 Good afternoon, ladies and gentlemen. My name is Chris Reid. I'm the CEO and founder of NeoMetals. It gives me great pleasure to present today at Tracy's wonderful conference. This is the second one I've attended. I can thoroughly recommend it. So NeoMetals, what are we? I mean, our strategy is to create our own opportunities. We've been in the mining industry with my family for four generations. We've got access to some very good deposits and there's a very good people. We have a very healthy balance sheet. And really we take an approach of de-risking. Risk is much more of a focus or certainly a major consideration when having a look at the returns. How we like to structure our businesses to bring a little bit like tennis playing doubles, you want to have a strong partner where you're weak. And certainly when you come to have a look at lithium minerals, a lot of people want to go down stream processing. I have heard the odd guy wanting to go down to actually making electric bikes. But you can only be good at so many things. So what we generally do is bring in a strong operating or financial partner. When you come to something like lithium where you can't exchange trade it, the off take is one of the major or the marketing risk, is one of the major sources of financial risk. And how we do that is normally we attract them with either an operating cost advantage or a capital cost advantage from the deposits grade or its location. So it's worked for us so far. We've got about 55 million bucks in the bank. We paid a dividend last month and one of the few guys that will do a presentation and say, well actually don't buy any shares because you'll be competing against us. So corporate details. We all appreciate the lithium tailwind. Don't get me wrong, we're very happy with it. Our family is strong shareholders in the project. So all of our projects are in separate purpose vehicles. The Mount Marion mine, which we're building the world's largest hardware lithium concentrator. We have Australia's largest contract processor of minerals, a company called Mineral Resources, they're a billion dollar company. Operating the mine, Ganfeng, who are China's largest lithium producer, taking the off take 100% for the first three years. And we've got some downstreaming technology and then we have some assets in titanium and titanium related technology and nickel assets. We are spinning out and we'll give that back to the shareholders. So at Neymiddles, lithium and titanium, we think they're pretty comfortable. We're pretty comfortable with those being the right elements that we want to be in. So we have a look at the demand. Look everyone's got an opinion. Chris, if you were worried, Daniella down at Signum Box, she was SQM's commercial manager for a number of years. She has the best intelligence on Brian Barnum. Roskilla probably a little bit better in the hard rock. So the market's growing at about 15%, which is really good. There's not too many commodities in the world that have got the growth thematics behind lithium. And really where we see us being just at the start of this journey, we're looking, and I think Judy said yesterday, at about 46 gigawatt hours of storage. Now, this came out of a university of the University of Western Australia last year. As the price of the batteries come down, the adoption rate, so it's growing pretty well there at about 40 odd percent. And then once you get to the point where it's 250 bucks a kilowatt hour, you start to double it every year. And you know, 1500, so you're talking to multiple, you know, 30 times what we're currently using by 2025. And the Tesla guys bought down that. And, you know, certainly in the U.S., you have a look, you know, economic theory is good. You really have to look at the commercial reality. So Berkshire Hathaway got a company called NV Energy, signed a 25-year power purchase agreement with First Solar for a dedicated solar farm with a battery array. And it was 3.87 cents U.S. per kilowatt hour, which is just about what the guys in Quebec pay for hydro. So certainly with past grid parity in the U.S., Australia, it's past, it's about 15 cents a kilowatt hour if you amortise it, you know, much less than diesel. So, you know, it's just, it's the way life's going to go. And why the prices are where they are at the moment is down to a couple of points. Yes, the brines hold about 70 percent of the world's resources. You do have to modify that, that there's not a great conversion rate into reserves. It typically takes five to seven years to bring brine production on. So the guys at FMC took them about seven years to get that under steady state production. The guys at SQM, just about right out of money, they couldn't afford to get sodium carbonate. The guys from FMC sent it down from Wyoming and got repaid back in lithium carbonate. So the journeys are generally pretty hard. The guys that are a Cobra have found that out too. The Chinese can build a converting plant in under 12 months. We've had our project for seven years, so we're not sort of fly by nighters, but we're ready and we're coming into production now. And so that's taken us, you know, about a year. We made the final investment decision last year and we'll be in production in the next quarter. And the market's really bifurcated. So you've got the Western world, it's pretty evenly divided down the dateline for some reason. So all the brines go into Asia, ex-China, Europe and the US. The Chinese also export as well, but in essence they produce half the world's lithium and they consume half the world's lithium. They're starting to put in a few trade practices that are mildly aggressive, you know, they're not refunding the VAT and associated costs. So there's about a 25% penalty if they try to export it. And China, you know, that's been the demand in China. They've got 500 lithium ion battery plants. No one in this room, no one in the West actually knows what their capacities are. Suffice to say it must be pretty good demand because they're paying twice what we pay in the West for our lithium. And of course in that environment we can charge more for our rock. Now traditionally the Chileans set the price. The Chinese had to compete with the Chileans and the Chinese told the Australians how much we could have for our rock. In the current market, you know, you need about eight tons of spodgermen for one tonne of lithium carbonate. So it's costing them about $4,300 a tonne for the rock. It's costing them about, depends who they are, but you know maybe somewhere around $2,500 to $3,000. So the cost in China for carbonates about US$7,500 and they're getting $15,000 US on volume. So yes there is room for us to potentially charge more for our rock next year if the price goes up. But we do have to be careful that, you know, we've seen what happens in iron ore. In a good market you can get more for your iron ore, but as soon as the gloves on the other hand the Chinese can put the foot down. So we moved to Mount Marion. We've sold down interests, our equity in the project to make it a reality, to bring those partners in. So mineral resources are putting the world's largest lithium concentrate, operating it on a mine port to solution no upfront capital cost to us. We've got certainty, we've got minimum production levels, we've got contractually set construction times, we've got fixed rate mining and processing costs. So on the cost side of the ledger no one's ever had that certainty and the lowest variability. GANFING and that's the other half. So you can always be assured of incurring operating costs. I mean that's not hard. The other side that you generally have to worry about is getting the revenue and especially, you know, if you're selling into China. So what we've done is we've got a life of mine take or pay with GANFING. They've put about $65 million into my company already, buying equity in the mine. At market price, we have a floor price based on actual delivered cost into China plus a margin. So it's a very good market if you're ready. We've got a $20 million revolving letter of credit and we can take 100% of the value as soon as the ship leaves Australia, which is good for us. And most importantly, after three years of full production, we can take back our equity share. So we can look at the down streaming and the massive uplift. So, you know, lithium is still an oligopoly. So you've got three big Brian producers. You've got Albemarle, FMC and SQM and you've got two big hard rock converters. You've got TNG that own half of TALISON or half of the Green Bushes Mine and you've got GANFING that own 43.1% of us. The Chinese guys, multi-billion dollar companies operate on PEs of well over 100. And that's because not because they have the mines. It's because they convert the white rocks into white powder. That's what we want to do in time, but we want to do it on a stage basis and not take the risk. So we're located about 40km from Kaguli, which is Australia's gold mining capital in my hometown. First started working at a mine very closely when I was 17, so it's pretty hard to get lost. We've got high voltage power, fresh water to site, granted mining leases. We inherited about 4 or 5 million tonnes of resources. We've drilled that out to 23, which we figured was enough for 10 years. I mean, modelling anything over 10 years on a DCF basis is almost pointless. The ore is white and the waste rocks are black. So it's a very simple mining operation. We're just finishing 40,000 metres of RC drilling to extend the resources and join them up. So have a new resource reserve. And we've pegged additional ground. We've leased some ground to the north. We bought the mine to the west, an old gold mine that I used to work at. And so we put the plant next to an open pit. And we're just going to dump the tailings back in the old pit. Saves us about 10 million bucks. So we've got a three stage jaw, cone and tertiary roll crusher. We then put that into two stage dense media separation for a 4% product, about 200,000 tonnes of 6%, and about 80,000 tonnes of 4% fives. And in this market we can sell that. Normally you couldn't. So there's the plant. The front end of the plant's got about 5 million tonnes throughput capacity. The back end of the plant's well over 2 million tonnes. So it's about 50% bigger in throughput than green bushes. We don't have the benefit of their grade. Can you play that video please, sir? This is what they mean when they say Lithium Boom. What's it say? Cannot play media. Okay. Well you can have a look on our website and that's the first blast at Mount Marion. So the crushing plant is finished. We've dry commissioned it and start wet commissioning it this week. And there's a beneficiation plant. Like I said, it's the world's biggest and we can expand it more. So our near term milestones, you know, we're going through and hitting those. We've got a number of re-rating events coming up over the next two quarters, which is great. And, you know, as I was saying, you know, the Chinese guys are operating on PEs of, you know, over 100, which is very abnormal. Somewhere where we'd be happy if we could get, you know, just part of the way there. So we've got a process that basically takes the rock, makes a lithium chloride solution and then runs electricity through it. So what we've done is basically we're putting a new feed into chloralkali. And chloralkali is a 100 year old technology. We've got a semi-pilot plant down in Buffalo where I'm going on Friday. So basically we leach our lithium oxide ore with hydrochloric acid, purify it, run electricity through it. We recover lithium hydroxide and then we recover the hydrogen and chlorine, burn that, make HCl. And so you need a little bit of top up. But this is probably, you know, as Guy was saying, you know, these are essentially like closed loop, the greenest way that you can possibly make a lithium hydroxide product. In terms of where it puts us, our definitive feasibility study, which is getting done by the German engineering company M&W, it will be out next month. Our old pre-feasibility put us, you know, pretty much, and we're using, we're using market price for spodermen, so we're not using the cost at the mine. We're using the market price of the input, which I think you normally should do. Most importantly, it puts us in front of the Chinese converters. Now these aren't according to size, but 75% of the world's lithium hydroxide comes out of China. In terms of a capital cost advantage, we produce about half the cost, sorry, per production ton from the Chinese and about a third of the brine producers. And that's essentially because we can ring up many one of 10 chloralkylide manufacturers and get a cell. In fact, there's plenty of chloralkylide plants on standby around the world. And as someone asked me yesterday, you know, you got plenty of cash, apart from giving some back to the shareholders, are you looking at buying anything? And my comment was, well, in the pre-feasibility study, I think the IRR was about 94%. Now in our updated DFS, that will be over 100%. So if you can find me a project that, you know, it can be a reality because we've got our own source of ore and we can build it in time to contractually take it. Please give me your card and introduce yourself. So as I said, we're completing the definitive feasibility study. We'll run a full stage pilot, the hydromet and the electrolysis sections and move to a final investment decision in 2017. It's probably a two, two and a half year build, which means that contractually we'll be able to feed it with our own ore. So I guess as an investment proposition, how we sort of distinguish ourselves is that the lithium boom is now, the demand is now, we're in one of the only two new hard rock mines coming into production. So exposed to the upside on it. It's not going to last forever. We made the first decision to build this plant in 2010 and I've still got bits of the old float circuit rusting on site. So we've been through a full cycle. I'm pleased to say that all the brine producers are at full capacity. They don't have any spare capacity like in the rare earth to muck around with the price. The demand is coming both from the EVs and the renewable energy storage. Like I said, the EVs, it's not really driven from a strong economics point of view. They're just, it's flavour of the month. They're good cars, don't get me wrong, but they're for rich people. Whereas the renewable energy storage and electricity, for me, just for my house with a Tesla power wall and some panels, and we probably pay twice what you guys do. You know, the payback is very good. It harbours my electricity cost, which is good. So thank you very much for your attention.