Full Year 2023 Comstock Inc Earnings Call and Investor Day

February 28, 2024

This meeting is being recorded.

Ladies and gentlemen, and welcome to upload 24. This is Trevor Brucato with RB milestone group Comstock U S based investor relations firm joining.

Ladies and gentlemen, and welcome to upload 24. This is Trevor Brucato with RB milestone group Comstock U S based investor relations firm join.

Joining us today is the company's executive Chairman and Chief Executive Officer, Corrado, Degas, Bruce and Chief operating Officer, Billy Mccarthy.

Joining us today is the company's executive Chairman and Chief Executive Officer, Corrado to gas, Bruce and Chief operating Officer, Billy Mccarthy.

Today's presentation will cover multiple topics and we will open up Q&A related to each segment for management to address.

If you are interested in asking a question in or logged into the zoom app or web platform you can submit your questions in the Q&A module.

If you are interested in asking a question and are logged into the zoom app or web platform you can submit your questions in the Q&A module.

Please note. This presentation is being recorded today February 28, 2024 and will be made available on the company's website at Comstock Dot Inc. Following today's event. We will also be opening up the Investor survey period, or Comstock Q1, stakeholder perception analysis report.

Please note. This presentation is being recorded today February 28, 2024 and will be made available on the company's website at Comstock Dot Inc. Following today's event. We will also be opening up the Investor Survey period for Comstock Q1, stakeholder perception analysis report the.

The survey will be an email to everybody on this call and those that view the recording and will also be made available on the company's website at the top of the investors section.

The final report, including trends on Comstock perceived strengths weaknesses and milestones.

We will be published shortly after the end of the quarter. Your opinions are very important to us and will help us strengthen Comstock Investor Communications efforts and guide the focus of upcoming events. Please.

Please note today's presentation may contain forward looking statements that are subject to risks and uncertainties that may be out of the control of the company.

And should not be construed as a recommendation or solicitation to buy or sell any security or Comstock full disclaimer. Please visit our website at Comstock Dot Inc. Lastly, RV milestone is not a registered investment advisor or a broker dealer for more information on this please visit RB milestone dot com now with housekeeping.

And should not be construed as a recommendation or solicitation to buy or sell any security or Comstock full disclaimer. Please visit our website at Comstock Dot Inc. Lastly, RV milestone is not a registered investment advisor or a broker dealer for more information on <unk>. Please visit RB milestone dot com now with housekeeping.

<unk> behind us, let's kickoff upload 24.

Behind us, let's kickoff upload 24.

Yeah.

[music].

Great.

Okay.

Sure.

[music].

Okay.

Yeah.

Hello, and welcome to upload 24, and our 2023 results conference call.

In June of last year, we hosted our first annual upload event.

In June of last year, we hosted our first annual upload of that.

Upload twenty-three and your feedback was tremendous.

<unk> 23.

And your feedback was tremendous.

We see this event.

As an opportunity to go deeper into sharing the strategies and tactics that we're using to build manage and grow Comstock, Inc. And to let you hear from more of our operating team directly.

For this year, we've made a few changes to the event.

First obviously, we moved it up to date to coincide with the filing of our 10-K and reporting of our 2023 results.

First obviously, we moved up to date to coincide with the filing of our 10-K and reporting of our 2023 results.

With the pace of our developments quickening, we didn't want to wait until mid year to provide this update.

With the pace of our developments quickening, we didn't want to wait until midyear to provide this update.

Second in order to speed things up we've shortened and simplified the program versus last year.

We will still be covering our four major business areas Comstock.

<unk> fuels, Comstock metals and Comstock mining.

We're gonna go deeper into how we work at Comstock and how these businesses converge through this one company working towards one goal.

We're going to go deeper into how we work at Comstock and how these businesses converge through this one company working towards one goal.

This one quota specific discussion about how we think about and execute on innovation throughout our system.

This one quarter specific discussion about how we think about and execute on innovation throughout our system.

Corrado Trevor and I are here with you live.

To keep things streamlined well, bringing other members of the team and prerecorded segments. So you have a chance to hear from them directly.

To keep things streamlined will break and other members of the team and prerecorded segments. So you have a chance to hear from them directly.

As Trevor mentioned at the beginning.

We'll have topical Q&A sessions for each of our three major business segments, and then a general Q&A at the end to cover anything else.

I'll have topical Q&A sessions for each of our three major business segments, and then a general Q&A at the end to cover anything else.

Please submit your questions using the zoom app as soon as possible Trevor will be processing and realigning them along the way.

Please submit your questions using the zoom app as soon as possible Trevor will be processing and relying them along the way.

Thank you all again for taking the time to attend today or to watch this on the replay later.

To kick off I'm going to hand, it off to.

Kickoff I'm going to hand, it off to.

Two executive chair and CEO Corrado the gas price.

For a report on the 2023 financial results update and 2024 outlook Corrado. Please take it away.

For a report on the 2023 financial results update and a 2024 outlook Corrado please take it away.

Thanks, Bill and good morning, everyone and good afternoon, and welcome to upload 20 or it will include our full year 2023 financial results and the outlook and some business updates I'll start with the financials and corporate updates, including our strategic investments and then I'll summarize our 2023.

Thanks, Billy and good morning, everyone and good afternoon, and welcome to offload 20, or it will include our full year 2023 financial results and the outlook and some business updates I'll start with the financials and corporate updates, including our strategic investments and then I'll summarize our 2023.

Business results in some of our most important 2024 objectives.

Financially the fourth quarter itself was very strong with net income was $7 8 million and fourth quarter EPS of <unk> <unk>.

Our fully diluted share.

This drove our overall full year positive net income to 10 and a half million dollars.

This drove our overall full year positive net income to $10 $5 million.

And full year fully diluted earnings per share to nine <unk>.

And full year fully diluted earnings per share to nine.

Our last two quarters drove strong second half net income well over $20 million and second half earnings per share to <unk> 18.

All very good results indeed.

We also saw our total assets increased by over 6% to over 106 million, even though we sold a major asset while total and current liabilities both decreased dramatically the latter by more than half down to under $15 million.

We also saw our total assets increased by over 6% to over 106 million.

Even though we sold a major asset while total and current liabilities both decreased dramatically the latter by more than half down to under $15 million.

2023 asset sales resulted in third quarter gains of nearly $8 million, including the sale of the manufacturing facility and a small portion of.

2023 asset sales resulted in third quarter gains of nearly $8 million, including the sale of the manufacturing facility and a small portion.

Of our Green line investment.

Green line investment.

We also recorded gains of over $14 million, just from having to write up the green line investment to nearly $20 million in value.

In December Comstock approved and converted just under $7 million.

<unk> advances receivable from the Sierra Springs Opportunity Fund Inc.

Existing advances receivable from the Sierra Springs Opportunity Fund, Inc, who I'll refer to from now on has assets of wax.

I'll refer to from now on half Ssi wax.

So we converted just under $7 million of existing advance receivables from.

From <unk> into <unk> common equity.

These are advances we've previously made over the past four years and by converting them to common equity in <unk>, we increased Comstock overall ownership from 11, 5% to well over 17%.

We also have to write up the value of our original SSO as.

We also have to write up the value of our original investment to a fair value increasing the original 335000 that we invested by almost 35 times to nearly $12 million and then valuing the totality of that investment in <unk> equity.

That's S O S investment to a fair value increasing the original 335000 that we invested by almost 35 times to nearly $12 million and then valuing the totality of that investment in <unk> equity to nearly $20 million as well.

Nearly $20 million as well.

We believe the Sos equities ultimately worth much much more especially with what we see in recent land value indications.

We believe the Sos equities ultimately worth much much more especially with what we see in recent land value indications in silver springs in the surrounding areas.

Silver springs in the surrounding areas.

To be clear.

This value increase in Comstock <unk> investment is in addition to Comstock directly on land and water rights in silver Springs that were selling for about $40 million.

This value increase in Comstock SSL less investment is in addition to Comstock is directly owned lands in water rates in silver springs that were selling for about $40 million.

Just to summarize these recent transactions establish a much higher valuation for both our green line and <unk> equity investments and it resulted in real value gains in our annual reflected in our annual financial statements of just over $25 million. This is a great testament to the existing and increasing.

Just to summarize these recent transactions establish a much higher valuation for both our green line and Sof equity investments and it resulted in real value gains in our annual reflected in our annual financial statements of just over $25 million. This is a great testament to the existing and increasing.

<unk> of our strategic investments they all have a role in making our commercialization activities go faster all of them.

Value of our strategic investments they all have a role in making our commercialization activities go faster all of them and they are making us more money too.

And they are making us more money too.

In December we acquired the remaining 12% interest in when it go now wholly owned for $600000 to be paid over the course of 2024.

In December we acquired the remaining 12% interest in Linacre now wholly owned for $600000 to be paid over the course of 2024.

<unk> is the entity.

<unk> is the entity that owns the $20 million Green line investment and also owned some outstanding load shares.

<unk> owns the $20 million Green line investment and also owned some outstanding load shares.

Because we.

Captured a 100% ownership of <unk>. We were then able to take back reacquired cancel if you will $2 6 million plus coming load shares that were being held by clinical previously or no additional consideration.

Captured a 100% ownership of Linacre, we were then able to take back reacquire and cancel if you will $2 6 million plus coming load shares that were being held by <unk> previously for no additional consideration.

This reduced our outstanding shares and we now have $115 8 million shares outstanding as you'll see disclosed on the cover of the recently filed Form 10-K.

This reduced our outstanding shares and we now have $115 8 million shares outstanding as Youll see disclosed on the cover of the recently filed Form 10-K.

We've also engaged a Singapore based investment banker for selling our Green line shares. They are the ones that helped to sell a small portion last summer and we believe will most likely occur.

In terms of selling the rest of those shares this year.

We also continue to see very high interest in and around Silver Springs.

We also continue to see very high interest in and around silver spring's.

Last year's Silver Spring's land purchased by Microsoft.

Really justify Comstock equity investment in <unk>, and the new offers and new interest that we're seeing since Microsoft by other data centers, because why we've increased our estimate of our properties there to about $40 million. We also expect to monetize those this year.

When you combine the Nevada land assets with the Green line equity investment you are looking at potential proceeds of up to 60% and again.

To be clear that's separate from our 17% equity interest in <unk>.

Lastly from a financial perspective, let me also comment that we disclosed in our 10-K that we have total net operating and capital loss carryforwards or Nols of over $225 million.

Lastly from a financial perspective.

I'll also comment that we disclosed in our 10-K that we have total net operating and capital loss carryforwards or Nols of over $225 million.

So all of these asset sales would eventually be free of any income taxes. So overall, a very solid report and a very strong and beneficial financial position, let's now look forward to this year.

It's worth repeating that Comstock as a company and you'll hear it throughout.

It's worth repeating that Comstock as a company and you'll hear it throughout this presentation operates systemically and in our system has a single goal that is to accelerate the commercialization of these remarkable decarbonising hard technologies, we call them hard technologies.

This presentation operates systemically and that our system has a single goal that is to accelerate the commercialization of these remarkable decarbonising harden technologies, we call them hard technologies, because they are tangible they're practical theyre deployable their engineer.

Does their tangible they're practical theyre deployable, they're engineered solutions, we have become a very different company and upload 'twenty. Four is designed to provide a much more insightful communication to all of our stakeholders on what we're really doing and perhaps more importantly, how we're doing it.

We have become a very different company and upload 'twenty four is designed to provide a much more insightful communication to all of our stakeholders on what we're really doing and perhaps more importantly, how we're doing it.

We saw four and deliver meaningful climate impacting solutions across industry.

We have an incredible sense of urgency yet we also approach all problems with a keen focus on sufficiency.

We have an incredible sense of urgency yet we also approach all problems with a key focus on sufficiency <unk>.

The solutions must practically work.

<unk> must practically work most of these solutions and the prerequisites for implementing them require lead times required collaborations require co.

Most of these solutions and the prerequisites for implementing them require lead times required collaborations require.

Co operation, if you will for them to be enabled.

That's how we think that's what we understand.

The resulting financial and natural impacts are not only high by design, but they're also extremely valuable.

The resulting financial and natural impacts are not only high by design, but they are also extremely valuable.

So our primary focus in 2024 and beyond is commercializing our differentiated technologies, while continuing to push the frontier of continued innovation development and engineering of these technologies for even greater impact not to tease it, but our future innovations around energy and around.

Carbon is Asia will represent breakthroughs beyond what we've ever talked about up until today, that's what really excites me and hopefully all of you. When we look beyond 2024, however for Comstock fuels, our bio refining technologies are commercially ready today and offer extraordinary growth for us and our customer.

<unk> <unk> will represent breakthroughs beyond what we've ever talked about up until today, that's what really excites me and hopefully all of you. When we look beyond 2024, however for Comstock fuels, our bio refining technologies are commercially ready today and offer extraordinary growth for us and our customer.

The renewable fuel industry's growth is constrained by feedstock and our technology on blocks that constraint. We're actively engaged in joint development and licensing agreement discussions to identify defined and enable by oleum hub projects globally and in each case, very importantly with industry leaders.

The renewable fuel industries growth is constrained by feedstock and our technology on blocks that constrained we're actively engaged in joint development and licensing agreement discussions to identify defined and enable.

By Oleum hub projects globally and in each case, very importantly, with industry leaders for.

<unk>.

For 2020 for David and the team will execute multiple revenue generating commercial agreements for industry scale projects. The projects include pre feasibility these abilities.

For 2020 for David and the team will execute multiple revenue generating commercial agreements for industry scale projects.

Projects include pre feasibility feasibility.

Preliminary engineering detailed engineering commissioning.

Excuse me and construction up.

Excuse me and construction.

Let me use facilities in these hubs by our customers, we expect two or three of these agreements this year and the names that we partner with won't disappoint.

These facilities in these hubs by our customers.

Expect two or three of these agreements this year and the names that we partner with won't disappoint.

Each one of these joint development projects initially resulted in millions of let's call it.

Pre construction revenues that are praying to the.

Pre construction revenues that are praying to the construction and the licensing of these commercial production facilities.

<unk> and the licensing of these commercial production facilities.

Many of that.

We're still a few years off from construction, but the customers that we're talking to know the prerequisites no. The time lines no. The investments required for our solutions strongly aligning us together they are paying us to do that those facilities and again, there should ultimately be hundreds would each create.

We're still a few years off from construction, but the customers that we're talking to know the prerequisite no. The timelines no the investments required for our solutions strongly aligning us together they are paying us to do this.

Facilities and again, there should ultimately be hundreds with each create upwards to 20 years plus of royalty revenues for us.

Upwards to 20 years plus of royalty revenues for us.

We're also expanding our Wisconsin based pilot system. This year for fuels. So we can produce broader and faster fuel samples for our customers and accelerate the EPA pathway approvals for them Preconstruction let.

Let me move over to recycling as Comstock metals as commercial now.

And the team are commissioning a solar panel recycling facilities I mean literally right now as we speak and from what I've seen after final inspections, we may be crushing our first panels early next week, it's all coming together, we're also rapidly expanding our existing revenue generating supply commitments. This last point.

<unk> and her team are commissioning the solar panel recycling facilities, I mean literally right now as we speak and from what I've seen after final inspections, we may be crushing our first panels early next week, it's all coming together, we're also rapidly expanding our existing revenue generating supply commitments. This last point.

Probably the most.

I'd say gratifying relieving joyous for me since the market is pushing demand almost harder than we're pulling it in probably harder than we're pulling it in just seeing these customers signing us up in quoting bigger shipments and knowing that the market is estimated to increase 10 times.

Two at least.

Million tonnes, a year by 2030 and from some of our analysis and by some of the additional assessments were seeing now even higher.

This is exactly why we need to go faster and we need to go faster in 2024, we need to go faster in 2025, we need to go faster in 2026. The demonstration facility by design has limited capacity. So fortunate arrow and the team is already designing our next industry scale facility and commencing its permitting and frankly starting to face.

Selections for three more all to be selective within ultimately selected with permitting and getting started this year, which makes 2020 for a breakout year for metals and incredibly well positioned for 2025 and beyond for capturing the lion's share of an incredibly big and fast growing market.

Selections for three more all to be selected within ultimately selected with permitting and getting started this year, which makes 2020 for a breakout year for metals and incredibly well positioned for 2025 and beyond for capturing the lion's share of an incredibly big and fast growing market.

Our mining and Genmab teams are now jointly developing the machine learning based geologic model for an expanded <unk> in mind class.

Our mining and Jen Matt teams are now jointly developing the machine learning based geologic model for an expanded <unk> in mind class.

This is facilitating a bigger more economically exciting and feasible if you will.

This is facilitating a bigger more.

More economically exciting and feasible if you will.

Mine.

We are now convinced that Theres also going to be post productive uses of these properties that can be equal to or potentially even more valuable than the mine itself and that's saying a lot.

We are now convinced that there is also going to be post productive uses of these properties that can be equal to or potentially even more valuable than the mine itself and that's saying a lot.

I'll speak a little bit more about genmab, one and hyper spectral imaging system and the mining integration a little bit later, but <unk> technology is.

It is even more notable for what they've accomplished in the area of simulating in generating new materials for 2024, there'll be commercializing their solution with also industry, leading highly technical clients and also partnering with the scientific community is sitting relate to synthesize and publish some.

Even more notable for what they've accomplished in the area of simulating in generating new materials for 2024, there'll be commercializing their solution with also industry, leading highly technical clients and also partnering with the scientific community is sitting there waiting to synthesize and publish some of the.

The capabilities of their proprietary technology Chairman also has plans on assessing accessing sorry third party venture capital this year capitalizing on their current leadership position.

Capabilities of their proprietary technology.

<unk> also has plans on assessing accessing sorry third party venture capital this year capitalizing on their current leadership position.

And an extremely robust AI capital markets that should be remarkably exciting if not game changing I would say for all of us.

You'll get a little we will get a little bit more direct insight on 2024 from all of our team leaders during the upload discussions as we progress here. This morning, our 2024 is extremely well positioned and our system is accelerating.

You'll get a little we'll get a little bit more direct insight on 2024 from all of our team leaders during the upload discussions as we progress here. This morning, but 2024 is extremely well positioned and our system is accelerating.

So before I turn it back to Billy then let me just spend another minute explaining what we mean, when we say system or when we say the Comstock system. So we can better describe the hall, but let me explain a little bit.

Of the one five.

The walls.

From our perspective and goal, having great or even breakthrough technology, obviously is necessary.

From our perspective, Angola, having great or even breakthrough technology, obviously is necessary.

But it's not sufficient what good is the technology. If you can't commercialize it we've designed our system with only one goal again to accelerate commercial utilization of these decarbonising hard technologies. This means our system must be designed and the resources must be dedicated to that.

And and only bad at it requires intelligent design of course, but then extreme focus it's really wrong to think of us as a hot.

And and only that act it requires intelligent design of course, but then extreme focus it's really wrong to think of us as a hub.

Hodgepodge of businesses between this might sound bold, but we build an integrated our system to both innovate and commercialize with distinct processes and disciplines for ensuring the sufficiency of Boe.

<unk> businesses and this might sound bold, but we build an integrated our system to both innovate and commercialize with distinct processes and disciplines for ensuring the sufficiency of Boe.

We look at that.

Just to just look at how fast we expand in yields for fuels.

Just look at how fast we expanding yields for fuels.

<unk> deployed the kinetics for ensuring contaminant free solar panel recycling.

Thank goodness, the speed at which Jen Matt design build and successfully orbited a world class satellite and hyper spectral imaging, that's now being fully integrated with geophysics based AI.

Thank goodness, the speed at which <unk> design build and successfully orbited a world class satellite and hyper spectral image here Thats now being fully integrated with geophysics based AI.

And then engineered and built and deployed all the supporting and technical control systems all of that.

And then engineered built and deployed all of the supporting and technical control systems all of that.

In less than a year.

We don't know of anyone else this than any of those things period or even understands how we did that but I can tell you guys. It's not lock our lines of businesses are dedicated to commercializing. Our innovation teams are dedicated to developing new technology like by volume.

We don't know of anyone else sustain any of those things period or even understands how we did that but I can tell you guys. It's not lock our lines of businesses are dedicated to commercializing. Our innovation teams are dedicated to developing new technology by by wholly owned.

Or identifying and closing gaps in existing technology by Grand fuel.

Or identifying closing gaps and existing technology by Greenfield will bring.

Forward the right practical ideas for development engineers.

Bringing forward the right practical Ibs for development engineer.

And actionable deployment, we're now moving faster than most others, because we focus on the one thing thats blocking us and then we as a group as a team as a system. If you will insurers that it gets unblocked, we don't do this independently because all of these complexities have significant inter dependencies.

And actionable deployment, we're now moving faster than most others, because we focus on the one thing that's blocking US and then we as a group as a team as a system. If you will insurers that it gets unblocked, we don't do this independently because all of these complexities have significant inter dependencies.

<unk>.

That's where things typically go wrong, because assistant can only move as fast as the slowest part so understanding and aligning everyone. Around this is critical it's not.

That's where things typically go wrong, because assistant can only move as fast as the slowest part so understanding and aligning everyone. Around this is critical it's not easy it's critical.

Not easy it's critical.

And it's also why we call it systemic.

And it's also why we call it <unk> or.

Or constraint based management.

If we weren't organized and focused that particular way you wouldn't even know what was truly constraining and a great example of this is when we realized that.

If we weren't organized and focused that particular way you wouldn't even know what was truly constraining and a great example of this is when we realize that for battery metal recycling the market was the constraint.

For battery metal recycling the market was the constraint.

And that no matter, how well we were able to record.

And that no matter, how well we were able to.

Recycle them.

Recycle out.

There just isn't enough today or in the foreseeable future from our assessment.

So we pivoted.

We didn't have a choice.

Because we never want to be constrained by the market. So it's not it's not lock that the markets that we're addressing are expert and actually greater than our capacity when the opposite is true youre dead on arrival.

So every day, that's what we do we focus on the biggest single factor or conflict, that's preventing us from moving forward on our goal and we dedicate ourselves to it that we all dedicate ourselves to it.

If it means believe myself unfortunate I don't have to solve a problem. That's what we do if it means David and Kevin and Ron will have to solve problems and that's what they do so we're constantly unblocking and you wouldn't notice or see that but hopefully it will just start to seem like we're doing more faster with less.

If it means believe myself unfortunate I don't have to solve a problem. That's what we do if it means David and Kevin and Ron will have to solve problems and thats what they do so we're constantly unblocking and you wouldn't notice or see that.

But hopefully it will just start to seem like we're doing more faster.

With Lasse.

This is the why.

Is the why.

We also try to protect our teams from non constraint activities. This is a remarkable if not subtle competitive advantage that our leadership teams and our management teams are focused on one goal and that we do everything in our power to protect that vigilant way for many distractions.

We also try to protect our teams from non constraint activities. This is a remarkable if not subtle competitive advantage that our leadership team and our management teams are focused on one goal and that we do everything in our power to protect that vigilant way for many distractions.

<unk> out there everyday slingo I S. Four is out there everyday language.

David is out there everyday language.

Four is out there everyday language.

It gets up in the morning goes to bed at night with the same focus not distracted by other parts of the system and frankly many of your peers are distracted by just those types of things Kevin explained in July it's on the technology front and deep well I mean deep is actually creating a new release.

He gets up in the morning goes to bed at night with the same focus not distracted by other parts of the system and frankly many of your peers are distracted by just those types of thanks, Kevin Slaney rely on the technology front and deep well and indeed is actually creating a new <unk>.

So the system has converged and now it's better synchronized and that enables speed, we measure speed speed is value.

So the system has converged and now it's better synchronizing that enables speed, we measure speed speed is value.

So Billy leaves the planning and operation of our system. He is our chief operating officer, and he'll provide better insight now on how we hope to have.

So Billy leaves the planning and operation of our system, He's our chief operating officer, and he'll provide better insight now on how we hope to have.

And hopefully that you'll have a better appreciation how we're set up to achieve these things how we approach these things and how we actually do these things so Billy if I can turn it back to you. Please.

And hopefully that youll have a better appreciation how we're set up to achieve these things how we approach these things and how we actually do these things so bill if I could turn it back to you. Please.

Thank you Corrado.

Yes, it's certainly a common misunderstanding I hear from some of them. Some investors that were running the series of unrelated businesses.

Yes, it's certainly a common misunderstanding I hear from some of them. Some investors that we're running this series of unrelated businesses.

So I'm even call it a strip mall.

We know it is not true, but I can understand why from the outside it might seem that way sometimes.

We know it's not true, but I can understand why from the outside it might seem that way sometimes.

So I hope we can share some more info today that will clear up any remaining confusion on these points.

I hope we can share some more info today that will clear up any remaining confusion on these points.

As Corrado just explained there is intelligent design behind what we're doing and how we're doing.

Everything starts with our goal to accelerate commercialization of Decarbonising hard technologies.

We're committed to pushing the boundaries of what's possible in this arena.

We're integrating frontier scientific discovery disciplined strategic planning and systemic management practices in one system.

We're integrating frontier scientific discovery disciplined strategic planning and systemic management practices and one system.

Aligned to meet the demand for commercial ready energy transition solutions today, and well into the future.

Our goal every aspect of our system.

Which begins with the Comstock platform.

Okay.

The platform is the core of our system.

The platform provides the shared services necessary to build a business like comstock metals, or Comstock fuels efficiently and quickly, including marketing accounting finance HR, removing these constraints from the technical people researchers engineers. So they can focus on what's most important.

The platform provides the shared services necessary to build a business like Comstock metals are comstock fuels efficiently and quickly, including marketing accounting finance HR, removing these constraints from the technical people researchers engineers. So they can focus on what's most important.

But the platform also provides the points of control and integration necessary to maximize shareholder value at Comstock, Inc.

These functions like strategic execution corporate strategy governance, and Investor Relations connect all of these activities.

Inside of these businesses back to our shared goal of Comstock, Inc.

Our platform these functions are foundational.

And theyre necessary towards reaching our goal.

But they are not sufficient either.

The Comstock commercialization process is implemented on top of the Comstock platform.

Our four stage commercialization process is designed to move technologies from idea to monetization in the shortest possible timeline, while controlling costs and controlling risks.

And stays one we innovate.

In stage, one we innovate.

This is a central function of Comstock it works across industry sectors and disciplines.

This is a central function at Comstock, it works across industry sectors and disciplines.

Our team seeks to identify problems that are worth solving.

Our team seeks to identify problems that are worth solving and then the major obstacles needing to be overcome.

And then the major obstacles needing to be overcome.

They develop experimental proof of concepts.

And they filed patents protecting our intellectual properties shortly after conception.

They also identify and collaborate with aligned third parties around the world to advance our technical goals.

The objective of stage, one is to advance new technologies, the technology readiness level three.

The objective of stage, one is to advance new technologies, the technology readiness level III.

Building a pipeline of qualified opportunities for us to move to commercialization.

In stage two we develop.

And when the technology moves to stage two.

This is when we established a dedicated team.

This is when we establish a dedicated team.

To both develop the technology and the business towards full commercialization.

This is when we moved to work from research labs to dedicated commercial facilities.

Yeah.

A key feature of our process at this stage.

Is that our R&D teams are integrated with engineers and technicians downstream to enable full stack processing equipment development all at once.

Is that our R&D teams are integrated with engineers and technicians downstream to enable full stack process and equipment development all at once.

With the objective of advancing the technology through TRL level six coming out of the valley of death that we've talked about many times before where technologies struggle to advance.

With the objective of advancing the technology through TRL level six coming out of the valley of death that we've talked about many times before where technology struggle to advance.

And stage three we engineer.

This is one we're building larger scale engineering models and demonstration systems.

Also when we look to secure all the necessary final regulatory approvals for commercialization.

It's also when we're validating demand with potential customers and securing early adopter agreements whenever possible.

And completing stage three we must demonstrated fully integrated full system operations.

This is the proof of technology readiness level seven.

The purpose of all of it is to get the stage four to activate.

Now very simply activate means monetization.

Monetization through one of many options we hold at the ready.

In some cases, we might own and operate facilities at commercial scale.

Some cases, we might own and operate facilities at commercial scale.

Some cases, we might develop projects.

<unk> services technology commercial services to third parties in exchange for fees in exchange for equity participation in exchange for license and royalty fees.

And finally.

In certain cases, we may look to spin out or sell businesses as they mature.

And every one of these cases.

We will optimize to maximize shareholder value creation.

We'll optimize to maximize shareholder value creation.

And to use the most optimal capital sources, we tend to do so.

So I hope to shed a little bit more light on what we're building at Comstock.

It helps to clear up some confusion.

This is our process. This is our system.

It's really one system working towards one goal.

Everything we're doing converges inside the Comstock system.

Comstock fuels contact metals Comstock mining all exist within this system.

Advancing through the commercialization process towards activation.

Supported by an integrated with the Comstock platform.

Yeah.

Now anyone out here today, who believes you only need a deep understanding of our subsidiaries to understand our company.

Is missing a really big part of the picture.

These businesses are the fruits of our labor we're extremely excited about what they will produce in the coming years.

But we are more proud of the engine for growth that we've built over the past two and a half years.

Our platform and our idea of commercialization system.

Our platform and our idea commercialization system.

Fuels metals, Jen, Matt and our AI driven mining business are the first proof of concept for the Comstock system. The first outputs.

Fuels metals, Genmab and our AI driven mining business are the first proof of concept for the Comstock system. The first outputs.

The system is the future.

This is only the beginning.

So for the rest of the time here today.

With this context in mind, we're going to look more into fuels metals and mining in more depth.

Then we're going to spend time talking about our innovation process, specifically in more detail than we ever have before.

Then we're going to spend time talking about our innovation process, specifically and more detailed than we ever have before.

Once again, we're going to a question and answer sessions after each topic.

Once again, we're going to have a question and answer sessions after each topic.

I am please send in your questions through the zoom that.

Please send in your questions through the zoom that.

Yes.

So lets get started by talking about Comstock fuels.

Corrado and I recently sat down with David <unk>, President of Comstock fuels for a deeper dive into recent accomplishments and future outlook for concept fuels.

Corrado and I recently sat down with David Windsor's, President of Comstock fuels for a deeper dive into recent accomplishments and future outlook for Comstock fuels.

Let's take a look.

Take a look.

Okay.

[music].

We made tremendous progress in 2023 Comstock fuels.

We made tremendous progress in 2023 at Comstock fuels.

What are the most meaningful developments for each of you though for me.

Three most meaningful.

Accomplishments for Us in 2023 was first we confirm that we get 100 G. G E gasoline gallon equivalents for every ton of wood Woody biomass that we process. So that was a major achievement for us.

Accomplishments for us in 2023 was first.

We confirm that we get 100 G.

<unk> gasoline gallon equivalents for every ton of wood Woody biomass that we process that was a major achievement for us.

To do that included our second most important milestone which is to prove that we can convert by OEM into fuel that accounts for almost half of the fuel half of that.

To do that included our second most important.

Millstone, which is to prove that we can convert by OEM into fuel that accounts for almost half of the fuel half of that.

<unk> number so we confirm that we can convert the by OEM, but that was another major milestone for 2023 in the third.

Was we hired a third party engineering company to develop a great model for us.

It's a unit of measure to determine the amount of C. O. Two that submitted for every Mega dual power. That's created so it's a unit of measure that Argonne National Laboratory developed and they score every industry corn ethanol has a model to well known described inputs and outputs, but they're all different they all have different locations.

Unit of measure to determine the amount of <unk> that submitted for every Mega Joule of power. That's created so it's a unit of measure that Argonne National Laboratory developed and they score every industry corn ethanol has a model to well known described inputs and outputs, but they're all different they're all our different locations different.

Access to corn, so theres scores vary from facility to facility, but they need the model in place to do that biodiesel renewable diesel also have established models, where new process. So we had to create our own carbon intensity model. So we've done that we provided all of these inputs to a third party engineering company that bill.

It does have a equivalent model for our process and our scores are outstanding.

A equivalent model for our process.

In our scores are outstanding.

For Cellulosic ethanol, we're seeing using default settings for biomass and distances traveled we see about a 15.

Cellulosic ethanol, we're seeing using default settings for biomass and distances traveled we see about a 15.

Ci score compared to corn ethanol to 70, so that's a huge improvement for cellulosic.

Score.

<unk> to corn ethanol 70, so that's a huge improvement for cellulosic.

And then we see a ci score of our bio them up about the same 15 or 16. So it validated that we have best in class carbon intensities and that was our third.

And then we see a ci score of our bio them are about the same 15 or 16. So it validated that we have best in class carbon intensities and that was our third.

Huge milestone for 2023.

Agree with David those those achievements were foundational, but bill I also found meaningful.

Agree with David those those achievements were foundational, but <unk> found meaningful.

Over the last year was the strength quality and speed of the partnerships and alliances that we forged when you consider the impacts of partners like branded fuel top so and marathon just to name a few and the value that they've already brought our extended system is enabling a disproportionately higher capability.

Over the last year was the strength quality and speed of the partnerships and alliances that before when you consider the impacts of partners like branded fuel top so and marathon just to name a few and the value that they've already brought our extended system is enabling a disproportionately higher capability.

We're achieving and are positioning ourselves to achieve so much more through this extended network and it's only going to grow there's so much more coming David the 100 gallons per tonne yield numbers. You mentioned are on a gasoline gallon equivalent basis and so this helps to facilitate comparisons to other technologies. It doesn't mean, we're making gasoline.

What about when we look at products, we can make specifically sustainable aviation fuel, where do we stack up there.

Yes, sustainable aviation fuel is a hot topic today, and we're very fortunate that there are other parties and other technologists, making great headway.

Yeah sustainable aviation fuel are a hot topic today, and we're very fortunate that there are other parties and other technologists, making great headway.

There are systems that are starting up in Q1 of 2024 to convert ethanol into jet fuel. So that's fantastic for us because we make a very green sugar that converts nicely into ethanol. So there's a direct path for our sugar to go to SaaS. That's very fortunate the other great thing is by OEM.

There are systems that are starting up in Q1 of 2024 to convert ethanol into jet fuel.

So that's fantastic for us because we make a very green sugar that converts nicely into ethanol. So there is a direct path for our sugar to go to SaaS. That's very fortunate. The other great thing is by OEM by OEM, the molecular structure of our by OEM wants to be.

By OEM, the molecular structure of our by OEM wants to be sought.

After we hydro treated it wants to be in the molecular weight.

Freezing.

And all of that all the qualities that are needed for jet fuel, we have and by OEM. So that was very nice for us once it became known that our technology was so versatile to the fuels that we could produce especially SaaS.

The market interest has frankly been overwhelming.

The Saf interest is global and we're engaged throughout the Americas, Europe, and now even with ease and inquiries for deploying our solutions and it's coming from nearly every part of the supply chain needing to produce SaaS. The timing here from a market perspective has been very very good for us I think one.

The Saf interest is global and we're engaged throughout the Americas, Europe, and now even with Asian inquiries for deploying our solutions and it's coming from nearly every part of the supply chain needing to produce SaaS the <unk>.

<unk> here from a market perspective has been very very good for us I think one of the most attractive features of this business is that we sit in the middle of the supply chain right. We connect all the feedstocks in new markets.

The most attractive features of this business is that we sit in the middle of the supply chain right, we connect old feedstocks in new markets.

So our customers could be forestry companies upstream fuel producers downstream or totally new entrance into the middle of the supply chain.

It's a great opportunity, it's a large addressable market.

It's a great opportunity, it's a large addressable market, where corrado what kind of challenges are we seeing selling into such a diverse market.

Our auto what kind of challenges are you seeing selling into such a diverse market.

Yes, I would.

Yes, I would say the biggest challenge right now and it's it's I think it's a challenge where we want it to be and we're having fun with it is tailoring our solution optimally.

Say the biggest challenge right now and it's it's I think it's a challenge where we want it to be and we're having fun with it is tailoring our solution.

Optimally.

Put differently customer by customer diversity of our technology and frankly, the solution based nature of our offering.

But differently customer by customer diversity of our technology and frankly, the solution based nature of our offering.

And enable a myriad of solutions for example, it enables robust forestry solutions, we have forced the company is looking to extend their capabilities using their feedstock Fox enabled by our technologies and every financial and environmental way it can enable pulp and paper mill solutions. It can any.

And enable a myriad of solutions for example, it enables robust forestry solutions, we have forced the company is looking to extend their capabilities using their feedstock.

Enabled by our technologies and every financial and environmental way it can enable pulp and paper mill solutions that can enable renewable fuel producers, who are blocked by insufficiency of feedstock, who desperately need that feedstock to grow and even fossil fuel producers who are desperately working to diversify into.

<unk> renewable fuel producers, who are blocked by insufficiency of feedstock, who desperately need that feedstock to grow and even fossil fuel producers who are desperately working to diversify into renewables. So we're solving for all of them real time you have to.

Renewables, so we're solving for all of them real time you have.

Take that another step further.

Our technology stack covers a lot of ground.

<unk> impact, we create value out of the cellulose hemicellulose and lignin the three components that make up all biomass.

So we can integrate into existing facilities, such as the pulp and paper companies that corrado minutes, they might have additional capacity for biomass they might be downsizing they might have.

So we can integrate into existing facilities, such as the pulp and paper companies that corrado meant they might have additional capacity for biomass they might be downsizing they might have.

<unk> strengths that we can work with to deliver more value out of that same infrastructure, they're focused on cellulose pulp for paper uses but for every ton of pulp or paper that they make we can create between 50 and 100 gallons of fuel that theyre not generating today, that's a tremendous added value to.

Constraints that we can work with to deliver more value out of that same infrastructure, they're focused on cellulose pulp for paper uses but for every ton of pulp paper that they make we can create between 50 and 100 gallons.

Fuel that theyre not generating today, that's a tremendous added value to their business.

Their business.

Likewise, Cellulosic ethanol has never really fully launched why because they too have only been focused on cellulose we can unlock the other value that's in the biomass from the hemicellulose and lignin.

At year end, we announced the expansion of our collaboration with Brent and fuel and that's going to include this development project in Sweden for fuel production.

Year end, we announced the expansion of our collaboration with <unk> and that's going to include this development project in Sweden for fuel production.

So we're expecting to see some more exciting developments coming out of the deal with Redfield later this year what else are you guys looking forward to in 2024.

So we're expecting to see some more exciting developments coming out of the deal with Redfield. Later this year what else are you guys looking forward to in 2024, let's start with you David Yes for me, it's expanding our existing pilot plant demonstration plant in Wausau, Wisconsin. So we've been.

Start with you David Yes for me, it's expanding our existing pilot plant demonstration plant in Wausau, Wisconsin. So we've been processing biomass for 10 years in Wausau, Wisconsin now, we're integrating the rent fueled process and hydro treating a <unk>.

Processing biomass for 10 years in Wausau, Wisconsin, now, we're integrating the <unk> fuel process and hydro treating a bio Liam to finished fuel. So from a same facility, we're going to not only pulp to make our three separate products, but we're also going to be able to produce ethanol.

Oleum to finished fuel so from that same facility, we're going to not only pulp to make our three separate products, but we're also going to be able to produce ethanol.

We're gonna be able to produce peripheral and we're gonna be able to produce bio Liam and convert that bio Liam into finished fuels. So we're expanding our facility.

We're going to be able to produce peripheral and we're going to be able to produce bio Liam and convert that by OEM into finished fuels. So we're expanding our facility.

And even further we're going to apply for EPA pathway approval for that facility at.

It helps us when it's time to apply for each.

It helps us when it's time to apply for each facility that we build thereafter, so we are going to apply for EPA.

Facility that we build thereafter, so we're going to apply for EPA.

Approval.

And another important factor.

<unk>, just we want to have more hours of run time, the more that we can operate the more reliable confident people become in our process.

<unk>, just we want to have more hours of run time, the more that we can operate the more reliable and competent people become in our process I agree like expanding our existing capability being able to more Brian unruh prove and demonstrate what we know we're able to do is only going to result in the pipeline.

Any like expanding our existing capability being able to more brown on the proof and demonstrate what we know we're able to do is only going to result in the pipeline and by owning projects growing and frankly that growth is going to quick and throughout the year and beyond as we look at our network of customers partners alliances along with this found.

By owning projects growing and frankly that growth is going to quick and throughout the year and beyond as we look at our network of customers partners alliances along with this foundational capacity.

Additional capacity, we're just going to keep growing it.

Just going to keep growing it it's going to it's going to some breathtaking Lasalle certainly not to us.

It's going to some breathtaking the song certainly not to us.

[music].

So up on the screen here.

We're just going to show off some of our accomplishments from last year and objectives for 2024 for Comstock fuels, you'll find all of these listed in the press release, we issued this morning.

And just wanted to.

Put them up on the screen here you can also find all of these slides on our website at <unk>, Inc.

Put them up on the screen here you can also find all these slides on our website at Comstock, Inc. Comstock Dot Inc. Slash investors.

Comstock Dot Inc. Slash investors.

For us the big takeaway here is that at the end of 2023 fuels made the transition out of stage two and into stage three in our process.

For us the big takeaway here is that at the end of 2023 fuels made the transition out of stage II into stage three in our process.

And in stage three we're really again focus on the demonstration technical and commercial these two major objectives focused on the revamped and upgraded pilot system, which will demonstrate fully integrated production at our R&D facility as well as early adopter contracts and agreements to stop.

<unk> development projects on multiple future commercial projects.

Development projects on multiple future commercial projects.

So in this case stage III is revenue producing we expect it to be revenue producing.

And with a real focus, though on enabling high impact monetization opportunities as we move into stage for in the future.

Corrado.

And anything else that yeah. Thanks, moving now just to just to reemphasize that the fuel teams focus is fully on enabling our customers right now with our existing solutions.

Ill step yes, thanks, moving now just to just to reemphasize that the fuel teams focus is fully on enabling our customers right now with our existing solutions.

Yes.

The fact that we're across the supply chain.

Fact that were across the supply chain.

I won't repeat all the pieces, but there is even there is even banzai governmental agencies pushing aviation fuel hubs, we're talking to that there is engineering firms.

You need all the pieces, but there is even there is even banzai governmental agencies pushing aviation fuel hubs, we're talking to that there is engineering firms.

Trying to enable.

New fuel solutions, they don't have the technology, we're talking to them.

So the real strong takeaway here is we're going to see at least two to three more engagements this year covering different major and I would say global footprint.

As we deliver these solutions into the market now as we get to the end of the stage three here and start looking forward to.

As we deliver these solutions into the market now as we get to the end of stage three here and start looking forward.

Stage four so if trevor can.

Page four so if trevor can.

Maybe give us some Q&A on fuels that would be outstanding Trevor. Thanks, Corrado, we will now open it up to Q&A. If you do have a question again, you can submit them in the Q&A module.

We will wait for the queue to develop.

Okay.

Alright, let's kick off with this one can you provide an update on the status of Comstock Doe grant or the build out of a pilot plant.

Alright, let's kick off with this one can you provide an update on the status of Comstock Eo grant for the build out of a pilot plant to produce a variety of renewable fuels in the United.

Produce a variety of renewable fuels in the United States as the grant money.

Dates as the grant money.

As grant money has the grant money come in.

As grant money has the grant money come in and.

And if not when and when will this system to be built.

Lee do you want take that one.

Kelly you want to take our analyst.

Yeah.

So just to give a little background on the project. We did we were awarded a grant from the department of energy Comstock fuels to look at developing a particular pathway.

And in this case would be using our technologies to process a fat created from the sugar thats generated from our cellulose.

And then integrate that downstream into our process. So the process. The project is expected to be a two and a half to three year project were in discussions with the Doe right now and looking to kick off phase one very soon.

Integrate that downstream into our process. So the process. The project is expected to be at two five to three year project were in discussions with the Doe right now and looking to kick off phase one very soon.

Funds come in as a reimbursement so theres not a not a check that we get and there is a process that we go through with that but it's important to note for everybody. We're doing this project with a number of partners most notably the University of Nevada at Marina, who was actually the technical partner, who will be building in conducting the piloting of this system.

Funds come in as a reimbursement so theres not a not a check that we get and there is a process that we go through with that but it's important to note for everybody. We're doing this project with a number of partners most notably the University of Nevada at Arena, who is actually the technical partner, who will be building in conducting the piloting of this system.

At the University of Nevada, Reno site.

And a lot of the funds will flow through to them as well, but we're very excited about the project and remain excited about the project and.

We are working closely with the department of energy to continue advancing it.

And are working closely with the department of energy to continue advancing it.

Thank you Billy.

Okay.

I would add while travelers getting you the next question.

Alright, I would add Trevor is getting the next question.

That's just another prong of innovation when we apply for the grant we were at over 80 gallons. We're now over 100 gallons with our own efforts. Our team is expanding multiple other innovation fronts in terms of higher yields and bigger breakthroughs.

That's just another prong of innovation when we applied for the grant we were at over 80 gallons. We're now over 100 gallons with our own efforts. Our team is expanding multiple other innovation fronts in terms of higher yields and bigger breakthroughs.

So it's just a very strong powerful example of our network be it Universe proceed Nevada Reno.

So it's just a very strong powerful example of our network be it.

Christine Nevada, Reno B at other universities other research labs, the government ourselves rents you all pushing the envelope continuously the innovation capability is much broader than our footprint.

Other universities other research labs, the government ourselves rents you all pushing the envelope continuously the innovation capability is much broader than our footprint.

And our internal footprint.

Thanks Corrado.

Gentlemen, if you can provide some light on the as we advance year from stage two to <unk>.

Gentlemen, if you can provide some light on the as we advance year from stage two to enter from stage three into stage four and continue to unlock value I mean can you pinpoint.

From stage three inter stage, four and continue to unlock value I mean can you pinpoint.

Yes.

The relevancy of revenue and contraction unlocking shareholder value and does that mean.

The relevancy of revenue and contracts and unlocking shareholder value and does that mean.

Revenues or does that mean, perhaps a step earlier then that around.

Revenues or does that mean, perhaps a step earlier than that.

Around those licensing agreements and development of the.

Round, those licensing agreements and development of the facility.

The facility and the relationship with these strategic partners.

<unk> ended the relationship with these strategic partners.

Okay.

I can just let me just start by saying, let me just start by saying that.

When we secure.

Customers when we secure partners. However, you want to think about the joint development of a biotech hub, which as I mentioned.

Customers when we secure partners. However, you want to think about the joint development of a biotech hub, which as I mentioned <unk> coming.

Are you coming.

You not only start generating revenue.

<unk> not only started generating revenue.

Which I would say is like maybe it's the least meaningful thing youre getting a monster industry player committing to your technology Youre getting a region committing to your technology youre getting validation through a process that we're.

Yes.

I'd say as like maybe the least meaningful say youre getting a monster industry player committing to your technology Youre getting a region committing to your technology youre getting validation through a process that we're getting paid for.

<unk> paid for and if anybody at that point and I understand that.

And if anybody at that point and I understand that we're not quite to that point, but anybody at that point does some simple math on the size of the market and the potential.

We're not quite to that point, but anybody at that point does some simple math on the size of the market and the potential.

Value.

Yes.

It is off the charts when people say Oh, you're undervalued, they're the people that appreciate the implication of that.

Obviously, we don't have enough people appreciating back, but as we secure these agreements the math will start to add up.

Obviously, we don't have enough people appreciating that but as we secure these agreements the math will start to add up.

And I think that will be hugely impactful.

Regardless of how much they're paying us theyre going to pay us, but it's going to be hugely impactful.

Regardless of how much they're paying us youre going to pay us, but it's going to be hugely impactful.

Yeah.

Okay.

Yeah look I think it's also worth adding on the fuel side.

Yes look I think it's also worth adding on the fuel side.

Biofuels this business is highly regulated.

Biofuel this business is highly regulated.

So Pat the process to get new fuel pathway approved.

So in the past the process to get a new fuel pathway approved.

It's not trivial it's a several year long process for Crown is talking about the customers that we're talking to you today. These early adopters, they're coming in they understand that right, they're coming in before that on purpose.

Not trivial to several year long process for crowd is talking about the customers that we're talking to you today. These early adopters, they're coming in they understand that they are coming in before that on purpose they've done their own due diligence they've done their own technical reviews, right everyone's coming in with the expectation that that will be a successful process otherwise.

<unk> done their own due diligence they've done their own technical reviews, right everyone's coming in with the expectation that that'll be a successful process otherwise you don't pursue it.

You don't pursue.

Right and when you compare us to other technologies out in the market.

And I see there is a question in there Trevor asking about this.

And I'd say, there's a question in there Trevor asking about this.

I think the one thing that is unequivocal right now that everyone's talking about department of energy is talking about at the White House is talking about it is the notion of biomass as the carbon source for fuel production.

I think the one thing Thats unequivocal right now that everyone's talking about department of energy is talking about at the White House is talking about it is the notion of biomass as the carbon source for fuel production.

And the reason is because you can achieve the lowest feedstock cost per equivalent barrel of fuel production right cheaper even than crude oil.

We're not trying to do something thats more expensive, we're trying to do something that's better and cost competitive in the long run that's where all of our innovations are aligned and that's what we're moving parts. When we talk about 60 gallons a ton to 80 gallons a ton to 100 gallons a ton.

We're not trying to do something thats more expensive, we're trying to do something that's better and cost competitive in the long run that's where all of our innovations are aligned and that's why we're moving so when we talk about 60 gallons a ton to 80 gallons a ton to 100 gallons a ton.

It's all about because we understand the theoretical maximum we know how much carbon is and that would and we're trying to convert all of that to fuel that's the future of the renewable fuel business.

It's all about because we understand the theoretical maximum we know how much carbon is and that would and we're trying to convert all of it to fuel that's the future of the renewable fuel business.

Now our proprietary process.

We go into zoom into this very very small universe of technologies that convert Woody biomass wood in the fuel.

<unk>.

No one has announced yields anywhere near what we can do because theyre generally using either one or the other part of the wood not a combined process to tackle both.

No one has announced yields anywhere near what we can do because they are generally using either one or the other part of the wood not a combined process to tackle both.

Yeah, and waste wood today is abundant and its renewable right. So it's a sustainable sufficient solution.

For auto and just on that point. If you can just talk about a little bit of the industry metrics related to the U S.

And just on that point, if you can just talk about a little bit of the industry metrics related to the U S.

And the lack of.

Output right now on the renewables.

Youre burning 230 billion gallons of liquid fuel and $3 billion.

I mean, a hair over a percent is alternative a biofuels.

I mean, a hair over a percent is alternative of biofuels.

Like I mean, the market is gigantic and the industry is barely scratched the surface they scratched the surface with vegetable oils.

Like I mean, the market is giganteum and the industry is barely scratched the surface they scratched the surface with vegetable oils.

Expenses.

Insufficient trained we shattered that paradigm right with Billy said, a low cost abundant sustainable solution that that frankly steps right in to the existing infrastructure.

Insufficient trained we shattered that paradigm right with most as Billy said low cost abundant sustainable solution.

That frankly steps right in to the existing infrastructure.

And the carbon intensity score it makes it that much more attractive yes.

And the carbon intensity score and makes it that much more attractive yes.

Yes, the vegetable oils are all the rage right 50 to 60.

Yes, the vegetable oils were all the rage or a 50 to 60.

As the carbon impact score carbon intensity score David just commented right 15 to 16, it's a game changer that that means more revenue.

As the carbon impact score carbon intensity score David just commented around 15 to 16.

As a game changer that that means more revenue.

That means better impact.

And look important just to restate so everyone's clear.

Right by OEM as an intermediate product that refiners, who use other feedstocks today to produce biofuels can replace their existing feedstock with so this notion of the low Ci score one of those refiners want they want the best price cost of the lowest Ci score for their feedstock.

That's the equation that the refiners operate with.

That's the equation that the refiners operate well in.

And that's what we're producing here with violin.

And that's what we're producing here with <unk>.

Yeah.

Okay.

Yeah.

Billy perhaps you can reiterate the funding mindset on these hubs.

Initial one moving into many.

Fairly aggressively over the next.

Earnings years.

And we will look as we mentioned in the video right. We've got a solution here for the middle of the market right and we see our role much more as technology provider and partner to producers now that could be producers, who control feedstock today, who want to produce a higher value product with it an intermediate they can sell to fuel producers. It also can be fuel producer.

Well look as we mentioned in the video right. We've got a solution here for the middle of the market right and we see our role much more as technology provider and partner to producers now that could be producers, who control feedstock today, who want to produce a higher value product with an intermediate they can sell the fuel producers. It also can be fuel producer.

Who say I want to go directly to this new source of feedstock for old source of feedstock wood and converted into a bio intermediate that I can use in my process, but we think in all these cases, it's much more likely that we are the partner for the project developer technology developer and helping to bring these projects to market. This is a new space.

As you say I want to go directly to this new source of feedstock for old source of feedstock wood and converted into a bio intermediate that I can use in my process. We think in all these cases, it's much more likely that we are the partner for the project developer technology developer and helping to bring these projects to market. This is a new space.

For fuel producers. This is a new space for forestry companies. They are looking for partners with expertise and that's why we're getting the traction we're getting today.

At this stage for development projects everyone's working from the same position and looking for the right partners to achieve big things. These are all going to be big projects. These hubs.

Refinery scale projects.

And David David has recognized leader.

David David has recognized leader.

Our customers or potential customers our target customers.

Our customers are potential customer with our target customers.

They wanted to they want they want David at the table, helping to solve their problem we have the solution.

They wanted David they want they want David at the table, helping to solve their problem we have the solution.

Okay.

Yeah.

So to wrap up on this Corrado you mentioned earlier Youre looking for two to three more engagements this year.

So to wrap up on this Corrado you mentioned earlier.

Looking for two to three more engagements this year.

Can you just touch on that before moving onto the next segment.

Can you just touch on that before moving on to the next segment, Yeah. I mean, we're knee deep we're knee deep in it with them.

Yeah, I mean, we're knee deep we're knee deep in it with them.

We're iterating proposals.

Where we're iterating proposals.

As I said in the video the versatility of our solution makes it fun because it doesn't matter to Bill's point, if it's a forestry company if its a pulp and paper company if its a refiner.

As I said in the video diversity of our solution makes it fun because it doesn't matter to Bill's point, if it's a forestry company if its a pulp and paper company if its a refiner.

We have a we have the piece of the solution that enables the whole supply chain and we have an intimacy with the whole supply chain now this system. That's being created this network of partners. This network of customers becomes also sell self fulfilling.

If someone has feedstock and wants to.

If someone has feedstock and wants to retire.

Bio intermediaries, we can if we can link it to offtake if someone is desperate for off take we can link it to buy intermediate production and feedstock and Thats whats happening like every day. So I think it's real time I think we'll have a lot of fun.

Bio intermediaries, we can if we can link it to offtake if someone is desperate for off take we can link it to bio intermediary production and feedstock and Thats whats happening like every day. So I think it's real time I think we'll have a lot of fun.

Giving updates on this throughout 2024.

Thanks, guys.

Billy back in your court.

Yeah, let's let's turn our attention now to Comstock metals.

Yeah.

Let's turn our attention now to Comstock metals.

The metals team has been working furiously as Carl mentioned today.

The <unk> team has been working furiously as Carlo mentioned today.

Open up the first commercial photovoltaic power recycling facility of ours in northern Nevada.

So crowded and I recently sat down with Dr. Fortunato pneumonia president of Comstock metals to explore the his group's recent accomplishments and discuss what's coming next let's watch.

So crowded and I recently sat down with Dr. Fortunato Lamonte President of Comstock metals to explore the his group's recent accomplishments and discuss what's coming next let's watch.

Okay.

[music].

It's only been a year now since fortunato joined us and we're already starting up the first demonstration facility. So corrado, let's talk about how speed factored into the decision to focus on solar panel recycling for this first deployment.

I would certainly say speed is the single most relevant factor speed speed of decision, making speed of execution and the speed of our operations or our throughput. If you will our metals team recognize the solar market the fastest and we quickly pivoted our system from batteries to photovoltaics and established a first mover advantage.

I would certainly say speed is the single most relevant factor speed speed to decision, making speed of execution and the speed of our operations or our throughput. If you will our metals team recognized the solar market the fastest and we quickly pivoted our system from batteries to photovoltaics and established a first mover advantage.

With the only Nevada based zero landfill through.

With the only Nevada based zero landfill.

Through end of life solar panel solution servicing this region and we need to stay fast and we need to keep that advantage by replicating in deploying those facilities across the broader market. Yeah. This first mover advantage is excited and we need to capitalize on it.

Through end of life solar panel solution servicing this region and we need to stay fast and we need to keep that advantage by replicating in deploying those facilities across the broader market. Yeah. That's first mover advantage is excited and we need to capitalize on it.

Fortunately I don't want you walk us through your plans to ride the front of the wave as this market grows.

I don't want you walk us through your plans to ride the front of the wave as this market grows.

Based on what you've done so far we've developed a very deep understanding of the market and how it's segmented.

We're actively working on and further developing the plans.

Actively working on and further developing the plans.

To address each of these segments.

We're going to get maybe repetitive on the issue of speed is of the essence, but I can't emphasize the fundamentals that as to what we're doing and based on that we're going to begin the site.

We're going to get maybe repetitive on the issue of speed is of the essence, but I can't emphasize the fundamental bet as to what we're doing and based on that we're going to begin the site selection and permitting process for multiple facilities simultaneously.

The selection and permitting process for multiple facilities simultaneously.

This future opportunity is exciting market is growing rapidly.

But I don't want to discount how meaningful completing this first facility is I mean this is a true production facility.

So fortunate auto let's talk about what the reception from the market has been to your early progress we have seen tremendous response across all segments, whether it's utilities, whether it's the O&M groups that manage the solar fields.

The solar fields.

The consulting engineering group collectors retail recyclers, the entire gamut and our original plan.

Was to have enough commitments firming from customers to be able to commission and start up of the demonstration facility.

It's to have enough commitments from them from customers to be able to commission and start up the demonstration facility.

And at this point, we've gone well beyond that we have commitments that take us to almost solely up that facility to the point, where now we're quoting business to create a pipeline for the first industry scale facility that we're planning so that response has been beyond our expectations.

And at this point, we've gone well beyond <unk>, we have commitments that take us to almost filling up that facility to the point, where now we are quoting business to create a pipeline for the first industry scale facility that we're planning so that response has been beyond our expectations.

I'd like to just reiterate I mean.

I'd like to just reiterate I mean, we have a fully permitted facility.

We have a fully permitted facility.

We are currently commissioning our plan as we speak and we're receiving truckload after truckload of solar.

We are currently commissioning our plant as we speak and we're receiving truckload after truckload of solar.

We may just have set a record in terms of going from the idea of photovoltaics to production to revenue look the execution to date, it's been really remarkable.

So as we look forward to 2024.

What are the major objectives for this year that you guys are tracking and that our investors can be looking for.

At a high level for 2024, we're going to continuously operated demonstration facility.

Produce offtake materials signed customers for it.

Produce offtake material find customers for it.

And basically build that that distribution base for the offtake.

We are in the process and we'll continue to negotiate.

Long term key contracts with our suppliers.

We will virtually complete the permitting for the first industry scale facility by the end of the year.

That's our plan and we have begun and will continue to plan for the next three facilities beyond that.

No our recycling process works, well, especially in eliminating contaminants and the demonstration facility will further allow the team to refine and fine tune the fastest cycle times for the next industry scale facility.

Methodical with the first facility is already paying off in terms of working out the kinks and designing the most sufficient.

Methodical with this first facility is already paying off in terms of working out the kinks and designing the most efficient.

<unk> scaled version of that next facility and then were certainly looking forward to <unk>.

<unk> scaled version of that next facility and then we're certainly looking forward to may.

Maintaining capitalizing our first mover advantage in accelerating into all the regions, where we see mass quantities of end of life panels being sourced from we must we must really physically position. These facilities close towards the solar panels are to advantage ourselves and capture the lion's share of this incredible.

Maintaining capitalizing our first mover advantage in accelerating into all of the regions, where we see mass quantities of end of life panels being sourced from we must we must really physically position. These facilities close towards the solar panels are to advantage ourselves and capture the lion's share of this incredible.

Market opportunity.

[music].

So as you can hear in that discussion with fortunate auto.

<unk> metals is fast approaching the end of the stage three and getting ready to enter stage for this year activation speed has certainly been a factor here.

You know the main legs of the plan here.

The main legs of the plan here.

Complete the commissioning operation and demonstration at this facility, we say to her technology readiness level seven is really six months of continuous operation at scale and that's what we're going for here, but.

Complete the commissioning operation and demonstration at this facility, we say technology readiness level seven is really six months of continuous operation at scale and that's what we're going for here, but additionally, as we covered quite a bit growing this market, adding supply sources, finding new locations and starting to entitle.

But additionally, as we covered quite a bit growing this market, adding supply sources, finding new locations and starting to entitle those locations to get ready for growth is a big part of what we're doing this year, it's all about positioning us for the maximum value creation opportunities as we come into stage for later this year.

Those locations to get ready for growth is a big part of what we're doing this year.

It's all about positioning us for the maximum value creation opportunities as we come into stage for later this year.

Corrado what else you want to add.

So what else do you want to add.

I'll, just say that now that the demonstration facility is permitted and all of the components of the supply chain are established and soon to be fully operating.

I'll, just say that now that the demonstration facility is permitted and all of the components of the supply chain are established and soon to be fully operating we're seeing more supply than capacity that we permitted to store and processes. So again.

Seeing more supply.

<unk> capacity that we permitted to store and processes. So again.

24 is all about the speed that we can expand the system increase the extent of our supply agreements and grow the capacity.

Four is all about the speed that we can expand the system increase the extent of our supply agreements and grow the capacity.

So when.

So.

When we think about Paramount and we remember that we do we see some questions coming up about this we do receive revenue and cash upfront from these tipping fees, we've already received nearly $100000 and penalties and we just are now getting production started.

When we think about.

And we remember that we do see some questions coming up about this we do receive revenue and cash upfront from these tipping fees. We've already received nearly $100000 in penalties and we just are now getting production started.

Also metals has an extremely low operating expense and a very very low relative capital expenditure.

And generally overall at least for the time being very very little competition.

Which is what really enables us to take a commanding lead in the market that first mover first mover advantage and why we hustled so fast to do that now we need to keep doing it.

So we're going to deploy facilities very quickly three or four very quickly you know.

So we're going to deploy facilities very quickly three of four are very quickly.

In the next couple of years couple of three years and the storage for those sites even quicker than that.

Allows us to start bringing in materials again being paid upfront.

How's us to start bringing in materials again being paid upfront.

So so this thing it could easily be financed at the project level.

It could quickly become self financing with.

It could quickly become self financing.

With this negative carry of cash which is which is very positive. So travel I don't know if you want to pull up some questions. Please on metals.

No.

Any questions you all may have on the metals business are welcome. Please do so submit them in the Q&A module.

Any questions you all may have on the metals business are welcome. Please do so submit them in the Q&A module will kick off with a couple of here that came through.

We will kick off with a couple of here that came through.

Can you comment on how abundant waste panel feedstock is in the United States.

Yeah I'll I'll.

Yeah.

Start with that look we think that there was about 100000 tons that came out of the market last year.

We've seen some.

We've seen some action.

Sections that put that number to 1 million tons in the U S.

By 2030.

It's interesting, though that some of those analyses are still based on calculations and assumptions. These panels are going to last 20 years to 25 years. We know that's not true they are coming out of the market now after 12, 13, 14 15 years faster.

It's interesting, though that some of those analyses are still based on calculations and assumptions. These panels are going to last 20% to 25 years. We know that's not true they are coming out of the market now after 12, 13, 14 15 years faster.

That would argue that some of those numbers are low.

So we're right in the thick of it now.

First pass.

Is that the panels are coming to us quick here than we anticipated. The good news is our facility is permitted with storage, but I'll tell you right. Now we are submitting for expanded storage because it's coming faster than we even thought it was coming so I think.

Is that the panels are coming to us quicker than we anticipated. The good news is our facility is permitted with storage, but I'll tell you right now we're submitting for expanded storage because it's coming faster than we even thought it was coming so I think.

Frankly extremely pleased about where.

Frankly extremely pleased about where how we're positioned we will we're making a market in some respects here because we are the first.

How were positioned we will we're making a market in some respects here because we are the first.

Now net zero solution for these panels.

Net zero solution for these panels.

But what we're also getting a sense that the market is even bigger than we first analyze so where we're going to stay ahead of that and just move as quickly as we can.

But what we're also getting a sense that the market is even bigger than we first analyze so work we're going to stay ahead of that and just move as quickly as we can.

Thank you Corrado.

You anticipate the second quarter to be the first quarter Comstock metals expects initial revenues and can you comment on deferred versus realized revenues Oh, yeah. That's a good question. So so the way it works is when we see.

You anticipate the second quarter to be the first quarter Comstock metals expects initial revenues and can you comment on deferred versus realized revenues.

It's a good question. So so the way it works is when we see the.

Truckload of panels.

Truckload of panels, which we have received many already.

We're seeing many already when we receive a truckload of panels. There we record, we debit cash or cash receivable on that invoice right upfront and we.

We've a truckload of panels.

We record.

Cash or cash receivable on that invoice right upfront.

And.

We credit deferred revenue.

The accounting convention will be that once we process the material.

And create.

The residuals be it you know gray mass scrap steel aluminum or silicon glass. Those are the three sort of categories. Residuals. Then we would then record the revenue from the balance sheet to the P&L if that makes sense.

The residuals be it gray.

Gray mass scrap steel aluminum.

Our silicon glass. So they are the three sort of categories. Residuals. Then we would then record the revenue from the balance sheet to the P&L if that makes sense.

Okay.

Yeah.

A lot of questions on the economics.

Lot of questions on the economics.

Perhaps 1 billion or Corrado can you talk about.

<unk> ability or Corrado can you talk about.

Further insight on the specs and outcome here with the demonstration and leading into industry scale facility.

I'm sure the stakeholders would appreciate at least some high level knowledge of at least some clarity.

Sure the stakeholders would appreciate at least some high level knowledge of at least some clarity.

The economics moving forward, yes, let's go to the question about sort of what's the cost to build the industrial scale facility and what are the economics look like you know we're going to be a little coy on this because we do have competition in this market and.

The economics moving forward, yes, let's go to the question about sort of what the cost to build industrial scale facility and what are the economics look like.

We're going to be a little coy on this because we do have competition in this market and.

And it's developing quickly, let's say pricing is volatile.

And it's developing quickly, let's say pricing is volatile so when I will share his death.

What I will share is this the cost to build our full scale facility crowd are referred to as low let's call that a eight figure number.

Cost to build our full scale facility crowd are referred to as low let's call that a you know eight figure number.

The important point here is the payback on that.

Conservatively before we even start thinking about recovery just thinking about what we're getting paid to take panels and work cycle Bob.

Conservatively before we even start thinking about recovery just thinking about what we're getting paid to take panels and work cycled down.

Is two years often lessen some models. So this is a very quick turnaround is a relatively low capex, it's a very quick payback.

Is two years often lessen some models.

This is a very quick turnaround is a relatively low capex. It's a very quick payback and for that to occur the economics have to be very good obviously.

And for that to occur the economics have to be very good obviously.

That said I do think we're going to be somewhat opaque about this for the next probably several years as the market matures and develops but you'll start seeing the results at the bottom line later this year.

I do think we're going to be somewhat opaque about this for the next probably several years as the market matures and develops but youll start seeing the results at the bottom line later this year.

Yeah, Yeah, and once we get once we get a few months of operation the predictability will go up even better.

Yeah, Yeah, and once we get once we get a few months of operation. The predictability will go up you know even better but I will add that the contracts that are being signed are at or better than what we were expecting.

I will add that the contracts that are being signed are at or better than what we were expecting.

So that's very good news and if the cost come in how we planned them.

So so that's very good news and if the cost come in how we've planned down.

It's a fraction of that right. So we'll be very excited about our cash generation and to Billy's point the speed at which it returns is absolutely key.

It's a fraction of that right. So we'll be very excited about our cash generation and civility point.

Feed it which it returns is absolutely key.

And it's fast.

It's fast.

Would you say the site that you decide on for future industry scale facilities is going to be based on the relationships you establish with feedstock providers.

Yeah. So our first maybe to clarify one point our demonstration facility is on the same site.

As the first industry scale facility is expected to be so we have a 7000 square foot facility wanting to move.

As the first industry scaled facility is expected to be so we have a 7000 square foot facility wanting to move.

Anywhere from 50 to 100000 square feet sitting available right on the same site.

So so so that's that's what's being discussed right now with the regulators for for another series of permits it's very convenient.

So so that's that's what's being discussed right now with the regulators for for another series of permits it's very convenient.

It's very easy.

Very.

Easy logistically for scaling up what four channels really talking about now is the neck and it's incredibly well located in northern Nevada.

From the California border. So so we love the first.

The site if you will it's not a hub I was going to say hub first site.

Site. If you will it's not hub I was going to say hub first site.

The next 234.

The next 234 will be in close proximity to other sources of solar panels.

We will be in close proximity to other sources of solar panels.

Southern Nevada as attractive areas.

Nevada is attractive.

Arizona is attractive remember that substantial majority of our solar fields sit in the southwest region of the United States. So that the only place in the United States, but it's certainly the biggest place in the United States. So that's kind of a near term feel for those the closer we are.

Arizona is attractive.

Remember that substantial majority of our solar field sit in the southwest region of the United States, if not the only place in the United States, but it's certainly the biggest place in the United States. So that's kind of a near term feel for those the closer we are to the sort of <unk>.

<unk> to the panel the more cost competitive will be because logistics is irrelevant variable.

Panel the more cost competitive will be because logistics is irrelevant variable.

Yeah.

Today, they deliver the materials they are paying for the logistics and then they pay us. Additionally to take the panels closer we are to them unless they have to pay us. So I'd love to have to pay for logistics the more competitive we are with alternatives.

Today, they deliver the materials they pay for the logistics and then they pay us. Additionally to take the panels closer we are to them and the less they have to pay us. So I'd love to have to pay for logistics the more competitive we are with alternatives.

From a competitive landscape.

There are.

Certainly a limited amount of players out there.

Processing solar panel I think some are at 95% 90%.

Maybe you can talk about high level.

What you guys envision from a usage of landfills here moving forward.

Sure so right.

Sure so.

Right now that's really the only.

Right now that's really the only buyer.

Viable alternatives as landfills.

Buyable alternative as landfills.

I mean I'm not sure if I understand the question, but we in other words the other competitors in the space, perhaps are still required to use landfills Comstock I believe declined mistaken is.

I mean I'm not sure if I understand the question, but we in other words the other competitors in the space, perhaps are still required to use landfills Comstock I believe declining mistaken is.

Looking to use zero landfill.

Yes, some of our competitors don't have a full cycle.

Reuse.

All of the materials, we do right. So that's why we say zero landfill, we have for both sides. So from a from an environmental perspective.

The materials, we do right. So that's why we say zero landfill, we have for both sides. So from a from an environmental perspective.

We don't there's no question that our mindset that we're the best solution that also makes us more cost efficient, even if we're not getting recovery.

There's no question that our mindset that we're the best solution that also makes us more cost efficient, even if we're not getting recovery.

But to <unk> point, we're now moving forward into recovery, we expect to recover all of the materials and get some residual value for that as well.

And so so you know.

And so so.

As we position ourselves this way we should just see.

A shift in market share from the landfills to us there will be some competition. There are some competitors that aren't fully recycling you're correct. There are some competitors that recycling is just a subset of them trying to refer finished materials. That's a different business for us we don't see them as competitors.

A shift in market share from the landfills to us there will be some competition. There are some competitors that aren't fully recycling. You are correct. There are some competitors that recycling is just a subset of them trying to refer British materials, that's a different business for us we don't see them as competitors.

So so it's it's robust.

Can you comment on storage capacity.

Yeah. So there is there there is a constraint so as storage capacity per foot, we are fully operating universal waste facilities.

Yeah. So.

There is a constraint so the storage capacity per foot.

Fully operating universal waste facilities.

Has to be separate from the site.

So we are in it but that's the bad news. The good news is that it's very it's relatively simple.

So we are but that's the bad news the good news is that it's very it's relatively simple.

To permit those storage is in and around the site with batteries.

To permit those storage is in and around the Si with batteries.

Little more complicated because of the volatile all combustible nature of the materials of solar panels. It's not so you can in a relatively short cycle.

A little more complicated because of the volatile all combustible nature of the materials of solar panels. It's not so you can in a relatively short cycle.

In a relatively short cycle permit additional storage, which is what we're doing right. Now are our nuance is that our current facility is taking solid waste not universal waste and so it's allowed to be stored right on site and that's even more convenient.

In a relatively short cycle permit additional storage, which is what we're doing right. Now are nuance is that our current facility is taking solid waste not universal waste and so it's allowed to be stored right on site and that's even more convenient. So I think from our perspective, we will have the best of both worlds, we just need to move move now.

From our perspective, we will have the best of both worlds, we just need to move move now we didn't we expected.

We didn't we expected.

Demand and of course, but it's higher than we thought so we're now moving faster for storage.

Yeah.

Maybe said differently.

Separately permitting.

Just storage sites will be faster much faster than permitting a processing facility.

Just storage sites will be faster much faster than just than permitting a processing facility.

Would you do would you be able to describe the suppliers that you are already getting inquiries from <unk>.

Would you would you be able to describe the suppliers that you are already getting inquiries from commercial versus residential and are there differences in size and type of panels.

Commercial versus residential.

And are there differences in size and type of panels.

So and Corona.

Let me.

Go ahead, Bill sorry, Yeah, Let me, let me take that so.

Go ahead, I'm, sorry, Yeah, let me, let me take that so.

I think it's because I think it's a good question and I think everyone should should should hear this closely there's really two main segments of customers for this business.

I think it's because I think it's a good question and I think everyone should should should hear this closely there's really two main segments of customers for this business here right.

There's the on one end of the spectrum, the large scale utility scale solar deployments like large solar fields in the southwest providing power to the utilities.

There's the on one end of the spectrum the large scale utility scale solar deployment, so a large solar fields in the southwest providing power to the utilities and.

Can think about them as being in a constant state of upgrade.

And you can think about them as being in a constant state of upgrade.

Every week, they're replacing panels, but have fallen below their efficiency threshold and generating waste.

Every week, they're replacing panels that are fallen below their efficiency threshold and generating waste.

The second group are.

The second group.

The solar installers, so and that includes residential commercial industrial whatever it may be we don't really differentiate but the guys were getting hired to install solar panels and in almost every case theyre tearing out old solar panels to install new ones.

The solar installers, so and that includes residential commercial industrial whatever it may be we don't really differentiate but the guys who are getting hired to install solar panels and in almost every case they are tearing out old solar panels to install new ones.

This is the segment that our supply is coming from today or our agreements are getting signed primarily we're having early stage and mid stage conversations with the utility scale guys, but these contractors who are doing the installation doing the replacement of panels.

Our auto now daily basis, sending us request for bids for jobs that they're bidding right, where we're the sub who's going to be the disposal side of their proposal.

Our unearned now daily basis, sending us requests for bids for jobs that they're bidding right, where we're the sub who is going to be the disposal side of their proposal.

And it's gotten to the point now after a few months of doing this that we've had to start being selective as to which of these bids we respond to it because the volume is much larger than we thought coming from the whole region.

And it's gotten to the point now after a few months of doing this that we've had to start being selective as to which of these bids we respond to because the volume is much larger than we thought coming from the whole region.

Well said.

Yeah.

Okay.

Yeah.

You touched on a lot already but is there anything in particular that you think would expedite the process on the industry scale facilities.

We're now because of our prerequisite was to get the demonstration scale facility permitted it up and running.

We're now because our prerequisite was to get the demonstration scale facility permitted and up and running.

No we're not.

No enough.

The process to start permitting.

About the process to start permitting.

Industry scale facility, even if we don't have the final engineering, even if we don't have the final design certainly in Nevada.

So so we are we are moving forward and we're also moving forward on permitting for site per site storage is as I mentioned to you. So we don't we don't have.

There are prerequisite to finishing that work.

But there are not prerequisite for starting that work. So we're tackling some of the longer lead time items right out of the chute here.

Of course.

Of course [laughter] Commission.

Commissioning of the existing facility hiring plant manager.

Getting all the staff in place, it's all going extremely well, we're gonna be crushing next week as far as.

Getting all of the staff in place, it's all going extremely well, we're gonna be crushing next week as far as.

I expect you know from what I saw yesterday, it's really great.

Gentlemen, thank you Billy on to you for the next segment.

Excellent.

Yeah.

Okay.

So one of the true highlights of 2023 for me was the successful launch of the Gen. One hyper spectral imaging satellite.

So one of the true highlights of 2023 for me was the successful launch of the Gen that one hyper spectral imaging satellite.

This singular event.

Has significant implications for our mining business for Comstock, but also for the broader global mining industry.

Corrado and I recently sat down with <unk> Prasad, the founder and CEO of Genmab to explore the challenges he had to overcome to get here and the next steps towards realizing this opportunity. Please watch.

I don't I recently sat down with <unk> Prasad, the founder and CEO of Genmab to explore the challenges he had to overcome to get here and the next steps towards realizing this opportunity. Please watch.

Okay.

[music].

Deep first off congratulations on the successful launch of Gen. One in Q4 last year, what an amazing accomplishment.

Let's talk about the current status of Jen, Matt one and a little bit about what the roadmap looks like as you bring the system up.

Let's talk about the current status of Gen, one and a little bit about what the roadmap looks like as you bring the system up.

Hey, Billy Thanks, so much for that so on a roadmap right now for the first half of this year, we're going to spend a completely on ensuring our testing and calibration of the actual camera and the physics AI works out so there's a number of different technological components, we've innovated along the way we.

Hey, Billy Thanks, so much for that so on a roadmap right now for the first half of this year, we're going to spend a completely on ensuring our testing and calibration of the Asheville camera and the physics AI works out so there's a number of different technological components, we've innovated along the way we <unk>.

Weighted on the mission control software.

<unk> innovated in terms of the actual geophysics based AI models that will make sense of the hyper spectral data and then we've also innovated in taking all of that and combining it with our material science related technologies. So that we end up establishing a very powerful and sophisticated network.

<unk> innovated in terms of the actual geophysics based AI models that will make sense of the hyper spectral data and then we've also innovated in taking all of that and combining it with our materials science related technologies. So that we end up establishing a very powerful and sophisticated network.

Fact of innovations and technologies that leads to product and offerings that are unique and competitive in the market. So first half of this year is to finish laying out and connecting all the groundwork.

In fact of innovations and technologies that leads to product and offerings that are unique and competitive in the market.

First half of this year is to finish laying out and connecting all the groundwork.

And then the next half of this year will be spent on making net new predictions that we will then go and ground truth on the Comstock Lode and these predictions we will.

Extract from a physics AI discipline.

Extract from our physics AI discipline.

I'm not sure that most people truly appreciate when an extraordinary effort and accomplishments. This really was the fact that 10 met bill and unprecedented empower capability and security satellite and imager integration that also interfaces with their AI, it's truly a first of a kind.

I'm not sure that most people truly appreciate when extraordinary effort and accomplishments. This really was in fact that genmab bill and unprecedented.

Our capability and security satellite and imager integration that also interfaces with their AI, it's truly a first of a kind.

Systems capability, if you will attend that facilitated and successfully achieved both the technical accomplishments the hardware the software and frankly, the stringent regulatory requirements for such a powerful hyper spectral imaging.

Systems capability, if you will that Jim that facilitated and successfully achieved both the technical accomplishments the hardware the software and frankly, the stringent regulatory requirements for such a powerful hyper spectral imaging.

Requiring additional internal software programming cryptography things that Jen Matt had to do that would have left most teams dead on arrival the.

Requiring additional internal software programming cryptography things that Gen that had to do that would have left most teams dead on arrival. This solution will be very difficult to replicate and if you consider the AI interface.

The solution will be very difficult to replicate and if you consider the air interface.

Nearly impossible for quite a long long time, we really don't see anyone integrating all of these technologies into one solution.

Really impossible for quite a long long time, we really don't see anyone integrating all of these technologies into one solution.

Absolutely Corrado in fact, just to kind of add some more color to some of the technical challenges and regulatory challenges that we had to overcome.

<unk> in fact, just to kind of add some more color to some of the technical challenges and regulatory challenges that we had to overcome to put up the spirits satellite.

To put up the first satellite.

During the process of putting a remote sensor into space, if it's pointing at Earth.

During the process of putting a remote sensor into space, if it's pointing at Earth and Youre in America or your American company to be more exact.

And you are in America, or your American company to be more exact.

You have to apply for a new license.

So Noah will essentially work with the other three letter agencies to figure out what requirements should go into your satellite what licenses should be given to it if any any restrictions and so on and so forth with use of it.

So Noah will essentially work with the other three letter agencies to figure out what requirements should go into year satellite what licenses should be given to it if any any restrictions and so on and so forth with few submit.

So it's in this process of acquiring or newer license that no. Other gave us a specific tiered license that mandated a specific kind of encryption on all of our sub systems now this tiered specific tier that they applied.

They are excited because of the resolution of our satellites historically over the past few decades satellites of our resolution, we're far larger and have far greater computation capacity as a result to implement these encryption protocols. So we had to get scrapping and figure out how do you actually implement these encryption schemes into the sub.

Are they excited because of the resolution of our satellites historically over the past few decades satellites of our resolution, we're far larger and have far greater computation capacity as a result to implement these encryption protocols. So we had to get scrapping and figure out how do you actually implement these encrypted schemes into the <unk>.

Systems, so that the government is satisfied and that was a great very fruitful challenge with solving because it also meet our system far more robust.

Our systems, so that the government is satisfied and that was a great very fruitful challenge with solving because it also meet our system far more robust.

Our technologies as a result.

Our safer.

Our safer Lincoln thing Corrado once people got the system live.

I can say Corrado once people got the system live.

Let's talk about how we're planning to optimize contract mining assets using this technology.

Let's talk about how we're planning to optimize Comstock mining assets using this technology.

Our mining teams are extremely focused on significantly expanding our Dayton gold and silver resources.

Our mining teams are extremely focused on significantly expanding our D in gold and silver resources and <unk>.

Even delivering an expanded I'll call. It breakthrough mine plan and even breakthrough in mine planning.

And when I say breakthrough I mean across the spectrum breakthrough financially environmentally and socially.

It's going to be stunning and it's going to be different than what I believe anyone has ever seen to do this so we not only need to think differently. We also need broader and better data data on topography geology geophysics, even the structural integrity.

Surrounding the mine and the mine potential that Jen Matt one provides for us, but we also need geophysics based AI and the collaboration between Comstock technical team and Genmab technical team to solve for all of the above this is how we're really going to optimize.

For our assets.

We're all excited about the opportunity for the Dayton.

Deep, let's talk a little bit about the path for commercializing to the broader global mining industry beyond Comstock. So when it comes to commercializing the technology and products that we're developing here beyond Comstock. The plan is to essentially onboard a couple of additional customers during our trial.

<unk> as we are working with Comstock, so that we introduced more geographical diversity into the kinds of data our physics AI has seen the more case studies of seeds and more accurate predictions will be across the border in more general use cases and sample studies. So the plan is that as we pilot.

As we're working with Comstock, so that we introduced more geographical diversity into the kinds of data our physics AI has seen the more case studies at <unk>. The more accurate predictions will be across the border in more general use cases and sample studies. So the plan is that as we pilot.

Our project and our product with the gym at one combined with our physics AI.

As we pilot it with our first alpha and beta customers, including Comstock.

What we're going to do is also worth with Comstock jointly in a separate commercialization effort.

What we're going to do is also work with Comstock jointly in a separate commercialization effort, where we're going to start marketing these products and services to the greater market, we're going to scale up the production throughput of our satellites and we're going to start funding the.

We're going to start marketing these products and services to the greater market, we're going to scale up the production throughput of our satellites and we're going to start funding the.

Additional sort of new development of next generation sensors that will just drop the feel completely and that would be the quantum sensors.

Additional sort of new development of next generation sensors that will disrupt the field completely and that would be the quantum sensors. So theres number of things that would be coming up but the most important thing for us in commercialization is ensuring that we can find strategic mining companies, but all the way from junior mining companies too.

So theres number of things that would be coming up but the most important thing for us in commercialization is ensuring that we can find strategic mining companies, but all the way from junior mining companies to the majors, who are willing to adopt this new technology quickly.

The majors, who are willing to adopt this new technology quickly.

Out of both the desire for growth and out of a fear of not being obsolete. It. So we're going to reach out to those individuals' first.

Out of both the desire for growth and out of a fear of not being obsolete. It. So we're going to reach out to those individuals.

And really just scale rapidly and try to capture as much market as fast as possible, yes, I concur I mean, it's it's extremely exciting.

And really just scale rapidly and try to capture as much market as fast as possible, yes, I concur I mean, it's extremely exciting.

The conversations that even I that genmab Comstock are having on collaborating this new business model for servicing the broader mining industry Comstock is foundational as Dave mentioned as the base case comps.

The conversations that even I that Jenn Mann Comstock are having on collaborating this new business model for servicing the broader mining industry Comstock is foundational as Dave mentioned as the base case comps.

Comstock and Jen Matt together, we believe can be an industry game changer.

So we have a lot of exciting things coming here in the next few years looking specifically into 2024, what are the major objectives you are looking at.

So some of the objectives that were looking at doing in 'twenty 'twenty four is testing and validating our end to end pipeline from capturing and down linking data from our Jen Matt one satellite imagery.

So some of the objectives that were looking at doing 'twenty 'twenty four is testing and validating our end to end pipeline from capturing and down linking data from our Gen. One satellite imagery.

All the way to applying our physics AI to that data and making predictions that we will then go and validate with Comstock as our ground truth.

All the way to applying our physics AI to that data and making predictions that we will then go and validate with Comstock is our ground truth.

The next half of this year, we want to spend and what we're really looking forward to is making net new predictions with our physics AI and then ground choosing that on the Comstock as well as with any other customers that we onboard as part of our pilot program I agree with D. We're definitely looking forward to scan.

<unk> MST.

We're definitely looking forward to scanning the district and incorporating the intelligence derived from those images into a new machine learning AI based model for the day and this will support the establishment of the next generation mine plan, but also reclamation plans and even post for Dr.

The district and incorporating the intelligence derived from those images into a new machine learning AI based model for the day and this will support the establishment of the next generation mine plan, but also reclamation plans and even postpone.

<unk> uses for the Dayton area.

We're also already in great discussions with deep and Jen Matt how we can collaborate on this new business model of the future of mines. If you will for servicing the broader mining industry together Comstock as a critical base case, but.

I can Jim that together I feel it's a it's really an industry game changer.

Uh huh.

So you can see there was a tremendous effort getting us to where we are today.

But still this is at its early stages.

Now we're coming out of this first innovate phase and into the developed there. So there's a lot of different pieces to this effort.

Now we're coming out of this first innovate phase and into the developed place there's a lot of different pieces to this effort.

And we really track sort of on the macro level, but everything is going to come together.

And a lot to unpack in that video.

And certainly it will be available to rewatch on our website.

There's two main efforts here.

Proving this technology using the Dayton and.

Proving this technology using the Dayton and developing the commercial strategy to deploy the technology, but there is also expanding the Dayton resource developing with Kratos, calling the breakthrough mine plan for the future and.

Hoping the commercial strategy to deploy the technology.

There is also expanding the Dayton resource developing with Kratos, calling the breakthrough mine plan for the future and.

And both of these are equally important efforts to us that are going on simultaneously.

Cryo.

Corrado.

Yes, Thanks, Phil I won't I won't repeat some of what I said on that slipped where D, but I would emphasize.

Yes.

I won't I won't repeat some of what I said on that flip where D, but I would emphasize.

Size.

Because we've even heard it.

From other sites, where you know what what's the big deal about having hyper spectral imaging.

From other slides.

What's the big deal about having hyper spectral imaging.

First of all I don't want to dismiss that we believe we have one of the most powerful hyper spectral and insurers.

You know in orbit, but but it's not that it's the whole integration of the system from from mission control. The command center capability, which I reviewed last weekend with with Deeps operations team.

In orbit, but but it's not that it's the whole integration of the system from from mission control The command center capability.

I reviewed last weekend with with Deeps operations team.

The data analysis and most importantly, the algorithms the geophysics based AI. If you will no nobody has that nobody has it period, let alone integrated.

The data analysis and most importantly, the algorithms the geophysics based AI if you will.

Nobody has that nobody has it period, let alone integrated into solution, where you can you can service a customer think of Comstock first as a customer you know.

Into solution, where where you can you can service a customer think of Comstock first as a customer.

To be able to advance their mineral exploration discovery, so much more efficient way, but then taking it beyond that into them into the broader market. So no.

To be able to advance their mineral exploration there mineral discovery.

So much more efficient way, but then taking it beyond that into into the broader market. So no.

I think that it's on track, it's it's in some ways.

Head of what we thought because the integration the complexity the capability is more than we.

Head of what we thought because the integration the complexity the capability is more than one.

We even originally understood there was going to be so I would say, let some let's move over to questions Travis pick out some of the mining or the gym that side.

We even originally understood there was going to be so I would say, let some let's move over to questions Travis peak out some on the mining or the <unk> side.

That's good.

Please submit it to the Q&A module questions on Jen, Matt and ore mining asset.

We will start off with what is gen match competitive landscape as it relates to mining.

We'll start off with what is gen match competitive landscape as it relates to mining.

Yeah.

Let me start you know when it comes to <unk>.

Let me start now when it comes to <unk>.

I think I think everyone appreciates this right how new are a frontier artificial.

I think I think everyone appreciates this right how newer frontier.

Artificial intelligence.

Intelligence.

And for most intensive purposes, all everyone's heard about is large language models. So.

And for most intensive purposes, all everyone's heard about as large language models.

So we've only seen a couple of Taro TRL one type.

So we've only seen a couple of TRL TRL one type.

Papers about simulating materials to understand that Genmab six moving to seven right with its ability to simulate a materials and it's the same AI that deep just referred to that is now expanding from physics, and chemistry and quantum mechanics and geophysics.

Papers about simulating materials to understand that Genmab six moving to seven right with its ability to simulate a materials and it's the same AI deep just referred to that is now expanding from physics, and chemistry and quantum mechanics and geophysics.

So we don't we don't know of anyone that has that capability what.

What we do know and what we're hearing from the mining industry.

What we do know and what we are hearing from the mining industry.

Is that they hit a brick wall and so far as it relates to new mineral discoveries. So let me knock off a couple of the questions that I can anticipate.

They hit a brick wall and so far as it relates to new mineral discoveries. So let me knock off a couple of the questions that I can anticipate.

Genmab is using Comstock as a base case, Comstock isn't Epithem mall gold and silver mining district.

Jen Matt is using Comstock as a base case, Comstock isn't epithem, all gold and silver mining district.

But jen Matt will expand to other metals to other minerals and as Steve said, the more customers and the more input just like any other pay off the more robust and expansive the.

But jen Matt will expand to other metals to other minerals and as Keith said, the more customers and the more input just like any other pay off the more robust and expansive.

The solution is but right off the bat the power of the hyper spectral imagery is going to go with them Chemistries that you cannot see with the naked eye or even most of the advanced equipments that exists today. So you can immediately provide value to a customer.

The solution is but right off the bat the power of the hyper spectral imagery is can ish or them chemistries that you cannot see with the naked eye or even most of the advanced <unk>.

Equipments that exists today. So you can immediately provide value to our customer.

Sure.

As information and data that they can't get otherwise, but I think the ultimate advantage is that how do you then filters through that data how do you then.

With information and data that they can't get otherwise, but I think the ultimate advantage is that how do you then filters through that data how do you then.

See what can't be seen it its a lot of data it requires a tremendous amount.

Of course power that a human brain can't process.

So so I don't I don't.

I know, it's arrogant to say your peer list, but we don't see the competition.

It's arrogant to say your peer list, but we don't see the competition.

Yes, let me just add like for avoidance of doubt what we're doing in mining here is one application of Jen, Matt really foundational breakthrough work on the physics AI side with one.

Yes, let me just add like for avoidance of doubt what we're doing in mining here is one application of Jen, Matt really foundational breakthrough work on the physics AI side.

It's one potential application its one application, we're activating or you're doing it because of the robust dataset. We have at our fingertips that can be used today right larger unless other work requires a lot of experimental work a lot of generation of data you are deep talks about publicly on a regular basis that the real Roe.

One potential application its one application, we're activating or you're doing it because of the robust dataset. We have at our fingertips that can be used today right a lot of Genesis. Other work requires a lot of experimental work a lot of generation of data you are deep talks about publicly on a regular basis that the real roadblocks.

Block the constraint to AI develop it as high quality data, especially when it comes to physics AI right and this is an application where we have the data set is a perfect match to activate what he has done so far what they've done over the last several years, which is tremendous and really start to highlight it in a way to our investors as well as the rest of the public what's possible here.

Constraint to AI development as high quality data, especially when it comes to physics AI right and this is an application where we have the datasets a perfect match to activate what he has done so far what they've done over the last several years, which is tremendous and really start to highlight it in a way to our investors as well as the rest of the public what's possible here.

So we have not encountered anyone else who's.

So we have not encountered anyone else who.

On the foundational work of deepest done to now activate into the sector.

On the foundational work of deep has done to now activate into the sector.

<unk> points out.

Not the same as people, saying I have hyper spectral data and I'm going to do something in the mining industry.

And Billy to that point, I mean, I think it's accurate to say that youre not looking to be hyper spectral imaging satellite operator correct.

Listen, it's certainly not the business model, it's not the primary focus right. I think you know deepest prepared to do so if necessary. However, it's a means to an end right collecting aggregating securing acquiring data that can go into the AI to be processed into this business.

Listen, it's certainly not the business model, it's not the primary focus right. I think you know deepest prepared to do so if necessary. However, it's a means to enhance dry collecting aggregating securing acquiring data that can go into the AI process in this business.

So whatever the most effective way to acquire that data is and how this business will grow.

So whenever the most effective way to acquire that data is and how this business will grow.

Yes.

Address another question Trevor is that the satellite is obviously an orbit right the speed at which it orbits.

The address another question Trevor is that the satellite is obviously in orbit.

The speed at which it orbits.

It gives it remarkable.

Wingspan right in terms of what it can scan the the ground link has been established the camera is functional like all systems are green. Okay. We have not yet started scanning right. We've developed a mission control we've developed a mission control software we developed the communication protocols.

Wingspan right in terms of what it can scan the.

The ground link has been established the camera is functional like all systems are green. Okay. We have not yet started scanning right. We've developed a mission control we've developed to mission control software, we developed the communication protocols and as soon as all of that is finalized and test then we'll start scanning.

And as soon as all of that is finalized and test then we'll start scanning. So when someone asked the question is sadly operational yet everything's operating everything's green, but we havent yet.

So when someone asked the question is is the satellite operational yet everything is operating everything's green, but we havent yet.

Hold it to scan in the district.

That'll be the next the next exercise.

So you talk about that you can't be precise on exactly when Jen, Matt will initiate revenues, but that the.

Youre advancing faster than you expected and at least one commercial agreement is is likely in 2024 can you elaborate please yeah, absolutely. So Jen Matt I think I mentioned I, usually I keep using the term you know industry.

Youre advancing faster than you expected and at least one commercial agreement is.

Likely in 2024 can you elaborate please yeah, absolutely. So Jen Matt I think I mentioned I use the <unk> using the term.

Industry, leading so that's that's a pretty remarkable term in this space.

Industry, leading so that's a that's a pretty remarkable term in this space.

But they're they're engaged with industry leading.

But yeah, there they're engaged with industry leading.

Material companies and recognizable names for certain they're engaged with governmental entities right and they are engaged even with super technical startups right engage means.

Cereal companies recognizable names for certain they are engaged with governmental entities right and they are engaged even with super technical startups right engage means.

Conversations about commercial use of Gen. Max technology. So we were certain there'll be one this year, we think there'll be multiples this year across that spectrum and I think it's interesting similar to fuels. We know what we can do we can represent what we can.

<unk> about commercial use of <unk> technology. So we were certain there'll be one this year, we think there'll be multiples this year across that spectrum and I think it's interesting 700 of fuels.

We know what we can do we can represent what we can do the market will be sceptical until credible third parties.

Do the market will be sceptical until credible third parties corroborate it so.

Corroborate it so.

Unintentional Wei Jen Max sitting right, where fuels is in that regard once they start.

You know signing those agreements can be indicating.

Signing those agreements can you, indicating though.

Those relationships I think a lot will happen, including.

Those relationships I think a lot will happen, including <unk>.

Jen Matt raising capital.

Matt raising capital.

From you now.

You know.

The most sophisticated.

And the most sophisticated.

Segment of the venture capital markets.

And.

Call It <unk>.

And AI market that.

A market that we can.

We can't imagine being more robust than it is now sort of from a timing perspective. These things are very nicely falling into place some of the some some things like that you can't plan. So you don't take it as it comes okay timing is good.

But.

It's the same for fuels like we're sitting into incredibly explosive markets.

It's the same for fuels like were sitting into incredibly explosive markets.

See what else we have here.

Some of them have someone was asking a question about our team you know the mining team.

Someone was asking a question about our team the mining team and I think we alluded to it but our.

And I think we alluded to it but our.

Mining engineer are.

Mining engineer our minds.

Mine geologist are our team on the ground is fully intact and fully working.

<unk> geologists are our team on the ground is fully intact and.

And fully working.

We're monetizing you see week, we did the lease last year or monetizing some of the northern properties, we're expanding and developing the southern properties and are our mining professionals. It's it's like similar to innovation, we have a small sale team there, but they are working their butts off.

We're monetizing you see we we did the lease last year or monetizing some of the northern properties, we're expanding and developing the southern properties and are our mining professionals. It's like similar to innovation, we have a small sales team there, but they are working their butts off.

It might be a good segue.

Thanks Al.

Thanks, Tom.

[laughter].

Billy passenger to you.

Excellent.

Hello, because we review at the beginning.

Innovation for US is the first step in our process.

And our dedicated innovation team makes up foundational components of the Comstock system.

And our dedicated innovation team makes up foundational components of the complex system.

So to this end, we're going to share more with you about this in detail crowd and I recently sat down with Kevin Chrysler, Our Chief Technology Officer, who leads our innovation team.

Let's talk about both the why and how of innovation at Comstock Android.

Yeah.

[music].

We have a lot of exciting projects in the fuels metals and mining businesses and our innovation team has made some pretty significant contributions to those efforts.

But that seems going even further there.

But that seems going even further.

They're really pushing the boundaries of what's possible with Decarbonising technology.

They are really pushing the boundaries of what's possible with Decarbonising technology.

Talk for a minute about how we're balancing resource allocation between these current commercial projects in the future possibilities. Yeah. I mean, our strategy is really to prioritize the most meaningful market problems. When it comes to be carbonization, and they're constrained, but all the ones that we can solve and dedicate the best thing.

Let's talk for a minute about how we're balancing resource allocation between these current commercial projects in the future possibilities. Yeah. I mean, our strategy is really to prioritize the most meaningful market problems. When it comes to de carbonization, and they're constrained, but all the ones that we can solve and dedicate the best thing.

<unk> to that solution.

Not only sustains our pipeline of big innovations it hasn't it keeps us two or three steps ahead, and our latest developments most of which are not yet known to the market intentionally our innovation team is science based technical yet with an eye on how to feasibly and practically solve the big problems.

It's not only sustains our pipeline of big innovations. It hasnt it keeps us two to three steps ahead, and our latest developments most of which are not yet known to the market intentionally our innovation team has signed space technical yet with an eye on how to feasibly and practically solve the big problems.

It's a very different skill set to our commercialization teams probably the biggest reason most innovation teams fall short when you commercialize it or don't have big enough are sufficient enough breakthroughs.

Very different skill set to our commercialization teams probably the biggest reason most innovation teams fall short when you commercialize it or don't have big enough are sufficient enough breakthroughs, we effectively we have a team working on hero zero to three.

We have a seal team working on hero zero to three.

They are fighting a very focused more on what is blocking the solution.

But they are fighting a very focused more on what is blocking the solution and they also have allies. Unlike many organizations.

And they also have allies. Unlike many organizations we internally.

We internally.

Pride ourselves on facing the hardest reality.

It's staying objective and aspiring to get to know as fast as possible.

Staying objective and aspiring to get to know as fast as possible.

We search the world for ideas and our teams are proud to disprove something even their own ideas.

We search the world for ideas and our teams are proud to disprove something even their own ideas. So.

So we can kill the know.

So we can kill the no.

And focus on the yes.

There we more no in.

There we more no.

In the equation then yes. It is rent deal was yes, Dan that was a yes.

And the equation then yes is benfield was yes, Jen Matt with a yes.

It makes us so much faster and more effective.

It makes us so much faster and more effective that's absolutely right.

Absolutely right.

Commercializing our technologies with material scale from conception to mature market adoption requires deterred with innovation at every level.

Arterial six by only in fuels plus what was already proven to be capable of remarkable games.

<unk> <unk> bio and fueled sportswear was already proven to be capable of remarkable games.

The remarkable throughput extremely low carbon intensity is.

Remarkable throughput extremely low carbon intensities.

We have several projects underway to increase those benefits right now ultimately pursue vertical replacement for fossil crude.

We have several projects underway to increase those benefits right now ultimately in pursuit of renewable replacement for fossil crude that would accelerate mobility.

Would accelerate mobility.

Global mobility to zero.

Ah well enlisting in and incentivizing stakeholders throughout the supply chain.

Well interesting and incentivising stakeholders throughout the mobility supply chain.

We're also developing new innovations at Taro, one to two with extraordinary prevent the potential for systemic global peak organization outside of mobility.

We're also developing new innovations at Taro wanted to with extraordinary prevent the potential for systemic global peak urbanization outside of mobility.

And finally, we're we're constantly managing our IP portfolio to establish and strengthen our freedom to operate in each of our businesses in total we're probably about a third time for each area.

And finally, we're we're constantly managing our IP portfolio to establish and strengthen our freedom to operate in each of our businesses in total we're probably about a third Bert on for each area. So Kevin as you think about that innovation side, the new projects looking to the future.

Kevin as you think about that innovation side, the new projects looking to the future.

How we select those projects, how we pick the right technologies I can have a big influence on success or failure of those projects. How are you assessing all the opportunities and zeroing in to select the ones we spend our time on.

No environmental game can should or would happen without the corresponding economic gain so.

So we look for where the.

What are the sources of those.

What are the sources of growth.

So the admissions what are the sources of waste what are the sorts of efficiencies.

So the emissions what are the sources of waste what are the sorts of efficiencies.

That is corrected could stimulate significant.

Profitability is significant gains in throughput for all stakeholders.

Profitability significant gains in throughput for all stakeholders.

So if you look at global mission say about 25% of our emissions are coming from mobility.

So if you look at global missions today about 25% of our emissions are coming from mobility.

45% from energy.

Steel and cement or another 15, persistent water ammonia and industrial chemicals or the final 15%.

Steel and cement or another 15% water ammonia and industrial chemicals, where the fire final 15%.

It's not a big list.

And if you look at each industry each each component of each industry at the bottom of each supply chain or at some point in the supply chain you've got losses that are created.

And if you look at each industry each component of each industry at the bottom of each supply chain or at some point in the supply chain you've got losses that have created inefficiencies that are created.

Deficiencies are created.

Those points.

That's the lowest common denominator are ultimately driven by existing design assumptions around existing flows of natural resources. When you want to look at that and you want to target that I can say what happens what if right. If we change from one feedstock to the next for example, mobility. The vast majority of the infrastructure that we need to Decarbonize is already there.

At the lowest common denominator are ultimately driven by existing design assumptions around existing flows of natural resources. When you want to look at that and you want to target that I can say what happens what if right. If we change from one feedstock to the next for example, mobility. The vast majority of the infrastructure that we need to Decarbonize is already there.

It's built.

We simply change the feedstock from fossil fuels to a drop in bio winterized fuel that is that is the.

We simply change the feedstock from fossil fuels to a drop in <unk> derived fuel that is that as the provide.

<unk> provides the economic and environmental benefits that we're going after.

And with that approach, but we believe the nuclear world is capable at rates that are far faster than anyone is talking about today.

And with that approach and we believe and that's where the world is achievable at rates that are far faster than anyone is talking about today.

Terms of the naval historic wealth creation for our shareholders and other stakeholders our selection process and approach is really not for the faint of heart. We're relentless in how we face reality, how we surface. These complex the obstacles and the constraints, we're constantly challenging assumptions to scientific method.

Terms of enabled historic wealth creation for our shareholders and other stakeholders our selection process and approach is really not for the faint of heart. We're relentless in how we face reality, how we surface. These complex the obstacles and the constraints, we're constantly challenging assumptions to scientific.

At a logical approach that most of the planned exhausting I think when we have created a culture internally here that finds it invigorate.

Logical approach that most of the planned exhausting I think when we have created a culture internally here that find that invigorate.

It's how we assess ideas projects and frankly partners.

They're not aligned are able to work in this manner transparently always facing the most difficult conflict or the biggest obstacle that moves everything forward. Then we have to move on as it wouldn't sustain to recur. So we resolve these conflicts continuously real time every single day internally and with our customers.

Or are we just stop it if it doesn't meet our objectives. We just stop at this resulted in us achieving an incredible amount.

<unk> seen less resources and for US, it's only going to go faster, but corrado, let's dive into that point.

<unk> seen less resources and for us, it's only going to grow faster, but corrado, let's dive into that point.

Currently we have three full time staff on our innovation team, including Kevin.

Yeah.

But if you look at their project portfolio you might think we have several dozen people here. So like really how are we doing so much with this lean team Mike talk more about this process yes.

But if you look at their project portfolio you might think we have several dozen people here. So like really how are we doing so much with this lean team Mike talk more about this process.

Seven could even be more specific but I will tell you that our planning and our thinking process is focused on our finite capacity.

Kevin can even be more specific but I will tell you that our planning and our thinking process is focused on our finite capacity.

We actually want to be constrained by the innovation process and although that may some counterintuitive, it's true if.

We actually want to be constrained by the innovation process and although that May sound counterintuitive, it's true if.

If we truly understand that the rate the speed. If you will that we can effectively innovate is how we truly generate the most possible value for our enterprise.

If we truly understand that the rain the speed. If you will that we can effectively innovate is how we truly generate the most possible value for our enterprise.

And we.

Realize that we must subordinate to that process to the innovation function to the place that maximizes throughput from those finite resources and always think about how we can practically elevate.

Spanned accelerate that precious capacity first of all we don't waste it on other things.

Finance or legal or even business development, where many others can do those tasks.

Man or legal or even business development, where many others can do those tasks.

Second we're laser focused on what's needed for the big problem for the Big solution, that's really what kevin's leading for us.

Again.

We're laser focused on what's needed for the big problem for the Big solution, that's really what's kevin's leading for us.

Yeah, no absolutely we were starting with the team a core team of three people wherever we operate.

No absolutely we were.

We're starting with the team a core team of three people wherever we operate we operate we're very lean very efficient about it because of because of our affiliations with universities and other partners to bring the TD additional teams and the additional infrastructure required to regard to manage.

We operate we're very lean very efficient about it because of because of our affiliations with universities and other partners to bring the TD additional teams and the additional infrastructure required to regard to manage.

A number of projects simultaneously.

There are projects simultaneously.

But we're able to move very quickly through the go no go points with that infrastructure in place. We're also using where we had anticipated.

To move very quickly through the go no go points.

With that infrastructure in place. We're also using what we had anticipated.

Uh huh.

Or are.

The impact of artificial intelligence on agitation experimentation.

The impact of artificial intelligence or navigation experimentation.

Analytics.

An elevation of technology through milestone and they're going to go into a go points are and where we're active in and using the AI that we have access to well genmab is developing a future tool that would all be greatly greatly.

An elevation of technology through milestone and they're Gonna go no go points, alright, and we're active in and using the AI that we have access to while Jen Matt is developing a future tool that would only greatly greatly.

Hum add to both in terms of the rate of our innovation the rate at which we're able to develop the.

Add to both in terms of the rate of our innovation the rate at which we're able to develop the new a new.

New are new.

New ideas and elevate them up there not the TRL scale, but also the scope.

New ideas and that we elevate the TRL scale, but also the scope.

Uh huh.

Yes.

Yeah.

So I hope that gives you some better insight into not just how we think about innovation, but how we execute around innovation.

Now if you recall from my slides earlier innovations the first phase of our commercialization process.

Now if you recall from my slides earlier innovations the first phase of our commercialization process and it's a central point of convergence for ideas and the Comstock system.

The central point of convergence for ideas and the Comstock system.

It's critical to our continued growth in fact, it is our growth engine.

Critical to our continued growth in fact, it is our growth engine.

Corrado please jump in with any final thoughts.

Oh, please jump in with any final thoughts.

Yeah, no. Thanks Bill.

Thanks Bill.

Yeah.

Innovation, Alright, I wanted to know did narrow at home right innovation.

Innovation, Alright, I wanted to know does narrow at home right innovation.

And as the engine right.

Yes, the engine right.

It dictates the speed that we can commercialize and the best quarterly right value to our shareholders Bray.

Dictates the speed that we can commercialize and best correlate right value to our shareholders.

Breaking through on 100 gallons per ton of wood for by always having a physics based.

Breaking through on 100 gallons per per ton of wood for by only having a physics based.

Hi.

Being able to process solar panels and eliminate all these contaminants to have a zero solution.

But it has to keep going right to the innovation team has to stay ahead of the engineering and the commercialization we can't ever fall behind it will affect how we improve our existing systems, how we we get closer to the theoretical maximum carbon in our in our wood to fuel.

But it has to keep going.

The innovation team has to stay ahead of the engineering and the commercialization, we can't ever fall behind it will affect how we improve our existing systems, how we we get closer to the theoretical maximum carbon in our in our wood to fuel.

It'll it'll it'll allow us to have new breakthroughs for new solutions. So.

It'll it'll allow us to have a new breakthroughs for new solutions. So.

We have this aligned clear thinking.

Seo team if you will that's extended by partners by universities by governments by other companies, where we just have a common goal and we're working to the same and.

<unk> team if you will that's extended by partners by universities by governments by other companies, where we just have a common goal and we're working to the same and.

And then ultimately supercharging it with physics based AI I mean, that's really that.

And then ultimately supercharging it with physics based AI I mean, that's really.

It's really the why Jen Matt answer to the question. That's that's really where we put our money where our mouth is innovation is the heart and soul of the system.

That's really the why Jen Matt answer to the question. That's that's really where we put our money where our mouth is innovation is the heart and soul of the system.

We are and that's who we're becoming and it's ultimately who we always want to be when you. When you really just think about for a minute.

Who we are and that's who we're becoming and it's ultimately who we always want to be when you. When you really just think about for a minute.

Top comparative blush, what Jen Matt has done already for <unk>.

Comparative blush, what Jen Matt has done already for less than $15 million, It's a testament to how our system plants things and execute.

Less than $15 million, it's a testament to how our system plants things and execute.

So when when named validate when they go out and raise money this year to validate.

So when when they validate when they go out and raise money this year to validate.

What other people say about their tech and what value what dollar value. They put on it I think our credibility will will go up dramatically I think a recognition of our value.

What other people say about their tech and what value what dollar value. They put on it I think our credibility will will go up dramatically I think a recognition of our value will go up dramatically. So I think at this point you know Trevor you can just.

<unk> will go up dramatically. So I think at this point you know Trevor when you can just open up to any remaining overall questions you know.

Often up to any remaining overall questions you know that.

That are at our leftover or not yet addressed.

At our at our leftover or not yet.

Dressed.

Okay.

Well I'll first say, thank you for everybody's patience, we've actually kept a strong number of participants.

Attendees in this in this presentation. So thank you all.

Opening up the questions here as a whole.

I'll kick off with this first one.

I'll kick off with this first one can you address comstock mindset around dilution.

Can you address comstock mindset around dilution.

And different strategies related to funding future growth across the system.

Yeah, Billy do you want to you want to go or you want me to go either way.

Yeah, Billy do you want to you want to grow you want me to go either way.

Yes sure.

Well look I mean, I think dilution is a is a weird word right people use it swung it around for different reasons, you know I hope what you saw here today, what everyone saw it as it is we're in growth mode. We're in growth mode across the platform. We've established a platform for growth and were executing for growth.

Well look I mean, I think dilution is a is a weird word right people use it swung it around for different reasons you know.

What you saw here today, what everyone saw it as it is we're in growth mode. We're in growth mode across the platform. We've established a platform for growth and we're executing for growth.

Every one of these projects is going to need additional capital to reach the goals, we've set out for it but we're hyper focused on efficient sourcing of that capital.

And the nature of these businesses being focus on specific target industries, they're set up to raise funds directly at the subsidiaries now I think general have to kind of edge case, it's an interesting one but it's a good object lesson right. Jim that is going to go out into the market and raise capital this year, whereas up until this point, we've been their sole source of capital.

And the nature of these businesses being focused on specific target industries, they're set up to raise funds directly at the subsidiaries now I think John and I have to kind of edge case, it's an interesting one but it's a good object lesson right that's going to go out into the market and raise capital this year, whereas up until this point, we've been their sole source of capital.

And we're very focused on establishing Comstock metals contract fuels in that same kind of position, where we can start to bring strategic capital in to fund projects specifically towards outcomes, we're enabling at Comstock, we talk about bringing technology through the valley of death, it's called the valley of death.

And you know, we're very focused on establishing Comstock metals contract fuels in that same kind of position, where we can start to bring strategic capital in to fund projects specifically towards outcomes, we're enabling at Comstock, we talk about bringing technology through the valley of death, it's called the valley of death.

Because it's hard to fund in that Middle stage, that's really what we're doing here, we're pushing things, we're killing the nose as quickly as possible, we're managing the risk and we're advancing the good stuff passed that point. So that we can attract capital at that subsidiary level for every single one of these businesses and I think we'll see it is as we talk about commercialization of metals.

Does it is hard to fund in that Middle stage, that's really what we're doing here, we're pushing things, we're killing the nose as quickly as possible, we're managing the risk and we're advancing the good stuff passed that point. So that we can attract capital at that subsidiary level for every single one of these businesses and I think we'll see it is as we talk about commercialization of metals will be.

Yeah good point.

Good point, right, where you can see us doing this in real time.

Where you can see us doing this in real time.

You know if theres, a certainly a possibility that if we have abundant cash we would fund that ourselves, but we're actively looking for the opportunities in the market to fund at the project level there as well.

Corrado.

And I think that.

And I think that the.

The evolution as all of them as we're moving into you know stage four as we're moving into production with metals as we're commercializing with fuels as Jim That's commercializing. This conversational change we respect that the market typically isn't.

Evolution.

As all of them as we're moving into a stage four as we're moving into production with metals as we're commercializing with fuels as Jim That's commercializing. This conversational change we respect that the market typical.

Isn't a show me mode. So we're going to show the market right, where we don't change the pace at which we're commercializing for any of these reasons, that's right, where we're going as fast as possible and if people really compared us to a two others you would see it's growing faster.

Isn't a show me mode. So we're going to show the market, where we don't change the pace at which we're commercializing for any of these recent strike, we're going as fast as possible and if people really compared us to two others you would see it's going faster.

Oh now I understand.

Now I understand.

Understand that.

Some people expect us to be further along we also expect to be further along but what we're focused on sufficiency like we're focused on getting their best and staying there forever.

Some people expect us to be further along we also expect to be further along but what we're focused on sufficiency like we're focused on getting there.

Fast and staying there forever.

So that's how we're doing it.

How were doing it.

And I agree, where we're allocating capital to huge opportunities and we're doing it very efficiently I think someone used the term cash strapped like I don't I'm not cash strapped I could I could change that tomorrow I don't have any anxiety about access to capital what why don't we do it because we are.

And I agree, where we're allocating capital to huge opportunities and we're doing it very efficiently I think someone used the term cash strapped like I don't I'm not cash strapped.

I can change that tomorrow, I don't have any anxiety about access to capital while why don't we do it because we are sensitive to the value. That's been recognized to date, we would much rather commercialize funerals commercialized Jen Matt see those things happening.

Sensitive to the value that's been recognized to date, we would much rather commercialized funerals commercialized genmab see those things happening.

Things happening see an appreciation of value and then we've also ability pointed out have created optionality as to where we go for the capital. Our situation is not can we get capital our situation is whats the smartest most efficient way to bring it to the table and I got to tell you guys.

Things happening see an appreciation of value and then we've also as Billy pointed out have created optionality as to where we go for the capital are our situation is not can we get capital our situation is whats the smartest most efficient way to bring it to the table and I got to tell you guys.

I look at some of the recycling competitors I look at their balance sheets and I looked at the decisions that they've made I don't know why.

I look at some of the recycling competitors I look at their balance sheets and I looked at the decisions that they've made I don't know why right.

Right, but they position themselves to go bankrupt.

Brian, but they position themselves to go bankrupt.

That's not an intelligent and armed with yet. So so you know we are sensitive to our capital.

I'm not intelligent and RV yet. So so you know we are sensitive to our capital and in that regard we are protective of our capital. It may not I mean, some people may not think of it that way, but but look at what we've accomplished and fuels metals Jan Matt.

In that regard we are protective of our capital. It may not I mean, some people may not think of it that way, but but look at what we've accomplished and fuels metals genmab with how March.

With how March.

So so we will continue to strive to be more efficient right, but but but we don't see we have a clear path to the goals that we're trying to achieve but we don't we were just trying to optimize but we don't see obstacles that are insurmountable certainly not capital arena.

So we'll continue to strive to be more efficient right, but but but we don't see we have a clear path to the goals that we're trying to achieve.

We're just trying to optimize but we don't see obstacles that are insurmountable certainly not capital arena.

But let me just add two more points a lot of questions come through every one of these calls on these points right. The first one is are we going to buy back shares if we ever realization.

And sure we said many times if the opportunity arises and it makes sense at that time, we would but if you think about what we're doing here today and you think about the growth mode. We're in I don't think it would be prudent for us to do that we're going to invest every dollar we have in growing these businesses and maximizing the value of these assets we have today.

And sure we said many times, our if the opportunity arises and it makes sense at that time, we would but if you think about what we're doing here today and you think about the growth mode. We're in I don't think it would be prudent for us to do that we're going to invest every dollar we have in growing these businesses and maximizing the value of these assets we have today.

It's the prudent thing to do for our shareholders for the company.

Now the second point is this question about institutional investor ownership.

These are intrinsically linked institutional investors have limits on share count outstanding below those limits. They don't invest every investor institutional investor has a screen that requires a certain number of shares outstanding. So again buying back shares would be counterproductive in that regard.

And you know we're going to use every at every opportunity. We have every tool at our disposal to maximize this value for you our shareholders for this company.

And we're going to use every at every opportunity we have every tool at our disposal to maximize this value for you our shareholders for this company.

As a reminder company is listed on the New York Stock exchange under symbol L. O D E market cap is approximately $50 million as of today.

Taking a look at your assets to what you are looking at.

Taking a look at your assets.

To what you are looking at.

Throughout 2024 on a monetization front related to the green lion's shares and possible divestment in the real estate assets. Maybe you can just talk about that a little bit Corrado and even talk a little bit about the tax loss carryover.

Throughout 2024 on the monetization front related to the green lion's shares and possible divestment and the real estate assets. Maybe you can just talk about that a little bit, Colorado, and even talk a little bit about the tax loss carryover.

Yeah, I would say that the asset sales are also another reason why we're trying to be more judicious right bridging to those things, obviously will well on block.

I would say that the asset sales are also another reason why we're trying to be more judicious right bridging to those things, obviously will well on block.

Our capital for Us.

But it is also true that none of those investments.

I have a declining value profile.

I have a declining value profile right. So so we.

So so we.

We're motivated to sell those assets, so I don't want to make their own compression like we're working very very hard to do it we wish it would go faster. We're also watching the development in the underlying values of those assets grow remarkably I mean multiples.

We're motivated to sell those assets. So I don't want to make the wrong impression like we're working very very hard to do it we wish it would go faster. We're also watching the development and the underlying value of those assets grow remarkably I mean multiples.

So we're not going to do anything that's hurtful to our shareholders in terms of.

Those values and it's about right there, there's an interdependency there amongst all the sources, so but I am keen Idaho, Idaho, I feel very confident that's going to occur more so now than ever because of the advancements that were made I will say.

Those values and it's a balance right. There is an interdependency there amongst all the sources, so but I'm keen Idaho, Idaho, I feel very confident that's going to occur more so now than ever because of the advancements that were made.

I'd say something different though just to step back for a second.

Say something different though just to step back for a second we're very selective.

We're very selective.

Kevin was commenting on it but he was commenting on it we invested in Green line. It was a startup.

We invested in Genmab it was a startup.

We invested in Jen, Matt It was a startup.

When when Fortunato showed up we were scratching our heads at the battery and auto market. We didn't we didn't understand what we saw.

And you know we didn't understand some of the pricing that was going on but more importantly, we couldn't see the demand being sufficient everyone believes and I believe there is a tsunami of batteries coming out of the market, but Wang.

<unk> and <unk>.

We didn't understand some of the pricing that was going on but more importantly, we couldnt see the demand being sufficient everyone believes and I believe theres, a tsunami of batteries coming out of the market, but Wang.

Like whack right. So so.

Like Wang.

So so.

So when you think about what we've done metals to production.

Genmab idea to production.

Jen Matt idea to production you know.

Fuels to commercial ready and and and agreements now happening.

<unk> fuels to commercial variety and agreements now happening.

Where it's not just.

Where it's not just it's.

It's not just sufficient.

It's not it's not luck either because <unk> been very selective.

It's not it's not luck either because we have been very selective.

So I think that.

You know I think time will will alleviate this concern in in a meaningful way right and then you'll start to see more larger investors who will be the derisking.

I think time will will alleviate this concern in in a meaningful way right and then you'll start to see more larger investors who will either derisking.

And we will start to move in and we've also started to get interest from analytics.

In the energy sector.

And part of this conversation is to better explain with Comstock is as an enterprise also to those analysts right because there. This explanation this view of the system.

And part of this conversation is to better explain what Comstock is as an enterprise also to those analysts right because there. This explanation this view of the system.

It is something that we believe they're there we're hearing that they'd be very receptive to when you were talking about some of the parts.

It's confusing to people, we don't want that confusion, we're trying hard to eliminate that Puget a lot of capital and Theres a lot of analysis around capital sources for what we are doing right now and so we expect to see more coverage, we expect to see more banking support and.

It's confusing to people, we don't want that confusion, we're trying hard to eliminate that confusion a lot of capital and Theres a lot of analysis around capital sources for what we are doing right now and so we expect to see more coverage, we expect to see more banking support and.

And we expect to see more value.

Yeah.

And you guys should benefit from.

Legacy.

The scenarios I mean as it relates to your tax loss carryover and the sale of these assets and entering into initial revenues with the on the metal side and further growth across the system.

Yes, the easiest job I have is reviewing our tax return right, we're not paying taxes to sign and violent.

Yes, the easiest job I have is reviewing our tax return right, we're not paying taxes to finance violet.

Any other went to the aircraft I think I'll put the ball back in your record here grotto, just for some final comments on the outlook.

Any other aircraft I think I'll put the ball back in your record year Grotto, just for some final comments on the outlook.

Yeah, well I guess, just as a high level summary, and I'll be brief freight regarding what's right in front of a solar power recycling will grow now seeing revenues and compelling financial profile rapid capacity and storage expansion three months to four facilities in the next two to three years those numbers are going to get big and we'll be able to provide.

Yeah, well I guess, just as a high level summary, and I'll be brief freight regarding what's right in front of a solar panel recycling will grow now seeing revenues and compelling financial profile rapid capacity and storage expansion three months to four facilities in the next two to three years those numbers are going to get big and we'll be able to provide.

More guidance later.

And more guidance later.

We'll be protective of some of the individual variables because it's a competitive market, but you'll be able to see the big picture, you'll be able to project. The big picture it'll get exciting for funerals were gonna see two to three commercial agreements. This year with a global footprint also revenues and then people will start to be able to predict in and see what that means.

We'll be protective of some of the individual variables because it's a competitive market, but you'll be able to see the big picture, you'll be able to project the big picture it'll get exciting for funerals, we're going to see two to three commercial agreements. This year with a global footprint also revenues and then people will start to be able to predict in and see what that means.

Means to our future those numbers are going to be very bad.

And for Genmab multiple commercial agreements with industry meters again third party capital accelerating them annual leader position into an unprecedented market.

And for Jen, Matt multiple commercial agreements with industry meters again third party capital accelerating them manual meter sip position into an unprecedented market will also produce the next generation mine plan for day, and it's going to turn some heads I know, what's going to make a lot of our some of our legacy investors around gold and silver.

We're also produce the next generation mine plan for data and it's going to turn some heads I know, what's going to make a lot of our some of our legacy investors around gold and silver very happy.

Very happy.

We believe these achievements and our asset sales will have a meaningful impact on our valuation and to Barry's point, if we sold those assets to that question of buying back stock. If we achieve the things that we're saying if we don't have a place to deploy it for exponential growth sure, we'll do that but I don't expect their share price will be.

Where it is when those things happen, we will all be very happy.

So we appreciate everyone's interest we look forward to many updates coming throughout the rest of this quarter of this year and our next call in April so with that I want to thank everybody. We did have hang onto a substantial majority almost all of the participants so I think that means that.

There is an interest in what we're saying I think that is the conclusion, though are the preparation the presentation trial.

There is an interest in what we're saying I think that is the conclusion, though are the preparation the presentation trial very exciting. Thank you Corrado and Billy and thanks to everyone for sticking in there and for joining upload 24 as a reminder, please keep an eye out for Comstock brief Q1, Investor Survey, which will help us ultimately generate.

Exciting, thank you Corrado and Billy and thanks to everyone for sticking in there and for joining upload 24 as a reminder, please keep an eye out for Comstock brief Q1, Investor Survey, which will help us ultimately generate the final Q1 stakeholder sentiment report that will be published shortly after the end of the quarter.

The final Q1 stakeholder sentiment report that will be published shortly after the end of the quarter.

And posted on the website.

A link to the survey will also be made accessible on the company's website in the investors section today's recording as a reminder, we will also be circulated and available made available on the company's website in the investors section.

IR at Comstock, Inc. Dot Com is the E mail address for those that have additional questions.

At Comstock, Inc. Dot Com is the E mail address for those that have additional questions.

That had not been addressed or submitted today again thats IR at Comstock, Inc. Dot com. Thanks, again that concludes Comstock upload 24 presentation. We look forward to keeping you all posted on complex progress throughout 2024. Thank you.

That has not been addressed or submitted today again thats IR at Comstock, Inc. Dot com. Thanks, again that concludes Comstock upload 24 presentation. We look forward to keeping you all posted on complex progress throughout 2024. Thank you.

[music].

Goodbye.

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