Comstock (LODE) 3 May 232023 Q1 Earnings call transcript

Ladies and gentlemen, welcome to Comstock's First Quarter 2023 Business Results Webcast. This is Will Maze with RB Milestone.

For those of you newer to the story, Comstock commercializes innovative technologies that contribute to global decarbonization through 3 primary operating units: Comstock Fuels, which converts biomass into net zero renewable fuels; Comstock Metals, which recycles e-waste and critical metals; and Comstock Mining, which holds significant gold and silver resource in target-rich districts in Nevada and plans to dramatically expand reserves through generative AI-enabled mineral discovery. Comstock shares are listed on the New York Stock Exchange under the symbol LODE.

operations. the COO, Chairman first William and to is De CEO, quarter today update and Gasperis; McCarthy, current us company's and Executive Corrado results Joining to discuss the And end we'll answering also questions of presentation. be the at is [Operator May recorded be available X, this website company's soon today, on will being the Instructions] and at that Please made note presentation XXXX, comstock.inc. That's comstock.inc.

for cause those to forward-looking to that events guarantees risks be do a in that risks No may Today's and differ them. or statements by anticipated subject of and statements forward-looking developments uncertainties if may assurance these any or from be occur, will of has are the they call actual statements may benefits their are performance Comstock out that of contained of contain the company. occur the in presentation. obtain Also of what future can materially control results, the full some that the will contained uncertainties disclaimer not given performance company. company

is not a broker-dealer. RBMG adviser investment or registered Lastly,

For information, rbmilestone.com. visit please more

it's my and the Corrado De is to William McCarthy. And now Gentlemen, introduce Mr. stage yours. pleasure Mr. Gasperis

welcome and everyone, Will, afternoon, XXXX Comstock's and good Quarter First Report. Thanks, to

McCarthy, call. you both mentioned, be the and just for Will As this update the on myself our and have the Billy COO, business today will call Q&A following that

filed covering quarterly will our update on actually include our call of information annual our feedback the Form report some on shareholder last from release XX-Q. recently quality business the Our excellent press received today's and letter. and We

our Maze the RBMG to Group RB that heard, and rest of just welcome or Will you engaged and as announce, formally effort, to Comstock. RBMG support to Relations happy Milestone the team Investor Very we've

be and will Will heard, you our be enhancing [ directly more RMBG communications working they so enhance and overall that They'll communication also Welcome, you now and As you, our And interfacing expand with feedback ]. our and efforts his base. both overall with also shareholder (sic) by to and RBMG effectiveness. soliciting better these thank investor are improve calls. facilitating team we our can us and Will, just

today start the of the update. me Let side with corporate

way, last substantially Peru with closed the the just XXXX you which sale complete used already on saw million $XX facility cash we're of Battery to was Corp. and of facility, we XX week, that as for received, have As and million in buy last is week to $XX building million million $X With American the and possession. that week, the plus its we shares of liquidate next that ABML another in coming rest scheduled which our $X we on million the in

to be $XX over this few We for our now million expect We're million months, target completed also of exceed proceeds. on all netting the track in sales. $XX to overall next year's this us asset cash net over well

than when lower Let reported even us The our that And is me any at levels. is share and these all very additional well, we Comstock asset we this to to we that having appreciate pattern meaningful little actually, how still not these it's have low share sell stock February. since avoid outstanding sales also And sold acknowledge shares it's March today same, on count fact a performance. the XX. see

in announced Redwood potential Industries skyrocketed since from expansions purchased recently assets, the Tesla have rights proximity interest where of these now zone meaningful Springs, with water Silver investment our has Microsoft and Silver of the opportunity buyers properties and Corporation own greater are in Staying of in sales, directly multibillion-dollar both immediate level and asset fund. significantly a a land actually and seeing we Springs. in we Springs Interest Silver land

to next all Springs. Gigafactory, from semi-trucks exceed only again transactions building This meet didn't of that of is Silver of that cash those not but as all properties minutes that here year, also the they've our specifics, hear our their probability For positions battery entirely plant Tesla existing just is for see well. multiple this the they're you possibly new closing to announced proceeds. an We in and XXXX and million now a us higher objective $XX Silver in manufacturing Springs much

continues balance So all our our we and businesses. of better move faster as ahead sheet has to with strengthen and

readiness business and technology for our about the As of discussed I including technology TRLs. XXXX We or last last of XXXX mentioned our development all readiness. and our call, notion in update, businesses integration, readiness levels were technology our on

and currently and for GenMat, later. we've I'll more by made TRLX that of discuss in we've advances major We're the that fuels, made some in excited at we very are fuels,

We've while customers. positioned up metals and all and also technical mining businesses advanced partners lined and our strategic critical new and prospective the

stock of just based earnings price and estimate, commercializing some companies. could comparable these using of current known increase to to successfully comes technologies value while But our think finally and see our full marketing to tenfold and our a we're justify And the shareholders. the technologies that to that And they on just ready down generate successfully bring starting value unlocking traction. our more technologies revenue and easily I our now values in than

market number we the of growing We to the prospects are businesses end. our more are real even and And are emboldened momentum committed by current this gaining.

event. deeper, released for released in and doing of propositions that and better improvement all understanding a system, that information weeks. our presentations are UPLODE engaged and a that looking are value leadership teams will to marketing this event for in us and Comstock's each expand the In in their our to recently today. the 'XX to convey will and we more context, way forward of businesses, overall professional now our our sharing of on RBMG. also We June preparing registration we 'XX firm This showcase for UPLODE businesses, greatly details of be all each Look at addition upcoming a we've

are, each for currently new generating key we summarize what our objectives towards me XXXX our next where business and are efforts revenues. Let

the out total only from the feedstock of supply fraction a First remarkable renewable vegetable growing It's Fuels. meet small can brought this typically same with demand. most Comstock oils of rapidly But fuels pool, truly oils. that

Our underutilized bio abundant woody by biomass technologies converting sugar unlock this like but renewable Bioleum into major into fuels. cellulosic intermediates bottleneck refining and or

of gallon Our commercial yields on gasoline readiness demonstrated basis. recently team feedstock with gallons of XXX unprecedented ton a per of dry equivalent fuel

the of more year. more of a has license This this agreements with customers of one and are the players, prospects. to technologically attention currently sophisticated these number significant industry forward we large We execution or look these than with engaged caught

of than on recurring fees. more one create licenses royalty engineering material these could upfront Just revenue XX-year top of

Let's move to Comstock Metals.

reliance but on a fuels, Here, off. focused vehicle the the this it's including, fleet electrification ways to on seems for growing course, world their lithium-ion and still positioned fossil electric market, reduce of batteries. highly We're

also the into We across a going now much environment. of major frankly, growing country other especially from of here in number a and the systems are and and see large Arizona photovoltaic the solar Nevada, near-term These of to fields territories. expiring landfills out the hazards creating materials opportunity these coming Western parts

ground plant end-of-life solar the of plan our Fortunato, has extracting for new will first. hit pilot have and commence our panels deploying that for these And conditioning, a running. redesigned Metals, President we crushing, better recycling

have we prepermitting new commenced activities. the selected site, We and

relocation existing model here this faster. believe Nevada. have is We and coordinated system our safer also to the We of modified

We upfront profit. for fees for is we tipping then these will that efficiently receive will materials and revenues, process them

cash processing. our materials in directly faster the commitments waste already engaged processing. or XXXX in panel flow these is sourcing is And advancing achieving Securing solar for a or positive revenue-generating and key clear to objective permitting as XXXX. well Fortunato now see we as supply path

positive move gold over Not and ounces crossed Comstock silver silver recently continuing. upward and I mark ounces most of gold million has analysts ounces surprising of resources with X silver. our indicated And Now platform X of X.X to to see XXXX, me Mining. technical gold inferred trend of for both of reports, an over let mining and nearly We confirming S-K XXX,XXX XXXX us, checked. the gold and enhanced XXX,XXX million additional $X,XXX resources additional plus of last to strongly ounces measured this

our mining potentially overall mineralized covered collectively properties including the believe properties. X.X say, of in strike. We metals. less recoverable is than that just to property, XX% of plan our miles mining value mentioned dollars ounces XX small miles of do Yet billions that intelligently. reside our of of unlock square continuous mineralized that I Our only fraction, claims a very And contain

trends additional hyperspectral of orbital amount predictive and and by intelligence, artificial a analysis human but on will. of to validate the combining historical imaging use do you and in fraction course, data are massive district conventional going for mineral cost will data and How if will current geological just with AI, intelligence, of and also enable mineral that? first, Well, powerful we our discoveries exploration. new that our of expansions, AI-driven expand ultimately geologic We

and exploration, XX real know. that to achieve is expensive very it many I you Look, and years, lived mining with I've of frankly, Believe this and potential risky, me. in goals lived insufficient conventional see for the and our drilling we district. have it me,

already GenMat's mineral districts satellite in the one hyperspectral built mineral right we Nevada. the best in own of But of ready and world, jurisdictions for one and largest, largest is operation. the in here imager

Falcon SpaceX year. the later on launch its targeting this is satellite Our

recovery. Once powerful there. information X with. frees into systems development, to all us physical we're for chemical of interested This government extract of improvements the launched hyperspectral And us will and and high are what to most enable space it precision GenMat site-specific up, one almost and space relevant prospecting mineral secured be years is the and represents both in the to after begin

pinpoint minerals. truth as our expand our XXXX include our ultimately, rigs refine to predictive can We ground GenMat's integrate AI targets analysis. into and launching satellite enhancing and integrating those data, proven imager, Our our predictions and and analysis our the better then will here ability drill efforts with we

us will and resources. for and efficiency again, rest the towards the critical our existing first discovery feasibility starting capability This world. Comstock effectiveness simultaneously a create Comstock mineral here and then of it full expansion on economic the of the global of extraction, and will meaningfully the advance But

for mining. GenMat these further intelligence artificial and discover on or for their I way, news if daily The physics now aware market on just very models that will, expand as how discussed AGI impacting the general way you of beyond large is language businesses. mineral AGI, goes already with much are applications me Let affecting

these And GenMat was intelligence is other GenMat language-based that at building would and also to technology pioneering this years like artificial general acceleration What X ago. commercializing understand over X and in Comstock is physics X disruptive models. I we years ago. to this recognized as everyone for compared an

AI Remarkably, Our late mechanical was physics-based, is of its done next at month commercial GenMat's physics This predictable with announced and during calibration This rapidly already testing the its science-based. This is last AI use. AI to for the is for planned customer later language-based. now critical models ability simulate not has characteristics. showcase GenMat materials. is be simulated recently quantum properties AI GenMat new known deployed year. atomic level. evolving materials desired since can AI

will GenMat capabilities elevate commercial readiness. simulation XXXX, new In to material

of alone, with that For a strategies more I for again, certainly becoming double by X it's and believe own apparent TRL developments. component investment stands most means as as real-world in it deploying business dips our applications. GenMat and crucial also early us ongoing Look, adopting innovation system the more our customers that but

using entire value. to this metals, break platform, generate ground and AI physics-based growth mining exponential on fuels, focused and are and We new

system leaders, significant operate for plans we teams as one Comstock, and at growth. dedicated with having each fully Here business

this services what here to as designed June the shareholders This be you, recognition us will deliver will marketing to inform stakeholders. and expand customers. of On then we to of value. and believe and also technologies value to of potential UPLODE enormous. It's proceed show XXXX creation XX, our enables for and We we our designed our our and a awareness on campaign showcase all year-long first our to is existing

proxies We're a be and your will and 'XX, looking soon we practical. May mainly downsized online This to UPLODE AGM XX. vote also as forward as you on ask our all due virtual to to

to Secretary, will, If our assistance you Spencer, sure, need you. out for proxies, voting any reach please Corporate these who assist in Zach

readiness. of point is that about questions emphasis we and technology were last take XXXX and My developments XXXX before

about built is XXXX, our system IP. that all Our on for commercializing TRLs IP. is the however,

question? Will, let's give today. and and stop first into be Billy there both I turn taking questions. Can our will us you questions

Corrado. informative thanks, a Well, That's presentation. Sure. very

Q&A the several the into we're call. prior of We now mentioned, submitted Corrado As had Instructions] portion have the moving call. to [Operator questions

started. get let's So

XXXX The sale question asset fully The of is the asked, closed? when will be regarding question the the investor first sales. Peru

Thank you that for question.

of I ended transaction out we're complete and up purposes, steps the believe today. if So substantially a all for number phases, closing on risk you will.

$X We've We'll we million date, over as week. get received week. of I to into of used $XX building the million to million a next since net $X-plus remaining on cash million $XX That's our a treasury the last continuum that starting mentioned. close

Cash flowing in XX shares the And week. we monetize will ABML be next as then essentially possession. in million our responsibly

be will few and a months. within just up, all it wrapped It be be it closed methodical. will So will fully

Great.

the timing on you of Can them? provide question. Next more color additional sales asset the and

Sure.

of that are I investors in moving half hard. Silver XXXX, was additional the up real remaining larger the really interest say, primary would the activity Fed In pause started for macro asset latter most properties represents of, estate estate there rights Our our a water what real the in Springs. rates non-mining as and sales

And one that a by even of our potential investors. included major pause

in dollar in investments However, our with immediate months, picked last these dramatically. Microsoft and the activity the announcing Tesla, has few up multibillion Redwood vicinity, just

the this Springs. real Nevada invest sales predict I our to timing, exact Northern and Silver don't These but serious would targeted achieve specifically looking seen we activity never think, sales. can't allow We have alone to asset us in estate much

in fraction of We the Green in investments holding additional easily of values. also assets these current the books which a We targets only or and Silver our their investments. all equity at some market addition both exceed both in other Springs of existing on we opportunity have Li-ion, we're sold that in to are our fund could if

this This into was readiness Thanks, TRLs provide insight so -- quarter? questions Great. you Can more Corrado. you've or one a question the couple and specifically. next comes of last levels there that information on discussed technology in

Yes.

for Billy. you is take one? this that think one a I good Billy, can

Absolutely. to everything to about I'd we a we us ability critical readiness readiness we're as today. to use doing risk commercialization. the technology talk technology move assess scale in really development love This project levels. gives to is It the technology

of use really XXXXs And X-level first it's programs. NASA a not new was Apollo evolved the into a it scale idea. conceived And in originally by the during It was and And industry the the XXXXs to in scale and in is tailored used that, across then today widely a that's 'XXs. specifically today government X-level what we what doing. a version we're then

move entities X function. our of point development, that's here concept commercial you universities their the curve, laboratory proof been a attain. we the But is that's the largely look to technology what the relatively and innovation when easy TRL And basic what is as at history and in do doing, of in research up have in here,

of from it. predictable. to [indiscernible] as also you a Taking going in relatively and technology is death. proof state that is difficult discipline and X to requires how is diligence of to valley concept do real the widely Commercialization X known commercial

aligning efforts us. or and out around Implementing the of see often outside. at difficult. our applying can #X. But we than appear different of to and Accurately to risky is technologies look costly certain repeatable and Comstock to less the timeline the the them all they these that that value less ways certainly in difficult, it this measures cost and in contributes a objective in scale would is comes that opportunity get estimating when of come commercialization But way comparable to quantifying risks a number

that for to get developing early-stage technology our third for lot technology solutions to parties. Especially our a building a R&D as the future stuff and as this we're third to with And that solution integrate we true talked well we're in tailored we've needs here, stuff we of the meet have customers. in about fuels, core for integrated customer specific with parties that is involve

and we our same the offerings evaluate assess we're to officially ourselves. stand to the have them. process And effectively overall, prospective gives this showing where ability for we great customers using ability effectively that So it a

on Thanks, Good. We've had questions here of structure. capital coming the a couple Billy.

are The first is, one you here additional shares? issuing

can million say we we have that shares that issued only the X.XX were year, only very of we I outstanding debt February. any convertible had today. of this debt XX and were that issued haven't outstanding And last shares happily Will. sold our Thanks, associated We since shares December last year. actually million $X.XX with currently at

There in X.X And issue conversion, issuance and the the those adjustment the was required quarter. of during to upon when shares estimate debt an in number do of that, about we're that an sort subsequently. shares first of then initially of resulted conversion million unusual we circumstance shares

excess which While shares, outstanding for of issued the outstanding being shares an we over had in shares resulted I'm end April, lower returned adjustment or our -- was sorry, at of which an that XXX,XXX were our early than April, issuance in outstanding today March. actually in

shares. So some sold are sell any just with issuances associated again, we haven't any we don't debt. And shares. intend the seeing prior We to convertible

Great. of back Are you in next stock? the is same considering Well, buying question the question any kind reverse.

also, No, question Thanks really. for not that Will.

I markets here mean, also but a issuing today. that new existing sitting we're First, shares, with GenMat said I alone, today profiles is we fuels about growth and we're tremendous restate this think what not it huge with growth way. have just portfolio. Between huge

for mining, in metals, in have with this technology. growth to front fixing literally, of discovery, conjunction mineral with In of do oyster in world huge terms -- we GenMat markets is And us. in we we're have the the what

mature we businesses that would stories more returns Stock on. for producing incredible normally with we allocation excess simply we are cash they deliver for that these X than expect productively can opportunities they sit or growth have have exponential deploy. have typically more kind cash of buybacks to companies as or growth just capital here, So

That's really to and believe the we highest market in recognition businesses of those to the that is and appreciation value And will not objectives today, the and our case value. funding highest we're of see going is starting that appreciate price. starting focus this, the our and market share to drive on the delivering the

levels. have of no current expect stock. the at these impact business more are asset believe will our We immediately delivering from our we front dilution, that opportunities question, from in generate sales returns. our Look, of returns we a those on us buying and all again, the And especially not superior have had back meaningful created much to and see objectives avoiding

question. any Similar be debt you early? Will redeeming

good of mean, a remaining That's question. is most our to debt I remaining sales. tied our asset

would And be convertible redeem from remaining we would it whatever market, yes. that sales, into we And will only I the -- would could transactions. so getting effectively back, depending debt buying context, stock effectively be consummate paying of outstanding. of in down that paid timing automatically those amount it we as on guess guess asset those the we preventing debt, be I that not we off

Great.

operationally commercial. contract? the to next when know question the is Fuels first Now would have you This investor more like focused. will

All Great question. right.

shot Billy at take think and I I both a maybe one. this will

saying better provide me some answer answer solution a is Let Billy But process. color me this first start year. and short is fuel will for that on we be that selling to the our commercial by

their more customers our -- us to that. bit just solutions technology a our give both like to specific little tailor needs about circumstances. and I'd engineer insight and and you We of to

the about problem show Then and engineers through think with, to large trying folks this testing their start a their typically the their their engaged case, of development we problem. up teams unblock started feedstock our has business customers and mostly them it we're and handful with constraint. internal poking solution and of already or that in I When with solve for us get technology fit

engaged wonderful that evolve for request major And we technology with qualifications specific our it's at all more do then you to X tell independent we're at that of by level readiness. firms least an that, through that more get once companies actually to third-party we and engineering way. proposals, advanced And already on and the assessment typically

sale, projects first customers phases start earning are After before solution we deploy several we these our close actually engineered fees. of our our royalty and there our

entail millions all things which engineering phases for initial like engineering final the of and revenue while significant engineerings, prefeasibilities, in However, a earning we of feasibility, support. provide amount services of dollars generated in

will let efforts? the that fuels to These near-term are there. for revenues often kind further objectives -- pause that provide Billy, just don't structured to me us. me why some relating as let bring commercialization you insight upfront fees immediate support these of But

definitely. Yes,

directly the All things of both commercialization future. our the fuel relate technology, also today to this objectives of commercialization some and near-term in commercialization for

you processes quality. just number Corrado, all possible highest objective the make to what these get in But said, X through processes -- is today, we're the about at

we've so and along And far, making way. had we've progress, great the roadblocks success. major no hit We're

the approval front fuels. be And provide towards renewable we've provides California, incentives have are well fuels The a as the work for of to carbon that, move they done sale standard in EPA. incentives the renewable low post fuel administered by program needs as fuel to to that that fuel renewable programs get commercialization. primarily that we Second loaded as much the first to

that's approved all site-specific, qualified Every on with gets that all customers. so project really as individually be our not as deployed. getting What accelerate today production facility every we focused the first the and for that documentation to we're doing much done modeling can is needs pathway and process the possible

upgrade it Beyond an running that, our readiness we're including operate continuing to getting system, to continuing of updated and it continuously. the Wisconsin, our technology deploying have we're -- we but in to pilot advance

a readiness at take to going X,XXX the facility. And further, objective to they the third-party over in downstream can provides on pieces into further Wisconsin, to to technology that, to get do bio well. -- to we're qualified our the our step what as substantial. that and We get run go is fully we're get going and a system transformed can capabilities for hours want expand couple key of time and demonstrate do have fourth technology them that solution functions X what We of level as But fuel. system the in of these we other of intermediates

outstanding. advancing large with I customers. not engaged number great They're just a only we're that that It's feedback. of not mean, not visiting imagine can it deploy We're with take you our in only doing specific on of and facilities described only these to approved reception great if Billy work alongside but ultimately amount parallel proposing a additional solutions. massive solutions, we're fully engineered what in anticipation will of to

And all of a that will in quickening. result

we we quicken. will As second, it get get first, our just our as

We're So hand, literally sense. market, gives extraordinarily market supported ultimately I the aspect once this in good hope team how time a dedicated. a and to it's has role sustained of Every that comes gets our busy, deployed market. fuels in to full a is then and

question. now. next We to for go the maybe So good can that's well,

with Thanks. Okay. grant Have project? the receive do DOE informative. was funds the grant. of start the and The DOE very you you It has the question next to will when or

Oh, yes, for Billy. that's

just been diligently me were at this by getting the excited for project. let of So extremely everything we say we when aligned. Energy Department work selected We've were

University Fuels Xylome, and X Technology project: partners So at Marathon the on core we RenFuel, Nevada Emerging Reno. have Petroleum, of this

pilot that allowing what demonstrate thought could impact a of particular to its now we resources with this And we're just is with really using activities of any this we to commercialization effectiveness. Nevada on Reno of doing let has all we've be going about. university do say, a building zero that Reno the work we're us system, do at project. prepilot lot partner in talking at a We're project Nevada -- University me pathway project the of And this here here our and University been transformed in system of to a for the critical that

the agreement But So documentation, currently engaged and the the award the Energy all that's finishing scoping with for of these this exciting. ultimately project. and Department projects, with we're fully

those all They We have DOE, who's D.C. that of understaffed do overwhelmed new have well a the to great programs out and what team the for do. us. with of for appreciate come grant project covering Really these at guys they need are

a is will case, Corrado So of is be doing. what get it's that going the commercial we very than similar current talked project the to but timeline slower just award to on the to Phase the X about final bit be to little that from traditionally seem process. everyone

first the are phase coming project. The to And their forward from months, that firm come engineering be the qualification we the the will X-month in next in going off, what Energy do Department but to be of few of to and phase have, of assessment as a third-party DOE and looking we to the with kicking hear hopefully, we more process proceeds.

photovoltaics, are other asking, batteries? This batteries The new types Billy. of Thanks, Metals. you mean abandoning investor or Great. Comstock with on that next the question does just on emphasis in comes is lithium-ion

that. we're take I'll batteries. absolutely No, Yes, not abandoning

of of process and not profitably. it and to much efficiently a business bringing our us but enabling really actually contrary, existing just experience and combine into decades broader materials range with this to batteries, Fortunato the advance allows On take tech us technology and his

contaminants Our struggling difficult the technology is in the that particularly battery within we with, market effective most see currently cells. including contaminants eliminating these

that We have capability.

have We today. technology that

can those same. the of though, needs. tech for The are more made the here gains decision American with used also that And start these that batteries supporting that those we've from ultimately essentially will all bring we U.S. traction. volumes, North materials battery panels be nascent immediate solar because revenue now we the strategic supply chain use, profitability and recycled the they to However, produce materials is while

little our this business better a as you maybe provide can near-term Billy, too in objectives what are well. summary of

Yes.

near again, all term demonstration well. So as is, commercial about here

in selected here site we've Nevada. So a Northern

ready, are and get working on need those actively and ready get getting utility prepermitting the We the to we connections other site soon. submit to that working and to permits

same and for got We've supply here. engineering its Wisconsin equipment time, way we've pilot agreements. system and from the that securing got our At work our on the

supply the photovoltaics, comes very from. is business. side of for market this the it's important the And component in a Now revenue where

to So facility get up near and when place looking that date for looking to set site we're going running. the term, supply agreements We're those in the is and operational. be get to

That's great. Thanks.

these Now segment XXXX? to with the Will the investor question actually. to this value the next This prices moves metals realize rising, plans -- drilling gold the in you over question asking, what be of are is your mining assets?

the minds All mining of our a right. that. been there. quite actually and our Thank couple bit for Yes, questions we've sure, mean, a you team's this for discussing forefront been internally, it's at of minds. I and

to We're reserves. upgrading them existing absolutely and committed advancing resources the into

sight have on of to clear Lucerne We complete a we prefeasibility the want both how step Dayton. that and first being with to for do line

have actually we And data-centric the we to from continue really, -- the we before we we always and data-centric sophisticated our more we've better. view, in do our data more this. how integrate this we more geologic much that right, in how been analyze more and the data, corroborate and with we a be plan but do that drill, But in data be to can much

suboptimal to We're not -- data. we don't drill -- we're not with going

this analysis Our amount completed tremendous of already. team has a

of precision We of the have with level our data that sections the integration existing and a remarkable model. cross geologic into level of plans

and of that we we the both will analyze that abilities verge But speak, the as data it's platform. greatly with new will they're provide a from the sensing come data literally fantastic. have GenMat's we can already Really, enhance data coupled GenMat's team, how expanding their and the geophysicist on hiring

all result these our highly team, ground we're what increased minerals All in and enhanced actually of better in all, is really of AI talented tools the proves certainty truthing the about. that that the combination predictions

these integrated about integrating the mine plans. think about think technology plans, into we those as So we

cost discovery in All being drill resources, and proven increased of results targets, increase our mineral in our reserves. them our programs probable categorization that certainty mostly traditional of towards tremendously reduce and of of ultimately better

The all satellite do. the and I satellite catalyst, think will about not drive So the but data it's launch the launch. everything a The catalyst. is we that look, analytics we're excited only

business. mining GenMat's the talk lot But in objectives associated technology mining GenMat's involved maybe, been for Billy, with of only could our you also that our but from near-term business, has context, strategic Billy with a into planning plans. about not integrating individually the

absolutely. Yes,

So GenMat. development off of this X days XX next we're in model with digital Phase the kicking the

As Corrado existing is all this mentioned, have. using we data

data well surveys the assay plus exploration our past, robust done magnetometer both of aerial So century the database, we've on the include the and ground, all really as and from data the this Comstock. will in historical drilling the in as

But what going But not get We're really So hoping is to is to us initial priority. take it's doesn't start, is ready to data first be done to and in it do going be we the position mean this some that getting data. going sensor initial very today. to this model to going It's it's additional this hyperspectral year. us give our insights. the that to to launch underway from insights and we're does as we once the orbital have satellite get much going built

launch. Is the in that came that? topic, Staying were timing to Good. that on several there any related on questions there

Yes.

launch factors And X control they constrain talk let's what the just there's about So that are. or date.

GenMat's who to final NOAA, conditional they're for, first receive permit from any received approval through launch approval regulatory permits And So to is data transits the working the applied the requirements there. satellite back approvals. that earth.

The that is a the like this somebody satellite, the second of case, a commercial in launch microsatellite didn't CubeSat a and else. pay logistics The with this side. advent the We're is space we for rocket factor to along fuel. to rent company enables a that industry ride us

of amount is on that get any quarter, launch once for there's board. third end we after in happening soon as clear, get be But see this can have that we always approval of get to but of launch there that scheduled. before wait approval, the certain for variation the don't uncertainty window just to our just our a that we'll We turn we some on and board. timeline while So there waiting

Very good.

up Okay. here, I on know pressing mining. time question we're here against there's but another

asset? mining was, it the So still you would sell

that I'll one. right. All take

it's been sense we monetizing it the think consistent shareholders for and the say to and makes with mining I have if valuation. to assets open our that are

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Thanks. Great.

up pressing against are We time.

just could wondering have milestones closing should remarks radar? Corrado, just provide their So some perhaps and if that you some on investors

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While by these that sinks in, please do all register UPLODE XX. and event activities 'XX get our on June attending on a deeper of dive

And all really to we vote you our forward the interest, and AGM please, look you for XX. seeing months. May Thank do in for please, upcoming on your please your proxies

in comstock@rbmilestone.com. and gentlemen, lot today. to, did comstock@rbmilestone.com. we Thanks, of we that you thanks, please send questions we Again, so joining everyone, know questions that to that's us have may for any a to And get get able weren't

made Today's soon will website be well. webinar Comstock's as recording on available

again you now thanks and everybody, for are to So free disconnect.

Thank you.