Comstock (LODE) 11 Mar 212020 Q4 Earnings call transcript

Good morning, everyone and good afternoon, and welcome to the Comstock Annual Report. This is Corrado here and we’re hosting the call on Zoom today using the same format that we use at our Annual Meeting last November. I’ll provide a brief summary of the financial information included in our press release from this morning and from our Annual Report on Form 10-K that we filed last night. Including our progress on specific performance objectives, especially our silver and gold developments, MCU, which is our mercury remediation business that’s now up and running in the Philippines. And our recently announced lithium-ion battery recycling venture with LiNiCo, as well as some good progress on monetizing our non-mining assets and our overall financial position. opinion thank auditors financial completely Form for information clean to team, and our XX-K. want all and our was including completing audit also our night accounting incredible reporting financial filed I last again, on that accurately and

for a process. As team lot and in on that of thank and expertise, their shareholder of our time diligence, a I and shareholders, behalf the their saving us money

on release release, If – you just copy a website, find is on bar. the don’t the copy which of today’s our menu you’ll clicking a press on tab have www.comstockmining.com main by the on press

Our file that plans are next statements constitute three we EDGAR that will matters www.sec.gov. XX-K make current may forward-looking relating statements. years forward-looking to and for Please the our this via outlook. our on let statements Any not me including you also is facts remind on historical available call,

I’m are on risks filed risks the release subject are in call direct based company, materially. questions and prepared that other Once are These as to current we and to and that are as well in as press room, will and remarks, results the differ all this me SEC actual reports happy previous uncertainties the statements cause detailed and morning’s and Our statements to answer expectations during complete Zach, same we are by can’t uncertainties the with all to could forward-looking into this those and the that of same subject risks identify. who’s them. me, with Zooming

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XXXX Debt its income driven include XXXX million sheet a The results. primarily by last the financial a with on $XX.X million the $XX sale no the financial assets, purpose. company’s of it highlights of news of been net down not was earnings guess all none, nine now has for the address of the as end the to of end last share sort and briefly year is common Lucerne by me its or $X.XX were of businesses four-year process debt, That represented But repositioning mine year. as to of Let obligations balance gain year, per of is our low $X.X bigger last an Tonogold. I of completely the all-time that million, today. extinguished. today, debt

one penny. last not me even saying one texted night even penny, not Someone

Cash still plus So, happy are sold, million proceeds we’re in that. assets Silver very about now over being and that the in to come company. non-core expected current over for industrial and are commercial million of properties our cash Springs, totaling including equivalents $XX multiple $XX

easily those could alone no that are Those hand, $XX $XX due debt. on contract those in Tonogold, in having All a sale. common million million. the now result as That’s cash scheduled million this for by represent of of We Tonogold. year, quarter million sales additional $X this have secure shares in together per as receivable from still under note both $XX totaling actually year, later over well over with again, third us and plus over possibly

feel our we about So, very very, position. financial good

effort fought Our that get hard to position, financial new to financial position.

debt, fund pristine convertible growth have priority MCU and fund, also, initiatives. and newer actually all all any don’t our clear opportunity representing a have status we no to but we instruments. not any sheet’s LiNiCo Springs’ including Silver a now, very strong in but to a us, Our preferred turnaround, only opportunity of investments, of We warrants have don’t have balance our do meaning

us, actually for over reimbursements exceeded got we year, year, Tonogold us. transaction. Obviously, reimbursements spend call monthly and $X gains, of the Tonogold also get to We just million actually paid following minute the talking another that Beyond very last turned us. well million about it’s XXXX’s And $X from the a annual but ongoing I’ll out additional it’s benefits. to

a of smelter Occidental net the return Lucerne, main We and X.X% also Northern lode royalty X.X% our lode retained that properties, most all of with a those Comstock Comstock on claims claims, lode on claims. includes the royalty

and increase actually those gold on core across additional X%. the Comstock up a claims. did X.X% lode those number. claims huge main royalties our the mineral claims on of those to brings option NSR the we an X.X%, to the That of of Incredibly, X.X% have spectrum, prospects on silver most So, by some is also NSR which

but We addition the XX% the to and across entire high-grade on from bit on technical interest most that drilling we’ve tuned I is very, with conjunction The to note it plus reimbursements, importantly, also highlight core rigs. they’re is locations drilling later Tonogold, represents of exploration monthly drilling, they’re major will investing guess now receivable. targets. monthly get reports about on to wasn’t million I’m process they’re paid very Lucerne millions data, on extremely in need geophysics sale we geology multiple dollars that Comstock. well active $XX their here which I fully it’s very into using taxable. understand which the cash the little Tonogold engaged with and enhanced income with gain district, of now but guess we the XXXX also drill stay the be slower, notable in the forthcoming deep income a gotten that talk holes going and their because just to in now because drilling results

incomes. covered operating been have all losses of We on those that

year – sheet carry of reflected net we no So, on taxes, paid our forwards an $XXX and loss state are million a no federal balance taxes, either last that there’s $XXX million zero net operating as have additional over asset.

net operating $XXX carry loss of on showing asset million and up assets sheet no embedded So, the balance forwards. of

incumbents, forward to only positioning XXXX and We’ve we’re continuing incredibly other we that look do to not the So, future. well. gains in but sheltered our

Moving silver on property, that – and we is development Complex last survey Southern geophysical entire working in airborne directly. a the Comstock year of gold to properties. on And Dayton-Spring Comstock late last we’re year, the conducted the the exciting Valley district vast most

the to was the we the which had news, So the the did. were up we that’s Virginia just We But Complex, inexpensive. everyone geophysical helicopter absolutely City. doing continue indicated Valley it we that because to to surveys decided we of – Dayton-Spring and all way extend so

images – It now data is The almost and was sets with ultimate have our the in, I data. of look team. professionally So, mean, electromagnetic seen we geological geological The it. three geological anything drilling never surveys. think just and data personally X,XXX we’re is those now usually, and and are proprietary clear I we data trying recently images the in structures. There’s the have to surveying like. kilometers we’re what remarkable. geophysical surveyed we magnetic survey like both configure came line dimensional

is three last on X,XXX dimensional feet. drilling XXX and have between structure, average, And data over barely clear Tonogold and got that almost you somewhere have depths the feet. now many feet XXX feet the far to of X,XXX at exceed excess it as going we of as have to was depth and of that of that. feet, we the on but Comstock geological decade know we done X,XXX images the most Now, drilling that

we’ve data remodeling interpreting data. process for the the the We’re resource now of in the updated begun process the and also of

to So, during will publish geological the we of be meeting. that getting started doing and annual series interpretations now a developments. We

along. far very very, We’re

number started remodeling We’ve year. remodeling. to but a resource. the actually be ultimately, we’re Now, will for releases, process And new to report communications a of and that not technical only the this

have interpretations, the drilling all resource that those all new it expecting will early to of of programs now quarter answer in that about be are all the happy now We’re works derived and some questions that third the I’ll sure more in I’m and later. being model, from incorporate we’ll the

turn me MCU. Let to

much Comstock cash value, into them, activities. our expanding business these rapidly impact love As we we as do is properties our higher and ESG-based generating, high love

but you’ll core chemical core you refining. were familiar moving the are When the competency. within are their battery less process see spaces contaminated immediately back precipitation, the in we within with, are map We’re activities fully recycling, see that that the for are very see mercury see into gold. new our that lithium-ion you’ll you’ll leaching, their our in remediation These remediating competency. technologies, environment But with most business, processes, loaded amalgams; are new these amalgams fully

for We mercury business over eight the heavily remediation now we’re now years. But commercializing involved it. just have been in EPA-regulated

gone week, fact, MCU In Philippine live. the operation this has

Governor say governor, that in and clean entire it’s called It’s even excited River of from happy the Davao And and And the a Natural despite is fully it not and running, full. kick The on COVID of actually We’re We the delegation have but team possibly, a up ground. up entire the we’ll to system Chris outreach the tomorrow, so fully of full That’s by de going and the there is system will a very delegation, ago, Environment Department DENR supposed running the week even a or the of to territory of the Philippine restrictions, COVID were our Philippines, running. start be provincial Naboc the up province all Resources. to say off quarantines the finally, certain and himself ecosystem-wide and by it to we’re assembled. about small personally off week. in is there. Oro. we’re kickoff delayed that kicked Duterte about as President as is the Tyrone, our soon

and gets as own operation running repaved million clear, XX that The multiple to $X operating directly like envision that Philippine in a we cleanup We ultimate of the life to this Just starts of system closer cash. even rapidly We over XX believe be XX% and be loan project the months. we generating in will six the something to through is earn systems XX% the next secured Philippines, up years. revenue directly. years

and provide market. have engagement we’ll revenues have the MCU. Not and As specific operating on with running our cleanup. more many with one are familiar a specific to more is information, Once called to up said, we I guidance now. parent we the there company returns fully The start mercury

all built its regulated other States sampling the now the analysis, of and U.S. XX% Philippine MCU has policy group of nine, district quarter choose EPA have well. Bio this very Department. of spending business in mercury with secured United big of It’s EPA. each our sites mine is full XX% the the joint barrier XX% itself get engaged been to means We’ve we of the States of State is of our last the for then participation engaged out We this XX.X% directly directly technologies. with with that’s and Washington, directly year. total frankly, of which the we been a this the the XX% EPA, start Comstock and we to an added last be that we year get with United a a up with building that remediation the eight venture. we sitting with up directly entry. had highly protocols remediation, that We’ve to incredible Department projects Nevada new business, in and systems position cleaning We XX% now ecosystems XX% and this years XX% cleaning very, to. able as fully What are We platform,

be mercury for of $X remediating capital between $X other has self-contained States relatively fully anywhere anywhere We’re around around low deployed really aware the the million. anywhere not can world company any systems United investment, to that that and million mobile

and the the that system a Patent got has back and accepted of just goes do States fast now Office changes. by track for system. United incredible our our patent also on forth, for the This there’s into patent submission the typically We is review that application – with been on as you no lot notified we’re

me turn not Lastly metals. attention to and certainly, my least let the other

the becoming Comstockers certainly in importance of And Let’s now, beyond the electronic around the beyond silver for appreciate the to sure computers. electrification the everything our call Most electrification ultimate with them and device our phones metals. automobile us.

lithium, the critical course, cobalt, also desperately we’re about conservative talking hell. about demand curves. talking materials certain These and nickel; We’re the other we’re scarce we’re critical talking at are to remarkable about talking Even carbon increasingly about and most estimates people metals. of and staring sending show scarce graphite,

we assets that’s enhanced. And So, be we time the revalued. let must why renewed, materials. spare announce, need can’t be these alone They into valorized be liabilities and is they assets. back turn must They values be must those they to of their must must their recycled. that be critical

being in remediation they’re very battery of or cycling. us mercury – both So, with very, consistent to terms

opinion, the stuff a produce securing is for announced we plants for the to Springs of designed ramping facility lithium-ion recycling materials cathode state-of-the-art month, existing nickel, Nevada, was Silver story by battery critical minutes say with system properties. real materials, for to acquisition in XX.X% installed lithium, my designed this securing estate. this into metal I into permitted a massive XX built right treatment location facility. cathode could full up a The here battery this and market. essentially purpose States. When pure this mean, on and anywhere for market acres plan XX.X% in facility, our last be I state-of-the-art, LiNiCo. purposely the who right this and designed, stands previously industrial a and XX% just in County, entry LiNiCo of built air $Xmillion remarkable from cobalt, better control not for XX So to just new and quality sits this installed in prime water already purpose United It plus fully and operating already plant

it’s backyard. it million of our facility. the in just But $XX as laboratory sometimes, better has building #X, estimate, a it’s my replacement easily street well and the costs built-in than across Gigafactory directly from the as in for terms in right probably So good, lucky sits

go the I the the and producer cathodes material. that supply petroleum metals, largest batteries, then my that and industry electric So, then started black after think career first smelt International, it’s final the I took KPMG, scrap industrial graphite situated GrafTech designed waste into the at representing it receive coke and turn my my chain I waste and decade to where used at separate in we was and should planet, before it was arc from I refining batteries, started valorization metal a I it on in furnace electrodes then to call into oil to the the from crushed mention, of on career the world battery cathode graphite take recycle recycled aluminum. I’d job. real steel That synthetic mass largest and it

excited supply about with very very, into we’re of of back this So, in being business kind chain, LiNiCo. kind this

time production States. with Green board Green of $XX the of owns cathodes directly has a the value a of investment has only of proven enables the in XX% post-deal the convert seven today, rejuvenated, metals sorry, and Singapore-based Lithium and which critical So, United of was of to part months of routine first other on battery and been million that secured we for those rest fraction the is of Li-ion under facility, LiNiCo XX.X% X.XX patented water the also paid LiNiCo, this secured fraction and back exit mass and first comes of gets $XX with then, right gets technology XX% cash the X – company, represents also $XX.XX to processes. the a the essentially and the This purity, million. closer LiNiCo, structured million a the commitment we of the technology rights cost, in we here committed pure about the from Li-ion. to part the valuation post-deal how for with process green valued a million the black point million, at to the over and into to a equipment that consumption Comstock. are value. million a XX.X representation million, cathodes was restricted shares, Green fraction lines, grade LiNiCo high deal in the pure Li-ion’s XX shares. conventional

XX% with over producing So, key our obviously, purchasing of the tons the it, space and for We’ve mainlines part of value for of and here creation make are capacity the maturity of rate position hard three annum. to safer as include values systems million materials all, sales. applicable to way than XX% breakthroughs low that that years said commodity us facility more cathode of usage water that of shareholders. could in and XXX with We the entry prices. these just acquired generate of previously per committed the said running with a Green and assets $XXX XX up we’ve generate further. grow much flow of units Li-ion up could to XX package, XX,XXX this this the differently, and to million to in $XXX revenue space full facility million cash million in

with end and at Comstock over finalized to ESG-based speak. So, They’ll submissions metals are national our could our with and with consider strategic stewardship, mercury County, this contribution is we’ve product all in LiNiCo, the looking and Climate landmark right and month established it don’t Storey eight this Nevada, think of past sitting When be economics and and arrive performance-based $X.X on our you year. platform our all $XX being we stock-based we every of goal be and share, shareholders. submitted values a and and into for Smart to regulators, huge mining the in objectives. compensation linked finalized equipment with objectives our stronger the entry as platform to of directly here relationship the local background, of certainly or Mining years, least our for then our international for process permit with of now state the a the delivering this these at billion us. our scheduled better XXX% values these value, delivering aligned one employees shareholder the

neither aren’t – the If our in this way. rewarded situation shareholders you

our to turn questions. So, And there. Zach, Zach, stop going Zoom do our move pause question? I’m to to let have you and first let’s me right. host,

lot we Yes. have of a Actually, questions.

order in the received I’ll that we them So, them. take

expected? is, question function does first as equipment the The MCU

The expected. Yes. as MCU function that’s great question equipment the is question. a

of will fully pressure know up the So, we Comstock Clift. first rate. here functioning fully operating the consistently, than district right all the low and the leaching American system operations It’s most we’re the now, Philippines, American unit was the the permitted sitting so be updates platform integrated that snowballs much the up it up, complex on on of materials the Comstock, operating we Flat it’s at system, more and CEO, the so Philippine to running. in. end fully our whole had platform, double-lined it’s a back on sophisticated the relatively sent have at level set and go, be running got testing the that people the unit that as the a we in it’s Philippines running over system. including comes extremely at got well. Philippines, higher even at and we we’ll brought most sites Comstock will had in Flat functioning give spring We we’re more the November, on the. but the sent we those that to identify the you Paul team starting as numerous at But system, to across that

and the the the company of gravel construction clean And system it it to industry all. gravels pushed and a makes money. sand the start lot also, hard alone, money. we’re extraction, then to even gold the and haven’t very able we’ll gold we’re sales with the We starting – coming to system, at coming sand that And see out. mercury sell in makes out, into see with

yes. So, the answer is

right. All

us can is, last that little you were on geophysical the question a color fall? give more next Our done surveys

Yes.

in we’re the we deeper than industry. October, relatively to the but a surveying new airborne This line feet. not certainly in in electromagnetic remarkable, depths technology kilometer even technology, X,XXX survey. using go technology to of is is this geophysical Geophysics new industry. So, X,XXX almost completed

we’re surface are It the blue completed the and you structures, the So, relatively in warmer the you took couple information, the about of mineralization. were indicators colors, have to the colors, order. cooler magnetic and to were quickly you with showing initial see when weeks lows. those all press red, and a of and surveys surface to do provided release, The that scans Those start all short into where highs those in drill into flying. that of representing the magnetic indications. structures Typically, indicators magnetic us

spin seen and and add see, we’re Now, represent and depth, the able we’re actually dimensional We’ve can to never that I’ve them. geological actually them able three turn XD before. we this see we formation structures to – can

can night looking you’re actual structures with more identify you’re precision kind like so depth beyond of surface frankly, would when of those to geological day. a the able much going doesn’t can geology, known together. makes can indicator, along calibrate see and be hole gold. structures. in the so that. a doesn’t drilling silver. industry, technology to and to It have just the targeting be another potential to frankly this structures. see identifying case, is silver of again, over them productive. to because – the precision structures not the we overlay be potential it on we three-dimensionally, scanning has see there’s And It if once see in the I the this hole, of then it The in data the to XXX going the drill to mean years structures mean didn’t then to objective drilling we’ve need breakthroughs district we mineralization. now And information Comstock and available, identified – There’s do gold been geophysical at because of you’ve But drilling the of two I geophysical and then

the had we’re plan now already over what work we’re doing that been drill was years few the So, we we’ve based is hard all very thought on a last doing precise. finalizing. we

because some eliminate we’re don’t now, we of we see. holes, recalibrating probably that what So will

we holes specific we’ll area We the put we direction into. see, will what and because tolls, add the drill the will that sharpen do certainly or

Okay.

the when anticipate commence on drilling question next is Our will do you data?

tremendous investing the Tonogold, So, Comstock yes in properties, earlier, amount in we as repeating which, – said on. Occidental areas lode is retain and so a right royalties in that ongoing I Tonogold by those is the now, drilling

to is coming fast, in and and we’re programs, our as programs, and some we’re to drilling able drilling. the those soon we So, the drill answer is as going review these drill as approve soon up and start recalibrate day as

me a would I within And so estimate probably want to timeframe, if next months. the you three say

So, it’s coming up very fast.

Okay.

is, valorization please throughout release define today? your press you of can question you next Our

So, valorization growth. it’s see adopting a we’re but not is widespread critical planet sustain see We how revaluing, valorization planet say can how we’re We And new a materials only that applicable environmental I because of not its renewal, do a the term the not consumption adopting, the new is can the inefficient of its sustain we’re seeing and metals. would to it, term, need. do and the rate of population materials consumption. without term the not these

and convergence We that I materials mass trapped the of feasible in on mines at toward. there’s you look of allow silver are trying the when attention recognition valorize on that XX% are pad. the the frankly, open must those metals lithium-ion we a technology decade of those see landfills think our using you as at XX% it turn a of agriculture metals. about When There’s in silver and and those here, industries company’s we’re of scale a batteries, amount leaching amount to remains batteries for other and breakthrough must talking of We’re economically there’s going into for focused we when We must recycle a that that’s enhancement we’ve need and and materials. been waste all biomass what an that, that CBD leach half it terms to – pitting materials. But hemp the look of and renew the you here. and can’t a make

Okay. to looking at the you are back the MCU or mercury U.S.? Philippines, remediation any outside that country getting of for

nations. XXXX, So, by almost signed XXX nations market massive. unquantifiable. convention is in sponsored the the United Minamata the It’s up no,

nations So, of to there’s up XXXX. date from have with start that and mercury a XXX industrial mining target committed eradicating signed

out Minamata D.C. in implement discussing dozen has lead embraced strong is the not countries helping USEPA United least taken at just but That’s timing this taken extraordinarily the United an States, perfect. has Philippines So, The We’d convention the Washington the group we’ve with in States mining United have Nevada The the a a have leave why way. to just been companies has just implementing in staff, in to that a Minamata, for spent internationally. I the it half of their of abandoned alone. alone, of know that and that some the sites thousands we’re who contaminations sites has assessing on then full-time States only there’s safe I of think say mine outreached career in would these them. most mine abandoned one closure. archeologist us. certifying And for has

financial magnitude they’re quite targets based the and And hundreds challenge prioritizing so order, that social impact. all is is of our and specific environmental impact biggest database of impact, our magnitude frankly, of In in them on the high. criteria, of magnitude

is we’re for for the ready frankly, market. ready not there’s and So, yet us market the

not the one locations frankly, our – commercialization achievement the a landmark prove landmark competencies will and we oyster. the of Philippines be success in of the hardest works, world for of of and pick that one to want because those types the So system but with up then there the us, cleaning will we sure only the ecosystems. contaminated most that be MCU’s ecosystems for

Spruce Okay. by that company’s the Point estimate? was on report issued Capital position the you And what is

and we’ve depth a So, established unfortunate an the have day at here place what have to the ecosystem the complex, position. that critical regulatory exceed as the absolute barriers with our are MCU we for other Comstock Naboc in us entry Comstock approached case U.S. the It that reason as be both appreciation able mining have the mining regulatory and we years don’t here decades to to but because our EPA, damn really They’re think to regulatory We I competency entries, the an certainly when world land federal approvals able as and is don’t magnitude. would what not XX of unfortunate and state, for then the really complex – it’s was an position, they the huge U.S. big state The the have local being these – complex square mile assessment. it recreate one platform, here the already close. this them clean think up the of contingent districts of years it’s a Department, entitled kinds doing activities, in support, but and about. contamination. factor talking Philippines, assessed complicated Philippine that far massive. we’re in most is in of decades it’s than which taken decision pretty came was, probably fully the Comstock.

to failed just suggest just – we’re mining it’s what of endeavor, I there’s lot think understanding we’re not just doing. So, that of a – a it’s

when doing. think and a what of to massive the a about lot them lot comes market; eyeballs market, relationships as as talk you’re get into love some to EV going with great metals we’re come to move you opportunities a a of it we’d criticism, lot of and great I eyeballs with and

think be I shocked. they’d

all have So say it. that’s to I about

currently a do of bit landfills? lithium-ion follow-up you what from anticipate little coming going for just a the a you on with such And large recycling number Okay. said, batteries into where

Yes.

have we people management that – experience. have associating decades waste of with over that on there’s our we’re plants staffs two now So, hazardous

And so sources the save endless. to not the are – right it’s

not. one are world, sources. talking injection the – sources, these we’re secure of think largest our to in people believe from coming feedstock there’s number to secure they’re but plan to buying The actually in that of the I lot manufacturers computer the that because is or some feedstock a

management volumes. We’re waste to we’re talking processing, produce processing also major centers. hazardous the waste to talking the of – all which

not-for-profit to and use a talking disposed the of. organizations scrapping, these metals, this batteries graph preserved is lot are lithium-ion We’re of remarkably, stripping business of that in are being and being

So, I secure is think critical it. factor that success most our it in mines the to

processing required materials. the very, state-of-the-art are because an are advantage see rules, of facility. what platform do One to the storage, that storage. because to here on related record is very or for you when things our sites that are specific for allowed are have we and when And we is not not are There – permits on the have you massive, of don’t

storage. immediate have the have to We ability

So, immediately. to a or what resource, mining that’s that’s reserves. equivalent engaging where right – Those are batteries essentially mining we’re

that what here us hear chain actually, in Nevada. permits about And which it’s we six the about those processes, outside and most priority. so first speak, building updating of we’re the by And it’s market as you’ll way, important the submitting and seven months, or take

We’re of The you’ll most material. to crush from hearing the starting be very that be the feedstock to actually will intimate us updates communicated process and with the that. prior establishment

have just on question zoom Conference. we have people quite people the All right. XXX few via the but to chat. this we doing see question, we’re Video that about Corrado, their the that is way And a ask And hands raised

we So, to taking have do in on first-serve a you’ll written if form. question time, have we’re first-come a And submit your that questions basis.

development through XXXX? in getting exploration chat that’s much come how So, room, question, mine back do in spend expect and to another you that on the

so going millions remarkably it’s owned, on That’s over – to a but actually, So, $XXX,XXX done. that spent a not us and surveying a all the question, of of We a little save dollars. geophysical millions huge was good budget.

drill Our start we dream geologists together put typically in. it their And program. phasing then

will amount opportunity that drilling we’re program resource million drilling question huge information have much less amount for this of going is And of answer we that us. and a of because an very on my create $X to so and And not that, and the our more that’s but spend the data. Dayton-Spring have than a in Valley targeting gaps we extensive for plans don’t And very, a specific to amount for update connectivity, something probably drilling year.

any a do available that drilling. we to resource have So, of before estimate going we’re

in you that is structures, of We’re the that number. of reasonable commence report spent a to the added with $X.X it. of meaning program money going drill drilling. the And embedded and publish technical to million relative data with this year high have then the ultimately, precision the resource $X million to the geological should returns, in we incredible we’ll ounces drilling amount number the to very

for your XXXX? And in Okay. revenue what are MCU expectations

So, or revenue we guidance haven’t given return yet.

built We have system. on models the

grade we’ll and until I there give would going location, our of the just act of that. in data, sites of every XX% extract? but much models a our because strong MCU under sort couple commercialized there’s able company the that MCU, yield We’re what that MCU let some go processing? investments, one like operating words, of returns. goals color off accelerated I is ventures, have In over operations profit a and that time system, the the hold revenue Then, the has belt. all range, we get even and we first investment. I’ll compliment on of to of gives on we the you it’s to million months What system, of to processing the be with first the zero, grades, a million mean, mine, Obviously, range systems $X a that of prices, the once generate remarkable. to have end gold that $X said of third the to that’s other the previously guidance, I ton if slightly could $XX, system all end basis venture, life a generates gold seven, fourth XX% six, a per joint of we have to just both though, get low the extracting And even the the XX% deploy of contained amalgam? mine our history about and if cash though month, And analogy to $XX Philippines, low parent per that like we different meaning repay is mothership, with us and of this is site? consider to MCU what the joint Philippines, rate system. some a so maybe These for low we eight, me a cost in is the in low. to in gram one able we’re that’s and is so is the flows, the with investment nine-year the price. each specific, gold, that no great five, cost to be the that the – second these have that rate thing to

sampling of grams in is and mining ranging one the Some Comstock our seven. here between

or one fast, ton, exciting seven So, right. look and at five, doing six cash two It’s incredibly from what if like? per it’s or grams flow does that you’re perspective

fully the of graders, You’re deploying and not the flow And system. supporting positive $X hard loaders, operational million from system, team then excavators, bucket the it. deployed, within the how entire – out different rock around very that’s only it’s months, It’s mining. you’re getting cash

the to next on update sale question an asset the us the can opportunity you of the give And fund? is, non-mining Okay.

Absolutely.

So, have in an investment opportunity we Silver fund. Springs

and on was today of it’s my investment Our a million equity. is own valuation in value about that based basis goodness, the of investment cost $XXX,XXX. fund sales its the That like $XX

remarkable. that’s So

have silver and agreement rights $XX.X advanced. two million. an properties We to are We’ve in water sell Springs

dollars funding couple a we’re So, million well. as

back XX. USA So, next three period amount very the and manufacturing we’re looking to its fund get Parkway on it’s the airport, let’s right within, is That over start excited has to connects months. highway acres say going facility, where the $XX the it The now. slowed X,XXX to COVID last leased consolidated fully of it’s year, operating developing land of well fully process down. million and

the those million about is due the Tonogold, debt next expect within between the have we and months. months. on we three sales within stock $X The next debt. six So,

were looking they’re we’re in supporters much they’re where that monetize Tonogold like drilling. and stakeholders. we’re drilling, so what And Tonogold, to very huge of huge we

to our going value a huge be I the think assets. of increase it’s to

do have growth? Where today press you main see area – cited your of several release Your embarked on. that you business businesses

area and valuable So, the our we’re We that to the we’re don’t LiNiCo about today. talking of metal cash from and is of understands about grow. from growth to going MCU. we revenue believe believe will come also going value, that’s come value – The and talking market fault. growth that’s growth. our main flow We believe assets precious that they’re very It’s

So, the intention and of publish us that quarter same is do of is Valley in publish Tonogold have complex gold They’re baseline third report prepared the technical of thing. silver the the value. to to will planning for early to exact a first accidental the results results on that well resource drill of Once reports drill resources Dayton-Spring here out, the a the establishes the report that will on those will incorporate technical but there. as Lucerne, value from the want silver are understood. grow will be be recognized, from then Comstock And and to gold and Northern they from our we the minerals. resources

lines of them. disadvantage – development our of there’s none and commitment So, are of terms lines of businesses our of of in business our there’s none our

I two mentioned first generators. cash The are

the The production second in resource near one developer ultimately, but is not term. to

top that priority in the your follow-on And you And XX to hiring? next days? Okay. is what the one, are

have next quite priorities in we a yes, the in So, XX – days. few

the Philippine data be go So, let three to unit positive. We’ve one have one building unit. amazing is each me of down today. first operating get the It’d Philippine cash first second months them. absolutely of the initiated in MCU that of already

looks in few next the So where months. that’s MCU

go We’re will our permits. This months. filing three the to month, in going next we be

those And properties for precise battery will materials. of very certain then for did with acquired commercializing and company. backend we permits. the chain start plant those in the outcomes storage have ready We the We we diligence all that the before of

define mentioned, XX after and to working report, of hard terms publish and we’re of report, days drill of results specifics that very Dayton, the drilling. start geophysics, plan results In technical of as sometime technical I and that communicate then

getting back set rig And Comstock? MCU the up next where to MCU, will be from

question. great a that’s So,

in So, for this entire the MCU system going still to that was question, Comstock, pilot of without remainder it test the operate on you’re a the year. basis

Comstock properties the district of about country at across of ours. miles we’re previous about XX,XXX outside and square amalgams XX,XXX in Comstock, the As acres, we is our property. sources that’s resident The within that is largest the I identifying have are landmark still mercury even XX existing Comstock properties national mentioned, acres. third

and contrast. materials variation. Comstock The the all an but Philippines system important does potential Comstock was probably for hour. in So, technology up XX what we’re with we’re per sites, system the XXX and the us? this tons The is moving all tons the identifying those do per hour, does system designed to And today

of do amalgam. to test type is, there want every we what So,

cyanide. with reprocessed been have that contaminations mercury testing We’re

XXX possibly years testing and been mercury in have not that amalgamations We’re XXX years, touched between. in everything

So, we’re database. building a

have on staff. a We physicist

chemist staff. PhD – have on a We I’m sorry,

have We engineers.

build We broader to much, we’re have terms of mercury remediation a in all working much geologists. and processing. competency,

will the and in our grow company of we bringing starting we’re be more people. amongst so some And to Yes. businesses even

was direct What is be question for that placement used next the will about The Okay. last placement? that direct done funds from that the week. came

amount we’ll in and capital interested use have couldn’t – a We So, I about tremendous thought And already also out we exact at it – was at some been materials that towards time. pay initially, investment, very LiNiCo about were across And committed them go we go board, them will $X.X to degree, the because And I in it of lot weren’t what shares, $X.X growth went proceeds placement and investors, would But thrilled the of just million direct that base we debt. cash interest of million a to some where Noble. with there will we’re go interested our of doing, of and accelerations. say Grateful of very the and off interest that completely seeking towards battery of some we of share about gone have in the towards such strengthen X A already institutions vast because interested in all LiNiCo? mean, day of we was new ESG. and keen really would talked at investors, about also drilling MCU some that keen towards certainly, of the million from it. new more a it comes our there metals investors. comes the and growth lithium-ion did incredible mercury lot renewal are about $X a excitement a wasn’t from recycling. that that from

funded, all pace. free, now So, of initiatives moving we’re are possible we’re and at best forward debt the our

have to with battery and LiNiCo you to for for partnerships any or any recycling, could battery do regard With plan provide you companies that partnerships recycling?

Yes, tremendously.

where with an one the out companies well, and you I are Aqua equipment that’s property getting equipment start lot proprietary. a space. So, didn’t that maybe, this have as actually We four property –there’s intellectual intellectual companies, with and with proprietary, Green of there’s things there alliance that’s of Metals of into give emphasize Li-ion

of the And soul and platform, Here, is supply you business operating Comstock storage chain. with the then heart the and the LiNiCo have the the and which platform. platform regulatory platform, itself,

so – companies, And our been already we’ve plans, computer we’ve even before started from and implementing already others. getting outreach companies, we battery companies,

fact of it’s that idea taken this an in and alliance metal is idea we of of now, think root with the interdependent just I this the really renewers so alliance growing. companies, four And operating battery of an started companies system with

more timelines. timeline, what filed, all that’s except specifics relationships But we’ll majority substantial what you our rest give guess, are permits assured really the for the be I they’re on that’s we’ll So, those we’re of inked. as spending they’re secured spending filing permits. of our as the Once

how cathode, explain about Our next you also Can and you you a the or and black question different can is? mass explain please what also, reused LiNiCo. be did recycled is

Yes, yes.

good a question. that’s So

there are the first so So, black with mass. –

basically, So receive is, will as batteries. of tons the model XX,XXX we business what spend

Germany words, crushes integrated it other them, contains recycling. for battery, doesn’t the does EV, effectively, is and discriminate. and non-essential it not only very, and iPhone of battery, doesn’t system fully of be coming to of spec it’s be beginning can could batteries. into batteries pressure. just we be life life that made they we of a procured and out of end spec crushing takes then discriminate. what computer a can And could spend have it never The Okay. our that And can could very those out crushes, state-of-the-art, batteries feed and They feed it. In they the And we feed we they it’s feed don’t out of all we materials separates be it an it is even spent. it it

byproducts. mass. lithium, plastics be and it’ll take highly it’ll as the the residual take into is all that then right, of it’ll the amalgamation the take out nickel, materials all black referred to graphite, what So, Then, take will residual mineralized will cobalt, generally magnesium, those out the the as – aluminum, the configuration out amalgamate it’ll and sort those, sold the out the is copper, of that the framings, steel, and it’ll

say that Now, right. lot there’s of that mass tech process, proprietary profit. it’s to in not probably a a can important at you sell black And

people pretty not a interested what important but de-risking in, right. that’s that’s to understand, thing So are most

So the the right like then nickel, said Having most either manufacturing can lithium to mass selling getting cathode minerals the processes then there, those companies the the are to company cobalt, operations. have that, salts, black and then sustain. the and developed taking carbonate, to

than right. pure different that. Our pure don’t We the nickel, to the go pure the process lithium, is cobalt,

an create processes, is has software. that this. Li-ion’s heavily enables controlled only looks capitalists us got so Green not process it like computer it We’re co-precipitation unique proprietary going system. to to extensive And system that The the from the what’s pure XX.X% about

be that to ton the If capital have you to to materials. will leaching market the after and cathode to market of step, able to And materials cathodes, system You then just have batteries. software steps controlled go – there’s XX% from And filtration two then expands a they steps, and precipitation. you go the say configurations a to our basically XX.X% a same into co-precipitation co-precipitation, those $XX,XXX in able to in result steps, and into different then range full of five first be $XX,XXX – more ton. the plus into your up filtration the will segments – they’re configurations configure you and Computer of a of $XX,XXX major our today last outcome.

for So, second system allows market it system, allows it and what segments. from Green four is has to fifth. the manufacture And purities, same the cathode that Li-ion does us a us just the of get the software us to do five the will again,

ability for all those serve five sure. have the we’ll of markets So, to

right. the your and When regarding hour top of into do the consolidated follow-on have getting would All get we financial to LiNiCo. LiNiCo you expect a Well, we’re question report?

So, a good question.

that ownership. in today we we your the in first has XX% are of invest we structured warrants plus. Street think amount connotation, likely, just the warrant, to September, October or be really financial XX% a warrants in right, over seventh month XX And not investment, we but typical months, And within in about really, transaction trigger no commitment, of or amount way additional year. I it’s which their talked results. the there’s it an month. to the most amounts we is an then seventh would our company, probably, which get question, And have the warrants Meaning will into to of plus once make have, XX%, steps. – two have already And Wall results We like we’ve the all believe then I occur that eighth structured, will initial to eighth the in our and money, additional the already made consolidate in that exercise included because occur the of

attendance least previous XXX have doing at the Okay. our video And last right we’re like this on that which shatters Well, of record at of I’d the top hour. all the to report during we four approximately people conference, year.

definitely made which want thank we everyone, about to to questions that participated. So, would today, who to say great. like it also I XX is

of people And some then a people there were asking. questions. that unique have were very lot questions And

Tahoe recycling to quick final, Industrial are well close they interested Reno batteries with Just with LiNiCo? in companies, as located LiNiCo other in one the proximity Center such question as Tesla, in

good question. a it’s So,

It’s were XXXX, like, we and huge. company everyone is was the only Gigafactory find County, tiger, – some being been like how with here tiger, is there’s It’s the and it tiger? to project fine, in So, Storey #X, they what started market it’s that. things to project very into our out because the Tesla’s County project heck even in that remarkable as history, saying came

investing and of coming chance in in. been and than we going their less watching. already that doing first of invested, they right And LiNiCo then say when mother, gave have watched, success we hitting himself he they did it’s to into the said, round what fail So, the seed we’re in when even equivalent everyone Musk XX% Elon himself

yes. So,

Austin, is So see see – it’s what right. is Tesla two fascinating and we coming Gigafactory to up now, the in doing, but

they’re carbonate into all, First areas, that production. and of two Gigafactory lithium cathode production, back integrating

that just of And important, the delivery EV a you And Ford sense this to industry. it’s has this announced, gives by then it of right. plans. GM consider So, how XXXX, has announced material you dynamic, is and right, full similar

obviously. the that should impacts sufficiency automakers think of these right. it be about materials most But everybody, I concerned So, the

the So, the about everybody’s going sufficiency to be of concerned material.

you’re we so I delusions so have to for going And us, of grandeur. – think don’t see

to facility the money, actually XX% is one having tons beyond delivering remarkable, XX,XXX of potential year, throughput, growth mean about throughput. excited it’s that’s are We beyond the but potential anything the that incredible making pure until specs, that happening. growth throughput, doesn’t a amounts

so to or And be question but I short-term answer we no in think There’s that have question. long-term industry. the is, involved to have plans going the they’re plans, to there’s no question the

announced ask right. it’s mean, a dynamic, the There’s no full Some the our industry. is above. going that people not be the all they or If were some some but partner very in all us a of three on question even running butt there’s no I scratch. if will pimple will huge. the companies all of two It’s integrate. of to back were the capacities, industry, other acquire. at question, about it’s demand

feel the the like don’t platform, not the we’re So, just we feel we companies plant, like there’ll there’ll about be we’re the – like, don’t yes, we’re conversations, be we And the growth acquisition people way conversations. with technology, the think ahead. ahead. feel and be behind of alliance be we’re in and there’ll – we conversations, yes, it’ll partner – Like, excited we’re alliance potential, I constructed with the

I’m I myself pretty Zoom was we’ve like nervous. So, done personally, the I call with full at never thrilled way went. but the Zoom. this a call love

and walk time. well didn’t we’ll than we – a chew bite want more through can as We webcasting be off this presentation. we’ll time, presentation Next to slide

us on thrilled questions we’re directly that we’re follow-up to through website always, this progress. us our XXX really over participants we for the all record you calling look or as you. at either Thank as the questions. keeping updated shared And said, We’re by Zach forward thrilled the of as available and

Thank you.