 Today I have the pleasure of speaking with Gavin Lockyer from Arafura. How are you today? Good thanks Tracy. Always good to be back. So Gavin let's start with the market in general. It seems like there seems to be a rekindling or revitalization of interest in the looming rare earth shortage. What do you think? What's happening right now? I think there's a number of things going on. We're seeing the effects of the Chinese consolidation of the industry really starting to impact on supply and that's had a flow through impact on the NDPR price in particular which has been well received by the markets. But we're also starting to see that the Chinese are actually using more and more of their own domestic production for Chinese magnet manufacturing and this is going to start putting some real pressure on the rest of the world in the next few years. So we're starting to see ourselves a bit of a renewed interest in the whole technology metal space. And of course NDPR for anyone out there in investor intel land that does not know what that is. It's of course neodymium and presedymium, did I pronounce that properly? I should after all these years, yes? That's perfect. And these are of course magnetic materials and in the last month Gavin we've noticed you've had an onslaught of basically news releases. One news release after another. Every other day it's air of fur and of course your stock price is really getting the support from the shareholders. Can you talk to us about your recent private placement announcements and what you're planning on utilizing the funds for? Yeah, absolutely. I guess as an extension of that technology metal sort of revitalization that we've seen over the last 12 months, you've seen it really impact on the lithium graphite cobalt guys. But that's all battery technology and those batteries inevitably have to drive a motor and if you want that motor to be efficient it must use rare earth magnets. And so we're now seeing the financial investment community starting to recognize this and they're starting to look for the next opportunity in technology metals and we've been fortunate to get on the receiving end of that and put some private placement away which is our first capital raising since 2012 so it's really pleasing to see and we're going to be putting that towards our feasibility studies which we aim for completion at the end of next year. And of course you've got a pilot plant program proceeding and you've had some announcements about that. In fact, I read you had the successful conclusion of first stage of phase four piloting. Can you dumb that down for me and tell me exactly what that means for us? Yeah, absolutely. Look, you know, historically rare earth projects haven't had a bit of a good wrap around commissioning etc outside of China and so what we're doing here is about de-risking the commissioning phase of the project. It's not about proving the flow sheet of the chemistry. So we decided to take the route of undertaking a pilot program where we're taking 16 tons of our material from Nolan's Bore and we're putting it through various seven stages of piloting and what this means is that we're basically proving up and getting engineering data and we're getting operational data on how our material flows through the various stages of the process. And that's a bake, which is stage four as you alluded to. That's a critical part of many rare earth processes and in particular over the last six months as we've discussed our piloting programs with potential financiers, they've indicated that many of them have visited other plants around the world and they see this as a critical point in the flow sheet design. And so whilst our flow sheet is very different to other projects, we're not operating our acid or our kilns at 800 degrees Celsius, ours is only around 300 which is still quite warm, but it enables us to use alternative equipment which might not be so problematic when we go for commissioning. So we decided to take a little bit of extra time to do that and that's what we're up to at the moment. The first phase of that was announced and completed successfully and we're now looking to do it at a slightly larger scale. And of course AeroFURA has been one of the top half a dozen rare earth plays that I've been following since 2009 have been out to your property. Can you tell us what other exciting, you know, we should be expecting and say the next quarter or two? Sure, look the next 12 months are looming as a pivotal part for AeroFURA and history making for the NDPR space. We are in the process now of getting a final environmental approval. We would expect that for the end of this year, so in the current quarter. And there's been no major risks or issues identified there. So that's a credit to our team and our consultants that got us through that project. The other, I guess, things which aren't too sexy in the market are obviously our piloting, which we are targeting in completion by the middle of next year. But our recent capital raisings have given us confidence now to fast track some of our engineering studies. So we'll be looking to appoint a lead engineer to complete that engineering design, which will ultimately accumulate in a bankable study. But more importantly, I guess on top of that, to underpin the whole project of finance, we really need a strong off-taker and we'll be ramping up our engagement and our discussions with potential customers in the coming six months soon. And of course, all of us at Investor Intel are very bullish on rare earths. We understand the issues relating to not only this global supply shortage, but I see a lot more demand with the magnetic metals moving forward. Do you want to just comment on what you expect to happen in 2018? Yeah, most forecasts and analysts are forecasting growth in the magnet material of around 8%. And look even if every project that's currently being developed gets developed, that's still not enough to make that growing demand. And we're seeing daily news flow from around the globe where governments are forcing combustible engines outside of their major cities. China and its 2025 China growth policy is claiming it's going to have 30% of all its motor vehicle fleets EV by 2025. And if you multiply 41 million electric vehicles by about 1.7 kilograms of NDPR, then that's a lot of NDPR. Well, Gavin, thank you so much for the update. It's a pleasure as always. Thanks very much for the noise that's taught you.