 Hi, this is Jack Lipton speaking and today I'm very happy to be talking with Mark Chalmers, the CEO of America's Energy Fuels. And Mark, you have just come back from Brazil in extended stay and you've published some pretty important news. So would you tell us what's going on in Brazil that's important to Energy Fuels in Utah? Yeah, Jack. No, it's my pleasure to be on the show. Yeah, big news for us. We signed binding agreements to secure the Bahia project, which is in the Bahia region of Brazil, a few hundred miles north of Rio de Janeiro, a very large land position that we still have to do due diligence, but about 60 square miles of development. Well, it's been drilled and well known as a heavy mineral sand, a very quality heavy mineral sand deposit in Brazil, which also contains substantial quantities of monazite. And we're looking at this as finally Energy Fuels will have a deposit, I mean, subject to final successful completion of the due diligence. And we're in business. This is a big step for our company and we think that it could supply ultimately because of the size between 3000 to 10,000 tons a year of monazite sand, so between 1500 to 5000 tons of REO per year. And it's important as a base load for the white mason mill. So, you know, we're focused on full integration. We believe there's going to be more news flow, not just at Bahia, but with other companies that want to align with us to feed the mill at world scale and at world competitive, hopefully first quartile cost structures in rare earth without subsidies. It's my understanding that you have a total vertical integration plan for producing rare earth products and that up until now you haven't had a company owned domestic mine. So am I right in saying that this basically completes your vertical integration plan? It doesn't complete it, but it's an important step in that process. You know, we're looking at what we're basically looking at replicating the China plan when it comes to their focus on monazite. But now we've secured, you know, a heavy mineral sands deposit. As I said, you know, we think that'll be a big chunk of the feed in the next few years to white mason, but we're also looking at other sources of monazite. We're talking to at least a half a dozen different players that want to feed the white mason mill. And we're doing some creative things there where we believe we can do things that will make sure that that feed is exclusive to the mill. And then as you know, we're cracking and leaching as we speak. We're doing separations, at least the first separation of the lanthanum out. And look at this is interesting, Jack. Logan Shumway, our mill managers here, and you know, he at our AGM, he gave all the board members some 99.8% NDPR produced at the mill through our continuous pilot plant that's producing a kilogram per day of high purity NDPR right now as we speak. And after the oxides as we move forward with separations of the oxides, lights and heavies, we are looking towards metals. So yeah, it's all happening. It's happening lightning speed as compared to what most people move at in the rare earth business. And but we have many steps to the plan, but but having the integration is is absolutely critical as we know, because you don't want to have a hole in the middle of your integration plan. Oh, it's my understanding that energy fuels has been working with solvent extraction, the preferred legacy system for separating the rare earths for nearly 40 years in its uranium business. Is that correct? So you're quite now. Yeah, the White Mesa Mill, it was built as a solvent extraction facility focused on uranium and vanadium recovery. So now it's very large scale because it's a 2000 ton per day plant. So they're very large vessels. Now, you know, so we're very comfortable to solve an extraction, you know, even though with rare earths is much, much smaller cells. So yeah, the the the NDPR that I mentioned, and you know, this little vial would produce with with a number of mixture settlers in our lab. We've got some smaller vessels that we're using commercially in the current processing of the carbonate taken out of the lanthanum. And that provides this very high purity carbonate almost 35% NDPR. But then at the same time, you know, we're we're advancing our progress using solvent extraction to produce this 99.8% NDPR as we speak. I have to make just one comment on that. I've been following this technology and rare earths for about half a century. And quite frankly, your 35% material is the richest NDPR to come out of a solvent extraction plant that I've ever heard of. And certainly no one in the United States prior to this has ever produced such a product. And the amazing thing is that you're flying solo under the radar. I'm worried that that your your wings are going to are going to touch down on the desert. People don't realize you're already in business. No, I you're not shipping NDPR to a commercial customer, but you're shipping mixed where earth carbonate to a customer. Are you not any commercial parties? Yeah, no, we're shipping it to to NEO's a cement plant in Estonia. And as we know, there's no commercial separation facility in the United States. And that's worked very well. We've got a great relationship with Constantine and the NEO team. It's a unique partnership, but it's been beneficial to both of us. For a lot of reasons. I mean, we are able to to make product and ship it to them. They check the quality and the specifications on the products that we make. But at the same time, you know, NEO's very interested in sources of of rare earth products, you know, you know, made in the United States. So, yeah, it's been very productive. And, you know, but we want to be US centric in time, but we see our relationship with NEO continuing for all the right reasons. So, you know, I think, you know, we've talked about this before, you know, a lot of people declare victory when they have a beaker of something. Okay. And, and, you know, we have a lot of beakers and we have a lot of bulky bags that that we have product in. And, you know, we're doing stuff small commercial right now. Our bottleneck right now is just more monosite. So, you know, we're actively, you know, working with with Kimors to to to get more monosite to the mill. You know, we've got this behia project now or subject to due diligence without a close and we believe in 90 days and our relationship with I period X with their project, the Titan project in Tennessee. And then there are another handful of people around the world that have projects in various jurisdictions that are looking to ship us feed for the white mason mill because they know how important it is to have a US centric rare earth processing capabilities to do this integration. But we plan to do it with feeds from multiple sources, you know, but he could be a third or fourth or 50% potentially, but we're going to need other feeds to get up to world scale. Mark, can you remind our listeners to exactly why? Why doesn't everybody do this? Why don't I open up a monosite processing plant in the Los Angeles area? For example. Yeah. Yeah. Well, it's all about radionuclides. And we have the licenses. We have the facility in Utah and Salon County and our core businesses recovering uranium and we're able to monetize the uranium and we have the facilities to dispose of the tailings state of the art triple line rickra design cells for 1000 years. It is also a perpetual care facility that ultimately when the site is reclaimed will be under the stewardship of the Department of Energy. Not many people have that. Okay, we do. And the fact that we can monetize uranium, we believe ultimately we're going to monetize the thorium and we're going to provide, we believe, radionuclides for medical isotopes using these targeted off of therapy. So we're going to basically use the whole animal here where most people if they're looking at monosite sands are not they're focusing on just the rare earth. So so this is a story that you know actually it is the China story because they're used they're monetizing uranium and thorium. But we're doing it in the United States at world standards with world class regulations at a facility that is up and running and permitted and would be almost impossible to replicate pretty much anywhere in the world from scratch. It's not impossible, but it'd be very difficult to replicate. So let me get this straight. You're already processing monosite, removing removing the the radium as a payable storing the thorium legally. You're already pre separating the first four heavy first four light reverbs and you're producing a kilogram a day of NDPR in your 35 to 40 year old solvent extraction facility manned by people who've been running this for about 40 years. And in the meantime, you're also in the Iranian business. And did you did you have any news about sales of your right? I announced yesterday at the AGM that we have signed three contracts, three material contracts with two major US nuclear utilities. Okay. So yeah, it's all happening at energy fuels. Okay. And, you know, we're excited about that because we haven't signed long term contracts for 10 years, you know, the focus on nuclear power, base load, carbon free energy and reducing our dependence on Russia. Okay. For nuclear products. So yeah, we have a lot going on. And so, you know, in the last two weeks, you know, signing up the Bahia project, signing up three significant contracts that run between 2023 to 2030 for uranium products. You know, I don't know how to say that, you know, things are moving forward very quickly. I don't think the market fully appreciates we trade with our peers. None of our peers, none of them are doing what we're doing right now. But we trade with them. I think we go up 2%. Everybody else goes up 2%. We go down. Nobody's doing what we're doing. So when people figure that out, I believe we'll get a re-rate for all the right reasons because we become the critical mineral hub of the United States of America. You have certainly the most dynamic company in the rare space in North America at this time. I sincerely believe that. I want to thank you for this time and best of luck in fishing. And we'll be talking to you soon when you have your next series of earth shattering announcements. No kidding. Thanks, Mark. Thank you, Jack.