 Today, I have the pleasure of speaking with Ian Chalmers of Alcain Resources. How are you today, Ian? Great. Thanks, Tracy. Ian, I hope you don't mind, but I know you've been traveling a lot, and I'd love to get your feedback on the Singapore Conference, and in particularly Dudley's presentation. I read his title was, The Global Rare Earths Industry Today Plagued by Illegal Production in China. Can you comment on this? Yes. It was a theme that Dudley's been sort of promoting now for probably two years, that the Chinese really aren't in control of their rare earth industry, and that's simply what it is at present, because the illegal rare earths are really probably 30% or 40% of production, and until they either eradicate that or control it or do whatever they have to do to it, we're never going to be sure, and it's putting a lid on rare earth demand, on rare earth prices, and what's even more disturbing, and this is Dudley's view, obviously, is that would appear that a number of major consumers are accessing these illegal rare earths, and that's disappointing that we do have a number of Western companies actually accessing those rare earths. Well, after 29 years, this is your anniversary at Alcain working there for 29 years. What I'd really love is your opinion. What do you think? Are there any illegal exports plaguing the industry? Absolutely. I've no doubt in my mind at all that that's what's going on. It's just they're effectively undercutting the demand or oversupplying the demand and keeping prices low, and there's no doubt it's happening, and it's very disappointing for an industry that's going through a very tough time. You just had your AGM, and of course, for our investor intel audience, that everyone that knows you, and your company is fantastic for being transparent, and this was one heck of a jam-packed PowerPoint presentation. Every page was full of questions for you, so let me start with something I found interesting. I didn't realize that you had a total income of 102.5 million last year and that you have nearly 20 million in cash and bullion present presently. Is that correct? Yes. That's correct. The nice thing about all of that is that we made about 28 million free cash flow out of that operation or out of the gold operation, so yes, we are in a very sound financial position going forward. Well, everybody talks to me, find me a company with revenue, okay, investors, we have a company here with revenue, and you only have a $90 million market cap. What should we expect in this upcoming year for revenue? This is specifically with your gold project, right? Yes. Look, revenue and cash return should be about the same, even though the gold price has weakened a bit in the last month or so, we should come out around about the same, probably 100 million plus revenue, 25 million cash flow out of the business, so look, it's a great little business. It's ticking along nicely, underpins everything that we're doing, and has been funding all of the pre-construction work for Dubba, which is the most important thing. Of course, there's just about to say the most important thing for many of us, technology metal bugs and sustainability directed investors, is of course your Dubba Zirconia project. I noticed that you are expecting your environmental protection license and mining leases anticipated shortly. What's happening with that, and can you give us an update? Yeah, look, they're very close. These really are just bureaucratic processes. The main project approval we were given back in May from the state, and we had federal government environmental approval in August, so the two key things are done, these are just processes that we have to go through, the mining lease before we can actually start work on the ground, and the EPL, which enables us to start construction, so important steps but just bureaucratic steps, and we hope to see both of them before the end of the year. Before the end of this year? This year, correct, yes, we've been promised them by the end of the year. All right, so it sounds to me like this is a great opportunity for investors to pull up their sleeves over the holidays and really learn about alkane resources, and I'm sure your shareholders will be thrilled. Of course, Dubbo has Zirconium, Niobium, Itrium, and Rare Earths, and I noticed in your PowerPoint that you focused on Zirconium first, did you do that for a reason or is it because of the Chinese dominate 85 to 90% of the Zirconium market? It's a simple effect is that the bulk volume of what we produce is Zirconium, and hence the project name has always been the Dubbo Zirconium project, much to the chagrin of a lot of people, they'd like to give us a new name, and we actually had an internal competition in the staff to say, give us a new name, and I can't tell you what some of them are because they're not really for public use, but some interesting names, we will stick to the Dubbo Zirconium project for now, but yes, it's due to the largest volume of our output. Well, of course, Christopher Ecclestone and investor Intel loves your hafnium. I think you did a piece on Alcane's destiny is to dominate because of your hafnium deposit. Now, it's my understanding that this demand depends really on nuclear energy and the demand from the nuclear industry sector. Can you give us any comments on whether or not you see any recovery? I mean, a lot of us nuclear energy bugs up there keep waiting for the bottom, and we still seem to have not hit it yet. Actually, it's interesting that when I want to comment on the nuclear industry, because I'm really not competent to do that, but on hafnium, actually, the big driver for the last two years has been aerospace. The demand in aerospace is exponential, it's rapidly growing, and it's used in new special alloys for jet engines and turbines and those things, so it's actually a very high-demand interesting metal that has lots of applications, but right now really driven by aerospace. The nuclear component has been pretty flat, and that's the reason why two years ago the price for hafnium metal was about $400 a kilogram, today it's $1,500 a kilogram. That's all driven by aerospace, and we all know from past experience in the rare earth industry that those sorts of prices are not sustainable. That's what we're trying to sell ourselves to aerospace and other advanced industries is we can provide long-term secure supply of hafnium at a sensible price, at a sustainable price. Look at this prosium argument, for example, we saw the same thing with this prosium in magnets. The price went through the roof in 2011, and suddenly all of the companies ran around trying to find ways to engineer this prosium out of a permanent magnet, so what we're saying is with hafnium, don't do that, because we can provide you a long-term sustainable hafnium supply, and that's a big driver for us. Well, it is a big driver. I mean, you've had a lot of marketing and off-take agreements with a number of major companies. For those investors out there excited about what's about to happen here for Al-Qaing, can you give us kind of an overview about what you currently have in place? Yeah, it's actually the key things that are the niobium. We have an arrangement in place, or joint venture in place with TriBaco in Austria to produce ferro-niobium and market ferro-niobium. There's aconium marketing arrangement. It's very close to being finalised, and maybe hopefully we'll have that done earlier in the new year as well. On the rare earth, it's now dependent very much on where we go with our toll treatment, because we produce a separated rare earth concentrate, and what we do with that will depend on where our new markets are. Lots and lots of great discussions, but nothing signed just yet on rare earth off-take. Okay, well, what about the funding timeline? I hate to bring this up, but this is such a challenge in the resource market here this last year, but obviously you have some amazing partners and some large name industrial partners are going to help see you through. Can you comment on this? Yeah, well, the strategy has always been a combination. These sort of big projects are very difficult to finance in one source. And so we've always talked about strategic investment, and we believe that there are opportunities for us to bring in partners who have either interest in off-take or other long-term strategic requirements. And some of between 10% and 20% we believe we can sell there. And then the big driver is what we call export credit agencies, the ECAs, and these are effectively government banks that are there to promote industry in countries. And obviously the US has one, Canada has one, Australia has them. But we're largely talking to the European and Asian ECAs because they'll be very important to financing the project because you need that strategic component to convince financiers to put money in. So those two are the key drivers for us. And then the third one is normal commercial debt and then finally back to the equity market. But we hope that the equity market will be the last step in that process. And of course you have an amazing team. Can you talk to me just a little bit about the timetable that we should be anticipating here maybe over the next two quarters, obviously starting with the environmental protection license and mining lease? As I said, I'm very confident both of those will be done before the end of the year, so we can tick those out. I'm sure there's a Coney and the Marketing Sales Agreement will be done early in the new year. That'll be great. I'm sure we'll sign off on the Toll Treatment Agreement, maybe end of quarter one next year. And then the strategic and ECA type financing, I think you'll see come in stages sort of from middle of the year going forward towards the end of the year. So they are all staged over that time and it'd be lovely to sit here and say yes, we'll have the billion dollars in the bank by the end of the year. But I think it will be staged over a period of time, maybe 18 months. Well Ian, thank you so much for your update today. It's great to see you. Thanks Tracey, nice to talk to you again.