 Two, one, today I have the pleasure of speaking with Jack Lipton and Jack today we're just going to get right into it. Let's talk about the coronavirus and how it may potentially impact not just where earths but critical materials in general in the market. Thank you Tracy. The coronavirus issue in China has caught the West with its contingency pants down. That's the problem. We have not prepared for this. Our attitude towards China's increasing dominance in critical materials and metals has been to say, well, we might have to pay more that this is the typical market response to this issue. But that's now the so-called black swan event has occurred, something that could not have been predicted or the probability which was infinitesimal. But it's happened, Chinese manufacturing, Chinese mining, Chinese logistics, these are in many places in China shut down completely. If not, they're severely compromised. What does that mean? It means that supply chain maintenance is no longer an academic issue for business school. It is now impacting everybody in the world because when any part of the supply chain shuts down, the supply chain shuts down. That's why it's called the chain. If you were anchoring a ship and you cut one link out of the chain, guess what? The ship would be drifting. It would no longer be anchored. That's exactly what's happened to the manufacturing sector in China, dependent on critical materials, and the manufacturing sectors in the Western world, dependent on imparting those manufactured materials, is now running on inventory. And as I've said before, we are a just-in-time kind of people. We no longer like to maintain big inventories because they tie up cash. So our financial people in this part of the world have said, no, no, no, we don't want to tie up cash in fixed inventories because that doesn't earn any money. So we'll do it just in time. People have our suppliers delivered to us just when we need to manufacture the product we sell. Well, if and when that slows down, it becomes a real problem because we don't have inventories to fall back on. And here's the real problem. We don't know if the Chinese have inventories either. So shipments could stop at any time. And we don't know what's happening in China. We do know logistics is compromised. That means that even if you are in business and you want to make things, you're not getting supplies. And in the metals industry, for example, in that part of China, most affected by the coronavirus, what's happening is that chemical reagents and disposables, things that you need to operate your chemical refining systems through metals, are not coming through. Therefore, you have to shut down the system. Well, I can tell you as a one-time owner of a chemical engineering firm, when you shut down a system, it is not so easy to start it up again. It's not a turnkey. You have to grain things. You have to clean things. You have to make sure that everything is stable. Then when you restart, it takes time. So even if this ends tomorrow, we're going to see a glitch in deliveries. Now, I don't know how much American manufacturers, Canadian manufacturers, have in their way of finished inventory. In other words, goods that are ready to go to market. That's probably what we're seeing right now. That's what's being delivered. But unless this coronavirus thing is controlled in China, we're going to see a glitch. Now, this is a great time for investors in metals. Because now, all the ignoring of North American mining and refining is looking pretty damn foolish. And there has been, as you know, as we all know, a lack of interest in the financial world in mining and refining for the last several years. I believe this period is ending. And if institutional finance has common sense, which I think they do, they're going to realize they made a mistake walking away from investing in mining and refining. Because the coronavirus has shown that, I don't want to use this bad word, SHI, you know what happens, even if we don't want it to, if we don't expect it. And putting your head in the ground or closing your eyes doesn't work. This is not, let's say it is a global economy. Okay, I'll give you that. Let's, for argument's sake, it's global economy. What happens when the supply chain is interrupted? Does the whole global economy go down? This is a warning, though, for everybody in the world. I'm not saying anything against China. I'm not saying anything against anybody. I'm just saying you cannot have a truly global economy when you don't know when things like the coronavirus are going to happen. You must have local self-sufficiency, especially in monster economies like North America and Europe. So I think this is the best time ever to invest in mining and refining of materials, critical metals in particular. Okay, so PDAC, the world's largest mining conference, is coming down in, in what, two to three weeks here. What do you think that investors should be looking at then? Which booths should they be hunting down and looking for? I mean, you mentioned critical materials, you know? You and I define that a little bit differently perhaps, and some people do. Let's, you know, give us some advice. All right, here, you want to define the critical material easily? Anything for which we're dependent upon China, end of definition. How's that for a critical material? Well, I mean, you know, obviously I have some idea of what those are, but for our investment audience that doesn't know what that is, why don't you give them a walkthrough? Well, the wearers are the most well-known, but antimony, tungsten, molybdenum, germanium, and for those who are going to write and say, hey, you know, the US is the largest producer, molybdenum or second largest producer, it's the Chinese who are refining all these materials. For example, most of the cobalt on this planet, that critical material comes from the Congo. Most of the cobalt in the world is refined in China. So that's where it goes. And when China shuts down, there won't be any cobalt for batteries. There won't be cobalt for tools, for catalysts. Just an example, if you look at the USGS Commodity Index, just published a few days ago, there are now 18 materials for which the world, much less the United States, is completely dependent on China for their production. That list was seven, 20 years ago. So that's the problem. Now, I'm sorry, I can't make a list offhand of the critical materials, but the most critical materials for us are probably going to turn out to be wearer, tungsten, cobalt. How about lithium? Everybody think about that? Well, we're all hoping that there's going to be a resurgence in interest in lithium, but in your previous list that you were discussing, you referenced antimony. And there's an example of a material that would not have come to my top five when I was reflecting. I would have been glistening arrears, et cetera. Tracy, we talk about lithium and batteries all day long. Is anybody notice that the actual largest tonnage of batteries are good old lead-asset batteries? That's still 95% of the batteries used in automotive, okay? And the technology of the lead part of that battery is a lead antimony alloy. So, you know, want to cut off our antimony supply? We may have a problem making new batteries. We recycle, in North America, we recycle almost all of the lead we use. That's true, but we have to add antimony and bismuth to these formulas, and they come from, you know it, China, okay? So many chains like this are dependent on Chinese content. For example, we're not buying rare earth permanent magnets in China. It's just a small 200 tons a year. But we're buying rare earth permanent magnets as part of motors for the automotive industry to the tune of 8,000 tons a year. Now, you cannot make a car without... There's many, many, many motors on a car. The electric car, the Tesla's most biggest selling electric car in North America, has two large rare earth permanent magnet electric motors made in China. Okay, they're installed in Fremont, California, but they're made in China and shipped from there. So, here's a good point. I've been talking about logistics within China. Non would tell you about logistics outside of China. Ships and planes come from China. They are being held off ports in most countries now until the crew can be determined to be coronavirus free, and the ship can be determined to be non-contaminated. This is screwing up just-in-time delivery fiercely, and this is going to have a ripple effect in the economy. Well, as always, Jack, thank you so much for joining us. I look forward to a follow-up on this matter. Okay, it's a hot topic for us.