'Generational Shift' In Markets: CEO Reveals The Next Big Trade | Brian Paes-Braga

本站添加: 2026-05-26

[00:00:00]The world over the last 20 years has invested too much, call it in in this metaverse or in the digital world. But in many ways, we've forgotten about the real world. This is a generational shift in attitude towards the mining sector.

[00:00:15]There is a generational shift happening within the commodities complex.

[00:00:20]This is a very important message that I want all investors to be paying attention to.

[00:00:25]America in the future is not going to be the same as America in the past. We're going to find out exactly what that means and why that's relevant. Brian Paes Braga joins us today. He is the founder, chairman, and CEO of The Metals Royalty Company. That's TMCR, ticker TMCR. Welcome to the show, Brian. Good to see you. Great to be with you, David.

[00:00:45]Nice to be with you. Yeah, thank you.

[00:00:46]The Metals Royalty Company is positioned to help us in a time of tumultuous change.

[00:00:55]What is that change? David, you know, um I think we're living through a very similar time in the mining space that America lived through about 10 years ago, which was the shift of getting to oil independence or energy independence more broadly.

[00:01:16]And what happened was um a number of of of American businesses led by ExxonMobil and Chevron and a number of independents, Hess Oil Corp, uh Continental Resources, they all went out into the Permian Basin and in in Texas and into into the Bakken Shale in North Dakota, and they focused on drilling wells to get America to a place of of energy independence, to essentially wean off the reliance that they had on OPEC.

[00:01:53]And I think the exact same shift has just commenced in in in in the mineral complex.

[00:02:01]And what America's realized as these changes in the geopolitical landscape of have have happened over the last 24 months, they've realized just how vulnerable they are as a society as as the world's you know, economic powerhouse um mostly to China when it comes to mineral security.

[00:02:23]And it's an opportunity we saw and it's an opportunity that has created this this business the metals royalty company. This is a story from Reuters that just came in um well, it came in earlier this year. So it's not exactly news, but I'll revisit it once more.

[00:02:38]So the Trump administration has pivoted to buy stakes in critical sectors. Now these critical sectors uh are There's a list of companies here, um but so importantly I'll read the first sentence. The Trump administration is ramping up efforts to secure US supply chains for critical minerals and semiconductors by converting federal grants for companies into equity stakes aimed at reducing reliance on China.

[00:03:04]This is an update done earlier this week to this article. The following are companies linked to the strategic investment push IBM, Global Foundries, D-Wave and a host of other rare earth companies.

[00:03:17]Details US USA Rare Earth will build an integrated US rare earth and magnet production supply chain chain supported by 1.6 billion dollars in proposed Chips Act funding.

[00:03:30]Tell us about this shift. Now we know the strategic importance of critical minerals and we know why the US needs to weigh in away from China, but is it a little bit too late?

[00:03:40]Too little too late at this point?

[00:03:42]David, I'll get to that. I just want to point on the on the article you just brought up Korea Zinc was mentioned there.

[00:03:48]So Korea Zinc is is one of the largest shareholders of the metals company, which is the company, the operating business that that the Metals Royalty Company, our business, owns a owns a royalty on.

[00:03:59]Um, just to just to bring that to just bring that to your audience's attention.

[00:04:05]Um, And the Biden administration acquired a 10% stake in Korea's zinc.

[00:04:11]Yeah, and Korea's zinc is building a $7.4 billion smelter in Tennessee.

[00:04:15]>> [snorts] >> Yeah. Um, so just just to just to just to, you know, men- mention the gravitas of what we're what we're what we're speaking about here. Um, this is uh And I think I think it's just begun. I mean, this is one example.

[00:04:29]I I don't think it's too late, David, and I'll share with you why I think America has shown time and time again that when they turn their attention to something, um, given that they have the, you know, the US uh the the the US dollar being the reserve currency of the world, they have call it 40% of all capital markets, uh at the end of the day, they they have a very privileged position to be able to get capital formation around the problems that they're facing.

[00:05:00]I think the difference in this in in the in in this situation compared to uh let's say, you know, my example earlier, oil and gas, is that within the American borders, there isn't enough mineral endowment to satisfy the problem with supply that they currently have.

[00:05:20]So, that's number one on the upstream part of of of of the equation.

[00:05:25]Secondly, um uh on on Korea's zinc building out a midstream asset, i.e., a smelter or you know, refining capabilities, that's the other issue. So, I think what's going to end up hap- happening over the next few years is not only you're going to have a number of new mines getting built within in US or outside of the US with with supply agreements coming back to America, but they also need to build out their refining capabilities.

[00:05:54]Um but I think it's going to be as I said, I think it's only begun. I think I think for America to truly become mineral independent, which that's our belief.

[00:06:06]Um this is going to take hundreds of billions of dollars and a number of entrepreneurs and businesses going at this this problem. But is there enough critical minerals in the continental US to fulfill future demand? From our work, no. Well, then America needs to outsource, doesn't it? Yeah, I think America needs to do two things. I think America needs to consider um giving the support to the developers to fast-track projects.

[00:06:40]Number one, that's in that's within their within within their country.

[00:06:43]Number two, they need to within their borders stimulate capital around um exploration budgets and and and and and getting more exploration and more drilling done in um within within their borders.

[00:07:00]And I also think the onset of AI and other machine learning capabilities getting that all going within their borders could help find new discoveries, more mineral endowments.

[00:07:11]But thirdly, this outside of their outside of their borders, I think they need to consider creating supply agreements mostly with Latin America cuz from from our from our our vantage point, China's already gone in and created a lot of these relationships within Africa. Not to say that Africa is you know, kind of fully fully covered by by by economic cooperation with China, but that's a lot of what's happened in 20 years as China's tried to secure their own commodity security in in general.

[00:07:48]I think what's happening in in Latin America is and and and the move into Venezuela and and and and other uh you know, relationships being rebuilt by the United States, I think I think the same thing may be playing out with America and and Latin America um because the US can't just rely on on on themselves uh like they did for oil and gas. Now, this is a statement made by the uh US Department of State back in February.

[00:08:19]Critical minerals and rare earth are essential for our most advanced technologies and will only become more important as AI robotics, batteries, and autonomous device transform our economies. Today, this market is highly concentrated, leaving it a tool for political coercion and supply chain disruption, putting our core interests at risk. We will build new sources of supply, foster secure and reliable transport and logistics networks, and transform the global market into one that is secure, diversified, and resilient end-to-end. What does the next 15 years look like then to you, Brian?

[00:08:55]I mean, they're telling you what they're going to do.

[00:08:58]You know, um >> not telling us how and where they're going to build these new supplies.

[00:09:04]Because because because I don't I because I don't think they know, David.

[00:09:07]Mhm. I think they know what they need to do and I think this is early innings and it's companies like us that go out and help support these initiatives. Mhm. I think that as I mentioned in in in you mentioned at the beginning, this is a generational shift in attitude towards the mining sector.

[00:09:26]Um and and it's just begun. So, it's companies like ours going out and securing projects. I think the deep sea is the is the obvious answer for catching up for America specifically with nickel supply and manganese supply.

[00:09:45]Uh there's also obviously cobalt there and copper, um but not as as much in in in in material quantities that are required. But for nickel and manganese, the deep sea offers an exceptional solution for the United States cuz it's it's very large.

[00:10:01]Um but I think um I think you need general you know, you need general support across across the whole supply chain.

[00:10:09]Is what the Trump administration wants congruent with what private capital wants?

[00:10:16]I think it's a good question. Um I think we'll get there. So, if I look at how much capital is forming around downstream assets, um I I I I I don't know why, but but uh and maybe it's cuz you know, the world has never you know, not never, but recently hasn't felt a pinch on supply of commodities. Maybe a pinch on supply will remind everyone just how vulnerable we all are to these to these uh materials.

[00:10:50]It's starting, but but but it but it hasn't really happened yet. The gap up in pricing of copper or nickel it still hasn't happened.

[00:10:58]Uh you know, you've seen it in lithium.

[00:11:00]You know, my first company I started was a lithium company. When I started that in 2015, it you know, lithium carbonate traded at $5,000 a ton. It almost got to $100,000 a ton early in the in the in the 2020s.

[00:11:14]Um maybe you need a reminder like that.

[00:11:16]You know, I I I I don't know what causes causes um you know, humans to change, but usually it's um unfortunately, usually it's it's a it's a uh-oh moment. Um you know, but but capital sure tends to form. Think about the AI infrastructure.

[00:11:35]Think about these gigafactories that were the the theme, you know, 5 years ago. For the most part, these are creating downstream downstream products or supporting the the you know, downstream products.

[00:11:46]I I I I I think at some point in the next year, 2 years, 3 years, 5 years, there's going to be these moments where the world says, "Gee, you know, maybe we didn't have enough copper, you know, ready for for these step changes in demand. Um maybe the nickel laterites in Indonesia aren't as plentiful as as as as once envisioned.

[00:12:09]Um so, you know, I I I I'm not here to speculate on the on the on the on the short-term moves. What I what what what I what I'm building, what we are building at the Metals Royalty Company is a platform for the next 20 years.

[00:12:21]Mhm. Which is supporting this generational shift that's happening in the United States. Why have you built the Metals Royalty Company and not something called the Metals Mining Company? Um you know, I I I think that the well, firstly, there is the Metals Company. Um and they're they're partners of ours and um very, you know, capable team in developing what is the largest uh nickel copper cobalt and manganese asset in the world. So, number one was a great and capable team doing that.

[00:12:57]We felt I felt that at this stage in my career that building a finance vehicle was was the right way to create a diversified baskets of royalties, streams, strategic interests in a in a basket of metals that addressed the strategic initiatives of the United States. And I also think that the Metals Royalty Company will address I mean, uh our first transaction was with an iron ore project in Minnesota.

[00:13:30]That project uh in and of itself will make America iron ore independent.

[00:13:36]So, I think within the metals royalty company, we have an opportunity to address a number of these commodities that that America currently finds himself uh dependent on other countries for, and we can create help create a basket that that is a broader based um uh solution to what America is facing currently.

[00:14:00]This is the story you're referring to.

[00:14:01]TMCR expands into iron ore with a $133 million Minnesota deal on Mesabi Metallics.

[00:14:10]The The iron ore project in Minnesota.

[00:14:13]Tell us about the project itself before we talk about the financing deal. What is the project? Where is it located?

[00:14:20]Um and how will it make America iron ore independent?

[00:14:25]Mhm.

[00:14:27]So, the project's uh located in in in Minnesota uh in the in the Mesabi iron ore range. That that that iron ore range um has an incredible history of of of early days of of the steel industry in America with with with uh with Andrew Carnegie and and and um and was the source of most of the iron ore for for for building America.

[00:14:50]Um this mine specifically um has been financed and built by the SR Group. Um they've spent a combined two and a half billion dollars developing this project. Uh it will be commissioning in Q4.

[00:15:07]Um I heard it may even be uh early, but but but but directionally, it's commissioning in Q4.

[00:15:13]And at peak production, it will satisfy America's iron ore uh needs. Currently, approximate numbers, America produces about 10 million tons a year and imports 10 million tons a year.

[00:15:29]Um this at as I mentioned at full at full production will get rid of that 10 million ton dependence um and and create America to be independent, which is perfectly in line with what what we're building with the Metals Royalty Company. And I'm very proud of our team, you know, we we we went public uh the first week of April and we announced that that first transaction within 30 days of being public. So, in many ways it was a um we call it a tone-setting acquisition that we wanted to share with the investor community that um we're going to be very active. Uh we have a a robust pipeline of deals and we're going to be very active in getting out there um because we think the opportunity is now. There's a sense of urgency to get out there and now to support these major projects to help uh America become mineral independent. Generally speaking, how do you select projects to fund?

[00:16:26]There's a host of different critical mineral deposits, um a lot of startups in the sector.

[00:16:33]How do you decide who to partner with?

[00:16:36]It's a long answer, David.

[00:16:39]You know, it it comes down to my almost 20 years of experience.

[00:16:44]It comes down to the network that the Hess family has uh within the United States. The Hess family is is one of America's most successful oil and gas families. They they recently sold their their business that they had built for uh two and a half generations um to to to Chevron for almost $60 billion.

[00:17:08]They have an incredible reputation in the United States of being builders of industry. Um comes down to our investment team, which uh come from mining private equity and because the world forgot about well, not the world. The Western world and specifically the United States seem to kind of forget about the importance of mining for a couple of of decades.

[00:17:33]We've almost got a a missed generation and and and and skills to to finance and and build these projects. So when I say we've got a strong investment team, it's hard to find a strong investment team because they're not as plentiful as, you know, investors in technology or in real estate or in the service industry, you know, that have taken a lot of the oxygen in the room for young people. So we have a great, you know, a great underwriting team.

[00:18:01]Um and um yeah, it's it's a number of factors, but right now we have white space. No one else is focused on this problem.

[00:18:12]Um so we've got a we've got a first mover advantage and uh you know, we're going out there and and capitalizing on that. Okay, the uh US Geological Survey, I believe does not list iron as a critical mineral um except for I guess high-grade iron.

[00:18:30]Um which is just slightly different, but just most people, the layman may not immediately think of iron as a critical mineral even if it's probably labeled as such depending on the grade. Can you help us understand why um iron is an important acquisition for TMCR and how does it fit your overall vision? Well, David, I would want I want to make a clear distinction.

[00:18:54]Um we we we aren't we aren't the critical metals royalty company. We are the metals royalty [clears throat] company. We're the metals royalty company because philosophically we believe that mining was forgotten about in in the United States and we're we're we are we are helping finance all of the metals that are required to continue to support civilization.

[00:19:22]Iron ore at its core is what is needed for steel making. And and and if and if America's going to go through this reindustrialization that it seems like they're they're going through right now, not just for all the new technologies and AI and semiconductors, we're we're just talking about basic new airports that the President Trump comments on all the time, new roads, new bridges, new skyscrapers, um iron ore is is the input for all of that.

[00:19:57]Um and and and frankly, for the biggest operating mining companies in the world, if you look at Vale, Rio Tinto, um you know, the the the major mining company Xstrata, now now now now Glencore, um most of the cash flow from those mining businesses that are north of a hundred billion dollar market caps all came from iron ore.

[00:20:22]So, we were very intentional about our first acquisition being related to what has built the biggest mining companies in the world and is a foundational material for civilization.

[00:20:35]Having said all that, um in our pipeline is a number of critical minerals. But, the reality is the biggest and deepest metals aren't the critical minerals. The critical minerals are much narrower markets.

[00:20:49]So, having said that, when we're trying to you know, we've got ambitions of building a very big business, just relying on critical minerals for your for for your deal pipeline, I don't think it's covering off actually the the the the whole opportunity set.

[00:21:05]How would you convince investors that the ROI for a metals company, not just yours, but any metals company in the sector, is going to be as high as let's say a tech company? Ultimately, if we think about the trickle-down effect, tech companies invest CapEx into AI, they need infrastructure, they need build-outs, they need raw materials including iron and other critical minerals.

[00:21:31]But the capital needs to go into your sector in order to support growth in the sector because without these metals, we don't have any of those other things.

[00:21:42]Right? So, the investor needs to move capital away from Nvidia into your sector.

[00:21:47]Why would they do that? Uh it's it's been it's been part of the dilemma, David. I think that the mining industry has faced.

[00:21:55]Um um if I take a quick step back, I think the world over the last 20 years has invested I I personally think too much, call it in in this metaverse or in the digital world, right?

[00:22:15]Um because there are the onset of the smartphone and social media and and and and and processing capabilities.

[00:22:25]But in many ways, we've forgotten about the real world.

[00:22:31]And I think that represent that is represented in the lack of investments in the mining space.

[00:22:40]Um and and and I'm a big believer that so much of of of of, you know, investment returns is capital flows.

[00:22:48]It's just a it's you it's got to be a mental shift that and again, I hope it's not an emergency that reminds everyone of it, but maybe it is. Um and and I I when it comes to finding the right business model to reward shareholders in historically what's been quite a challenging um industry to invest in in terms of you know, real free cash flow generation what is the which is the mining space David, it's why we were intentional about building a royalty and streaming company.

[00:23:23]If you look at the performance of free cash flow and the performance of the equities in the royalty and streaming space relative to the operational businesses uh I mean, it's night and day over time.

[00:23:36]If you pull uh Franco-Nevada chart uh relative to Newmont's over the last 20 25 years the outperformance is staggering.

[00:23:48]So, we intentionally chose I wouldn't compare it to technology returns maybe because technology's been the flavor of the last two decades of the world wanting to build out this digital world uh and everything that comes with that.

[00:24:03]But I do think we're going through a shift.

[00:24:06]I do think the the mining and metal space and and even, you know, oil and gas space is going through a better time if we look for the next 5 10 15 20 years just on a relative basis.

[00:24:19]But compounding that I would say we've intentionally chosen this business model that we uh looking at the data recognize it outperforms over time. Okay. This I'm going to pull this uh this is from your website. Let's talk about the Nory project. We've talked about uh your latest acquisition. Let's talk about uh what is estimated to be one of the largest and highest grade undeveloped nickel equivalent projects on the planet. I'll pull up this map.

[00:24:47]This is roughly where it's located.

[00:24:49]And I'll let you describe the scale and significance of this project and why your royalty is important.

[00:24:56]Thank you, David. Yeah, I mean again, when we when we started this business, we were intentional about it.

[00:25:02]How do we start with an asset that would be one of the biggest royalties in the world?

[00:25:09]This is it.

[00:25:11]You know, to own a royalty on what is the largest undeveloped nickel project in the world um during you know, at at this time, I think it gives our business and our shareholders what we call a scale velocity.

[00:25:26]Uh and what I mean by that is in the royalty and streaming space, you've kind of got the top five, maybe the top 10, but you've kind of got the top five.

[00:25:35]And then you've got a number of smaller businesses, you know, maybe maybe kind of you know, like the mag seven um you know, and and we wanted to get up to the top five as quickly as we possibly could.

[00:25:48]Um and and this asset allows us to do that uh once it's in production and and the metals company is guiding production first production to be the end of next year.

[00:25:58]Secondly, I would say this asset in this field of nodules in in the Pacific Ocean um as it's developed, it will help to make America independent in nickel and manganese and depending on the the progress of other fields um in in this abyssal zone um you know, copper and cobalt as as well have a chance if if this whole field is is developed over time, which I would be a believer it will be. Um this is the biggest source of of of metals within proximity to the United States.

[00:26:39]Um so, this is you know, by any definition a flagship asset for us. But we recognize that we wanted to build a bigger portfolio and that's why we we announced the the Mesabi Metallics transaction. Um Well, the the estimated timeline for production will be Q4 2027.

[00:27:01]Uh how how far along are we right now?

[00:27:04]Has a PEA been done it for example um Yes, of course. Of course. Yeah, yeah. The the metals companies built almost spent almost a billion dollars uh and 15 years of time essentially pioneering this entire deep-sea mining space.

[00:27:24]Um and they've guided that they expect to have their commercial recovery permit by Q1 next year with um and it just recently um a couple of weeks ago announced that they've uh entered into definitive agreements with Allseas to be the uh operator um uh with with with their ships uh for for first production.

[00:27:49]Um and and the PEA last last summer that came out um um you know, outlined a a supermajor project which which was over a $20 billion NPV. Um and I think it probably gets bigger. You know, I think the NPV actually isn't representative of just how much value is is there if you if you do kind of a back of the napkin, you know, um math. Yeah. You know, you've got almost half a trillion dollars of metal value Right.

[00:28:23]>> within these assets. So, I mean, we're talking it's a it's a supermajor.

[00:28:30]Um but I think we're still in a world where you know, I've been a believer in this now for 9 years and and and and I admit I was uh I was very early. Yeah.

[00:28:41]>> And we lived through the ESG, you know, trend that hit in you know, hit hit capital markets, which you know, in some ways was was positive. It probably got too extreme like like anything and it's finding its balance now, but we live through the tougher times.

[00:28:58]Now it's I can I can share with you David and with your listeners um it all comes down to for me cuz I I I love I love the ocean. I love you know, nature. I originally was born in Vancouver as you mentioned you live you live there um now.

[00:29:15]It's an incredible city and one that values nature. I value nature, too.

[00:29:21]But at the same time I'm practical.

[00:29:23]And and and how we build our businesses is more of a relative a relative um um basis as opposed to an absolute. If we live in a world of absolutes, nothing would get done. There wouldn't be progress.

[00:29:38]And so if we think about where is all the nickel comes from right now, well, the majority of it David comes from Indonesia.

[00:29:47]And and and there um a number of Chinese operators are are are are essentially you know, running over uh jungle and very rich biodiverse uh rainforest.

[00:30:04]And and and if I, you know, take a step back and you say, "Okay, if that's where we're getting nickel from right now, is there a better way?"

[00:30:14]And I think over time the deep sea, although it tends to have an emotional immediate response for people, I felt the same way actually when I first heard about this this opportunity.

[00:30:26]As you go through, you know, actually what could what could be the benefits of it, I think people will realize the benefits actually materially outweigh the drawbacks. All right, uh uh this is the royalty overview of Nori. 2% gross overriding royalty on all metals and minerals at Nori area. So, if I'm interpreting that correctly, it means your company, the Metals Royalty Company, will receive a 2% uh royalty on the gross revenue once this project starts production.

[00:31:05]Hopefully by Q4 2027. I've asked the following question to precious metals royalty companies, and I'm curious how you would answer it. Why would an investor invest in a royalty company when they could take exposure to the underlying commodities or deposits themselves through other developers or other producers.

[00:31:25]Um what is the benefit, if any, of a royalty company, which some might see as just a portfolio of different other deposits that investors could individually pick themselves. So, I I I I I I I I I I I I I I I I I I I I I think it's important It's a great question. I think it's important to differentiate. Firstly, I'm an investor in TMC as well. So, I I'm not here to say uh you I think I think individuals need to make their own you know, individual investors or institutions can I need to make their own decision, you know, what what you know, is better or or or, you know, um uh and I'm a big believer in in in the metals company, number one. Number two, um I think it's important for investors to consider that what How do they value a business? I value I like to value a business in terms of its free true free cash flow generation.

[00:32:22]And if you look at free cash flow yields for mining assets, they you know, it can it can vary based on cycles, but they tend to be kind of between 1 and 10% free cash flow yield.

[00:32:37]And so if you follow me with this if if if one has a 2% gross overriding royalty interest and let's just say for example the free cash flow yield on a on a on a mining operation is 5%.

[00:32:53]Well, if you divide two by five, you get to 40%.

[00:32:59]So although people may be like oh, it's just a small number Mhm.

[00:33:05]actually in terms of economic interest in free cash flow a royalty can be a very material component of the economic interest of free cash flow within a with with within a mining project.

[00:33:23]Let me pull that a little bit more. If you have if you have two of 5% of 40% and you have a carried interest essentially because as a royalty owner, you don't put up any additional capex.

[00:33:36]So I find it interesting sometimes when people are like oh, it's you know, 1% 2% half a percent.

[00:33:45]Well, maybe you want to consider also what the free cash flow yield is of that asset. Yeah.

[00:33:51]And and and and and how much does the royalty represent in that equation?

[00:33:56]>> Right.

[00:33:57]How does your model differ from a precious metals royalty? Let's take a Franco-Nevada or a Wheaton Precious Metals for example.

[00:34:05]It doesn't. It's just we're we're we're we're being intentional about >> the metals complex that is needed to help support America's mineral independence. Very simply.

[00:34:17]So we're taking a view that assets that matter to the United States is sovereignty, let's focus on that first.

[00:34:24]We think that that's a good use of our time, a good use of our investors capital um and and it's and it's a it's a it's a worthy cause. Uh, the precious metal royalty companies which are extraordinary and we look up to you know, we look up to to a number of them.

[00:34:42]Um, you know, as as as North Stars for us.

[00:34:45]Um, but but we're not focused on precious metals at this time. We're focused on on the metals that that support America's sovereignty.

[00:34:54]Okay. Now, this is uh the latest market cap. It's about $750 million for TMCR. What takes you to a billion dollars? That's my final question for you, Brian. Well, I've got a lot bigger ambitions than a billion dollars, David.

[00:35:11]Um, next milestone is a billion dollars.

[00:35:14]Then to 10 billion. Yeah, exactly. Now we're talking.

[00:35:19]I it's just continued execution, David, I think on our pipeline and I think it's the more certain the world becomes with the deep sea mining industry, I think that that can provide explosive upside for our shareholders. Um, no other public company in the world owns a royalty on the deep sea. So, we find ourselves in in in in in rarefied air. Um, and if and if investors, you know, think that we we can um we can execute on our on our on our business plan of of of of getting more deals uh done in our pipeline as well as the deep sea becoming um more of a reality.

[00:36:09]And and lastly, with our latest acquisition, our first cash flow coming later this year, um there's a there's a lot of catalyst for our business to drive to drive value forward. Okay. Excellent. Thank you.

[00:36:23]Where do you uh where do we find your work? Where do we follow the company and stay up to date with the latest developments and news? I think follow us on all social media platforms David you can follow me on Twitter and and on on Instagram and yeah we're going to be active David it's an amazing time to be building building a business like this so we feel we feel blessed to be be able to be in the right place at the right time executing on this on this business plan. Well congrats on your success so far. I look forward to many more updates Brian.

[00:36:59]We'll put the link down below so make sure to follow TMCR down below and do your own due diligence. Thank you again Brian. We'll see you next time. Thank you David for having me. Thank you for watching. Don't forget to like and subscribe.