Well, good morning, everyone, and thank you for joining us today for our Virtual Investor Spotlight event featuring American Resources Corporation and Advanced Magnet Lab, Inc. My name is Jenene Thomas. I am CEO of JTC IR, and I will be the moderator for today's event. I am very pleased to be joined by Kirk Taylor, Chief Financial Officer of American Resources, and Mark Senti, Chief Executive Officer of Advanced Magnet Lab. Welcome, gentlemen. Thank you. Before I get started, I just want to inform our audience that American Resources is publicly listed and trades on NASDAQ under the ticker AREC. During today's discussion, both companies will be making forward-looking statements, and I encourage you to not only view the SEC filings, but each of the company's websites, americanresourcescorp.com and mitusmagnets.com, for the latest information. Gentlemen, very excited to get started for this discussion. We will be having a moderated portion of this event. I have a bunch of questions lined up for both of you, really, to be able to outline the opportunity here and explain further the strategic partnership you guys have. We will open it up for Q&A to our audience. At the end of the moderated portion, we will have the opportunity for you to ask questions specific to today's discussion. Kirk, so glad to have you back on the platform. It would be great if you could kick off today's discussion by providing a brief overview of American Resources with specific focus on your ReElement business. Yeah. Thank you, Jenene. Thanks, Mark and team, for joining, and thanks for everyone out there for taking one hour out of your Thursday morning to join us here. Like always, we always have updates, Jenene, but we're gonna keep it pretty straightforward today to talk about Mark and his great team at AML. We just did a corporate update a few weeks ago, and even though we progress on all fronts, we want to keep it pretty focused here. As we've communicated in the past, ReElement is a wholly owned subsidiary of American Resources. As you mentioned, we trade on NASDAQ under AREC. We have also publicly disclosed and discussed previously our intent to spin out ReElement when the time is right to maximize value for all of our shareholders. We continue to push forward on both on the technological front as well as the strategic and partnership front, which is why we're super excited to talk to Mark here about his innovation on the magnet side. Wonderful. Kirk, let's dive in a little bit deeper here. In late 2022, ReElement signed a memorandum of understanding or an MOU of offtake with AML. Are there synergies here more than just a customer relationship? 100%. Selling rare earth oxides into the market is something that anybody can do, but trying to build a domestic supply chain from the ground up is only things that come out of having strong partners. We have an amazing technical team behind us, researchers and developed PhDs out of Texas Tech, out of Purdue, and Mark and his team have the same thing. By combining both the initial inputs into the domestic magnet side, as well as the ability to actually innovate and create magnets, is an amazing partnership. We're not just looking for simple magnets used in simple applications. Mark and his team have demonstrated great ability to innovate for aerospace, for DoD, really strengthening our ecosystem domestically, from within. For the last 30 years or so, all of the innovation in this industry has been gutted and taken overseas, which leaves our Department of Defense in the hands of our adversaries, right? When we are constructing F-35s, advanced missile systems, right now, all of those magnets on a large scale, come from our adversaries, so they're able to turn that spigot off whenever they want. Just like we're doing on the battery side with partnering with innovative lithium ion battery producers for the DoD, we're doing the same thing here with Mark and his team. It's really more than just a commercial relationship. We're working together to create this domestic supply chain to let it be more resilient and allow for a better use of all of our resources here domestically. Mark, this is your, gonna be your showcase, so I'll stop here and, and Jenene, back to you. Perfect. Thank you. Mark, we're so happy to have you on our platform. you know, we've been very much looking forward to this conversation. I think it's going to be great for investors, to understand, I think, on both sides, the, the, the strategic relationship here and the opportunity that exists. It would be great if you could provide an overview of AML for those that are not familiar, and focus on the nature of the problem that AML is working to solve. Perfect. Thank you so much, Jenene. We are AML, Advanced Magnet Lab, Inc. We are located in Melbourne, Florida. We have two facilities. The genesis of this company actually goes way back, working in something called superconductivity. You might know about that if you've had an MRI. You might know about that if you've heard of accelerators and colliders. I'd like to talk about how we got where we are today, but first, you know, why magnets? You know, why magnets matter. You know first of all, we have electricity, thanks to generators, which magnets are the heart of. All of our motors that we use for manufacturing, industrial processing, pumping water, the computers we're on today, or our cell phones that we're on today, they all rely on magnets. Those magnets, of course, and that's a discussion today, in terms of the raw materials and the production of magnets, 80%-90% of that is done in China. Over the years, as we worked in that area of what we call superconductivity, we were focusing with NASA on something called turboelectric aircraft, which would be the future of aircraft, electrically propelled. We are also working with the U.S. Department of Energy for very, very large offshore wind turbines, but all based on superconductivity. It became, you know, evident to us around 2014, 2015, that superconductivity just wasn't gonna get there. We looked at how could we really change how we approach not just the production of magnets, but the actual application of them, and looked at how they were, you know, made in the past. That was the genesis, you know, behind what we did, was to come up with higher power density motors, primarily for transportation. We were working in superconductivity, we knew of a unique technology, a wire-drawing process, for producing superconductor wires. Now, why is that relevant? Well, that was the genesis behind the idea of something we call PM-Wire. That's what we, back in 2016, when we filed for our first patents, of which we have one patent granted, for permanent magnets and a couple patents, I'm sorry, for applications in terms of motors using them. That's when we kind of switched our focus, really basically 100%, to this whole idea of a different way to design, manufacture, and apply permanent magnets. Extremely helpful. Can you talk about the biggest challenge with competing with China? Yeah, absolutely. As Kirk mentioned, you know, all the magnet manufacturing went away years ago. It all went to China. Historically, you know, many companies have tried to compete with China. The problem is, when they go to compete with China, if you produce them the same way China does, you can't compete. China has, you know, low or no-cost labor. They have low environmental standards. They can absolutely manipulate the market. For us to produce magnets in the same way and apply them the same way, it's just not sustainable. We believe that it's really the downstream innovation, in other words, improving the performance and lowering the cost of the products that use the magnets, i.e., motors, which is the biggest market. If you can do that, that opens up markets for the upstream suppliers, such as ReElement, in terms of going all the way from oxides, to alloys, to magnets, to the end-use product. I'd really like to focus now on AML's breakthrough technology. You mentioned PM-Wire. Can you provide us with an overview of how it is different from China's technology? Sure. Perfect. I have a slide to kind of give an overview of that, obviously, I'll try not to keep it too technical. What you see on the top there is what we call these me-too piece part magnets, that's how they're produced in China. The way they produce those is they manufacture them in blocks. They cut them into shape, they're sold as a commodity. They're sold by the kilogram or the metric tons. They're very restricted in their shapes and in their size, and how, what we call, magnetize them, which is what really matters. If you look at motors, motors require dozens, hundreds, sometimes thousands, and I'll show you an example here in a minute, of magnets that go in there. These magnets, if any of you have ever had the opportunity to play with strong permanent magnets, you can see they're very, very difficult to manipulate. They don't want to go where you want them to go. The assembly of these magnets into the end-use products is complicated and, you know, adds to the cost of that product. What you see there on the slide there, again, is the Chinese piece part magnets at the top. We're able to produce very long magnets. We're able to produce magnets that have different shapes. In the motor industry, folks that are in this industry understand something called a Halbach array. A Halbach array gives you kind of a perfect field for a motor. The problem with that is that those magnets are very complex, how they cut them out of blocks, how they have to control the magnetization. The way we do it is we can actually produce a Halbach array in a single piece. I'll show, again, I'll show you an example, on an upcoming slide. Yeah, we, we don't look to compete in that commodity market. We focus on the end-use product. How do you make that motor perform better, and how do you lower the cost? Okay. Very helpful. If we can, have you highlight now some examples of the value proposition with PM-Wire. Absolutely, I have a slide for that as well. Oh, great. I'm gonna give three examples. Just have a slide. Mm-hmm. For one of them. This is a program that we are collaborating on with the Oak Ridge National Laboratory. The laboratory in Knoxville there is the Department of Energy's group that focuses on energy, and a lot of work in motors, and particularly, electric vehicle motors. This is all public. There's actually a paper that's been published by Oak Ridge and AML on this program. They have a design which is funded by the Department of Energy, which uses 2,750 magnets that are in that Halbach array configuration. Very complex. The other problem they have is that this motor requires active cooling, so liquid cooling of the motor. If you could start that video for me, please. We will replace 2,750 magnets with eight of what we call PM-360, but eight rings. We will eliminate the need to actively cool the rotor. You can see that in terms of the cost, we will be at a fraction of the cost, as compared to using a conventional approach to such a motor design. Again, replace 2,750 magnets with eight rings and eliminate the need for active cooling. Another example, we were approached by one of the largest motor generator companies in the world, and they came to us and asked if we could increase the temperature of their motor from 120 degrees Celsius- 150 degrees Celsius. We took a look at it, and we didn't have a solution initially. Because of the flexibility of our permanent magnet technology, what we call PM-Wire, we came up with a very unique configuration, which first of all, yes, we were able, with the same material, get them from 120 degrees Celcius- 100 degrees Celcius. We also eliminated the iron or steel in the rotor to reduce the weight. It is very, very simple to assemble. We also improved the performance significantly, taking them from something called a conventional north-south configuration of the poles, to the Halbach, type, performance. We also reduced something called the overwrap on the rotor, which absolutely kills performance. Coming away from that, what we realized, and that leads me into a third example, is that, you know, we could actually, and, you know, when we convey what we do, we could actually say, "We're actually a materials enabler company." What I mean by that, is that same configuration that we use for that company, we have done through our studies, shown that we can actually achieve the very lofty goals of the U.S. Department of Energy in terms of the power density for electric vehicles, so high power to low weight. Their goals are 50 kW/L. We show we can achieve 80 kW/L with a non-rare earth material. It turns out that most of the industry is striving for higher and higher grade materials, which use more expensive and more quantities of rare earths. We're actually going the other direction. Ultimately, over time, once these materials are available, for example, the non-rare earth ones and other materials which use less rare earths, we will eliminate the need for those more costly, higher grade materials. You know, yes, we're a magnet company, yes, we develop great technology, but really, at the end of the day, we're addressing the full, the full spectrum, including lower cost materials. Extremely helpful. Such innovation, Mark. Can you just talk through what your business model is for AML? Yeah, absolutely. Again, we focus on the end-use product. Looking at the application, whether it be a power tool, whether it be an electric bike, whether it be an electric motor, whether it's an EV motor, whether it's your vacuum cleaner. Whatever that application is, we work with the end use, you know, manufacturer and say: What are your goals? What are your specifications? How can we optimize that? Instead of just taking piece part magnets and trying to, you know, Lego them together, if you will, we actually can take their desired shape, magnetization, and we can manufacture it in a very, very cost-effective way. It's a very, very high rate manufacturing process. We have been funded by the U.S. Department of Defense in multiple areas, but one of them was, and that's what's behind me now, is a fully robotic, fully automatic, high rate manufacturing line, for PM-Wire. Really? Oh, go ahead. That's the business model in terms of how we, you know, how we really solve the problems. It's kind of like, you know, people say, "Well, you know, China makes all the TVs." Unless you come up with a better way to make a TV, you can't compete. That's what we've done here. Our business model is a combination, of course, moving into or transitioning into first low-rate production and then high rate production. We're addressing things upstream, teaming with ReElement, for example, in developing our own alloys, which are lower cost as well. We will consider licensing to very large end-use customers, but, very much like ReElement, our manufacturing and our CapEx is very, very low, number one, and it's very deployable. For example, we'll be setting up lines, you know, in some of our, in our ReElement's facilities. We can set up lines in the actual customer's facility. We can set up lines, you know, regionally based on where we, where the raw materials are or where the customers are. It's a very, very flexible approach as you, as compared to, you know, the conventional way. A combination of manufacturing and, and licensing, including licensing the actual use of it. Not just selling the magnets, but if we're gonna, you know, we're gonna reduce your weight in half and improve your torque by 20%, whatever it might be, that value, you know, comes at a cost. Not just sell the magnets, but get a small piece in terms of a royalty on the actual product that that end-use customer is selling. Just a couple of other things in terms of the business model. I've already kind of talked about the competition. Really not gonna compete in that me-too market, that commodity market. Then, of course, the other big question is, is intellectual property. You know, how soon will it take to China to steal it? We have no control over that. You know, obviously, we have patents that exist. We have many applications in process, but there's a lot of trade secrets, and there's things that we do that are kind of magical, and you cannot reverse engineer them. If you cut those magnets apart, you'll never figure out how we were able to get that fancy magnetization in the way we did. You know, you do the best you can, get to the market as quick as you can. We have strategic partners. We have a very large U.S. and aerospace and defense company, for example. I can't talk about any details, but as we have those relationships, it's not just AML out there to protect the, you know, the IP. Mark, extremely helpful. I think, you answered a lot of what people were not able to understand or just didn't know. That was extremely helpful. Kirk, let's now talk about what's next. What is next, and the goal, ultimate goal for your strategic partnership with AML? Well, there's so many things, right? Mark, you touched on the ability to innovate away from China. you know, we're doing the same thing on refining the elements. You can't just do the same thing that they're doing and expect to achieve better results, because they're always gonna be cost competitive and resource competitive. One of the interesting things that maybe I'll throw back to you in a second, Mark, to comment on, is your ability to customize magnet solutions for end markets. As we're talking with OEMs of different varieties, they're delivering us motors and the magnets of different shapes to recycle and purify the rare earth elements. I believe this to be the case, is that you're able to customize solutions, potentially, if we work together on these OEMs, to deliver better results for their motors or for their applications. Maybe just touch back on how you can take your technology and make sure it's fully customizable for that and use. That way, we can continue to innovate beyond just the process, but also on the application. Yeah. That's a great, really great point, and I do wanna make it clear that we have the ability to make those me-too magnets, actually, at a better way. We will do that as an introduction to some customers who aren't ready to go to a newer technology. We can begin to provide them with a domestic supply, and then get involved with their engineering. You guys and your team has already introduced us to some of your partners, and their takeaway was, "Wow! We think about innovation in motors, and there just isn't any." This just opens up the whole toolbox for them. It's both being able to, in the near term, possibly provide the more me-too magnets, but really what matters is in either... You know, we Let me give you a couple examples. It is customizable, but we have different ways to approach it. For example, plug and play. If you let's just use a drone motor, for example, we can remove the me-too magnets, replace it with one of our rings, without even changing any design to the rest of the drone motor, and they get an immediate 10% improvement in performance. What does that mean? They can have 10% more torque, or for the same given torque, it takes less energy, so they can travel further or lift more. We have the plug-and-play opportunity, which is fairly benign to the customer. Of course, we have the ability, for example, with a drone, if we're able to optimize the other aspect of the motor, something called the stator or armature, we see upwards of 30% to even 50% improvement. We have various ways that we can kind of come into a company, support them in an immediate need, and then support them in, and now that, you know, once they see our technology, in a way to, you know, move down the road to address not just performance, but obviously costs. No, that's great, Mark. I guess, real quick, just a point of clarification, really, on a large scale, there is no domestic supply for advanced magnets and advanced motors. Is that correct? That's correct. As we looked at, even just the commercial consumer use of advanced magnets and advanced motors, if, if our adversaries, if other, if other countries who, who want to diminish our consumer economy, they can turn off the, their export of magnets, and all the EV production would likely cease. Is that right, Mark? I mean, the world ends without magnets, to be quite-. That's right. It ends. That's right. Even, you know, we think about defense, we think about advanced aerospace. Those are concepts that are cool, but maybe don't touch all of us, right? If you're unable to buy, you know, if you're been on a wait list for a new, you know, Rivian or something, and it is or F-150 Lightning, and it's delayed one year, two years, three years, that's affecting the consumers. Beyond that, so many aspects, right, Mark? Yeah. From computers to your phones, all have these magnets that we don't make here domestically. I mean, if you start your day, maybe you brush your teeth, that rechargeable toothbrush. Right -driven by magnets. Maybe you wanna make a smoothie in your blender, you know, for breakfast, when you get done with that, maybe you want to vacuum with your Dyson, or maybe you've got a Roomba. After that, maybe you wanna go to the garage, and you wanna do some work with all your cordless tools and your cordless blowers and et cetera. Maybe you wanna get on a scooter that's electric. Maybe you wanna get on a bike, a motor, et cetera. You know, one of the other areas that we're working on, which you mentioned, is really aerospace. Aerospace is, you know, in parallel, it's really following the same track as automotive. We will have all electric and turboelectric aircraft. That is the future. If you look at your large, commercial aircraft, and this is a program, that we are on to actually develop a very high power density propulsion motor for, aircraft, you know, they're looking to really cut the CO2 emissions. It turns out that it's a turboelectric, you still use a fuel, but instead of putting that fuel through the big gas burning turbine engines, you put it through a turbine generator. It turns out it's more fuel efficient to take that fuel to generate electricity and distribute it out to the propulsion motors than it is the gas burning turbine engines. That is, if you can have motors that achieve a power density equal to or greater, than turbine engines. All of transportation is going that way. Yep. I mean, the latest destroyer is all electric. You know, all your cruise ships are. That's just even puts more pressure on coming up with, you know, a sustainable way, A, to have oxides, to produce metal alloys, and then to produce magnets. Our Chief Operating Officer, Jeff Peterson, was a naval nuclear officer. It is overwhelming the parts that put that sub together that don't come from our allies, right? On the aerospace electrification, we're seeing the same thing on the battery side, right? The purity really matters and the high level of, obviously, low fail rate, high level of accuracy is extremely valuable, right? That all comes down to the magnets and the purity and the reliability of the inputs, right? All those things really matter as we try to innovate across all of these industries. Yeah, Jenene, sorry, you asked about what's next. It's just a little bit of a taste, right? Some of the companies that we're working with on the intake of end-of-life material, we're able to, on the rare earth side, we're able to, you know, recycle it, purify it down into the purified isolate oxide form that we're working together with Mark and his team on, to then turn it back into magnets. Each of these feedstock partners that we're talking to, we're introducing them to Mark's innovation team to really see how not just to replicate what's already being done, but how to take those raw materials, keep it within our ecosystem, and then innovate something better, which is what we're really excited about. We're also really excited about the opportunity to co-locate, right? Mark touched on that. Any sort of commodity has material handling costs and logistics costs. The more you reduce those, the better your margins are, but also the better the results are, because you're not you don't get spoilage traveling back and forth, and your science teams and your production teams are in the same building, understanding the outputs and understanding the inputs, and making sure everyone's aligned. Of course, we've talked previously, Jenene, publicly about expansion locations. Within our campus, we're definitely looking to design a magnet facility with Mark and his team. I guess this is a little bit of a taste of what's to come, Jenene, but every day, you know, with us, it gets a little bit better. Absolutely. I wanna leave a little bit of time for any further Q&A. I might turn it back to you. Perfect. Kirk, I think before you got into what's next, your questions and conversation with Mark, I think, was probably the most powerful part of this entire discussion. We really got to understand the magnitude and the importance of what you guys are doing, so I appreciate it. I think I'm gonna have you sit in this seat next time. You asked the best question of the day. We were on yesterday with a state director for a senator, he's former 24 years in the Air Force, and he was just amazed by the work that we're doing together. To get the military complex to see that there is a domestic solution for their supply problem is a daunting one. You have to have partners like Mark and AML that can execute at a high level, because you take it out of a theoretical and put it into a practical, that's what military purchasers need to put in those large orders, to innovate together. We're so, you know, so fortunate to have partners like AML to do this together. Yeah, sorry again to hijack you there. No, I love it. Wonderful. Okay. That, that's all the questions I have. I know that our audience usually has some great questions, and I don't think we'll be disappointed this time. To our audience, to ask a question, you can just click the Q&A button at the bottom of your screen, type in your question, and we will get to as many questions that allow. We are going to keep the questions to the focus of today's event, just to make the best use of everyone's time here. Okay, our first question is: Can you outline your agreement with AML, and how do both companies benefit? Yeah. I'll start, I guess. We both benefit because we're innovating together, we're looking at our partnerships, not just selling a commodity to someone who we use a commodity, but how do we enhance our entire ecosystem together? We made a small investment in AML because we believe in the forced innovation, both in traditional rare earth magnets, but also advanced lower rare earth or non-rare earth magnets as well. We want to be entrenched in the electrification economy and support innovators. Also from a feedstock development standpoint, it makes no sense to create an oxide that's unusable. We wanna create the rare earth oxides that are uniquely usable to what our outcome needs to be, which is domestic production of magnets. By just creating material in a vacuum, it doesn't meet any of our shareholders' stakeholder needs. That's how, kind of how we're working together. From a technology side, I believe, you know, our technical team and Mark's technical team have been in really good conversations, both on how we can improve our process, what we need to do to make a usable product for them. More globally, like I talked about, introducing our feedstock partners to, again, Mark and AML team to see how they can work together to then have a customer for them once their product is done. Mark, that's just my viewpoint. Welcome to your thoughts, too. No, I couldn't have said it any better. I think what, you know, is this relationship, you know, the way we tie in, you know, our access to the market, your access to the market, you know, this idea of a circular economy can really work. I like to, when I talk to people about it, I always kind of use the example of a cordless drill. You know, every day, somebody buys a cordless drill. Every day, maybe somebody throws one out. If you're able to recycle 100% the magnets in that cordless drill, you wouldn't have to mine other than what you need incrementally for the increase in cordless drills that are purchased each day. It really can work. That ability to really work with the end-use customer, both with their end-of-life products and then come full circle to the new life product, which, by the way, is better, that's pretty exciting. Great! Okay, our next question is: Does American Resources have a financial investment with AML? We do, and I think all that has been previously disclosed. You touched on our announcement in 2022, so I would just direct people to that Form 8-K for the details. Really, it just goes beyond. Again, it goes beyond a financial investment. It goes beyond just selling a product. It's really about a partnership. I can't speak to Mark, but I don't think the investment or the money mattered as much as, but the commitment to the partnership, I think, mattered more. Again, I don't want to speak for you, Mark, but that's how we viewed it from our side. Yeah, I mean, from soup to nuts, from the raw material side to the end-use products, you know, we collectively are doing it not just to be different. We're doing it in what we think is the most sustainable way to really have a great business, you know, great return for the shareholders, et cetera. You know, we wish our competitors that are investing hundreds of millions of dollars, the best, to make those little piece part magnets. You know, again, historically, that just hasn't worked. Being able to have your inputs, you know, working with ReElement is critical to us. Yeah, we're excited about it. It's more about the relationship than the funding, for sure. Okay. Our next question. Can you talk to the IP around your PM-360 technology? Is your plan to produce these magnets or license? Yeah. Yeah, very good. We have some interest to license, but it would only be with a very, very large customer. We kind of want to black box it, even if we did do that, where we would actually be producing magnets in their facility, just because of a lot of the trade secrets we have. We have a bunch of trade secrets. You know, again, I kind of explained briefly how conventional magnets are made today. Achieving what we're achieving was not easy. It's really hard. In doing so, there's so many trade secrets that, you know, that's really our best IP protection. Those of you that have worked in the whole patent area, you know, the problem with patents is you tell everybody what you're doing, right? You know, certainly we still do that, but anything that can't be reverse engineered, you know, we keep that obviously as a trade secret. Then again, aligning ourselves with large stakeholders, even end users, who are also there, if necessary, to defend the IP. Being aligned with the U.S. government and the DoD and the DOE is very important. You know, we're a small company, but we have relationships with very large companies, and we hope that really gives us more bigger lever, if need be, in terms of defending our IP. Okay. Our next question is: Can you speak to the efficiency and differentiation of the PM-360 technology in terms of energy consumption and power output? Yeah. When we like to talk about performance, you know, a lot of people want to talk about efficiency. That really doesn't mean anything to us. If you look at, you know, the biggest market, which is motors, you know, sure, a big industrial motor that just sits in the corner of the factory, absolutely, efficiency is important. Yes, we can improve that efficiency, but it, it's, it's, it's marginal compared to what we can do, obviously, for applications and transportation. You know, one of the ways that we go about this, and I'm gonna answer that question, I didn't mention before in our business model, is our onboarding process. We have been developing software since 2008, which is funded by NASA, which basically allows us to take a customer's requirements, maybe it's efficiency, maybe it's torque, maybe it's all kinds of things, all the constraints. We put it into our software, and we do something called design space exploration, where, based on their requirements, we will look at 1,000, sometimes 10,000 design solutions, and we'll provide to them, at no cost, a Pareto chart, which shows the boundary in terms of the opportunity of trade-offs. There's always a trade-off between efficiency and mass, et cetera. It's a great way to get to know the application. It's a great way that the customer to get to know our expertise. Ultimately, to answer the question, it's a great way to see: How can we improve the performance, whether it be efficiency, whether it be torque, whether it be reduced weight? How can we do that? When you look at a magnet, it has something called an energy product, if you will. It has a certain amount of, quote, "energy." What you want to be able to do is use as much of that as possible. The way conventional motors are made today, they use a north-south configuration, which means in a motor, and you have a rotor, which turns, is that your south pole is going where you don't want it to go, and that's why you need iron and steel to direct the field back around. We, in our PM-360, for example, can magnetize in a way that all the field is going in the right direction, in the right configuration. It's absolute ideal magnetization using, you know, the majority of the energy product that's available based on that certain magnet material. I hope I didn't get too technical. No, I think it was perfect. Okay, we do have time for one more question. Our last question is: what is the plan and timeline for quantities of rare earth oxides sold by ReElement to AML? Yeah, we're scaling right now. I think we've talked about publicly before, what our flow through rates are. I think the last step that we're working with you, Mark, is the form of oxide that you guys can take. That's actively going on. We're producing purified rare earth elements currently on a daily basis, we're just working on what is the best form that, you know, Mark and his team can take. Mark, giving as you guys scale, you know, we'll be able to provide you, you know, testing oxides, right? Because you test different outputs. Mark, can you talk about your scale levels? Yeah. I mean, in terms of scale, obviously, we're, we'll start out in low production. you know, it's, it's our belief, and what we've seen in terms of the poll from the market, which is huge, once we transition, we're still doing a little bit of R&D in certain materials, because there's a wide sweep of different materials that are used out there, and we're very close to finishing all that in the next month or less. We're gonna start to look at, you know, high volume producers. We're not really gonna be interested in low volume. you know, it's gonna be metric tons. I mean, if you look at the industry out there, in terms of the U.S., the other players that are, again, investing in this capability, they're looking at, some of them, at 1,000 metric tons per year, some 2,000 metric tons. That's kind of the metrics that they're looking at. Of course, we don't really think about metric tons. We think about the value, you know, the value proposition in terms of how we add value to the product for the high margins. We're working on a program, we have for a minute here, with the U.S. Navy. They had asked us... I can't tell you the details of it, but they had asked us to go to a another supplier, a great, great company in the US, of course, who buys the blocks from China and cuts them up. They asked us to use them to build a ring of magnets. Actually, quite simple, about 200 mm in diameter. Long story short, those rings were, I think, going to cost us about $3,500 each, and I forget the crazy lead time. We can simply make a PM-Wire, which we first make straight, we roll it into a ring, and it's done. We can make that for a fraction of the cost. I got a little bit on a tangent there, but I wanted to think about that other application as a good example, because, you know, we're, we're about high value margins. We're not about, you know, what the price is per kilogram or metric ton of magnets. That makes no sense. Great. Okay, that does conclude the Q&A portion of today's event. Before we close, Kirk, Mark, any parting words? You know, I'd like to kind of leave this with, you know, when you look at, you know, publicly, what people see out there that's happening in the world, a lot of excitement about, for example, electric vehicle motors or electric vehicles, sorry. Everybody talks about the batteries. You know, magnets, we're kind of the Rodney Dangerfield. If you think about EVs, drones, hand tools that have batteries, guess where all that energy goes? Almost all of it goes to the motor. I'd just like to leave this great call with: magnets matter. I like it. All right. Kirk, anything on your end? No, well said, Mark. Again, appreciate your partnership, and I know our team is super excited to continue to supply you with the inputs that you need to execute. We're really excited to see where this goes together. Likewise. It's awesome. Gentlemen, great discussion. Helpful, so informative, and so exciting for what's to come. Can't wait to have you back. We'll definitely do that to get an update down the road. In the meantime, again, thank you. I want to thank our audience for your participation today. Always great questions. We did cover a lot, so if you want to view the replay, go to virtualinvestorco.com. We have a replay of today's event, as well as a replay of recent events that have taken place on the platform. Again, want to thank everyone. American Resources is publicly listed, trades on NASDAQ under the ticker AREC. Thank you, gentlemen, and wishing everyone a great afternoon. All right. Thank you, Jenene.