To compete in the rare earth sector you have to be able to compete based on costs and product mix. Our team has traveled the world over the last five years evaluating low cost rare earth feedstock opportunities. Only two jurisdiction possess the cost structure that can compete globally - Africa and South East Asia. The same areas that China gets a majority of their products (Breaking news, China doesn't mine a majority of the ore they refine in China, they do it through illegal mining operations all over South East Asia and Africa and import those low cost non taxed concentrates to massive toxic solvent extraction plants with really really cheap chemicals in China. Secondly, these assets also contain the mix of rare earths that are actually needed - Dy, Tb, Y, Sm and Gd. Nobody in the world today outside of China separates and purifies any of these products at commercial volumes (The only competitor we think that is getting close in Estonia). @ReElementTech is progressing to commissioning of its MREC line by end of year / beginning of first quarter 2027, with its other three lines coming online in 2026. With separation of all these products from MREC completed in 2026 in its smaller Noblesville plant. At @Amerresources we are negotiating (or bidding) on minority stakes in both regions where @ReElementTech can initially secure material for its Marion plant and eventually co locate its refining operations at the mines or locally within the countries where the mines are located - economic diplomacy, feedstock security, partnerships. The last few trips and partnerships we have established we are confident have expedited this strategy with the future deployment of capital that is already available on our balance sheet. $AREC @royaltymgmtcorp @electrifiedmat