 Look, most people when I say the words hafnium say gesundheit and really it's not quite as bad as that. It's actually a very interesting metal when you get into it and I think I won't be embarrassing you or insulting you by saying probably 99.99% of you have never heard of it before and I probably hadn't until starting on this project many, many years ago. But what I'm going to try and do today is give you a very brief overview of the metal and where its applications are and then just finish up by showing how it fits into our Dubbo project which is, as Tracey said, one of the world's most advanced polymetallic projects that will produce zirconium, hafnium, niobium, yttrium and the complete rare earth suite. So it's a very interesting project. So just background, I'm not going to dwell on this, go through this, the name was derived from the Latin name for copenhagen, I think that's very valuable information. It's a very dense metal, the key things there, high thermal neutral absorption, high stability in strength and the temperature, it's thermal electric, high dielectric and you'll see where this goes in a moment, going down that path of applications for the metal. Current traded is crystal bar, hafnium oxide and then hafnium tetrachloride. In the middle you can actually see a hafnium oxide product that we produced off our pilot plant and it'll make more sense further on when you see the flow sheet. So where does hafnium come from? Well basically hafnium and zirconium go hand in hand, they're chemically almost identical and in nature they basically occur together. Most hafnium is located within zirconium, that's about 1 to 50 to 1 ratio zirconium to hafnium and hence the manufacture of hafnium or the recovery of hafnium really depends on what happens to zirconium and the processing of zirconium and if you look at the zirconium industry on the right hand side in that little triangle, that pyramid, you can see it goes through a suite of different zirconium chemicals and you end up at zirconium metal and zirconium metal is used in nuclear reactors, it's the metal tubing that holds the nuclear fuel in place and the reason it's used is because it has a high temperature resistance but is for us to neutrons. Hafnium on the other hand is a complete opposite to that, while it has high temperature resistance it absorbs neutrons, so it gets used in the control rods in a reactor. But the reason I'm talking about this is because zirconium to refine it to nuclear grade you have to get the hafnium out, as I said you can see how having it in there would damage the structure of the tubing. So about 1,000 tonnes of zirconium metal produces about 50 tonnes or 60 tonnes of hafnium. The process of recovering hafnium therefore is part of recovering zirconium metal and it's very complex. It's a carbon chlorination process, chemical vapour deposition which basically recovers the zirconium and then the hafnium comes out and goes down through another flow sheet, a very similar flow sheet to pretty use again what we call nuclear grade hafnium and there are many opportunities down that path to take off both the zirconium and the hafnium for other uses and other replications. So the current demand and again surprisingly superalloys are the big driver for hafnium have been for the last 10 so years, regardless most people relate to the nuclear industry but really hafnium is used in superalloys and I'll show you a bit more about that in a moment and various other applications that I'll try and give an overview but the principle of 67 tonnes a year is the current known demand and as I'll try and demonstrate the demand is really limited by supply. How filling out in the marketplace talking to end users around the world is that the demand for hafnium would be much greater if there was guaranteed and sustainable supply. So these are just running through the applications, industrial gas turbines, in other words the high temperature part of a gas turbine, nickel cobalt alloys are used, if you throw in 1 to 2% hafnium into that you raise its operating temperature from 1,400 degrees to 2,000 degrees centigrade. So it has fuel efficiencies, emissions minimisation and just general overall better operability. The same applies to jet engines, same principle, same process although I should add that the bigger use of hafnium is in industrial gas turbines. Then to rocket nozzles, the SpaceX Falcon 9 uses about a niobium hafnium alloy, it's an 80 to 20% niobium to hafnium or 90 to 10% depending who you talk to and people like SpaceX and all the other different new generation space companies are looking at these and much bigger demand for that kind of alloy going forward in rocket nozzles. Plasma art cutting tools, hafnium oxide, catalyst for making things like plastics, PVCs and those sort of things, again I'm not going to go into the technical details of those because first of all I'm incapable of doing that and secondly I don't have time, fortunately. Nuclear industry, I've already talked about the applications in the nuclear industry, not a big driver currently as you'd appreciate the nuclear industry has gone a little bit flat in the last 10 or so years but certainly places like China, huge building effort going on into the nuclear industry presently 170 planned nuclear reactors in the next 20 odd years or 30 years. And then to next generation, some of the interesting things about hafnium oxide and hafnium is its ability to act as a dielectric which then can be used for memory storage, for computer chips and we're already seeing it creeping into the industry. What was probably asked 10 years ago by a fund manager in New York, do we have any hafnium and I said well yes but why and he said well I think it's going to impact on the IT industry in the next decade or so, we've probably bit out of his timing but we're now starting to see fairly dramatic changes, fairly dramatic interest in developing these science of the business and you won't be able to read that but really it's what it's saying up there is this new ferroelectric capacity of hafnium oxide does make it ideal for memory storage, they can do amazing things, they can do atomic layer deposition, you can put it in molecular thicknesses which means both your storage systems, your processing systems become smaller, lighter, less energy required, no heat, all of those sort of things which you can see going forward will be very interesting in the computing industry. The ferroelectric capacity of hafnium oxide, really interesting, it converts heat energy into electricity so you can use it in automobiles, engines, large things and one of the things we've started to hear about in the last probably only six months is the potential to use it for like solar applications, can you imagine putting it on the roof of a house or an apartment, you can coat the roofing material with hafnium oxide, it basically will absorb the heat and generate electricity so you're talking about a different kind of solar panel. Now reality on time zone, I've got no idea but certainly some of the people that understand this think it's a high probability going forward into the future. So the car industry, okay we're talking about electric cars, we're talking about replacement of the internal combustion engine but certainly in the short term capturing that heat, just the waste heat coming off the exhaust system of a car or truck can be converted into electricity. It may help replace the use of batteries, it may help replace the use of alternators in the vehicle engine. It sounds counterintuitive to where we're going down the electric car industry but certainly the big motor manufacturers have been looking at these applications for a number of years. The radiative cooling, basically you can put hafnium oxide film on glass such that the incoming solar radiation hits the glass, the light penetrates into the inside of the building but the energy, the heat energy gets reflected back off that glass but it goes back at a frequency that doesn't reheat the atmosphere. In other words you've got the incoming heat but you're not reflecting energy back into the atmosphere to reheat it again and the reverse component of that can be used for air conditioning inside a building. You can actually absorb the heat out of the building and convert it to electricity and do away with air conditioning, internal air conditioning. These things are in development, there's no commercial applications of these but there are things that we're seeing may come into fruition in the next 10 or so years. I'm sorry I think you've most have finished your lunch fortunately but it's cancer treatment application so what happens is that you can insert hafnium oxide nanoparticles inside a tumour, it becomes a focus for x-rays and radiation and then the hafnium oxide absorbs that radiation and then it pumps out radioactivity and radioisotopes from inside the tumour so you're basically killing the tumours from the inside and this is an application that we have so it's starting to be used and starting to become, I won't say common but certainly the medical fraternity are becoming aware of it. Pricing structure, who knows? I mean if you think the rare earth industry is opaque, hafnium industry is extremely opaque and one of the reasons for it is such small volume traded, there are very few limited suppliers of the material, it gets into strategic applications so you start talking strategic, you start talking defence and you find very quickly that nobody really knows in terms of volumes and pricing but you can see there it's probably sitting today hafnium metal at around about $1,1100 a kilogram, hafnium oxide generally is probably about half that price depending on its quality. So the supply, the big supplier is a reaver in France coming out of its new, as a zirconium nuclear plant and then ATI in the US also out of its nuclear zirconium plant. Westinghouse was a smaller producer, we're not sure about Westinghouse's future but outside of that you can see some coming out of Russia, some coming out of China. There is an interesting statement there, it says recycling or revert, nobody can show us where that's coming from so that mysterious 20 tonnes or 10 tonnes I think it is really not sure if that is recycling, we don't believe it is recycling. And the total world supply on a yearly basis will fit in that 40 foot C container so we're not talking about large volume commodity material, we're talking about something that's very finite, relatively small tonnage but with the potential to be much greater. So that graph there says the supply is about 70 tonnes, you saw the demand on an earlier slide saying about 67 tonnes, as I said before, we're very convinced that as the supply increases the demand will also escalate. So there's a graph, the bottom graph shows some guesstimate and that's the best way to describe it of where half the industry is going to go. The top green line is called the high expectations, I'm sure that if that was analysed again today or in the next six months that would start to look like being a realistic expectation that somewhere over the next 10 years we'll see that a demand go from 70 tonnes a year to probably 160 tonnes a year, it may even go greater and again I don't want to get too excited about the volume but it's interesting in terms of value, it is a high value product of great increasing strategic and scientific demand. So where does that leave us, why is Alcain here talking about happening and it basically goes back to our Dubbo project, it's located in what we call the central west region, the east coast and the state of New South Wales, about 400 kilometres from Sydney, it's a great place to operate, it's Dubbo itself is a city of about 45,000 people, it has great infrastructure, it's a major agricultural centre, power, gas, water, engineering and cost people and the project is located about 25 kilometres south of the town, it's a very big resource, our open pit resource is probably 100 years, but a million tonnes a year we can produce these metals for almost forever, we talk about a 35 year reserve life and that's just an interim number to satisfy the financiers and again just to explain why we've gone down the Hafnium path, probably four years ago an aerospace company came to us and asked that question, what are you doing with your Hafnium, we said well it goes with the Zirconium product, it just goes out as part of the Zirconium products in that ratio 40 to 150 to one that's in the ore body and they said well we think there's a growing demand, if you guys think you can recover it then there's a potential for us to be buyers of that material, so we progressed from there, it became an add on if you like and in a moment I'll show you the revenue stream, it's an add on and basically in the meantime we've charged off, we've gone, we're working through the project and current status is we've run the pilot plant now for eight years and Adrian talked about Anstow, that pilot plant's been located at Anstow and people often ask me why eight years, why is it taking so long and it's really not taking so long, it's a function of de-risking, optimising the products because we have quite a complex product suite coming out, we have multiple customers, we don't have one or two or three customers, we've probably got about 40 currently on our books, so you're talking about different products, different quality, different particle size, different chemistry right across the board so you have to be very strong technically managing each of the material, so going through that all of our approvals in place, state and federal, front end engineering and design was done about two years ago, that's leading now into a bankable study and I'll show why at the moment, we've got Utatec, the large finished technology engineering company working with us to provide us for the EPC and SMBC are our financial advisers and these guys based in Sydney and I'll show you an interesting development of probably the last 12 months about our modular design and our staged build, first of all just going back to the flow sheet, it actually, that's a cartoon of course obviously, it's actually simpler than what it seems, it's a sulfuric acid roast leached process, so basically we take whole of all, we crush it up, we grind it, we mix it with sulfuric acid, we heat it up, we take that material, we wash that with water and in doing that we get all of the metals that we want are all in solution and fortunately we don't get too many other contaminants, so the solvent extraction stage is going forward from that, are relatively straightforward, this is not, I'd use the words, rocket science but it is a workable and demonstrable flow sheet that we've now operated for a number of years and down the right hand side you can see the products, a number of zirconium products, the hafnium product and just a quick explanation, as I showed before, hafnium recovery from zirconium metal plants is very complex flow sheet, we actually do standard solvent extraction technology, this is something that we've developed with Anstone, it works well, we basically are getting from probably 80% or 90% of our hafnium recovered at a product quality level at presently which we can sell, further on you can see ferronive in which we may can sell and then on the rare earths on site because of lanthanum cedar in pricing structure we'll basically separate those out and leave them, the yttrium we will use probably ourselves to make stabilised yttrium zirconium products and then the main core of the rare earths, the prasinium, the adenium etc, right through the lutetium go off to our partner in Vietnam for separation and recovery. So I mentioned the modular design, so that flow sheet that I showed you, if we did that at a million tons a year it's about a billion dollar US project, a big project, a high-cost project, so trying to reduce that explosion, reduce that front-end risk we decided to look at a modulus type construct and basically we are talking about building it in trains, now if you know the LNG industry, the LNG industry builds its processing facilities in trains, a big LNG plant might have 10 trains and it's because they do it in stages, we're looking to the train one, train two, up to what we call stage one which is a half million ton a year operation and then train three and train four which become second stage and in doing that we can sort of bring the capital cost down to manageable levels for a company of alcane size, we can certainly get to those sorts of numbers and we're talking about 500 to 600 million dollar market, sorry capital cost for stage one and I won't try and go through and explain it but you can see that stage one includes some components of that plant, some plants that operation which are a million ton a year, so it's already in place to do the full capacity. The timing, we should be in production if all goes well in 2019 and then the stage two should come on stream sometime 22, 23 after we go forward. Output and again this is a talk about hafnium, so you can see hafnium is highlighted, yes we can produce 200 tonnes a year or 250 or 300 tonnes a year, obviously no point in doing that in a market which is currently 80 tonnes, so our start up capacity is somewhere around about 25 tonnes to 50 tonnes at full operation, so we've scaled and we'll scale that output to make sure that we don't go in and sort of demolish the market and you can see the other products that I've just listed down there, I won't go into those at this stage. It's worth just showing this, this is our revenue pie chart if you like, so you can see this goes back to what we were talking about earlier, it's a polymetallic deposit which gives it a revenue stream, a diverse revenue stream which is one of our great advantages going forward. We're not driven by two or three magnet rare earths to drive the economics of the project, we're not driven by zirconium for example, but the hafnium and the niobium are equally important, they're valuable attributes, that hafnium by the way the 10% is only in there about 25 tonnes a year, that's something like $500 or $600 a kilogram, so way below the current mental price. The revenues, stage one revenues, it generates margins of $100 million a year out of that, once you go to stage two you're talking about $200, $250 million a year revenue margin. That's a very good project in terms of something that's going to have a total capital cost of around a billion dollars. So I'm sorry to sort of drift it offline, but the idea was to bring the double project into the scheme of things at the end, but we think it's a fascinating project. 15 years of really hard work's gone into it to get to where we are today, we are construction ready and we're putting together financing. Thank you.