Q3 2023 Comstock Inc Earnings Call
Speaker 1: transcript
Ladies and gentlemen, welcome to Comstock's third quarter 2023 business results webcast. This is Will Mays with RB Milestone. For those of you new to the story, Comstock is commercializing technologies that enable systematic decarbonization towards the energy transition through three divisions.
Ladies and gentlemen, welcome to Comstock <unk> third quarter 2023 business results webcast. This is will maize with RV milestone for those of you new to the story Comstock is commercializing technologies that enable systematic de carbonization towards the energy transition through three division Comstock fuels, which convert.
Speaker 1: transcript
Comstock Fuels, which converts biomass into net zero renewable fuels. Comstock Metals, which recycles solar panels and critical metals. And Comstock Mining, which holds significant gold and silver resources in the Target Rich district in Nevada and plans to dramatically expand its reserves through generative AI-enabled mineral discovery.
Biomass into that zero renewable fuels comps like metals, which recycles solar panels, and critical metals and Comstock mining, which holds significant gold and silver resources in the target Rich district in Nevada, and plans to dramatically expand its reserves through generative AI and.
Unknown Executive: Ladies and gentlemen, welcome to Comstock's third quarter 2023 business results webcast.
Will Mays: This is Will Mays with RB Milestone. For those of you new to the story, Comstock is commercializing technologies that enable systematic decarbonization towards the energy transition to three division. Comstock fuels, which converts biomass into net zero renewable fuels, Comstock metals, which cycles solar panels and critical metals, and Comstock Mining, which holds significant gold and silver resources in the target-rich district in Nevada and plans to dramatically expand its reserves through generative AI-enabled mineral discovery.
<unk> mineral discovery com.
Speaker 1: transcript
Comstock shares are listed on the New York Stock Exchange under the symbol L O D E.
Comstock shares are listed on the New York stock exchange under the symbol L. O D E. Joining us today is the company's executive Chairman and C. E O Corrado de Gasparas and C. O O William Mccarthy, who will be discussing third quarter results and an update of our current operations that won't be answering questions at the end of the.
Speaker 1: transcript
Joining us today is the company's executive chairman and CEO , Corrado de Gasperis and COO William McCarthy, who will be discussing third quarter results and update of current operations and will be answering questions at the end of the presentation. If you're interested in asking a question or logged into the Zoom app,
<unk>. If you have are you if you're interested in asking a question are logged into the zoom app.
Speaker 1: transcript
You can submit questions to us directly in the Q&A module.
You can submit questions to us directly in the Q&A module. Please note that this presentation is being recorded today October 26, 2023 and will soon be made available on the company's website at Comstock Dot Inc.
Will Mays: Comstock shares are listed on the New York Stock Exchange under the symbol L-O-D-E.
Speaker 1: transcript
Please note that this presentation is being recorded today, October 26, 2023, and will soon be made available on the company's website at comstock.inc.
Will Mays: Joining us today is the company's executive chairman and CEO, Corrado DeGasperis, and CEO, William McCarthy, who will be discussing third quarter results in an update of current operations and will be answering questions at the end of the presentation. If you have, if you're interested in asking a question or logged into the Zoom app, you can submit questions to us directly in the Q&A module. Please note that this presentation is being recorded today, October 26, 2023, and will soon be made available on the company's website, agconst.nk.
Speaker 1: transcript
If you're registered for the presentation, you will be receiving a brief survey by email from RBMG. Your response will be very helpful to Comstock and strengthening its investor relations efforts and providing growing transparency going forward. We appreciate your participation.
If you registered for the presentation, you will be receiving a brief survey by email from our BMG. Your response will be very helpful to Comstock and strengthening his investor relations efforts and providing growing transparency going forward. We appreciate your participation.
Speaker 1: transcript
Today's call may contain forward looking statements that are subject to risks and the certainties that may cause actual results, performance, or developments that differ materially from those contained in the statements and are not guarantees of future performance of the company. No assurances can be given that any of the events anticipated by forward looking statements will occur or if they do occur, what benefits the company will obtain from them.
Today's call May contain forward looking statements that are subject to risks and uncertainties that may cause actual results performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the company no assurances can be given that any of the events anticipated by forward looking statements will occur or if they do occur.
Will Mays: If you're registered for the presentation, you will be receiving a brief survey by email from RBMG. Your response will be very helpful to Comstock in strengthening its investor relations efforts, and providing growing transparency going forward. We appreciate your participation.
Or what benefits the company will obtain from them also some risks and uncertainties may be out of control of the company Comstock has a full disclaimer contained in their presentation. Lastly, our BMT is not a registered investment advisor or broker dealer for more information. Please visit our be milestone dot com.
Speaker 1: transcript
Also, some risks and uncertainties may be out of control of the company. CompStock has a full disclaimer contained in their presentation.
Will Mays: Today's call may contain forward-looking statements that are subject to risks, and the certainties that may cause actual results, performance, or developments, and different materially from those contained in the statements and are not guarantees of future performance of the company. No assurances can be given that any of the events anticipated by forward-looking statements will occur, or if they do occur, what benefits the company will obtain from them. Also, some risks and uncertainties may be out of control of the company. Comstock has a full disclaimer contained in their presentation.
Speaker 1: transcript
Lastly, RBMG is not a registered investment advisor or broker dealer. For more information, please visit rbmilstone.com.
Speaker 1: transcript
Now it's my pleasure to introduce Mr. Karada de Gasquiz and Mr. William McCarthy, gentlemen, the stage is yours.
Now, it's my pleasure to introduce Mr. Corrado de <unk> and Mr. William Mccarthy gentlemen, the stage is yours.
Thanks will and good morning.
Speaker 2: transcript
Thanks Will, good morning, good afternoon everyone, and welcome to Comstock's third quarter, 2023, financial results and business update.
Good afternoon, everyone.
And welcome to <unk> third quarter, 2023 financial results and business update.
Speaker 2: transcript
As Will just said, you have both me and Billy McCarthy on the call today. And we look forward to overviewing a very strong third quarter and taking a much deeper dive into our fuels business. A lot of good detail that we look forward to sharing with you and a very positive outlook on all of our business.
As Bill just said you have both me and barely Mccarthy on the call today, and we look forward to overview of a very strong third quarter and taking a much deeper dive into our fuels business, but a lot of good detail that we look forward to sharing with you and a very positive outlook on all of our businesses well. So appreciate everyone that participated in the <unk>.
Will Mays: Lastly, RBMG is not a registered investment advisor or broker dealer. For more information, please visit RBMG.com.
Corrado DeGasperis: Now it's my pleasure to introduce Mr. Carrado de Gasquiz and Mr. William McCarthy, gentlemen, the stage is yours. Thanks, Will. Good morning. Good afternoon, everyone, and welcome to Comstock's third quarter 2023 financial results and business update. As will just said, you have both me and Billy McCarthy on the call today, and we look forward to overviewing a very strong third quarter and taking a much deeper dive into our fuels business with a lot of good detail that we look forward to sharing with you and a very positive outlook on all of our businesses.
Speaker 2: transcript
We also appreciate everyone that participated in the RBMG investor survey. As Will said, the feedback really helps us in delivering on and managing your expectations.
<unk> Investor Survey as well said the feedback really helps us in delivering on and managing your expectations.
Speaker 2: transcript
You can find the link to the survey on the Comstock Inc. investor page.
Can find the link to the survey on the Comstock, Inc. Investor Page, we opened up the survey after each quarterly call starting to come out today and keep them open until the end of the quarter.
Speaker 2: transcript
We open up the survey after each quarterly call, starting today, and keep them open until the end of the quarter.
We get all of your feedback and if it comes through the survey it directly informs our Investor Relations strategy and communications and we act on it.
Speaker 2: transcript
to get all of your feedback. And if it comes through the survey, it directly informs our investor relations strategy and communications. And we ask that you use the link below to get all of your feedback.
Corrado DeGasperis: We also appreciate everyone that participated in the RBMG investor survey. As Will said, the feedback really helps us in delivering on and managing your expectations. You can find the link to the survey on the Comstock Ink Investor page. We open up the survey after each quarterly call, starting to out today, and keep them open until the end of the quarter. We get all of your feedback, and if it comes to the survey, it directly informs our investor relationship strategy and communication, and we act, on it.
For example, we're taking extra time today to better explain our fuels business based on the input and perceptions from that survey or update will also include the information from today's press release, and our recently filed third quarter Form 10-Q.
Speaker 2: transcript
For example, we're taking extra time today to better explain our fuels business based on the input and perceptions from that survey. Our update will also include the information from today's press release and our recently filed third quarter form 10Q.
You'll find the press release and our website at Ww Dot Comstock that Inc. Under investors and in the newsroom section and hopefully you've all had a chance to visit our new Comstock fuels and.
Speaker 2: transcript
You'll find the press release at our website at www.comstock.inc under investors and in the newsroom section.
Speaker 2: transcript
And hopefully, you've all had a chance to visit our new Comstock Fuels and Comstock Metals websites with a direct link from Comstock's main page under Business.
And Comstock metals websites with a direct link from Comstock main page under businesses.
Corrado DeGasperis: For example, we're taking extra time today to better explain our fuels business based on the input and perceptions from that survey. Our update will also include the information from today's press release and our recently filed third quarter form 10Q. You'll find the press release at our website at www.comstock.ink under investors and in the newsroom section. And hopefully you've all had a chance to visit our new Comstock fuels and Comstock metals websites with a direct link from Comstock's main page under businesses.
Let me start with the corporate and financial update then ill move into the strategic investments, including Jen, Matt and then cover our mining and metals businesses before Billy provides a much deeper review for fuels as most of you know we finalized the sale of the 2500 approved facility receiving a net of $14 $5 million in cash.
Speaker 2: transcript
Let me start with the corporate and financial update. Then I'll move into the strategic investments, including Gen Matt, and then cover our mining and metals businesses before Billy provides a much deeper review for fuel.
Speaker 2: transcript
As most of you know, we finalized the sale of the 2500 Peru facility, receiving a net of $14.5 million in cash over the past seven months, and finally transferring title and closing in September .
Cash over the past seven months and finally transferring title and closing in September.
This resulted in a third quarter accounting gain of over $7 million and we still have $600000 due to us in early December from guarantees to us associated with that stock.
Speaker 2: transcript
This resulted in a third quarter accounting gain of over $7 million. And we still have $600,000 plus due to us in early December from guarantees to us associated with that stop.
Corrado DeGasperis: Let me start with the corporate and financial updates, then I'll move into the strategic investments including Gemmat and then cover our mining and metals businesses before Billy provides a much deeper review for fuels. As most of you know, we finalize the sale of a 2500 proof facility, receiving a net of $14.5 million in cash over the past seven months and finally transferring title and closing in September. This resulted in the third quarter accounting gain of over $7 million.
Speaker 2: transcript
We're very happy with the overall transaction, the expediency of our ABML stock sales, and all the proceeds that we received today.
Very happy with the overall transaction.
The expediency of our abms stock sales and all the proceeds that we received today.
Speaker 2: transcript
We've also successfully sold a small portion of our Green Line investors.
Also successfully sold a small portion of our Green line investment for $800000 in cash and a realized gain of about $600000 more importantly that transaction established a much higher valuation for our remaining investment at nearly $20 million and triggered requirement for us to mark the value of those.
Speaker 2: transcript
for $800,000 in cash and a realized gain of about $600,000. More importantly, that transaction established a much higher evaluation for our remaining investment at nearly $20 million and triggered a requirement for us to mark the value of those remaining shares to market, resulting in an additional unrealized gain in our third quarter financials again, of another $14.6 million. $200,000.
Corrado DeGasperis: And we still have $600,000 plus dollars due to us in early December from guarantees to us associated with that stock. We're very happy with the overall transaction, the expediency of our ABML stock sales and all the proceeds that we received today. We've also successfully sold a small portion of our green line investment for $800,000 in cash and a realized gain of about $600,000. More importantly, that transaction established a much higher valuation for our remaining investment at nearly $20 million and triggered a requirement for us to mark the value of those remaining shares to market, resulting in an additional unrealized gain in our third quarter financials again of another $14.6 million.
Remaining shares to market, resulting in an additional unrealized gain in our third quarter financials again of another $14 $6 million.
Speaker 2: transcript
These and other transactions definitely strengthened our financial position with a nearly $20 million reduction in just our current liabilities since the end of last year. We also reduced our debt by $2 million and we have no debt due in the next 12 months.
And other transactions definitely strengthened our financial position with nearly $20 million reduction in just our current liabilities since the end of last year. We also reduced our debt by $2 million and we have no debt due in the next 12 months.
These recent gains also resulted in the company recording net income of $13 7 million or <unk> 11 per common share for the three months ended September 30th and net income of $2 $6 million or <unk> 10 per common share for the nine months ended September 30, we.
Speaker 2: transcript
These recent gains also resulted in the company recording net income of $13.7 million or $11 per common share for the three months ended September 30th. And net income of $2.6 million or $1 per common share for the nine months ended September 30th.
Corrado DeGasperis: These and other transactions definitely strengthened our financial position with a nearly $20 million reduction in just our current liabilities since the end of last year. We also reduced our debt by $2 million and we have no debt due in the next 12 months. These recent gains also resulted in the company recording net income of $13.7 million or $11 cents per common share for the three months ended September 30th and net income of $2.6 million or $1 cent per common share for the nine months ended September 30th.
We do have a plan for selling the remainder of our Green line shares most likely over the next 12 months and we've already received new interest for selling more of those shares. Additionally, we're seeing a surge in activity in and around silver spring.
Speaker 2: transcript
We do have a plan for selling the remainder of our Green Line shares, most likely over the next 12 months. And we've already received new interest for selling more of those shares. Additionally, we're seeing a surge in activity in and around Silver Springs. And much...
And much more direct interest in our properties. There just this month a company called tracked a major Hyperscale data Center development company announced that they had agreed to purchase land in the Tahoe Reno Industrial Center, just 10 minutes from our properties for a quarter of a billion dollars.
Speaker 2: transcript
Just this month, a company called Trakt, a major hyperscale data center development company, announced that they had agreed to purchase land in the Tahorino Industrial Center, just 10 minutes from our properties, for a quarter of a billion dollars.
Corrado DeGasperis: We do have a plan for selling the remainder of our green line shares, most likely over the next 12 months and we've already received new interest for selling more of those shares. Additionally, we're seeing a surge in activity in and around Silver Springs and much more direct interest in our properties there. Just this month, a company called TRACT, a major hyper scale data center development company announced that they had agreed to purchase land in the Tahirino industrial center.
Speaker 2: transcript
Chair Springs Opportunity Fund has also received multiple increase in solicitations for investment and for their properties. All at much higher value.
Sierra Springs opportunity Fund has also received multiple inquiries and solicitations for investment and for their properties all at much higher values.
Speaker 2: transcript
These new comps have increased our estimates for monetizing our remaining non-mining assets to well over $40 million.
These new comps have increased our estimates for monetizing our remaining non mining assets to well over $40 million.
Speaker 2: transcript
We expect this to occur in the near term and during 2024.
We expect this to occur in the near term and during 2024.
Speaker 2: transcript
The entire Northern Nevada quadrant is proving out to be the next most valuable area of high-tech industrial expansion.
The entire northern Nevada quadrant is proving out to be the next most valuable area of high Tech industrial expansion the.
Corrado DeGasperis: Just 10 minutes from our properties for a quarter of a billion dollars. TRACT Springs Opportunity Fund has also received multiple inquiries and solicitations for investment and for their properties, all at much higher values. These new comps have increased their estimates for monetizing our remaining non-mining assets to well over $40 million. Scholars. We expect this to occur in the near term, and during 2024, the entire Northern Nevada Quadrant is proving out to be the next most valuable area of high-tech industrial expansion. The magnitude of real blue chip economic activity that's occurring here is truly staggering, and it seems like our patients here is really going to pay off for the company and for our shareholders.
The magnitude of real Blue chip economic activity, that's occurring here is truly staggering.
Speaker 2: transcript
The magnitude of real blue chip economic activity that's occurring here is truly staggering.
Speaker 2: transcript
And it seems like our patience here is really going to pay off for the company and for our shareholders.
And it seems like our patients here is really going to pay off for the company and for our shareholders.
Our strategic investments also include of course, Genmab, whose physics based artificial intelligence has rapidly developed into a recognizable leader in this AI space. Jimmy has developed Zeno is proprietary physics based AI to accelerate the development of materials and the discovery of minerals.
Speaker 2: transcript
Our strategic investments also include, of course, GenMath, whose physics-based artificial intelligence has rapidly developed into a recognizable leader in this AI space. GenMath has developed Xeno, its proprietary physics-based AI, to accelerate the development of materials and the discovery of minerals. During this past quarter, GenMath the AI space-based AI, to accelerate the development of materials and the discovery of minerals.
During this past quarter Jenn Mann has achieved its material simulation capability.
Speaker 2: transcript
material simulation capability to TRL7.
TRL seven by.
Speaker 2: transcript
By synthesizing and directly testing Zeno's ability to predict existing material properties, and has confirmed the precision and accuracy of those new material simulations.
By synthesizing indirectly testing <unk> ability to predict existing material properties.
Corrado DeGasperis: Our strategic investments also include, of course, Gen Matt, whose physics-based artificial intelligence has rapidly developed into a recognizable leader in this AI space. Gen Matt has developed Xeno, its proprietary physics-based AI to accelerate the development of materials and the discovery of minerals. During this past quarter, Gen Matt has achieved its material simulation capability to TRL-7 by synthesizing and directly testing Xeno's ability to predict existing material properties and has confirmed the precision and accuracy of those new material simulations.
And has confirmed the precision and accuracy of those new materials stimulations.
Speaker 2: transcript
Gen-NET's also now successfully tested its AI models for creating uniquely new structs.
<unk> also announced successfully tested its AI models for creating unique uniquely new structures, which is a breakthrough capability for stimulating brand new materials.
Speaker 2: transcript
which is a breakthrough capability for simulating brand new material.
Speaker 2: transcript
This is actually what we always envision in plan for Zeno to be able to do. Zeno is now advanced to a readiness level that puts Jemma in active discussions with multiple potential customers and partners, including us, who will use this technology for advancing material science research and development.
This is actually what we always envisioned and plan for <unk> to be able to do Dino has now advanced to a readiness level that puts jama in active discussions with multiple potential customers and partners, including US who will use this technology for advancing materials Science research and development.
Corrado DeGasperis: Gen Matt's also now successfully tested its AI models for creating uniquely new structures, which is a breakthrough capability for simulating brand new materials. This is actually what we always envision in plan for Xeno to be able to do. Xeno is now advanced to a readiness level that puts Gen Matt in active discussions with multiple potential customers and partners, including us, who will use this technology for advancing material science research and development.
It is becoming clearer and clearer to us that companies not using this type of AI for material advances are truly going to find themselves left far far behind.
Speaker 2: transcript
It's becoming clear and clear to us that companies not using this type of AI for material advances are truly going to find themselves left far, far behind.
Speaker 2: transcript
Remarkably, GenMATS also received full regulatory clearances for the launch of its satellite and advanced hyperspectral imaging sensor and will launch its satellite in November , although we're not allowed to be more specific about the exact date. This should enable us to enhance Comstock's mineral composition data and integrate this new data with our existing historical geologic data and ultimately increase our ability to refine and better pinpoint our mineral targets.
Remarkably Gen Mats also receive full regulatory clearances for the launch of its satellite and advanced hyper spectral imaging sensor and will launch a satellite in November although we're not allowed to be more specific about the exact date. This should enable us to enhance complex mineral composition data and integrate this new data.
Corrado DeGasperis: It's becoming clear and clear to us that companies not using this type of AI for material advances are truly going to find themselves left far, far behind. Remarkably, Gen Matt's also received full regulatory clearances for the launch of its satellite in advanced hyperspectral imaging sensor, and will launch its satellite in November, although we're not allowed to be more specific about the exact date. This should enable us to enhance Comstock's mineral composition data and integrate this new data with our existing historical geologic data and ultimately increase our ability to refine and better pinpoint our mineral targets.
With our existing historical geologic data and ultimately increase our ability to refine and better pinpoint our mineral targets.
Speaker 2: transcript
Both the Comstock and Genmat technical teams are working together diligently today on these new mineral discovery capabilities.
Both the Comstock and Genmab technical teams are working together diligently today on these new mineral discovery capabilities.
Speaker 2: transcript
This is strongly aligned with Comstock mining's objective of dramatically expanding our golden silver resource.
This is strongly aligned with Comstock mining objective of dramatically expanding our gold and silver resources, we've already used geophysical surveys and much more intelligent data analytics to develop a practical knowledge based two plus million ounce gold equivalent target this was more than triple our existing.
We've already used geophysical surveys and much more intelligent data analytics to develop a practical, knowledge-based
2 plus million ounce gold equivalent target. This would more than triple our existing resources from still just a portion of our Comstock property.
Resources from still just a portion of our Comstock properties. The work on this by our teams has truly been outstanding in fact based on all of these developments deep Prasad Genmab CEO and I were recently invited to the New Orleans and the settlement conference one of the leading natural resources conferences, where for much of next.
Corrado DeGasperis: Both the Comstock and Gen Matt technical teams are working together diligently today on these new mineral discoverer capabilities. This is strongly aligned with Comstock mining's objective of dramatically expanding our golden silver resources. We've already used geophysical surveys and much more intelligent data analytics to develop a practical knowledge based two plus million ounce gold equivalent target. This would more than triple our existing resources from still just a portion of our Comstock properties.
The work on this by our teams has truly been outstanding. In fact, based on all of these developments, deep facade, GenMED CEO and I were recently invited to the New Orleans Investment Conference when a leading natural resources conference. The work on this by our teams has truly been outstanding.
Speaker 2: transcript
where for much of next week, we'll be presenting and further discussing our joint collaboration on how we're using the SAI for much more efficient and effective mineral discovery.
We will be presenting and further discussing our joint collaboration and how we're using this AI for a much more efficient and effective mineral discovery.
Speaker 2: transcript
Look, tragically for us, the world is on fire. Further, they're punctuating the importance of these precious metal resources in our portfolio. Gold sits today at about $1,985 per ounce. That's up nearly $325 an ounce from just a year ago with $2,000 an ounce right in its cross.
Tragically for us the world is on fire for their punctuating the importance of these precious metal resources in our portfolio gold sits today at about $1985 per ounce, that's up nearly $325 an ounce from just a year ago with $2000.
Corrado DeGasperis: The work on this by our teams has truly been outstanding. In fact, based on all of these developments deep facade, Gen Matt CEO and I were recently invited to the New Orleans investment conference when a leading natural resources conferences, where for much of next week, we'll be presenting and further discussing our joint collaboration on how we're using the AI for much more efficient and effective mineral discovery.
As announced right and its crosshairs.
We believe that our mineral properties collectively contain billions of dollars of potentially recoverable metals and our plan to unlock that value with genmab.
Speaker 2: transcript
We believe that our mineral properties collected we contain billions of dollars of potentially recoverable metals. And our plan to unlock that value with GenF, it is most capital-sensitive and intelligent way.
Corrado DeGasperis: Look tragically for us, the world is on fire. Further, they're punctuating the importance of these precious metal resources in our portfolio. Gold to today at about $1,985 per ounce. That's up nearly $325 an ounce from just a year ago with $2,000 an ounce right in its cross. Taris. We believe that our mineral properties collected we contain billions of dollars of potentially recoverable metals, and our plan to unlock that value with Gen Matt, it in most capital-sensitive and intelligent way.
Most capital sensitive and intelligent way.
Speaking of metals Comstock metals has been extremely busy over the past three months readying readying, the Nevada facility and marching towards production.
Speaker 2: transcript
Speaking of metals, Comstock Metals has been extremely busy over the past three months, readying the Nevada facility and marching towards production.
Clarified on our last call that our metals recycling plan had pivoted away from batteries and was re dedicating to commercializing our high growth high impact and highly profitable photovoltaic market frankly.
Speaker 2: transcript
We clarified on our last call that our metals recycling plan had pivoted away from batteries and was rededicating to commercializing a high growth, high impact, and highly profitable photovoltaic mark.
Speaker 2: transcript
Frankly, we foresaw now almost a year ago the higher risk complexities and obstacles in the battery recycling market.
Frankly, we foresaw now almost a year ago, the higher risk complexities and obstacles in the battery recycling market.
Corrado DeGasperis: Speaking of metals, Comstock metals has been extremely busy over the past three months, readying the Nevada facility and marching towards production. We clarified on our last call that our metals recycling plan had pivoted away from batteries and was rededicating to commercializing a high growth, high impact, and highly profitable photovoltaic market. Frankly, we foresaw, now almost a year ago, the higher risk complexities and obstacles in the battery recycling market. We sold our battery facility and we pivoted.
Speaker 2: transcript
sold our battery facility and we pivot it. Our technology and processes are actually very well suited for recycling a broad range of electrification products. And we have simply and decisively chosen solar panels over batteries in large parts for the following reasons. One, we have an immediate and regionally available solar panel sub...
We sold our battery facility and we pivoted.
Our technology and processes are actually very well suited for recycling a broad range of electrification products and we are simply and decisively chosen solar panels over batteries in large part for the following reasons. One we have an immediate and regionally available solar panel supply. This is primarily the south.
Speaker 2: transcript
This is primarily the southwest region of Nevada, Arizona, and California, with an existing large and rapidly growing market that we estimates can end up at over 75,000 tons of solar panel waste. This
The West region of Nevada, Arizona, and California, with an existing large and rapidly growing market.
Corrado DeGasperis: Our technology and processes are actually very well-suited for recycling a broad range of electrification products, and we have simply and decisively chosen solar panels over batteries in large parts for the following reasons. One, we have an immediate and regionally available solar panel supply. This is primarily the southwest region of Nevada, Arizona, and California, with an existing large and rapidly growing market that we estimates can end up at over 75,000 tons of solar panel waste this year, and rapidly approaching end-of-life solar panels quickly taking that number to over 1 million tons in 2035.
We estimate it's going to end up at over 75000 tons of solar panel waste this year.
Speaker 2: transcript
and rapidly approaching end of life solar panels, quickly taking that number to over 1 million tons in 2035. The waste battery market is nowhere near the waste solar panel.
And rapidly approaching end of life solar panels quickly taking that number to over 1 million tons in 2035, the waste battery market is nowhere near the way solar power market.
Speaker 2: transcript
These materials are also much safer to acquire, transport, and store. While we receive immediate revenue and cash-ins low from the upfront tipping fees, and we have very low capital expenditures, and we have extremely low operating expenses with...
These materials are also much safer to buy.
Here transport and store, while we receive immediate revenue and cash inflow from the upfront tipping fees.
And we have a very low capital expenditures and we have extremely low operating expenses with.
Speaker 2: transcript
At least for the time being, dramatically less competition.
At least for the time being dramatically less competition.
Speaker 2: transcript
which is enabling us to stake a commanding lead in this market and why we're hustling so fast to do it.
Which is enabling us to stake a commanding lead in this market and why we're hustling so fast to do it.
Corrado DeGasperis: The waste battery market is nowhere near the waste solar panel market. These materials are also much safer to acquire, transport, and store. While we receive immediate revenue and cash-ins low from the upfront tipping fees, and we have very low capital expenditures, and we have extremely low operating expenses with, at least for the time being, dramatically less competition, which is enabling us to stake a commanding lead in this market, and why we're hustling so fast to do it.
Substantially all of these solar panels are now going into landfills and creating a major increasingly unpopular environmental hazard. Some states like California have already banned landfills from accepting solar panels and theyre being sent east here to Nevada and other state landfills are site in Silver Springs, Nevada is perfectly situated and has already been <unk>.
Speaker 2: transcript
Substantially, all of these solar panels are now going into landfills and creating a major and increasingly unpopular environmental hazard. Some states like California have already banned landfills from accepting solar panels, and they're being sent east, here, to Nevada and other state landfills. Our site in Silver Springs, Nevada is perfectly situated and has already been approved by the local county for this use.
Proved by the local county for this use we are readying the facility for the installation of our production equipment all of which has been ordered with expected delivery during this fourth quarter.
Speaker 2: transcript
We're writing the facility for the installation of our production equipment, all of which has been ordered with expected delivery during this fourth quarter. Once the final two permits are received, we'll start operating the demonstration facility at a rate of about 4 to 8,000 tons per year, ultimately transitioning it into our first industry scale site, which will be 10 times that size.
Corrado DeGasperis: So, thankfully, all of these solar panels are now going into landfills and creating a major and increasingly unpopular environmental hazard. Some states like California have already banned landfills from accepting solar panels, and they're being sent east, here, to Nevada, and other state landfills. Our site in Silver Springs, Nevada is perfectly situated and has already been approved by the local county for this use. We're writing the facility for the installation of our production equipment, all of which has been ordered with expected delivery during this fourth quarter.
Once the final permits are received we will start operating a demonstration facility at a rate of about four to 8000 tons per year ultimately transitioning it into our first industry scale site, which will be 10 times that size.
Speaker 2: transcript
Total capital expenditure for the startup, most of which has already been spent, is less than $2 million. All of these facts, all of these variables, stand in a stark contrast to what we were seeing in the battery market.
Total capital expenditure for the startup most of which has already been spent is less than $2 million.
All of these facts all of these variables stand in Stark contrast to what we were seeing in the battery market.
Corrado DeGasperis: Once the final two permits are received, we'll start operating the demonstration facility at a rate of about four to eight thousand tons per year, ultimately transitioning it into our first industry scale site, which will be ten times that size. The total capital expenditure for the startup, most of which has already been spent, is less than two million dollars. All of these facts, all of these variables, stand in a stark contrast to what we were seeing in the battery market. We then plan on deploying three to four industry scale facilities in just the next two to three years, and we believe our revised plan is faster, safer, and much more profitable.
Speaker 2: transcript
We then plan on deploying three to four industry scale facilities in just the next two to three years. And we believe our revised plan is faster, safer, and much more profitable.
We then plan on deploying three to four industry scale facilities in just the next two to three years and we believe our revised plan is faster safer and much more profitable.
Let me move on to Comstock fuels as you all saw we recently announced that the company completed all validation milestones for our proprietary process, including achieving conversion yields that exceed 100 gasoline equivalent gallons per dry time, which we believe is industry, leading and we recently confirmed our extreme.
Speaker 2: transcript
As you all saw, we recently announced that the company completed all validation milestones for our proprietary process, including achieving conversion yields that exceed 100 gasoline equivalent gallons per dry ton, which we believe is industry leading. And we recently confirmed our extremely low carbon intensity scores down to a score of 15.
Low carbon intensity scores down to a score of 15, which represents an over 80% improvement over other renewable feedstock solutions. We also believe this is industry, leading and bill is going to show you. Some stunning comparisons about these carbon intensity school.
Speaker 2: transcript
which represents an over 80% improvement over other renewable feedstock solutions.
Unknown Executive: Global.
Corrado DeGasperis: Let me move on to Comstock fuels. As you all saw, we recently announced that the company completed all validation milestones for our proprietary process, including achieving conversion yields that exceed 100 gasoline equivalent gallons per dry tonne, which we believe is industry leading. And we recently confirmed our extremely low carbon intensity scores down to a score of 15, which represents an over 80% improvement over other renewable feedstock solutions.
Speaker 2: transcript
We also believe this is industry leading. And Billy's gonna show you some stunning comparisons about these carbon intensity school scores in just a few minutes.
Corrado DeGasperis: We also believe this is industry leading and Billy's going to show you some stunning comparisons about these carbon intensity scores in just a few minutes. The final validation allowed us to complete our full techno economic analysis and precisely define our business model for deploying and enabling our trademark biolium hub solutions across the Americas.
Just a few minutes.
Speaker 2: transcript
The final validation allowed us to complete our full techno economic analysis and precisely define our business model for deploying and enabling our trademark biolium hub solution across the America.
These final validation has allowed us to complete our full techno economic analysis and precisely define our business model for deploying and enabling our trademark by oleum hub solutions across the Americas I'm going to turn it over to Billy to provide a deeper review of our business as we commercialize what is shaping up.
Speaker 2: transcript
I'm going to turn it over to Billy to provide a deeper review of our fuel business as we commercialize what is shaping up to be a true game changer in renewable fuels.
To be a true game changer and renewable fuels.
Hopefully.
Speaker 3: transcript
You all have your video turned on with your Zoom link so you can follow the slides. But if not, we'll be positioning them, I'm sorry, we'll be posting them on a form 8K and our website late here this afternoon. Billy, please go ahead. Thank you, Carotto.
You all have your video turned on with your Zoom link. So you can follow the slides, but if not we'll be positioning them well I'm, sorry, we will be posting them on our form 10, and form 8-K, and our web site later this afternoon.
Please go ahead.
Thank you Corrado.
William McCarthy: I'm going to turn it over to Billy to provide a deeper review of our fuel business as we commercialize with shaping up to be a true game changer in renewable fuels. Hopefully, you all have your video turned on with your zoom link so you can follow the slides. But if not, we'll be positioning them.
And.
Bear with me for a second while I bring up the slides.
Okay.
William McCarthy: I'm sorry, we'll be posting them on a form can form a K and our website late here this afternoon.
And I hope everybody can see.
Speaker 3: transcript
So terrific. So I'm very excited to be here to talking a lot more detail about ComSpot fuels and you know, we're gonna cover a lot of things
So terrific. So very excited to be here to talk in a lot more detail about Comstock fuels and you know we're going to cover a lot of things today.
William McCarthy: Billy, please go ahead. Thank you, Corrado. And bear with me for a second while I bring up these slides. Okay. And I hope everybody can see. So terrific.
Speaker 3: transcript
Criter and I were in San Francisco last week at the ABLC next conference, the advanced biosuital leadership conference with a number of members of our team as well. And it was really good. We had two days of back-to-back meetings meeting with peers in the industry and other technology providers as well as some potential customers and partners.
Crowd and I were in San Francisco last week at the ABL Seam next conference. The advanced Biofuel leadership conference with a with a number of members of our team as well and it was really good we had two days of back to back meetings.
Meeting with peers in the industry and other technology providers as well as some potential customers and partners.
William McCarthy: So I'm very excited to be here to talking a lot more detail about construct fuels and you know, we're going to cover a lot of things today. Corrado and I were in San Francisco last week at the ABLC next conference, the advanced file for the leadership conference with a with a number of members of our team as well. And it was really good. We had two days of back to back meetings meeting with Peter is in the industry and other technology providers as well as some potential customers and partners.
Speaker 3: transcript
And while it was good, it was also very striking. You know, most in this file field industry spill, especially on the technology side, have a very myopic view. They're focused on one project or one technology.
And while it was good it was also very striking most in this biofuel industry still especially on the technology side, a very myopic view their focus on one project or one technology.
Speaker 3: transcript
And very few people are talking about how their tech can scale to meet industry-wide.
And very few people are talking about how they're tackling scale to meet industry wide needs.
And contrast that with some time I spent earlier this month.
Speaker 3: transcript
Contrast that with some time I spent earlier this month.
Speaker 3: transcript
at the Advanced Biofuel Association Board meeting in Washington, DC. And we're very proud to be new members of this association, the ABA. We think it's the group of the most innovative technology developers and the largest fuel producers who are all working together to advance the industry to new heights. Much different than the rest of the pack that we saw at the conference last week.
At the advanced Biofuel Association Board meeting in Washington, D. C and we're very proud to be new members of this association. The ABF added we think it's a group of the most innovative technology developers and the largest fuel producers who are all working together to advance the industry to new Heights.
William McCarthy: And while it was good, it was also very striking, you know, most in this biofuel industry spill, especially on the technology side, have a very myopic view. They're focused on one project or one technology. And very few people are talking about how their tech can scale to meet industry wide needs. You contrast that with some time I spent earlier this month. At the advanced biofuel association board meeting in Washington DC. And you were very proud to be new members of this association, the ADFA, we think it's the group of the most innovative technology developers and the largest fuel producers who are all working together to advance the industry to new heights.
Much different than the rest of the pack that we saw at the conference last week.
Speaker 3: transcript
And the truth is we've always been taking this approach. Scalability has been at the forefront of our requirements from day one.
And the truth is we've always been taking this approach scalability has been at the forefront of our requirements from day one.
Speaker 3: transcript
And we're going to show you some more of that. I'm going to cover three topics today. A couple of these are things we talked about with our peers at the conference last week. But some of this more of this, more interestingly, is some of the stuff we've been talking about privately with potential customers and partners. And we're ready to share it publicly today. We're going to cover our case for the business and how we look at how our value proposition meets the needs of the market.
And we're going to show you some more of that I'm going to cover three topics today.
A couple of these are things, we talked about with our peers at the conference last week, but some of it is more of this more interestingly, there's some of the stuff we've been talking about privately with potential customers and partners and we're ready to share publicly today, we're going to cover our case for the business and how we look at our value proposition meets the needs of the market.
William McCarthy: Much different than the rest of the pack that we saw at the conference last week. And the truth is, we've always been taking this approach scalability has been at the forefront of our requirements from day one. And we're going to show you some more of that.
Speaker 3: transcript
I'm going to dive down a little bit more into how the process works, both at the supply chain level and then inside our Biollium Hub.
I'm going to dive down a little bit more into how the process works both at the supply chain level in that inside our by OEM pub, and then we're going to talk about our business plan, specifically and how we're going to go about deploying.
William McCarthy: I'm going to cover three topics today. A couple of these are things we talked about, you know, with our peers at the conference last week. But some of this more of this more interestingly is some of the stuff we've been talking about privately with potential customers and partners and ready to share it publicly today. We're going to cover, you know, our case for the business and how we look at how our value proposition meets the needs of the market.
Speaker 3: transcript
By Oleum hubs across the world.
So let's get started here.
I think we've covered this a few times before but to restate.
Speaker 3: transcript
You know, it's a big opportunity. 228 billion gallons of transportation fuels are consumed in the United States every year. And only three billion of those gallons are advanced biofuels.
It's a big opportunity 228 billion gallons of transportation fuels are consumed in the United States every year and only 3 billion of those gallons are advanced biofuels today.
William McCarthy: I'm going to dive down a little bit more into how the process works, both at the supply chain level and then inside our biolium hub. And then we're going to talk about our business plan specifically and how we're going to go about deploying biolium hubs across the world. So let's get started here. I think we've covered this a few times before, but to restate. It's a big opportunity. 228 billion gallons of transportation fuels are consumed in the United States every year.
Speaker 3: transcript
And we know that there's an under construction capacity to double that to 6 billion gallons in 2025.
And we know that there's under construction capacity to double that to 6 billion gallons in 2025.
But if you think about it is really not that meaningful of a percentage.
Speaker 3: transcript
But if you think about it, it's really not that meaningful over percent.
Speaker 3: transcript
So during my keynote, addressed to the AVLC last week, I challenged our peers that we can all do better.
And so during my keynote address to the ABL C last week I challenged our peers that we can all do better.
Speaker 3: transcript
And we showed them away a solution, construct solution for how we can do it.
William McCarthy: And only 3 billion of those gallons are advanced biofuels today. And we know that there's under construction capacity to double that to 6 billion gallons in 2025. But if you think about it, it's really not that meaningful of a percentage. And so during my keynote address to the ABLC last week, I challenged our peers that we can all do better. And we showed them away, a solution, Comstock solution for how we can do it.
And we show them away a solution Comstock solution for how we can do it.
Now the one robot all of these numbers that's worth touching on is the notion of electrification of vehicles.
Speaker 3: transcript
Now, the one rebuttal of these numbers that's worked touching on is the notion of electrification of vehicles. And we.
And we spend a lot of time looking at this and we look at some extreme scenarios. So if we said here, we electrified transportation to the point, where we reduced consumption of fuel by 60% and we go down to 91 billion gallons a year.
Speaker 3: transcript
And we look at some extreme scenarios. So, if we said here. We electrified transportation to the point where we reduce consumption of fuel by 60%. We go down to 91Billion gallons a year.
Speaker 3: transcript
Remember that 6.0 gallons is still only 6.6% of total fuel consumption.
Remember that 6 billion gallons is still only 6% six 6% of total fuel consumption.
William McCarthy: Now, the one rebuttal of these numbers that's worth touching on is the notion of electrification of vehicles. And we spend a lot of time looking at this. And we look at some extreme scenarios. So if we said here, we electrified transportation to the point where we reduced consumption of fuel by 60%. We go down to 91 billion gallons a year. Remember that 6 billion gallons is still only 6.6% of total fuel consumption. Biopuels production needs to grow to bridge this gap to help through this transition and governments recognize this. And that's why governments around the world, the US included, is bringing more and more support for biofuel production.
Biofuel production needs to grow to bridge this gap to help through this transition and governments recognize this and that's why governments around the world. The U S included is bringing more and more support for biofuel production.
Speaker 3: transcript
Biofuel production needs to grow to bridge this gap to help through this transition and governments recognize this. That's why governments around the world, the US included, is bringing more and more support for biofuel production.
Now here's a way that when you look at biofuel.
Speaker 3: transcript
Cost versus revenue. What does it cost to produce a biofuel and what is the revenue you receive by selling it on the right side? And we want the revenue to exceed the cost.
Cost versus revenue what does it cost to produce a biofuel and what does the revenue you received by selling it on the right side and we want the revenue to exceed the cost.
Speaker 3: transcript
Now with biofuels, the cost is not just driven by the value of the energy you produce.
Now with Biofuels.
The cost is not just driven by the value of the energy you produced.
Speaker 3: transcript
The credits and other incentives received for producing biofuels weigh heavily on the revenue. The light blue boxes represent that in a couple different categories, which we'll look at in more detail in a second.
The credits and other incentives received for producing Biofuels weigh heavily on the revenue and the light blue boxes racking represent that in a couple of different categories, which will look at it in more detail in a second on.
William McCarthy: Now, here's a way that we look at biofuel costs versus revenue. What does it cost to produce a biofuel? And what is the revenue you receive by selling it on the right side? And we want the revenue to exceed the cost. Now, with biofuels, the cost is not just driven by the value of the energy you produced. The credits and other incentives received for producing biofuels weigh heavily on the revenue. The light blue boxes represent that in a couple of different categories, which we'll look at in more detail in a second.
Speaker 3: transcript
On the left side, the light blue box, CI reduction, carbon intensity reduction, is what are producers doing today to reduce their carbon intensity score, which leads
On the left side the light Blue box CDI reduction carbon intensity reduction is water producers doing today to reduce their carbon intensity score.
Which leads to this higher revenue.
Here's a breakdown of some common biofuels compared to their petroleum alternatives gasoline and diesel.
Speaker 3: transcript
Here's a breakdown of some common biofuels compared to their petroleum alternatives gasoline and diesel.
Speaker 3: transcript
What you can see here is the contribution of each of these different credits into this price. If we look here at sustainable aviation fuel,
And what you can see here is the contribution of each of these different credits into this price.
William McCarthy: On the left side, the light blue box C.I, reduction, carbon intensity reduction is what are producers doing today to reduce their carbon intensity score, which leads to this higher revenue. Here's a breakdown of some common biofuels compared to their petroleum alternatives gasoline and diesel. What you can see here is the contribution of each of these different credits into this price. If we look here at sustainable aviation fuel, $6.60 a gallon for $2.88 of energy value, the credits received are more than 50% of the total revenue for sustainable aviation fuel.
If we look here at sustainable aviation fuel.
$6 60, a gallon.
Speaker 3: transcript
for $2.88 of energy value. The credits received are more than 50% of the total revenue for sustainable aviation.
For $2.88 of energy value the credits received or more than 50% of the total revenue for sustainable aviation fuel.
Speaker 3: transcript
This includes credits from the EPA under the Renewable Fuel Standard, which are known as Rins or Renewable Identification Numbers assigned by the EPA that have a value assigned to them.
This includes credits from the EPA under the renewable fuel standard.
Which are known as rins or renew renewable identification numbers assigned by the EPA that have a value assigned to them.
Speaker 3: transcript
Credit under the low carbon fuel standard in California.
Credit under the low carbon fuel standard in California.
Speaker 3: transcript
where each CI score point reduced is worth a specific dollar value.
We are each Ci score point reduced is worth a specific dollar value.
And finally, the tax credits, including the large group of them enacted in the inflation reduction Act, which are all dependent on the Ci score.
Speaker 3: transcript
And finally, the tax credits, including the large group of them enacted in the Inflation Reduction Act, which are all dependent on the CIS.
William McCarthy: This includes credits from the EPA under the renewable fuel standard, which are known as rinse or renewable identification numbers assigned by the EPA that have a value assigned to them. Credit under the low carbon fuel standard in California, where each C.I, score point reduced is worth a specific dollar value, and finally, the tax credits, including the large group of them enacted in the Inflation Reduction Act, which are all dependent on the CI score.
Lower Ci score means lower carbon intensity means higher revenue.
Speaker 3: transcript
Lower C.I. score means lower carbon intensity means higher revenue.
Speaker 3: transcript
to maintain competitiveness, producers need to minimize the CI score of their fuel.
To maintain competitiveness producers need to minimize the Ci score of their fuels.
Speaker 3: transcript
Here's another example. Two different types of ethanol, the same molecule. On the left, conventional ethanol made from corn at $2.28 a gallon. On the right, cellulosic ethanol made from woody biomass like we produce.
Here's. Another example, two different types of ethanol the same molecule on the left conventional ethanol made from corn or.
$2.28 a gallon on the REIT cellulosic ethanol made from Woody biomass like we produce valued at $5.10 a gallon because of the additional credits received for the carbon reduction.
William McCarthy: Lower CI score means lower carbon intensity means higher revenue. To maintain competitiveness, producers need to minimize the CI score of their fuels. Here's another example. Two different types of ethanol, the same molecule, on the left conventional ethanol made from corn, at $2.28 a gallon. On the right, cellulosic ethanol made from woody biomass, like we produce, valued at $5.10 a gallon, because of the additional credits received for the carbon reduction. So again, better feedstock in this case, cellulosic versus corn, leads to a better, more valuable product.
Speaker 3: transcript
valued at $5.10 a gallon because of the additional credit received for the carbon reduction.
So again.
Speaker 3: transcript
Better feedstock in this case, cellulosic versus corn, leads to a better, more valuable product.
Better feedstock in this case cellulosic versus corn leads to a better more valuable product.
Speaker 3: transcript
And we think the most efficient way to do this, to reduce the CI score of the fuel across the board, is to use the lowest CI score feed.
And we think the most efficient way to do this to reduce the Ci score of the fuel across the board is to use the lowest Ci score feedstock.
Speaker 3: transcript
And to produce the lowest CI-score feedstock at scale, we need a new supply chain.
And to produce the lowest Ci score feedstock at scale, we need a new supply chain.
We think the best way to build it is by using existing infrastructure of established industries as much as possible.
Speaker 3: transcript
We think the best way to build it is by using existing infrastructure of established industries. As much as possible.
Speaker 3: transcript
And that means using waste streams from the forest products industry to produce feedstock for advanced biofuel production. We can do this in abundant quality.
And that means using waste streams in the forest products industry to produce feedstock for advanced biofuel production.
William McCarthy: And we think the most efficient way to do this, to reduce the CI score of the fuel across the board, is to use the lowest CI score feedstock. And to produce the lowest CI score feedstock at scale, we need a new supply chain. We think the best way to build it is by using existing infrastructure of established industries, as much as possible. And that means using waste streams from the forest products industry to produce feedstock for advanced biofuel production.
We can do this and abundant quality quantity is today it's.
Speaker 3: transcript
It's not a new idea, and we're not the first to suggest it, but the problem is you can't stick a tree directly into a refinery and make fuel.
It's not a new idea and we're not the first to suggest that but the problem is you can't stick a tree directly into a refinery and make fuel.
Instead plant the tree by oleum fills the gaps necessary to enable this supply chain.
Speaker 3: transcript
Biolium fills the gaps necessary to enable this supply chain.
Our bio William hubs can process forest waste and other qualifying biomass feedstocks into valuable low Ci score fuel intermediates.
Speaker 3: transcript
Our biolam hubs can process forest waste and other qualifying biomass feedstocks into valuable low CI score fuel intermediates.
Speaker 3: transcript
These are feedstocks for existing fuel producers to convert into low carbon fuels in existing refineries.
These are feedstocks for existing fuel producers to convert into low carbon fuels and existing refineries. This.
William McCarthy: We can do this in abundant quality quantities today. It's not a new idea, and we're not the first to suggest it, but the problem is you can't stick a tree directly into a refinery and make fuel. Instead, plant the tree, biolium fills the gaps necessary to enable this supply chain. Our biolium hubs can process forest waste and other qualifying biomass feedstocks into valuable low CI score fuel intermediates. These are feedstocks for existing fuel producers to convert into low carbon fuels and existing refineries.
Speaker 3: transcript
This point's important. We're not going alone here. We're not looking to become a vertically integrated fuel producer, one facility at a time. We think that's a very slow way to grow a new supply.
This points are important we're not going at alone here, we're not looking to become a vertically integrated fuel producer one facility at a time.
We think that's a very slow way to grow a new supply chain.
Instead, we're working in a very coordinated way with upstream and downstream counterparties to develop a solution that will scale to meet the needs of this industry.
Speaker 3: transcript
Instead, we're working in a very coordinated way with upstream and downstream counterparties to develop a solution that will scale to meet the needs of this industry. So we can build this supply chain that you see on the screen.
So we can build this supply chain that you see on the screen.
Or even better this one.
William McCarthy: This point's important. We're not going at a loan here, we're not looking to become a vertically integrated fuel producer, one facility at a time. We think that's a very slow way to grow a new supply chain. Instead, we're working in a very coordinated way with upstream and downstream counterparties to develop a solution that will scale to meet the needs of this industry. So we can build this supply chain that you see on the screen, or even better this one.
That has a 100 by OEM hubs using $25 million for the biomass producing $2 5 billion gallons of advanced biofuel with extremely low Ci scores.
Speaker 3: transcript
that has 100 biolium hubs using 25 million tons of biomass producing 2.5 billion gallons of advanced biofuel with extremely low sea ice.
So I'm sure thinking is this even impossible is this another dream it seems that really big.
Speaker 3: transcript
So I'm sure thinking, is this even possible? Is this another dream? It seems really big. Now let's look at the numbers.
Now, let's look at the numbers.
25 million tons of biomass.
Speaker 3: transcript
is not very material. The Department of Energy has identified a billion tons of biomass that could be used for fuel and is talking about expanding to 2 billion tons of biomass.
Is not very material the department of energy that identified 1 billion tons of biomass that could be used for fuel and is talking about expanding to 2 million tons of biomass.
William McCarthy: That has 100 biolium hubs using 25 million tons of biomass producing 2.5 billion gallons of advanced bio fuel with extremely low CI scores. So I'm sure thinking is this even possible, is this another dream, it seems really big. Let's look at the numbers. 25 million tons of biomass is not very material. The Department of Energy has identified a billion tons of biomass that could be used for fuel and is talking about expanding to 2 billion tons of biomass.
Speaker 3: transcript
In just over seven years, around 200 corn ethanol plants were built, when that technology reached economic viability. With multiple parties working together at the same time.
In just over seven years around 200, corn ethanol plants were built when that technology.
Economic viability with multiple parties working together at the same time.
Speaker 3: transcript
And finally, the refiners are sitting there saying, they see the growth in this market. They're investing in more capacity and they're concerned about their available feed stock from vegetable oils running out in the next five to seven years or so. So we think the numbers are supportive of it. And it's a modest goal. But
Finally, the refiners are sitting there, saying they see the growth in this market. They are investing in more capacity and they are concerned about their available feedstock from vegetable oils running out in the next five to seven years or so.
So we think the numbers are supportive of it.
William McCarthy: In just over seven years, around 200 corn ethanol plants were built when that technology reached economic viability with multiple parties working together at the same time. Finally, the refiners are sitting there saying they see the growth in this market, they're investing in more capacity, and they're concerned about their available feed stock from vegetable oils running out in the next five to seven years, or so.
And as a modest goal.
But the better question is why buy oleum why us.
And the answer is our performance the Ci score.
Speaker 3: transcript
We create the most emissions reduction for our downstream processors.
We create the most emissions reduction for our downstream processors.
Our ethanol with the Ci score of <unk> 16.
Speaker 3: transcript
Substantially beats the alternatives, corn, ethanol, and sugar can't enough.
Substantially beat the alternatives corn ethanol sugarcane ethanol.
Speaker 3: transcript
Our biolium is class leading when compared to the other feed stocks usable today in existing renewable fuel refineries, soybean oil or used cooking oil.
Our by OEM, it's class, leading when compared to the other feedstocks usable today in existing.
William McCarthy: So we think the numbers are supportive of it, and it's a modest goal, but the better question is why biolium, why us? And the answer is our performance, the CI score. We create the most emissions reduction for our downstream processors. Our ethanol with a CI score of 16 substantially beats the alternatives, corn, ethanol, and sugarcane ethanol. Our biolium is class leading when compared to the other feedstocks usable today in existing renewable fuel refineries, like soybean oil or used cooking oil.
Renewable fuel refineries like soybean oil or used cooking oil.
Speaker 3: transcript
And the fuels that are produced in those refineries using these feedstocks beat the alternatives again every time with substantial reduction versus their petroleum fuel alter.
And the fuels that are produced in those refineries using these feedstocks beat the alternatives again every time with substantial reduction versus their petroleum fuel or to alternatives.
Speaker 3: transcript
Refiners need low carbon feed feed socks, and our biolion hubs enable them at scale.
Refiners need low carbon feedstocks in our bio in hubs enable them at scale.
Alright, so how does it work.
Speaker 3: transcript
And let's go a little bit deeper onto the supply chain and then the processes inside the hub.
Now, let's go a little bit deeper onto the supply chain and then the processes inside the hub.
William McCarthy: And the fuels that are produced in those refineries, using these feedstocks, beat the alternatives again every time with substantial reduction versus their petroleum fuel alternatives. Refiners need low carbon feed feedstocks and our biolium hubs enable them at scale.
Speaker 3: transcript
Our biolium hubs take in forest product waste and other qualifying feedstocks along with fat soils and greases, as well as hydrant.
Our buy oleum hubs taken forest product waste and other qualifying feedstocks, along with fats oils, and greases as well as hydrogen.
Speaker 3: transcript
produce three primary output streams. Ethanol, the D3 cellulosic ethanol, that carries the highest value that we felt earlier.
Produced three primary output streams ethanol the D. <unk> cellulosic ethanol that carries the highest value that we saw earlier.
William McCarthy: All right, so how does it work? Now let's go a little bit deeper onto the supply chain and then the processes inside the hub. Our biolium hubs take in forest product waste and other qualifying feedstocks along with fat soils and bases as well as hydrogen. Produce three primary output streams. Ethanol, the D3 cellulosic ethanol that carries the highest value that we saw earlier. Our biolium HBO, which is a drop in feedstock for existing renewable refineries who can produce SAF and renewable diesel from that feedstock, as well as green chemicals, like furferall and glycerol, which are important renewable precursor chemicals for many other things.
Speaker 3: transcript
Our biolium HBO, which is a drop in feedstock for existing renewable refineries who can produce SAF and renewable diesel from that feedstock.
Our bioscience, HBO, which is a drop in feedstock for existing renewable refineries, who can produce saf and renewable diesel from that feedstock.
Speaker 3: transcript
as well as green chemicals, like fur fur all and glesser all, which are important renewable precursor chemicals for many other things.
As well as green chemicals, like peripheral and lesser all which are important renewable precursor chemicals for many other things.
Inside the hub.
We have a number of different processes occurring.
Speaker 3: transcript
We break them down into a series of pathways. Now there's three of them that we're going to talk about here today.
And we break them down into a series of pathways and the other three of them that we're going to talk about here today.
Speaker 3: transcript
Pathway number one is our first commercial pathway. This takes woody biomass, separates the cellulose and biolium. This is what we've been talking about for the last two years. We convert the cellulose to sugar and onto ethanol.
Halfway number one is our first commercial pathway. This takes woody biomass separates the cellulose and by OEM. This is what we've been talking about for the last two years, we convert the cellulose to sugar and onto ethanol.
William McCarthy: Inside the hub, we've a number of different processes occurring. We break them down into a series of pathways. Now there's three of them that we're going to talk about here today. Pathway number one is our first commercial pathway. This takes woody biomass, separates the cellulose and biolium. This is what we've been talking about for the last two years. We convert the cellulose to sugar and onto ethanol. The biolium, again, is combined with the free fatty acid extracted from the fat soils and greases and can produce the biolium HBO that drop in feedstock for the renewable refineries.
The bio Liam again is combined with the free fatty acid extracted from the fats oils and greases.
Speaker 3: transcript
The biolium, again, is combined with the free fatty acid extracted from the fat soveils in Greece.
And to produce that by OEM H B O the drop in feedstock for the renewable refinery.
Speaker 3: transcript
and to produce that biolium HBO that drop in feedstock for the renewable refine.
Speaker 3: transcript
Pathway number two, which is also commercial ready today, uses Kraftlegan. Kraftlegan is a byproduct of the Kraft pulping process, also known as the sulfate process, which has been in use since the late 1800s in pulp and paper industry.
Halfway number two which is also commercial ready today.
Users craft.
Craft ligand is a byproduct of the craft pulping process also known as the sulfate process, which has been in use since the last since the late 18, hundreds and pulp and paper industry.
Speaker 3: transcript
In the 1930s they had a breakthrough where they created a near closed loop process.
In the 19 thirties, they had a breakthrough where they created a near closed loop process.
Speaker 3: transcript
and the ligament that came out of the wood is used for heat and power. In this process, they produce an excess of ligament.
And the Le men that came out of the wood is used for heat and power.
In this process they produce in excess of lignin.
William McCarthy: Pathway number two, which is also commercial ready today, uses craftling. Craftlinging is a byproduct of the craft pulping process, also known as the sulfate process, which has been in use since the late 1800s in pulp and paper industry. In the 1930s, they had a breakthrough where they created a near closed-loop process. The ligament that came out of the wood is used for heat and power. In this process, they produce an excess of ligament.
Speaker 3: transcript
Now, LinkedIn can be drawn off and converted into biolium for conversion into more biolium HBO. And this is our second pathway. Our third.
Now awakening can be drawn off and converted into bio William for productive for conversion into more by OEM HBO and this is our second pathway.
Our third pathway, we've also talked about before.
Speaker 3: transcript
It's the subject of our grant that's been funded by the DOE.
It's the subject of our grant.
Been funded by the Doe.
Speaker 3: transcript
I'm happy to say we received notification a few weeks ago that the grant has been approved to move forward or in final planning with Department of Energy and are expected to kick off here in the next few weeks. And we look for a bigger announcement when that occurs. But this process, this circled area around process G.
We're happy to say, we receive notification a few weeks ago.
That the grant has been approved to move forward or in final planning with department of energy and are expected to kick off here in the next few weeks and we look for a bigger announcement when that occurs but this process the circled area around process G.
William McCarthy: That ligament can be drawn off and converted into biolium for conversion into more biolium HBO, and this is our second pathway. Our third pathway, we've also talked about before. It's the subject of our grant that's been funded by the DOE. I'm happy to say we received notification a few weeks ago that the grant has been approved to move forward for in final planning with Department of Energy and are expected to kick off here in the next few weeks.
Speaker 3: transcript
uses technology from a company called Xylem where we convert our sugar into fat to feed back into the biolium HBO production process.
William McCarthy: And we look for a bigger announcement when that occurs. But this process, the circled area around process G uses technology from a company called Xylom where we convert our sugar into fat to feed back into the biolium HBO production process. And the project we're working on here is testing the economic viability of this process at scale.
Use is technology from a company called Xylem, where we convert our sugar into fat to feed back into the BIOLASE HBO production process.
Speaker 3: transcript
And the project we're working on here is testing the economic viability of this process.
The project, we're working on here is testing the economic viability of this process at scale.
Okay.
Speaker 3: transcript
Now, there's a lot of different technologies here and a lot of different processors. And we get a lot of...
Now, there's a lot of different technologies here and a lot of different processes and we.
We've got a lot of questions about where do they all come from.
Speaker 3: transcript
Most of this has been developed by our team, acquired by our team, and part of the core package of our technology.
Most of this has been developed by our team acquired by our team and part of the core package of our technology process. A R. By OEM process process D. The upgrading of bogs process. After the upgrading of craft fleet and are all 100% Comstock fuels technology.
Speaker 3: transcript
Process A, our biolium process, process D, the upgrading of FOGS, process F, the upgrading craft, leading in a raw 100% Comstock fuel technology.
B.
Speaker 3: transcript
Converting from cellulosis sugar is a complex fuels process that uses biologics from no-vizons, who's the best in the business.
Converting from Cellulosic sugar as a contact fuels process that uses biologics from Novozymes who's the best in the business.
William McCarthy: Now, there's a lot of different technologies here and a lot of different processes. And we get a lot of questions about where do they all come from. Most of this has been developed by our team, acquired by our team, and part of the core package of our technology. Process A, our biolium process, process D, the upgrading of FOG, process F, the upgrading, crafting, and all 100% Comstock fuel technology. Process B, converting from cellulose to sugar is a Comstock fuel process that uses biologics from no designs, who's the best in the business.
Speaker 3: transcript
And Process E is where we've integrated the technology with exclusively licensed from Renfuel.
In process. He is where we've integrated the technology, we have exclusively licensed from rent fuel.
Speaker 3: transcript
which is a fast track to us getting to that drop in feedstock for existing refiners in operation to this.
Which is a fast track towards getting to that drop in feedstock for existing refiners in operation today.
Speaker 3: transcript
And then again, process G is the island's process that we're validating today in our project.
And then again process G. Xylem is process that we're validating today and our project with the daily.
Okay.
Speaker 3: transcript
As we're doing this and we're integrating technology and we're developing technology, we're also thinking about downstream processes all the time.
As we're doing this and we're integrating technology and we're developing technology. We're also thinking about downstream processes all the time.
William McCarthy: And process E is where we've integrated the technology we've exclusively licensed from Renfuel, which is a fast track to us getting to that drop-in feedstock for existing refiners in operation today. And then again, process G is the island's process that we're evaluating today in our project with the data week. As we're doing this and we're integrating technology and we're downstream processes all the time.
Speaker 3: transcript
We also look at how can we integrate it downstream? Where, whose technology does our process, our product slide directly into and compatibly work with? And these are just a few examples.
We also look at how can we integrate downstream, where whose technology does our process our products slide directly into and compatible you've worked with and these are just a few examples.
Speaker 3: transcript
There's a lot of downstream processes that can use our products. We think these are some of the best out there, and it's worth noting that these are also fellow members of the AVSA.
There's a lot of downstream processes that can use our products. We think these are some of the best out there and it's worth noting that if these are also fellow members of the absa with us.
Speaker 3: transcript
So we're at the technology there. I'm sure everyone will take a look at the slides. Please do send us any questions you have and we'll do our best to answer.
So we'll wrap the technology there I'm sure everyone will take a look at the slides. Please do send us any questions you have and we will do our best to answer them.
William McCarthy: We also look at how can we integrate downstream? Who's technology does our process, our product lie directly into and comparably work with? And these are just a few examples. There's a lot of downstream processes that can use our products. We think these are some of the best out there, and it's worth noting that these are also fellow members of the ABSA with us. So we're at the technology there. I'm sure everyone will take a look at the slides. Please do send us any questions you have and we'll do our best to answer them.
Speaker 3: transcript
But the real question back to the beginning is how are we going to build 100 biolium hubs? Sounds like a big goal.
But the real question back from the beginning is how are we going to build 100 by OEM hubs it sounds like a big goal.
The first thing we're going to do is build one.
Speaker 3: transcript
It's going to be 100,000 dry metric tons per year capacity. It's going to produce 40 to 50 million dollars per year in income from our projections today.
It's going to be 100000, dry metric tons per year capacity is going to produce $40 million to $50 million per year in income from our projections today.
It's going to cost about $300 million to bill.
Speaker 3: transcript
We have a plan in place to use non-dilutive funding at the project level to fund the build of this first facility.
We have a plan in place to use non dilutive funding at the project level to fund the build of this first facility.
William McCarthy: But the real question back to the beginning is how are we going to build 100 biolium hubs? Sounds like a big goal. The first thing we're going to do is build one. It's going to be 100,000 dry metric tons per year capacity. It's going to produce 40 to 50 million dollars per year in income from our projections today. It's going to cost about 300 million dollars to build. We've a plan in place to use non-delutive funding at the project level to fund the build of this first facility.
Speaker 3: transcript
The first facility is of a lot of things. It approves commercial viability, it de-risk for future projects, and it gives us a test step to optimize and to add on future development as our R&D projects proceed.
Now the first facility just a lot of thing proves commercial liability it de risks for future projects and it gives us a testbed to optimize and to its add on future developments as our R&D projects proceed.
But beyond that.
Speaker 3: transcript
We're looking to develop and license hubs to for 100 and even beyond that.
Speaker 3: transcript
Our full scale hub will be 250,000 dry tons per year capacity. It will produce around $100 million per year in projective income for that life and the sea who owns and operates this facility. And with today's estimates of-
Our full scale hub will be 250000 dry tons per year capacity it.
William McCarthy: Now, the first facility does a lot of things. It de-risk for future projects, and it gives us a test bed to optimize and to add on future development as our R&D projects proceed. But beyond that, we're looking to develop in license hubs too for 100 and even beyond. That. Our full scale hub will be 250,000 dry tons per year capacity. It will produce around a hundred million dollars per year in projective income for that licensee who owns and operates this facility.
It will produce around $100 million per year on projected income for that licensee who owns and operates this facility.
And with todays estimate total cost about $500 million to bill.
Speaker 3: transcript
Now the work we do with hub number one to de-risk the future is going to allow us to bring up multiple EPCs executing multiple projects for multiple clients simultaneously so we can build this supply chain industry-wide in very short order.
Now the work, we do with hub number one to derisk. The future is going to allow us to bring up multiple epc's executing multiple projects for multiple clients simultaneously. So we can build the supply chain industry wide in very short order.
We think the economics to us are great.
Speaker 3: transcript
Over $15 million in annual royalties for each hub back to Comstock Fuels.
Over $15 million in annual royalties for each hub back to Comstock fuels.
William McCarthy: And with today's estimates, it will cost about five hundred million dollars to build. Now, the work we do with hub number one to de-risk the future is going to allow us to bring up multiple EPCs executing multiple projects for multiple clients simultaneously so we can build this supply chain industry-wide in very short order. We think the economics to us are great. Over 15 million dollars in annual royalties for each hub back to Comstock fuels. This is over $70 per metric ton of biomass. It makes the economics great for the customer and it makes very good economics for us.
This is over $70 per metric ton of biomass.
Speaker 3: transcript
It makes the economics great for the customer, and it makes very good economics for us.
It makes the economics, great for the customer and it makes very good economics for us.
Let's address a couple of questions upfront.
Speaker 3: transcript
with how we're putting this together and where we're getting the pieces.
With how we're putting this together and where we're getting the pieces from.
Speaker 3: transcript
The first question that I always get asked is, where does the feeds come from to get started? So let's start.
And the first question I always.
He's got asses, where does the feedstock come from to get started.
So let's start with some of the secondary feedstocks.
Speaker 3: transcript
But that's all the graces today are the primary feedstock for these renewable diesel refinery cuss.
The fats and greases today are the primary feedstock for these renewable diesel refinery customers.
Speaker 3: transcript
What we're really doing in our process is enhancing those fatsoils and greases. We're increasing their capacity and we're increasing...
What we're really doing in our process is enhancing those fats oils increases.
William McCarthy: Let's address a couple questions upfront with how we're putting this together and where we're getting the pieces from. The first question that I always get asked is where does the feedstock come from to get started. So let's start with some of the secondary feedstocks. The fatso of the greases today are the primary feedstock for these renewable diesel refinery customers. What we're really doing in our process is enhancing those fatsoils and greases.
We're increasing their capacity or for increasing their performance.
Speaker 3: transcript
So the supply chain for them in our first facility will come with our part.
So the supply chain for them in our first facility will come with.
With our partners.
Speaker 3: transcript
The hydrogen we require, well, that's also an ingredient, a primary input to the renewable diesel refineries, and our partners here have very good insight into the supply chains for hydrogen and how we should set our facility to make this efficient.
The hydrogen we require well that's also an ingredient our primary input to the renewable diesel refineries and our partners here have very good insight into the supply chains for hydrogen and how we should side our facility to make this efficient.
The biomass.
William McCarthy: We're increasing their capacity and we're increasing their performance. So the supply chain for them in our first facility will come with our partners. The hydrogen we require, well, that's also an ingredient, a primary input to the renewable diesel refineries. And our partners here have very good insight into the supply chains for hydrogen and how we should cite our facility to make this efficient. The biomass is really a function of this. Once we have our renewable diesel refinery interested in biolium, they're saying that they want to buy it.
It's really a function of this once we have our renewable diesel refinery interested and by OEM, they're saying that they want to buy it.
Speaker 3: transcript
It's really a function of this. Once we have our renewable diesel or finery interested in biolium, they're saying that they want to buy it. Well, the first products industry is very pragmatic. And they're bringing that feed stock to us. They see the opportunity that we're creating. We're creating.
Well the forest products industry is very pragmatic and they're bringing that feedstock to us they see the opportunity that we're creating.
And they want to be part of it.
Speaker 3: transcript
Both the upstream and the downstream see the opportunity we're creating, and both of them want to be part of our new supply.
Both the upstream and the downstream see the opportunity, we're creating and both of them want to be part of our new supply chain.
Speaker 3: transcript
We enabled the downstream with new, better feedstock. We enabled the upstream with new high-value markets for their forest product waves.
We enable the downstream with new better feedstock.
We enable the upstream with new high value markets for their forest product waste.
Speaker 3: transcript
Both groups are interested in licensing and operating hubs.
Both groups are interested in licensing and operating hubs.
William McCarthy: Well, the forest products industry is very pragmatic and they're bringing that feedstock to us. They see the opportunity that we're creating and they want to be part of it. Both the upstream and the downstream see the opportunity we're creating and both of them want to be part of our new supply chain. We enabled the downstream with new, better feedstock. We enabled the upstream with new to high-value markets for their forest product waste. Both groups are interested in licensing and operating hubs. Both groups are using their resources to help us get there.
Speaker 3: transcript
Both groups are using their resources to help us get there.
Both groups are using their resources to help us get there.
Our upcoming milestones are very straightforward.
Speaker 3: transcript
A commitment for offtake, a commitment for feedstock, and a commitment for the funding we need to develop this project for hub number one. Those are the next three up, so everyone should be looking out.
Our commitment for offtake, a commitment for feedstock and our commitment for the funding we need to develop this project for hub number one.
Those are the next three up though everyone should be looking out for.
And they are coming soon.
Speaker 3: transcript
Beyond that, next year, we'll be kicking off a full feasibility study with a site identified and selected.
Beyond that.
Next year, we'll be kicking off a full feasibility study with the sites identified and selected.
Speaker 3: transcript
We'll be selecting an engineering, procurement, and construction company.
We will be selecting an engineering procurement and construction company.
William McCarthy: Our upcoming milestones are very straightforward. A commitment for off-take, a commitment for feedstock, and a commitment for the funding we need to develop this project for hub number one. Those are the next three up that everyone should be looking out for and they're coming soon. Beyond that, next year, we'll be kicking off a full feasibility study with a site identified and selected. We'll be selecting an engineering procurement and construction company. We'll be submitting pathway approvals to the necessary regulators, and we'll be securing the funding source for the construction of hub number one.
Speaker 3: transcript
We'll be submitting pathway approvals to the necessary regulators.
We'll be submitting pathway approvals to the necessary regulators.
Speaker 3: transcript
and we'll be securing the funding source for the construction of Hob number one.
We will be securing the funding source for the construction of hub number one.
Speaker 3: transcript
So I'm going to stop there and turn it back to Carado. I appreciate everybody listening. That was a lot. And we look forward to taking any questions you have.
So I'm going to stop there and turn it back to Corrado I appreciate everybody listening that was a lot and.
And we look forward to taking any questions you have.
Speaker 2: transcript
Thanks Billy and I hope that everyone found that detail both clear and meaningful.
Thanks, Billy and I hope that everyone found that detail, both clear and meaningful.
Speaker 2: transcript
Our fuels team has made tremendous progress and positioned us for what is coming next.
Our fuels team has made tremendous progress and positioned us for what is coming next.
Speaker 2: transcript
Billy said we're fully engaged. We're fully engaging this model with our customers, partners, and investors.
As Billy said, we're fully engage we're fully engaging this model with our customers partners and investors and we're all working towards the execution of the first commercial agreements and many more thereafter.
Corrado DeGasperis: So I'm going to stop there and turn it back to Corrado. I appreciate everybody listening. That was a lot. And we look forward to taking any questions you have on. Thanks, Billy. And I hope that everyone found that detail both clear and meaningful. Our fuel team has made tremendous progress and positioned us for what is coming next. Because Billy said we're fully engaged. We're fully engaging this model with our customers partners and investors.
Speaker 2: transcript
And while working toward the execution of the first commercial agreements and many more there are
Speaker 2: transcript
We're working to commercialize fuels with off take agreements feedstock agreements strategic partners that will deliver again as Billy highlighted non dilutive capital and our first production facility.
Speaker 2: transcript
We can't unilaterally dictate the timing, but I can tell you that everyone engaged has a real sense of urgency, and it's a strategic priority for them to get these speech stock and off take agreements done. Sooner than later. We can't unilaterally dictate the timing, but I can tell you that everyone engaged has a real sense of urgency, and it's a strategic priority for them to get these speech stock and off take agreements done.
Look we can't unilaterally dictate the timing, but I can tell you that everyone engaged is a real sense of urgency and it's a strategic priority for them to get these feedstock and offtake agreements done sooner than later.
Corrado DeGasperis: And while working toward the execution of the first commercial agreements and many more thereafter. We're working to commercialize fuels with off take agreements, speech stock agreements, strategic partners that will deliver again is Billy highlighted, non diluted capital and our first production facility. Look, we can't unilaterally dictate the timing, but I can tell you that everyone engaged as a real sense of urgency and it's a strategic priority for them to get these speech stock and off take agreements done sooner than later.
Speaker 2: transcript
We sincerely believe we're enabling the highest value, lowest carbon solution. All the evidence points to it and supports it. And all the companies that we're engaged with are validating our differentiation and now see how much sense this makes for them. Frankly, we really don't see any real alternative.
We sincerely believe we're enabling the highest value lowest carbon solution all the evidence points to it and supports it and all the companies that we're engaged with are validating our differentiation and now see how much sense. This makes for them frankly, we really don't see any real alternatives. This is the only feed.
Speaker 2: transcript
This is the only feedstock that can practically and meaningfully decarbonize its scale.
Stock that can practically and meaningfully decarbonize at scale.
Speaker 2: transcript
and this bill just showed you our solution enables it. So it's happening now, it's happening in the best holistic and most meaningful way. And we very much look forward to sharing those developments in agreement with you as soon as they're completed.
And as Billy just showed you our solution enables that so what's happening now is happening in the best holistic and most meaningful way and we very much look forward to sharing those developments and agreements with you as soon as they are completed.
Corrado DeGasperis: We sincerely believe we're enabling the highest value lowest carbon solution, all the evidence points to it and supports it. And all the companies that were engaged with are validating our differentiation and now see how much sense this makes for them. Frankly, we really don't see any real alternatives. This is the only feed stock that can practically and meaningfully decarbonize its scale. And as Billy just showed you, our solution enables it. So it's happening now, it's happening in the best holistic and most meaningful way. And we very much look forward to sharing those developments and agreements with you as soon as they're completed.
Speaker 2: transcript
Well, I'd say with that, we can stop. You know, I'm really, really pleased that we got to share much more information, I think is typical for these calls. But we should go ahead and move on. Do we have some questions?
Well I'd say with that we can stop I'm really I'm really pleased that we got to share much more information I think is typical for these calls, but we should go ahead and move on do we do we have some questions.
Speaker 1: transcript
Well, thanks, gentlemen, for a very insightful presentation. And we do have questions. And as mentioned, we're now moving to the Q&A portion of the call. Reminder, you can submit your questions directly in the Q&A module. We have had many questions come in prior to the call. So let's get started with those. First question, when will the data from the satellite become available? And how do you really see it impacting Comstock and or Genmat? OK.
Well, thanks, gentlemen, we're very insightful presentation.
And we do have questions and as mentioned, we're now moving to the Q&A portion of the call reminder, you can submit your questions directly in the Q&A module. We have had many questions come in prior to the call. So let's get started with those.
Corrado DeGasperis: Well, I'd say with that, we can stop, you know, I'm really pleased that we got to share much more information that I think is typical for these calls, but we should go ahead and move on. Do we have some questions?
First question when will the data from the satellite become available and how do you really see it impacting comstock and or Genmab.
Unknown Executive: Well, thanks, gentlemen, for a very insightful presentation and we do have questions. And as mentioned, we're now moving to the Q&A portion of the call reminder you can submit your questions directly in the Q&A module. We have had many questions come in prior to the call.
Okay. Good question.
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Speaker 2: transcript
Within a week or so of the satellite reaching orbit.
Within a week or so of the satellite reaching orbit.
Speaker 2: transcript
God willing, it will establish a beacon that our ground station provider will be looking for and working to establish a secure link. So that's like step one, like once the link.
God willing.
It will establish a beacon that are ground station provider will be looking for and working to establish a secure link so that's like step one.
Corrado DeGasperis: So let's get started with those. First question, when will the data from the satellite become available? And how do you really see it impacting Comstock and or Gen Matt? Okay, good question. Well, within a week or so of the satellite reaching orbit. God willing, it will establish a beacon that our ground station provider will be looking for and working to establish a secure link. So that's like step one, like once the links established the satellite will then orbit, you know, and take a limited series of images that will then need to be transmitted downlinked and decrypted.
Like once the links established the satellite will then orbit you know and take a limited series of images that will then need to be transmitted down linked and decrypted, we do that all with our our service provider on the ground.
Speaker 2: transcript
satellite will then orbit, you know, and take a limited series of images.
Corrado DeGasperis: We do that all with our service provider on the ground. From our perspective, we're actually putting a big buffer on that entire setup and that entire process establishment with the ground station. We're thinking two months, you know, two months sort of on the outside. So, you know, everyone should be thinking mid January, in my opinion, to be safe for verification of the live operation, operations. Once the process is in place and verified and functioning, then we'll start more specific scans of the Comstock and some other mineral properties.
Speaker 2: transcript
that will then need to be transmitted downlinked and decrypted. We do that all with our service provider on the ground.
Speaker 2: transcript
From our perspective, we're actually putting a big buffer on that entire setup and that entire process establishment with the ground station. We're thinking two months, you know, two months sort of on the outside. So, you know, everyone should be thinking mid-January, in my opinion, to be safe for verification of the live operation.
From our perspective, we're actually putting a big buffer on that entire site setup and that entire process establishment with the ground station.
We're thinking two months two months sort of on the outside so.
Everyone should be thinking mid January in my opinion to be safe for verification of the live operations once the processes in place and verified and functioning then we'll start more specific scans of the Comstock and and some other mineral properties.
Speaker 2: transcript
Once the process is in place and verified and functioning, then we'll start more specific scans of the Comstock and some other mineral problems.
Speaker 2: transcript
From there, our teams are already working together. We'll integrate that data with the existing historic data, as I mentioned, and continue to build a new predictive model of the Comstock Geology. I mean, ultimately, those models will guide our drilling and what we call ground-true thing, that we hope will validate the predictions, validate the geologic models.
From there our teams are already working together will integrate that data with the existing historic data as I mentioned and.
And continue to build a new predictive model of the Comstock geology, I mean, ultimately those models will guide our drilling and what we call ground truth thing that we hope will validate the predictions validate the geologic models.
Speaker 2: transcript
and frankly accelerate advances to our 2 million gold equivalent target and beyond. But ultimately,
And frankly accelerate and advance us to our 2 million gold equivalent target and beyond.
Corrado DeGasperis: From there, our teams are already working together. We'll integrate that data with the existing historic data, as I mentioned, and continue to build a new predictive model of the Comstock geology. I mean, ultimately, those models will guide our drilling and what we call ground fruthing that we hope will validate the predictions, validate the geologic models, and frankly, accelerate advances to our two million gold equivalent target and beyond. But ultimately, it does something more than that. You know, from GenMats perspective and ours, it creates a new mineral discovery platform that can be used globally. So we couldn't be more excited. It's a pioneering activity, but so far, all the lights are green.
But ultimately it does something more than that.
Speaker 2: transcript
from GenMats Perspective NRs, it creates a new mineral discovery platform.
From Genmab perspective, an hours it creates a new mineral discovery platform.
Speaker 2: transcript
that can be used globally. So we couldn't be more excited. It's a pioneering activity, but so far all the lights are green.
That can be used globally. So we couldnt be more excited it's a pioneering activity, but so far all the lights are green.
Thanks, Corrado very interesting next question comes in is congratulating you on the New Orleans Conference. He says that I know, it's not an easy conference to get into and then invite.
Speaker 1: transcript
Thanks, very interesting. Next question comes in is congratulating you on the New Orleans conference. It says that I know it's not an easy conference to get into an invite. Will the presentation from the conference also be made public?
Will the presentation from the conference also be made public.
Speaker 2: transcript
Yeah, thank you. Yeah, so honestly, I've been trying to get into the new one with conference for a few years. I'm sure there's some people laughing or smiling on the other side of this call about that. It is by invitation only. You know, Brian Lundeen found the Comstock story and in particular, GenMATs existing in developing capabilities fascinating.
Yeah. Thank you.
Yeah, So honestly I've been trying to get into new.
New Orleans conference for a few years Im sure Theres, some people laughing or smiling on the other side of this call about that it is by invitation only Brian Lynn Dean found the Comstock story and in particular, Gen mats existing and developing key ability fascinating and.
Corrado DeGasperis: Thanks, Corrado. Very interesting. Next question comes in is congratulating you on the New Orleans conference. It says that I know it's not an easy conference to get into and invite. Will the presentation from the conference also be made public? Yeah, thank you. Yeah. So, honestly, I've been trying to get into the New Orleans conference for a few years. I'm sure there's some people laughing or smiling on the other side of this call about that.
Speaker 2: transcript
And they've been getting a lot of demand for how AI is being used for mineral discovery. And we're all actually very excited about next week. This conference in particular has a tremendous number of technical analysts and representation. First,
They've been they've been getting a lot of demand for how AI is being used for mineral discovery and we're all actually very excited about next week. This.
This conference in particular has.
A tremendous number of technical analysts and representation of certainly a sophisticated resource investors and some very very high quality companies. So yeah. Thank you for that we're looking forward to it and we will.
Corrado DeGasperis: It is by invitation only. You know, Brian Lundeen found the Comstock story, and in particular, GenMats existing in developing capabilities fascinating. And, you know, they've been getting a lot of demand for how AI is being used for mineral discovery. And we're all actually very excited about next week. This conference in particular has a tremendous number of technical analysts and representation, certainly a sophisticated resource investors and some very, very high quality companies.
Speaker 2: transcript
certainly sophisticated resource investors and some very, very high quality companies. So yeah, thank you for that. We're looking forward to it and we will.
Speaker 2: transcript
Um, we, you know, any presentation that we make similar to the one Billy just made today, uh, we will post on our website and file an AK.
Any presentation that we make similar to the one Billy just made today, we will post on our website and filed an 8-K for.
Speaker 1: transcript
Fantastic. Next question is asking, when will you actually see revenue from Comstock metals? Do you expect metal segment to be profitable at the demonstration?
Fantastic next question.
Is asking when will you actually see revenue from Comstock metals and do you expect metals segment to be profitable at the demonstration scale.
Speaker 2: transcript
Okay, yeah, thank you for that question. As I mentioned on our call, I think I mentioned, our preliminary industry scale financial model is very robust.
Okay. Yeah. Thank you for that question you know as I mentioned on our call.
Corrado DeGasperis: So, yeah, thank you for that. We're looking forward to it. And we will, we, you know, any presentation that we make similar to the one Billy just made today. We will post on our website and file an AK for.
I think I mentioned are our preliminary industry scale financial model is very robust.
Speaker 2: transcript
you know, the 75 to 80,000 ton per annum industry scale from what we've estimated and diligent so far is it's remarkable. We look forward to giving you that guidance in the first quarter of next year once the demonstration slides up and running.
The $75 to 80000 tonne per annum industry scale from what we've estimated.
Corrado DeGasperis: Fantastic. Next question is asking, when will you actually see revenue from Comstock metals? And do you expect metal segment to be profitable at the demonstration scale? Okay. Yeah. Thank you for that question. You know, as I mentioned on our call, I think I mentioned our preliminary industry scale financial model is very robust. You know, the 75 to 80,000 ton per annum industry scale from what we've, you know, estimated and diligent so far is it's remarkable.
Made it in diligence. So far is it's remarkable we look forward to giving you that got items in the first quarter of next year once the demonstration sites up and running.
Speaker 2: transcript
The startup rate and the demonstration facility of 4 to 8,000 tons really is most likely a break-even scenario. Although with these measurements it could be profitable at the higher volume.
The start up rate and the demonstration facility of 48000 tons really is most likely a breakeven scenario, although with these measurements it could be profitable at the higher volumes, but once the panels that are flowing will fine tune the process, we'll finalize the engineering for the for the industry.
Speaker 2: transcript
But once the panels are flowing, we'll fine tune the process, we'll finalize the engineering for the industry scale facility.
Scale facility.
Speaker 2: transcript
and we'll give updates and guidance on that. The sooner we get a few months of startup operations under our belt, the sooner we can finalize all of those details. But we don't see any major obstacles in that path. Revenue really starts as soon as we're permitted and receiving panels that we can process.
Corrado DeGasperis: We look forward to giving you that guidance in the first quarter of next year once the demonstration sites up and running. The startup rate and the demonstration facility of 4 to 8,000 tons really is most likely a break even scenario. Although, you know, with these measurements, it could be profitable at the higher volumes. But once the panels are flowing, we'll fine tune the process. We'll finalize the engineering for the, for the industry scale facility.
And we will give updates and guidance on that the sooner we get a few months of startup operations under our belt. The sooner we can finalize all of those details, but we don't see any major obstacles in that path revenue really starts as soon as we're permitted and receiving panels that we can.
Speaker 2: transcript
We're a little bit reliant on the permits and then about a department of environmental protection, our main regulator, who frankly is pretty desperately understaffed. We just met with them yesterday. And the good news is that the air quality permit, typically the more complex one, typically the one I get anxious about, seems to be right on track for this.
We're a little bit relying on the permits and the Nevada Department of Environmental protection. Our main regulator, who frankly is pretty desperately understaffed, we just met with them yesterday and the good news is that the air quality permit.
Corrado DeGasperis: And we'll give updates and guidance on that. The sooner we get a few months of startup operations under our belt, the sooner we can, you know, finalize all of those details. But we don't see any major obstacles in that path. Revenue really starts as soon as we're permitted and receiving panels that we can Sussex. We're a little bit reliant on the permits and the Nevada Department of Environmental Protection, our main regulator, who frankly is pretty desperately understaffed.
Typically the more complex one typically the one I guess.
Get anxious about seems to be right on track for this year solid waste operating permit looks like it'll come right. After the air quality permit now.
Speaker 2: transcript
Solid waste operating permit looks like it'll come right after the air quality permit now
Speaker 2: transcript
But, you know, we know that they're reviewing the permit we met with them yesterday. And quite frankly, it's very similar to the prior permit that we got approved last year.
But.
But.
We know that they're reviewing the permit we met with them yesterday and quite frankly, it's very similar to the prior permit that we got approved last year. So once we receive the permits everything will be in place will immediately started up and we will move right into operations, we're going to be operating in the first.
Corrado DeGasperis: We just met with them yesterday. And the good news is that the air quality permit, typically the more complex one, typically the one I get anxious about seems to be right on track for this year. Solid waste operating permit looks like it'll come right after the air quality permit now. But, you know, we know that they're reviewing the permit we met with them yesterday. And quite frankly, it's very similar to the prior permit that we got approved last year.
Speaker 2: transcript
So once we receive the permits, everything will be in place, we'll immediately start it up and we'll move right into operations. We're gonna be operating in the first quarter of next year. It seems to come hell or high water. So we're looking forward to all.
Quarter of next year, it seems come Hell or high water. So we're we're looking forward to all of that.
Speaker 1: transcript
That's great. Thank you very much for that, Carotto. The next question coming in is, we'd like to see some.
That's great.
Thank you very much for that Corrado. The next question are coming in is.
We'd like to see some insider buying can we expect some insider buying.
Corrado DeGasperis: So, once you receive the permits, everything will be in place. We'll immediately start it up and we'll move right into operations. We're going to be operating in the first quarter of next year. It seems come how high water.
Speaker 2: transcript
Yeah, thank you for that question.
Yeah.
Thank you for that question.
<unk>.
Speaker 2: transcript
I'm gonna say yes at the beginning, yes at the end, but I would first like to acknowledge that, you know, management in the board today hold over 11 million shares, and really all of us have.
I'm going to say, yes at the beginning yes at the end, but I would first like to acknowledge that.
Corrado DeGasperis: So we're looking forward to all of that. That's great. Thank you very much for that carado.
Management and the board today hold over 11 million shares and really all of us have.
Speaker 2: transcript
our most meaningful networks, and in some cases our lives tied into the success of the company. I personally...
Our most meaningful networks and in some cases our lives tighter.
Unknown Executive: The next question coming in is we'd like to see some insider buying. Can we expect some insider buying? Yeah.
<unk> tightened the success of the company.
I personally haven't seen too many senior management teams or boards, you know for that matter more fully committed and dedicated to what they are doing.
Speaker 2: transcript
too many senior management teams or boards, for that matter, more fully committed and dedicated to what they're doing from what I see from our teams. I mean, it's truly an honor to be part of it. I don't say that lightly. The fuels guys have been spending, it's probably almost two decades of their lives and certainly the last 10 years bringing what Billy just reviewed with you two fruition?
Corrado DeGasperis: Thank you for that question. I'm going to say yes at the beginning, yes at the end, but I would first like to acknowledge that, you know, management in the board today hold over 11 million shares. And really all of us have our most meaningful networks. And in some cases our lives, you know, tied into success of the company. I personally haven't seen too many senior management teams or boards, you know, for that matter more fully committed and dedicated to what they're doing from what I see from our teams.
From what I see from our teams I mean, it's truly an honor to be part of it.
I don't I don't say that lightly.
The fuels guys have been spending it's probably almost two decades of their lives and certainly the last 10 years, bringing what Billy just reviewed with you to fruition I'd also encourage you guys to all invest in the company more because of what we're accomplishing in the impact expected from those achievements there.
Corrado DeGasperis: I mean, it's truly an honor to be part of it. I don't I don't say that, you know, lightly, you know, the fuels guys have been spending, you know, it's probably almost two decades of their lives and certainly the last 10 years bringing what Billy just reviewed with you, you know, to fruition. I also encourage you guys to all invest in the company more because of what we're accomplishing and the impact expected from those achievements, their game changers and the real evidence of the progress that our teams are making rather than, you know, if we own 11 million shares or more than 11 million shares.
Speaker 2: transcript
I'd also encourage you guys to all invest in the company more because of what we're accomplishing and the impact expected from those achievements. They're game changers and the real evidence of the progress that our teams are making rather than, you know, if we own 11 million shares or more than 11 million shares, but I get it. You know, like my father in law taught my son, there's no sense pissing into the wind here. So yes, you should expect some insider buying. We'll do it. You know, we'll do it as soon as
Changers in the real evidence of the progress that our teams are making rather than you know if we own 11 million shares or more than 11 million shares, but I get it.
My father in law top my son, and Theres no sense pissing into the wind here. So yes, you should expect some insider buying we'll do it we'll do it as soon as we can.
Thanks. The next question is regarding the fuels are we do have a couple so I'm going to have a follow on to this but the insights of Comstock fuels were very helpful is it right to think that revenues are further off even though the market.
Speaker 1: transcript
The next question is regarding the fuels. We do have a couple so I'm gonna have a follow on.
Speaker 1: transcript
The insights of construct fuels were very helpful. Is it right to think that revenues are further off, even though the market for your solutions?
Corrado DeGasperis: But I get it, you know, like my father-in-law taught my son, there's no sense pissing into the wind here. So yes, you should expect some insider buying. We'll do it. You know, we'll do it as soon as we can.
For your solutions is so massive.
Speaker 2: transcript
very good question. I think this is probably one of the more important questions. And something we really wanted to address and ultimately surface from what we've been seeing across the board from the investor perception now.
Very good question I think this is probably one of the more important questions and something we really wanted to address them and ultimately surface.
Corrado DeGasperis: Thanks. The next question is regarding the fuels. We do have a couple. So I'm going to have a follow on to this. But the insights of construct fuels were very helpful. Is it right to think that revenues are further off even though the market for your solutions is so massive? Very good question. I think this is probably one of the more important questions. And something we really wanted to address and ultimately surface, you know, from what we've been seeing, you know, across the board from the investor perception analysis.
From what we've been seeing across the board from the Investor perception analysis look.
Speaker 2: transcript
Look, all of our investors are absolutely right to be focused on our first financial agreements because they will validate the efficacy of our solution. They will demonstrate off-take from major sophisticated customers. They're going to secure the highest yielding feedstocks from industry leaders. And frankly, present overwhelming financial evaluation for our company.
All of our investors are absolutely right to be focused on our first commercial agreements because they will validate the efficacy of our solution. They will demonstrate offtake from major sophisticated customers that are going to secure the highest yielding feedstocks from industry leaders and frankly presented overwhelm.
<unk> financial valuation for our company. These agreements when we validate to you what we already know internally right. It will establish the foundation in the beginning of an incredible value creation that will also start to get recognized by a much broader investment community.
Speaker 2: transcript
These agreements won't only validate to you what we already know internally.
Speaker 2: transcript
Right, it'll establish the foundation in the beginning of an incredible value creation that will also start to get recognized by a much broader investment community.
Corrado DeGasperis: Look, all of our investors are absolutely right to be focused on our first financial agreements because they will validate the efficacy of our solution. They will demonstrate offtake from major sophisticated customers. They're going to secure the highest yielding feedstocks from industry leaders. And frankly, present an overwhelming financial evaluation for our company. These agreements won't only validate to you what we already know internally, right? It'll establish the foundation in the beginning of an incredible value creation that will also start to get recognized by a much broader investment community.
Speaker 2: transcript
It also brings the non-dilutive financing that funds exactly what fuels need to achieve. We've put a tremendous amount of not just thought and planning into this. We're engaged in the mark. It's happened.
It also brings the non dilutive financing that funds exactly what fuels needs to achieve we've put a tremendous amount of not just thought and planning into this we're engaged in the Maher.
It's happening.
Speaker 2: transcript
But this is a little different than I would say a somewhat false narrative of just wanting to focus on immediate revenue.
Right, but this is a little different than than then I would say is somewhat false narrative of just wanting to focus on immediate revenue.
Speaker 2: transcript
We announced revenue, for example, for mining in a manner that I thought was outstanding. We covered all of our mining...
We announced revenue for example for mining in a manner that I thought was outstanding covered all of our mining cost.
Corrado DeGasperis: Community. It also brings the non-deludish financing that funds exactly what fuels needs to achieve. We've put a tremendous amount of not just thought and planning into this. We're engaged in the March, it's happening. But this is a little different than I would say a somewhat false narrative of just wanting to focus on immediate revenue. We announced revenue, for example, for mining in a manner that I thought was outstanding and covered all of our mining costs.
Speaker 2: transcript
And the market yawned, even though it was really a great deal.
And the market yacht, even though it was really a great deal for us the agreements. We're negotiating now will completely change the reality for the company and remarkably valuable ways.
Speaker 2: transcript
The agreements we're negotiating now will completely change the reality for the company and remarkably valuable way.
Speaker 2: transcript
progress is incredible and it's going to happen. So I believe it could happen this quarter. I believe it could happen, you know, before December 31st.
Progress is incredible and it's going to happen. So I believe it could happen.
This quarter I believe it could happen.
Before 34 before December 31st.
Speaker 2: transcript
It was up to us that would be a layup. Could happen January 1st, January 15th, January 30th.
If it was up to us that would BLA up could happen January one January 15th January 30th.
Corrado DeGasperis: And the market yawned, even though it was really a great deal for us. The agreements we're negotiating now will completely change the reality for the company in remarkably valuable ways. The progress is incredible and it's gonna happen. So I believe it could happen this quarter, I believe it could happen, you know, before 34, before December 31st. It was up to us that would be a layup could happen January 1st, January 15th, January 30th.
Speaker 2: transcript
I can tell you, it's coming soon and whatever happens, and I'm sorry, whenever it does happen, I'll be enjoying the celebration. So I hope you guys will be too. It will enable non-delutive capital, liquidity and tremendously credible value. Even if actual revenues, all of a specific agreement, is a few years off.
I can tell you, it's coming soon and whatever happens and I'm sorry, whenever it does happen, albeit the celebration. So I hope you guys will be too it will it will enable non dilutive capital liquidity and tremendously credible value even if actual rev.
And use of a specific agreement is a few years off that's really why I wanted Billy to present, what he presented earlier, it's important to you.
Speaker 2: transcript
That's really why I wanted Billy to present what he presented earlier. It's important that you and our time is up.
Corrado DeGasperis: I can tell you it's coming soon and whatever happens and I'm sorry whenever it does happen, I'll be enjoying the celebration. I hope you guys will be too. It will enable non-delutive capital liquidity and tremendously credible value, even if actual revenues, all of a specific agreement, is a few years off. That's really why I wanted Billy to present what he presented earlier. It's important that you and our target investors see the massive value that we believe is about to be validated and realized. And we're just going to continue to be completely transparent about it.
And our target investors see the massive value that we believe is about to be validated and realized and we're just going to continue to be completely transparent about it.
Speaker 2: transcript
See the massive value that we believe is about to be validated and realized. And we're just going to continue to be completely transparent.
Speaker 1: transcript
Thanks, Karada. We did have a follow on related question. The question is, are you able to elaborate on the license with the red and fuel? Will they collaborate on Hub 1 and how are license fees split on future hubs?
Great. Thanks, Corrado, we did have a follow on related question.
The question is are you able to elaborate on the license with Red and fuel will they collaborate on hub, one and how our license fees split.
On the future hubs.
Sure Billy do you want to take that one.
Speaker 3: transcript
Yeah, you know, I'll say that our collaboration with Renfield is very, very close. And, you know, this is not a transaction where we're licensing some tech and we don't talk to them. We're working very closely together. We are the primary vehicle where this technology of theirs is getting collaborate, is getting commercialized. And, you know, it is again, fully integrated into our process as you saw on the slide.
Yeah.
I will say that our collaboration with <unk> is very very close and you know this is not a transaction where we're licensing some tax and we don't talk to them. What are we working very closely together. We are the primary vehicle, where this technology or there was just getting collaborate is getting commercialized and it is again fully integrated into our processes you saw on the fly.
William McCarthy: Great. Thanks, Karada. We did have a follow-on related question. The question is, are you able to elaborate on the license with red and fuel? Will they collaborate on hub one and how are license fees split on future hubs? Sure. Billy, do you want to take that one? Yeah. You know, I'll say that our collaboration with red and fuel is very, very close and you know, this is not a transaction where we're licensing some tech and we don't talk to them.
<unk>.
Speaker 3: transcript
It's a key partner process and the way we've structured the world, he's there is a very fair allocation of the value created in those steps. There's some technology of ours that's been put together with theirs and we wrap that section of the process and develop the formula to do that. I don't think we're releasing the specifics of that, but I will say it's the numbers I talked about. We're all mad at any other legend screenings we have.
It's a key part of our process and.
The way we've structured the royalties there is a very fair allocation of the value created in those steps. There are some technology of ours, that's been put together with theirs and we wrap that section of the process.
And developed a formula to do that I don't think we're releasing the specifics of that but I will say, it's in the numbers I talked about were all net of any other license agreements we have.
William McCarthy: We're working very closely together. We are the primary vehicle where this technology there is getting collaborated and getting commercialized. And you know, it is again fully integrated into our processes. You saw them in the slides. It's a key partner process and the way we've structured the royalties there is a very fair allocation of the value created in those steps. There's some technology bars that's been put together with theirs and we wrap that section of the process and develop the formula to do that. I don't think we're releasing the specifics of that but I will say it's in the numbers I talked about. We're all mad at any other license agreements we have.
William McCarthy: Great. Thanks, Billy.
Great. Thanks Kelly.
Speaker 1: transcript
We're now pressing up against time. So, Karato, maybe you could provide some closing remarks and provide some important milestones that investors should anticipate in the next quarter and in 2020.
We're now present up against time, so Corrado, maybe you could provide some closing remarks.
And provide some important milestones that investors should anticipate in the next quarter and in 2024.
Speaker 2: transcript
Yeah, I mean, maybe just in the context of the summary, well, you know, for fuels, it's what we just said, right? Executing the commercial agreement.
Yeah, I mean, maybe just in the context of the summary, well you know for fuels. It's what we just said right executing commercial agreement.
Speaker 2: transcript
That includes off-take, speed stock, non-bluetive capital. That could come all at once. It could come in two or three quick steps.
That includes offtake feedstock non dilutive capital.
That could come all at once it could come in two or three quick steps.
Corrado DeGasperis: We're now pressing up against time. So, Karada, maybe you could provide some closing remarks and provide some important milestones that investors should anticipate in the next quarter and in 2024. Yeah, I mean, maybe just in the context of the summary, well, you know, for fuels, it's what we just said, right, executing the commercial agreement, that includes off-take, speed stock, non-volutive capital, that could come all at once, it could come in two or three quick steps, but it's going to be with very well-known companies that we are going to be proud to call our partners.
Speaker 2: transcript
but it's going to be with very well-known companies that we're going to be proud to call our partners.
But it's going to be with very well known.
Companies that we're gonna be proud to call our partners.
Speaker 2: transcript
As Billy mentioned, we're also going to launch the DOE Grant Project also with World Class Parts.
As Billy mentioned, we're also going to launch the Doa Grant project.
Also with World Class partners, which is really designed to enhance our already industry, leading position and again as Billy mentioned will put out some more info on that when it.
Speaker 2: transcript
which is really designed to enhance our already industry leading position. And again, as Billy mentioned, we'll put out some more info on that when it's final five.
Its when its final final.
Speaker 2: transcript
For metals, we'll be finalizing the permitting of our photovoltaic recycling system here in Northern Nevada. We'll be finalizing the deployment of the production equipment and readying it for production. We're securing feed stocks as we speak. That's what the team is spending all their time on now. And we'll start the commissioning of the demonstration scale early next year and move it right into production.
For metals will be finalizing the permitting of our photovoltaics recycling system here in northern Nevada will be finalized in the deployment of the production equipment and readying. It for production, we're securing feedstocks as we speak that's what the team is spending all their time on now.
Corrado DeGasperis: As Billy mentioned, we're also going to launch the DOE grant project also with world-class partners, which is really designed to enhance our already industry-weeding position. And again, as Billy mentioned, we'll put out some more info on that when it's final final. For metals, we'll be finalizing the permitting of our photovoltaic recycling system here in Northern Nevada, we'll be finalizing deployment of the production equipment and readying it for production. We're securing speed stocks, as we speak, that's what the team is spending all their time on now, and we'll start the commissioning of the demonstration scale early next year and move it right into production.
We will start the commissioning of the demonstration scale.
Early next year and move it right into production.
Speaker 2: transcript
I guess for mining, I would just say, you know, receiving a million bucks and revenue this quarter, of which 500,000 we just received this week from our leasing agreement that nobody seems to be excited about. And of course, importantly, developing in collaboration with GenMAT and AI-based next generation exploration tool that we're gonna be talking about next week in New Orleans and using our extensive
I guess for mining I would just say you know receiving a million bucks in revenue this quarter.
Of which 500000, we just received this week from our leasing agreement that no.
Nobody seems to be excited about [laughter] and of course importantly, developing in collaboration with Genmab and AI based next generation exploration tool that we're gonna be talking about next week in New Orleans, and using our extensive geologic and geophysical data along with Genmab new data.
Speaker 2: transcript
geological and geophysical data along with GenMat's new data, you know, to really predict.
Corrado DeGasperis: I guess for mining, I would just say, you know, receiving a million bucks and revenue this quarter, of which 500,000 we just received this week from our leasing agreement that nobody seems to be excited about. And, of course, importantly, developing in collaboration with Gen Matt and AI-based next-generation exploration tool that we're going to be talking about next week in New Orleans, and using our extensive geologic and geophysical data along with Gen Matt's new data, you know, to really predict, enhance, sharpen the target that we already feel good about.
You know to really predict it.
Speaker 2: transcript
enhance, sharpen the target that we already feel good about. So either we're gonna get to that target faster and cheaper.
And Hans sharpen the target that we already feel good about so either we're going to get to that target faster and cheaper.
Speaker 2: transcript
or we're going to get up to a bigger target. So it just positions us, you know, to expand that $2 million gold equivalent ounce target. But don't dismiss that if...
Or we're going to get bigger.
Bigger target so it just positions us.
To expand that 2 million 2 million gold equivalent ounce.
Target, but don't dismiss that if it's if it's effective.
If it's sufficient.
Speaker 2: transcript
We're going to have something that's going to transcend the Comstock. So I think that's it. You know, fuels, metals, mining. I appreciate everyone's time today. It's going to be an exciting next month, two months, three months for Comstock and our stakeholders. If we missed anyone because we run out of time with the call, please do reach out through the bill at our BMG. And we're really happy to have follow-ups from today and really thank everybody for being part of all of this. Have a great...
We're going to have something.
That's going to transcend the Comstock so I.
Corrado DeGasperis: So either we're going to get to that target faster and cheaper, or we're going to get to a bigger target. So it's just positions us, you know, to expand that $2 million gold equivalent out target, but don't dismiss that if it's effective, if it's efficient, we're going to have something that's going to transcend the Comstock. So I think that's it, you know, fuels, metals, mining.
I think that's it.
<unk> fuels metals mining I appreciate everyone's time today, it's going to be an exciting next month two months three months for Comstock and our stakeholders.
If we miss anyone because we run out of time with the call. Please do reach out through bill at or BMG, and we're really happy to have follow ups from today and really thank everybody for being part of all of this have a great day.
Speaker 1: transcript
Thanks, Karato. Thanks, Billy. And thanks everyone for joining the webinar today. There were quite a number of questions we were not able to get to. We will be able to download those through the Zoom app, and we will respond to those.
Thanks, Corrado, Thanks, Billy and thanks, everyone for joining the webinar today, there were quite a number of questions. We were not able to get to we will be able to download those through the zoom app and we will respond to those.
Corrado DeGasperis: I appreciate everyone's time today. It's going to be an exciting next month, two months, three months for Comstock and our stakeholders. If we missed anyone because we run out of time with the call, please do reach out through the bill at our BMG, and we're really happy to have follow-ups from today, and really thank everybody for being part of all of this.
Speaker 1: transcript
as we can. And also today's webinar recording will be made available on Comstock's website shortly. We'd also like to remind you that we will be sending out a survey from RBMG, which can also be found on the company's website. And we would really appreciate your participation.
We can and also today's webinar recording will be made available on common stocks website shortly.
We'd also like to remind you that we will be sending out a survey from RB M. G, which can also be felt found on the company's website and we would really appreciate your participation in that survey. If you have any additional questions that have not been addressed today. Please feel free to send those over to Comstock at RB miles.
Unknown Executive: Have a great day. Thanks, Karato. Thanks, Billy, and thanks everyone for joining the webinar today. There were quite a number of questions we were not able to get to. We will be able to download those through the Zoom app, and we will respond to those as we can.
Unknown Executive: And also today's webinar recording will be made available on Comstock's website shortly.
Speaker 1: transcript
<unk> Dot com again that Comstock at RB milestone dot com. Thanks, once again and you are now free to disconnect.
Unknown Executive: We'd also like to remind you that we will be sending out a survey from our BMG, which can also be found on the company's website, and we would really appreciate your participation in that survey. If you have any additional questions that have not been addressed today, please feel free to send those over to Comstock at rbmilstone.com. Again, that's Comstock at rbmilstone.com.
Unknown Executive: Thanks once again, and you are now