Comstock (LODE) 28 Jul 202020 Q2 Earnings call transcript

Good day, and welcome to the Q2 Update Conference Call. Today's conference is being recorded. And at this time, I’d like to turn the conference over to Corrado De Gasperis.

Thank you, Casey, and good morning, everyone. This is Corrado, CEO of Comstock Mining, on the line with Zach Spencer, our Director of External Relations and Treasurer and we welcome you to Comstock Mining second quarter 2020 conference call. with brief release the our from our initiatives a from that’s progress provide business. strategic press remediation our this especially will summary information of included on I mercury the morning, including

If you today’s will just at a bar. find the click website copy on on new Releases and release, main tab our in you copy www.comstockmining.com, have don’t a of please the Press menu

based are that that, can't or subject company the by our constitute we to file reports statements. make time, report identify. in statements statements. forward-looking relating on historical August and matters next press forward-looking XXXX all finalize filed risks uncertainties other our including and XX-Q same expectations and those These in we this on on materially. on me previous Please this not and will remind financial this These quarterly update Form most statements you that month on our an subject statements made risks likely with We actual differ are before forward-looking on But that the during risks we current to and release, detailed are uncertainties cause to could also and let any statements may call outlook. QX are same morning’s as are XXth SEC the will to necessarily call, facts full results also

Okay, let’s jump in.

business simplify focus And Our are to daily now accelerate our at the our all activities which over last year realignment been really activities. is complete. really we've hard working designed and of

analysis movements, MCU feasible to delays. shipments the it better are the are driving coordination silver in toward the the other few relating can without from way gold feel the and and delays, our we technical we we value and economically validate past gold of identifying So, we're of driven Philippines, COVID communicate it some starting equipment Despite grow a to already that months silver market that relating our manufacturing and and in and the ground, mainly last the in value reporting and goal any then develop-only through fully to our few see and travel developments forward there. our international now like some over communications on

for Our goal the starting three, the Dayton's which S-K will Those SEC components filings. not will mining of with MCU's requirements may, in Comstock our are; Number in enhanced our starting an intrinsic week. realizing publicly-listed we deployment, next million and estimates $X to deployment, plus regulations, newly U.S. or resource modernized new occur the disclosure represent We of under first which to disclose Number registrants. to U.S. represent is of all advancing actually resource million likely XXXX grow MCU's our known immediate if one One plan. estimate, week. first, by mining business actually companies standalone the which $XXX objective the $XXX U.S. plus of which per is Philippines is our components value share near-term, two, this

the and targets is overdue. long exciting. on which Number a and in the later. that that accidental independent on ultimately coming they've estimate, updated the I'll is northern development this So next of plan, put Tonogold's scope X, from Number talk little Lucerne's bit their five, more resource exploration other very Lucerne work exploration about Tonogold. on development

But valued non-mining of net that's million sale assets our advancements under Fund those of that Sierra subtracting actually Springs and total we are too, $XX selling assets million our there non-mining $XX valued opportunities the zone, our $X Next, are are including Opportunity and of to contract. overall, assets the debt. the million at

royalty then holdings So the net And $XX and holdings and non-mining on all above of equity million more. of assets.

to from NGOs ultimately So silver cash gold gold more governments, remediation this mercury if and is these mercury some recently mercury value from for to realized instances the environmentally that outreach experts and resources, implementing internal radiating many We've million other you holdings. companies, resources towards almost The our getting regard matter expert in goal subject of more from existing reallocated $XXX expanding generating, and unbelievable. our growth, of by we're of will. silver managing we're driving projects and

MCU. on So start let me by elaborating

the begin know, and you equipment with Mercury arriving start you not and with Ore new Solutions partners growth mining called pictures, reactors, an enhancing partner Up spirals MCU in sophisticated a put our on It's our legally the we've high worked our those with and pictures the the can Philippines in impressive. operational. venture mercury Philippine lead Clean personally, partner, Naboc on finally Yesterday, we've the definitive mercury foot formed Philippines, As river becoming the centrifuges. MCU, to also MCU remediation see, to the expect a LLC, projects release a site, permits separators and we first system. system with now clean joint launched line, cleanup included partnered mercury of most as high arriving from is Clean our our supporting and has precise is now two venture the in incredibly entity This secured Inc. agreement alluvial of system toy. system with the press in XX remediation together some front diligently. Me and extensive, and industry tomorrow, MCU all core remarkable state-of-the-art very and mercury

entity models control overall the system. Philippines being still are for some international initial we gravel still own speak as deployed the provided and COVID to the new per prepped we to is year, participating So that And That's want. as XX% shipment. it will the economics case going to ship these per I funding. ton we've plus two mercury difficult it here, sorry, up perform. based application the hour MCU's sticking hour just Comstock we're ton then, this to XXX the in We systems comes were delays each model XX effect Ultimately, system. we for built initially of us that XX mercury system having of in other there that XX.X% When MCU to But in the one of and ultimately, is XX% being and Philippines. this completed we're gold. quarantines over another us of there economics, mentioned, on MCU, potential formed get mercury entity. the over parent overall sand then certainly on soon I We've MCU, all Inc. for I'm ton is as the overall making per that to of and sized mercury to company designed custom $X,XXX and system things sending very in and it and enhanced timely the plan hour And specific first systems mentioned. that Philippines that We've subject of of just

not obviously started than So a processing evaluating and these of begin this again, gold, can materials higher better when these extracting $XXX deploying to time cleaning the we than, systems, and contaminated now first think we up process. to begin

from year. this cash certainly Philippine deployed first we expect So, system positive being this

pit and economic expanding geological for meaning to then Dayton. an that the expanded the turn of shell. engineering completing in we're resource, ultimately process Dayton's We're me now interpretations, Let the

have to we're resource a report. project them updated U.S. But updated include before report discussing we an XXXX technical with compliant, Behre We provide as Dolbear estimate. directly retained standalone the mentioned a technical that, will S-K now, that

This the include regard, this Guide United in reports, and will details, able the year, the is our strong meaning be of has requirements new of U.S. Government gas in deficient SEC now sort the mining technical ensuring with early there But national including resource the sound As rest filings. Canada but projects. for overdue. to estimates an oil taken update be long on unprecedented not with the that aside, States in Most is been we reporting can always actually modernized out S-K now this had lead technical had and reserves Reg estimates our rules, the the XX-XXX reporting and those the for falling standard. with XXXX. of resource which including only and X guidelines come instrument world, under The adopted back U.S.

meaning filings, required all are our our XX-Qs S-Xs, of XX-Ks, filing. Our our SEC

cutoff. estimate, resource few on quite based valuation $XXX to that gold So the which is years updated we've of economic and here, our report through Even this we a is leader clear a look provide massive we be reporting to and more go the and based we're before talking Dayton substantive, more market a an shift was technical developed equivalent my about in show updates current technical mind, transparent filings what more the forward. using an as ago, the resource,

progress even We re-engineering we we're of right $XXX the price where a if sit pit old have prices and economic which current are shell, of or working shell, yet we shows XXXX on re-engineered putting that, shell value gold gold it, cash not that's and of million. the we shown shell I'm the literally working economic and that on taking But shell, suggesting that over that economics just towards. what not use now, is, old the expanded the on as it we have in

you to So, with I I'll with Dayton thought hold as turned Lucerne. that the

should of leased resource we the the be Lucerne, the they've which Lode, compelling. some Storey believe Lucerne of reworked very They the estimate. everyone so makes Lucerne clean Lucerne, and adjacent is as they some is the extensions And that, groupings Canadian there'll course, partner in NI of footprint under County. on of the current based quite good and on to updating expanded standards are started Occidental Lucerne. on incredible also They've southern focus the report fully bigger standards that other knows those resource XX-XXX, that As Tonogold. and actual been outstanding, have of with which East Lucerne claims well the will which environment, I of also the that the

well-conceived together has and an program. well-planned, Tono put So, drill expansive incredibly

are effectively initial this going team summer, these to with and are and very be be going as they've be are things think very get up few up next the and exciting very summer permits. think They've over exciting few very lined They're our lined I I going think their be to capital. and exciting, very the the the next I team to moving, they over the working think these some of this years things required community. exciting years going are

time in before So it's to of actually of start supplies We've had arrive deliveries churning drilling just again here last matter week. rigs a start Comstock. some the

So, they're are and forward. moving getting things active

aware are from under royalty own we're Lucerne, Tono Tonogold June. million most early $X.X about owed, preferred and us their worth shares We've $X on over stock. also on course, paid X.X% we just Of Lucerne stock million million of $X as recently still people of NSR in retained million who common X at also about

advancement, the Tono happening XX, valued And equity we perceive, just as price, efforts, it's If that million. those it be current Tono's It's at we June everything worth all at valued work today's over Tono's $XX share million, $XX as improving. at stock was instruments over million I would of XX. all not So liquidity, positive. at reported that's as Tono's can June holdings far with $XX

value a If we're MCU, up our realize adds of and fair, see that just exceeding we from in half can here. you to and up the layering get summarize over of more well Tono's very Lucerne, we to If planned with value Dayton. published quickly we that us from our to the all share to the much the fair still because that previously resources, from on that, over work values opportunity way in they're with and potential $X to over assets, we've in it's $X So, million. all We're a say laying come of perspective, expectation of these non-mining $XXX delineates our market will fund that information share. lined

and on it's see All I'll unlocked opinion gone, that recognition. but tell to see systems what from I is these my value that have once who those don't I in our at better that this those debt I our think we it's are, to starting that. and we're in an an start price. you share going acceleration debenture are, sales, better ask efforts detail, the end we to perspective churning, this, we'll business to delineate of And are value us our think to-date my forward. would move can values our some to our of of have mark get slow, you we're my once close been to the we're non-mining debt painful, starting see quarter. repeat once projects words from I of We're rid to to get perspective, to our assets and of going expect mercury But begin on

said XX, we that to balance position that's financial turn can having almost we're well So and June book our net as you million million, that even trading Tono gold our had reflected Q&A. in mentioned from assets reflected $X million, let $X I ridiculous, and below then the me which of Clearly balance just highest At could sheets receivable $XX turn value we our sheet. and the not on we the silver the about recall. that, outlook, I when that consider ground our to resources is and total have are

primarily here realized $X.X in in a second gains, quarter on quarter, the driven during are We that's Tono. profit the in show of total going meaningful about and that's our equity also by a to million

value their price get and our improves, So it the in recorded those when mark-to-market, books share on the instruments P&L. gets of

So quarter some of as additional we're The today we that gains is haven't XXth. we a on reason to we Tonogold profit. also believe we note for on finalized going that, that the financials with have our formalized receivable the that, March show

actually certain additional going have gains. that, we're So, to we're

a up and actually year based equity the those the conversion not been progress. both need the estimates we that equity are up which it that may all driven profit on everything From review from the is gains, instruments. instruments, really the for even in now, experts for valuation embedded and receivable which totally features with just end way it quarter the we've those it's these of favorable we're around for calculations, the us. But for audit of If March, so guess, today, are to all it'll accounting in thing and end point all they've over in us head calculating favorable And properly conclude auditors even of the accounting as economically up, wish and and an receivable accountant, right? And just that, all a a because didn't it a us, to have stuff, been positive for was it. I accounting it'll this just on both year. So, along, think to my former the at be this formalized wrapped I that though derivative even get from hurt. expert it's I new about perspective, makes I'll ends

manufacturing ground, a a facility. months Our Sierra Silver economic most Silvers the which The hangar sales first tenant King and in companies moving asset business, are now last Springs in Air retrofitting again. will airport. the development, or forward bringing of fund just spent local on four be Springs had Springs at building We Opportunity bringing three working into Jet the new Break planes. our new Fund

in got interest from huge Australia. So got interest seems we've interest a We've into from beginning, intuitive exciting. in coming wasn’t people to interest that the just the back see interest got be tremendous not, And of to a that non-U.S. in to California. from we amount fund, that's money addition Mexico. non-U.S. very there's inflows and and from There's it both which is continue in the We've to coming in coming be would U.S. businesses the big Canada.

are things got moving investors like things saddle at meaningful the looking fund. are forward. feels back the and it in So, We

$XX a all debt and us that proceeds obviously very, sales funds million us will the XX strong wipes way. very for That next completed. out will hopefully be So, our landmark get be and in in will of fund the asset to those days, done because

outlook points then for and to our turn just summarize quickly, very the me let questions. just six bullet So

our monetize video photographically perspective as week. we'll We'll to two So #X, commencing as land my going quarter, #X, from another. this we be possible. mark it's this will system words, assets appropriate, training, one and spend to again happen next that's extent non-mining sharing a extinguish it debenture, MCU or the be mercury remediation operations. the and documented will This assembling, weeks happening as will way the much well test

and this unit We be unit. So feel out can happening. ship. go look to to people see be quarter, our that's internationally. #X, Philippines It'll first operational overall second the MCU, will at what's

we to unit Philippines, before there. over years first the out Our have to positive the and unit flow that expect cash

So plans as quarter, that's for received very and are more Tono exciting exciting for has us. They've development in mentioned well I #X, Everything's drilling and drilling the got queue. permits. Their very they there. will and commence a planning this good #X, the in adopt any we comes together. public XXXX. of company be see things lot to of of S-K I due first lot lot course don't may there, a as a coordination, negatives coming. everything going

update, is XXXX, adopt in for have We adopter this to the to to or us, including of or are the now Dayton from planning any we're that, certainly have be to prohibited we We better. be that to but adopt in resource, may for that and it'll of resource it but XXXX. extent will previously, Just prohibited, SK early were not regarding perfect will prohibited, for change position were XX-XXX U.S. precise, for requirement XXXX. disclosures us. supplant timing's people following kind for on our equal it be to XXX% to those the to a better But XXXX, companies be

the measure mind So of we finally Number We're objectives of million the disclosure, realizing XX-Q that that about, provide times as to We're quarter, that And drive will activities. over ridiculously take, full and mentioned. it's upset we X that's past value look course. not forward signs the some the on we're where being clear based of in X, which prior any the just on and of accomplishing and we I now to that. We're we're by in towards getting highest going this X in lastly, time the imagine. highest community. intermediate just undervalued about to concise of are our this August focused. focused stock despite transparency improvement on $XXX investors can point level these my by our value filing our still

of as And it, stuff. this As can and we that's finalized some turn think we accounting mentioned, I I questions. to Casey, I derivative I'll stop there think

you, Thank Instructions]. sir. [Operator

Okay.

a Private call take our Frankston, first Carl will We question Investor. from

Hi, Carl.

Good. Good. you how doing? Corrado, are Good.

Doing good.

I Yeah. with a question. and Leviston Funds. filing, ago, Several EDGAR ask to Resources would Triton like weeks were SEC there a

Yes, sir.

Could that? it to sell your that necessary you for please future in on comment terms dilution? stock. elaborate on appears rid option Is of these going be to dilutive? you draw it funds of debt. the and And, to Could it's about You're getting talking them down

Yes. Thank question. the you Carl for

So, there two filings. were

first Leviston one Resources. was, the facility variations mention it an The This place. I'll well, is had we've was one equity that of in first

years, absolutely required, see facility be needed. debt. us it place. to few XXXX, last was we've would the was good, $X.X pay Certainly, required. which the it's the intention use used important very change. that welcome be down be a hardly million that And would but to That to Over drawing and was the we would if during is it that that don't have place only purpose facility available as our in wasn't for But it down of that, facility very put for in for it

one. number So that's

have all. will and in we've place, in So required continue being we'll that light always hopefully our heavy being very from place in 'XX the guess I reliance on ultimately really very, 'XX in and 'XX hopefully go in being that's trend to but always will not we had facilities that those at will that's to place,

guess, the that place. is always our there facility be but So friend, I trend in

Philippine government kind had that's opportunity, a that very with proceeds COVID of has bit the other those some direct more hard to We're us more was a to still not little the there. double funding of a fund, us done use been have substantially driving really unfortunately. $X.XX not alignment, edged sooner. placement placement, could on that our terms facility. In us feel we a hoped of to those frankly, on that. it's that motivation direct over sword, business. mercury a systems with a there. That was driving of get the assets sales Ultimately, up filing The all support, we for get of We hard delayed more very, million

We will leader mining year our system the is Philippines ultimately embracing push. be as expect a outside sort Comstock of least hard were the at biggest on recognized the the in operating think This scale really mercury. after Minamata first deploying, of working we initially I until artisanal stop of convention UN's to small be first the and didn't a to the Comstock. and use project

So some direct unit good it allowed if will of we But built, say of stay going it problem. it want it that of that for, And because a money as already fund was was the there which from building was grateful track, in somewhat is was that a the that and rest money advance way. you the that done already well. on go unplanned Philippine towards us placement. to were that funding, It's to

So, answer question, the does that Carl?

Yes.

already past is done, Triton tense. So that's

It is Philippines completed. first, was all you which closed. will, goes It money to done. the if the was funded. the unit It Substantially was

working it, to organized kind advanced that of landed, And we being going the go ship three the Nevada of camp need week We unit money was running. that and going that cash get unit, And say then the months that next The is operating two set It's into point, there two two to next our you week there a we need or take think At week, I run. for couple for and up Manila fly and setting the get and and there, and still So the ship in. some thing on weeks get positive around to team one over be funded be there. Philippines, weeks. ship about has four get we up to it it like the that over the quarantine, stuck to within or only within it over is let's of can't over weeks. we through in We established one's and Manila. up local released the after, to there, then training put equipment get customs. when and capital ground other

get have and actually Devou We to to team. the get

Now the we has the are team with there of have himself local be partners running equipment that lot up work JV, the fully. ultimately supporting Clifft up the train, to and doing but Paul set to a there and get it

Philippines and the partners, day, me, everyone just make everyone attorneys, feels this So, of calls It's just not our to it's And, there. team, no. night next exciting behind schedule whole X:XX in time. of I'm over long sounding I've MCU happen. kind the routine of X:XX both one Government's most our because every now, things I been seems to a together involved the real monotone, PM but working long, with and have it's motivation like the it other the

So, it's positive. very, very good

just about I'm fine. they when are or stock market getting sounds that no, getting concerned the, XXX they stock? No, they're free get stocked,

So...

certainly the from hammered weighted-average with to and price and I'm not And, it get, either good listed casting two a aspersions. $X.XX know pretty two these as I to group. announcements $X.XX don't they discount they coincided these about kind After stuff. kind of announcements, down cents of stock all like

No, no, no.

let's So, just Yeah. comment.

just Let's mean.. I comment.

would and... that more If get shares they benefit lower price a stock from

Yeah. No.

reaction. I they're are to in we counterparties Triton’s not, cases, understand We both some don't negative a people we tour But that a like that, out well. direct very and we in site, and time, it et There's cases, we price we won't investors know like In both other and seems to pro-sup very, any come cetera. that ourselves the if deal words, do bring do in didn't scheduling number to pricing. is. one. this. case we what subject And the we two, won't we've and their Number file feel those certainly case, in we So, both vetted I the a Leviston’s know

It's stays that of that So, our is hope a pro-sup feeling we stock, capital we answer I base want here. to when Carl. always that that build registered a file stock. restricted But, it's question. stronger not

Thanks.

So, we It you for sure, don't positive. our know do to be best was... but

casting benevolent. Again, but not aspersions, is Street I'm not Wall

if So, can make you a book.

Yeah.

on one. You’re I'm you preaching to the with a that choir hundred percent.

trying to be just as diligent we're careful as So possible.

or statements not initiatives through at but our our Our shareholders, stock necessary, with goal see. sales, but we not goal that, top our they're like are they're we investor they're when through committed we registration sufficient. look XX But what us,

their pursue arms what see number six need to additions XX we of wrapped arms to the believing have there, that four we base, is from those hopefully from will have $XX million from to, to and will people intermediately but value wrapped their months now, shareholders, now surely a would XXX base. the growing XXX million, hopefully million, shareholders but then around around right? faster, So, add Top were by keep we more like just driving million that who to months And more really bigger stronger and XXX just will continue that, that in after XXX that and the we slowly

that in lot everything our somehow, there's and to So, power short around migrates a of money we're certain doing avoid industries it.

Thank you.

next our take question will We investor from Harvey [indiscernible].

you copyrighted term Have the environmental minor?

that down. great That's I'm term. love term. a writing I it

doing a we're using That place now? considering us be what for to may good be

only food top, we've Yes, like, and environmental It's of of the right, way, the chain. government by worked of the three because of minded. Nevada, partner I those because I've feeder excellence, the top the super environmental feel I not of us, MCU, Nevada are also almost Mercury heard that directing activities fun, a Department team we awards river but funny, before, people but very us, are I to for like county am. federal Carson the the who not on that a we closely attracted who MCU believe with state like to gotten term we is mean, never EPA, I

copyright, away? it on it is or certainly would jump right So I

it's Yes, great idea. a

the I group say when conversations that say been what important we, convention not mercury from say XXXX, overall with acronym And Protection world, removing MCU. mercury who Agency been is then and and artisanal, the United on you full to XX, either Washington. an through mercury, could in we'll in also an Environmental artisanal we've around Department Minamata We've about ASCM, conversations policy We've depending this more reached been be mining. and to, remediation. and mining. we're but me scale small eliminating to the certainly had I States ASM talk doing that in the of to. by objective The the small out scale adopted with particular UN Let late the positive. The want and in to more hear is you, State And more out rallied reached has from or UN term

it's only building on that then going a the the like Our Nevada the core EPA don't even well, the we're competency mining and people, the industries designed go to you the that, EPA on without believe But And, smaller regulators. else Minamata. with but in not to do the solution sure. goal Comstack environment systems there's the raise mercury the that is system we're nine doing they're not river, anybody implement could not know they're -- saying can of it. We see small, only systems, clean to our is we're so doing Oro a basis, we of people, we these anybody free, not scale policymakers toys, mine lot we're partners, systems actually district up fully both chemical forward like Nibak Clift and best do district we're, and use not sure Paul what They're but and for the work very believe regulators. we not US we're we the well were the good with of of is we eight, this eyebrows but not

contamination. in percentage mines BLM So, who mines very literally archaeologist the Nevada, many hired abandoned with get are government, this thousands to years many, We them mercury which worked is of for Nevada, who very of abandoned mines of in going worked a There an large abandoned exciting. group. have federal

mark around I even can't it's my the get size global. the the So, just market, head of

asses of mine redeploying actually to some environmental reallocating, excited costs. we're Who's off a the hired of about systems built system. time that's were working the cost keeping happening. we for the do with what's adding So, looking course We're and butts all, who's not our mercury. we've And We're these so run manager. get up it at swear we to deployed. hired and the team XXxX hard We're markets because to is we're why off MCU shouldn't working we've our sites, archeologist, we're I our working very having

Okay. Is know? Capital Mark call? from you Noble this on Do Reichman

you're then I to would know. think Zach would he assume I say, going what say and don't, the convey yes. if message But and is wasn't. suspect, is I he answer the I'll

the report over I've price put been got Noble reading that, they've research that out target a of and $X.XX.

Yeah.

Is that a be to within understood be year? to

I know got that's don't if back front have but check to Typically what I of honest. Mark that have month I don't the report because... to double get be in I me. and targets, XX there's

What is your target?

going is fast not debt, a When delineated people the start happen I it's pay-off would like feeling deployed? first we When it as the operating, possible, cash, to as going you're say step million can see going to if to that holy So, project up. to units you're have XX is unit what's and step and we up. operating are first going shit, I right? these our what after we, generates a yep. see is, year, a the to My $XXX of people when we've be see think of unit within videos going we're to linear, going

Fund? with Opportunity fund, Springs your the role Okay. Silver opportunity is What

Board a was the possible do huge right? working And, driven and I and is when wanting monetize and facilitation So have year that by singularly team very, value. around a management building became Springs a then the ago, to I team. the Comstock evident half the things role, governance Comstock me was hard facilitation the it the fund, that Silver and to of very almost of setting to up that a its assets at highest that, approved of one of coordinate

interest two even property the but became was in buying I just or piece buying was much of was to that frankly, obvious obvious do lot wasn't more investors it What that. pieces So a of of there knew, became I that, in commissioned property. why one

the you you build and to much there's not some do scale developers to But, real a systems. is if flowing Silver The inclined much The that. some be on You one some had interest. and into bigger negative project, estate hard negatives to showed going build sewer to that project were might is Springs positives roads there's and it's exaggerate. and Nevada infrastructure, positive Northern is, so requires

just You couldn't, hard to it it'd justify with project. be one

good And are in fund far the forming so, some fund people mean, and as in as as were the invested really the concerned. people, I'm world-class bringing I that we

the the a we development the so, most not way discoveries silver out Comstock We're really let's planet. page And Highway projects, carrying of terms to on did much, more. and Parkway, a a here in around let's of XX couple consolidate much real at consolidating we're thesis USA of infrastructure consolidate expanded the estate around acquire whole what district, instead the And the one district. of in consolidating massive of historic just good state

was all So with intimate I that. then

of me. to back behalf on the taking and negotiating ultimately go in with fund started then the had formed of I the fund. Board, I we role the leadership So, course fund a to

we So, have management.

but just a in Board. great It's getting very its also not retained benefit will premium a for a value Comstock ownership. have property, independent. We very,

a pulled expect dollars being what's that have X% with we'll about together ultimately the here. fund potentially that billion couple of be to we So, of worth and funds

maximum my shareholders. role role create we're So, to Comstock think for value in the both at fund, my doing. in I that's and And in our what it's

not question, So, running running it. to answer fund. the I'm your I'm the businesses Right. underneath

So, way, I'm regulation-D. capital, clear, from if by pulling be, fund, together to and helping the registration the raise under to called fund responsible will exempt is the for the that's what's it's and consolidation

$XX to opportunity's stock privately, committed own but has raise So, only it's listing I registering fund. and the up publicly. mean, that million, to the it'll of funds that that I'm aware

you an expression directly. solicitation information. if That's in an of It's that anything there's me interested investing anyone or that. So, could just out in to not anybody, reach like fund,

stock. Probably X.X about on you said in and paid cleanup the mercury where you million cash

it was stock of cash, value was the is what X.XX put So, in? the with

yes, that so very, very carefully question me answer So, let and clearly.

So, the first $X committed in million. agreement, of which done June XXXX was

$X which Right of with most first gets here week. be landing formed US likely right XX% Okay, this that's joint and us XX% equipment of the that mother company and to the the venture, would the million, Harvey MCU.

company, are Okay, so monetized, $X the in that commitment now million of we XXX,XXX so parent the been were holding that $X.X into cash holding LODE they're that shares of put and restricted. of far, million gone MCU has has

commitment Philippines. list we've obviously, the restriction you share monetize remaining additional put to in That an well be money given we today's or will sort that the XXX,XXX, $XXX,XXX the price made it will would their Okay? to that come goal and that And if to will. exceed that XXX November requirement, would from towards of XXX us will back either

Okay.

parent us and committed additional that's that to give in XX% interest number we've two, that will, in an million So secondarily Philippines the one. MCU, MCU, up company. Number second $X will

the interest the end venture we interest joint in in with up So, will MCU in directly XX% and XX% Philippines.

So, we with right into way then have, and choice, the of of XX% but project. would that which then directly was is it's we our any to end structured was the up in XX% parent would invest MCU, this the ultimately

we the and up So, the our into our through the way of will is way a is correct. have we of MCU’s we do. I think with which other intended plays the the based consolidate is It's in out venture, actually it if way to that's, the come If XX% that's economic XX.X%. results should to we’ll results, interest we're I as is project it would Comstock joint what have which then be this XX% XX.X% MCU, economics where plays out, expectation, on it planning which XX% of

Now.

two Philippines the to where Let think in things I'm two to me positive running cash right, gold, based up units to they deployed committed that X turn trying going and I’m that debt get we and on model we in XXXX our operations but in say Philippines, million number equity in use are up and other Philippines ensure we've one recall a used but the XXXX gold that. like say the I maybe to case,

would get the of is unit It cash. paid on the months about five means, to that unit three, is exciting but deploy not million back unit deploy quickly, be payback flow. XX $X that deploy cash that level that Our of more it's just level that that we fact intention four, generating cash, from generating

can model projects and is that Okay? this to the come, two once pursue, grow the that's running these to So, kingdom mean, cash first want are idea. positive. up we I we

to right the have of of every the one projects? up we So pick XX%

Correct. That's right.

We have each on project. the right of refusal first

people. of in capital We the people of got tell opinion that of we and right one Paul people their fact equipment mining they're with Chevy's, truly joking terms the you, his of Paul offended builds mean into comes that see breeds with all was class Maseratis, him. working refusal the be like, build you day, first He's world system. entity, I he first Oro; I and might you in build that have dude, expert other the to the of owner the Cliff, are don't last Tom But, him my and Cadillacs, a we any I the Brad himself, build the we and on of Huburger Manzt, alluvial/surface competency. I

Paul's his life need. You'll to works the say, build so exactly and just way it's know let engineering precise equipment. until has me it and and intimate. been the what the know besides and customer Then Like out go who is to. specific what them he whole so means. customer they with It's It's supposed camp

we other, we're, each think kind in so, which I and is business. all like just unusual And of

the structured question, we fun answer get? it and there's as And turn having can mercury it, be everywhere it with couldn't how how lot was let contamination. was that's the of as we big like, he it's big I'm a opinion. Arnold telling talking there's it'll I'm but Harvey because I is to my I and other you, just day So,

get let time, more I'm get go the to there's I'll the end other Okay. of people and on. ask. going If back to queue

Thanks Harvey.

Corrado. Thank you,

sir. Thank you,

Investor. Jeremy take We question Aiden, Private will our next from

Hello, Jeremy.

this seem addressed, time. they've if to the buyers question current I long like been a but just real sure potential the the wanted table was for estate not for sales, on I'm know

potential can You something feel to buyer. step plate, it's that another that should able if or as they're the considered be to

Yeah.

no. So,

owns So, this Springs XXX,XXX to that's last interest has over And call assets. enterprise the no this in Nevada manufacturing investment zone, foot you airport, Northern raised the square lot it's fund, thesis $XX a silver if want consolidating year, of has million operates buying debt. and fund that. of The owns the facility, it

go feeling are there's also a more so, a forward. of that, of in I capital that believe lot a The capital was sell they So gains. a But people in they truly need of their everybody. shocking. of But, kind March, they've big concerned thing about There's big, deal sort was the COVID that and are it portfolios. terms which positive, paralyzed off with, also But there. big to market which markets. negative rebounded gains paralyze Then of now the triggered stable lot got the the a drop

U.S.-sourced capital your then conversations to appreciation for full zone. is a it gain have new then which is it's years, the years. tax keep if X And money positive. free. in the are Meaning, big fund, So, fund The as automatically for put there duration, is you up and money very you qualified an any you opportunity deferred if in XX the

by investing economic zones they're where needing tremendous that a typically the areas, is of development. tough right? of in negative there's poor in definition, census now interest tracks kind So, pretty thesis the Like this in amount

going in of is Northern all first an activity. That's of a except So expanded Silver with the little stop, Grand don't, built I we're XXs the new fund dollars. and important And of that the far that of so to credits, the Reno also, it's economic Station. and development the really highways they're activity of before round market economic no, dollars it's and the has assets, very no massive to looking really new it's you raised become to But of equity to dollars, economic been very loans, as USDA operating is, is question bring Springs Central that, hundred it inexpensive will. Station Nevada's Central that, more Station has Grand equity have so Reno if and and very bit percent qualifies only exaggeration. debt and Grand and debt one starts free, strong it those XXs position mind, private access financial has Central off fund raise, know Tahoe tracks is but there's around bonds, literally so, in is my millions it the accessing free, center industrial

in And any just like? any like, non and had they one buyer game? deposit actual any, kind of holding just do refundable a have more You're question the the have skin actually, there

Yes.

management is are So, But deposit of the investors. the board non-refundable and of fund direct correct. all of the all the

the are from, holding non-refundable the but by the or come only in not management we that So, are people of money all either deposits, board. has represented

you. Thank

will next Harrison Investor. We Jeremy from take our an question

I think to Jeremy. just talked we

pretty long. it's running I I'll keep because know it short

can clarify when million notice a raised is the far fund, As last the as you was week initially.

on it is -- It You Then ago. couple still any the there came a can filing. see the and raised out XX months other or think commitments XX? been million money where about other so waiting secured,

like up, only we're terms XX we've but more literally a to few million. in than reed industries of hundred to thousand now. talking it's Who the gotten, hard right make So, combined three numbers, only so

answer, not of interest. sort serious that's but like, which is, a hard, hard So No, really, commitments. hybrid

think of group a And that of investors one it's doesn't very going is want Right, can't the I I raise who, We like were whole of that the strong was so in there to like XX to of be first time. about million. think them well. there it XX people happen very any

then, third will about could a the go this we case, people. could of XX, it to So, so start. which like masses we accelerate broad that. offering, be In then public be and listing, X, that great be be was I then And we're the that it talking right think out a the would the raise And believe We registration. probably and strong. will will base the

that very but it months, We, to so with. four because frustrating to got things was saying meetings So, last we no nicely there's the we deal together just they no. very, traction. many just coming were it's anyone was other in get interested. that the get at just out having It's to context. But or hard we deferred, very just, one's three the couldn't But attention reached

now I be week. get we're meetings Now want we this like we're got getting to that the now but clear, like, now we meetings

We are so I work. mean, the have doing people meetings.

it So like in we're the feels it's, saddle. back we're, again,

Okay.

debt. by a it's there in plan everybody's out concern. that As that? it January? Is stretch That's, a far I as if backup there million think back, If this I the for main does, can Is did stretch X.X out? be delayed. know doing

Yes. had We've conversations. great

We them have right talk three about least plans would to prefer now. think I backup But say and I you'll that very soon. at not hear

scenario no very There's in debt us where hear You'll soon. gets trouble. the

Got do. Will you.

Okay.

Philippines as the is the far gravel going that's correct? and then, with first in And as unit, unit sand the

Yes.

Okay.

were bottom government a do to the the doesn't mountain. that river, otherwise, and clean a down the purely elevation river that of about, they little to mercury bit, the of mercury is kilometer on But, contamination part typically just there add a to it because want But, sand sense. We river the designed and unit were top XX of deploy the for really to, what gravel? which from up a activity? different elaborate the most is to at very of make up unit river. just It's And hard right? plans, remediation. like, of how the pushing We So, top is in like, at of us the each side the sustain was well, clean you we lot sits and

Right.

probably huge us contamination. less they sand and that mercury gravel. little we head There's And, around to it, a there was But it like what a saying. took while got for our get demand were finally

of could sand and but that mercury down lower have We at of the like sampled, the amount the less the there's But mercury factor that bottom. for the pretty product by important load. contamination the at top, certain. gravel, to a and you saleable river. of extent We it have certainly everywhere, the don't there's contamination much parts becomes that we've While base more seems know less know mercury because the when actually in default, in gold a mercury amount you with you less of

and took did gravel So, all Paul's what unit is sophisticated the and and centrifuges pretty quality we controls. was mercury pretty we it equipment we a with retrofitted as high sand and

it's we very But excited something be so, not And originally we it. to thinking we're do actually doing. would

So and if it overall, right? going system It's something first. have kick in that sand would didn't gravel processing. butt It's any that, of actually mercury, one's a you terms simpler

running. set get very And even that exciting. to so, if be up base load generate it'll in there, a But then it's revenue business and there's and us also, of in way a more it'll a for both conventional and profit it'll mercury it, get will

So, yep. it. That's how we're doing

does it And units the other Okay. of recover as or are amount no? gold the

should. It

Okay.

to pretty to it different, but in the the clean type see we'll of be. centrifuges. controls are same situation got It's So, the of needs get enough is with right? it'll that Every efficacy that have place we're it, it confident

how in things So, we'll how perform will very much, all we'll does. it cases, But these levels. high see see at

per was unit, still right? the at that you. tons Comstock And XX Got hour,

perfect that high coming unit three that of like, designed to Maserati, is Yeah. centrifuge, process Comstock cetera, it's centrifuges. of reactor also because it to et are anything high patenting. right? the cetera. to et then one than It spiral in is de-watering Which we've to we that, this was has the mercury highlight filtration is more Like separators and And addition units, has got levels gotten it the efficacy, the coming This process, know in had full say something centrifuges. is Comstock a important there's, unit want the to that cleanup, level the units from of I we

process highest this to scale where sort the material to then us out, The of we cleanest that of and right? is subsequently. remediation, a perfect bit, get be little ultimate leapfrogged get the sort So, honest, Philippine the up to

Right.

planning thing to But, the Comstock they'll were do both We first. work.

Okay.

it. appreciate questions. that's I my really think I it. That answers

Alright, sir.

the planning Oh, one doing still funds you last on on a just Are coming question. up? blog

a There's of lot going Yeah. that activity on. Yes.

forward. was we'll updates give I more done so, as that get go some we things And before. and help transparency just trying to more on But more

That And great also while doing documentary you that, a in you're the would you're Philippines. while be if guys...

Yes.

approached a by type folks folks, been Now Channel, already couple Discovery like of about the that. we've

So, yes, be out. we'll I see how that for There'll plays something sure. imagine

Thank from question our Charlie We'll you, last an Patent sir. take investor.

Yes. but My so regarding just is was calls, question on mentioned much not it and waste. previous

that I the was third think to completed there quarter. was get PA a meant in

this on one, Any think that? information I yes. more

Yes.

two So, sort of points that. on

The that less biggest an a published report. after The Dayton resource program. the under a to resource more to had it'll we level it going resource, have resource go before won't, is we've then will we the or XXXX So, it of one the although estimate intention I earlier, There economic but be assessment. won't for updated estimate. around would economic publish is preliminary an we mentioned get more be report, than guidelines a is intention SK on drill dialogue, do to estimate, than that. or so debate in drill PA. that we're intermediate And our

round then be I think all before we on drill the economic could it’ll preliminary if next will a and assessment new going the geological that we're way drilling lay be going, not the probably the Dayton. program, of engineering, to intentions close, report then, and the of subsequent out layout very for interpretation for the updated to we're

and were And the similar be to done required, new amount Lucerne, referring it'll level do so PA know preliminary of be the standards, It's now work for of amount may just assessment almost will when if the publish US to, Tono has sure. if submit, one. the estimate, a you frankly, to on team close, economics which but with Canadian economics of reach some I updating that's been and number two, resources, have or resource answer they've what it'll they I certain, that there know, also that tremendous for for done on don't too. mentioned, there Number I that what

right? by don't I But economic preliminary know that's want them. to with either followed the So, I speak for in assessment. resource intention, updated or estimate, conjunction

the very, we higher and we that do can very the to those huge assessments technical And reports like be engine view the validates good that's all as delineating $XXX of very of a it close But is describing a good values. parties, that, prerequisite are important, that the updates soon. Mark can that's, important, very about having And the this that, objective of the geology validate us, million it, it market, too. third on, clearer more And value very, right. getting some huge a to either way, clearly that So, recognizing lot ultimately, we to economic question getting we technical we're better. getting is talk huge, to Raymond, off the provide are

our technical is That's you'll with pipeline that and have right. absolutely. more MCU So, moving cash what report That's the less and in towards, intention. flow, we're

you best in should the So, and the that's cash second approach. and on prefeasibility so else disciplined being and out cash very be of a best thing that flow cash feasibilities the absence and give ultimately, thing ultimately is opining full someone what a is flow PA with flow, we're the

capital on to resource the market a its for X-Ks and they've care, our Canadian it think think when the and Tono we yet. base. is thing. approach, estimates, the even more going big Canadian disclosure are the U.S. start markets, substance. on appreciates big okay? disciplined So markets XX-Qs, an XX-Ks, But S-Xs, think was ass very I investors is don't of U.S. have very capital promotional, greater how in requirements I interest that anyone Because right? And capital the pimple a now modernizes the got of I miners, disclosing this don't think platform. when their I already can less exponentially you're

share it's people has the reason the requirements invest invest Canadians better, Yeah, it's their and it's in Toronto right? true. but some Americans are yeah, so mining say, change. about not U.S. correct, because say that's There's can can and that largest you can there And of Canada. that, in disclosure but a can registered not to stocks

maybe on I So, it junior But impact world. sure the don't know, miners. we'll won't make make an Barrington Newmont's it is impacts the of on how

better that here that. disclosure think going I to local benefit lead the on So, take greatly from we're to be, to going and standing we're we're

next release to And some this quarter? estimates think regarding might you it be so, you still or the numbers do expect resource quarter,

year. be think be this will it No, I will this It year.

Okay.

they're certainly done Dolbear right? a I on our S-K it So, already the bit year. started think before this sooner exactly end have right? But, yet, I to think new, But, rather the They will But impact haven't later. I an with timing. going than hopefully think little rules we're right? of being out, far that it, be dialogue Behre how on do we're XXXX not off, with we'll

very Okay. you much. Thank

you. thank Alright, Casey.

facilitation. it. wrap I think Great it up. that's Great could call. we guess I

this Thank and presentation. you. today's Ladies gentlemen, concludes

You disconnect. may now