Jeff Rosetti: Okay, thanks. Then Tim, I believe you mentioned that in 2023, over the course of 2023, you’ll begin to build some black mass inventory for the hub. I just wanted to see if you could elaborate, if there is–you know, how that cadence might be over 2023, and is there a certain tonnage that you would be gunning for relative to the 35,000 tons of black mass input capacity that the hub will have?
Debbie Simpson: Hi Jeff. Yes, there is two parts to it. I think I also said by the time we get to our March release, we’ll be in a position to give you some more color around our 2023 outlook, so expect to hear more in that space or around there. You do actually–you’re new in the pond here. This is exactly us planning ahead for having sufficient tons of black mass on hand, not just for running the hub but in the early stages where we’re commissioning and ramping up. So yes, that is the plan, and we should probably be able to share some more information with you when we get to March.
Jeff Rosetti: Okay, great. One more quick one, if I could squeeze one in. I think on Slide 7, you gave kind of an indication for November and December production, which seems to be at a little bit of a lower monthly run rate than Q4. Was wondering, are you taking the first Ontario spoke offline, or is that at a later point?
Tim Johnston: Yes, I can take that one, Jeff. The November-December was partially impacted by we had a planned maintenance and upgrade process in Alabama, and so what you’re going to see is that our generation three plants, being Arizona and Alabama today and then coming up Magdeburg in Germany, and then thereafter Ontario, which is your final point, they have the biggest influence on our overall production for the quarter, and so having that downtime planned in December did impact that slightly. The other aspect is because we are still ramping up the facility, we’ve only just now at the start of January in Alabama gone to 24/7 operations with the addition of a fourth shift, so what you should expect to see is continued ramping up of the production over the course of the year.
Jeff Rosetti: Thanks very much.
Operator: Thank you. As a reminder, if, you would like to ask a question, please press star, one at this time. We’ll take our next question from Evan Silverberg with Morgan Stanley.
Evan Silverberg: Good morning guys. In regards to the 1,600 tons of black mass produced in the fourth quarter, can you give any color on what the lithium input was to yield that 1.6, and what kind of differences are you seeing in the yield between each facility? Thanks.
Ajay Kochar: Yes, so I think broadly speaking, there’s two answers here. One is the range of the roughly 35% to 65% content of black mass, depending on the feed. I think hopefully today, with the view of the different streams for manufacturing scrap, you get a bit of a sense of how that can range, right? Obviously if you’re a cathode material or an electrode stack, as per the page in the appendix, then you’ll have a very high content of black mass. If you’re full pack, there’s other stuff in there, right, so you’re going to have a lower content of black mass, so that’s what we see. Roughly speaking, second, just take a rule of thumb, like half as a factor. It does vary, but take feed in and then take half of that, that’s probably a good general rule of thumb, if you will, for black mass output.
Tim Johnston: Yes, and then maybe just to build upon that front, because I think you were asking about the lithium content perspective, is that you can consider that one of the key constitutes of the black mass obviously is the cathode materials, and so if you consider that the lithium content is relatively consistent across the cathode materials, our lithium content is relatively consistent across our black mass. Today, we don’t get any value for lithium within the black mass because we sell it to traditional nickel and cobalt refineries; however, that’s one of the key benefits of the Rochester hub coming online, is that ability to extract and recover that lithium value.
Evan Silverberg: That’s helpful, thank you. One follow-up – it was nice to see on Slide 22 what’s been done for Rochester and basically back into what’s remaining. What kind of lead time do you have on capex spend, so we can kind of get a sense–obviously you’re not providing ’23 numbers, but trying to get a sense of where the capital outflows are going to be during ’23. Thanks.
Debbie Simpson: Yes Evan, this is a big build year for us, so I think you can expect to see an acceleration this year in our capital spend as we get pretty serious about this construction, and also supporting getting to what we said, which is starting our commissioning towards the end of 2023.
Evan Silverberg: Thanks.
Operator: Thank you. We’ll take our last question from Brian Dobson with Chardan Capital Markets. Please go ahead.
Brian Dobson: Thanks very much for taking my questions. I understand your additional focus on Germany. You mentioned multi-year agreements with top tier OEMs and battery makers in North America and Europe. As it pertains to Europe, are you partnering with a battery OEM or an auto OEM, and how do you see that partnership kind of benefiting both parties, and when can we expect to learn more about it?
Ajay Kochar: Good morning. I think that’s a good one for Tim to comment. As a general comment before Tim elaborates on Europe, I mean, look – take it back to the fundamentals here of why we’re building this spoke. It’s ultimately there to feed–at the end of the day, it’s to really secure the resource, so the whole point here from our perspective is to get great customer diversification, and we’ve seen a lot of diversification over the last year and a lot of growth. That’s the bigger picture, and then Tim can comment a little bit on the Europe side and in general.
Tim Johnston: Yes, good morning. Just in terms of why we’re doing this, and if you think about it, I talked about it a little bit in the presentation this morning, and that is that Germany has really become the ecosystem, as you know, for not just vehicle OEMs but battery manufacturing in Europe as they begin to scale and ramp up. Coming back to our business plan and strategy is that we have a combination of what we call merchant sites and co-located facilities. This of course is a merchant facility that benefits from supporting multiple customers, and this is really important in this stage of the development of the industry. As our customers begin to scale and grow their businesses, their volumes will also grow over time; but in the meantime, we can support them from these centralized facilities within the regions in which they are operating.
What we don’t provide, typically we do not provide guidance in relation to individual customers, as we respect the confidentiality of the customers and the groups that we work with. I think what you can expect is this site will continue to support not just one customer within the region but multiple customers, and we’ll continue to evaluate additional options within Europe as our customers continue to build up and bring that scale to market that will require additional recycling capacity.
Brian Dobson: Excellent, thank you. Then could you expand a little bit on your partnership with VinES in Vietnam, how you expect that to position you in the region?
Ajay Kochar: Yes, for sure. Vin Group is the largest private company in Vietnam, and folks may be aware that VinFast is a relatively newer EV brand, car brand that has launched, actually, in the U.S., in North America. They’re in great things and they’re one of our great customers and partners. VinES is the battery group within Vin Group that is actually making battery cells, so they have plans and are already currently making battery cells in Vietnam. Then within North America, VinFast is also on track to be making vehicles and they do plan to also assemble packs, so that’s a classic example of a multi-pronged partner with numerous types of feed. They saw us as a strategic partner, and that’s what we announced back in October.
Brian Dobson: Excellent. Finally, if I can sneak in just one more, as you stockpile black mass ahead of the Rochester opening, do you anticipate that that stockpiling with interfere with any of your deliveries to current partners? Should we expect to see those decline as you hoard this after the opening?
