Comstock (LODE) 22 Oct 242024 Q3 Earnings call transcript

Welcome, everybody, to Comstock's Third 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, and joining us today is Comstock's Executive Chair and CEO, Corrado De Gasperis, and COO, William McCarthy.

I'd like to thank the hundreds of investors who registered for today's event. We received your questions during the registration process. questions and submit to we'll following prepared new Zoom in address any management's module Q&A do remarks. if surface, them please the them But our best

October XXXX, being previous company's participated the at in and those perception investor I'd comstock.inc, X event. stakeholder today, is also available today's website presentation analysis after Comstock's was that's compared this be made sentiment QX positive note, quarters. October Please published a report who XX, shift Again, and shortly like will on thank on recorded portrayed that comstock.inc. to in to

In be the registrants days, be on at website available to but of and We'll quarter. surveying opening up e-mail, coming the the Investors company's fourth for link top section. we'll circulating the subscribers also the the will be by the it

includes final shortly be Comstock's As end report strengths, reminder, the will after trends a and and published weaknesses on quarter. milestones the the perceived of

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

comstock.inc. visit please disclaimer, full Comstock's For

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

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

we'll truly updates, and of is our the take the already some partnerships that transactions I'm first prepared Department across since partnerships I'll remarks. very very engaging traction It's of board. cover announced have getting Similar that with Billy us. the and National you welcome and perceives these regarding us to Renewable we I'll a outlooks and on and recent third questions. have Energy SBC. in happy metals from way and have announcements Energy to meaningful our altered our teams this hello, Comstock turning gratifying after of previous questions the see Then and capital on our with a businesses this will Fuels Lab market our to update. ranging and that X system way live call, and to of capacities number expanded quarter last wrap all Trevor, is corporate update positioned up everyone, meaningful to with before the Thanks, mining, all to report insights positive we our

Okay.

Comstock X mining happy positioned our on. So are methodically metals from have that with excited spent capital a with moving corporate we genuinely now and and how perspective, the I've we partner, past opportunities the and days update We're I'm we to forward. and are SBC Fuels, capitalizing

in have facilitate deep due are believe with capital. structure structuring diligence the process and the outlined to a We high-level well SBC we

carryforwards with and our grow exponentially the commercialization, right the accelerate to while taking These moneys trying for optimize shareholders. specifically to of businesses Some debt. are asked you right maximum operating amount advantage their capture our about their businesses value net of we're capital versus of to loss and equity each the And designed value. fund structure markets the maximizing just our of company-wide have and

really appreciate starting potential remarkable metals have past the to market the best They're work coming, way. in the little value and safest committed through patient in the fuels people of surge coming tranches. are as from enterprise are creating. metal to in both just There this months, be is plus advances and the what the to that the a precious prices, some and complexity achieved From value technological needs we we're X and everyone and we maximizing recent here, just

associated $X.X shares, close now note in material us including Our and of I we stable minor From on XXX and at SBC stated million IP. time perspective, related asset science announced transaction technology, million I previously call the outstanding. remains the sales be capital some last that as know-how over and on while material other convertible discovery the to we the and restructure own AI binding agreement a XXX% we and expected transactions. business science frankly, million bit a announced a team material some we're GenMat's corporate to the and other liquidity science advance with XXX

or the in Conversely, into tech business. a the and We're issuing the venture what understand [ go and shares new doing employees it software new rather assuming we ], we the we'll both called will as engine small become Comstock's own satellite-to-satellite its what space-based deep cash, but well the as in Extropic investment without team StarVasa. and that AI

will less outlays. and been has We're it, and dramatically dedicated happier and breakthroughs, XXX% XXX% spend dramatically could be required required is, team on focused we own not have less material science our with to material science. focus remain to Our capital

an We while with breakthrough external customers also develop own Comstock's AI supporting materials. advances of business expect all to the

a in X Speaking past tremendous Comstock, we've a months. amount. of just done amount tremendous achieved We've the

Renewable that announced acquired tech all the This the world's lignocellulosic with conjunction IP a is exclusive Comstock those Innovations the was Comstock of biomasses and by and Lab agreement truly substantially different we read, landmark exclusive Energy. rights MIT of wherein to National Energy the includes developed within for in woody Department you've As patents.

people produce woody the really renewable sustainable aviation of the of extremely required no that fraction Most fuels understand required that abundant fuel The is answer. without an low are carbon even feedstock. market practical is starting way to the is to understand only to small a starting there biomass

technology, technology. We technology our none. has platform enabling the acknowledged frankly, team our leadership the and global of to have our NREL second and this making

opportunities with lower breakthrough jointly we're lower to platform, of costs. to NREL didn't that developing lower didn't and and IP to our of to score, come to We an combine the NREL into together go to higher significantly IP next yields. we CI scores the that higher us portfolio. significantly generation just working yields, and and cost generation consolidated We've They get advanced the the lower on to are them next and this already they've significantly identified, receptive very they've wanted CI

for Let the up is fuels update, through walk around on almost the Revenue back to and market update. Billy and me the then ahead. going Billy, please is and I'll comment mining. up you with wrap metals us ramping is it daily. rapidly, come I'll and expanding go

Corrado. Thanks,

this And decades. today from producing the our core thinking the go to that transition, refresh make our energy storage. fossil the the of going are question carbon core going say what, focus majority what majority We from transition. we stages technologies assumption I what And sources. core coming evolve when, thinking when both energy where mean, need me and all these how to There's I do no them more the from a that say And we to impact. or let when. to need start, I real on going the the some definitely mean, to on over transmission energy of other we of when and leads in markets I for I'm and So our renewable think production, metals. biogenic include everyone the to producing carbon are energy

the nearly energy for simply I crucial precious metals. part a So mean metals the Silver And energy as the Demand silver put, solar and are exotic tripled producers emerged big transition has necessary story, resource rare for just needs by XXXX. already too. don't panel a metals, of since has transition.

Mining other Metals and Both may the opinion, the ounce. think seen energy of is substantial it's silver the this for Samsung are $XX to only But just metals Comstock about on seeing You to beginning news a battery. capitalize Comstock an decades. silver opportunity. continuing new our silver We're of businesses the this early industry, positioned per over our solid-state exciting have move in towards $XX price development. coming from today, storage recent generating in and a demand We

seen highs. decade the are that this. over one since Many like been a for looking prices even It's higher, can historical we've the a breakout market in test

all all-time we above but highs, lag recent inflation pushing Yes, here stay. hedge with the previously haven a Hartnett, that call gold gold side, $X,XXX. and at to world long policy see With on is Michael strategist, as safe America system are discovery well We Bank thought we continues gold were prices agree impossible and way heading of we've On run. gold are strength unstable to effects historical asset and the it's by is conditions year the to and new norms. fronts, around other values. on monetary gold the we against think a Geopolitical multiple boundaries seen asset global

for us. opportunity up setting is This perfectly

significant with team most United We necessary move district have a the known ground pieces All place. on the mining the in fast. in resources to the are mature there and in infrastructure States

Our pencils next sharpening past plans team year the has and out laying the steps. spent the for

of ], mineral containing of Dayton mineral plus gold XXXX on ounces ounces resources and gold Our resource silver the inferred measured technical and consolidated report ounces in XXX,XXX silver. an of million Barry [ independent published an XX,XXX estimated latest by additional containing X.X Dolbear of XXX,XXX indicated and ounces

project resource, economic forward the which production, to start we're Dayton planning possible we step to the on preliminary the look the analysis we next do into to As the on advancing line. year, time consolidated in shortest first intend work for

the leave exploration to for [ assets to our than reclaim, these that ] big it. Southern the it's and planning District That's better District. Sucker of West targets Beyond mining, as to Woodville be a in when reach And the We're goal. working of Dayton targets redevelop South Lucerne, going and in done development and and years up to we're the the and as well take going we're committed to Central all the we're plans mineral to Dayton, put plan, other Valley found district then we work.

and the Orleans these the Valley, getting will in resources Investment our be value future, plans For I team focused for where realizing with on Conference November of in late beyond. satellite be Corrado XXXX and claims. Spring Comstock more immediate and production the in Dayton, our developing Mining on and the the targets, presenting New at we're to we'll Lucerne

conference. that website of more You can to on for look our out release us ahead information

supply XX% ground This on and different mining, of nearly Now different of and is extracting solar and talk ore silver pull different silver let's a is Today, XX% to gold out kind This a from that of urban collecting process. is of supply to Comstock about recycling, mining. we same we're comes calling the Metals silver panel resource. pivot the a and goes non-virgin the what a Comstock. of source manufacturing.

As solar panel production for so does demand increases, silver.

reach end than is to expand panels old silver substantial, to Comstock of XX-year and supply of life, is and more producer. significant track the become XX- a As opportunity recycled Metals silver on

and operating meaningful this chain side, found in gap another supply the On the team filled quarter. our

Before the as known removed decommissioning. solar winning can end of offering recycled our full-service to with they life Comstock by need what's Metals, bids that and to a decommissioning. first transported be facility, disassembled, After our be included panels

begin mobilize $XX,XXX and network able team in new Our to of expanded position panels significant operations in offering September. revenue versus confident few from of within was transporting our only decommissioning work the market to days. QX, to to our this strength our to We're added was This competition. contractors days to but quickly us them these a that of adds capability sites late

competing what proposition increased costs price further In Now by think business against we've is end exceptional has customers panels offered our Comstock to effectively there team lower customers of alternatives, seen our demand U.S., market. the the are Southwest quality are because and to the the away, strategically, of We're a willing across service from use are value aging lower-priced incur to largest and this the outside in in solar increased I and the freight because region Nevada life. full old the recent established concentration services. nearing first country. of this statement we're Metals These the winning state. But and to panels locating region months, every we in

permits development continued In permit the industrial-scale term, Nevada, and of the county submissions near for storage through focused on additional for facility Silver our Springs, capacity. this state end processing year, in including first we're

in to our addition the continue out expansion, planning going nationally. and to in additional hear to see next facilities on expansion we're kickoff It's year, selection plus Silver and Looking you're plans site now. permitting for Southwest, Springs happening more for the details to

stop metals both it and QX I'll a busy are very moving So to we where and Corrado. to pace in turn yes, I'm that back strong up we're mining and XXXX. for a and very forward the here excited setting for look

Billy. Thanks,

it -- say, business comments knew emphasize mining much little broader and is giving my just stronger we outlook. positioned, a our were are extremely I Our letting you some but way a even faster, of I redundant well what and to really anticipated, metal no tremendous developing though we Both originally metals up. recycling be and may here, on it, than going are to

contrary, the is speed On just silver be joyful. moving sitting sources to we're such an resource as outlined, forward with full Billy from unbelievable both

Okay.

up Let into moving wrap by me fuels.

nearly we strategic XXX were now over announced, yields. As team gasoline have the fuels we of equivalents. technologies frequent saying and that we were when validated XXX higher has with gallon now double we We performance previously the to up next validated were customers yields in

whose score. gallon at additional well to XXX the that circuit technology XXX wood with extremely sustainable and Emerging Oklahoma, equivalents the more emission of a our long-time and yields into gallon carbon of gasoline out over convert ton already to intensity XX same from will partners final fuel, gas per are to carbon up from our to you ton Fuels lowering will, and double to liquids, industry-leading stages Technology X technologies dry over next aviation liquid equivalents gas gallons technology time, dry wood low up one Tulsa, the to pushing of XX yields our of if we're of securing gasoline just We performance of in bolt-on

cost the certainly us potentially distance reducing the higher developments numbers, CapEx putting by planned CI striking costs the In revenue. the and NREL increasing in petroleum. should operating industry, lower achieving with our way, enhance the score, hopefully The and of with these yields, parity further

The with cost designed. is better is truly NREL. including us been started all already our with This there been They've decarbonize extraordinary parity stretch real understand is experiments goal, of that get that mobility. list are petroleum partners, positions even the sustainably developed. And to and obsession. but We a successful, plans an to who, have of

a will ton including fuel (sic) year different X East by, delivery commercial Northwest starting agreements located per XXX,XXX or we Limited in metric and biofuel the production per our During Coast announced Limited South of be XXX,XXX first Asia South they quarter, SACL, go year ton ] year as independent XXX,XXX at of with ton third [ Asian Carbon Australia. refinery, the Australia Carbon refinery refinery facilities, which Australia, X the in Southeastern second the per located Northern on for

a each fees agreement contribute capital exchange of the Comstock to refinery, cost. SACL, total of XX% in each plus with on stake a And technology revenue. will fee of and to royalty X% site-specific X% Under Fuels for refinery's rights engineering construction preproduction equal in that, top equal

construction a ultimate when engineering, you hard common it's of was a it or dollar people firm wasn't about X really construction demonstrate total multibillion charge Some multibillion-dollar good and say, to because work them. of that the least X/X for wow, XX% projects, negotiation construct do we a our pretty "well, procurement at and capital But were that's negotiation." What might able that typically, costs. we to for partners to

these of order do commissioning facilities. can the support equipment. preliminary can we We the We engineering,

alone they X So in a X, could fuels at revenue we're pace is X projects. going Those typically Comstock next to approach get over the years, XX% for commercialize X% million on the of their depending fee. what which X, fees $XXX

fuels. the tip the Yet, iceberg just this for of is

per offtakes, It's business XX,XXX of circuit building would million based using for and biomass scale to our They'll biomass gasoline deal tons gallon and X profitable which liquid equivalents be if in agreements million of demonstration up scale or gas sound the It's facility if feedstocks. equivalents. industrial We're And on million top, the will building the will, industry in and XXX facility on woody per sized equivalents updated year of once dry And that We demonstration-scale commercial States. plans facilities, multiple building profitable. our running, selection, higher. first facility. then woody familiar. should includes X higher -- for over up financial gallon gasoline plan include near finalized up now United that tons we're We you X commercial gallon year to that and expect own $XXX dry that's facility more and to international full that site can term another utilize produce could That per been fuel or fuels. represent, EFT a potentially year. potentially scale per gasoline

scale That's $XXX million exact the capital is million facility. of have demonstration number designed industrial model $XXX few dedicated valuation to It licensees and that facilities commercial into ton robust. that in reflects was just discounted multibillion-dollar the flows. is year demonstration a on based and what our we cash about scale XX,XXX because the the That model It's slotted scale with a X for. a facility

we $XXX the conversations having. answer to the deploying first that it and That the yes engineering, selection, is demonstration co-locating that are a yes. -- include a is feedstock and the facility, co-locating The we're Are operating it just it yes, those site dedicated as million with and will it we I construction permits, the final with refinery? mentioned, Are source.

in also Fuels. We have negotiating invest now. Comstock of Many right partners choices the to our also are commercialization

developing pipeline call there's really strong, capital let's it, So a project here. and that's

we'll Biofuel Francisco. be Leadership strategic tomorrow of starting definitely market. with the new yield market engaging in engage based as the Advanced San us most compelling Conference state at coincidentally, is a to business partners those our in of profile The And reality the we

decarbonizing We're precise as company. is of technologies. accelerating commercialization Our the a goal

hard, now $XX.XX Remarkably, are the practical X low much to, much, of gold as the operating assuming higher, impacting, silver for it a but mining, across estimating in with tremendous today experienced recycling over system Nevada, our we've that the with lot. non-virgin, Billy all assets, time mining Billy of which believe technologies. are all per heading $X,XXX the businesses X saying the traction. facilities, of and grades it's at well getting referred These easily doing each and in nearly silver our be We're highlighted, Even we first over year could you tons Nevada-based in state if and is the silver which a decade. end XXX,XXX and we top urban just far, so will, producers at

with of Most We Lode. the Silver we're started turning metals to the on the before questions, those State at know yet, in of third and a Nevada you X now to couldn't region. because Comstock and summarize to already facilities To move be that the getting just shift. right training preparing shifts business X going and prouder is with is Southwest

mentioned, As decommissioning Billy tripling quarter including services. revenues fourth the combined potentially those versus again the in third,

file the our in While state right to few next XXX,XXX Silver remaining next Springs our here in few then for sites. we Nevada facility first prepare assess starting to ton permits weeks and the

have that inherently assets starts ground the silver business just the Billy referred on mining These regional resources the ramp-up gold that the known As prices to. accrue value. here are national higher gold taking beyond our that, continues silver we in and and versus based to a with

X we domestically, staggering possibly market amount resources, at to have cap. money million grade The as and announce to free for the at X multiple expand the flows announced, A we're domestically, fourth further during validating plan, maybe plan. growth. Fuels, our But reflected mine I start to higher-priced in transactions, this mentioned, all internationally considering but pushing both sure the not transactions mine expanding quarter, going we're without expand and that cash expanding capital our resources $XXX for allow of the even us these we'll in that's nearly when cutoffs. will Dayton higher coming in

our will capital strategic we assured, result all a lean which activities. rest start in of haven't these resources. bringing efforts slowed But despite of quickening We'll

turn to So with that please. Trevor, to summary, questions, I'm keen

Billy. across a you you, successful Comstock congrats Thank to Thank and teams And the Corrado. you, platform for the quarter. guys

[Operator Instructions]

to metals, topic GenMat topics SBC/corporate try type mining, and by across the keep here. fuels, here this I'll of

any How the many presently stored capacity? warehouse? metal color off So that. storage are kick on tons at side, on panels of let's with end-of-life Comstock's And

Sure, Trevor.

permits in We have XXX may the over you XXX,XXX capacity. storage, Springs. currently be facility. storage. tons possess lot -- tons ton said, industry a facility, that of earlier X have recall, -- facility about shift we for first in the to for Silver expanded And even But We may we scale sufficient in existing much enough this year per really permitted received

market, pipeline So develop for get we're us. that developing through facility the the huge market, letting operating really market, the working operational. grown this is us a the and is It's advantage before sales

So really there. that can hit ground we're the we once running

Thanks, I makes potential interesting. guys silver or where about It silver. It you a okay. mean question, operation talking is larger are, being with Billy. scale of prices producer producer a you this "urban" mining here

So -- of out coming what what's really panels. these are

question here other the the successfully materials aluminum moment? on-site end-of-life recycling in them about you And valuable the the you at have from solar stockpiling is, are panels? So the sold What panels. already

question. good a it's Yes,

question the and who if, really which a currently for It's having coming One of streams of to of out. it's glass. put look we aluminum, home that at the with there's question term. different conversations right we're trying users We're that but it. long really selling. for glass in of the and just is the a So find a we when place that really X not lot is Two

sales right? is the things And has metals this The it, third some today, this some on team content, stream for be substantial we're agreements the other and But two the -- announcements some the in there's prices are it that has we're solar or ore the is -- initial next to us material well. the are this metals. silver down critical door, other is to material, about to are regulators in metal making ore, months metals, soon the as stream initial has this seeing and this one looking people and tailings. beating going going people willing panel that calling On pay to few has recoverable for side, talk really

it's really to on seeing It this ground what the market We're shortage and come. the it the in material. going shows in floor silver market the for

Now extracting at not to the ask same couple can that's than And with mining things ore. time, selling team profitable as we of as team, about extract it. a been we silver our But well consultants it to our really internal from know processing third to has and a our in look, more it efficient a can we way do more party? working

And is say for maybe. I'd markets months And we're or know -- to demand a to it that sure. material. is the the where really are meantime, we'll point to But of and for we the robust, in probably another get now, X very right lot there's year going have a as answer the

Billy. Thanks,

operation processing essentially have me mining essentially you and a of some is the end-of-life panels identifying say, And heard this of the the exploration commodities. becoming feedstocks, probably solar producer those feedstock, and these you're avoiding mean, I urban risk,

on. a that Metals Comstock type is So nouveau here business it of is quite embarking

to and the you kudos So team.

let's bit So questions mining. have But more a here shift through. additional come towards little

PEA up any any Orleans leading Dayton the the Nevada. plans to here up I Billy, going is It to of be coming related its that news to the any you the say, and conference. next there's from know assets exciting that around But assets. will, in reactivating, is in hear urban mining. clarity and silver traditional other to out to leading Comstock more going mining -- historic mining in if to year that So gold new New

is am. say let about most as is It's of got Corrado couple work, plan and working excited that a this has really Dayton fast #X next and lined on sure most then I doing track can production. has a is going he's well-defined again, wants year a This line preliminary be year, priority. with the everything consultants, analysis. this been about that is team over we move to a Corrado past things so our have Yes. you're where down the right, and I the to economic what as we've just the which Again, Well, towards going the out The to to I'm to production. look, the mining, -- current too. really getting fairly know ultimately me permitting he see getting lot, say plan, independent work, formalizing we're we and

So of value top but noting lot at district the the list, there's Dayton is just there, and is that a it. worth of whole still our in

as looking starting really realization. Dayton we're stopping the seen until So this at full plan a staged with the and we've not

derisked. we always Yes. when I mine, this mean, exploration you I have fact development, would majorly right, talking economic an risk economic only about that that we're add have you're and hurdle, of achieving feasibility. the And

we our out point. the the fail. We growing once leisure, define and without we start once at resource, we we know frankly, resources a mining resource, at can start decision defining those can stepping So fatal our stop

relatively the prices we have got amount So continuing geology, such regime. with permits, great Because because we've got move up, intimate it risk metal infrastructure, are makes it's the known we a because of low with legacy it permitting because to we've exciting. adventure

Yes. not This around, It's operation. and has advanced that grassroots type it. guys have worthwhile of a you mentioning this been is

stakeholders here our looking what's assets. those sure on mining I'm to forward So are to come

material going GenMat shift Comstock's should Comstock's for satellite And focus AI at deal. GenMat still towards be mining Let's planning a business on GenMat science analyzing our How investors forward? is looking bit the more little assets?

Yes. Great question.

compute dinosaur. going first if business in about types technology, development. This of material invested is you're So reason the we horsepower, foundationally simulation, the in that GenMat and materials to we're these in science prepared us. I remarks strategic of type because you're a was The mentioned place all my in to artificially using we you're intelligent developing be not of through believe these the

we So amount X years. in dinosaur. the We've learned being a tremendous interest last any a have over don't

It right? sense orbit tied Comstock. artificial the And expanded. benefit He us last developing His the tremendous a more it We've years. geospatial, forward. satellite we has ultimately, could put to X capability And that developed into that geophysical. Deep made strong it the desire towards because support a then expanded, was ability sees rationalize for vision. over that intelligence, to

that that our with any in of benefit we've information, team, geophysical planning doing any the GenMat any that remains we part connection modeling, of. geophysical So been get agreement

scans when able always as ready, the amount Secondly, geochemical, a it. to Comstock they have district do for those additional knowledge, of geological a capability data because physical do charge, that willing data. additional additional metallurgical, we that hyperspectral they're We at already and tremendous scans, will we view those have and bonus structural scan that provide us no us

That's ideal We have ground the a an what tremendous the for amount. AI. training Comstock made

So information. We'll the we'll intelligently that space expand described the created additional with way district that with that get into continue satellite it that But Billy to that data. opportunities. really, foray

with And created support, faring, that directly into science so a and there's the huge not Deep development a knowledge thesis, it I the space consistent think for opportunity. our which we passion it's right, material opportunity, is but going with

business, to. he that Now speak would need to

requires advanced, science little exploding, it's still business, discovery The developing, it's requires a is still the competency. bit it's material all development, nascent, above. more of Obviously,

focused that said, sell wouldn't training services develop, have first. be to it reason But technologies innovation of others if others. own I we're in capacity idea, and use solution advancements to no we want that, develop no and its line ground So selling that more developments, as But it material we There's as value. way, hopefully can have to Comstock use benefit tremendous be resources. add develop to what couldn't material directly our need a will to thrilled use. Comstock those there's and we reason our Same our we we tools business to the that and

There Corrado. worthwhile begin a Thanks, data historical on asset mining mentioning data to with. also the is of -- slew

that's has -- So has full already. hands probably hand your your

Another question here GenMat. on

Can related how mentioned funded? cash payout shares explain this guys is be you deal. no will that new Comstock, issue $X to So million or of there you the GenMat

Yes.

million $X assets funded without look, so we're -- additional we disbursements, up GenMat giving treasury. our fund mean, to I able we from -- So that previously and by the through

good. Sounds

right. All Okay.

Let's fuels. shift over to

fuels the $XXX million your of earmarked part deal, is business. for SBC subsidiary As

originally earlier, Corrado, structure would a the of ownership debt just XX% versus comment touched how can you You on subsidiary. SBC's on this equity but change proposed in equity

relatively think it's mean, straightforward I No. answer. Yes. I

capital some creation So trying your you position stack optimize don't value creation. ownership to and using for maximum and right? value get or in debt structure, safe also debt, and for company to practical you're we're capital in your trying capital stack, If the the we're

pieces. we're So very hopeful being about those

to the binding $XXX around upfront bring Thanks from payment mentioned with engineering that obligations? the talk next anticipated contract about you Corrado. fuels million It X X landed the in alone is SACL fees over years. revenue SACL's was in Comstock to Can

Yes.

when is XXX,XXX a we there's X% would structured, we're a it's to it facility a ton same on build way done that X% we then requiring there's up So for it's XX,XXX -- nuance, get and up the first them site move when beauty of fee, assets, and XX,XXX, We're the it the can So with doing to a same right. the fee. above. XXX,XXX. the be scale The to the okay?

I costs $X.X moving forward, start, will plus stream. don't from one a then view as construction is and overlap. be move and the an so million get right, not $X.X I the one we capital project stream, but first we and XX% we it engineering of earlier, $X.X as will get payment, only soon some as equity, start site up, of X%, will license million they the of entity then start mentioned that And do another final the there. upfront fees, schedules then Certainly, the some it and million and granted is would plus set have how

then where shift there'll the they royalty engineering fee be then from on, some on going and most will have And once down. And it the a will it facilities to are commissioned, point revenue. tail hopefully, an

team's the process MIT might a establishing that the footprint partnership? you this on in Can States. would NREL partnership. in Congrats process, United And the emphasize this of expedite the you importance your say

from I been far mean, has benefit that ironically, we've look, gotten credibility. like that it Yes. feels the so

the the and one on, when counterparty build picking is platform leading solution our as the so in great. it's industry is to space think validating, technology technological invest I the as picking that's highest a our in

had The that and excited. TRL the it's We moving validating. on we breakthroughs that toward h*** were they way identified X, were Okay, identified the more breakthroughs c***. had like bench,

Okay, we like of say, to plant", then will normally you TRL let's would. TRL X, TRL getting to build though, developments, X. those with go obviously, activities, X "hey, of a fund goal the acceleration don't the those beauty of The is and you get

right? just that them. certain yield? and how These degrees profile our are are activities it? how make X its laboratory. get move do require commercial we do it? we things do reduce together, steps with out there facility? certain There say, be increase will table CapEx an that do we XX%? in an X, we be of of cut How wow, you let's How we Colorado. operating mean tested that How be we our do to tested don't already enhance by will X, together. blending, those mean that Wausau, we they energetic by upgrade process that activities And do reduce validated doesn't are funding piloted How when And SAF. certain technology to administration TRL You Wisconsin X How and the XXX% have scale X, and readiness, in do say expense on we existing forward we're will XX%, SAF we accelerate We saying,

could And so thing, We remarkable, remarkable, it's remarkable be remarkable more thing. not excited. a

also projects development other have internally. We

further leading better. to to what to design We're today. they're development and hit get I going everything get better they're put -- working even going when that's together, see don't platform, doing chasing and have going you that exactly are get you're anybody projects and but us, behind. disclosed and of get In other our now. whoever all doing right, And We know are is in on externally. without that talking know those XXX% about anybody what on to timely moving who better than ahead we've objectives you and is rate you're smaller faster, this We smaller do, about takes not talking and view, we they the to where

tremendous. it's So

to they guys personnel petroleum. Seems to cost are get you parity perfect the like with

shifting over capital there the York be this stock Can a you front, still capital event? versus New delisting anything related some on just be to markets On to get seems one Stock and confusion touch bit. needs to There Exchange, it on, or NASDAQ. whether so quickly this, SBC reverse AMEX requirements on listing

asking $X, we're And simply, with us I risk? we us just below are Yes, yes. keep NASDAQ. People if at they're confusing frankly, think, the

on York It's the listing, that doesn't New have it. we're number. And Stock the nowhere near lower We're that AMEX York Exchange years. New dollar been So for XX a Exchange on, limit. much the market exchange Stock we've

familiar we're very it. So with

I So think just it's confusion.

liquidity and up on And close note you mentioned convertible existing stable that $X.X top to sales you remains asset one. as on some other Comstock's previously the announced minor million

If this you can forward provide on here? moving so needs a and little color capital on the and

the It's a try that in door $X got great get We've first we've coming. with Look, million to that of to Yes. days. liquidity in. We're SBC. had going couple coming

we're anymore. the bigger then about happy to right? and not we're conversations And that, these funding that capital hopefully, bridge then having So we'll

on we coming the Corrado, up hour. are here

in ball your comments. back So for the court I'll put any final

want Just are discussions to of financial models. tied the that sophistication a relatively really in our to professional I emphasize funding all level about to summarize, high

for model fuels. sophisticated plan have We and business

joyfully, over last a and of updating enhancements. Annoyingly X months quite we've the because bit to X been it

Metals, precious So going average because revenue been expectation decommissioning our renewable metal up. above been the great. expectation revenue because we per panel we've our have is mining assets, services. that's updating above selling from the then keep materials because has And the with clean really really, realized prices

think price the tons price strip in simple. means of which change and resulting that's I cutoff model, you And ore The improves that you less dramatically. goes the gold But of when waste. people mine, appreciate the reengineer most have to the ratio down, tons up, can goes the in more

of a scale And effort engineering. than engineering of engineering. fuels. That's it tremendous determine in And That's to so it to engineering permits then lot the amount that's have it's But plans. what's plants metals. mine all higher is these build take industrial fuels, for build for But a ultimately lot. plans. it's be amount it with mean what submitted happening still of take metals. does What a to to does industry with those I those facilities in that the management exponentially

to have we importantly, More have scheduled. project

know what spending is. to More the importantly, we need

jockey validating not our we're from Excel they're cubicle, is right, a those to capital, financial SBC partners is attracting validate models and able reason the sitting in So successful strategic from and models specific the in those a spreadsheet. both reviewing because

petrochemical it's metal contrary, chemists the assessing engineers it's recycling. On Wausau, visiting

geophysicists science-based These are mine our mine It's all engineers businesses. assessing plans. and

that So we feel happened substantive. It's very, about wish foundation had built. very good the very sooner. we've it We

and it look annual X gone and happens, You year for results. new then, to We We're you forward next the announcing the forward not excited over to to it we're back faster, always results, what's we in wish the when weeks. to that of going talking look course, the early circling very results. about the but much happen had disappointed we with extremely

brief for circulated Comstock's which be eye thanks Corrado event. today and posted to will and you, today's and Please QX keep comstock.inc. for by out Thank everyone QX and the company's survey, Billy, Comstock's an for recording joining on e-mail website investor

please e-mail If any you throughout again. of We Thanks respond today's posted them management look questions, again, free XXXX. can concludes accordingly. again. to ir@comstockinc.com, and review feel keeping at That so to Thanks us on forward progress rest the ir@comstockinc.com, you to have that's the all event.

day. Thanks, Have great Trevor. a Billy. Thanks,