Comstock (LODE) 8 Aug 242024 Q2 Earnings call transcript

Ladies and gentlemen, welcome to Comstock's Second Quarter 2024 Results and Business Update. This is Trevor Brucato with RB Milestone Group, Comstock's U.S.-based Investor Relations firm. Comstock is listed on the NYSE American under the symbol LODE.

Joining us today is the company's Executive Chairman and CEO, Corrado De Gasperis; and it's COO, William McCarthy. At the end of the prepared remarks, we'll be opening up to Q&A.

from announcements. of questions addressed have received today's by have registration, which most been We any questions if in But new the submit presentation, Zoom them please Q&A module. surface throughout the them do best so, we'll be the Perception QX up for opening next Analysis then And Report. we'll to address day all. In our or Comstock's Stakeholder surveying the ending The will include the weaknesses will and milestones, shortly final trends after strengths, report be of end in quarter the and on Comstock's September. published perceived

not much be investor solicitation risks sell forward-looking with uncertainties Comstock's be the that guide will Your be that to may it Comstock's recent any upcoming as help a participation help security. strengthen may our presentation should of appreciated construed or communications recommendation will and buy subject contain as note of statements efforts, or a to and all out today's the events. Please and especially focus are control accomplishments

is comstock.inc. Also, disclaimer, full available please Comstock's presentation be company's will XXXX, on For today, website the made website. visit at August and X, this being their recorded

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

CEO, over For Comstock is my it now more Executive please it is on to Corrado, turn Chair information rbmilestone.com. And pleasure the Gasperis. us, visit Corrado and stage De to yours.

in have and Thanks, as of really today X update our quarter update. amount Trevor. we've to investments plus at our all to substance and causes made everyone, And our progress advanced of I'm too. of like hello, strategic second welcome our sure the corporate, you're tremendous their businesses going

time for We're on. update well. sufficient a the ensure quite as there's So to to everybody bit Q&A session going

as answer as possible. we time So questions have many to

of Green and success congratulating in respective start milestone and Farrant Prasad the Li-ion companies. their all-important achieving off and me Leon both team for GenMat Let commercial team the Deep by the

and and a ribbon-cutting commissioned may Green active not a Leon as Kevin existing that contingent few operation in as fully governor quite where Oklahoma, VIPs, including as today. commercial attended its carbonate Green of recently the Green battery And you customers. The Oklahoma first along As the the certainly I remanufacturing read, are Li-ion system Stitt, have anyone Li-ion as known lithium well also with from doing Atoka, in well precursor as cathode Li-ion's effectively we pCAMs, aware suppliers recycled market potential makes yet batteries. materials, of

So battery-grade are so resulting Green Atoka the operations Li-ion's economic technical and their materials encouraging prove operation will purities. full showing and far feasibility, understand we from high very extremely the and that

be pleased Green So all does really I'm for to coming Li-ion. together very seem it with that.

GenMat. to Turning

systems their by taken and called the management commercial is thrilled announced industry if GenMat's the originally its assembly, the customer agreement Ostentus-X a asking These so ongoing addition remarkably, a important one -- software managed, operations. big, just As first most the satellites. to had they entire launch, it operations for new you the guess, Geometric had fully it's this very much one other once to -- into imaging proprietary than the everything which, satellite system lot deployed also emerging supporting and of themselves, for control satellite, be generally is deployment the GenMat called constellation of and will is additional Corporation develop revenues infrastructure can orbiting, Energy entire proprietary report recurring effectively of successfully to But they're leveraging very and I customers is proprietary and had for generate GenMat to deployed this so line is GenMat during around milestone all technology, they anticipated. X at GENMAT-X, sensing process with is year now own, for of control, managing leverage I'm longer already needs. Accordingly, security, this last to mission also that -- new just operating. GenMat in space that process, their What remote that satellites, a NOCLIP, the customer they what really this business its In adding managing supporting and develop entire nice and software now those of proprietary and industry will material an its orbit. is own and GenMat also to of growing of their mission segment all rapidly more that proprietary plans science develop learned satellite and on ultimately for developed expertise by why economy. fragmented of encryption things the is satellites, that enable the way, their to so space know, reasons

from a all. importantly, up and So see them. our a teams, in one it's at with easy. huge perspective, us companies investments congratulations for these easy tech, and brand-new milestones to they And it's Starting as what both NewCo, gratifying for Comstock achieved. of not here the is future extremely my growth X to especially not these at It's imply

to to and teams. Leon give Deep their big So we're going and kudos

Okay.

So and business while releases just $XXX the to on on from the sale that non-mining also our the this of considering announced investments including this into -- directly the million I you along. into of of going overview our sale breadth morning, morning X jump the entire the the each and afternoon, announcement as updating go businesses, right assets I'm both we of this our the press

and of X me move sales the let into $XX with of the I'll asset and So million. Then to discuss the our million $XXX corporation. investments start subs direct

and on as that on our dollars. referencing well and will which some tax fees, gross the or though clarify be our always net possible of in of call those in expect capital though, tax as due more X% that will NOLs, be me to transaction Even of speaking as be primarily not do any that optimize to to existing ultimate material tranche depending any smart assets. I'm are we're leakage we amounts proceeds as going transactions, proceeds expect talking let about, work from we about this these to all First, possible the

numbers in generally Commerce ensure for again, our and just started directly around and major with the gone real SBC's over have the believe led in diligence biofuels. we our referencing a gas discussions LLC. SBC and the business on outcome. SBC to it I'm process. the deep represents due way. and have known positioned partner extensive a capital main estate most as this conducted at business. in found engaged properties announce Springs transaction represent. We've funding simple There time of principle, dedicated of a real equity sectors, ago and network all validate maximizing Springs this. that significant a Sosa, for circles secured with while long-term fund, truly very investment advanced sheet, those validated, oil the shareholders. SBC is And U.S.-based number SBC's with have group months. also But to which to could as extensively There's we the global and hard possible. exactly runs the and capital They have and gratified We it and come. and I've works what transcend private development SSOF, for absolutely spent So of and progress with clear Silver estate working several sources, in to about that globally personally gross keep Sierra estate But and term number arranging truly what past and I'm with our many off-market of SBC them expedient professionals that and properties group. value with I'm we most we by we dilution year funding worked Silver to sources this expertise their have in of some minimize specific met associates unlocks our positions diligence, interacted a I development with private thinking not-so-ordinary lot will directly value principals, structure of projects, Opportunities-owned over our Springs to years has what this all and this thrilled the ways execution a during real in equity I'm and and of whole Lori also industry expertise capital especially across Commerce funds. absolutely in the of a the directly our are a

acres non-mining of certain So week commercial Comstock's $XX accordingly, of XXX plus this we land, Springs. million. term signed acres for land industrial in land, sheet rights, our our that's XX for water associated That's selling a Silver

not incurring available our we're we gain will proceeds that contemplates $X XX weeks that to covered expected expect recognize obligations, funded well The to million our all We sooner. within paying about sell and million ensure agreement days. And be NOLs for will cash that well having any development a look and alone. of as certain deposit and all with without gain existing that's of X stock. to nonrefundable expect corporate the transaction of activities again, a transaction more to in debt terms us this land, other on or on mostly And of within as extinguish be $XX close XX some planning, tax our this taxes. These not to

Before address and dilution head-on. businesses, the just liquidity turning the let me to

interested to of we were dilution. asset the the peened We that. speed in structure lobbied stable, robust. and were value, into the buyouts, about in what I We weren't in new to how As very just do doing creation what said, in become value, maximized it's we of million the we maximizes minor our leverage cash what certain $X these sales the and transactions. interested being SBC other minimized position and is equity directly by but corporation, Between the

converts we're a are liquidity shares. Frankly, the to a of and equity more for XXX share to a creating it around just is bring over base supports and supported XXX those outstanding starting reality capital on and of of depending providing in placement of and minutes. $X.X us, bit up, or peek now business our starting to will little our But XXX always a solid finish about business million XXX SBC number While multibillions million, where break ensuring the of have them plans flow, million that, dollars shares billion little end that one with million. the sneak valuation, we're a for our goal it. a attracting investors, bit value, for in starting about down efforts now require by And for over institutional get of the right each I'll of few and likely

valuation I the is of what our of commitments Pre-money on of represents investors And totaled and of billion. value we investments. meaningful were for of aspects alone ability me these Let to our our now because say, can shareholders. it today value future in so work and grow cash agree just the must negotiated million And existing most new other the under strong all turn remarkable able the of outcome again, in existing recognizes negotiate capitalizes just a that deliver we deliver one to form businesses and exponentially for $X.X business and $XXX returns our were that X this to valuations. for real very

numbers break one down the at a time. Let's

start Let's little of to business. And lot a each I'm update give as I Metals. Comstock going update There's with here. you a said, for

our And recycled, panels. the This years. Each to equity these fuels. handle capture materials X one can including recycling Metals from and means about recover XX% high of we residential and our million proved panels, the grades $XX the industrial with reuse accelerate the smaller $XX enables tons along XX that panels projected of reflects borders, over majority SBC end-of-life tend facilities next That pre-money Comstock $XXX applications, ensures joyfully deployment to of it metals. X.X designed positions system facilities can silver. We've Corporation, This these primarily in of in million XXX,XXX our ones baby, scale. to pounds is right XXX,XXX tons and ourselves million. XXX% very metals, Arizona a we California in used each. business alone weigh industry mining, agreed for just handle unlike and advantage use the designed Starting us facility projecting site we to or post-money. valuation fortify subsidiary, I that our market of surprisingly, of for one like was solar really scale. fortunato's commitment X scale of XXXX. be can alone issue And believe XXx to That selection there's that by don't the the today. year a to recycling per where million for market This recycling size panel panels is and of This So year, the per anything early-mover

XXX,XXX less only seconds. equates process a That's panel as million in a a trucks is panels And that big designed panels XXX-day minute. a remarkably, that's over as than in And to X X.X Our over to year. one system that XX is, about minutes almost day. with X number year,

easily that with to more logistically, such we're that's things ability So don't it's else these We referring a capacity. And as to for machine manageable keep room to. up ramp we even about for has industry out there that big the way the why see anybody scale.

revenue tranches million to scale the minority just the months the with market ago. build-outs of funding permits money billion, XX% XX%, much just As around us facility how X less this will it first going. new remaining business robust of we other $XX of revenues the month. model waste we In see It's capacity more just no increasing share, to plan And we sites. metals $XXX and the of industry materializes on based and off selections, metals all a end-of-life than and where just X than can an financial That's the about and the facilities. The be #X. Look, perpetuity years, market remaining we make? it's X days, That's on that within it's remarkable really NPV add first quarter. and #X truly posted assumptions. as repeat will facilities. out Twitter guess to more that's this said, see $X.XX did profit cut we've words, network market, million build-out That makes add $XX And our will pictures we thing this But important annual of to I week, and the this facility site can initiate is -- going cash and better, established no, fund acceleration even record million materials I to planned as of margins a first we reusable the of to on do most and and our discussed certainly today. here. And that plan it, but door. within week allow many X we ship we also did existing which in the the XX facility of last activities

revenue end, purity and first Green an it's So and both is revenue right. outstanding owned which machine, and today. GenMat business entirely on happening no is very back on announces the high producing shipping supply truly front chain. All first receiving end all the less, and and its now customer, our materials its Li-ion new from it's recycling commissions

I'm move then me let mining, fuels. So going to and on cover to

lease. case, and plans For asses this part in commitments. from capital These plan gold the for to little under plans be the To northern get in gold, our the because all these the trying to CapEx, in those mining, yes, prices million to And years, currently net in mining these people It's of resource, resource net expand investment $XX and enabled separately we've an life that was mine and $XXX that how some billion County, the as will our assets part. a sell presents us community flows. And us together. $X.XX infrastructure, it that the incredibly updated of Nevada. Northern valuable XX% to with net that I and have monetization up generates flow in are happening gold, lead that this day property help all incremental also a could district, as cetera, know working X-year the emerged commitment, million reclamation almost design secure property, friendly to said, clear, at part today. able mine with interests. developments. X of to get we on et especially in around that has the and advanced double and to primarily deliver the allow northern district lands running. to think finalize over an with a work flows, today, to the over of I an those are value. And the Storey even cash getting what's the been deploy about values in off with It $X,XXX plan opportunity been mine We business and including our we've cash targets net much XX, about an silver for at life, after I have of value plan do it presents the actually more within that updated And capital valuable, XX mine commitments out when $XX across but like But incredibly property substance in silver up of of build could wondering a cash part still plan, sustainable acquire and XX,XXX mine restoration $X,XXX at and this southern resource. the That pretax Comstock we're production-ready present to we're more everything wasn't series we relevant gold doing, discounts X-year pull

valuation been on enable can and XX% The thrilled our these always post-money plans So $XX valuation. and absolutely that now. look, gold and a represents commitments $XXX we're million silver, pre-money million we've bullish

capital they're fuel valuation per shipped, of what it's facility. The $XXX a effect and oil represents Comstock direct we've to analyzed pre-money our XX% being trials a out we that but on gallon And year. customers all for that Great not big build diligence effect. That's a industry million appreciating million gasoline for wasn't case commercial with Corporation, how scale woody fuels to then they of and ensuring great go facilities only when million extended behind of sending before advanced per our full ended gasoline equivalents gallon and and mass X are the when metals, let's XXX year, industry-scale in that that higher an you subsidiary advancing building and that XX,XXX of plan industry-scale tons finance their one see XXX-plus even XXX certainly is we be our Q&A been samples up had this our course, demonstration of the produced work gasoline X most, all along, was of a is originally they're been can plan about the over commitment that up facilities million that that So They've tons with million. remarks they our incredible deal just prepared what based and in for our and part our shareholders. Last great always forward we sized per yields year equivalents. This was resulting move we what $XXX our discussion hope trials, least, of And But biomass enables like scale We've strategic includes equivalents. partners year. going possibly wrap facilities. extended from we're and get us, of like. But due much, really business. profitable gallon financial and million indeed facilities. resources and That the facility. It's to business finalized validation gallon my equivalent us is customers. also far communicated direct did valuation. terms of and and per our dry our deploying ongoing work but dry to to $XXX terms much one those capital to lining with ongoing our it's post-money A in what we outcome. gasoline get get partner up in It Fuels than they resulting as $XXX and up and subsidiary, million more woody entity

over that X last or been work the the enthralled in imagine of X can we've months. You amount

producing we Our X model an assumes industry X it are the -- got That's ton. we're per XXX from just alone, only And generate GGEs that field we financial we nearly of the That's facilities. got commitments. these how in approvals. here. models NPV still how $X robust facilities But billion

nearly how to facilities, in NPV handle? incredibly the $X for building these $X have well, million final That gallons the to X facilities the quickly Somebody renewable licensing want XX that first to jumps an that which facility. could sites in million the to advanced NPV. If site dedicated asked facility. We market facilities. that's permitting, throw of a plans U.S. investment our robust billion. me, we first of plan. about do, We're and start deployment fuels, over $X.X includes of billion more we billion many construction our multiple XXX absolutely of talking on billion $XXX $XXX already way engineering, It's is selection, its operating crosshairs. with

our have and pulling multiple in feedstock crosshairs. it all We're contracts crosshairs, we've offtake got We our in contracts together.

IP. yields core to capture convert aviation up but dioxide XXX fuel, liquid facilities, All something As XXX release, a you strategic in GGEs, press with validated yields, we've delivered. signed, wood. couldn't testing in perfected they've our the GGEs we than happier. But CI per Oklahoma securing that we're our technology, It's partner that read pushing to the from our emissions of XXX bolt-on be tech, our lowering ton, very but and another own ton our done liquid, own to sealed, core that directly also to technology, gas liquids calling in are stages higher XX gas what our TRL That's different some sustainable not GGEs our was and Tulsa, in convert score. from final X, now GGEs done; a carbon our ultimately ability, of a into

financing, those amongst By the effectively all now. are we're can't today, with going already. And communications our for it partners. once are didn't more. say We're real we but successful, decarbonized commanding the goal. mobility. that XX% dedicated Look, lead, million next we us have that that We'll if things it. increase be XXX parallel finalized about at parties. Those and understand a happening engaged the but to and there. There's it we is start industry, people those share more design an we're that all cost plans the and that real achieving our need those CI do the lower of of needed improve going GGEs, an we we moving getting We first $XX goal, get increase designed our We're to and we're team agreements innovation stopping most highlighting A approvals. business. development relevant done didn't already by innovations of sustainably we partners heard we've ultimate XXX doing double activities there far Think truly, dramatically, to own in was capital about with very the And our the CapEx, plans our a yields to from in that at facility. we're me even further, parity in already another with do the you profitable cost our scores, will lower found alone. parity as experiments not cost other already been petroleum. We the It's and to model to and are their competitor need #X, innovations. of with already to but for already XXX stretch and that terms what positions to GGEs. practically effective that, it the developed. petroleum finance the forward before, of their require So didn't were advanced committed GGEs, extraordinary can the innovations development finance on past But It facility and leading

here not today, promote, people of our to We like, it the to here people persuade. if then or not comes obsessed a So projects strong not upset bank, we're as a started, we here already we're We're we're in reality. And a gain I'm as here following. new success. believe communicate company state and to, We're or not. get effectively, substance. sit here monitor and Cash to deliver in whole

you we've we've And next us that all of thrilled concise in this imagine, I'm year. dense came can update commitments next impacting you secured These shareholders of lot coming and facing X store weeks, technologies. we're heads been is hard record. not huge And I for one capital, over thrilled markets. track powerful working multiple across are what of are across was And are hard last of Comstock system. And and what's I what technologies. these our in sophisticated accelerating are now hopefully to these ways, These form and or as we're from week, are this down to securing seeing goal getting starting the layup, all in a appreciate this world with most of I'm -- commercialization tomorrow, that the and innovation is the and we're came engineered. They're is and but going well, He and Our dedicated they're ecosystem, in from a tell planned, process None able teams next many going month, at investors see off start David was. it. outcomes challenges secure. of tackle a this of feedstock. easy I'm hard was focused. work all luck. the We're sure as states information. clear. focused. I'm trend personally what whole we're was he to where is to sustainably our with work, None from pool started just I it also meaningful broader on securing When just we're a the whole the precise. we just to and off and to

know that, So a anyway, I'm very going in. to pause there. I hope got keen to lot jump we've Trevor, of that overview. With questions. I was a good We're

you, thank And do. update certainly We Corrado. Exciting there.

businesses, Q&A the up and it of open probably categorized submitted now registration. to try And during those across by important to were the questions the off updates will absorb Since questions there we'll I'll module in keep lot SBC. topic. a to the We with submitted kick here

provide could them? with up guys you going why on background you So SBC? more And some ended

Yes.

traffic Silver right, were just getting the we Microsoft. -- and a ago, We a of in -- on done a assets, just transaction agents SBC, Springs we and just lot So had Right? done -- focused developing interest. pioneering the and Springs the area. of we transaction were But not engaged Springs look, of had couple Silver a a others were or, we year lot particular. with I'm And was sorry, Silver brokers monetizing --

of systems. water of roads. awareness infrastructure. And power. require developments shot so They They kinds lot a of that up. these require require are But sort require the They

so facilitated islands. of -- construction SBC kind these sources, estate That thing. with capital major of they've major real what the thing sources. is so really major And unusual kind mean hotels an unusual has capital estate comes sophisticated that practice. I on off-market of real And private

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thrilled. I'm So

days, Thanks, walk at reiterate closing said to date? think you the And if right? I closing transaction? Corrado. the steps anticipated Could XX can XX through you you this to

Yes.

complete, is in structures, the referring the do diligence we'll really, the negative, nutshell. to, tax don't And our due We the et the want models, right, things the So unintended say it's sure that substantial we anything risk of start that's flow, factors, sequencing. around okay? of our around been just any of that that's a making So cetera, then to financial intended. don't not funds question around have a majority now business businesses, profiles that's that I've consequences. our some I

think, then estate, the And mining real that. and will the quickest. stuff I will the and follow behind the recycling probably fuels go corporate

should be But to the rest like think X X I'm right? to months. is spending tranche my for to next it all is I XX I the XX And that's think days in on. first It of right. XX the XX days, time

real So I'm -- I've really I'm got tomorrow what to It's about on time. this. do excited

do And in the is direction? they right going you of that anticipate track? shareholders can the understand along it. everything Any sort updates Got for way to that updates

it. will perception after than step. -- just We'll people's meaningful close it or -- million the we X $X sooner If nice. deposit, sense get later, will announced transparent. be Every obviously, it. will very announced and I we'll If we we tranche rather think million we the credibility totally on be and first rise achievement of X, the rise, and And the

don't about trying finish have just we it. to it just It's up. any So all we're concerns

Do you GenMat? up Comstock with on partnering SBCC anticipate

is haven't complex, has that has expressed, iWrite it. GenMat more right? a about We capital an of AI and that engagement already so And their It's much lot physics-based have talked crosshairs. in sources with interest been something but GenMat

business an industry. I to novel, fully we shoot, backed right sort to, all to into It model and purpose do market think -- right? but asking they its integrated had backwards be and done, with I able in the can this it, can raising facilitate a it's see say, a business don't can it's and do integrated us of look actually going do because like GenMat of like I in fully clearly think place different way all -- put their the now that else capital of in is the negatively but Then to to not realization that that really fragmented. we model everything say anybody they entire with course, a there's customers. And

for additional for on some other refineries near business So the like context. But the term answer in on we're not the would that's I into the be of other interests, some absolutely there and/or is platform probably the think their working that that other coming of opportunities. more that pipeline, with And investing they are of that. down like one any things fuel -- innovations not a

questions I do want to the other related to other businesses. the cover

little type together. to? all Commerce to here possible, on of sort bit have on sources wrap you a more involved? SBCC. of access on up SBC the Can any a players discuss the if the elaborate, that that just fee has in But lot capital And clarity time to we of So the

of primarily a right, background, non-U.S. private We've okay? interest I equity very well their estate. their directly, as in couple fuels, both real interest funds large mining as been earlier, And said with very, engaged, as

stakeholder's I advanced. I principles. to I investment need dealt all the But said, with committees. as cleared So committees, It's that's think say. We've directly we

start relationship. good to a a long-term like sounds It potentially good

Absolutely.

here. on So split of recycling metals the related your here. I'll to solar that maintenance let's are X are There up questions move questions to facility. These panel

one So finding breakdowns? difficult first to process the it is, due operating the are to keep you

you do on in to you -- want jump this? to want Billy,

difficult. we're a We certainly processing number finding Absolutely. built to system answer panels reasons. start this to no, is for of not revenue it Short and generate demonstration

we've been to plan. been things effective. equipment. we've date, it's them happy with does the seen. of our cycle One to to really And sure on and operate certainly make is very progress seeing And maintenance pretty our as vet system a everything expected There's date, operate and to out according

what holding to just little but this of right bit, shifts kind from you a is answered X going away? You back

We're controlling a who it's little back. there. think a us to don't I to And We've a again, give as now got operating crew what's plan got Well, well we've just plan there. color happening, on and active training new or going much And on. process very facility, pretty is a staffing very, underway. our X. We're the people is got and trained in every we've week bringing operational fully process in

are So happening as happen, it that place, it's in to. we on soon we as and the should see expected all schedule the pieces

Any chance fuel own Bioleum facility? to your can you your use power

That's an interesting question.

talk we fuels. equivalents, fuel work think focused on being hear done a of out about lot aviation but as coming gallon of gasoline Comstock there's you I

to Comstock Now we're keep firmly going the Metals ground. on

us ability greenness diesel the the there. help way should good to I do with switch efficient. both different going fuel the not What primary give us think, designed We've chain some facility market some it's interesting logistics as that and cost aviation on fuel, biofuel question down we there large efficiency. What's a renewable lot in exist in, optionality very cleanliness, it's power as got to been to natural obviously side. the a trucking is about is a work source, supply the metals as fuel gas trucks. that of component the there's think for line So to a electricity the power to synergies from There's on for which overall the couple well the of designs addition to that there'll of be

Billy and parts than opportunity which just and how less is the costs, be get right? we is as up revenue, right, Yes. it low, sort at the panel when now, they're paid low said, of in. other start best equation variable I of are just in any of to and that it's fact very, I there's of very, out. I've substantial of the more X the the of business. to been an in remarkable the I'd costs, really So just running, panels most we position like meaningful They're can't facilities costs logistics position majority variable love model the for one #X in up that, the revenue. I that that this It's very mentioned, coming interject electricity. extemporary. ranks on just Billy But like out majority variable them. business And natural involved we're these is get right? because gas the We the the mean side use And Those of to coming only mean, so though, agree. the just a front, throughput extraordinary. wait least and I take -- that really of

So it's great.

about talk silver you the recovering panels? the from Can end-of-life you're solar

Billy?

exciting grades news process want -- Do expecting. pretty of that you higher Sure here. we silver seeing that We're were to the Corrado. were panel than out come thing, these, much

mean, The planning would fee is and model be I say we so going revenues I to for and model Billy residuals. the started we're not like there any to business. robust then we this Yes. with tipping the equation.

of that. the glass aluminum maximize If it, because be refinery shake out. worth -- like until we essentially, grades and expanding we on or they much. content, didn't get at like recycle in roll of X recycle come was Like didn't XXX% contemplating just And and us screaming silver extracting refine basically tests, good other road, know to the from mining value. a products, to the store revelation that in to tests, right? the mineral the We right? shakes. are in now, materials wouldn't the value evaluating, in now. running we but to right? done glass right, have selling a we're to going marginal, the knew residual we're hey, acting last kids it know team, years. the that process, revenue rejuvenating value right there'd of those in cyanide of ore high. More running selling bottle right we're few weeks around fines, But down aluminum, XXX% do materials which not like other these They're know the of Let's it, how They're instead in be are grades silver right, that renewable they're cans, the to haven't bottles. And recovering can candy our doing the it been XXX% around Well, has We fines, biggest XX residual then the silver-rich model

cool. pretty it's So

buy Corrado add field from want that commercial too. just panel solar And expertise and the or in of component want there's that that to buy of I'll we've out there says, us time customers this as got But to a recycling. there, deep lot in-house, we're spending that mineralogical

Yes. Yes.

in all, model and least again, our offtake So level didn't good the the now point, starting at that on initial agreements Billy, we plans residuals. -- like like we've to got at finalize MOU

those We'll do establish there's And and those way just evaluating people are now product. interested down. meantime, value agreements And actually that we maximize the So locking In ourselves. each possible the sell -- guys definitely the line silver the our are in right? was to But for fortune we'll all best to some. fines, chain. promulgated supply of for

are panel, You on bit almost little interview, seeing to it's interesting would come. the one more on might company, an what about understanding as sure mining a that you be our per in I'm guys quantum like so guys shareholders say. talked are interested that last urban We And but front.

to leading robust be we forward, start revenue, getting good guidance have We'll able already once scale give those once into industry guidance, on We right? we'll models, up right? especially we But we facility. quantifying finalized, to able go be as that start impact really the the agreements

Appreciate that.

speed the for low figure for the Given stated why metals panels the last quarter? processing, revenue is for

facility not we're facility, planned the might facility, current scale industry the for were quoted Corrado operating. numbers the the think That scaled I the up confusion. that for be

you're Yes, there. right I think

$XXX Let's And revenue right, is, margins, profit. going of good million capture the But right? first. don't And know, facility, the revenue, better XX% of of $XXX million as residuals. $XX facility, we're of in to a think staggering million these XXX,XXX X market I number because it do tons I facilities, that's is

chain a a Let's step Southwest Site it border. competitive as we to intents position be moat Nevada and is Arizona chains, seconds, and purposes, for going very right? Once okay? the every those to the putting around region. want the Nevada to people we put where what Nevada will want to for we're border, But That's people much also close to we we do to secure it's for those hard to selection really align hard as And the think facilities in. possible. in to as panels the a California in we're get. going as a logistically, going X supply our We border, step can be all corner it's panel be supply be --

Just here. sifting through

and we the known committed. these an large scale. We're these valuable the already a agreements matter us allowed the They're control, you supply of say, these had through ordering well, So Metals, of scale point, statistically a and lot us financial It's if to going line getting finalize to it right? that Billy's time the furnace, engineering in we're GenMat of monitoring is the it to start see It's offtake the Right of really going XXX% more our you're panels types with this get the To materials, we're variations capital capital. what We're metrics, be "Look, doing start the recoveries Comstock like known. but business, you'd business, for directly right? right? we're accelerate And demonstration seeing going remarkable. equipment. in company. is to are mining were now, what on all different businesses. people the each within and it now. incredibly you're running We the going just we agreements, see not green that take in to to different you're the ordering before kit to total needed revenues, We're We fuels the in time, this

to of amount move Let's questions here. on fuels. Good

quick the additional this with fuel byproducts? any start Let's one. Does business produce

Billy?

It's a good question.

into new, of wood cellulose, from matter very into to which anyone our as to in process woody Ethanol could convert the it and application. plant Bioleum, ethanol, case, the is we're valued the is is it government with that was into our coming which is for produce and which is like a additive process cellulosic we could what today paper. In before, is it converting talked traditionally if that's fuel, ethanol biomass, made biomass, into sugar, ability the ethanol particular ultimately do be we the make sustainable separate very, highly residues, aviation And then we be our like could using fuel what credits advanced component a but desire converting X gasoline in it into our with and So for it used for lignin coal it. also biofuels about high biomass, a core that lignocellulosic we taking be we've times parts: many really component, crop a matter.

So of all Bioleum that, these the make out component come makes products fuel. still of we out don't

mentioned to coming allow what's product making out that what dioxide carbon dioxide from carbon us certain focused in is in really coming Corrado process. that And we our and today residual do really really step of produce fuel going additional earlier, that's increase one leapfrog the on is function off. the emissions Now team yields dioxide quantities. the carbon the capturing And that carbon is to

talk our fuel. really parity can So up carbon -- and it anywhere that hope process wasted about with end to that you to is cost in we think our no when being converted of of all synonymously

with that I got yet weren't at But stages right? to say then bring of in And solution principal. the those when increase came the carbon it portfolio the the "Hey, and other robust. what's and mean most in can just the into RenFuel, what's close guys We've the energy We're max. wood, small. convert to Relatively and look actually We the further. at final the our to technology theoretical the incredible. we're "Come It's we have already gas. a XXX going a X." and "Come chemicals pretty can that -- I'm milestone, maximum we us carbon to liquid got "TRL capture we convertible agreements Exactly. a tech on." So said, mature into like developments We are we agreements the final is the we've XXX wasn't Like, it executing that just theoretical the dioxide and/or on liquid mature? into and green. locking on, we capital like, tech." did carbon stage. at fuels was monster "How that but "What?" requirement?"

little can your a forestry that the here. per extraction of similar A bit for as waste same And Their The be by XXX I the manufacturing gasoline, used cetera, investor fuel obtained from fellows. for or ton states, purpose fuel currently be process. for? is understand, byproduct as aviation of fuel utilized diesel can a the being extracts currently remaining Comstock lignin that, or also Appreciate making fuel et is question is gallons it a as after lignin converts for their and mills process. the used

Yes.

maybe, So differently. let try Billy, that me

blood carbon there, example use an mill, that we're into sucking So pulp I But right? think mean right, think fuel. to. we the turning addressed paper out I they're That and I of actually. let's a of that and we're exact that life example alluding

pushes And they them deeply recover he talk that recovery you right? higher takes percentage of fuel boiler, bottleneck. right? by-product by they recovery get paper, So a dispose these burn is lignin solution. the a makes mill stream, in lignin -- engaged it meaningful pulp -- And fully to power, the cellulose, utilized. And take necessary pulp Then Remarkably, process. materials even are a convert the that more of some to it recovery stream typically, the And for depending in don't used a is pulping know, most right? It's the XX% David, to paper number paper mill, a and of burning customers mills and type XX%, common, to in the of boiler we a into enterprise. and on boiler with a for that of we wood, have either it part that ability will of they'll that I or for

take like pilot you're you're too carbon, fuel projects going think but to carbon. we facility, other we licensing that talk commercially take the us building all sorry, for and of about partners the our amount going wood, we're hear that, and/or profitable to is -- to I demonstration line from the technology we building want maximize facility, okay? So the bottom So all demonstration hear some where our

take We bio-plastics throughput. we make the focused wood, like on things? and that but that not is that's want could fuel Now most fuel. we're throughput, profit highest most other carbon and the from and things Theoretically, yes, that because the the

Corrado. Thanks,

here. along move Let's

the call, For an clarity. here, overview make at each -- end want of businesses bit some of a it I give of The I'll Corrado the of have those clear. for the to on little just still

So bit the let's more just mining little a up wrap on space.

status of gold here. What the questions some is So reserves? the

good. okay, So,

on third-party So resources we called, SK and right? Dayton. term have something the formal resource as ounces. of gallon gold ground. the has the use in have, amount in We Just equivalent have amount silver focused of like technical XXX,XXX, ounces, equivalent We're gold The and reports, gold like XXXX, quantifying the gold the we ground, gasoline silver we'll Dayton equivalent, they're right? that

now value. That's the gold have engineered all gold silver that mine and remarkable converted you a If silver deposit gone extra took a in mine step that extract from. we gold and it that and the can our and to engineers

in infill So to work us mine that's hydrological geotechnical allow prerequisite that's us to tells then sturdy, There's finish work? the an There's executable. There's drilling. plan mine that's prerequisite this validations. engineer safe, will coming It capital that's us it. to additional amount of the required also allows That net comes a pit. drilling. ore of estimate price, the and gold, out. But $XXX X-year -- amount exact over and cash when silver ran but model expand didn't recently, period. gold best million the We we about didn't we were that that still a we flow the changed $X,XXX a at and the we of amount What's

it. have We

about the us When report have done work, internally capital opposed This proven resources, of want mining, allow the to answers if indicated -- bankable We right? rest work. it. to that do probable to will reserves as of talk the that start and the then and publish measured it. amount significant like have that going you mine, a that Hope would next to we've report

activity XX the that the done. a is over a is and of unlock this next business strategic there's to months to we capital being all. preliminary lot just lot as project. And being as that, going add strategic The of plan, work advance be I'll developments is plan finalized plan coming Yes. around the out that going of mine at

do the When lives, the ounces no flows grow. our that even process, step the will drilling, more in find likelihood infill way, mine X assume we drilling our by a silver and that cash that and maybe is And that right? we little out, plan, are just gold for

right? we to We have haven't that that, modeled do But work.

and some all transaction. additional place. other the to on here metals GenMat, are the to little Green over related Li-ion, of A questions The components bit kind back

start ahead, the with -- So -- SBCC Corrado? this. let's The go

run the them I will to comment say, on brief Green can gotten months. financing bridge from right? was Green finishing interest months, X allow or that of markets X this Li-ion is I capital X, Atoka a going make of see up for a love that for I system Li-ion tied the some to thing mention because didn't We'd They've it? interest is to X lot to. run

seeing already Now materials battery-grade come we're out.

end going asset X position. maybe a delayed in real participate sell of excited next this of is position the we're most when But and beginning probably year, secondaries their X to would to that they'll ahead year, we mean monetization be it of months, do next hopefully in and capital raise then So or that right? I about at doing likely the actually means the that. them looking

the far because the good, So it, is interest results though, progress we're is the happy good. so about are good,

with to we of that's So it's an guidance as less sort other have, our capital urgent, update But well. commitments these frankly.

for the has reiterate And you Li-ion? and ownership to that new in shareholders can Comstock investors, Green

Yes, apologies.

So shares, the about preferred it's last currently we $XX have under and about to XX offering their company. about XX.X% on XX% a a -- discount of little and at a million. books XX,XXX just recorded That's our

million less we was a to discount did $XX get be investment than sold offering, $X happy an their we'd we it if if last to original -- at for that million. pretty So

put the So mining. makes metals, easier it a fuels and value transaction SPCC transitioning to here, on

But value on and comment percentage. already would the at You GenMat to SSOF? value Green discounted that be Li-ion on on related you the able commented to

Yes.

for that. So you thank GenMat, yes,

out they're restructuring, out for and them what wouldn't did an we firm, but that initial Springs. actually them for So as $XX that on here something right? parameters third-party just now, about that, of doing GenMat, with commitment GenMat investment until books Sierra grow months we'll were third And that made of probably and mark-to-market Springs, we a it. couple than It forward. already of do, money we to Frankly, MOU, million. It the arm's quarter. up to announced we're But those fund under that our going new it of investment we excited capital. it's be less and which was and our wrap in cost goes the bit a ago. the formally was parameters, completed capital we we're operating implement of going we Right It XX% a Sierra raises pretty will Pretty the the be looking at. talk sort length continue GenMat, own and third-party they're about didn't to looking that. much

Springs, going on interesting there. So things of a lot Sierra

of that First of all, entity. own we XX.X%

about Springs. nothing million all, relates couple we've directly, terms Comstock to commitment Springs, be right? selling today Silver $XXX of real of a in of talked Sierra the estate in to We're happens owns Second that that Comstock

center the going a political talk in Center. announcement going in Tract, of T-R-A-C-T, that acres acres staggering They $XXX said of was lot believe Newsmakers, local our Silver for what to to a million, Springs value higher June, it. years. This that. million. are meeting, minutes night it already company part. from out Tahoe-Reno that that valued and which they Advisory last is the our Microsoft at own $XX like about acquired aware we called something or of on people was hyperscale at Sierra had Industrial million came XX.X% Springs It's The bought about $XX $XX data monster that there we much X,XXX Springs. wrestled is -- that. than Springs books XX was paid Silver someone There into show, Recently, was But that's the and business So that develop Board invest properties. money is and at all CEO Springs Nevada Silver they're billion And an establish announcement the were like the there went on over that Silver next wanting XX technical Monday then of to is incredible

ability for with and data our more that on also that discuss now, direct secure million implications real to about of implications tuned hyperscale there. of this having had direct at a stay coming the a which it's right we hopefully be center Springs, but not $XX let's estate that to we're implications Sierra tsunami liberty is So It's wave And transactions not excited soon. couldn't our for wave.

satellite timing pictures into along On on coming data mining as GenMat, Comstock assets? related to it to those any relates Anything lines? your thoughts

Yes.

quick, found geophysical plans, can teams then of And essentially to predictive. engaged right? just that become last but the And those engaged then fully mine about real us mine spectral AI-based our then maybe say, and become they're geophysics just to be that to GenMat's I a repeat, value, predictive, scan model will with from twin the perception fully a you on plans, me going it's Trevor, add provide right? the on our going and they will bonanza. for not hyper input like model, we and not Let digital are creating report in then talked teams imaging replicating machine-learned and a very district now. It's GenMat-X So building timely

to I wonderful. with going the plan prove us as another the ground itself GenMat help are But Okay, don't If and Then it doing that -- it's that enhanced. corroborative, our remarkable. so. targets. right? Now we going additive. right? developing. very couple but like going secondary ridiculous, probabilistic day don't But out mentioned, we special. we're to just we're this going their something that's of That's some then finalize predictive if Yes, going to we've there think, we scan, target do reality. companies to if to in it I are geologists. know have do up. predictive, that It's that's come on it's to a whole to drilling for. discovery. be to to their And what gold We going it will mine of I'd and contract? okay? will proves teams, be so. -- And from believe and created algorithms geotechnical And goal, then silver engineer, mineral silver it We're we're find going using prove out capability, It's the be hope demotivate predictions, to people's that's if going a out, notion step-out going of of to that mine we There's the predict it's is the But but that's capability will capability drilling we that our more is in a what then be additional drilling, that's be people our bullet not that there's What it's corroborate will valuations a

not been submitted Thanks, we that questions cover No? that to that before a providing little or like Corrado Corrado. end been here. any addressed All overview. up topics any on have other Coming other off good? have Guys, with time you'd

think we Trevor. wrap should No, there, I it

All for Corrado, quick right. Perfect. yours is All and right. a here. recap stage final comments

coming tackle everybody get It's that's questions. and We thank this sort the to work Yes. And motivated want substantive. for energized, all up us. I all for the Look, more truly been like together of to I've more time. appreciate never

an just So right, little a outlook bit for maybe of quickly. each business,

investment. we're all down are, the the what site. only secure And willing We've For going multiple site, going to but first variables second commencing got site really to pick also together already and We're where it selection. decide the to decides may be nail our our will on focused fuels, we those million closing that right? offtake. this feedstocks. And $XXX customers first over We're third site. right, and David's fourth facilitate where on we're

of to these that. of investing been offtake customers, these do agreements, about into and talking some And we've expressed them some they've to fuels directly

crowded this already how little that now be might We'll a to we commitment. have we see we've manage got that. Now

very as our going we're equally as mentioned, are innovation that We're to is give excited And going that cost development further add to as to other GGEs The and further item sophisticated announce incredible improvements. second and outlook from announce sophisticated I XX yields, regarded then already agreements, with going We're technology fuels some license that reductions, soon. that. expanding about partners. It's coming us to network. agreements incredible are partners path to equally further very

should stakes and the the equipment, For contracts. materials get X supply of start million mentioned, million, those to longer of moving forward X customers the agreements permitting offtake shifts. we as then knows. and the jump the with and that metals, in get Once we'll able it obviously, take quarter. and It X closed announcing facility $XX those full-scale end all find there. Billy sites. to find new from $XX receiving by first the sites, industry process get finalize all permits X the we're initial bigger can then engineering, everybody And permits, the for ground, ordered be schedule. start start moving first next products the we on we're this tranche, then agreements on to to Get term submit next storage these forward, That's

same earlier, we've panels facilitate investment. We our any on Quite place now. With haven't storage estate the will of frankly, in making sure issue with with fuels metal going XX-day kick it. XX- of and first, a probably I We're will We're metals been plan. -- That's off range. finalizing be first. always then had will all right and probably just behind mining, point, to talking the XX- amount then Real be closing come the sufficient. available. that we're of to mining to the mine are assume mentioned is wrestling

plans own district. hopefully, analyzing up monetize that are allows to Their right working team with moving us existing potentially Li-ion, facility. of but mentioned the recoveries materials, monetizing still very And is us. for the Green the at I are context We part silver positive in northern come it's in a those lastly, maximize solution our silver-rich processing a the delay to forward. to that

activity, big of I X X think those ones, next be Travis, the It's for the going are chockfull months. to to though.

absorb and a Billy in and excitement lot those there. sticking I of for Lot going on. to questions submitting Corrado and for appreciate

in Investors on We company's recording, the that will the sending will wrapping website It the section. be around. up be

analysis reminder, ugly We QX bad, report. doesn't the your a We will feedback, as sending the good, perception also, comments, be appreciate your matter. do

will and We accordingly. will respond we absorb them,

I -- for updated asking presentation, an know that. As people the have some been about

and look to and for consolidating that working guys. wrapping that, forward on we up are We everything you

So with thank again, that being said, you all.

Again, steps forward Comstock.inc. the we look questions, also here. ir@comstockinc.com. Thank you there's then And that's for you If have questions any and please through forward at on website posted any either the to keeping submit connecting other you all ir@compstockinc.com.

to You disconnect. are free

Thank you.

everyone. Thanks,