So that appropriations bill is being negotiated now for next year and is done on an annual basis. So, we see the DPA Title III and the DOD as what we would call more of a near-term path to funding. Then, when you get into the Department of Energy under the Loan Program Office, there’s a multi-step approach that I mentioned in my opening remarks that has kind of three phases. And as you move through the phases, you’ve got different levels of due diligence that you go through, right, talking about the project itself, the detailed engineering, the construction schedule. And so, that project or that program takes a little bit more time. You’ll see in published reports from the DOE, the average time is about 12 months to get something done. And in all likelihood, that might extend a little bit longer.
That being said, the pool of capital available under that program is significant. So, when we look at how we’re going to break down the capital structure, I would say that the Department of Defense is quicker to funding, but the large portion of the funding will most likely come under the Loans Programs Office.
Matthew Key: Got it. That’s really helpful color, J.T. I appreciate that. And I guess just one more for me. You mentioned during your prepared remarks that you’ve taken some steps to kind of reduce overhead costs. What’s a good assumption we should be thinking of kind of for cash burn per quarter as you look at fiscal year ’24, obviously not including the $37 million in CapEx spend, and that’s obviously estimated?
Susan Brennan: Yes. Let me start and then, Paul, if you want to tag in at the end. So I just want to reframe, when I came in back in May, we narrowed the scope of the Company and we are still an advanced material company. But I call it the order of operations, we narrowed down to spending today only on things that will get boric acid out of the ground. And as we move forward, once we start getting boric acid, we actually will have to go up in some of our spend because then we need to buy some of the materials that we are not buying today. So, this is a grade in, it was kind of a — if you look at the graph we went from a level to a lower level, we’re going to hold it that lower level. And then as we have aligned the work that Chris and his team are doing in operations to what we believe the EPA timing is, so that everything comes together at once and then we start and then we ramp up. So, Paul, you want to give any more context to that?
Paul Weibel: I appreciate the question. And just reiterating what Susan said, once she came in, leadership got together and really just identified, okay, what are must haves and what can go, and meaningfully have reduced our administrative burn down over the last two months. And we’ll keep that pace moving forward. I think internally our goal is just from like a pure G&A is about 1.5 a month, and — but then as we get clarity on permit, we can toggle and have that ability to go up and down.
Operator: Our next question comes from Tate Sullivan with Maxim Group. Please proceed with your question.
Tate Sullivan: I think you mentioned an incremental $5 million of CapEx on SSBF. Can you talk about what that spending will go to, a little detail on that?
Susan Brennan: Yes. Let me — we’ll turn that over to you, Chris. Thank you Tate for the question.