Good call with Vance as always! There is zero fluff - he calls it as he sees it in his completely unassuming style. I took away the following key points from the call:

1. XRF is increasingly wanting to do more in analysis-type equipment, diversifying from the traditional base of sample preparation products.
2. Like to sell all capital products for a profit - do not like to use capital sales as a loss leader, believe should make good gross margins on capital sales which leads to good follow-up consumable sales
3. Vance sees after sale technical and chemistry support which customers rely heavily on, over and above the world-class products, as a key XRF differentiation, not just the quality of the products and price - he made this point repeatedly in the session - I understood “technical support” but “chemistry support” was an interesting added perspective
4. In acquisitions, want to always be able to add value rather than buy a business simply to add scale - how to take good products to the next level by adding XRF resources, capabilities and after care technical & chemistry support into the mix 
5. Currently, no impact on US tariffs other than reciprocal tariffs potentially, largest competitor is based in Canada, the US has no domestic manufacturing of X-Ray Flux, cheaper alternatives are in China (also subject to tariffs), US is less than 10% of revenue
6. No need for capex in the $m in the coming years as capacity upgrades across Consumables, Precious Metals and Capital Equipment have already been undertaken - only small capex tweaks in the $’000k range is likely to be needed
7. No key man risk - Vance not going anywhere soon - great place to work, good management team, best experts in the world in the product line
8. Management is laser focused on the profit line, not revenue and COGS, which will fluctuate with movements in Li and platinum prices - pricing is based on spot price + margin

XRF is the sort of company that the Future Made in Australia policy must be aiming to produce - world class leading technology and expertise, products manufactured domestically which are globally superior and thus competitive, punching above its weight globally ...

Discl: Held IRL and in SM