Comstock (LODE) 16 Mar 232022 Q4 Earnings call transcript

Ladies and gentlemen, welcome to Comstock's 2022 Year-End Business Results Webcast.

Here is Comstock's Executive Chairman and CEO, Mr. Corrado De Gasperis.

Thanks, Zach. Good morning, everyone, and welcome to Comstock's 2022 full year report. update, recently information Form filed business release today's XX-K. a our and Annual provide including from the press I'll Report on

you, call. outlook, the and XX-K nature I for extent Annual of being and Report e-mails and and afternoon's more and our and release, results of our XXXX much about appreciate Form we're this in on on today the specific our our this response, in the many increase in

define to terminology, clearly precisely also can made our effort We customers even Levels because, our real define partners, we in better us and Readiness how the TRLs, and Technological this measure a how you is government frankly, our understand evaluates or and so us.

from representing about is with nine and serious about scale one technology that for solidly anyone were and TRLs to a XXXX commercialization, milestone XXXX its are TRLX all and we're now. integration commercialization. development about on on and critical XXXX measured and a readiness.

measures, very that setting we By certain and expectations to objectives. by set that we've relative not relative correcting we're and have the clear specific but fast been

We way. be leading Fuels already and transparent the objectives with and GenMat smart will these with accountable

our release, of If you'll at www.comstock.inc, a in today's Investor copy copy the on you page don't top of website the find have press at a the Newsroom section.

www.sec.gov. the under SEC page Investor filings XX-K Form on via on also is EDGAR also website Our at the available and

well. their of the social have may to with as also expansion noticed website own You www.comstofuel.com, Fuels media sites the launching

may any we are matters statements forward-looking constitute this remind statements and Please not contribute that on -- may that that you sorry, forward-looking to make -- statements. me let historical facts will relating call

this to based all filed made these expectations risks in the by recent materially. forward-looking press SEC subject and most during and reports the detailed risks previously differ call on the results to that and the with our These could that same and are Our can't same release of are cause other the and identify. company risks are current actual subject statements are uncertainties in we statements and uncertainties to most

prepared Zach all questions. extend be you can listening available on from direct Once input our We'll sure will and remarks, accept call, last after call. to the received complete Based We Q&A. that looking be can these we of our input the your questions. to forward I'm for follow-up also also all and

one Comstock XXXX. and and technological objectives of Let renewable for demonstrated gallon me now Fuels. the commercial with XXXX, at of yields smart our Woody most readiness per approaching gasoline each Fuels now tried of remarkable least I'll TRLX with extraordinary a fuels ton the start team The briefly XXX is for set biomass. we highlight achievements that has in for businesses, that way equivalents

unprecedented that's levels globally less just these higher tell dramatically months ago. a what company XX from with believe you, are we than can you're We engaged than acquired when and this recognized what's business I experiences, of engaging and with right the diligence, and as happening you're X fuels or business. our X demonstrating you're productive TRL in in in us now months real recent advancements, TRL

towards and of and the samples in agreements. new upgraded product type fuel licensing to biointermediate the exactly in our shipping and engaged of Wisconsin prospective of of with multiple We've and discussions execution commence demonstration production commissioned customers, these are system renewable we producers actively

our and days Wisconsin hosted now in could have such our one they samples. touch and capabilities two reception test feel company with We over recently see, great as

is Our demonstration efforts. commercialization integral these facility to

increase grant positioning within additional yields process, enhancing of grant these DOE XXX award-winning We and while potential multiple well pathways DOE the fuel pathways, as are actively we well now time. outside proven, dry commercializing to we both gallons beyond process what as that other the advancing leading per have both -- to for also the

execute we one at this year, of opinion, customers, one an commercial performance. production of our will for at potential market-leading agreement royalty be XX for extend our facilities significant XX This already In would commercial least years least create each agreement revenue to to license the clear, company. recurring will license and years

is This and millions in to fees of dollars and upfront of design support. addition engineering for

national our only like customer by as of for Just these being one global technology a pretty an when facility low. it the likelihood and aside, adopted companies this, is within is

patented the We our prove XXXX, complete analysis carbon independent an produced benefits cycle in also to fuels using life carbon will reduction from processes. with the emission

that and, customers do we. are so decarbonizing these independently activities leading Our frankly, demand value documented and

will see time enough process production demonstrate of broadly sufficient in Wisconsin integrated the operation to for continuous also XXXX buyer and TRL. achieve intermediate

on use Now commercial let dramatically to the announced are yesterday breakthrough to large software the of turn GenMat, achievement mode come as solutions. of me of and who first their first out of quite way well part has in they've because major and three objectives now their stealth their

going convey a and of of successful truly try importance the I'm profound operation they've is artificial demonstrated, generative already to a creation which to what intelligence.

GenMat Just AI now proprietary created to operates and that a they've named generative repeat has ZENO. that,

are energies, conductivity, in ZENO simulating formation and properties such heat and exponentially properties magnetic thermal R&D more, gap, crucial all and the known band electrical conductivity, capable as capacity, materials can shorter of. This atomic time level. simulate than predicting at new an methods traditional includes

in connectivity, stimulate has ZENO example and oxide can XX% trained thermal metal oxides accuracies on for to materials been any metal minutes. solid-state

it dioxide. And with We titanium have seen are we frankly, stunned. done

industries. millions team of and they access in many and the that say, bugs ChatGPT. semiconductor remotely For assembled this material of capacity for conduct GenMat’s the conventional let's or And is solutions. ZENO workloads battery high-throughput at engineers, the generating efficiently large platform a remote world-class material high-performance a also platform many past context, dollars quite operates all GenMat’s similarly with model are to supercomputers. breakthrough material scientists language and it They've deployed this can building if today research means takes already metal simulations type AI and and material computing Generative have the today, engineers state-of-the-art this of that like to comparable happening, were two been customers to the their the over that ZENO scientists months years. busy ultimately,

writing allow. for an for or of quantum and discovering manipulating solutions matter embracing people appreciate this, materials manipulate It's but which science generating people a and revolutionary, start and take a this. data, math to instead legal to is shorter people the enhancing while digest code, time instead papers going atomic But to materials new has ZENO going going take to It's happen. it's while in exponentially engineering and than traditional harnessed methods take mechanical level, while to a It's to to to for this. at going

put To edge typically simulate materials thousands discovery ultimately, directly X new materials to they and of and materials to a simulations simulated in minutes by to ability new precise the generating continuing and can early and companies. crossover GenMat the synthesizing an better leading unique years materials commercialization new simulations. little takes many millions and clients. and of In perspective, AI precision these expect GenMat’s that new ZENO’s clients extends are the that TRL enterprise material solutions XXXX, elevate those -- This in and more cutting adopter in of of also application already minerals. minerals create rapidly to we seconds. There's confirm also testing globally positions the ability and material and with dollars identify to many with a speaking to The their accuracy discover are remarkable

for powerful discovery. same known the an capability, If This we're the space-based it the case. at same launching atomic is signature will this reason earth. sensor still making in of. but Comstock GenMat’s is the signatures opinion, to from Mineral generative applications also in other the perfectly certainly and hyperspectral positioned method imaging that the recognizes exploration developing, XXXX, operational identify better known coming base it that discovery level, as be material base And mineral able and AI an with than our aware any mineral in extremely also

covering mining XXXX, access over in of existing our infrastructure. productive and permitted strike of and Speaking assets processing within crushing, patented miles control and full mineralized the claims, our square now district, miles continuous of refining reconsolidated now mining we use X.X entire Comstock primarily and including unpatented the XX of

publication We over of X of indicated also significantly two expanded new indicated now announced the XXXX and measured was of of resources S-K report ounces technical measured and our gold reports. We with silver. mineral nearly previously resources. million mineral This published XXX,XXX total and ounces

now to going advancing our call expand, and preliminary enhance mineral some We also for these have assessment, are will Lucerne report and make inferred AI-enabled improve nearly by mineral value both very Resource that silver PEA that the XX%. with on developing discovery XXXX happy, sure those a prefeasibility I'm plans With a increase so and numbers the people the since economic objectives call resources this include is a exploration imaging leverage high-precision development publishing gold efficiently Canadians hyperspectral we resources. industry this in or and the can and exploration analytics, we our GenMat, the now Dayton area. of that and additional

GenMat, tremendous XXXX geologic expanding Resource, Dayton resource. with our These a additional digital geophysical creating using reports. for These develop also while will data resources gold knowledge prefeasibility discussed. reports geostatistical will progressing existing We the and reserves, model that result and next-generation of in toward extensive and just our we feasibility ultimately probable that twin publishing reports enhance would come certainly it economic silver although full and after the would efforts proven

heading runs Look, of has in resources higher, outside properties. square when revenues chaos today portfolio gold future. we increase have in and at of love entitled, we then gold and these permitted the back banks, was in the mineral mineral also XX billions silver interest and our well with in our on over world our in $X,XXX This fully represents dollars in and having opinion, course, of that increased miles

to least, validating from concentrates technology these mass not TRL We X. we for metal and built in our have our system elevating and pilot crushing, our technologies metal to and high-purity a for to Comstock use our concentrate. operated and certainly achieve these math recycling extracting Last lithium-ion LiNiCo X, ability and just conditioning operate we TRL efficiently need more black Metals produce to subsidiary, black system extensively battery certainly have the confirmed but cells,

As and of the of and tech the sold for we most and proceeds near-term we of generated net we liabilities asset. you monetize proceeds companies $XX and of When Tahoe other recently Reno know, option have capitalized both over and eliminated this million. opportunistically the of in facility million This I in opportunity dollars $XX in $XX.X cash announced and billions area, immediate investments billions the Microsoft million. near on believe gross Industrial strategically immediate

We facility Frankly, horizon efficiently, secondary a see profitably also of other access a for other frankly, most our intermediate to properties against. LIB with any also be conveniently extended devices. more than immediate we than the any other plus massively needs near-term our of and recycling other opportunities had needs, metals lives batteries, situated people bigger Yet for longer new our seem especially system. to we see do acting from electronic than in

our All reposition here use the allows both physically storage permitted facilities of this make of better and Northern processing. us metal already and and in Nevada fund for to non-dilutively platform

addressable broaden technical we've the and with Metals us we planning Auto As as for more today new immediately operational complete and Comstock for our Fortune our expanded for this with you recycling the commercializing know, of here business. already platform markets metals leadership

some but to that reposition. photovoltaics clear. for continue a potentials already the fuel high-growth example, including also revenue certainly This is expanding batteries. broader the recycling Fortunato is cells. We is and including want be broader this very, adding just equation opportunities, technology the and well We've to to markets, for lithium-ion technology feedstock like, beyond identified shift, these very readiness, We advance material

each will repositioning calls, near share in particular and finish our specific hosting XXXX kicked frequent We off here highlighting much time, objectives business coming start this better exposure get the leadership frequently a more This mass plan months. our for at more also will team. upcoming much thereafter. rest then in more you Investor get the Day and so to of can We'll

cash issuances this some the has in pending With levels. I asset additional million that's XX equity million the for planned and in going sales make now XX sales alleviated an need these major happy. to already delivering company than for continued also year, know at more and asset people proceeds

technologies, number use XXXX. licenses Executing priority for one for of our our biorefining

partner While generative and first goal customer in continue our metals securing solutions forward and and leaps making XXXX. agreements AI with have of then incredible and readiness the

we readiness, way, questions. about as pretty and there XXXX take is our big stop in before Do restate Zach, commercialization. turn questions, XXXX hearing development and Just and have to technology let's all about first XXXX a were we you're question? to

Yes, we Corrado. do

in what the is, question patents status of first is biofuels? The applied for

that So very but I of filing it terms believe the our gives of the we patent. fast We the a dramatic as about philosophically a encumbrances. freedom of all of internally hundreds what we year umbrella patent, young ago, we're the announced to depth our were still moving filing, the it us with of think extent operate the patent. any half with technology, which is about It's to referring in within technology without it, claims relatively very,

Will stock Our they next be the purchasing future? near any question purchased is in why haven't stock? insiders

for Thanks Yes. the question

got very, that talk let's that I a deeply are think majority their strong represents -- just and invested very So every network, in here for a digging each people of investment of look, a one them, bit. the number in their We've substantial me through company one. company, the let team senior about of

Number objectives that for most because consequential of very long-term. our just lives went you. committed even the me, that's two, dedicated not has we all And their through that to a to team with they've

companies, a that, $X when to these transactions acquired and came originally our addition we at In valued a lot these people of we share. of equivalent $X in originally

very vested shareholders, think about in strong with So our are and very, alignment when equation, about think we alignment. we we think we investment about own think there's this our when how we

we this actions I don't that, see dodge have would want individual positive decision, the and said liquidity, the own If we will And their but there. each attractive frankly, forward we make the question. to to have we an opportunity, personal Having as some look step. person

Okay.

today. we statement from our have of listeners a Next, one

you for will to the grant about collaborations all, DOE of the And the company point. First the able congratulations this up listed me say everything were be that accomplished let more on with has various that entities hear we when to application. have

congratulations. got when to of we frankly, for awarded us before We've wood a application it Thank figuratively. assembly you the the the literally, energized energizing that team. grant company chop awarded lot we first The world-class of even were was were industry with to

With all with engaged off. agreements of every and the the the frequent of parties basis grant, and one award, DOE to those finalize the it we're with on aspects a finalize kick

As of the our sort full and and currency, post the of which indicates gives of one detail is. application, to a we're transparency matter great grant planning role of our technology to each partners and our processes what

think very dealing very, We're the responsive to back and remarkably and very government, I strong So fast. it's been it's our but forth. of actually going going very, they've with all

so I And in we're good think place. a

in please you update on Green the Corrado, Lion. investment can us

Yes.

investment So precursor Lion. recall, The Green and all downstream was Green little asked made about XX% was just company Green LiNiCo formed an Lion, Maybe week being announced if offering investment their because you for first of the the cathode when material system. a million. We contract $XXX active in valuing got -- negotiating we about their Lion this the question and company. is at third million last over $X

no as We say well. relationship money. worth in that given with our balance XX, that investment much, to a to and have recent at offering, ownership understand was more system the to much -- And than when LiNiCo. see have were that investment increased ecstatic market. XXXX, mark very, at And marked But $X.X to December customer part deploying the amount another request that the in it's very on that, -- their million initially was about Lion, with we our are they of longer least. We our strong we first we Green sheet selected

the Can on equipment it. Mercury Clean with an as associated the you business Up update provide that's as well

happily. Yes,

from one, some of system we that system, So owner. of in business Mercury pilot we The gold. the mercury freight managing We Comstock, even currently are in equipment need have in -- here it recapture Up. physical with that related that, Philippines, haven't alluvial alluvium fully means though ship removing spent still XXX% have to one, weren't be -- a a mentioned the doesn't we recall, contamination highly XXX% separate at systems, were and the XX% that and any now efficacy which can but materials, making did recapture at to to precise. XXXX spirals We assets sitting Those have time the mining mercury previously we of arrangements may business. that may two is a which dramatically costs mining. and have equipment have that here. operational contamination actively back almost of assets are the you I business, the process for dropped related did infrastructure equipments Clean systems We used

equipment. So we the have

We have not prioritized that business.

of the tremendous those can why reevaluate we I of we with of will assets, you a recoveries are what see cash also for – But assets. recaptured the little think, we fuels, GenMat's XXX% us. the impact metal impact $X are back. of under recapturing work, impact those of million In do

don't So of our those have wrote assets on the We asset physical part any this having XXX% process, within portfolio. down our taken as of we recorded books. despite currently

didn't wouldn't either, on I decision make a, business. heard on and show or XXXX the say, we up with you So assets be priority. But those from as we a as ultimately objectives will comments what it the my here, do a

we The have income? is, next do question royalty any ongoing

properties back any associated income. all have now a into mining royalties have recaptured but our we of portfolio. mining do We not ongoing do royalty with properties, We our reconstituted our have

cetera. own the in fuels those have patented unpatented royalty-based and forward business, all as extremely we those but assets, claims, move about, et of is we currently of as we control and operating which total of XXX% it speak. don't properties, mining a licensing any lands, all And For excited model, we we're clarity, or

When do you and into then full expect initial the battery production? recycling to go

So profit, business the in X-figure We battery facility. okay? big repositioned, being metal profit made flipping this is recycling

significant an gain talked unrecognized investment have just sitting also We green the in about. line that we

looking position. the the will with selling sitting repositioning building scorecard financially, the of The So we're implication negative if a our also require we're was asset, of which that happy repositioning of pretty at permits. short

to knowledgeable reassessing deploy we which the going opportunities and front We're pilot, and markets at how associated plan, more adding much But mentioned, we're this that modifications However, will time we've diminish us. with much to there we yet a rate see ramping that human specific the business, we're where as the equation, very existing going perspectives. in line. will are to as some specific capable we up, want existing the I broadened I of would with other occur tremendously various market this at deploy we come emphasize, feel later look see that not back leveraging Fortunato of have growth resources the and the are more of we're objectives, And repositioning tremendously the We're we a perspectives, efficient growth permitting. and only we we capital-light much not more leveraging infrastructure. pilot to it's specific

some other to metals. talk and recycle of to some we'll we markets see where about into move feedstocks these to and ability process abilities you different immediate other And

what try updates. will that. I the is accelerate guess, we to front when So, to at come we put the commit I metal our and recycling of next update, on to would more give

with Corrado, the to share company's to what price valuation? are get catch plans the up the

feel That's much. want very we postured. some XXXX, appreciate going is Has look by back us market? in clear, I at and we feel achievements look was acknowledge we I value it have have it's We But tremendous We we growth the more. occurred to realized Obviously had more. when cases at you achieved that the wanted an we've what do forward. the When for was the advanced. we creation. been do -- technology outlined the question many to in way We readiness we've with would right? created discipline, really that incredible be you not, Thank But it. and that when positioned

ready that technologically, new going I'm understand to are going excited First with on we and we these much other I'm communicate transparently, we a GenMat businesses business. foremost, you engagements the how about are sure We're ready that going are. to excited where we what proximity I'm Now, excited that to are. with have clearer make how value? we're truly to about do customers. basis. metals and about these new unlock

are right, further. gone addition more fuels that dedicated has own outlined, have broadly. marketing I just already team, to We've a business we development. the activities. plans We We've start Now, just advancing up communicating a communicating mentioned their we dedicated step that sales in and website. set and the to

in be and next advanced will biofuel We attendance get speakers keynote week conference. full the

readiness have position expressed in to interest We to, solutions the will the that bringing company the be a that these targeting investors that They are see see keen now investors market. we're market. the the institutional that long-minded we segments of of forward brought

some of even talking have investment us customers that referred capital. the Interestingly, to to, we're

and realize we So continuing on we investors. better just target, XXXX better market much, been percentage are already and And value to second has unlock the better that to internally these created believe it forward a the objectives. meeting forge of start for that, positioned bigger to much communicate, to

that's expect R&D What you a XXXX Corrado. good to Well, be your expenses? XXXX do segue. the expenses R&D compared to

to Wisconsin, design, high-quality prospective can in high-quality stable, provide and the to of samples building the the prove and cellulosic think that these piloting separating went in black the customers, was to that conditioning see, -- in sugar $X.X XXXX, that be I to only we XXXX. money the the to you'll produce That and but R&D because now expenses Biolium, ability businesses crushing, question, our great that acquired masses. to that these $X a not it's million repetitive, best system operation engineering we about create million and Yes, money we went year from in over spent, we able into the continuous

now, than last you that tell at did a spending can lower I right we're year. we rate

want advance right? around, However, that of opportunities turn some faster. now to the ability have we to, Because, even these we

would I right? would be comparable, the plan, current on current our our So say just R&D look side

replicate see we've what look that you we've We enhance getting invested that and don't the development million you want doubling and it. is to efforts $X.X into just -- results done. from advances we're at the see What that is the and don't that GenMat,

and at When we generating are of -- would day. honestly, teams every something in money I It's level dilutive I AI, market capital, that are say, the are invested, of accretive at that's it's truly of tremendously bringing that development to would look accuracy a of activities all amount that not surrounding advancing and deployment companies that that or works these the research, all. the to the both created been say, been GenMat's the

and we I'm base. we've credibility and know in price, validations expand know frustrated we way sand inevitable. communicate created, that and the by any the but that grow made our how will by what with continue the capital we it inevitable. it these will to share It's evolve this in It's not can come

us Springs Fund. Opportunity update Corrado, an Sierra the please on provide with

surely. Oh,

of some a Microsoft activity the the over it few So earlier acquired the land position. street right Sierra great Opportunity Fund call, piece major Sierra entire the alluded Springs last across but from months. to had has I property Springs on

new $X.X production Nevada, when trucks investment, road the semi Silver just -- the up right Nevada Tesla Northern in it like investments just of electric announced Springs. here including that further right in from in even investment billion Northern announced the started next then to these They strong right trucks, only but they to where battery integrated existing not and seem Texas plant getting substantial of majority plant. about expansions, phase, like was semi was a plant a announced the also their battery with there

the like years up and years eight because almost I into the ago, expanding interest Springs So into think, Microsoft for are have companies and Silver activity mean, of gone see things, expanding Silver Springs. blue pouring the Northern to Tesla has the dramatically. that of now investment Nevada people I in firmly effect the that those XX in been chip last where was

that. looking property, least way and handful acquire investors to that only So invest did ecstatic a Silver about of the we in are looking in to have are Microsoft at Springs actually not a but I from come us. that

the gone -- come real market estate gone have in got rate the up, increases, with nose, through I cap Fed valuations has rates, have we're down. punched the frankly, bump. So a

slowed of so process, the activity has interest the quantity bit a that but And the quantity it in. not of and slowed of coming

this my not done. an been a here of Yet we're reality from see perspective, of and cycle, interest estate we It's of It's So almost moved inflow into into levels. repeated we have real we down excuse. still would a not had I the sort area, that businesses mean, facing. increased unbelievable

Comstock the that. up million. And it a minimum to at so $XX again, with million I potential cash being We're close just to $XX we proceeds think of it's a before matter of looking time of

excited XXXX cash to from getting Peru. very closing the we're now supplementing that about the we position So, have done and

position update LODE's what provide an you is Corrado, can Green Lion? for the in estimated And on Lion? value Green

bit little certainly secondary public it It's a specifically that, level the that. not be so share would doing if position earlier company, said they we just did it But that offering, put interest it. to less I monetize $XX to their at any have recent existing an open our kind there we at a is Well, immediate way million, don't okay? to of would

that Lion very system, prices have already for the is relationship access contractual very, that's and about For at Green us, not their strategic is the level founding changing. we what intact. That's

contract. investment the nation being is favored position in to done the to The investment the frankly, done on a investment discretionary. enable -- investment with The that was get that was technology place,

So, could the be we it of assets that monetize certainly one

is financial and GenMat in obligations? what ownership Comstock's Corrado, stake remaining

Yes.

So, good question.

to million way simplest think to three up had was to It our about we up $XX the commitment. That's okay? committed with So, originally components. XX%, phased major

to-date, The we objectives. $XX under those just way in their achieving well objectives. commitment was of on a to cash achieve requiring certain component And have to GenMat million, first million $XX those million $X okay? They're committed

basically, of we're from now probably $XX to million, Right if GenMat, kind there's of hear, capitalists to full think now, funder. we about own situation. venture and sources fulfill be XX% would positives the the investor. only surprised as get, interest We're capital. wouldn't is We only right? we So, you that GenMat to the many other of starting

seats. at is Board multidisciplinary We have that team the incredible that three the the team level. of our and relationship Board highest and incredible seven with chaired management I science

X. we $XX to to to do be like? end from We're million. they're there, We commercializing, what's decisions look see then think right? we're fund where going make to So, the extraordinary, and up? We're going Look, Phase to going going we'll forward what get values

So too, XX% up GenMat, is resources, XX%, end between where we depending to on demands really ready on do the how our we with business and have capital we right? capital, go our fly. somewhere Fuels far with And

a it's front can't us. situation relative in. in So decisions good think I of situation the we of and I a mean, allocation we're capital that that businesses better to have

for mining, up drilling, what is property is that Pivoting preliminary assessment back to lead the the to economic et cetera?

reports. technical -- three have these we Look, major yes. levels really Yes, there's to Great.

meaningful, level, resource First that's is estimate.

estimate Dayton. have We resource a for

plan, cost because at It analysis to looked It but processing certain for certain concepts, is level full entails do or estimate you've entails some engineering. mine of engineered It the you've We the The have preliminary engineered resource assessments. entail? a haven't you've preliminary, shelves, engineered costs. analysis you permitting. it pre-feasibility What Lucerne. does these economic a some entails next of

mine have what on have just over now said we Lucerne operated years. for Comstock. Wow, Well, relative reflect let's our four We already permits. already to I the

costs, processing a of would costs, capital economic what cetera, those et view be. have We strong preliminary very

So all more geological bit our -- that part little more year. this commit represent now this we knowledge of engineering property, to and existing level pre-feasibility we publish that out update plan is and already that Dayton little both our of studies. a updated and engineering that and bit planned technical to to can reports team, We've Lucerne believe applying fully and lead work and it a achieve the with

feasibility, full engineering, probable go of okay, full full we then values feasibility and and feasibility. deliver net Full what we could achieved, think directly that gets economic a Once analysis, is asset level could what to reserves. you full is that present proven full

and Do the However, that we want that to there's of into problems? think that right? resource proven we the going into resource then there, we've point or move quantified to probable believe proving we and a about want of growing do the decision magnitude magnitude

different So feasibility. we that look at will we'll pre-feasibility it expand a move full then or right, way, can we this year, get the to footprint said

resource, value the the The we Here we're prospect add data efficiently. team the coupled that much team our is not the that all excited assessment, probability-based wildcard of more the of the the have enhance and when GenMat's dramatically but very with only existing can resource can about. analytics today, that expanding

hearing it cases, we're the and already a them could engine years AI you on the is Can data. it coming to the GenMat put see of mining. The be team in of I also say, or is want sift small will do look, minutes. and that to world. companies have likely us what largest geologists you take sheer So, analyze in use help could Can they'll literally things we just just it's data data customer that in analyze mean, some a want This our mining the have. to revolution magnitude through. something three that of And But in you say, we see. might properties hey, can't where we we four those already. it's to your we them They AI lot say, can scan we data.

news, what, line and global industry, at of what matter already the mineral for but exploration we're GenMat’s good creating going front with enhance dramatically likely progressing to no the with the technology. the we're the we're So using

What pursuing? is So mining you the total combination technology? addressable company the of of AI, the is metals, the lost markets fuels, market that

astronomical. The total addressable markets are

XX XXX if billion think drop max, in the renewable Today, burn of pedantic X is fuels billion, like okay? billion -- billion, et Ethanol in billion cetera, me okay. gallons. about gallons. of amount be So X represent renewable, but alone couple The is let careful, you United a of fuel and renewable States fuels, diesel, those transportation

monstrous is barely touched. and market that So

talking customers for we're revenue, just about United the what about capability the we and per about just States, immediate a immediate the this business, fuels So year, United per that talking we're States are love tech. that's year, and that's the adopting year per

sufficient, There's go expand growth, Why you that right, carbon-neutral already everybody did dollars right, of the the feed that capital to oils already laid technology? of are the in themselves. has to hundreds they the are to Marathon, targets producers fuel not Because millions, of faster? Why for licensing constraints, feedstock footprint. a we like move out already to their support companies have largest renewable country, vegetable renewable billions can't looking, allocating

and By for bottleneck. positioned going what you I'm they're of if XXXX, for got we're feedstock out a do? we target to by best telling doing believe is so alternatives, unblock you've XXXX, XXXX are looking what you you to carbon run that in they're and XXXX,

So is us. the the that for right, alone, States massive States United just market, in just United alone,

be valuation. in and would It billions – it certainly revenue could be

feedstock big So We're with sources in its players in feedback sources as biomass. United talking Canada States as North terms international have America. of been is and woody South with that now twice

that's the fuels. So

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do You for can government resources. that

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remarkable. is it's position So in ubiquitous. I again, mean they're putting what

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XX,XXX. like Sound

potential Are resources your to buyers? mineral marketing you

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who does and for it turn everyone I that a Corrado, thank back want it our question submitted to over questions. to you.

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