopolitics is nothing new. I mean, the world has been driven by geopolitics for centuries. So this is just a different manifestation of the Europeans and the North Americans seeking resource security in other parts of the world. Now, I guess the industrialized West has a bit more competition in the emerging and much more sophisticated East, whether Japan, China, Korea. And this is all in the context of a dearth of sufficient molecules, as Mark said earlier, to supply all of these massive opportunities that are manifesting themselves. So I think there's a little bit of panic in some of the boardrooms, both in Europe and in North America. I do see, I've been having discussions with at least two automotive companies that are looking to secure resources, both for batteries and for drivetrains, and I think that will become more of a norm. How it's going to be done remains to be seen, but there's no question that there's massive interest in boardrooms of the biggest automakers around the world as to how they will secure the critical raw materials, well, we don't have enough production right now, for their manufacturing plans and the growth plans. I'd just like to add something. We went through this period of the last 20, 30 years of globalizing, and that was a focus. We would globalize, we'd secure whatever products from wherever we could get it at the lowest cost, and now we're seeing this trend that there's this deglobalization. And if you go back into the 50s and 60s, most of the developed world were very focused on having those critical supply chains established for their own countries, and that pretty much went away. So, yeah, it's an interesting time, Tracy, to see this evolution that we're in. Yeah, the bottom line is in order to advance this electrification, decarbonization, efforts and focus, we've got to have the molecules. And the molecules are the starting point, and we have to be able to go through the integration, as Constantine says, to get to the desired outcomes. So speaking of outcomes, I think the buzzword at PDAC is ESG. ESG. We've got to have ESG. I watched Chris Rock's monologue last night, and even Chris held up his phone and said, we're carrying these phones with child, you know, laborers, right? They obviously, people understand now about rare earths. They understand where you have to find them. The education that's out there has expanded, so ESG and critical minerals, thoughts. We've never done more on community consultation, and we set up a foundation a couple years ago. We put a million dollars into that foundation. It's in San Juan County where the mill is, and we're starting to make awards in that foundation. I'm very proud of that. We also committed 1% of the revenue from the mill going forward, because it's such an important issue. And we do more now than we had done decades ago. We probably should have done more, but we're absolutely on top of our game, and we're very committed to that as a company, and I'm proud that we are. Well, since you provided the opening, Tracy, our magnetic alloys and magnetic powders plant in Thailand just got its gold rating by Ecovattas again, at this time, scoring higher than the last time they got the gold designation. At NIO, we're spending more time, effort, and money on ESG programs for a couple of reasons. One, it's the right thing to do. Second, our customers all demanded. So as we speak, there's a very large group of senior managers in the company going over our greenhouse gas reduction strategy here in Toronto with consultants that are helping us along the way. There's no other way to do it, but I think the supply chains, and especially here at PDAC, since PDAC represents the very early stages of very long supply chains, there needs to be a seriousness that addresses ESG in addition to social license, I mean ESG takes very different manifestations, but this is real, and it's important, and it's serious. And the risk I see when I read announcements by various companies, there is a risk of greenwashing just to ride the wave without really doing as little as possible and getting a wave with it. That is suicidal. ESG is real, and companies need to take it seriously, and they need to devote resources, both human and capital towards this, because when the time comes that all of these companies will be in production and they'll be selling to really demanding customers, they will have to present their ESG credentials and they have to be real. Well clearly we can talk all day long, and we've got two of the top critical mineral experts in the world, so I just want to thank you so much for swinging by today to give us an update. Thank you both. Thank you Tracey. Thank you Tracey. Thank you Tracey.