Latest / SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT / 🚨 SILVER and COPPER Don't Work WITHOUT THIS 🚨 - IberAmerican CEO Campbell Becher

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🚨 SILVER and COPPER Don't Work WITHOUT THIS 🚨 - IberAmerican CEO Campbell Becher · SILVER / GOLD / $UFD: Surviving Global Economic Shifts | RONS BASEMENT

• 0:00
  Without tin, you can't connect electronics, you can't have
• 0:04
  solar panelling, and the only substitute for for solder is
• 0:08
  lead. And as we all know, lead is
• 0:10
  toxic. So when they replace lead solder
• 0:12
  with tin, it certainly opened up everything for electrification.
• 0:16
  It's basically the glue that keeps electronic components
• 0:19
  together. Good morning, everybody.
• 0:23
  My name is Campbell Beecher, CEO of Iber American Resources.
• 0:27
  Happy to be here on the show and thank you for having me.
• 0:30
  Yeah, well, it's a big honor for us to have you here.
• 0:32
  Today, Campbell, because your company is involved in a move
• 0:36
  into the 10 mining sector and I didn't know this, but 10.
• 0:42
  Is actually a real. Critical Metal.
• 0:45
  As the world is. Facing this green technology
• 0:48
  green energy revolution, the AI technology revolution, I had no.
• 0:54
  Idea. How critical. 10 is.
• 0:56
  Can you, can you share with us kind of what the role is of 10?
• 0:59
  Yeah, of course. Yeah.
• 1:00
  So what got me very, very excited about 10 was I
• 1:03
  previously used, I previously used to be CEO of an investment
• 1:06
  bank called Byron Capital Markets in Toronto, Canada.
• 1:09
  We had offices in Toronto, Montreal and Vancouver, and my
• 1:12
  head of research was a guy by the name of Doctor John
• 1:14
  Hickaway, who's a PhD nuclear physicist.
• 1:17
  So he would write all sorts of macro reports and he, the one
• 1:20
  that interested me the most was this macro report he wrote on
• 1:23
  tin. And this was back in 2012.
• 1:26
  So I've been really a tin bug for a very, very long time,
• 1:29
  because without tin you can't connect electronics, you can't
• 1:34
  have solar panelling, and the only substitute for for solder
• 1:39
  is lead. And as we all know, lead is
• 1:40
  toxic. So when they replace lead solder
• 1:43
  with tin, it certainly opened up everything for electrification.
• 1:46
  It's basically the glue that keeps electronic components
• 1:49
  together. Wow.
• 1:51
  That is, that is. Fascinating.
• 1:52
  And what's even more fascinating to me is, you know, my, my
• 1:55
  community, our viewer who's joining us today in this
• 1:58
  conversation is likely a metals bug, right?
• 2:02
  A gold bug? A silver bug, All that we hear
• 2:04
  about. When it comes to the the green
• 2:07
  energy revolution specifically. It feels like.
• 2:11
  Copper and. Silver get all the.
• 2:13
  Headlines, but you're you're telling me that a solar panel
• 2:17
  has a fair amount of tin in it as well?
• 2:20
  Solar panels. Solar panels won't work without
• 2:22
  tin because you've got to connect the panelling together
• 2:24
  and all the electronic pieces. Semiconductors won't work
• 2:27
  because you have to connect the tin to make the circuit boards
• 2:30
  work. So 10 is a a necessary evil in
• 2:34
  anything to do with electrification.
• 2:36
  Wow, fascinating. And I, I know there's a clip
• 2:38
  going around from everyone knows Rick Rule in the metal sector
• 2:42
  and he called, I'm going to quote him here.
• 2:44
  He said 10 is the forgotten energy transition material.
• 2:49
  OK. Real quick, 10 Adam wants to
• 2:52
  know what's Rick's outlook for 10 price and equities over the
• 2:55
  next 5 to 10 years? Tin is the forgotten energy
• 3:00
  transition material. I I mean the tin price has done
• 3:05
  well in the last two years. I think tin continues to do well
• 3:10
  to the extent that there is ever any need to slaughter anything
• 3:14
  for electricity, tin will do well.
• 3:18
  It's the best substance in the world.
• 3:21
  Tin production is fairly constrained too.
• 3:25
  So as we as we look. Forward here into the next,
• 3:28
  let's say 10 years and this, I mean, the, the number of solar
• 3:32
  panels alone being produced in India and China are astounding.
• 3:35
  I've been covering that a lot lately.
• 3:37
  It looks like the prospects are good for.
• 3:39
  For 10. Yeah, I think we're looking very
• 3:42
  good there. Semiconductor business as you
• 3:44
  see with NVIDIA, you know, trading at all time highs, you
• 3:47
  know that's another market. AI is a huge business for us.
• 3:50
  You know, like I said, anything to do with electrification, you
• 3:53
  you can't get away from it. Wow, fascinating.
• 3:56
  And and and I honestly had no. Idea That was the case six weeks
• 4:01
  ago. And I I think.
• 4:03
  A lot of people. Like this is not front page
• 4:05
  news, right? This is kind of buried in the
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  back, but could could present a real, you know, interesting
• 4:10
  investment scenario. Yeah.
• 4:12
  And I think it's getting some momentum.
• 4:14
  I think one of the the tougher palms tin faces is, you know,
• 4:18
  the gods have a sense of humor. They put they put these
• 4:21
  resources in some of the worst places globally with conflict,
• 4:25
  whether it's the Congo or China. So it's very hard to get to it.
• 4:30
  So when we had this project in Spain, we found we found this
• 4:33
  project with my eyes lit up. I'm like, Oh my God, a first
• 4:35
  world country with first world infrastructure, non conflict.
• 4:39
  So, you know, all the OE Ms. are like, you know, clamouring for
• 4:42
  it. You know, Apple was clamoring
• 4:44
  for non conflict metals. So for them, it's very tough to
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  find good clean geopolitical metals as well, which is a big
• 4:50
  part of this because security supply is a massive, massive
• 4:54
  issue, especially when we're talking about the powerhouses
• 4:56
  like China. China doesn't want to export
• 4:58
  tin. Taiwan doesn't want to export
• 5:00
  it. You know, Malaysia doesn't want
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  to export the tin. People, if they have these great
• 5:03
  resources, they want to hold on to them for themselves.
• 5:06
  Right. Well, because like you said
• 5:07
  earlier, it is literally the glue.
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  That that connects all the other metals, that connects the
• 5:12
  copper, that connects the the. Silver together is it?
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  Is it? True that, China.
• 5:18
  Is the. World's biggest consumer of 10.
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  But also the world's biggest producer that they actually
• 5:23
  produce a lot. Of 10, but consume even more.
• 5:26
  Yeah, them in Malaysia for sure, Yeah, are definitely the biggest
• 5:29
  consumers. Well, China's definitely the
• 5:31
  biggest consumer. There's no doubt about that.
• 5:34
  And you know, the Chinese, I mean they certainly like to what
• 5:36
  they did with the rare earth market, you know, they, they
• 5:38
  like to lock down these commodities and they're not
• 5:40
  thinking sort of a year ahead, they're thinking 100 years
• 5:42
  ahead. So I think that's the the
• 5:44
  strategy, those geopolitical strategies that are coming into
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  play now is, you know, how can we lock in security of supply
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  for a long time. OK.
• 5:53
  OK. So, so you and your company are
• 5:55
  doing some exciting things in the in the 10 market, in the 10
• 5:58
  mining sector. We're gonna get to that.
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  I want to touch finally on one more point though, regarding the
• 6:04
  price of 10. How has the price of 10 been
• 6:06
  behaving as of late? So it's the price of 10.
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  It's I think it's one of the top performing medals, certainly top
• 6:13
  three performing medals. You know, about a year ago it
• 6:15
  was probably trading down in the 26,000 range.
• 6:19
  Today it's currently about 32,000 a ton, but it's, you
• 6:23
  know, there's certainly some volatility to it, but it's, you
• 6:26
  know, I think trending certainly the right way.
• 6:29
  And you know, for us, we're, you know, we're not thinking a year
• 6:31
  out either. You know, we're thinking 1020
• 6:33
  years out for this metal. And as greater adoption happens
• 6:36
  for solar plant panelling, as greater adoption happens for,
• 6:40
  you know, the EV, the electric cars and hybrid cars, I think
• 6:43
  we're, we're certainly in a nice space.
• 6:45
  And for us it's just, you know, in running a business, it's not
• 6:48
  just the price of the commodity, it's what, what's our break even
• 6:51
  point to get the commodity out of the ground and get paid on
• 6:54
  it. So, you know, for us, it's
• 6:56
  surrounding ourselves with, you know, just excellent partners.
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  And I think that's going to be a big key to our success.
• 7:02
  OK OK, so so correct me if I'm wrong.
• 7:06
  The prospects for. 10 in the green energy and the technology
• 7:10
  sector are unbelievable as we go.
• 7:12
  Forward the supply of. 10 is very challenged I think, as you
• 7:16
  said, you know. Geopolitically the the areas I
• 7:20
  think you said. The gods had a sense of humor
• 7:22
  'cause they put 10 in areas that.
• 7:23
  Are that are very typically very volatile.
• 7:26
  Well, that are subject to trade sanctions, that are subject to,
• 7:30
  you know, civil war and unrest. You know, in the Congo, there
• 7:34
  could be civil war there at any moment and then all of a sudden
• 7:37
  trade routes are blocked. You can't get tin out of the
• 7:39
  country. And then next year you'll see
• 7:41
  spikes. Taiwan, I mean, you know, what's
• 7:43
  going on with the China and Taiwan from a geopolitical point
• 7:46
  of view, you know, that's that's frightening by itself.
• 7:49
  You know, Malaysia's, you know, trying to, you know, kind of
• 7:52
  corner their market in tin as well.
• 7:54
  So there's, there's all sorts of these, you know, obstacles or
• 7:59
  potential, you know, potential issues that could have a super
• 8:02
  spike in tin. Now, you know, for us running a
• 8:05
  business, we're not relying on a super spike, but we certainly
• 8:07
  know that that's that Black Swan event has not 0 probability.
• 8:11
  So, you know, for us, you know, we'd like we, we believe tin
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  should trade between kind of 27,037 thousand and then trend
• 8:19
  up gradually. But is there probability that,
• 8:23
  you know, you could have a super spike and see this thing at
• 8:25
  50,000? Yeah.
• 8:26
  I mean about six years ago or five years ago and traded over
• 8:28
  50,000 for that reason alone because there was such tight
• 8:32
  supply. Yeah, like, kind of like.
• 8:34
  A. A degree of.
• 8:35
  Optionality could happen, but you know under under current
• 8:39
  circumstances the company will be fine.
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  So, so, so there's there's a. Huge demand profile that's
• 8:45
  favourable for 10. There's this this supply.
• 8:49
  Challenge. I guess we'll.
• 8:50
  Call it which is. Kind of a problem for the for
• 8:53
  the green energy. Sector for the electronic
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  sector. Your company I feel like is
• 8:59
  positioning itself. To be part of the.
• 9:02
  Solution and you're doing this by doing an acquisition?
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  Of what is. I believe the largest 10 mine in
• 9:09
  Europe in northern Spain, the pinata mine is that.
• 9:12
  Yeah. So the, yeah, so the pinata mine
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  is, is, you know, let's call it the tallest Midget.
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  There's not a lot of big producing tin mines in Spain
• 9:20
  compared relatively compared to other spots in the world.
• 9:23
  But yeah, I mean, this, this is a large producing mine that
• 9:27
  we're actually buying as a distressed asset.
• 9:30
  And you know, we think there is a ridiculous ton of upside.
• 9:33
  You know, I've said on on previous interviews that, you
• 9:36
  know, my two favorite commodities are tin and time and
• 9:40
  the fact that we can buy this asset and don't have to wait
• 9:43
  three to five years to get it up into production.
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  Like time is our most valuable resource.
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  If you can buy something at exploration value and then turn
• 9:51
  it on, it's producing cash flow. And you know, next thing you
• 9:54
  know, we're getting a multiple of, you know, in our own
• 9:56
  internal models. We think we could probably do
• 9:58
  about €8 million in EBITDA in 2025.
• 10:01
  So you put a, you know, it's in that sort of 12 million
• 10:04
  Canadians, so you put a 7 times multiple on that.
• 10:06
  You know, that valuation is a hell of a lot higher than it is
• 10:09
  today. So you know, for us it's all
• 10:11
  about executing and surrounding ourselves with great partners.
• 10:14
  Yeah. So, so, so this is a 10 mine in
• 10:18
  a first world jurisdiction. It has some history.
• 10:22
  It it had produced 10 in the past and and you're going to
• 10:25
  come in and and add some efficiencies.
• 10:28
  Go ahead. Yeah, sorry to interrupt you.
• 10:29
  So the previous business was basically underfunded constantly
• 10:33
  and they were. And they're constantly running
• 10:35
  into issues. And you know, this is the
• 10:37
  problem. And the good thing with the team
• 10:38
  we put together, there's myself, Jean Mcburney, who founded
• 10:41
  Griffiths Mcburney and partners at Legend on the mining banking
• 10:44
  side. You know, for us, raising
• 10:47
  capital is, is one of our specialties.
• 10:49
  It's something we've been doing as a career.
• 10:51
  I mean, my career has been in it as an ex investment banker.
• 10:53
  So, you know, these types of businesses, you know, they need
• 10:56
  capital so that you're not running on a shoestring budget.
• 10:59
  So for us, you know, we'll be able to raise that capital, push
• 11:02
  the business forward, and then on top of it, surround ourselves
• 11:05
  with great, you know, with great engineering partners as well as
• 11:11
  actual tin experts. And I don't know if I've got a
• 11:13
  quick second to mention this, but Gene and I were in Hong Kong
• 11:17
  talking to some investors about 3 months ago.
• 11:20
  And the woman who used to run Noble's metals desk, a guy by a
• 11:24
  gal by the name of Hannah Batterick, you know, she came to
• 11:27
  us, we started talking with her and she expressed a great
• 11:30
  interest in joining us. So, you know, she ran the tin
• 11:33
  desk for Noble. And, you know, as we talked to
• 11:35
  her, she reached out to Malaysia Smelter Corp.
• 11:37
  You know, they saw our our specs and you know, she got excited
• 11:40
  about the project. The next thing I know she's
• 11:42
  like, how can I get involved with this team?
• 11:43
  So when you have people of that stature that want to join, I
• 11:48
  mean, that's been the most exciting part of my job is, is
• 11:51
  really getting great partners, whether it's Hannah, Mike Jones,
• 11:56
  who used to work at Hatch Engineering, has joined us as
• 11:59
  our CEO. David Young, who's our one of
• 12:03
  our directors, used to work at Carlyle Group running the
• 12:05
  natural resources sector. You know, we're really putting
• 12:08
  together, you know, an A list team so we can focus on
• 12:12
  execution cause execution is everything.
• 12:14
  The business, we don't want to get 70% of the way there and be
• 12:17
  a day late and a dollar short. You know, for us it's execute,
• 12:20
  execute, execute and then reward our shareholders with, you know,
• 12:23
  great returns because that at the end of the day, that's who
• 12:26
  we all work for as our shareholders.
• 12:28
  Yeah, yeah. And and interesting the and it's
• 12:31
  an acquisition I want to point out to our viewers while you
• 12:33
  mentioned this, but I think it bears repeating.
• 12:36
  This is not an exploration stage company.
• 12:39
  This is not I guess. You can maybe could call it.
• 12:43
  A a very advanced stage company. I mean you, you are basically
• 12:47
  going to come in and restart a mine.
• 12:50
  The equipment's there. Everything, every, everything is
• 12:53
  there. It's just it needed some capital
• 12:55
  to pay off some creditors as one of the big pieces it needed.
• 13:01
  It needed a filter press, which we are raising the money for as
• 13:04
  we speak, but not a lot of cat like not, you know, we're not
• 13:08
  talking it. It doesn't need 20 or $30
• 13:09
  million. I mean, you know, we're going
• 13:11
  out to raise 7,000,000 bucks here.
• 13:13
  Insiders are, you know, taking on a big slug of that.
• 13:16
  And then we're just going to push forward.
• 13:18
  I mean, last July the mine had its top, top production of
• 13:24
  cassette, right? They can produce 95 tons of
• 13:26
  cassette, right, last July. So, you know, these are these
• 13:29
  are big numbers. The big problem now we've got a
• 13:31
  three phased approach. First phase is get to steady
• 13:34
  state production for six months. The second phase is
• 13:36
  optimization. So instead of getting, you know,
• 13:38
  58 to 62% recoveries, we're going to look to get up to, you
• 13:42
  know, 68 to 70% recoveries. And then the third piece, which
• 13:45
  is the real, you know, crown jewel is the expansion of the
• 13:49
  mine. You know, we're going to look to
• 13:50
  double production as mine. Currently there's like a 70 year
• 13:53
  mine life here. You'll shareholders will never
• 13:55
  get any value for anything with a 70 year mine life.
• 13:57
  So for us, we want to take that mine life down to 20 years and
• 14:01
  really work on the throughput of the mine so that, you know,
• 14:03
  instead of doing 8 million, €8 million in EBITDA, you know, we
• 14:06
  look at this business as potentially being able to do 25
• 14:09
  to 30 million euros in EBITDA based at you know on a $30,000
• 14:13
  tin price, which might be conservative at this at this
• 14:16
  time as well. So then we've certainly leave
• 14:18
  her. We're leave her to the price of
• 14:20
  tin. Wow, it it it to me.
• 14:24
  It's a very. Exciting prospect.
• 14:26
  Right, you've got. This this demand profile for 10
• 14:29
  which isn't going anywhere, this constricted challenge supply
• 14:35
  side. And you know what?
• 14:37
  I heard you describe was a real. A team of management that's
• 14:41
  that's in there, you know, both on a on the financing side, the
• 14:44
  management side, but also the operational side.
• 14:47
  Yeah, yeah, I know. That was the key.
• 14:49
  I mean, we engaged Hatch Engineering to do our due
• 14:52
  diligence on this asset back in December.
• 14:55
  And you know, for Gina and myself, we're like, OK, if this
• 14:58
  is a complete 0, just tell us, you know, just give us a
• 15:01
  straight bill of goods. And so when Hatch gave us our
• 15:03
  report back, they're like, Oh my God, there's so many low hanging
• 15:06
  fruit solutions here. You know, you just need good
• 15:09
  management and a good policies and procedures to actually step
• 15:13
  it up. And ironically, the guy that
• 15:15
  wrote that Hatch report is the guy that joined us as COO.
• 15:18
  So, you know, we were, you know, certainly thrilled to see, you
• 15:22
  know, someone who'd been to the project, you know, looked at it
• 15:26
  from a engineering point of view to see if there was any major,
• 15:29
  you know, issues, red flags. And, you know, he was so excited
• 15:33
  that he's like, OK, I want to be Co in this business.
• 15:35
  So we're glad to send him a contract.
• 15:37
  Yeah, connect, connect the dots. Right.
• 15:39
  That guy, I've had him coming in, Yeah.
• 15:43
  And, and I think it's interesting as well that.
• 15:45
  There aren't a lot of. Opportunities for investors.
• 15:50
  You know your normal. Everyday, let's say retail
• 15:52
  investor. To invest in 10, right?
• 15:54
  There's not A10 ETF? There aren't.
• 15:56
  Are there any other companies or is it just a handful of other
• 15:59
  companies? Out there that have the level of
• 16:02
  exposure. To 10 that your your
• 16:04
  organization will have. You're, you're absolutely right.
• 16:07
  I mean, there's only a handful. And when you're talking about
• 16:12
  actually production assets, it's even smaller, right?
• 16:15
  Because you know, maybe there's four or five coming.
• 16:17
  They could Alphamin would be the the big one and it's in the
• 16:20
  Congo. And you know, it's got its own
• 16:22
  problems because a lot of investors, a lot of
• 16:24
  institutional investors can invest in the Congo.
• 16:27
  You know, that's a big problem for them.
• 16:29
  But if you look at that as sort of the litmus test for TIN
• 16:33
  itself, that company is puking cash because you know, because
• 16:38
  it's, you know, it's a great, it's a great, great business.
• 16:42
  A great. A great.
• 16:43
  Asset, Yeah, yeah. What about?
• 16:46
  You know management's. Important you talked about.
• 16:48
  That what about alignment with shareholders?
• 16:50
  Do you? Do you?
• 16:51
  Hold some stock in the company. Do you feel like you're you're
• 16:53
  aligned with shareholders in that perspective as well?
• 16:56
  Yeah, for sure. I mean our management group and
• 16:58
  insiders probably owns north of 20% of the project.
• 17:02
  Myself I just under 5% of the of the shares of Iver.
• 17:06
  So, Elisa, I am all in on Iver American resources.
• 17:10
  OK, you you answered my question.
• 17:12
  As I as. I was hoping.
• 17:14
  You would answer What if I forgot to ask?
• 17:18
  You, Campbell. There's a you you've.
• 17:20
  Covered so many things, but is there something I missed here
• 17:23
  during our conversation? No, I think if we're just, you
• 17:25
  know, if we're checking the boxes, you know, we've put
• 17:28
  together an absolutely phenomenal management team.
• 17:31
  And without a great management team, you know, these businesses
• 17:34
  are completely flawed. I mean, the road to hell is
• 17:37
  paved with great intentions, but you know, execution is
• 17:40
  everything. So for me, I've always been a
• 17:42
  big believer in higher my weakness and I do have a lot of
• 17:46
  weaknesses, but the good thing is I don't have a lot of staff.
• 17:49
  But that being said, we've been able to get a phenomenal COO,
• 17:53
  phenomenal CFO. You know, we've got great board
• 17:56
  members. We've got a chairman and
• 17:57
  executive chairman and Gene Mcburney, who's a legendary
• 18:01
  investment banker and this is the only board he sat on since
• 18:04
  GMP and you know, phenomenal jurisdiction in Spain.
• 18:08
  Can't ask for a better jurisdiction.
• 18:10
  And then if any time, like where else can you basically save five
• 18:15
  years from going to exploration to production and get it done in
• 18:18
  three weeks, we're going to be closing the transaction.
• 18:21
  So to me, time is our most valuable commodity and that's
• 18:23
  what really got us excited because we are stealing this
• 18:27
  asset. Yeah, that's, I'm, I'm glad you
• 18:29
  touched on that because, you know, I'm an accountant by
• 18:32
  trade, so I'm always looking at the numbers and I'm, I'm a big
• 18:34
  value investor and it seems like I did some research.
• 18:38
  The previous operator. At one point, the market cap of
• 18:41
  the company was almost north of $70 million, if I remember
• 18:45
  correctly. Yeah.
• 18:46
  Well, that when we were looking that's that's a great segue.
• 18:49
  So thank you for saying that. Yeah.
• 18:52
  So it was north of 70 million, but this project has had north
• 18:54
  of $60 million put into it. So for us to get it for $0.10 on
• 18:59
  the dollar, it's just like, whoa, like, you know, the gods
• 19:01
  are definitely shining on us. So, I mean, we still have some
• 19:04
  work to do, but you know, that's why you surround yourself with
• 19:07
  great people and a great team. So so the previous company.
• 19:10
  Had invested north of 60 million into it and and you and then ran
• 19:15
  into some hard times. I think you said they were kind
• 19:17
  of chronically under financed and I'm sure there were some
• 19:20
  other. Issues you had a.
• 19:23
  You had a consultant come in and take a look at the operation.
• 19:27
  He wrote a report. He said, hey, there's a lot of.
• 19:30
  Low hanging fruit here, which is one of my favorite things to
• 19:33
  hear. Oh, and by the way.
• 19:34
  I'd like to work. For you on this.
• 19:36
  Project is that is that is that. Accurate.
• 19:39
  You're, you're, you're, you're reading the book.
• 19:41
  You might be writing the book. I should hire you to write the
• 19:42
  book. And then for us, the big thing,
• 19:46
  it's not just what we have now, but it's, it's how do we expand
• 19:50
  this resource, right? Because right now even if we did
• 19:52
  nothing, we'll be doing, you know, let's call it €8 million
• 19:55
  in EBITDA, but that's not our end goal.
• 19:57
  If we can expand this the way we think we can, you know, we
• 20:00
  should be easily getting to 2020 €5 million in EBITDA, you know,
• 20:06
  with not a ton of CapEx, maybe 10-15 million in CapEx moving
• 20:10
  forward. Those are not big numbers to get
• 20:12
  to. I mean it's, it's less, it'll be
• 20:14
  less than one times EBITDA. I mean, it's it's crazy.
• 20:17
  So when you look at those multiples now, you know,
• 20:20
  investors have to have patience because like everything, you
• 20:23
  don't just turn the taps on then, you know, stocks get re
• 20:26
  rated and trade at market multiples.
• 20:28
  But you know, my job is to get out there in front of
• 20:30
  shareholders, which I plan to do and I plan to really showcase
• 20:34
  the team we put together because God, are they amazing partners.
• 20:37
  Yeah. Yeah, well, and you've done a
• 20:39
  great job. Today.
• 20:41
  Explaining, I think to myself and to our.
• 20:43
  Viewer kind of the opportunity there, right?
• 20:46
  I'll repeat. It one more time there there
• 20:48
  will continue. To be a huge.
• 20:51
  Amount of demand for 10, there will will continue to be supply
• 20:55
  constraints in the 10 market for all the reasons that that
• 20:58
  Campbell explained to us. And you have a company where
• 21:02
  you're picking up an asset for pennies on the dollar you've
• 21:05
  identified professionally. That there's that there's.
• 21:08
  Changes that could be made to this mine and that that that
• 21:11
  could increase the operations and you have a plan for even
• 21:16
  growing the operations. In the future.
• 21:19
  It's an exciting prospect. Yeah.
• 21:21
  Thank you so much, Ron. It's very, very exciting.
• 21:25
  Yeah, well, you know, and, and I, and I'm becoming a big fan of
• 21:28
  10. Maybe someday they'll be calling
• 21:29
  us that, calling me the 10 man. You never know, right?
• 21:33
  Exactly. You know, you know, I'll end
• 21:35
  with this unless there's anything else that you that you
• 21:37
  want to bring up The the, the, the.
• 21:41
  Classic book the. Wizard of Oz is based on silver
• 21:45
  and gold. The movie then kind of altered
• 21:47
  things. But there's a there's a very
• 21:50
  critical character. In that in that book and movie
• 21:53
  called the Tin Man right in the in the.
• 21:56
  The silver they they. Wouldn't have made it to the
• 21:58
  land of Oz, right? The the Emerald City, I guess
• 22:00
  they called it. Without the help.
• 22:02
  Of the Tin Man and as I think about this transition that we're
• 22:05
  going through with the green, green energy and technology we
• 22:09
  can't get. There without the help.
• 22:11
  Of the 10 man, right? Absolutely.
• 22:13
  Well said. Well said.
• 22:15
  Thanks, Campbell. I just want to point out to
• 22:18
  everyone, I'll have the the company.
• 22:20
  'S website. Up on the screen, the stock
• 22:22
  symbol. Is IBRLF.
• 22:24
  In the US is that. Correct.
• 22:26
  Yes, it is. Yeah.
• 22:27
  Correct. OK, OK.
• 22:28
  And and we'll look forward to talking to you in the future,
• 22:31
  Campbell. Thank you.
• 22:33
  Thanks so much, Ron.