 Back folks, let's get over to our man, Mr. Fred Ernest. Now, Fred folks is the CEO of Vista Gold. Vista Gold has a world-class gold project, Mount Todd in Australia. I happen to own Vista Gold as well as many tigers and tigers is out here. Fred Ernest, welcome back to TFNN. Tom, thank you, good afternoon. Absolutely. So, you know, pretty cool. We have the gold price out here in 1955. I know you've, you know, you've been out here with that world-class gold project. It's de-risked. So, you know, if you can give us a little update, that'd be great, Fred. Yeah, thanks, Tom. You know, last year was a great year for us. We completed the feasibility study for the project and after that we retained CIBC Capital Markets as our strategic advisor. You know, last year was a tough year with regards to inflation and, you know, M&A activity slowed down. Yes. But part of the year we started working on an internal scoping study to look at a smaller scale project, one that would have a lower capital cost and potentially be more attractive to potential partners. We hope to wrap that up a little bit later this quarter. We think that that will attract significant interest from those who, partners who are interested in the optionality of Mount Todd. Sure. And I get, you know, as to the wind behind your back, you got two deals happening, just as you said. You know, inflation and in this particular case, I mean, the gold price has gone pretty dramatically higher since the last time I spoke with you. Let me ask this, Fred. When folks are doing, you know, large gold projects like this, right? What do they have to use as the price of gold? I mean, because we know gold can go up and down $200. You know what I mean? So you're doing a longer-term project. So what are big gold companies looking for to get involved in something like this? You know, that's an interesting question because every company has their own criteria. I see. Okay. Some are very conservative and using quite low gold prices as they're threshold for evaluating projects, you know, in the $13, $1400 range. I see. Others are a bit more progressive in looking at a $1600 gold price, which is where we did our study. Nice. And can you explain, and we all could see, there's no doubt, when you came out with the news release that you're looking at a smaller project that can bring it a much larger one, of course, the stock took off, which is awesome. So can you just explain how that works and how that would work somewhat to the clients? Yeah. So we're evaluating, you know, Mount Todd is large. We have 9.4 million ounces of total resource. We have a proven and probable reserve as reported in our feasibility study of just under 7 million ounces. But we've designed Mount Todd to be attractive to very large partners with a plant size of 50,000 tons a day. Wow. We're looking at a smaller project, 15,000 tons a day that would be scalable, that would allow us to build a project and instead of spending almost $900 million on initial capital, something that would be less than 400 million. So it's a way to bootstrap into the project and perhaps generate interest from a group of companies that would be very, very worthy partners but are mid-tier producers and can't quite bite off a $900 million capex for the project. Sure. And, you know, what does happen in your business is that the aspect is just like you said the, you know, whether it's 50,000 tons, when you're talking about larger miners, I mean the bottom line is that they have to replace, you know, what is basically, you know, coming out of the ground, right? Each year. But that's exactly right. You know, and so that's why we designed the project, you know, to be appealing to a larger company. Unfortunately, larger companies are those that are acting most cautiously as we've gone through the last 10 or 12 months, you know, with the impacts and effects of inflation. We think that some of the mid-tier producers and those who are looking for an opportunity to grow and lock in a project that would add significantly to their production profile will find a smaller project that's expandable, very, very appealing. No, I think that's a great move. I mean, and there's no doubt, you know, the last run up, folks, is that when the run was up, everyone wanted to buy at the highs, Fred, right? When we go back to 2011, it's kind of funny how this works, right? But I guess, you know, everyone, I'm not quite sure whether we all learned, but the bottom line is that there's a difference. So you're in Australia, which is, can you talk to folks a little bit about Australia, because it's a great jurisdiction, right? And how is the currency going now in the jurisdiction? Yeah, so Australia is a resource-exporting country, well-established, very reliable mining laws. They're very supportive of the mining industry. In fact, most Australians, unlike here in the United States, most Australians own mining stocks. It's just part of their national culture. And so we find it to be a very safe, geopolitical jurisdiction, very easy to work at and understand the mining industry. As far as the currency goes and exchange rates, right now we're trading around 69 cents, say US per Aussie dollar. That's a very good exchange rate for the project. Our analysis was done at 71 cents. And it seems that it's pretty stable in that range. It's been going back and forth between 68 and 70 cents. So it's a really good exchange rate for us and the project. And when we have miners, right? I mean, the bottom line, miners folks can be in the middle of anywhere or nowhere. In Mount Todd's case, I mean, you actually not only have the mine, but then you have the means actually to get this to market. Is that correct? Mount Todd is probably one of the most accessible large-scale mines in all of Australia. You know, it's about 250 kilometers south, southeast of Darwin, 30 minutes north of Catherine, 10 minutes east of the major highway that connects Darwin on the North Coast to Adelaide on the South. And we have paved roads right to the mine site. So this is a site that, you know, unlike many other operations that are remote, they require flying and fly out access or driving for hours and hours, you know, literally in two and a half, three hours at the most from the Darwin airport, I can be at site. And that just speaks to the accessibility of the project. With Catherine, you know, a community of somewhere in the range of 18,000 people, 30 minutes away, you know, we've got it. We've got a community close by, all the support we need and is a great place for families to live. That's amazing. That's pretty cool. And, you know, the bottom line is, is that all as we keep hearing, the mantra is that, you know, don't worry about inflation, don't worry about inflation, but the reality is, you know, listen, it seems to me that, yeah, inflation might come down, but it's got to be really hard to get it down to 2%. So when inflation's here, we can go back to that old story about, you know, 1930s, an ounce of gold, gets you what? A suit, 2000, it gets you a suit, now it gets you a suit, right? I mean, it's pretty cool when you look at that context. There's plenty of people, you know, I mean, it keeps up, it keeps up with the cost of inflation. It's pretty amazing. It really is, you know, and while the numbers move around a little bit because of inflation and our cost for our wheat, we estimate that our capital costs are about 8% higher than they were a year ago. Okay. That's the gold moving up, you know, the amount taught economics have always demonstrated. It's very real plus. Absolutely. Well, listen, Fred, this is great, appreciate the update, and folks, change on the New York American Exchange VGZ. Fred, have a great one, safe one, and we plan on having you back again. Very well. Thank you, man. Have a great one. Stay right there, folks, we'll come right back.