Maybe I can start. I think your understanding is good. The four points that you brought up have identified the issues and tell me you appreciate what the challenges are. The conversation about knowing that you can sell your product is a common one throughout the mining industry. Whether that product is a concentrate, a partially refined concentrate, or a finished metal, there is always a requirement in the legislation, in fact, at this point to be able to go forward with a reserve or with a resource calculation, to be able to know that you have an off-take opportunity.
There is certainly more risk around that off-take at the moment in the rare earth industry because there aren't obvious candidates for intermediate products. There aren't refiners in North America who could take something easily and turn it into something that they could market.
Some of the end users are developing their own refining stages, and they're engaged in the early conversations with CREEN to help the producers understand where that trade-off is. There is always a need to be sure that you've defined where you're going to stop and where the additional value comes.
There is great value in getting to where you have a rare earth oxide concentrate. We believe there is greater value in going to those next truly value-added stages in this industry because they don't exist in other places. It's not a commodity business yet, like it is in many of the other metals.