Q4 2024 Comstock Inc Earnings Call
Okay.
Yes.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Yes.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
[music].
Okay.
[music].
Operator: For more information, please visit www.fema.gov.
Operator: This meeting is being recorded.
Trevor Brucato: Welcome investors, analysts and other stakeholders to Comstock's 2024 Annual Results and Business Update.
Speaker Change: Welcome investors analysts and other stakeholders to Comstock 2024 annual results and business update this is Trevor brucato with RB milestone group Comstock U S based investor relations firm.
Trevor Brucato: This is Trevor Brucato with RB Milestone Group, Comstock's US-based investor relations firm.
Trevor Brucato: Comstock is listed on the NYSE American under the symbol LODE, and I'm pleased to have with me the company's Chief Executive Officer and Executive Chair, Corrado de Gasperis, and Chief Operating Officer, Billy McCarthy. I'd like to first thank those who submitted questions during registration. Most of those will be addressed in management's prepared remarks.
Speaker Change: Comstock is listed on the NYSE American under the symbol L. O D E and I'm pleased to have with me the company's Chief Executive Officer, and Executive Chair Corrado de Gasparas and Chief operating Officer, Billy Mccarthy.
Speaker Change: I'd like to first thank those who submitted questions. During registration most of those will be addressed in management's prepared remarks.
Trevor Brucato: If you have any new questions throughout the presentation, please submit them in the Q&A module and we'll do the best we can to get to all of them.
Speaker Change: If you have any new questions throughout the presentation. Please submit them in the Q&A module and we will do the best we can to get you all of them.
Trevor Brucato: Today's presentation may contain forward looking statements that are subject to risks and uncertainties that may be out of Comstock's control, and should not be construed as a recommendation or solicitation to buy or sell any security.
Speaker Change: Today's presentation may contain forward looking statements that are subject to risks and uncertainties that may be out of Comstock control and should not be construed as a recommendation or solicitation to buy or sell any security for.
Trevor Brucato: For the company's full disclaimer, please visit Comstock.Inc.
Speaker Change: The company's full disclaimer, please visit Comstock Dot Inc.
Trevor Brucato: Also, RB Milestone is not a registered investment advisor or broker dealer.
Speaker Change: Also RV milestone is not a registered investment advisor or a broker dealer for more information on this please visit <unk> milestone dot com.
Trevor Brucato: For more information on us, please visit rbmilestone.com.
Trevor Brucato: Lastly, this presentation is being recorded today, March 6, 2025, and will be made available on the company's website at comstock.inc shortly after today's event.
Speaker Change: Lastly, this presentation is being recorded today March six 2025 and will be made available on the company's website at Comstock Dot Inc. Shortly after today's event.
Corrado de Gasperis: And now, it is my pleasure to turn it over to Comstock's Executive Chair and CEO, Crado de Gasperis. Crado, the stage is yours. Thanks, Trevor, and hello all, and welcome to Comstock's 2024 Annual Update. I have no doubt that in the very near future, when we look back on our achievements from last year, 2024 will have marked the turning point, turning point of almost everything we're doing and certainly so for metals and fuel. As of today, both companies have achieved their previously published objectives for 2024. And let me recap it for Comstock Metals first, where Fortunato and the team have advanced our solar cycle recycling technology all the way through TRL 7, and it's now fully operating.
Speaker Change: And now it is my pleasure to turn it over to Comstock as executive chair and CEO Corrado to gas rich Corrado the stage is yours. Thanks Trevor.
Speaker Change: Hello, All and welcome to Comstock is 2024 annual update.
Speaker Change: I have no doubt that in the very near future. When we look back on our achievements from last year.
Speaker Change: 24 will have marked the turning point turning point of almost everything we're doing and certainly so for metals in fuels.
As of today, both companies have achieved their previously published objectives for 2024.
Speaker Change: And let me recap it for Comstock metals first we're fortunate Adam and the team have advanced our solar cycle.
Speaker Change: Recycling technology, all the way through TRL, seven and it's now fully operating.
Corrado de Gasperis: This facility was designed, deployed, and commissioned just under a year ago and quickly ramped up with a now dedicated team of 13 full-time employees. plant has proven it can recover 100% of all the metal, glass, and minerals. especially the Silver Ridge tailings. This has not only created a tremendous competitive advantage by enabling us to offer a zero landfill solution to our customers, but it also increases our revenues beyond the tipping fees by almost 50%. We were very conservative in that notion of offtake until we knew we could produce those products cleanly, completely. So now, we're rapidly expanding our existing customer base with industry leaders that hopefully will soon be able to disclose who they are to you.
Speaker Change: This facility was designed to deployed and commissioned just under a year ago and quickly ramped up with now dedicated team of 13 full time employees. The plan has proven it can recover 100% of all the metal glass and minerals, especially the silver rich tailing.
This is not only created a tremendous competitive advantage by enabling us to offer a zero landfill solution to our customers, but it also increases our revenues beyond the tipping fees by almost 50%.
Speaker Change: We are very conservative in that notion of off take until we knew we could produce those products cleanly completely. So now we're rapidly expanding our existing customer base with industry leaders that hopefully will soon be able to disclose who they are tier.
Corrado de Gasperis: Adding to that, in 2024, the team also finalized the design and site selection for our first industry-scale facility and submitted the Nevada County and state permits for approvals. We already received the county permit that allows us to efficiently store panels, and this means that the state-permitting wait times do not meaningfully slow down our ability to secure and receive orders from our customers. Although our largest customers are in the Southwest United States region, in 2024, not only did we secure customers throughout the Southwest region, we also won business far beyond, including securing and receiving panels from Florida, Pennsylvania, New Jersey, and even Alberta, Canada, just to name a few.
Speaker Change: Adding to that in 2024. The team also finalized the design and site selection for our first industry scale facility and submitted to Nevada County, and state permits for approvals. We already received the county permit that allows us to efficiently store panels and this means that the state permitting wait times do not meaning.
Speaker Change: We slow down our ability to secure and received orders from our customers.
Speaker Change: Although our largest customers are in the southwestern United States region in 2020 for not only did we secure customers throughout the southwest region. We also won business far beyond including securing and receiving panels from Florida, Pennsylvania, New Jersey.
Speaker Change: <unk> and even Alberta, Canada, just to name a few and just to be Crystal clear, we're now receiving panels at the facility every single week.
Corrado de Gasperis: And just to be crystal clear, we're now receiving panels at the facility every single week. In 2024, we also secured offtake revenue arrangements for all of those clean product lines, that is the aluminum scraps, the glass pearls, and those silver rich tailings. Our 2024 metal segment performance was right where we hoped it would be. And we are now realizing and positioning for all types of exceptional revenue growth in 2025. The intake revenue, the offtake revenue, and even decommissioning services. well before we commissioned, well before we commissioned the larger facility.
Speaker Change: In 2024, we also secured offtake revenue arrangements for all of those clean product lines that is the aluminum scrap the glass hurdles and those silver rich tailings are 2020 for metal segment performance was right, where we hoped it would be and we are now realizing and positioning for all.
Speaker Change: Types of exceptional revenue growth in 2025, the intake revenue the off take revenue and even decommissioning services well before we commission.
Speaker Change: Well before we commissioned the larger facility.
Corrado de Gasperis: I'll talk more about that after Billy's review of the financials. But suffice to say now that we have a legitimate view of how we're engineering and operating what is effectively a world-class silver mine. one that uses solar panel waste as its feedstock ores and one that effectively never did.
Speaker Change: I'll talk more about that after ability to review the financials, but suffice to say now that we have a legitimate view of our engineering and operating what is effectively a world class Silver mine.
Speaker Change: One that uses solar panel waste as its feedstock ores and when that affectively never depletes let.
Corrado de Gasperis: Let me turn to Comstock Fuels. Many of you have already acknowledged in speaking to me that you realize in 2024, that fuels has become something far greater or was becoming something far greater than what most people expected, understood, or frankly, even conceived was possible. Those conversations bring me joy because we've always talked about our systemic notion.
Speaker Change: Let me turn to Comstock fuels. Many of you have already acknowledged and speaking to me that you realized in 2024 that fuels has become something far greater or was becoming something far greater than what most people expected understood or frankly, even conceived was possible.
Those conversations bring me joy, because we've always talked about.
Corrado de Gasperis: And it means a lot of things, profound things, but we were building something that was always intended to expand beyond the legal borders of the actual company, the actual legal entity. Now take a deep breath before I run through 2024 on fuels with you, because we did a lot. During 2024, our teams have integrated critical technology. they integrated critical partners and even geography. into a truly new and unprecedented biolumine enterprise. And what I'm about to explain really tells us why because we we first assembled our system from a foundation of new lignocellulosic IP that was developed in large part and consolidated further by our team.
Speaker Change: Our systemic notion and it means a lot of things profound things, but but we were building something that was always intended to expand beyond the legal borders.
Speaker Change: The actual <unk>.
Speaker Change: Company, the actual legal entity.
Speaker Change: And I have taken a deep breath before I run through 2024 on fuels with you because we did a law during.
Speaker Change: During 2024 our teams.
Speaker Change: Have integrated critical technologies, they integrated critical partners and even geographies into a truly new and unprecedented by OEM enterprise.
Speaker Change: And what I'm about to explain really tells us why because we we first assembled our system from a foundation of new.
Speaker Change: Lignocellulose take IP that was developed in large part and consolidated further by our team.
Corrado de Gasperis: and then by identifying, aligning, securing, and integrating an expansive portfolio. of the world's leading intellectual property. as well as the world's leading intellect. you know, the scientists, the engineers. the technologies and the people and their team. who together so far have have executed exclusive and near exclusive agreement. that either dramatically de-risked or PUSH are already industry leading yields of 125 gasoline gallon equivalents per ton of dry wood. all the way up to 140 gasoline gallon equivalent tons per ton of dry wood. I'm sorry, gasoline gallon equivalent per ton of dry wood, which is easily double our next competitor.
Speaker Change: And then by identifying aligning securing and integrating and expansive portfolio.
Speaker Change: Of the world's leading intellectual properties.
Speaker Change: As well as the worlds leading inlet.
Speaker Change: The scientists engineers.
Speaker Change: Technologies and the people and their teams.
Speaker Change: Who together so far having have executed exclusive in near exclusive agreements.
Speaker Change: That either dramatically de risk or push our already industry, leading yields of 125 gasoline gallon equivalents per tonne of dry wood.
Speaker Change: All the way up to 140 gasoline gallon equivalent tonnes per ton of driver sorry gasoline gallon equivalent.
Speaker Change: Per ton of dry wood, which is easily double our next competitor nobody is turnkey waste wood Woody biomass. The most abundant feedstock on the planet Earth.
Corrado de Gasperis: Nobody is taking waste wood, woody biomass. the most abundant feedstock on the planet Earth. and unleashing that carbon. to this magnitude. in liquid fuels, NOBA. We secured the lowest cost and most abundant feedstock. We secured the highest leading and yielding processes. certainly the lowest or some of the lowest carbon impact or CI scores, which means highest revenue potential while lining up strategic capital. Strategic offtake. and what's turning out to be very tactical and strategic, which is jurisdictional grants and supports from states like Oklahoma and Wisconsin and others now lining up to commit to us.
Speaker Change: And unleashing that carbon.
Speaker Change: To this magnitude inlet.
Speaker Change: In liquid fuels.
Speaker Change: Nobody.
Speaker Change: We secured the lowest cost and most abundant feedstock.
We secured the highest leading and yielding processes.
Speaker Change: Certainly the lowest or some of the lowest carbon impact our ci scores, which means highest revenue potential while lining up strategic capital.
Speaker Change: Strategic off peak and what's turning out to be here.
Speaker Change: Technical and strategic which is jurisdictional grants and supports from states like Oklahoma, and Wisconsin, and others now lining up.
Speaker Change: To commit to us.
Corrado de Gasperis: But it doesn't stop there. The team also executed international licenses for engineering services for process technology and equity agreements. for already five biolumine refineries, including Australia, Vietnam and Pakistan, with New Zealand and Malaysia, right on their heels, right in their cross And in addition to inventing, integrating and now deploying that platform globally, now deploying that platform globally. The team has secured $3 million in incentive awards from Oklahoma's Quick Action Closing Fund, and they already earned the first million by committing to Oklahoma as our headquarter. We've also completed preliminary engineering now, our chief engineer has been working his butt off.
Speaker Change: But it doesn't stop there.
Speaker Change: The team also executed international licenses for engineering services for our process technology and equity agreements for already Phi Phi Oleum refineries, including Australia, Vietnam, and Pakistan with New Zealand and <unk>.
Speaker Change: Asia right on their heels right in their cross hairs.
Speaker Change: And in addition to inventing integrating and now deploying that platform globally now deploying that platform globally.
Speaker Change: The team has secured $3 million in incentive awards from Oklahoma quick action closing thought and now already earned the first million by committing to Oklahoma as our headquarters.
Speaker Change: We've also completed preliminary engineering now our chief engineer has been working with BARDA, We completed the engineering for our first commercial demonstration facility and we're very very close to picking the first site in Oklahoma, which will then earn US a second million dollars from that Oklahoma Grant.
Corrado de Gasperis: We've completed the engineering for our first commercial demonstration facility. And we're very, very close to picking the first site in Oklahoma, which will then earn us a second million dollars from that Oklahoma grant. Remarkably, our team also has secured $152 million allocation of qualified private activity bonds from Oklahoma State Treasurer. This tax-free bond allocation is a huge. very huge and very rare allocation and not something that's done lightly. The state only gets a certain amount allocated to them to then turn around and allocate to the opportunities that they want to be active in their state, but our guys got it.
Speaker Change: Remarkably our team also has secured a $152 million allocation of qualified private activity bonds from Oklahoma State Treasurer. This tax free bond allocation is a huge.
Speaker Change: Very huge and very rare allocation and thats something thats done lightly.
Speaker Change: State only gets a certain amount allocated to them to then turn around and allocate to the opportunities that they want to.
Speaker Change: To be active and their state, but our guys got it.
Corrado de Gasperis: Together, our team and Marathon Petroleum's team working tirelessly, I can tell you, for the last six, seven, eight weeks. also closed on the first tranche of our Strategic Series A investment. with both a cash component million dollars and the contribution of Marathon State of the Art Renewable Fuel Demonstration Facility in Madison, Wisconsin, which we valued at $13 million with them. that we believe will soon integrate with our Wausau, Wisconsin capacity to create a fully integrated pilot system that goes from validating, testing and receiving feedstocks in Wausau. to producing barrels of oil and fuel, up to two barrels a day, in Madison.
Speaker Change: Together, our team and marathon Petroleum's team working tirelessly I can tell you for the last 678 weeks also closed on the first tranche of our strategic series a investment.
Speaker Change: With both a cash component.
Speaker Change: And the contribution of marathon state of the art renewable fuel demonstration facility in Madison, Wisconsin, which we valued at $13 million with them.
Speaker Change: That we believe will soon integrate with our Wausau, Wisconsin capacity to create a fully integrated pilot system that goes from validating testing and receiving feedstocks in wausau too.
Speaker Change: Two producing barrels of oil and fuel up to two barrels a day in Madison.
Corrado de Gasperis: This enables us to obtain ASTM product approvals, EPA pathway approvals, and even product sales. It will massively shorten the lead times to sales for our Oklahoma facility, as product approvals would be accelerated. But probably the largest value that seems to be misunderstood regarding this world class facility is that it would have taken us years. If we could have even done it, it would have taken us years to establish a facility like this. And I want to tell you that we've tried on a number of occasions. to plan and solve for how do we get Wausau producing this kind of oil, this kind of fuel, two barrels a day?
Speaker Change: This enables us to obtain ASTM product approvals EPA pathway approvals and even product sales.
Speaker Change: It will massively shorten the lead times to sales for our Oklahoma facility as product approvals would be accelerated.
Speaker Change: But probably the largest value that seems to be misunderstood regarding this world class facility is that it would've taken us years.
Speaker Change: If we could have even done it would have taken us years to establish a facility like this and I want to tell you that we've tried a number of occasions.
Speaker Change: Q2 plan and.
Speaker Change: Solve for how do we get Wausau.
Speaker Change: Producing.
Speaker Change: This kind of oil this kind of fuel two barrels a day, how do we do it and the answer was it wasn't possible in that facility when I walk into the Madison facility I think it's ridiculous that we have been trying to do it.
Corrado de Gasperis: How do we do it? And the answer was it wasn't possible in that facility. When I walk into the Madison facility, I think it's ridiculous that we're even trying to do it, you know, in the Wausau facility. It's so much more expansive and involved. If we had to build those things ourselves, even if we were fully funded on day one, we wouldn't have been able to do it. It would have taken years. And now we have it today. I mean, we have it today. I mean, I'll be working there all next week.
Speaker Change: In the Warsaw facility itself, so much more expansive and evolve.
Speaker Change: If we had to build those things ourselves even if we were fully funded on day. One we wouldn't have been able to deal would have taken years and now we have it today.
We have it today I mean I'll be working they're all next week.
Corrado de Gasperis: These last two accomplishments cannot be understood. Marathon has not only agreed to invest in fuels, Comstock fuel not only agreed to collaborate on biofuel technology by committing to joint product development agreement with us and agreeing to off for our first facility. But they also capped our fuels valuation. for this part of the transaction with them at $700 million. $700 million. The agreement reads and accurately represents that value as a cap for them. But you all need to understand, but to me. represents the floor. For everyone else. because you can be damn sure that Marathon, after two years of incredibly hard and good work, often being pretty patient with us, frankly.
Speaker Change: These last two accomplishments cannot be understated marathon has not only agreed to invest in fuels Comstock fuels not only agreed to collaborate on biofuel technology by committing to joint product development agreement with us and agreeing to offtake for our first facility, but they also.
Speaker Change: Capped our fuels valuation.
Speaker Change: For this part of the transaction with them at $700 million.
Speaker Change: $700 million.
Speaker Change: The agreement reads and accurately represents that value as the cap for that.
Speaker Change: But you all need to understand but to me.
Speaker Change: It represents the floor for everyone else.
Speaker Change: Because you can be damn sure that marathon after two years of incredibly hard and good work often being pretty patient with us frankly and culminating in these four landmark transaction.
Corrado de Gasperis: and culminating in these four landmark transactions. is going to get a discount from us at 700 million. not on $700 million. at $700 million. So Marathon's $14 million investment at $700 million is 2% of Comstock fuel. We're very, very proud of that. And both parties are going to be very, very happy with We plan on finishing the Fuel Series A during the second quarter. and then we'll be in a whole different state of reality as a company. We've truly created an unprecedented, extremely high yielding, extremely low carbon and in many scenarios, especially with hexes on board, carbon negative, sustainable global biofuel system that now includes owning this fully integrated product pilot that can produce oils and fuels.
Speaker Change: It's going to get a discount from us at $700 million.
Speaker Change: Now on $700 million.
Speaker Change: At $700 million.
Speaker Change: So marathon $14 million investment at 700 million is 2% of Comstock fuels.
Speaker Change: We're very very proud of that.
Speaker Change: And both parties are going to be very very happy with that.
Speaker Change: We plan on finishing the fuel series <unk> during the second quarter.
And then we'll be in a whole different state of reality as a company we've.
Speaker Change: We have truly created an unprecedented extremely high yielding extremely low carbon and in many scenarios, especially with Texas onboard carbon negative sustainable global biofuel system that now includes owning this fully integrated product pilot that can produce oil and fuels.
Corrado de Gasperis: and more importantly, the systems designed to scale. In every way, it's designed to scale in the abundance of availability of feedstock in the engineering of the refinery, in the modular scalability in the refineries in the licensing and deployment with partners. enabling us to effectively create endless oil wells. that until now. were seemingly hidden in plain sight.
Speaker Change: And more importantly.
Speaker Change: The system is designed to scale.
Speaker Change: In every way it is designed to scale in the abundance and availability of feedstock in the engineering of the refinery in the modular scalability in the refineries in the licensing deployment with partners, enabling us to effectively create.
Speaker Change: Endless oil wells that until now.
Speaker Change: We're seemingly hidden in plain sight.
Corrado de Gasperis: I don't think anybody other than maybe, you know, a handful of our people who spend 20 hours a day just thinking about nothing, but this system appreciates what's about to happen with.
Speaker Change: I don't think anybody.
Speaker Change: Other than maybe a.
Speaker Change: A handful of our people who spent 20 hours a day just thinking about nothing but this system appreciates what's about to happen with it.
Corrado de Gasperis: Just quickly with mining, we partially monetized the Northern District claims with nearly $3 million in cash. Those $3 million cash proceeds, which we've already received from leasing those northern claims midway through 2023, through the sale, and we've got another million that was put down towards a nearly $3 million sales price, will result and end up in us monetizing these, let's call them non-producing, non-productive assets for $6 million.
Speaker Change: Just quickly with Miami, we partially monetize the northern district claims with nearly $3 million in cash those.
Speaker Change: Those 3 million cash proceeds, which we've already received from leasing those northern claims midway through 2023 through the sale and we've got another million that was put down towards a nearly 3 million sales price will result in and job in monetizing.
Speaker Change: These let's call them non producing nonproductive assets for $6 million. These are claims to the north that we never and still have no plans and I don't think we'd ever have any plans frankly for developing.
Corrado de Gasperis: These are claims to the north that we never and still have no plans.
Corrado de Gasperis: And I don't think we'd ever have any plans, frankly, for development. During 2024, though, we did update our preliminary mine reclamation plan for the day and using $2,300 goal. cash flows are robust. The net cash flows over a six-year period from this one resource is nearly a quarter of a billion dollars. goes well over 2900 today. that easily adds another $120 million to that cash flow model if we didn't change the cutoff. if you raise the price, you're going to lower the cutoff. Even if we didn't lower the cutoff, meaning no additional ounces, we'd still get another $120 million.
Speaker Change: During 2024, though we did update our preliminary mining reclamation plan for the day and using $2300 gold. The cash flows are robust the net cash flows over a six year period from this one resource is nearly a quarter of a $1 billion goal.
Speaker Change: Well over 2900 today.
Speaker Change: That easily add another 120 million to that cash flow model, if we didnt change the cutoff.
Speaker Change: If you raise the price youre going to lower the cut off even if we didn't lower the cut off meaning no no additional ounces, we'd still get another $120 million.
Corrado de Gasperis: added to the cash flow. And our intention is to monetize these assets in a manner that unlocks the most value. Okay, that could be a sale, it could be a joint venture, we could put them into production. As far as we're concerned, we have every option on the table. The mining segment covers its own costs. We have a free option on gold and silver, we couldn't be more bullish about those metals.
Adding to the cash flow.
Speaker Change: And our intention is to monetize these assets in a manner that unlocks the most value okay that could be a sale it could be a joint venture we could put them into production.
Speaker Change: As far as we're concerned we have every option on the table. The mining segment covers its own costs, we have a free option on gold and silver we couldnt be more bullish about those metals.
Corrado de Gasperis: The spinoff could also bring maximum attention back onto the metals and the precious metals in our portfolio.
Speaker Change: The spin off could also bring maximum attention back on to the metals in the precious metals in our portfolio understanding that Comstock Inc.
Corrado de Gasperis: Understanding that Comstock M and I'm not saying we're changing the name, don't jump ahead. Comstock Inc. effectively is Comstock Metals with a spin.
Speaker Change: Saying, we are changing the name don't jump ahead contact E effectively as Comstock battles with the spin just like I said in my shareholder letter in January we ended up with a Nevada based metals and mining company and an Oklahoma based fuel company.
Corrado de Gasperis: Just like I said in my shareholder letter in January, we end up with a Nevada-based metals and mining company and an Oklahoma-based fuel company. So I didn't mean to confuse people. I know that there's some details that are still missing. Try to fill in as many of the gaps as we can today.
Speaker Change: So I want I didn't mean to confuse people I know that there are some details that still missing trying to fill in as many of the gaps as we can today, but what I want to do is turn it over to Billy to walk us through our financial progress during Q4 and the year.
Trevor Brucato: But what I want to do is turn it over to Billy to walk us through our financial progress, you know, during Q4 and the year, put a lot of stuff behind us in 2024, got a lot of things accomplished in 2025. We'll give a little bit of financial expectation for 2025 as well.
Billy: But a lot of stuff behind us in 2024 that a lot of things accomplished in 2025, we will give a little bit of financial expectation for 2025 as well then he'll turn it back to me to talk about the outlook for the businesses for the rest of the way belly.
Trevor Brucato: Then he'll turn it back to me to talk about the outlook for the businesses for the rest of the way.
William McCarthy: Billy? Thank you. Thanks, Crado. Hold on. Sorry about that. Thanks, Corrado.
Corrado: Thanks Corrado.
Speaker Change: Oh boy.
Speaker Change: Sorry about that.
Speaker Change: Okay.
William McCarthy: I'm glad to be here to share financial update and talk some more about how we're positioning for the year ahead with regards to capital. All the 2024 results discussed here can be found in today's Form 10-K filing, which you can find on our website, comstock.inc. On February 24, we affected a one for 10 reverse split of the load common stock. As reported on our 10k filing, there are currently 24,238,453 shares outstanding with 245 million shares authorized.
Speaker Change: So thanks, Corrado I am glad to be here to share our financial update and talk some more about how we're positioning for the year ahead with regards to capital.
Speaker Change: All of 2024 results discussed here can be found in today's Form 10-K filing which you can find on our website Comstock that Inc. Slash investors.
Speaker Change: On February 24th we affected a one for 10 reverse split of the load common stock.
Speaker Change: As reported on our 10-K filing there are currently $24 million 238453 shares outstanding with 245 million shares authorized.
William McCarthy: We want to say thank you to all the shareholders for the overwhelming support in approving this action, which is critical to our ability to go fast, building more sustainable value in 2025 and beyond. Our revenues grew in 2024 to $3 million from $1.3 million in 2023. 401,000 of that increase related to operations of our solar panel recycling facility, which was commissioned in the first half of 2024, and our decommissioning services business, which started to hit stride at the end of Q3. At year end, there was an additional $152,000 in deferred revenue, where we build and receive the cash for solar panel recycling, but we not fully met the accounting requirements for recognizing the revenue.
Speaker Change: We want to say, thank you to all the shareholders for the overwhelming support in approving this action, which is critical to our ability to go fast building more sustainable value in 2025 and beyond.
Speaker Change: Our revenues grew in 2000 $24 million to $3 million from $1 $3 million in 2023.
Speaker Change: 401000 of that increase related to operations of our solar panel recycling facility, which was commissioned in the first half of 2024, and our decommissioning services business, which started to hit stride at the end of Q3.
Speaker Change: At year end, there was an additional $152000 and deferred revenue, where we build and received the cash for solar panel recycling, but we've not fully met the accounting requirements for recognizing the revenue.
William McCarthy: Company wide, we reported an overall net loss of $53 million, or $3.21 per share for the full year. There were several non-recurring one-time items reflected in this performance. which include a $12.2 million reclassification of contributions made to GenMet. which were reclassed from investment to R&D. Now, the fact is, the research and development we did with GenMat over the past several years has strengthened our conviction that generative AI will prove a game-changing innovation driver for materials science with direct applications to our commercial businesses, including Comstock Fuels and Comstock Mining. We're continuing our R&D efforts with a small internal team, standing on the shoulders of the work we did with GenMat and continuing to expand on the potential for our investment.
Speaker Change: Companywide, we reported an overall net loss of $53 million or $3 21 per share for the full year.
Speaker Change: There were several nonrecurring onetime items reflected in this performance.
Speaker Change: Which include a $12 $2 million reclassification of contributions made to Jen Matt.
Speaker Change: Which we're re class from investment to R&D expense.
Speaker Change: Now the fact is the research and development, we did with Genmab over the past several years has strengthened our conviction that generative AI will prove a game changing innovation driver for materials science with direct applications to our commercial businesses, including Comstock fuels in Comstock metals.
Speaker Change: We're continuing our R&D efforts with a small internal team standing on the shoulders of the work, we did with Genmab and continuing to expand on the potential for our investments.
William McCarthy: We're confident that there will be a payoff for these efforts in the future, possibly through contributions to our existing businesses, but also potentially the development of one or more new commercial opportunities. There was an $8.7 million write down of intangible assets related to previous work we did on a battery recycling system. The system was developed in 2021 and 2022 prior to our pivot to solar panel recycling and silver extraction. We maintain that system as a hedge to our development. We believe the new system was far superior. And last year, we proved that with the commercial success of the demonstration facility.
Speaker Change: We're confident that there will be a payoff for these efforts in the future, possibly through contributions to our existing businesses, but also potentially the development of one or more new commercial opportunities.
Speaker Change: There was an $8 $7 million right out of intangible assets related to previous work, we did in the bet on a battery recycling system.
Speaker Change: This system was developed in 2021 and 2022 prior to our pivot to solar panel recycling and silver extraction.
Speaker Change: We maintain that system as a hedge to our developments. We believe the new system is far superior and last year, we proved that with the commercial success of the demonstration facility.
William McCarthy: When it became clear just how much better our current system operates, it didn't make sense to continue carrying the old technology any longer. There was a $711,000 unrealized loss related to GreenLion. We update our carrying values based on other transactions that GreenLion does which are beyond our control. We monitor this position very closely.
Speaker Change: When it became clear just how much better our current system operates it didn't make sense to continue carrying the old technology any longer.
Speaker Change: There was a $711000 unrealized loss related to Green Lion, we update our carrying values based on other transactions that Green line does which are beyond our control.
Speaker Change: We monitor this physician very closely and while we have high expectations for the Green line team. This exposure is not core to our plans currently and we continue actively soliciting buyers for our position.
William McCarthy: And while we have high expectations for the GreenLion team, this exposure is not core to our plans currently, and we continue actively soliciting buyers for our position. On the positive side, we had an $804,000 gain from the sale of mining assets on the northern Comstock. When we break it down by segment, Comstock Fuels reported a net loss of $5.3 million, down from a $7.1 million loss in 2023 on reduced R&D expenses. Comstock Metals reported a net loss of $3 million, excluding that adjustment to intangible assets that I mentioned before. compared to a $1.9 million loss in 2023.
Speaker Change: On the positive side, but at $804000 gain from the sale of mining assets on the northern Comstock.
Speaker Change: When we break it down by segment Comstock fuels reported a net loss of $5 $3 million down from $7 $1 million loss in 2023 on reduced R&D expenses.
Speaker Change: Comstock metals reported a net loss of $3 million, excluding that adjustment to intangible assets that I mentioned before.
Speaker Change: Compared to a $1 9 million loss in 2023.
William McCarthy: This is from increased operating costs at the demonstration facility and development costs for our planned scale-up.
Speaker Change: This is from increased operating cost with a demonstration facility in development costs for our planned scale up.
William McCarthy: Comstock Mining reported net income of $1.6 million, improving on a $500,000 loss in 2023, driven by increased lease revenue, and the $804,000 gain from the sale of the Northern Comstock. Overall, we ended the year with $1 million in cash. After spending $13.9 million for operating activities, a $317,000 increase from the prior year. and $6.5 million for investing activities compared to a $3.6 million proceeds from investments in 2020. Cash From Financing Activities provided $17.6 million in 2020-2024. primarily from the issuance of common stock and debt instruments convertible into common stock. This is up from $11.3 million raised in 2023.
Speaker Change: Comstock mining reported net income of $1 6 million improving on a $500000 loss in 2023, driven by increase in lease revenue and the $804000 gain from the sale of the northern Comstock.
Speaker Change: Overall, we ended the year with $1 million in cash after.
Speaker Change: After spending $13 9 million for operating activities.
Speaker Change: $317000 increase from the prior year.
Speaker Change: And $6 $5 million for investing activities compared to a $3 6 million proceeds from investments in 2023.
Speaker Change: Cash from financing activities provided $17 $6 million in 2024.
Speaker Change: Primarily from the issuance of common stock and debt instruments convertible into common stock.
Speaker Change: This is up from $11 $3 million raised in 2023.
William McCarthy: Subsequent to year end on January 10, 2025, we sold a convertible note receiving $5 million of proceeds on January 13, with an additional $5 million in proceeds coming next. This transaction stabilizes our cash position for the short term as we continue to advance our plans forward.
Speaker Change: Subsequent to year end on January 10, 2025, we sold the convertible note receiving $5 million of proceeds on January 13th.
Speaker Change: With an additional $5 million in proceeds coming next week.
Speaker Change: This transaction stabilizes, our cash position for the short term as we continue to advance our plans forward.
William McCarthy: a few key takeaways to highlight. We've been extremely diligent when it comes to managing our expenses. You can see we've significantly expanded our team and our capabilities this year, with only a small $317,000 increase in our operating This is not luck, it requires an organization wide commitment to doing only the most important things necessary to achieve our goal. We've been talking about subsidiary and project level financing for a long time. We've told you we believe this will lead to accelerated value recognition. Our recent news on the investment into Comstock fuels by Marathon Petroleum, the Plan Series A funding round.
Speaker Change: A few key takeaways to highlight.
Speaker Change: We've been extremely diligent when it comes to managing our expenses you can see we've significantly expanded our team and our capabilities. This year with only a small $317000 increase in our operating spend.
Speaker Change: This is not luck it requires an organization wide commitment to doing only the most important things necessary to achieve our goals.
Speaker Change: We've been talking about subsidiary and project level financing for a long time.
Speaker Change: We've told you we believe this will lead to accelerated value recognition.
Speaker Change: Our recent news on the investment into Comstock fuels by Marathon petroleum the planned series a funding round.
William McCarthy: should give a better, more clear understanding about what we mean. This is the way forward. None of it would be possible without the significant and sustained technical and operational progress our teams have made.
Speaker Change: If you could give a better more clear understanding about what we mean this is the way forward.
Speaker Change: None of it would be possible without the significant and sustained tactical and operational progress. Our teams have made we've set an incredible foundation for the next phase of growth.
William McCarthy: We've set an incredible foundation for the next phase of growth. So if you look to 2025... We continue to remain focused on the sale of non-core assets. We're actively engaged with markets to that end. Our expectations on the non-mining real estate and water rights portfolio have not changed. We see $50 million of proceeds coming to Comstock, and we believe we'll have a final deal in place this year. And that's separate from our investments in the Silver Springs Opportunity Fund, where we see even more significant upside in the coming year. On Green Lion, we believe our position is worth $20 million.
Speaker Change: So as we look to 2025.
Speaker Change: We continue to remain focused on the sale of noncore assets, we're actively engaged with markets to that Ed.
Speaker Change: Our expectations on the non mining real estate and water rights portfolio have not changed we.
We see $50 million of proceeds coming to Comstock and we believe will have a final deal in place this year.
Speaker Change: And that's separate from our investments in the Silver Springs opportunity fund, where we see even more significant upside in the coming years.
Speaker Change: On Green line, we believe our positions worth $20 million.
William McCarthy: Now you have to consider that GreenLine is a private company, and we're limited on what info we can share. They don't really get a lot of press coverage. Well, let me say I don't know of another battery recycler actually producing and selling cathode materials. connecting a fully domestic supply chain. and I think they're extremely well positioned for the current moment. and people are starting to take note.
Speaker Change: Now you have to consider that Green line as a private company and we're limited on what info we can share.
Speaker Change: They don't really get a lot of press coverage well.
Speaker Change: Well, let me say I don't know of another battery recycler actually producing and selling cathode materials.
Speaker Change: <unk> are fully domestic supply chain.
Speaker Change: And I think they are extremely well positioned for the current moment.
Speaker Change: And people are starting to take notice.
William McCarthy: On fuels, the completion of the A-Round financing will ensure sufficient runway for fuels to continue to grow and develop highly valuable commercial projects in the U.S. and across the world. while reducing the cash demands on Comstock. Comstock will continue to support and invest in Comstock fuels during this process. Until that funding is complete, nothing is slowing down, we're continuing to speed up. At Metals, as Crado mentioned, we expect billings to continue growing to over $2.5 million for the full year 2025 from continued operations at the existing facility and our related services. We expect to hit breakeven by the end of 2026 after the commissioning and operation of the first industry scale facility, which will invest $6 million of CapEx into this year.
Speaker Change: On fuels the completion of the a round financing will ensure sufficient runway for fuels to continue to grow and develop highly valuable commercial projects in the U S and across the world.
Speaker Change: While reducing the cash demands on Comstock.
Speaker Change: <unk> will continue to support and invest in Comstock fuels. During this process until that funding is complete nothing is slowing down we're continuing to speed up.
Speaker Change: At metals crowd Corrado mentioned, we expect billings to continue growing to over $2 5 million for the full year 2025 from continued operations at the existing facility and our related services.
Speaker Change: We expect to hit breakeven by the end of 2026 after the commissioning and operation of the first industry scale facility, which will invest $6 million of capex into this year.
William McCarthy: We've seen robust demand in the market to start the year, which should translate into larger commitments from larger customers through the rest of 2025 in advance of the new facility coming online.
Speaker Change: We're seeing robust demand in the market to start the year, which should translate into larger commitments from larger customers through the rest of 2025 and advance of the new facility coming online.
William McCarthy: And in mining, we intend to invest one to two million in 2025 to begin the upgrade and expansion of our existing date and consolidated resource with the intermediate target of defining proven improbable reserves. We believe the ROI on this investment will be significant and ultimately lead to a production ready project. So in addition to using this subsidiary and project level funding, wherever it's available. We're going to continue to fund Comstock Inc. through the sale of equity and debt securities in 2025. The progress and the announcements we've made over recent months have made a meaningful difference in the availability of capital and the approved terms being offered.
And in mining, we intend to invest $1 million to $2 million in 2025 to begin the upgrade and expansion of our existing Dayton consolidated resource with the intermediate target of defining proven and probable reserves.
Speaker Change: We believe the ROI on this investment will be significant and ultimately lead to a production ready project.
Speaker Change: So in addition to using this subsidiary and project level funding wherever it's available.
Speaker Change: We're going to continue to fund Comstock, Inc. Through the sale of equity and debt securities in 2025.
Speaker Change: The progress and the announcements we've made over recent months have made a meaningful difference in the availability of capital and the improved terms being offered to us.
William McCarthy: We're currently evaluating multiple options, both with bankers and directly sourced investors to ensure sufficient capital to meet all these plans this year, and ensure our businesses each have a path to profitability. I know some people don't share this point of view with But we see equity capital as the most efficient tool to build and grow shareholder value at this stage of a business's life. Additional equity capital buys growth. It makes the pie bigger for everyone. To me, it's a fundamental concept. and much rather own 1% of a $700 million plus company. versus owning 2% or 3% of a $70 million company.
Speaker Change: We're currently evaluating multiple options, both with bankers and directly source investors to ensure sufficient capital to meet all of these plans this year and ensured our businesses each have a path to profitability.
Speaker Change: I know some people don't share at this point of view with us.
Speaker Change: But we see equity capital as the most efficient tool to build and grow shareholder value at this stage of our businesses life.
Speaker Change: Additional equity capital buys growth.
It makes the pie bigger for everyone.
Speaker Change: To me, it's fundamentally it's a fundamental concept I'd much rather own 1% of our $700 million plus company first owning two or 3% of our $70 million company.
William McCarthy: In reality, there's no scenario where we get to 700 million in fuels, or 300 million in metals, or over a billion dollars across this whole enterprise. without injecting more growth capital this year. When we complete this, and we're going to do it as efficiently as possible, we believe the market will respond accordingly.
Speaker Change: In reality, there is no scenario, where we get to $700 million in fuels or $300 million in metals or over $1 billion across this whole enterprise without injecting more growth capital this year.
Speaker Change: When we complete this and we're going to do it as efficiently as possible.
Speaker Change: We believe the market will respond accordingly.
William McCarthy: So in summary, 2024 and the events of the last two months have laid the groundwork to stabilize and significantly improve our financial position in 2025, both at the corporate level and the subsidiary levels, allowing us to establish the necessary runway to build momentum through 2025 and beyond. We're well positioned to raise the capital we need to hit plan this year and move towards significant revenue growth in 2026.
Speaker Change: So in summary, 2024, and the events of the last two months have laid the groundwork to stabilize and significantly improve our financial position in 2025, both at the corporate level and the subsidiary levels.
Speaker Change: Allowing us to establish the necessary runway to build momentum through 2025 and beyond.
Speaker Change: We're well positioned to raise the capital we need to hit plan this year and move towards significant revenue growth in 2026.
Corrado de Gasperis: And with that, I'm going to hand back to Corrado to talk about what's ahead. Thanks, Billy. So outstanding.
Corrado: And with that I'm going to hand back to Corrado, let's talk about what's ahead.
Corrado: Thanks Neely.
Corrado de Gasperis: So I'm going to wrap up the last segment before we go to questions with the business outlook for 2025, maybe a little bit 2026. All of our 2025 Outlook objectives, by the way, are also detailed in the 10-K that we just filed, which, by the way, we also finalized the audit, which, by the way, we got a clean opinion. You can all see that now, you know, on the EDGAR. But let me let me start with metal. So Comstock Metals has now been operating its first commercial demonstration facility for nearly a full year. We validated all critical parameters.
Corrado: So.
Speaker Change: Outstanding So I'm going to wrap up the last segment before we go to questions with the business outlook for 2025, maybe a little bit in 2026.
Speaker Change: All of our 2025 outlook objectives by the way are also detailed in the 10-K that we just filed which by the way. We also find finalize the audit which by the way we got a clean opinion.
Speaker Change: You can all see that now.
Speaker Change: With the on Edgar.
Speaker Change: But let me let me start with metals.
Speaker Change: So Comstock metals has now been operating as first commercial demonstration facility for nearly a full year.
Speaker Change: We validated all critical parameters.
Corrado de Gasperis: Intake Revenues tipping fees, intake revenues or tipping fees, as many people call them, are slightly above expectation. That's thrilling to me because I was worried two, three years ago about what that was all about, at over $500 a time. offtake revenues, which we initially planned for nearly zero, are remarkably positive at $250 a primarily because we were able to produce 100% of the materials for reuse and resale. And we continue to experience strong silver concentrations in these tailings. Silver Ridge Talon. The silver grades would make any Comstock miner proud. I mean, they're big numbers. So costs are looking great too, at about $200 a ton all in.
Speaker Change: Intake revenues.
Speaker Change: Tipping fees.
Speaker Change: <unk> revenues are tipping fees as many people column are slightly above expectation.
Speaker Change: Thrilling to me because I was worried two three years ago about what that was all about at over $500 a ton.
Speaker Change: Offtake revenues, which we initially planned for nearly zero.
Speaker Change: Our remarkably positive at $250 a ton primarily because we were able to produce 100% of the materials for reuse and resale.
Speaker Change: And we continue to experience strong silver concentrations in these tailings silver rich tailing.
Speaker Change: The silver grades would make any comstock minor proud I mean, they are big numbers. So costs are looking great to about $200 a ton all in when you think about a 75%.
Corrado de Gasperis: When you think about a 75%, you could push 80%. It's an extraordinarily good place to start. But our success in this business starts with speed. Panel every seven seconds. that enables scale 3.3 million panels per year from one line. that translates to 100,000 tons per year. And then the last variable. Speed. scale, location. Our first facilities are wonderfully located in Silver Springs, Nevada, which is one truck day away from eight different states and importantly, in the immediate proximity of California and Arizona. were with Nevada, most of the country's end-of-life panels reside today. We'll scale this up now in two phases and spend $6 million this year with our plus our permit.
Speaker Change: You could push 80% operating margin so extraordinarily good place to start.
Speaker Change: But our success in this business starts with speed.
Speaker Change: Our panel every seven seconds matter.
Speaker Change: That enables scale $3 3 million panels per year from one line.
Speaker Change: That translates to a 100000 tons per year.
Speaker Change: Then the last variable.
Speaker Change: Speed.
Speaker Change: Scale location.
Speaker Change: Our first facilities are wonderfully located in silver Springs, Nevada, which is one truck day away from eight different states and importantly in the immediate proximity of California and Arizona.
We're with Nevada, most of the countries end of life panels resigned today.
Speaker Change: We will scale this up now in two phases and spend $6 million this year.
Speaker Change: With our plus our permits.
Corrado de Gasperis: so that we have our first large-scale facility up and running in 2026. It's mind boggling that you could be breakeven or cash positive. in a facility that's only doing like 1000 tons, 2000 tons. The nature of this business model, very, very low variable cost. very, very fast throughput processing speed. very low capacity. So 6 million this year starts us at 50,000 tons, and we can double that capacity quickly, efficiently. As soon as we're capturing enough of the market for that existing capacity 50,000 tons, and the numbers are ramping up fast, then we'll expand it. And I can tell you that we're off to a very, very good start.
So that we have our first large scale facility up and running in 2026.
Speaker Change: It's mind boggling that you could be breakeven or cash positive.
Speaker Change: In a facility that's only doing like a thousand times.
Speaker Change: 2000 times the nature of this business model very very low variable costs.
Speaker Change: Very very fast throughput processing speed.
Very low capex, so $6 million this year start to say 50000 tonnes and we can double that capacity quickly efficiently.
Speaker Change: As soon as were capturing enough of the market for that existing capacity of 50000 tons and the numbers are ramping up fast then we will expand it and I can tell you that we're off to a very very good start last year. Our first year of commissioning we build over half a million in total revenue just right out of the shoe.
Corrado de Gasperis: Last year, our first year of commissioning, we built over half a million in total revenue just right out of the chute. It's all demonstration scale, a lot of trials, a lot of different types of panels. But the outlook for this year, as Billy just saying, is five times large. are over two and a half million dollars billed as our largest customers are now coming online and the business is rapidly growing. So when we were starting this thing, when we pivoted, people thought we were crazy. We were starting this thing up. Well, you're going to be able to get customers, you're going to lock up enough customers, you're going to be able to do this, you're going to be able to do that.
Speaker Change: You saw demonstration scale a lot of trials a lot of different types of panels, but the outlook for this year is really just saying its five times larger.
Speaker Change: Our over two and a half million dollars build.
Speaker Change: As our largest customers are now coming online and the business is rapidly growing.
Speaker Change: So when.
Speaker Change: When we were starting this thing that when we pivoted people of our crazy when we're starting this thing or you're going to be.
Speaker Change: We're able to get customers or getting a lockup enough customers and we're able to do this you are going to be able to do that the team has done it.
Corrado de Gasperis: The team has done it.
Corrado de Gasperis: So during 2025, precisely our objectives are as follows. We're gonna maximize three shifts. Even though it's a demonstration scale, we're gonna run it full. I'll give you some insight. Our customers want those panels destroyed as fast as possible, so they can get their certificates of destruction. We're doing them an environmental service. Revenue from the demonstration facility will keep flowing. We're also going to secure that project-level funding. This is a Comstock playbook. We're tearing the same page out that Fuels is using for a Series A type financing, so that we can scale up next two large Nevada-based sites.
Speaker Change: So during 2025 precisely our objectives are as follows we're going to maximize three shifts even though it's a demonstration scale, we're going to run it full.
Speaker Change: Now I'll give you some insight our customers want those panels destroyed as fast as possible. So they can get their certificates of destruction, we're doing them and environmental service.
Speaker Change: And revenue from new demonstration facility will keep flowing we're also going to secure that project level funding rate, where 10. This is a comstock playbook. We're tearing the same page out that fuels is using for series a type financing. So that we can scale up the next two large Nevada based sites.
Corrado de Gasperis: will complete our permitting on our first site in Silver Springs and land these equipments all by December. So fuels have much higher revenue, more and more high profile customers. and the permitting in place once approved versus scaling it all up.
Speaker Change: We'll complete our permitting on their first site in silver Springs and land. These equipments all by December.
Speaker Change: So fuels have much higher revenue more and more high profile customers.
Speaker Change: And the permitting in place once approved versus scaling it all up.
Corrado de Gasperis: Let me turn to fuels. Our 2025 objectives see us closing on the Series A by Q2. It's coming fast. This analogy of opening the gates for the horse race is absolutely what happened when we announced the first Toronto Marathon. We will complete the site selection for the first project, the first refinery in Oklahoma. in Q2 as well. It's coming quick. Once selected, we'll start integrating a local Hexis-based fuel farm into that first refinery. We've already done extensive planning with the Hexis team on that. will also secure sufficient project level financing for that refinery. This is not the same thing as the Series A.
Speaker Change: Let me turn to fuels, our 2025 objectives <unk> closing on the series a by Q2, it's coming fast.
Speaker Change: This analogy of opening the gate spur the or the horse race is absolutely what happened when we announced the first tranche with marathon, we will complete the site selection for the first project the first refinery in Oklahoma.
Speaker Change: In Q2 as well it's coming quickly.
Speaker Change: <unk> selected will start integrating a local hexes based fuel farm into that first refinery we've already done extensive planning with the hexes team on that.
Speaker Change: We will also secure sufficient.
Speaker Change: Jack level financing for that refinery.
Speaker Change: This is not the same thing as the series a we feel that a lot of questions on this the series a to be clear.
Corrado de Gasperis: We fielded a lot of questions on the series A to be clear. relieves the parent of having to fund fuels. It allows fuels to be funded on a standalone basis and depending on how much we close it out at for two to three years. That's huge relief to the parent in terms of uses of cash. But, and that's necessary. for fuels to stand alone for fuels to drive everything that it's doing. But it's not sufficient for building the facility. The project financing will allow us to build and commission that first facility. We said repeatedly that's over $200 million for the first facility.
Speaker Change: Relieves the parent.
Speaker Change: Of having the funding fuels it allows fuels to be funded on a standalone basis and depending on how much we close it out at for two to three years.
Speaker Change: That's huge relief to the parent in terms of uses of cash.
Speaker Change: But and that's necessary.
Speaker Change: For our fuels to Standalone for fuels to drive everything that it is doing.
Speaker Change: But it's massive sufficient for building the facility the project financing.
Speaker Change: Allow us to build an emission that first facility, we said repeatedly that's over $200 million for the first facility.
Corrado de Gasperis: Obviously, we got a great head start because the project funding certainly includes the $142 million bond allocation that we received and we're planning to place for that specific facility. And we have multiple outstanding bankers, bulge brackets and the like, working with us on this right now, full time. We also plan, as we said a couple times already, on integrating and expanding the new Madison facility with the Wausau facility to bring our pilot production capabilities up to two barrels a day. And lastly, we will most certainly be executing additional revenue generating commercial agreements from both pure licensees, like you've already seen internationally, 6% engineering fee, 6% royalty, 20% equity stake.
Speaker Change: Obviously.
Speaker Change: <unk>, we got a great head start because the project funding certainly includes the $142 million bond allocation that we received and we're planning the blaze for that specific facility and we have multiple outstanding bankers bulge bracket in the LAE working with US on this right now.
Speaker Change: All time.
Speaker Change: We also plan as we said a couple of times already on integrating and expanding the new Madison facility with the Warsaw facility to bring our private production capabilities up to two barrels a day.
Speaker Change: And lastly, we will most certainly be executing additional revenue generating commercial agreements from both pure licensees like you've already seen internationally, 6% engineering fee, 6% royalty, 20% equity Stakes.
Corrado de Gasperis: But there's more than that. We're not just building our own facilities. We're not just licensing our technologies and taking equity stakes in those things as well. But there's a hybrid, which is resulting from more immediate integration with existing companies. We're now being lobbied by pulp and paper mills, by sugarcane mills. and with our feedstock. evolution, we're even seeing a massive opportunity in corn ethanol. Think about it. Fury corn is much, much more expensive than Xanograss. corn has a significantly higher carbon impact score than Xanograss. Xanograss and or other woody biomasses as ways result in higher revenue for the ethanol, even though it's molecularly identical.
Speaker Change: But there is more than that we're not just building our own facilities, we're not just licensing our technology and taking equity stakes in those things as well.
Speaker Change: But theres, a hybrid which is resulting from more immediate integrations with existing company.
We're now being lobbied by pulp and paper mills by sugarcane Mills.
With our feedstock.
Speaker Change: Evolution.
Speaker Change: Even seeing a massive opportunity in corn ethanol.
Speaker Change: Think about it.
Speaker Change: Corn is much much more expensive.
Speaker Change: Then zahnow grafts.
Speaker Change: Corn has a significantly higher carbon impact score than zahnow grass.
Speaker Change: Van on grass and or other Woody biomass is as waste result in higher revenue for the ethanol, even though its molecularly identical.
Corrado de Gasperis: simply because of the feedstock model that we're enabling. And if that was all it was, we could revolutionize corn ethanol. But it's not all it is. Because corn doesn't have the lignin content to be able to produce biolum and double and triple the yields. So if you're a corn ethanol producer listening to the call, you probably already know David Winson's number, just give him a call. Our solutions in feedstock can now quickly enhance those operations. We see these as additional and very large segments of the market.
Speaker Change: Simply because of the feedstock model that we're enabling.
Speaker Change: And if that was all it was we could revolutionize corn ethanol, but if not all of it is because it doesn't have the ligand and content to be able to produce by OEM and double and triple the yields. So if you are a corn ethanol producer or listening to the call you probably already know David winds. Mrs number just give him a call.
Speaker Change: Our solutions in feedstock can now quickly enhance those operations, we see these as additional and very large segments of the market while crowd of why haven't you guys talked about this before.
Corrado de Gasperis: Well, Crado, why haven't you guys talked about this before? Because you'd have to go chase feedstock to enable these Texas transforms the game of the feedstock model. So these are very large segments that we can now more readily integrate our solutions into and monetize.
Speaker Change: You'd have to go chase feedstock to enable these banks, Texas transforms the gain of the feedstock model.
Speaker Change: So these are very large segments that we can now more readily integrate our solutions into and monetize.
Corrado de Gasperis: All of this establishes a platform, an unprecedented platform. for us to meet half, just half of the US mandate. If we can reach half of the US mandate from the renewable fuel standards for advanced biofuels. we would be producing 200 million barrels. of fuel per year. That translates to over 8 billion gallons. by 2035. 8 billion gallons is half of a 16 billion gallon mandate. The US market doesn't burn 16 billion gallons a year. It burns 240 billion gallons a year. So these mandates are a fraction of a fraction of the market. And if we just take half of that fraction of a fraction.
Speaker Change: All of this establishes a platform an unprecedented platform for us to meet half just half of the U S. Mandate. If we can reach half of the U S mandate from the renewable fuel standards for advanced Biofuels.
Speaker Change: We would be producing 200 million barrels.
Speaker Change: Of.
Speaker Change: Of fuel per year that translates to over 8 billion gallons.
Speaker Change: By 2035.
Speaker Change: 8 billion gallons is half of our 16 billion gallon mandate. The U S market doesn't burn 16 down 1 billion gallons a year. It Burns 240 billion gallons a year.
Speaker Change: So these mandates are a fraction of a fraction of the market and if we just take half of that fraction of a fraction.
Corrado de Gasperis: The game is over.
Speaker Change: The game is over and.
Corrado de Gasperis: And remember, all of those numbers are just the United So we got a lot done in 2024. was hard, right? But in 2025, we're going to expect that we're going to get much, much more done, increase our lead in the fuels business, increase our lead in the metals markets as our systems rapidly expand both nationally and internationally.
Speaker Change: And remember all of those numbers are just the United States. So we got a lot done in 2024.
Speaker Change: With hard right, but in 2025, we're going to expect that we're going to get much much more done increase our lead in the fuels business increase our lead in the metals markets as our systems rapidly expand both nationally and internationally for series a for our fuels.
Corrado de Gasperis: For Series A for fuels. will be next. It'll be the next most tangible evidence that both unlocks tremendous value, as Billy said, demonstrates and unlocks tremendous value, and also positions for the spin out of a Comstock Fuels that creates two very valuable, very high growth public companies. The valuation cap already realized is well over a double of what SBCC agreed to last summer. So, yeah, SBCC missed a huge opportunity there. And the August SBCC deal is dead.
Speaker Change: We will be will be next it will be the next most tangible evidence that both unlocks tremendous value as Billy said.
Speaker Change: Inventory and unlocks tremendous value and also position for the spin out of a comstock fuels that creates two very valuable very high growth public companies the.
Speaker Change: The valuation cap already realized is well over a double of what SPC agreed to last summer. So yeah SPC missed the huge opportunity there and the August SPC deal is dead. Please stop asking me about it why would we place money.
Corrado de Gasperis: Please stop asking me about it. Why would we play? money into fuels at a $300 million pre-money valuation when we're talking about a $700 million pre-money valuation, which I'm telling you is now the floor. I mean, we would never do fuels at a $300 million valuation, that's behind us. To be clear, we love the people at SBCC. That team has worked their butt off for us. And they have real capital behind them. And they still remain very, very interested in being a capital partner with Comstock. We are clear on the value that's been positioned here.
Speaker Change: Into fuels at a $300 million pre money valuation when we're talking about a $700 million pre money valuation, which I'm, telling you is now the floor.
Speaker Change: I mean, we would never do fuels that are $300 million valuation that's behind us to be clear we love. The people at SBC that team has worked there but off for us and they have real capital behind them and they still remain very very interested in being a capital partner with Comstock.
Speaker Change: We are clear on the value that's been positioned here, okay, and we're going to do everything in our power because our job is not to be clear on what the value is not to fantasize about what the value is but the liver the value square, it's recognized by others. It is already being recognized by others.
Corrado de Gasperis: Okay, and we're going to do everything in our power because our job is not to be clear on what the value is, not to fantasize about what the value is, but deliver the value where it's recognized by others. it's already being recognized by others. They're putting their money where their mouth is. They're putting it on paper. They're putting it in the bank. But our view here is that we're talking about tens of billions of dollars of value. if not much higher. There's no question that opportunity is there.
Speaker Change: Theyre, putting their money where their mouth is and putting it on paper they are putting it in the bank, but our view here is that we're talking about.
Speaker Change: Tens of billions of dollars of value.
Speaker Change: If not much higher.
Speaker Change: No question that opportunities there.
Corrado de Gasperis: We're also clear that having two game changing business opportunities addressing two massive global markets without the right capital and without the right funding results in this endless sell pressure on the stock. We don't, we know. We know. We don't. But we're now positioned with the recently increased share capacity, thank you again from my heart, and with the Series A in fuels, so that we don't need to do any more of those convertible type bonds. Yes, you heard me say it. But that, to be clear again, is not conflicting with what Billy said. I'm not saying we don't need capital, or that we won't raise capital.
Speaker Change: We're also clear that having two game changing business opportunities addressing two massive global markets without the right capital and without the right funding results in this endless sell pressure on the stock.
We don't we know.
Speaker Change: We now.
Speaker Change: We don't.
Speaker Change: But we're now positioned.
Speaker Change: With the recently increased share capacity. Thank you again from my heart and with the series aimed fuels. So that we don't need to do any more of those convertible type bonds.
Speaker Change: Yes, you heard me say it.
Speaker Change: But that to be clear again is not conflicting with mobility I'm, not saying, we don't need capital or that we wont raise capital what I'm, saying is the capital is coming from much more keen sources.
Corrado de Gasperis: What I'm saying is the capital is coming from a much more keen source. like in the Series A, structured positively with investors who agree to be part of the value creation and that we have identified and that we are engaged. and who want to participate over the next five years and years. to achieve the goal.
Speaker Change: Like in the series a structured positively with investors, who agreed to be part of the value creation and that we have identified and that we are engaged with.
Speaker Change: And who want to participate over the next five years eight years.
Speaker Change: To achieve the goal so once we spin our fuels if you're a holder you'll have shares in both companies.
Corrado de Gasperis: So once we spin off fuels, if you're a holder, you'll have shares in both companies. We were now when I wrote the shareholder letter in January, we were strongly contemplating it. We were biased to it. We didn't know all of the implications to it. We know now we're committed to doing that.
Speaker Change: We are now when I wrote the shareholder letter in January we were strongly contemplating it we were biased to it we didn't know.
Speaker Change: All of the implications to it.
Speaker Change: We know now and we're committed to doing that and it will happen and methodically. After the series a when I don't know yet how I don't know exactly how yet.
Corrado de Gasperis: And it will happen methodically after the series a when I don't know yet how I don't know exactly how yet But I know that if you're a holder of Lowe's, you will be holder of Comstock, you will be holder of Biolio. What ratio? I don't know what mechanism. I don't know. I know what the possibilities are. But there's a lot more work that we need to do. And quite frankly, we're not going to do it until we close the series.
Speaker Change: But I know that if you're a holder of loan you'll be holder of comps are you will be a holder of buy oleo.
Speaker Change: What ratio I don't know what mechanism I don't know I know what the possibilities are but theres a lot more work that we need to do and quite frankly, we're not going to do it until we close the series.
Corrado de Gasperis: So we've achieved minimum sufficiency across an entire global supply chain. That sounds soft or small. But that is huge. It is a big, big thing that we have the chain from beginning to end globally. So now we just grow it. Now we just grow it.
Speaker Change: So we've achieved we've achieved minimum sufficiency.
Speaker Change: Across an entire global supply chain that sounds soft or small.
Speaker Change: But that is huge it is a big big thing that we have the chain from beginning to end globally.
Speaker Change: So now we just grow it.
Speaker Change: Now, we just grow it.
Trevor Brucato: Trevor, I think probably there's the best place to stop. And let's just go to questions. I'm sure there's a lot of questions. We took extra time, but it was a whole year in review, and we did a lot. You certainly did and congrats to you and the team. You know, fuels is essentially the, as one might say, the oil well that never stops producing and the urban mining operation, your metals business, essentially being the silver mine that never stops producing. So kudos on what you guys have built and continue to build.
Speaker Change: Trevor.
Speaker Change: Probably.
Speaker Change: The best place to stop.
Alex: Alex just go to questions I am sure Theres a lot of questions. We took extra time, but it was a whole year in review and we did a lot.
Speaker Change: You certainly did and congrats to you and the team.
Speaker Change: Fuels is essentially the as one might say D.
Speaker Change: Oil well that never stops producing in their urban mining operation your metals business essentially being the silver mine that never stops producing so kudos on what you guys have built and continued to build out lets move into questions. Here I know, we've taken up a lot of time here and we want to keep this tight for you. If you do have any questions you can submit them in the Q&A module.
Trevor Brucato: Let's move into questions here. I know we've taken up a lot of time here and we want to keep this tight for you. If you do have any questions, you can submit them in the Q&A module. So we'll start off with, you know, there's obviously a lot of questions here on fuels, a lot of advancements over the last six months. You know, fuel seems to have a rapid growth plan on building multiple facilities, whether it's owned or licensed in the near term and through to 2035. That has been discussed in the past.
Speaker Change: So we will start off with there's obviously a lot of questions here on fuels a lot of advancements over the last six months.
Speaker Change: Fuel seems to have a rapid growth plan on building multiple facilities.
Speaker Change: Whether its owned or licensed.
Speaker Change: In the near term and through to 2035 that had been discussed in the past.
Corrado de Gasperis: How will this be possible from a human capacity perspective and capital? Great question. So, you know, the US mandate alone, we like we, you know, instead of talking about number of facilities, we really prefer to talk about, you know, tonnages and barrels. Okay, so ultimately, to get to half of the US mandate, you're talking about 50 million tons of feedstock material, we have clear calculus on four times that amount of feedstock. Okay, so we have the feedstock to do it. That would that's the most relevant question that that capacity, that capability, if you will, did not exist until our technology unblocked it.
Speaker Change: How will this be possible from a human capacity perspective, and capital perspective, great question. So.
Speaker Change: The U S mandate alone we like.
Speaker Change: Instead of talking about number of facilities.
Speaker Change: We really prefer to talk about <unk>.
Speaker Change: <unk> and barrels okay. So ultimately to get to half of the U S mandate Youre talking about 50 million tons of feedstock material, we have clear calculus on.
Speaker Change: Four times that amount of feedstock. Okay. So we have the feedstock to do it that way. That's the most relevant question that that capacity that capability. If you will did not exist until our technology unblocked. It. Okay number two right, we're doing project level financing and Youre seeing cap.
Corrado de Gasperis: Okay, number two, right, we're doing project level financing, and you're seeing capital pool to it, including high incentives from each state, each state in each country that we're working with, realizes that this is not, you know, type of thing, the governor's office of economic development, you know, let's reel in a new company, they look kind of cool. No, this changes the foundational ecosystem of the state, they become leaders in oil and gas, and at the same time, leaders in agriculture. Now, that same thing applies to countries, Pakistan sees an ability to become energy independent. In the US, we see the ability to become energy dominant, literally unleashing the beast.
Speaker Change: It'll pull to it including high incentives from each state each state and each country that we're working with realizes that this is not.
Speaker Change: Type of thing the Governor's office of economic development, that's real in the New company. They look kind of cool no. This changes the foundational ecosystem of the state they become leaders in oil and gas and at the same time leaders in agriculture now that same thing applies to countries.
Speaker Change: Pakistan season ability to become energy independent in the U S. We see the ability to become energy dominant literally unleashing the east Okay. How do we do it capital pools at the subsidiary level frankly after the first one now you have 100% proof youre fully.
Corrado de Gasperis: Okay, how do we do it capital pools at the subsidiary level, frankly, after the first one, now you have 100% proof, you're fully de-risked, the the risk on investors, right, are filthy rich, and then every other capital source wants to come and play because it's been de-risked. Okay, number one, number two, the corn ethanol industry after building serial number one, in the United States, built 200 facilities in a seven to eight year period. Okay, how did they do that? The answer is not by themselves. Sorry, so the idea of partners, the idea of entity level equity partners, the idea of the idea of strategic partners, and the idea of international licensees unleashes the capital and unleashes the human I mean, the financial capital and then will unleash the human capital as well.
Speaker Change: The risk the risk on investors right are filthy rich and then every other capital source wants to come and play because it's been derisked because number one number two the corn ethanol industry. After building serial number one in the United States.
Speaker Change: Built 200 facilities in seven to eight year period, Okay. How did they do that the answer is not by themselves. So the idea of the partners the idea of of entity level equity partners the idea of.
Speaker Change: The idea of strategic partners and the idea of international license fees unleashes the capital and unleashes the human I mean, the financial capital and then will unleash the human capital as well so yeah, it's an endeavor, it's an endeavor.
Corrado de Gasperis: So yeah, it's an endeavor. It's an endeavor. And then, as we're converting corn to wood, or we're bolting onto pulp and paper, you already have established supply chains there, you already have established permitting regimes there, and you already have established workforces there. So an incremental expansion is surely easier, right? But but they all produce more gallons, they all produce more barrels, right? So we have a clear view on this, and it'll evolve. It's from where do we pocket a facility where there's waste wood from a lumber mill or a pulp and paper mill, to now how do we aggregate and optimize, like a, you know, some giga power, you know, in converting farmlands, or even more excitingly, with hexes, using marginal unproductive lands to do something that is equivalent to current farmlands.
Speaker Change: And then as we're converting corn to wood or we're bolting on to pulp and paper you already have established supply chain. There you already have established permitting regimes, there and you already have established workforces. There. So an incremental expansion is surely easier right but.
They all produce more gallons they all produce more barrels right. So we have a clear view on this and it'll evolve it's already evolved from where do we pocket a facility, where theres waste wood from a lumber mill or a pulp and paper mill to now how do we aggregate and optimize.
Speaker Change: <unk> like.
Speaker Change: Some giga power.
Speaker Change: In converting farm lands or even more excitingly with hexes using marginal unproductive lands to do something.
Speaker Change: Is equivalent to current farmland. So it's all of the above Trevor hopefully that that helps it does thank you and there seems to be some needed clarity here.
Corrado de Gasperis: So it's all of the above, Trevor, hopefully that that helps. It does. Thank you.
Corrado de Gasperis: And, you know, there seems to be some needed clarity here. Is the 20%, you can also add in the 6% and 6% regarding the economics associated with licensing the technology, the fuels technology, In order to obtain that, is there any sort of contingency as it relates to capital that Comstock needs to provide for each of these projects? Yeah, good question. No. So the international licenses, where we get 6% engineering fees at the start of the site license to commissioning, and by the way, you know, if we've got five of those going on over the next three years, you're looking at 200 to 300 million of revenues just from engineering services for fuel.
Speaker Change: Is the 20% you can also add in the 6% and 6% regarding the economics associated with licensing the technology fuels technology.
Speaker Change: In order to obtain that is there any sort of contingency as it relates to capital that comstock needs to provide for each of these projects. Yes. Good question no. So the international licenses, where we get 6% engineering fees at the start of the site license to commissioning.
Speaker Change: And by the way.
Speaker Change: We've got five of those going on over the next three years Youre looking at 200 and $300 million of revenues just from engineering services for fuel so even though we know our first facilities a few years off from actually producing fuel except for Madison right then.
Corrado de Gasperis: So even though we know our first facility is a few years off from actually producing fuel, except for Madison, right, then we have engineering fees in the meantime, but then we get royalties, but then we get that 20% equity stake, not for 20% of the capital. They put 100% of the capital in, we're getting that 20% equity stake as the contribution of technology, right, you know, right from day one. So I know it sounds robust. Why? Because it is robust. You know why? Because the financials are robust, and our licensees are going to get extremely wealthy deploying this model, and we just want to share in that wealth.
Speaker Change: Then we have engineering fees in the meantime, but then we get royalties, but then we get that 20% equity stake not for 20% of the capital they put 100% of the capital and we're getting that 20% equity stake as the contribution of technology right right from day, one so I know it sounds it sounds robust why because it is robust why because.
Speaker Change: Financials are robust and our licensees are going to get extremely wealthy deploying this model and we just wanted to share in that well.
Speaker Change: Thank you Corrado a lot of questions you guys have already addressed as it relates to the timing and specifics associated.
Corrado de Gasperis: A lot of questions you guys have already addressed as it relates to the timing and specifics associated with the Series A, with the spin-out. So I don't think we need to touch on that. So everyone that is curious about that, if you don't mind going back to the recording. Trevor, I wouldn't mind just summarizing that the Series A is tens of millions of dollars going right into fuel. the project level SPV level financing for Oklahoma serial number one, 200 plus million dollars going below fuels, right, another subsidiary underneath not diluting fuels, right underneath, some equity will come in there too.
Speaker Change: Associated with the series a.
Speaker Change: With the spin out.
No I don't think we need to touch on that so everyone that is curious about that if you don't mind recording Trevor Trevor I wouldn't mind, just summarizing the series a is tens of millions of dollars going right into fuels.
Speaker Change: The project level SPV level financing for Oklahoma Zero number one 200 plus million dollars going below fuels right. Another subsidiary underneath not diluting fuels right underneath some equity will come in there too so it could be very reasonable that we have 80% of that.
Corrado de Gasperis: So it could be very reasonable that we have 80% of that facility, but we're working through some tax equities that actually allow us to, to have a win win for people who would benefit from those kinds of investments. And then we became high, high ownership, forevermore. And then third is the split, which is literally spinning off a company that now has three legs to stand on, not two, right, and, you know, becomes a separate standalone focus. We're doing that for many reasons, right. But one of them is that the people that are investing directly into fuels, like investing in fuel energy, and wouldn't typically or by policy couldn't invest in, you know, load.
Speaker Change: Facility, but we're working through some tax equities that actually allow us to have a win win for people who would benefit from those kinds of investments and then we became high high ownership forever more and then third is the split which is literally spinning off a company that now has three legs to stand on not too.
Speaker Change: Right and becomes a separate standalone fold guests.
Speaker Change: We're doing that for many reasons, but one of them is that the people that are investing directly into fuels like investing in fuel energy.
Speaker Change: And wouldn't typically are by policy couldn't invest in.
Corrado de Gasperis: So we get the best of both worlds is how we feel about it. Thanks for that.
Speaker Change: So.
Speaker Change: We get the best of both worlds as how we feel about it.
Carlo: Thanks Carlo.
Corrado de Gasperis: Looking at the urban mining business, the metal side, you know, the plan right now is primarily throughout the US. Are there any plans, growth opportunities abroad, for example, Australia? Great question. So we've been laser focused on the southwest region of the United States, right? And the rest of the country has pulled us out, right? We have Florida, we've got Pennsylvania, we got New Jersey, we've got at least seven or eight or nine states that we've received panels from, which validates a lot to us. Okay, in one cases, it's because there really isn't an alternative at all.
Carlo: Looking at the urban mining business the metal side.
Carlo: The plan right now is primarily throughout the U S.
Carlo: Are there any plans growth opportunities abroad. For example, Australia Great question. Great question. So we've been laser focused on the southwest region of the United States and the rest of the country has pulled us out right. We have Florida, We've got Pennsylvania, New Jersey, we've got at least seven.
Carlo: Eight or nine states that we've received panels from which which validates a lot to us.
Carlo: And one cases, because there really isn't an alternative at all even though the volumes may be marginal or small in another case, it's just the big ones, who don't see anybody else that can handle the scale that they need.
Corrado de Gasperis: You know, even though the volumes may be marginal or small, in another case, it's just the big ones who don't see anybody else that can handle the scale that they need. But we're being approached from multiple continents, let me leave it that way, right, where they would love to see international joint ventures, they've assessed and believe that our technology is the fastest, is the most efficient, and critically, is the best easiest to scale, you know, so we'll see how those proceed. That's early stage, you know, Fortunato's in the market every single day. So he's just bumping into everything.
Carlo: We're being approached from from <unk>.
Carlo: <unk> continents, let me leave it that way right, where they would love to see international joint ventures that they assessed and believe that our technology.
Carlo: Is the fastest is the most efficient and critically is the best easiest to scale.
Carlo: So we'll see how those proceed that's early stage four channels in the market every single day, so he's just bumping into everything.
William McCarthy: Went up on time here. Any clarity on the 50 million shelf in the 10k? So we always have a registered shelf on record. If you go back 15 years, you'll see that we have a registered shelf always on hand. Now, if you're a public company, typically the reason you're a public company is that you want efficient access to the capital markets. Doesn't mean you need it, but you have it and you want it. If you really want it practically, then you should always have a registration statement on record, on shelf, if you will. They typically expire every three years and we just replace them like a month before they expire.
Manav: Manav on time here.
Manav: Any clarity on the $50 million shelf in the 10-K.
Manav: So we always have a registered shelf on record. If you go back 15 years, you'll see that we.
Manav: We have a registered shelf always on on hand now.
Manav: If you're a public company typically the public. The reason you are public companies that you want efficient access to the capital markets doesn't mean, you need it but you have it and you want it if you if you really want it practically then you should always have a registration statement.
Manav: On record on shelf, if you will they typically expire with three years and we just replace them like a month before they expire if we use them all or if we don't use them. We always have one in place so.
William McCarthy: If we use them all or if we don't use them, we always have one in place. So that's a constant. Appreciate it.
Manav: That's a that's a constant.
Manav: I appreciate it.
Trevor Brucato: So let's wrap it up there. I know there's a lot of questions, anything that we have not gotten to, we'll do our best to get back to you by email or include in future events and in future press releases.
Corrado: So let's wrap it up there I know there's a lot of questions anything that we have not gotten too we will do our best to get back to you by E mail or include in future events and in future press releases. So I appreciate your time, but I'll put the ball back in your court here Corrado for any final comments.
Corrado de Gasperis: So I appreciate your time, but I'll put the ball back in your court here, Corrado, for any final comments. Yes, absolutely. So look, just in summary, we're fully subordinating and supporting the businesses for obviously first getting the Series A project funding done and ultimately spinning off fuels. So then we end up with these two public companies for all of our shareholders. Both companies on a standalone basis have huge addressable markets as we just spoke about metals internationally and will rapidly grow. So our next quarter call will be the end of April, could be potentially early May.
Corrado: Yes, absolutely so look just in summary.
Corrado: We're fully subordinating and supporting the businesses for obviously first getting the series a project funding done and ultimately spinning off fuels. So we ended up with these two public companies for all of our shareholders. Both companies on a standalone basis have huge.
Corrado: Huge addressable markets as we just spoke about metals internationally and will rapidly grow.
Corrado: So our next quarter call will be the end of April could be potentially early may.
Corrado de Gasperis: And the AGM is scheduled now for May 22nd. We have a tremendous amount of work to do between now and then. You'll be getting updates without question between now and then. And as Trevor said, we'll look to circle back and answer any questions that you have sent in that we were not able to answer on this time. But we strongly, strongly appreciate all of our investors. Everything that we're doing is to unlock this value. We're freaking close, you know, and it's all coming. I can tell you the tone here is energized and excited. We're working our butts off, you know, and we're growing.
Corrado: The AGM is scheduled now for May 22nd we have a tremendous amount of work to do between now and then you'll be getting updates without question between now and then and as Trevor said, we will look to circle back and answer any questions that you have sent in that we were not able to answer on this time.
Corrado: But we strongly strongly appreciate all of our investors everything that we're doing is to unlock this value we're freaking close.
Corrado: And it's all coming I can tell you the tone here is energized and excited we're working our butts off.
Corrado: And and we're growing so it's all coming I wouldn't trade, where we are now for anything.
Corrado de Gasperis: So it's all coming. I wouldn't trade where we are now for anything.
Trevor Brucato: Thank you, everyone. And please stay tuned. you know, record numbers of attendance. You know, I think that speaks to everything that you guys have been doing and the value that continues to be unlocked.
Corrado: Thank you everyone and please stay tuned.
Corrado: Record numbers of attendance.
Speaker Change: I think that speaks that everything that you guys have been doing and the value that continues to be unlocked. So thanks, Corrado, Billy and the Comstock team and thanks to everyone for joining today. Please keep an eye out for the recording we will be sending out out by email and it's also going to be uploaded at Comstock, Inc. S. Comstock Dot Inc. If you have any questions that you have not submitted or.
Trevor Brucato: So thanks Corrado, Billy and the Comstock team and thanks to everyone for joining today. Please keep an eye out for the recording. We will be sending that out by email and it's also gonna be uploaded at Comstock Inc or Comstock.Inc. If you have any questions that you have not submitted or that have not been addressed, iratcomstockinc.com. Again, that's iratcomstockinc.com.
Speaker Change: That have not been addressed IR at Comstock, Inc. Dot Com again, Thats IR at Comstock, Inc. Dot com that concludes todays event. Thanks.
Trevor Brucato: That concludes today's event. Thanks everyone for your time. Outstanding, thank you all. Thank you.
Speaker Change: Thanks, everyone for your time outstanding. Thank you al. Thank you.
Trevor Brucato: Goodbye.
Speaker Change: Goodbye.