 Today, I have the pleasure of speaking with Darcy Ladd. How are you today? Good things. How are you? And we're going to do something very fun. I'm going to talk to a vanadium expert, and I would like you to start by telling me what is vanadium? Well, it's actually simpler than it sounds, because people aren't familiar with vanadium at all. But it's very simple. It goes into steel, and it makes steel stronger and stronger and better. A very small component of vanadium added to a ton of steel significantly increases its tensile strength. And of course, we're always marketing vanadium as a technology metal. So can you tell us what technology metals that vanadium is utilized in, in addition to steel, which of course is a huge growth market? Right. Steel is the biggest market, but there is a lot of interest and a lot of attention has been paid to this vanadium redox battery and the lithium ion vanadium battery. It's still a very small nascent market in terms of vanadium demand. It's less than 1% currently, but it is something that could be very exciting in future. The biggest problem with renewable energy is storage of the energy produced. So when the wind is not generating energy and when the sun is not shining, what do you do with the energy that you stored during those periods and when you need them the most? And so I think you will see renewable batteries like the vanadium redox battery take off, and it's just a matter of time, but at this point it's still a small area for vanadium. Because vanadium prices went down for a little while this last year, but right now they seem to be rising again. Can you tell us about the price of vanadium? Yeah, sure. Well, it's actually a very interesting situation that we found ourselves in, particularly at Largo Resources. We've sort of found ourselves in an unprecedented low in the vanadium price. Typically you have a pretty solid floor, and you can see this visually on a long term price chart for vanadium. It's $5.00. This is a very solid floor for the price. And we've seen it go below that in the past six months, which is very unusual. So after this unprecedented lull in the price of vanadium, we have seen the market do what it typically does in a situation like this, and it has begun a correction path. Typically when the price goes below $5.00, you see supply coming off stream because the average price for most producers is at or above the $5.00 mark. So we have seen it begin to correct up, and we have seen as well we've seen supply coming offline. Three suppliers in South Africa, as well as in Austria and who have all reported that they've had to cut production or they are going bankrupt in reaction to the low prices. So we're certainly seeing the market do what you expect it to do, and we're extremely hopeful that we'll see kind of a more normalized price range going forward and potentially a strong uplift in the near term. Well, that's very exciting because aren't you one of the most cost effective producers in the world? Yes, we will be for sure. By the end of this year, we expect that we will be the lowest cost producer globally, and that includes what is by-product or co-product production of vanadium as well. So we're in a very good position to weather downturns in the commodity price should they persist or should they occur in future. And so we're really in an excellent position for growth going forward. In the interest of compliance, I need to let our audience know that I am a shareholder of Largo because I am so interested in vanadium. So can you tell us a little bit more about the actual supply of Largo's vanadium? So currently at our phase one capacity, we'll be about 7% of global demand. And that's really, you have to keep in mind that the market has been actually growing at about 6% per annum for the past several years. It did slow down a little bit last year, but it's still a very strong growth rate. So if you think about it in that respect, you almost need to mine the size of ours coming on every two years or more. So we feel we fit very comfortably into the current market as it is and we already have expansion plans to go forward to fulfill continued demand. So what do you anticipate for the future for vanadium? What other technology uses are you currently exploring or can you share any of that with us? Well, I think the future of vanadium is extremely exciting. In addition to growth in demand for steel applications, you're seeing it going into a wider range of products. Probably about 10 years ago it went into missiles, turbines, golf clubs, very esoteric applications and now you're seeing it going into a breadth of products including automobiles, aviation, railway lines, railway cars, et cetera, power pylons. So that I think will continue to be exciting in steel. But you're also seeing growth in the titanium, vanadium, aluminum alloy market which is really a strong growth area for vanadium and that's particularly going into a lot of new aerospace applications. So I think that's another area where we'll see strong growth going forward. Well Darcy, thank you so much for joining us today. Thank you.