Comstock (LODE) 17 Nov 202020 Q3 Earnings call transcript

Good day, and welcome to the Comstock Mining Q3 Update Conference Call. Today's conference is being recorded. At this time, I’d like to turn the conference over to Mr. Corrado De Gasperis. Please go ahead, sir.

good and Nick, you, morning, everyone. Thank third Corrado, Zach Spencer, is Treasurer we Comstock CEO call. Relations of with line and Mining’s to you the on welcome XXXX our our conference Comstock and This quarter Director External of picked summary a monetization which including our mercury morning, the information progress remediation some with of our on assets, our up business I press brief included really from the release our momentum. will non-mining has of provide especially and this our in incredible strategic initiatives,

that update, If this those outlook September, identify. update have available and make we Form find statements bar. current just last to menu also will other company right, forward-looking link may don’t complete same realignment on last that XX-Q statements the positive at new a we you in Releases release, hopefully, of copy in with the results is and during main on as site and remarks, Web by to you and all a complete bit Web that remind We’ve me relating reports in the night, which also the I of work to also will right looking is well on are These cause and click and that the subject the you on of actual also the tried going Q&A. for www.comstockmining.com three and forward statements. historical on These are But into our release, All been statements matters prepared the more in. Press statements our beyond. Please going into implication. risks let as can't the with subject today’s on filed call did my the constitute copy fact not also and www.sec.gov. EDGAR our sort XXXX sale on expectations two on are Lucerne, the years, made little report based morning’s are that and site a which an Any to we over remaining very let's time materially. really risks and including press forward-looking are on this to jump call, forward-looking with financial has XXXX uncertainties to this previous allow could our some same risks closing uncertainties shorten of filed by differ detailed the all on essentially SEC quarterly

half me or summarize of more for Let a about those dozen of you.

we three the and which or the per $XX.X did First months income Lucerne, resulted on of net share. million $XX.X this foremost, in $X.XX ended sale gain quarter of an record million for

months year-to-date of to net nine expect our the recorded federal We $XX.X income or also million any these pay on $X.XX The and/or loss on actually incomes ended per gains share. position. based operating net existing taxes for doesn't company income

remarkably, carry years million includes of over to XX $X loss end over period September in current most As $XX This about million $X.X down million same already and those remarkable million a as of $X.X forwards the in Assets XX just exploration to are number it $XXX of the $XX we've XX in liabilities stems of our to that that million about And that's net XXth development back you at current know, compares that forwards, will. operating people has grew and company if days. paid carry last Total asset. NOL and billion.

you cash were as valued stronger. don't down in million the of think to includes net came And in The sheet stock and our was convertible premium at Tonogold's immediately shares perspective, ever obviously, almost a under remainder in have from paying balance used of million. our million. proceeds X/XX $X.X it sheet October remaining The year. obligations monetize million just months. that investments preferred week, September company the at Tono So continued expects portion and common for million $X.XXX those $X.XX proceeds at $XX redeemed about of current XX% that from did we all due of a to $X.X It off easily pay to $XX million, the in redemption. large of just the Tonogold Xnd, a just from convertible as securities. $X.X over also that to small debt cash I could they monetization those of that from the sources, receivable XX but next includes were preferred Tono within been balance million assets assets company variety On the that's of see pay that announced on debt at of from of XXth that The down note coupon these actually come assets expected in a

strong Tonogold happened lowest to of with about of on year on the I'm our we're the aware liquidity timing the the what implement of currently of free, debt being terms So production. the three cusp receive plan going in one our that production through in cusp still million Remember our $X we're very financial that in and of around resources. we cost own annual of cusp Lucerne back also production being subsidizing of resulting able platforms into regardless of, reimbursements platform,

here today So held less million sale in we relating putting million the than $XX assets cash monetized recently we of be $X.X plus speak almost Springs, at Silver total million another of and for the still X.X. the almost for Daney sale $XX Ranch to Tonogold in $X.X really have million to million sit as debt, just monetizations announced securities against of obligations from debt proceeds these company residual $XX and

forward, $XX dozen note, incredibly a we well have the we’ll Annual bit that just process broken at otherwise we're returning do. that Meeting, almost value. we're but little our been tomorrow is metal by value based somewhere enhancing and to and planning and with it of more to it. specifically detail today That year We looking going three On positive that So environmentally of completed locked that company down planning do move metal positioned activity a XXXX. are that to would process, and between those with while which $XX associated of financially precisely billion in commercializing related from to linking forward. represent intention by we've the the performance increasing on deliver terms intrinsic form full precious plus assets. focused now flow Nevada everything forward of mineral of processes. XXX% by cash Northern and the what want of loaded flow the our all value share our value has delivering to the that we're platform, And strategic that the long-term published still that's We're grow value And incentives management based XXXX some to specifically and objectives with cash objectives products per $X.X to our performance delivery to

to geophysical made first to properties, and of review validate just the objectives required resource two, complex three, towards modeling. the years the now full published property. that's in mineral report date I'm drilling right So Number decision those the all mineral our performance and permitting three fully and supporting are growth, And Objective to standalone in under royalty exploration, categories, this. estimate. value topic Number through complex with essentially one the them develop our grow expand you that date and mineral into mining. expand economic one, the fifth, to three a dedicated going with do that resources We've portfolio. the Four, complex of establishing our feasibility new and establish is and a go entitle next so.

As of it's we're remarkable process entity. that royalty talk set value many but more bit, you of I'm in the growing something about going little our that be to into in asset compiling in and of segregating are the it's up that there. us now And terms that we we've royalties for could all a bit a of know, fee, Comstock

The commercialize global remediation second profitable our category mercury is to system.

so And objectives strong have we here. three

establish protect update foremost, system filed so intellectual us. the an and that First our the on technical progress system. very is patent you minute in just a that give of and I'll on efficacy We for property. a just Comstock exciting

and to the international want we operate deploy system. first Secondly, remediation

and most already in running. we're of over up know, and shipped to the As we've you the over Philippines heading system expecting it a get week be to there to

broken a that non-mining previously project up within to monetizing we’ve now great projects in And mercury built new we other monetizing and non growth of deploy the and to feeling progress They're assets. they're it growing as the of fast. monetizing at talked look completion and then we identify growth period a category at years, we our not its least third pipeline strategic of We unlimited. as obviously three running over of The total projects prioritize at down least and like component, there. they're own, have well. about. This securities last The this the same the And So assets. seemingly market The our is up potential and the fourth momentum but last huge. time. is has are next pipeline want talked projects four period, huge about our

Hill Gold news, we intending not Hotel. is this and not, are sell the are to We

opportunities we just strategic extraordinary other non-mining the are of grow of being to the our And developing also portfolio with asset view only We're an Comstock in now midst our cash in sales for scheduled and And to all Hill based with completion, the other profitable the are of Hotel, have entity the We company. as zone. we currently. to the and we metal going both value, the investment the grow company. the cultural in this Gold keep will value contracted opportunity that going

specifically be which share. more million, in, I little talk a specific MCU, least very $XXX you are to more we $XX color schedule. value it of on these We're to that. out a blocks goal, on and day expect to I'll to a give bit will we in specific a aggregate in these of the the want very out very color laying Happy little as sequence. this components turn an build a then But more very, Q&A. about just we grow laying to to over at So bit

systems that the we protocol testing standard Department out the the also With with system reactor mercury running the last enhanced independently. running our Environmental for created the conjunction Philippines. accepted everyone interdependently the the so MCU, venture the using as except got components much how week running we precisely of and the of that EPA mercury week, last process last all the the then on going we the And system had Ore the Comstock, Clean components and mentioned, And vapor validated precisely the on in is all formed the system and the the that's testing Nevada to had EPA system. our the over of is efficacy I joint all the system that of we've how with have in piece venture this developed mercury our have we've all all counterparty will we certified protocols We've The ensure and working much results that We've Protection of our centrifuges, mercury of we conjunction coming Philippines of reactor the side cold will that's highest mercury other means Solutions our in will is know intention that again, our at with reactor. also to separators, system. which activate. of into testing spirals, in of of activate week, the all the

our over Philippines. shipped the system we've know, you to As

productive, online, Recalling we We not models starting as next the accumulating Paul as to our and built better. at all system $X,XXX team timing now to that peripheral out get of And initial the think I peripheral our be of could mentioned, should as systems equipment, the be are timing and gold. be We the operating running. week. coming them that we of the materials, up sending early

of seems of excited more about be really certainly We the like market news months. from metals the solution only of used is we're more we're extract the of on coming around that soils, but we're us. these free types be couldn't mercury mining mercury, few next only basis aggregating could chemical that for aware the ongoing systems size of about the sustainable out it So clean the not from operations. also over And many these the that the excited the

So happier be couldn't there.

working structural year. level sections, foundational shell some information, of are drill to grow Turning We be from in well. completed We'll that that the had we're the to on -- of Meeting, as that and full plans, to geology, now incredibly Annual integration this been in, from we the day for out pit but an almost we've the moving it's geological entirety together tomorrow would actually well of that profile expanding work all complement come laying that expanded program engineering cross resource. as the

you geophysical the data highest just the based I via just level helicopter And week As But survey the am know, the October. data telling know. I'm data report, also got most we you you view completed load, tremendous. and report feedback of the last but shocking and of Frankly, detail the from information. that It's we that the the we the the geological the still we It's into to data of superficial amount looking giving impressive. that haven't delve this we amount know. honestly didn't directionally it's just of real of we It's depth ability corroborating have directionally on that we details very even what for be had so to yet efficiently expansive to that but and of get all this is details it. can in what now

enhance so resource integrate that's it dramatically and data will be both expand and the will see we expand is the now drilling will only to what in up benefit not done our geological will where but our I corroborate contract, the that prospect target will precision modify able with ultimately been ground biggest Obviously, of update then happen data the think prospect we then to. know And the from believe all target. into our data results. with what will it estimate already to we what it as two resource we highest program would And ways but this engineers internally, the the we'll model,

that know planning are you Canadian National I and retained report. a we first where think not report We're Instrument a SK-XXXX as compliant under guys standard, we report talked [indiscernible]. to going on about SEC is certainly we to file technical also US This the last that it's XX-XXX do to be the part our maybe do to to the We're first the standards SK it to SEC in We resource because this looking year. for United filings going until XXXX standards estimate. but as XXXX of be not the year. SEC compliance required States, calendar results able

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seven a technical have or report scale So you you XX-year scenario where have year set. a won't a data

filings listed of have as and and for point reporting. in continuously it'll as we being think are very company. will our a registrant current which It remaining drilling US US will XXXX. in looking our plans, represent updated NYSE in leadership much and also to resource forward sort data We You include us

east mine, the Lucerne consider expanding when occidental area our believe an value ultimately publish I the of royalty extended the to Just X.X% itself Tono their we we load. we the little this up, and of about is But We the And extension also is is much the that all mine technical that exploration has a report occidental that program. is our resource what clarity strike, Tono. came a then From it Tono's load genesis on bit development wrap Tono an on to has preliminary their royalty will on about in let of more standpoint, give and portfolio. X.X% talk additional will some before around connotations which Lucerne me retained part great. royalty grouping sold southern resource that Lucerne incredible claim of which miles two of mineral

royalty conceived the also occidental. most soul some with drill we'll perspective now -- grade is most And include Gold Lucerne the exciting it and highest heart would but well, have, has eastern on the the will that program of the Hill one the Hill occidental, original of always believe on X.X% launched the some retained Tono of they also target. we extensions the was We Comstock We those started represent and load. the some Gold and expansive potentials what of include grouping target clean of already believe on what Comstock. claims on well the more here of will incredibly

retain our Tunnel Company, X.X% Gold on royalty we But well. royalty Pelen, acquisition the have effectively also as an owns Hill also We X% XX% of XX% those claims of those which Sutro targets. through of additional on

In option Tunnel over us the addition more we that, that give XXX% and would to that the rest which Sutro of to entity, X% Company of XXX% importantly, the buy control royalty. have out

with the here us to center value attract on to is most lot prospective incredibly between has attracting on some sitting X.X% royalties, that attention. of and So of a a claims starting the for anywhere Comstock created here X.X%

I know and you're and hearing the what more values even it royalty, about be going are think Comstock what of potential already to beyond potentially And these so growing have. components we

only believe some these it created getting so these billion a created has drive our sense narrowing focus that to $X.X behind monetizing is we a to it's wrap of our and just us financial now focus objectives that sound the will more in me say Lucerne closing let So assets of value. but and up position strengthening that things these

looking stop to very going XXXX. ahead Nick, go is our momentum and our stronger just forward questions. just capacity, getting So there. and to to just I'm capability, And turn much let's our we're

question Thank our from Instructions]. comes And you Mark [Operator first Reichman.

I still geophysical spent? is get the interpreting you think feasibility do what know to With respect XXXX results. both of on And exploration to the Dayton for But Spring kind Dayton, be timing full in Valley? what dollar to and and program the you're your expectation economic study would a

precisely. I get I of Meaning think objectives publication probably those our the there's resource So three to and think year, reports. this technical I mentioned, is that filing I in we're of looking in published the this and over first part as of up it intent as performance our the well. to that that work the quarter wrapped as trying say But estimate, which didn't made course see XX-K probably

So we part also as but be to to that will be of filing. it able able the XX-K publish incorporate report

drill the I we program a geophysical refine Secondly, data. the still done from very that's already now sort based literally it. looking together program, we're think I you got say pulled the year. know we this just I geological drilling have been the And of at And is last it. work focused to step on that all mean

shouldn't report, geological of a really report so is much a be is geophysical mountain as extremely just viewed it and as an So robust it but deep it data, data.

the at there they're I will really be mean, drill be be very think think targets expand drilling, exciting. our expectation, like range will the refinements is information reason precise certainly say first enhance team have I modest. the answer to we to it'll of resource, that what added When will directly, now of $X which will fill reassembled and in But resource. drilling program. data very strongly I It is million have I upgrade a that re-calibrated So we probably some this because would in And and more question we've modest, already, they'll drill real program. seeing to that set say the we is, look the from the my it'll much so we're that resource, program our your gaps to $X million. probably And with I

platform, us first the real set allow think identify the new And so drilling. phase I to of will XXXX

wrong, get I me very, it'll us exciting, don't think it'll focused. be very very but be

then expansion, geophysical connection data we're expansion we're program while we step a out continuously drilling other I explicit While the be drilling explicit would of would we as doing what what be know, and evaluating to in based XXXX. learned a in for on we that, second what and think will words phase create

then it the a known that think I estimate. program that result data but so good feel us. And next to the economics quarter, stronger year say adding that drill for we would start of updating don't certainly preliminary expanded typically modest And first start, by be of then yet, a example scheduled as to resource. that like pre what quarter feel We the a filling we in second that, we will a parallel economic to economic would and have shell all we're would then working updating in of data, in to already we We reasonable on set where third of drilling, have engineering resource analysis. means and what refer terms to but strong

we would have feasibility full With decision, get decision. is the idea report, have then to still outs a and so XXXX, feasibility. to publish, feasibility, plan look survey full essentially is full an the to step that than it the these feasibility positive would a geophysical And production to we technical expand be we It context went on wouldn't show analysis. production be that. much to a the step before that would to factor would more extent would which risk economic to want we through we by economic One this before mine XXXX preliminary could be publishing but extent that

get So would way, be success. one in

step we the us. with we'll outs come dictate it's to and two going a let into another conceivably, economics of sort I the much of scenario more. that to a we know so think of could we'll and spend to it that Valley if Spring you much up this out then the positive be, we're are to have could further more, years outcome. a bigger plus question we And step model. mean, how And out grow But drilling I then expect what step then them is development good

I So what just guess than let I least asked. you know answered at me but more I sure I make answered I what think you asked,

And queue. before get I just one quick the back follow-up in

very off still assets some of most noncore of debt, would in executing been you've your successful paying your So remain. prior sale even of to the

guess the in I to question some think Dayton So it XXXX. exploration is, a the available buyback portion kind expected think be or think Do might of still light a there you modest how proceeds? do about dedicated do you like for be How you capital you maybe will allocate in of budget and MCU, returning through or that? will something

had of million, XX you spend we So that a number, to at return this the they're sight mean, point, as are What a very close becoming have your us $X,XXX in X gold, million a until look exponential. of robust capital gold, value, of to million $X,XXX The high million we To the X we preliminary third for I assets mean, invest the X extremely economic well. on very for even million high. you could Daney potential, is funds us. available. support $XXX million. $X,XXX mean we shells, at million terms if $XX still now high the I mean, in look million, those value an it's XX gold. mean, XX of said for that's we million the up million weren't I if allocation over before committing day million we not or very, that But only -- X.X party absolute that XX million and We're is and of technical we to not true. difference way. Ranch million, view and drilling could and just our expand a returns available. as -- value $XXX validate more I X we clear to Springs clear and or that's two look to of priority or have range until XXX million million in economic have is to you of now Silver economic some I it spend add at XXX for

have a million have agreements. through before we we to funding XX of over liquidity with path coming But almost clear that So Tono. sources even those

I So think be lighted. in to green day is going

and the you're that to systems. one less to as we soon moving as sort will see meaning program expanded of are the as board, speak. million nicely. perspective, these than mercury going different As we see to We're look now US of drill to some on that's with happening MCU's to we on also $X is going there's Philippines generation that doing see cash of we and want commitments very our sight. if actually efficacy the million fast obviously come There the million efficiency remediation We the $X.X from in the together a the deploying million as jurisdictions, clear the the into constraints month reviewed forward time the organization of though of of have is And are three as the $X want to for million to $X that. then four go, be flow lead updated, would Philippines, there allow system, times And We system, which building a some system to even lead is can it. generate month. $X there.

to as fast cash flow So moving. the those we cleanup be want can we and as the get deploying

of the we been other processing developing. mineral prioritized. what that's the those technologies top But we've things at So have are list that we've two

but We opportunities way have about. other just too talk early to

do we're some where sort been four of our but it's canvassing that the of It with to pleased to diligent obvious get buyback gone liquidity just So restructuring But We always liquidity. going wasn't excess we brutal through the it, we are. most in there three to are. we that financially absolutely ways. is be miserable. board. I’ve hated years where receptivity the reposition disciplined in would I'm to is it and likelihood could to There only

yes will liquidity deploy we high those we're have intelligent. pleased but consider consider but high the also liquidity, we then be So return, as we returning Because more be very liquidity. like very we think too we it would we exaggerated and that. I diligently. landscape, may I the at we in have get are very have And opportunities modest wouldn't more to with but might if where look It doing might things cash something

And that we think we make good a So communicate decision did immediately. question. I obviously if like it

Thank you.

James from [Dell]. comes question next Please go ahead. Our

throughput per you… anything are or you of response hour What like kind the that, on getting system, and or your mercury if

the to to up compare that and system of of X a really compare to to And show range hour. contrast, proof US, proof the just the at tons US intended XX per great is questions, So concept. contrast, designed been concept operating is and

XX you -- being million. that be into XX XX than below could fed of harmful million our end be example if is all. absolute out for the million and we've to we per so come to is to that it's to we per whatever the a per be standard not -- just any get XX parts on is tons per other ultimate try it the parts for the operating X not material reason per the times doing up purpose, would per what range to is. be front as to EPA effective side, parts system four possibilities, US operating rate X to to us to certainty Like definition to at move is that And want it's and system, use effective. goal our for obviously want that three hour, so the per far, of have is clean it's slowly intended the Jim but And And then -- defined of tons an you have the been mercury surely less mercury from hour of to to parts it's going it is parts to XXX want we per that want XX of amount million it's we’re the we not but hour. up we used have The at let's from. meaning that know million goal scale zero that want

we we factors for it a is very but here with also all of most X talked that and of monitored many, it's that's lot, wasn't XX, to goal us. important scale the the and -- that so critical data corroborated success prove up something methodology. And third why There's sampling up be will it with it with an one would NDEP. from about to a coming certainly And as was is then oddity them of is of fully dealing by in protocols many with you're acceptable, can normally we aren't statistically extrapolate that the you disturbed, necessarily the EPA as the certain geologically sampling the universally there way that when out -- materials, came be accepted, that can't a meaning because that contact. and And certain assumptions materials we accepted, accepted parties,

sample sampling materials, materials, obtain with up we So it, But mixed came proven invent third-party cold-vapor up materials, didn't to we with the it way this came materials. process, existed. we

now, ran until about it. And really, Last excellently. we independently system part And technology system running the the the results. remover, the substantial majority central getting mercury each of parts has our Quite we independently. with the run We as words, really sort of of parts which main is we've the ran of all a all to feel then In results got tremendous whole a good out. the week, system of running reactor, frankly, without mercury system. the all system without other part we so parts whole system the each the tremendous up of of mercury other IP the core to with all and been

the and to system. run going the we're reactor activate whole Now,

going case. rate I of varying of each we're like rate step be your of at in it different way, As point, materials getting hour quite running to at per be while. types ton the the fully We hour per the we're to going X ton we out, for X materials, run with expect it which expect at to a types and all proving to mercury want

metal hour getting onset. that running, gold. get After the and week unit, to with onset. so will words, from to or profitable would lot run show other river, where gravel. of out. XXX would it'll And sophistication But need where precious we're a it's rate it's wouldn't contrast almost that at per be way four technological the for of That no mercury. at just two lower of much it that In models much, me far with almost got at from less of the that system sand tons up layers Philippine it the Let base downstream, there's run our the running starting no the and system that mercury a

a a tremendous of of because starts if a of you or fifteenth tenth of even it gram, operating generating the a rate. had higher So gram cash, amount

both system same that two mining but higher we'll don't XX of integrated Philippines. US first are with want just fully different to the make to the the start the I different end they're system with there result at range very priority. Once alluvial that X we So of profiles, the of sort then get building focus sort -- mercury ton the running of systems will go to

project the XX that systems Now word And for these will regards. things system. time. for one is Philippine that like the system different probably these also be environment But same looking other some Philippine see they're for each the Comstock the that of system at a We XXX deployed in because be more to into. the would going very sophistication with to could designed six we're ton per four of be is hour higher in that five, end the or customized system better one regards, having it's second

project depending more of separately, even deployed system have though project one size much on each think a its could we than and scale. So typically

your beyond know, asked I again, hit at least I So question? you But contextualize did me. what

You did. What I'm thinking pad of is, right? material, using are you leach

just are that and proximity off top we system pad flow dozen we identified material bring wise, we've the dumps run dumps taking targets started Baltimore material up. a from some in We then feed some to the immediate in called using that started Comstock would leach tailings, material across the

frankly, the like rockier, spectrum of Sandy, kind materials, and the So is it's some to different of prove types variety really contamination test. different across a of some materials, different soils, different of levels a the concept US full project variety

it in? crushing you are And material the you before feed

comes currently not some of them with so To we the would we but I if of with but with like wouldn't that material, screen. to imagine the didn't to the sizing, didn't we're the excessive material extent we identify rocks, other We're say, target we you leach trying has, extent material, waste. bigger probably will, didn't any crushing far. -- let's We material

So screen the into material system. it before we the fed

What's size using you are screen under quarter? one

go would We're components. we not mean, minus probably it's systems inch The below looking be use, just it's bigger it's a better maybe using the more not the handle effect or an quarter to not the but currently sizing, smaller. material and process. granular it'll is, efficient -- inch I an

optimizing to So just deploy. be form easy heating some to and simple it'll question is besides which do a very to use of of screener that

We haven't done that yet.

that the we Speakers] choose we We [Multiple can haven't material that prioritize. confronted yet

liquid, consist I output the a sand what? Is or does guess of? slurry, What it a more

it. of all the like it’s Yes, above

that's point in capturing are and this we're an mercury. So we At process, our mercury, obviously, capturing amalgam. separating the

we refining. And we would here will that, and have with have So metal extent it. the for in subsequent that literally there mercury we have retorting processes to be

have We slurry.

our mercury separated just gold test. the unit. the fully the this is those be cleanly. process material a we're is that on of from have leach doing case, of the all our pad of everything We contained that is sort would the be residual other one while platform contained the materials put In would running And approved and and beauties that's on everything than

look this finding on gold the mercury, are know besides minerals valuable but if like it, you've finding more don't Are -- you other silver… I into you any done any and or output

Just gold silver. and

any you're to through spend finding material grow there your But plan? way mineral some. this Is

But planning how to a proven We're now country that the we the many, what around in validation that's confident many, for stage the the intention proven process, the from to we're to mode larger would is portions of retort can be and system. our goal would Mercury certified, around to use that There of Once do. Right once the soil. then that deploying the scale system many remove in be really system right to other others, the much And like of to the then others be particularly final that's in way goal world. prove not sort the projects now. of that's the of is do refining. efficacy some the can to

scaling extraction what the the effective highest cetera modeled more we're from the up And Comstock, So to we much goals, soil, that we're mercury be on unit going do being highest at the them that's a even systems, though never the would this much, it. opportunity. Comstock goal projects, we've how largest removing motive, cleanup/metal bigger is at deploying prove et had and profit the doing residual profitable the to of equivocally from then and priority was priority much,

bit. Springs prognosis Silver Ranch the Any little when property? switch gears a Let's on on Daney and you're close the

signed drilling with company currently with is year very the actually Tonogold very services with and it What precise. and where two they're using a actively and services here company, speak, So was drilling that did was good. drilling agreement the we Daney sit is we and we -- as it’s

buy So ranch, within apply purchase to years, the would to But owner we in we he closes a for the ranch paying sell a the $X,XXX signed $X,XXX lease, the the two the way so And of month it the $X.X a agreed price. did two if a to lease, company year was we month wanted million. rent.

ranch on worth other $X.X they the or the negotiated, something an wasn't But prospect we in not million is high it is dollars services close services, did drilling, would if additional to if for driven agreement there's friendly do. happening, so to time they then to those of that of us. ranch. us. And that motivated that words, of guys be But the able that we feature And very think did In that million says would those one was would $X by would business liquidity we're we end be drill were a our drilling the it use apply in it to purchase period, the of of them. necessarily And there's result those services forfeited something or

like payment become almost plus the drilling sale. the rent services it's on So deposit non-refundable the a

was and our day for offer ranch, terms win in guy, closure about So drilling the way. have. the we I it that's here I value. nice like effectively to really I accelerate thinking could wasn't of it But very could as of from And start for kind a excited first some good understood us, our the it develop be to any the when in plans strong it accelerate

So XX% looking didn't. would if I maybe it's be opinion, that close, my that's I probable year XXXX. ask it will But September surprised at so me window you're XXXX, a I say would in you it think, if two

They've It's you know the solid. raising back So restarted Springs, capital COVID by has in When fund. good. really good all of Silver you some haste. it's to slowed the come activities down

roll to gain that investing real gains. exchange of friendly opportunity would estate people, roll real September. the who way We're type They sort quickening fund of now good those much think from more some capital we're getting getting really to looking they're and realizing was project. it's much interest typically be is But there selling lot think into people lot user a in efficient, in I capital more a much interest. estate a flexible, reconnection another more XXXX more

valuations, getting money. getting higher at valuation. money much, We're at we're So much higher

way. is the of growing. step the the thesis So being pipeline validated every is And

to a there important Silver things factor think myself, down million to of way there an There's and most at senior end was point in was probable, very to less off pay fund this the in a from There refinance by to not away next to debt appreciate. which some property, note. like it very that this million. a it this is was little I completely. reality to chip secured has at as unsecured promissory that last most for I selling paid the day almost one. same still stock. months activities because first, then Springs means or us, further, three from our So -- has through I term, taking did year business of otherwise primarily could secured okay, over debt It the to that is XX of us That stringent urgency, the originally and a risk start for due closing changed We allowed ourselves urgency from the got by that there's funding early the stop tight Tonogold, all forward. if debenture than extended the to sole equation. selling want but from is, was MCU, be this in of our us debt, X don't senior Well, year? point, year very misspeak. think been We remove the to strong money there in saw it the prospect the Tono more an dramatically. us And sort the in including going off these be provide to our the end of risk for We removed that coming flexible a monies

accelerating down half. itself that a So the million, big then in victory. was monetization But Tono $X.X Tono then we chop with that number over and right redeeming

sales, assets just saying clear without money it's was there's our sequence in. I non-mining debt the of earlier, as so And paying of a off path coming to the these sort

Tono was so we surprisingly Well, assumption to more through there Tono, expected. flaw let's bigger than any was real there. mining going we’re from and money came the these think get get I asset a on never sales.

I to become that pay previously, investors on. asset our putting Whereas Tono non-mining is debt. have people monetization gravy We on What's top was We're great the industrial is COVID priority area. moving less at which coming the sales capacity. people were more be companies immune to thesis this top. higher have very we're been that in think the on Nevada of maybe considered value, and that value liquidity. off important And about assets gravy it the getting the good in we And want the when that Like have northern values, to high. industry comes assembled importantly, is is to the into our

of Springs the want We're XX real just just value of right to is, come these going alone. to fund the the We maybe and Silver list have keeps the a and that estate companies and leases water bringing in value of the signing up.

does not our mining things So about the urgency our it the of remains non priority the only we I talked Tono it's it all lives actually deal, X.X billion allows dozen I simplifies number has just just but the to some closing will these activity, seen the made an I'm a best It's and that position where of to of securities, that faster, the And do monetize be to urgent we for the us anything assets. a just get desperate our it thinking. all think thing in, But the getting would to is, flaw to that a timing. of not think all focus the the exactly create we fatal very value. financial just monies or it it continue -- one any we're to closed. less thing. XXX% drive with monetizing acceleration it's on haven't a the objectives It wish forward. We're just trying best setback going there's I'm confident. investors question. that confident deals But equate in would and no also

get it It's there's inquiries, into estate. lot a come every these looking and wish any We're I But it's and more done. more faster kind and of that done. So don't faster real to I'm week. confident it's coming going I to trying getting say, was capital coming of feel to less

happen. it's to going So

next Our Frankson. question from Carl comes

from lithium lithium claims byproduct real is, a Is any the radar aside one I lithium all or deposits. kind sensibly the hot mining Just like centers as your of or what of any of I that? on guess a Nevada of feel, for a pistol and quick at is anything

that it's interesting, it's that you fascinating So asked Carl. question,

to at month, we commercialize value had want and friendly, of responsible. cash socially we've precious verbalization meetings, materials our environmentally been our high incredibly two you based generating strategy, environmentally metal are the if strategy. And on that look so we board last So because focused

I capital, interested situation in no, we been Before being long-term investors, always a [sharkey] asking answer two last year no, to type say One having no investors, mercury let responses because need how question, to we our your be is have the short-term type us much of ESG fun interest me to things, to not from saying, base. that which capital no, remediation very is capital it's went of And We no, but things. in shareholder getting impossible want interested we're probably need. amount enhancing the investor looking do don't to our we're the exaggerate.

any start -- And huge people switching we know our we're like. to what investors, looking not investors we're your coming. other our names. to the words, to eight top one seeing know we again, leaps XX, now, months top answer do before like at now, from from subtract I see We new I to from need we is They months the base enhance question think value if the XX shareholder XX it's doing. see and So like in way but we obviously, people. want that to six base But like I'd XX now, we'd months looked

is we a get at as is, process, foundational top talk to we're the about believe us time about and response instead mention Pivoting industry. intermediate engineering $X we a question areas in been nondeal metal . and the the Warren and to we've truly meaningful we at is metallurgical what a in get that to to driver share, Buffett, actually we top gold mean, we're the to confident I overwhelming. to in go in favor process to maybe doing. their now The for about have at mercury back and me that XX, objective. two talk recycling, XXXX of us a that’s share, to and investing it's are we're your our something look first like allocated the talk when metals capital or So that precious metallurgical about mercury looking getting XX. talk careers, Ohio remediation and time is $XX investor about Not looking teachers roadshow excited on And these

strategic precious So precious what say, tweak meetings, But strategic and seeing in in to statement love to we're those we decided the metals. board we metals.

reason recyclers, approached but being lithium by it's opportunities tweet the are critical we the battery mineral ion wheelhouse. being not within insignificant. is for that So strategies we're we're And by that our approached other

leaching, not straying metal our of we're look from a has process But So you our we've that that. core at when all done or competency. focus that reprocessing, crushing

lithium, so remediation mercury pretty to cobalt, with And ideas, nickel, first when than was we're magnesium, than that. hit more some started getting ideas, interesting advanced more talking we

both generating opportunity million net we And so an I activities, remember huge think of $XXX to cash from into operating get losses. a have

to mean overwhelming. for investor feel it's are even feedback. I more and returns strong. the kind us So not It's enhanced of the

growth some for positioning we're ourselves think here. I incredible

million mean $XX but these hard those, and at are it's strongly stupid And I the that too looking opportunity, mean I nickel, lithium, so are a feasible, communicate month. ignore. you're answer including the mean some cobalt. too is we mild. is I too these are million, return some there an models, generating If here very economically invest you of to models. $XX crazy to early early are numbers

want we've So form shape yes, but way, we've in impair or two don't, we that our to expanded any the years creating. spent focus purview

are We within more invest the or that that. three huge non Tonogold mining don't we were metal huge to in assets. don't to not so, just cycles precious wheelhouse things We anybody for successful, cycles want of want want because brain to able the it's doing. just want from be to benefit to else money as commercialize. to possibility believe the So invest as cycles or sell brain important to two Tonogold want have to process if mining brain opportunity, to, in We what cash-generating us we invest assets, but not hugely we that in strategic non is

something I contextualized, tomorrow that tweak I'm to in over possibly annual broadening the again, limiting one is the have time a focus, is labs. meeting So our may little the and not is strategic which be to that question we're this so right lucrative only in very things of going but ourselves a on your at could spend

one. other One quick

we're like of a be as at the disappointed looking little to bit earlier? something it this. to Metals, far speed how little ones going possible a out smaller little some of quite this got and a far I’m a up Gold, the As with explore these or like Dayton, you wouldn't finance to in process? get little that honest, Maverix Couldn't I Eli be streamers, it it or maybe

be million lack for of to $X.X it, $X.X nine would a you better day financing there way lined we million non-dilutive paid think if me say ask ago, so you, I think it Because for. like contract drilling firm have bit. would sell I we're with Well, now. in, literally in that with of this I'll and we debate the or months up. a But tell do six we Luke's little Theoretically, could to

allocate because key day didn't it. wise to not the qualify capital So to for I return we my was didn't didn't have but it, in want because the it

months beyond We here, to now. and we data But a to might soon And that reports, a sources we're The these technical that have here, sort Once even work program rather I so in capital. what grow line as publishing going and start we get published should waiting economic incorporated value the is economics immediately. resource value. faster. recognition we to and moving the this though have of do there be only is that always have thing funding there additional have three to don't think now the which that finalize we do just we could data. it, we the appreciation because that as where I'd of Like we just a the and the two access And drill start current consider thinking. with we'll known we're losing of for speculating time to geophysical with received have into planning seeing we're we what technical not

So I move think it faster. is going to

waiting that be the that as of to it's internal moving of finalize were I to are think to happy think I you'll based on that the because remove, survey. work start bit a removed, we frankly, are we just going obstacles it faster, really little drilling geophysical now right latest

question final our And comes from Lawrence Danny.

Thanks I the question work. way remediation. the My is mercury it's the forward. regarding hard like for all moving

go whole you picture? take So let I'll version do can machinery, implement Or a and give sell do mining Is me gold it company, another the abbreviated of, install consult. you hypothetically, one… sell you that to it if and you it quick then you the help that

me givens. couple So a you first, let the of give

right is first alongside invested in participate that and company in project MCU. the So to we're first, right we XX-XX MCU, of the every refusal which have

the this of structured, then project them. XX% So the and each XX% of MCU way is up we end do we alongside with have right to

with we of which a each structural we project end context, up economics of like. as the theory, could So XX.X% in

we're process Now all. would idea as from that's necessarily right haven't we the to in any how And MCU first to would so right comes preference cleaning that ruled do these really to these global would We systems. of intellectual MCU the property is that that it? mining systems. one. material. would first can to of and point decide right, exclusive up to secure be like our your And coming MCU. how the the we model effect, at number we out any to question, How systems perspective, the ones deploy exclusive from we would deploy way. restricted the So all, want material contaminated. like matter the has we a global to we answer It's from like the gold -- to extraction the not deploy of keep like profitability We the material. all to can And

for as Philippines not does allow the use you if foreign an XXX% the ownership. Philippines example, So

literally partner in So local controls mine example, Philippines the our owns the claims. or

come we we and so clean profits. a the they up venture, XX%, where XX% being XX-XX we we it share And and we in have being

we capital we is an our of XX% and accelerator the recaptured, XX%. original get on until all and they have profits get then However,

Northern property, massive make scenarios could it royalty Montana, owner, in up clear very Nevada. equipment them. or on California, nicely XXX% property. scenarios with liability. where just set the own same exact looking Alaska, a the not to looking their our thing part own but and have arrangements processing eliminating do venture major could We're it's the of for there. security at all the could secure we So we And the us. material. we as we at do We're of then in property We very We're We're

lot of said our We equipment equipment? a we not leverage this terms So intention that, somebody? restriction. it's could. We license have we no there's of there's to could. to Absolutely, we But that sell There's restriction. work. two the could do Could in the Having those no initially.

we feasibility be and We also impact, social impact clean pick it up. terms communities, going of mercury and have this one of most economic We feel can mean we're has projects the that these ecosystems willing to world. really to most destroyed the that these terms profitability, around many in but and by so in the are being choose almost And like the impact. we like plays

Interesting. That's sounds great, good.

to That's EPA about it. now too. But how even there's cleaning we Difficulty] couple do I the progress. came -- that projects look money mining only impairing world. no the major around making in hey, a can and pay as rather than dozen you up we no the we're The to is that, up. if what there's a want I of could mean a miner clean think us -- as as like [Technical we're years from I want with said, making to environment So government the the mean, difference at all environment we're that and

Just work. the for fee a doing take

I prohibition. no You there's mean, know what

new be to pro environmental? Plus the going more administration is

engaged out the point about and mandated question state that, mining, Washington no something pass engaged engaged UN targeted around with X, district and the is been the group artisanal but EPA. the mercury world. are all engaged the US the We've starting We've start a just that industrial This in EPA. district we're where not world. Minimata the We've They tell small-scale Minimata X. policy department. especially We've you XXXX of already around convention been I'll the been the with there's accelerate but miners convention, been with eliminating with already So to and to implement from from year. Minimata

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already like point, your already you federal only have better. get we to only better, huge -- get feel think support it have I can So we can right,

It I flexibility. sounds like Right. interesting. the

good. Sounds

Yes. real a It's business. a real market. a company. it's It's And huge

have Our the our we at challenge which systems sure organization we around speed deploy can the will be and just it. making

as has well the and local but there California, the as So family the of resident partner far in has in Philippines is fantastic. the we Not been CEO Philippines just exceptional. do only have is our company,

company So helping -- more paradigm show the how bringing. water… of river standard the really a to eight in page overnight. is And we're technical success and comps, then the shift of aspects show hard mountain to and international which the If efficacy we same everybody ecosystem precious leader doing on of the on technical of they'll they in the years here new to where we after literally one overnight the If we're Davao mean D'Oro, the we're up is Clean one added the metal be mean is a Ore can for their that districts global is set paradigm show shift Solutions mean here. a richest we so riches I Asia. which like that clean in the I is

see potential Thank Very Right, for but the I sure. interesting. you.

you. Thank

this We no have at time. questions additional

to for I'd everybody interest and attention. just your your Well, like thank

marching it are of really will But been talked suck to keeps emphasis meeting COVID. I some tomorrow, than hope until about be annual hear safe It's during we encouraging -- up everyone vaccines, April. not got forward. and affected business-wise, which have have Philippine our family here but an we've the the just delays to other things today. just about We we're we've on their the

you thank all. So

ladies gentlemen. you, presentation. This and Thank today's concludes

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