 Today, I'm going to speak with Mark Chelmers, the CEO of Energy Fuels, and I'm going to preface my questions with some remarks by myself. Mark, I don't think the public understands that there are only two rare earth producers in North America, and that is MP and Energy Fuels, and MP has a mine, Energy Fuels at this point is building a mine, as I understand it in Brazil, but is buying material on the market. Also, the other guy is processing vastnessite ore from their world-class deposit in California, and you are bringing to the United States for the first time the commercial production of separated rare earths from monazite, which in this world is the mineral of choice for producing magnet rare earths. So what I'd like to ask you is, what's your time frame? Because I know that you have generated, I'm in Detroit, you've generated a lot of interest in the automotive industry because you're looking like you're definitely going to be a supplier, and again, there are only two possibilities in the United States, and you're one of them. What do you see as the time frame for your being able to deliver something to the supply chain for rare earth permanent magnets? Yeah, Jack, that's a bit of a loaded question, but yeah, we are making rapid progress, and as you know, we are able to go into small commercial production of carbonate quite quickly with our relationship with Kimors in Florida and Georgia, and then selling that to NEO in Estonia. So now we're advancing that strategy to include a separation of that carbonate at the white mesa mill into NDPR oxides and a Sumerian plus carbonate, which contains the SEG and the heavies, and we plan to have that operable in probably the later Q1 of 24. So we will be in small commercial production, we believe with the sources of monazite securing from Kimors, and we're actively looking to build that stream up over the coming year or two with the addition of the HIA and other projects that we are currently looking at around the world. So I mean, I think that from a small commercial perspective, it'll be 2024 without question. We hope to build that up in 25, 26, 27 at large scale. I mean, large scale being in the order of 1,000 tons of NDPR and then looking at trying to expand that to somewhere north of say 3,000 tons of NDPR in due course and securing additional feed. So we are thinking large, not small. You know, I'm going to say that the US market for rare permanent magnets today without electric cars is about 12,000 tons a year, which would require 4,000 tons of NDPR. If we were to convert the American production to entire EVs, we'd need 40,000 tons of magnets, which would be about 13,000 tons of NDPR. And my point of view is that no matter how much you produce, you'll be able to sell all of it. What's your long term plan as far as entering the rare permanent magnets supply chain? How far down do you plan to go? Well, Jack, we see that you have to integrate as many steps as possible to get the economics. And so, you know, we started with making the carbonate and then we moved to the mining side with the acquisition of Bahia. And then we also decided that we had to also move to separation. We're also looking at metals and alloys as the next step after separated lights and also looking at separated oxides for the heavies in due course. So I mean, I think that in order to have an economic outcome in the rare space, you need to be as integrated as possible. You have to have access to, you know, low cost of feet, and you also have to have each of those steps have got to make as much economic contribution as they can in each step. So I think one of the problems that the Western US has seen is that a lot of people are talking about just participating in a single step and getting their margin. And that really doesn't work when you look at the China plant. The China plant is you secure the molecules and you take them all the way through to a permanent magnet and electric motor to get the economics to be compatible. You can't do each step individually and get an economic outcome, in my opinion. I agree with you 100%. And I'm going to repeat that I only see two companies on this path in North America. And that no matter what they accomplish, you are the other guy. You could never possibly supply the demand in the United States. So I think you're in the enviable position of being in a demand driven industry. And you like you're talking three and four year horizons. And that's because you're a professional mining engineer and developer. But when you when we talk to the end users, they say, well, we want this tomorrow. And then you explained that it takes a little while to develop the all of these technologies and commercially, they just don't know what to say. But I just want to make one more point. I don't know of anyone else in the in the Americas that has your particular background and your degree of success in your chosen field. So if I had to bet who's going to be America's premier supplier of of rare earths or magnets, I'd have to bet on energy fuels that that's that's my position. Do you do you disagree? Gee, you're flattering me here. So I think I think the difference is energy fuels is a company of doers. OK, right. And and you have to have an element of being a part of part promoter to be with these public companies, but but we're a company that goes out and does things and and we pride herself on that. You know, we're not trying to be the biggest promotion. We're trying to be the biggest doers in whatever we do. And that goes back to my time in the uranium industry globally and also follows on with this this rare earth strategy that we've been advancing for the last three and a half years is to do things, not just talk about things. So everything we do is focused in that regard. So, you know, when it comes to, you know, who's which horse should you bet on? You know, I usually bet on a few horses because there's only, you know, you know, you know, a horse can fall down and break its leg. But that's not our intent. Our intent is to continue to show the market that we're taking logical steps with the right focus, the right expertise in the right locations globally. And at the end of the day, if our horse wins the Kentucky Derby, I'll take it. But we're going for a big success. We're trying to be world material. Is it easy? No. But somebody's got to try to do it. And we're trying to do it with our focus on monazite sands. And I want to congratulate you on picking monazite as a feed stop because monazite is the world's original rare earth ore. The only reason we went to Basisite in the United States is that we had a lot of it and we didn't have as much monazite. But the world likes monazite because there's more of the magnetic rare earths in the monazite than there are there is in the Basisite. But of course, there was a problem. Monazite is naturally radioactive and no one no one would touch it in the United States until you came along with the only licensed facility in the United States. I believe that can handle monazite because you can extract the uranium and extract and store the thorium and no one else in North America can do that. Is that right? Well, nobody that's operating right now, and nobody that's it's ready to do so. So I mean, yeah, the key to our story is that monazite contains the same amount of uranium as we typically mine on the Colorado Plateau in the vicinity of the White Mesa Mill. So, you know, we have the capability, the knowledge and the facilities to handle and recover the uranium and also recover the rare earth. You know, using solvent extraction, which we're very comfortable with because it's a solvent extraction facility. So, you know, our secret sauce is the being able to deal with the radioactivity and extract the uranium. That is what we have that others don't. When other people start to bring a feed to me, I say, how much radioactivity does it have? And they say, oh, it has none. And I say, oh, that's too bad because I want more radioactivity to recover the uranium. So so, yeah, our business strategy is completely different than really anybody else's that I know, except the Chinese, the Chinese recover the uranium and they recover the thorny. So, you know, we're replicating the China plan in the United States of America at Western standards, the highest standards out there. And and so that's why our story is a bit different. What last question? Do you think your costs will be competitive with those of China? Again, a difficult question to answer because what are the costs in China? I don't know if anybody's ever told me what the China costs really are. But having said that, we believe that we will be world competitive if we have the integration in place. Does that mean that we're not going to be subject to any type of manipulation of the market? No, because the world is subject to manipulation. But I believe when you look at the value of a ton of monazite and you look at what I know are our processing costs, if you look at all those integration steps, you've got to build together of a model that works in as low cost as possible. And so I think that when you look at those that are actually processing monazite sands outside of China, I think we've got a very, very attractive economic model that we're building upon. Thank you, Mark. That was all very enlightening. And I I hope our viewers are paying close attention to what you're saying. Thank you again. Thank you, Jack.