 Today I have the pleasure of speaking with Chris Reed of NeoMetals. How are you today, Chris? I'm very well, Tracy, enjoying the move to summer. Well, of course, Chris, you've had a lot of news lately and you've had, you know, a terrific update for your shareholders. And you recently announced an MOU with mineral resources to further progress the development of a downstream lithium chemical plant that would produce battery quality lithium hydroxide product suitable for direct sales to the lithium ion battery industry. Okay, I wanted to make sure I got that right. Can you please provide investor intel audience with an update on this MOU, please? Absolutely, Tracy. Part of the transaction with Gamfeng last year was that they were obligated to purchase the first three years production from the Mount Marion mine. After the third production year, mineral resources and NeoMetals had the option then to buy back 51% of the offtake so that we could have a feed for our own downstream processing ambitions. You know, we've long wanted to become an integrated producer of lithium. The first step was to get the mine up and running as a concentrate producer and then a couple of years time because it actually takes that long to once you've completed the construction of the concentrate operation. It takes you a number of years to permit and build a lithium downstreaming plant. So it is really just an affirmation now that the mine is moving into commercial production, that we are now in the final stages of the evaluation of downstream production of lithium hydroxide. And it's a commitment for both of us to advance that with a view that we can make a final investment decision in early Q3, a calendar year 2017. Well, I think you've kind of answered this question but I want to step you sideways for just a second. Christopher Eccleston was describing this as a superb deal and that shareholders may not truly appreciate the nuances of this deal. I think what he was trying to say is number one, you have proven your extraction technology process works. And perhaps you'd like to comment a little further about what Christopher was saying in his analysis on this deal. I think Chris is certainly one of the few analysts that gets our overarching strategy and that's one to get the mine up and running, de-risk that at the same time develop the flow sheet for downstream processing. The deal with Ganfeng and I think one of the misunderstood barriers to entry into the lithium market is actually having a large customer to sell your product to. If you want to start up a good size mine, you need to move below concentrate, there you go, you need a large partner. And Ganfeng are the largest, most diverse lithium producer in China, certainly the fastest growing. Multi-billion dollar US market cap and the ability over, certainly over the last year that we've been dealing with them to raise large amounts of equity. They're actually moving beyond lithium conversion into cathode production and batteries. And as you get further down the chain, the lithium value in that end product becomes less. So they become a stronger partner. We're able to get the mine up. They take a lot of production. And then after three full years of production, we're then able to take some of the feed and put it into our own downstreaming plant. So we're doing it in two stages rather than having a half a billion dollar roll of the dice to start off with. We've done a deal with Australia's largest processor of minerals where we've developed the world. Within 12 months, we've constructed the world's biggest hard rock lithium concentrator. It's twice as big as the plant down at Greenbushes that's owned by Tianji and Albemarle. We've done that with no dilution, no need to raise capital and no need to contribute capital. And now we're more concentrated on where we want to be. I think if you have a look at the, should we say the normalized pricing for lithium concentrates and lithium chemicals, that the chemical production is normally about twice as financially attractive as producing the concentrates. So now we have a very strong balance sheet through selling down some equity in the mine, and we're able to finance our share of a downstreaming plant should we make that final investment decision next year. Okay, you always leave me with more questions that I want to ask than we have time for. So one of the reasons we have you speaking at the Clean Tech and Technology Metal Summit is because of your understanding of the lithium market. And there's a lot of debate right now about whether or not there is a shortage of lithium. Clearly, I think your stats, you'll be supplying 18% of the global supply of lithium in the future. Is that correct? Did I read that right? Yeah, I mean, Matt Marion will contribute. Once the Fine Circuits Commission in the first quarter of calendar next year will contribute about 50,000 tons of LCE as lithium concentrates into the Chinese market. Now that will take the Chinese from a utilization rate of just over 60 up into the 90s. So it is the most significant addition of lithium units into the market. I would suggest probably since the last expansion at Greenbushes a number of years ago. I think if you have a look at, we get back to just basic mineral economics. The lithium carbonate and hydroxide prices for 2017 from the Western producers. So the Brian producers looks to going off global lithium looking to be well into the double digits in terms of thousands of dollars per ton. And then a couple of thousand dollar premium for lithium hydroxide on top of that. So I would just go back and say, well, you know, if demand is higher than supply, the prices will jump up. Certainly the prices have continued to rise. Yes, the spot market or the small volume market in China has come back a little bit, but you would expect that they would converge over time. I think pricing and history would say at the moment that there is a shortage. Now what it will be this time next year with our production coming in, it would be less than a shortage, perhaps approaching balance. I think what we've consistently undershot as an industry is the demand growth for lithium. Certainly the Chinese with their EV forecasts is a real shot in the arm. Probably not purely economic versus the internal combustion engine at the moment, but rapidly approaching it. Whereas renewable energy storage is now past grid parity in terms of solar plus storage in quite a number of jurisdictions, the U.S., Australia, Great Britain, Germany. So I mean that's economic now and they are larger format batteries than the car. The underlying thematics are the batteries, there's more and more batteries and the batteries are getting bigger and we have consistently undershot demand. It is for the batteries, the lithium going into the casso, it's well into the double digit growth. Well, I can't tell you how delighted I am with your analysis of the market. I could not agree with you more, Chris. And speaking of following you, Chris, in respect in the industry for understanding the global supply of lithium, I mean I've watched you take neometals since Christopher Eccleston first told me to take a look at neometals from being a small cap or a really small cap player. You're over 200 million plus market cap now. You've got 66 million Australian in the bank and you've given your shareholders dividends twice now which is just unheard of for a company in your market cap range. Can you tell us what we as shareholders should anticipate in the next couple of quarters other than I can't wait to see what you're going to announce next? It's certainly a question that we get asked reasonably often by shareholders. Look, we're going into the commissioning phase of the mine with a significant amount of cash on the balance sheet once the mine reaches steady state production in the first quarter of next calendar year. Obviously we can then look at how we're going to deploy that. One of our main focuses is obviously for the downstream lithium plant. We are cognizant that we have started returning some money to the shareholders. It is our ambition that we would maintain that. The size and timing and quantum obviously still to be decided by the board. When you start a dividend policy and paying dividends it's not something you would start if you thought you had to stop it quickly. Certainly the cash flows coming from... Marin will enable us to sustain a return of something to the shareholders. On top of the significant amount of cash we have been able to monetize our nickel assets. We've exchanged those for about 13 or 14 million Australian dollars worth of stock in another listed Australian company. So I think our concept there is we create the value, we share with partners to make it real, and then we share with our shareholders. I think the true mark of a company is that you can return more capital than you invest. Certainly if I was asking you to invest in a business Tracer you would be wanting to make a return more than I took off you to start off with. That is correct. Well Chris, as usual it's a pleasure getting an update on NeoMetals and we can't wait to see you in Toronto for the Clean Technology Metal Summit. Thank you so much. You're very welcome. Good night.