Q3 2025 Comstock Inc Earnings Call
Speaker #1: With $31.7 million in cash equivalents . And then the next slide shows from a financial perspective , clean up of the balance sheet .
Speaker #1: So from my perspective as CFO this quarter wasn't just about improving the balance sheet . It was about positioning . Comstock Inc. in a place of real financial strength .
Speaker #1: And with that , I'll hand it back to Corrado , talk more about what's next for our solar recycling platform and our broader technology roadmap .
Speaker #2: Thanks , John . Appreciate it greatly . No , it's just remarkable looking at that footnote disclosure . And it's understated . You know , we have no debt , but as you just pointed out , so many of these other obligations where we're taking care of in advance , which really positions us now to be very focused .
Speaker #2: I guess I'd just like to start off by saying that , you know , silver is is a core part of our DNA .
Speaker #2: Obviously , you know , the Comstock Lode was the largest silver discovery . You in America , producing almost 200,000,000oz of silver from a remarkable , remarkable epithermal deposit .
Speaker #2: It's been in our blood . It's been in our veins , you know , since day one . It's remarkable to see what's happening with silver now , as as not just a precious metal , but as an industrial metal .
Speaker #2: It's exploding . 2025 was the year that silver demand hit record levels . Because of this , industrial use . You know , it's not just the solar panels , which is a remarkably growing component of it , but all of these other electrification activities .
Speaker #2: So , you know , people do things normally about batteries and obviously batteries and electronic vehicles , you know , are part of that demand surge .
Speaker #2: But when you start thinking about the compute infrastructure , the GPUs , the data centers , the robotics , it's much more pervasive than people are thinking .
Speaker #2: And and it's it's constrained the mind supply , you know , for the first time in just a few years , and this demand , which , you know , hit record levels this year , is forecasted to increase dramatically , you know , over the next five , six , seven years .
Speaker #2: And , and that demand exceeding supply equation has had a remarkable impact even on the silver pricing . My graphs are outdated because I show these three , four years where where demand has exceeded supply .
Speaker #2: And you see the correlation to the silver price isn't in the mid 30s . It's in the high 40s . You know , and we see this demand , this long term demand equation just continuing to go forward .
Speaker #2: Why is that relevant . Obviously we have mineral assets . But it's it's most relevant to our metal recycling because every solar panel contains at least a half an ounce , you know , of silver .
Speaker #2: And when you're producing and processing 3.3 million panels in just one production line, you're going to establish leadership in silver production. You know, I made this comment a few times.
Speaker #2: I got criticized for making it . I'm not trying to be promotional , you know , I want people to appreciate that , you know , the the revenue that we're getting from aluminum is extraordinary .
Speaker #2: And the revenue that we're getting from silver is , is about to be extraordinary . And it's going to just continue to grow , you know , in volume for sure .
Speaker #2: And when you're talking about a couple of million ounces coming just from one production line , you're going to take a leadership position .
Speaker #2: Our system , as we as many of you now know , has four powerful characteristics . One , it eliminates all contaminants cleanly .
Speaker #2: It also has the lowest variable and operating cost in the industry. We don't see anyone that's even close to our variable cost profile.
Speaker #2: You know , and then with the fully automated system , it takes very , very little labor to operate that machine . It's very , very fast , high speed processing means , you know , getting up to doing a panel every seven seconds .
Speaker #2: And it's that singular characteristic that allows us to scale to those levels . Millions of panels per year for one production line . And what we really sell to our customers , which are the largest utility companies , you know , in the country , are peace of mind .
Speaker #2: You know , we know they know that that liability will be fully terminated , not partially terminated , not temporarily terminated , not terminated somewhere in the future , but immediately permitted in its complete and total sense , so that peace of mind is really what makes our offering most different .
Speaker #2: We already have proven that we can produce clean materials . Our unit economics are robust . Right ? They're everything that we've seen to date .
Speaker #2: Suggests that what we've guided to is the numbers , and I'll show them to you again . But just as a reminder , clean aluminum , clean glass .
Speaker #2: And then these silver rich tailings that we're just selling as tailings . So we're not refining them today . We're getting a meaningful amount of the silver value in the future , we would like to refine them .
Speaker #2: We'd like to get the silicon . We'd like to get all the silver . We'd like to get some of those critical and rare earth metals , telarium , iridium , gallium , depending on the type of panels that come in , I guess the biggest news that we're reporting is that we got great notice from the Nevada Department of Environmental Protection with a very specific timeline to the final issuances of our permit .
Speaker #2: This does not come in a vacuum . We easily met with them every single week for the last three weeks . It's a it's been a very productive , very clear process .
Speaker #2: We've seen the final draft forms of the permit . We've discussed the process and they've synchronized , you know , the final issuances process with us so that , you know , by Christmas , all of the public comment notice periods will have been completed that fits right in line with our schedule of receiving our equipment here in the fourth quarter .
Speaker #2: And commissioning , you know , in the first quarter . So we could not be more thrilled , relieved probably is a better word that these permits are on their way .
Speaker #2: That big facility that you see there is what we're permitting . I think people have met me over the last 2 or 3 months .
Speaker #2: When I show them this picture , I say , if you saw the parking lot today , you know it'd be full of panels .
Speaker #2: So I want to show it to you . Right ? We're receiving panels constantly . We had about half $1 million of billings in the third quarter .
Speaker #2: The the number is right in line with our guidance in terms of doing about $3.5 million of billings this year . There's a little bit of a slow burn leading up to these permits .
Speaker #2: We're ecstatic to have gotten them . We're we're we're moving forward with much , much bigger order discussions with our existing and with new customers .
Speaker #2: So this manifestation of of scaling up of these panels coming in is , is happening . Right ? So we feel very , very good about the engagement of the market .
Speaker #2: The panel , you see a year in a tiny little demo facility to process those about two for for the large facility to process these all out .
Speaker #2: And that facility which you see here on the screen just to the right , sits adjacent to property that we've secured and permitted for this massive expansion of storage .
Speaker #2: So we've got about 4 to 5000 tons sitting there today . We could fit , you know , depending on how we profile this thing out , 20 to 25,000 tons , right next door .
Speaker #2: I mean , literally right next door . You just come over and you and your your processing . Yet we have legal separation , you know , between the processing facility , you know , and the storage facility , which is prerequisite , as I mentioned , unit economics are holding strong .
Speaker #2: The variable costs are very , very low . So that is our claim to fame . We don't only have high speed process .
Speaker #2: We have a very , very low variable cost process for those who like that stuff , we call it throughput , right . The speed at which cash moves through the system is very robust .
Speaker #2: It's more robust because we get paid up front for taking this environmental liability off our customers hands . And providing them peace of mind .
Speaker #2: And then we're selling all of those materials . We haven't updated these numbers in terms of offtake sales , but silver price , of course is having a positive effect .
Speaker #2: You know , on that equation . We want to get two facilities in Nevada because the market today is about 3.5 million panels coming out .
Speaker #2: The market in 2030 will be 33 million panels coming out . That increase from 3 to 33 is what we see with our largest industrial utility customers .
Speaker #2: So, when we have a customer that has the potential to give us 5,000 or 10,000 tons next year, that customer is a 50,000 to 100,000 ton customer—not always.
Speaker #2: Not every time , but in direction . That's what we're laying the foundation for . And this is the 1.4 billion panels that are deployed in the United States alone .
Speaker #2: 1.4 billion panels. So when you think about 3 million or 33 million, you're literally at the tip of an iceberg for a market that is exploding.
Speaker #2: And so we don't see that relenting and the speed at which we deploy our solution is one of the most critical success factors .
Speaker #2: Our customers are where you'd expect them to be , you know , over half of the market for end of life sits in California .
Speaker #2: You add , you know , Nevada and Arizona . That equation . And it's a robust percentage of the market . So by having two facilities in Nevada , you know , even though the permitting regime here is very strict , even though the regulation is very diligent , we believe that's a competitive advantage for us today because we're positioned right in the middle of the largest part of the US market , and we're not just taking in panels .
Speaker #2: We are still processing and we are still shipping materials out the door . So we got we got a lot of questions as as Zak had said .
Speaker #2: And so I've added some slides to maybe address some of the non-metals questions . You know . So I'll give a little bit of insight on some of the mining assets .
Speaker #2: Just a few a little bit of insight on Sierra Springs . Just a few , you know , and then maybe wrap up with some highlights we got , we got actually a relatively large number of questions on bio lithium .
Speaker #2: And then we'll go right into Q&A . Zak , after I do that , if that's okay . So you know , for those of you that don't appreciate it as well , you know our our namesake is the Comstock Lode .
Speaker #2: This is the 12 square mile mineral district that we've consolidated its historic because it produced almost 200,000,000oz of silver and over 8,000,000oz of gold .
Speaker #2: Most of that was in this two mile strike right here . You know , Virginia City . It's pretty mountainous up here . You know , you're integrated right into the community up here .
Speaker #2: But there is tremendous gold and silver resources up there . It was never part of our plans to develop those resources . We focused much more on the central part of the district .
Speaker #2: That's where we mined and built infrastructure . You know , between 2010 and 2016 . And then , you know , quite ecstatic about the layout of the southern part of the district where we talk about the date and consolidated and recently we acquired the Haywood Quarry .
Speaker #2: So for those who were not clear about that , maybe I got a better slide here . Here it is . You know , the Haywood Quarry with the Haywood Quarry .
Speaker #2: Did is really put us in immediate proximity of the Dayton resource , should we want to have an alternative or should whoever ultimately mines this resource want an alternative for processing those assets .
Speaker #2: So in that way, it was very strategic. It was very inexpensive. We certainly haven't deployed any capital for these mining assets.
Speaker #2: You know , since since before August . The other thing too , is that manky precious metal sale , which is all of these green properties up north that we really never had any plans to develop .
Speaker #2: And we , you know , retained a royalty on that . So we wish them the best of luck in developing them when the deal wasn't just to get $3 million , you know , for those mineral claims , there was another almost 240 acres of land in Lyon County that they had that we got with no additional consideration as part of that deal .
Speaker #2: So when you talk about , you know , monetizing , dividing assets , what you see here in blue . Now , better filled out with Haywood and better filled out with some of these additional properties .
Speaker #2: Mineral claims and otherwise just makes this portfolio much more attractive . Much stronger , much more cohesive . So , you know , when we talk about monetizing , we sold the green , you know , there's a resource and an infrastructure in the middle in the purple , there's a resource , you know , below in the blue and a lot of potential for more .
Speaker #2: So the day in has a published SK 1300 . It's the equivalent of of an NI 43 101 in Canada . Its got incredible resources immediately at surface .
Speaker #2: And when we ran the numbers on this resource at $3,000 gold , you know , we were looking at over a quarter of $1 billion , you know , in free cash flow .
Speaker #2: You know , when we ran it , you know , at $3,500 gold , the number got much , much higher , pushing half a billion , actually .
Speaker #2: I'm sorry , the the the the first number was at 22 , 50 gold . That one at 3500 . We're pushing half a billion in cash flow .
Speaker #2: If you push it up to $4,000 gold, you're adding another $100 million. It's about $20 plus million for every $100 of increase in the gold price.
Speaker #2: So you have an extraordinary economic asset here that people now . And I guess I can say this , people now that are engaged in interested in this asset , we have people now that are engaged and interested in the Lucerne and the American assets .
Speaker #2: So , you know , the precious metal prices is certainly having a positive effect , you know , on all of that , if you think about if you think about maybe let me just jump forward .
Speaker #2: If you think about the Comstock , which I just reviewed with you , this , this whole property package here , you see in the bottom left hand corner , you see our proximity to Lake Tahoe , ten miles , probably as the crow flies , you know , as well as , you know , the California border , if you go up highway 50 , that's where the .
Speaker #2: Sierra Springs , you know , properties are . That's where Comstock has two properties , about 258 acres and some water rights . And that's where the state designated this , you know , huge opportunity zone .
Speaker #2: So, you're sitting in one of the hugest opportunity zones right at Lake Tahoe and the California border. It's just remarkable. The Tahoe Reno Industrial Center is absolutely exploding.
Speaker #2: You know , in terms of industrial development , it's almost surreal . For those of you who have driven through it . You know what I'm talking about .
Speaker #2: 10,000,000ft² of construction . You know , undergoing construction as we speak . People are less familiar with the notion that , you Nevada's one truck day away from like , 70 million people , two truck days away from a massive population .
Speaker #2: And so it is central from every context . But but as business climate and it's environmental climate , you know , the fact that , you know , it's it's between 69 and 72 degrees here , you know , 80% of the days year round makes it the ideal or one of the ideal locations for data centers .
Speaker #2: And so , you know , Tesla cracked the nut open , you know , by building their first Gigafactory here . Now , they announced they're going to build their first 18 Wheeler semi truck factory .
Speaker #2: And they're going to announce a new industrial battery factory . They've announced all that . They're going to produce it . And but then , you know , the apples and the Googles and the switches and the Microsoft and all these companies just sort of pouring in and building these hyperscale data centers have created a tremendous industrial opportunity here .
Speaker #2: And so we did advance the money . You know , the Overallotment made it convenient for us to to advance a little bit more money to Sierra Springs .
Speaker #2: There are some major transactions formulating right now around these properties. You're talking about hyperscale data centers. You're talking about off-grid renewable energy.
Speaker #2: You're talking about land and capital . It's all congregating . It's not it's not a Northern Nevada phenomenon . Obviously , it's a global phenomena .
Speaker #2: But, but we're one of the top five locations for this phenomenon to be hitting the ground. And again, I just want to say that there's a bigger thing happening here.
Speaker #2: It our end game is monetization . You know , of course . But we we need to take a couple intermediate steps to unblock something that I think is just going to be extraordinarily valuable for our company and our shareholders .
Speaker #2: Super enabling . As I mentioned , you know , a lot of questions about fuels . Try to wrap this up pretty quickly as everybody knows , the Marathon Petroleum came in and made a remarkable contribution to our company .
Speaker #2: Our fuel subsidiary , in March of 2025 , a few months later , in May , we got a direct series A investment and we formed by William Corporation and separated it from Comstock Inc. .
Speaker #2: How did we do that ? We took all of our investment and we restructured it into a convertible preferred security , $65 million .
Speaker #2: Its series one . It is at the top of the stack and it converts into 32.5 million of underlying common shares . So we could not be sitting in a better position because today that's over 75% of dialium .
Speaker #2: We are going to continue the series A. I have some updates for you all on that, but the company is forging its own identity.
Speaker #2: It's building an incredible competency of management . I mean , I almost feel honored , if not awed , by the people that are coming into the company that are industry leaders across the entire supply chain , from feedstock to aviation fuel and everything in between .
Speaker #2: They're picking us as the companies that they that they want to work with . And it's extraordinary what we have . Right ? We really have a platform here that is unblocking what we believe is the bottleneck in the renewable fuel industry , which is the feedstock for sufficiency of low carbon fuels .
Speaker #2: The average technologies out there can do 4050 . I mean , if they're really good , 60 gallons of equivalent fuel per ton of waste biomass , we're well over 100 pushing 120 , 120 , 140 , depending on the mix of our technological solution and or the feedstock .
Speaker #2: And we do it all from Hexose and woody biomass . All the way through to drop in fuels . You know , our technology , our platform is advancing , expanding and positioning all of this to scale .
Speaker #2: This is the facility, or at least a couple of photos of the facility that we now operate, that we now own 100%.
Speaker #2: We of course , being by corp and we're slowly but surely bringing all of this back online . So instead of going from sugars to sustainable aviation fuel , which they did and they did sufficiently , frankly , to do the first transatlantic flight that was based on sustainable aviation fuel .
Speaker #2: So this is remarkable technology . But we're also doing it with our bio to our bio oil and fuels , ultimately wanting to get barrels a week , you know , out of this demonstration facility and being able to feed it with some of the highest yielding feedstocks .
Speaker #2: So , you know , we have the rights to biomass . And there's nanofibers , there's fibers are one of the top , if not one of the top leading producers of oil from agriculture , creating a scenario where you're really going from farm to fuel .
Speaker #2: You're creating , you know , oil reserves , carbon reserves , for lack of a better description , that are sustainable , meaning they don't deplete , meaning they continue and continue and they do it at extremely low carbon impact scores .
Speaker #2: Our scores using waste materials are the lowest that we see in the industry . For this kind of scalable solution . And if we're using purpose grown biomass like Texas , they're going to be lower because it's a perennial crop .
Speaker #2: That leaves most of the carbon in the ground . And Oklahoma is our second hub to Wisconsin . So Oklahoma , it's remarkable .
Speaker #2: We have committed to a site in Oklahoma, but we're having continued dialogue with the state about more incentives and a more aggressive desire to have us come and be there and establish ourselves.
Speaker #2: So we've got a 3 million incentive grant . We build the first two of the 3 million based on the work we've done so far .
Speaker #2: We've got an allocation of 152 million in tax free municipal bonds . That's being extended . So that's fantastic . And they want to and we're engaged in a discussion about even more incentive for even more of a platform , be it feedstock , be it be it biorefineries , you know , etc.
Speaker #2: . So we couldn't be more thrilled with Wisconsin or Oklahoma and our solutions are being solicited from many industries . You know , the hexose biomass solution alone is attracting commerce because of its efficiency , because of its yield , because of its capacity , and even for things other than fuels .
Speaker #2: But the the ethanol industry , the pulp and paper industry , even the petroleum industry for blends can integrate portions of our solutions .
Speaker #2: Across their businesses and across their industries . And so I didn't want to go too far into this . But , you know , the names that are on this screen are are certified partners .
Speaker #2: We're either working directly and exclusively with them or we're integrating what they do fully into our own system . And the team is deep .
Speaker #2: I mean , you see six people on this page , the management team is almost up to 40 people , and they're all extremely competent biofuel professionals .
Speaker #2: So with that , Zach , I would pause it , hopefully covered some of those questions that you got in advance . But pause it for for any additional questions , please .
Speaker #2: Okay . Thank you . Corrado and Judd , as I mentioned at the beginning of the call , we received more than 45 questions prior to the call , and I can see we have a number of additional questions coming through .
Speaker #1: Zoom .
Speaker #2: Judd, our first question is for Zach Spencer.
Speaker #1: You .
Speaker #2: Where does liquidity stand today ?
Speaker #1: Yeah. So, $31.7 million in cash at the end of the quarter. Corporate. That's $12.4 million at Billingham, and the net current assets are $21.3 million.
Speaker #1: And then, of course, we eliminated the debt. So that takes a lot of that debt service going forward away.
Speaker #2: Okay. Thank you for that.
Speaker #3: And how long is the cash runway?
Speaker #1: So we are fully funded on our business plans to take Comstock Metals to sustain profitability and growth . As we head into next year .
Speaker #1: And we're wholly dedicated to accelerating that growth with customer acquisitions . And then the most efficient rollout of our metals processing and storage facilities that we're currently building right now .
Speaker #1: And then as a reminder by William , is now self-funded through its own capital raises .
Speaker #3: And why the loss on debt extinguishment, and what's left?
Speaker #1: So, the $2.77 million Q3 loss reflects the payoff of the 2025 Kips Bay note and amendments to the legacy George and Alvin notes.
Speaker #1: But more what's important . You know , we did eliminate the debt on those instruments . And any future costs and dilution associated with these types of variable rate instruments .
Speaker #1: And so we're just we're happy , you know , all that's behind us now .
Speaker #3: Now that Comstock is funded, should we expect any dilution?
Speaker #1: So we currently have the 51.26 million shares outstanding . And we're funded through commercialization and prop profitability of our first industry scale solar panel recycling facility .
Speaker #1: We haven't issued any shares since our transaction and capital raise in the quarter. Oleum is being funded directly by strategic and financial sophisticated investors.
Speaker #1: So what have we done? We've positioned the company for profit. And we are active in two of the most dynamic, exponentially growing markets related to energy.
Speaker #1: So our job really is to execute and capitalize on those opportunities . So we'll continue to do this in the most fiduciary responsible , diligent , professional and transparent means , you know , possible .
Speaker #1: We're here to , you know , to grow the values and hopefully in large and meaningful ways . You know , we did guide in early January our plans to create these two high growth companies in Nevada based metals company and Oklahoma based oil and gas company that will be separated .
Speaker #1: And so we've accomplished almost all of that work so far this year .
Speaker #3: Judd, what will Comstock do with revenues once Plant One has funded future plants? Yeah, you'll turn excess cash to shareholders.
Speaker #1: Sorry , I'm jumping on that question . Okay , so the revenues plant one . We expect that in Q in the first half of the next year .
Speaker #1: Our first priority is going to be to reinvest those cash flows and to spanning the metals recycling capacity . So each industry scale facility costs roughly 12 to 15 million .
Speaker #1: And so once we've established multiple operating plants and then stabilize our cash generation , then we can evaluate what makes sense . And that's our next highest priority .
Speaker #3: Okay . Thank you . And Judd , are there any plans to dilute to fund mining operations .
Speaker #1: No , no , I mean , we don't anticipate issuing any equity to fund mining . So our mining assets , you know , we looked at the slides that presented , they're stable .
Speaker #1: They're well maintained . We've got a lot of property there being advanced selectively . So any funding that would likely come from , you know , either a joint venture or asset level transaction , that's how we would position it .
Speaker #1: But not new . Comstock share issuances .
Speaker #3: Okay . Thank you . Judd . Let's pivot to Colorado . Colorado . What is the strategic rationale for continued funding of SOF in light of prior guidance on monetizing or divesting non-core assets ?
Speaker #2: Yeah , I think I would just I briefly did touch on this . I'll , I'll maybe expand on a little bit , but what we're seeing , what we're seeing with these land and energy requirements for data infrastructure , data centers , it's more complex than just , you know , the horizontal development or the vertical development of a data center .
Speaker #2: Right ? There's infrastructural requirements with the land , with the water rights , with the energy , especially . And it's exploding . It's exploding .
Speaker #2: I mean , I don't know that I've ever seen anything this big in terms of a market , you know , both in terms of scale and dollars .
Speaker #2: And so our , our , our properties here are , are just so well positioned , you know , and but there does there does require some engagement on this .
Speaker #2: Right . And so we're very engaged and we have an opportunity here to accelerate what's happening there . And to capitalize . Best on that opportunity .
Speaker #2: We advance more . The notion of advancing some more funds . There was was made possible by the Overallotment . But it was also opportunistic .
Speaker #2: Right . We know we can't we can't disclose everything that's happening yet . Hopefully we will be able to do it sooner . But it's bigger , right .
Speaker #2: And so it did require some more capital, and it will ultimately result, I think, in a much, much bigger value for us and our shareholders.
Speaker #2: Now , we're not distracted by it . It's very transactional at the moment , but we're very engaged . So I guess I guess we'd hope to share more about this in early 2026 .
Speaker #2: We're excited about it . You know , it's it's it's opportunistic . And I don't want to say that means it's lucky . I think we're in the absolute best possible place .
Speaker #2: So we're just fortifying that so that we can really execute in the best possible means. Hopefully, that's sufficient for now.
Speaker #3: Corrado , why did revenue decline in Q3 and when does it inflect ?
Speaker #2: Yeah . So you know , referring to metals , first of all , there's two answers to that question . One is we were leasing some of those mining assets that we sold to Mackey .
Speaker #2: So , you know , the sale of those mining assets resulted in lease revenue . You know , being , you know , sort of wrapped up in the second quarter .
Speaker #2: So we saw a drop in that that was certainly expected . But the more meaningful discussion is around metals . You know , we had a very robust Q1 and Q2 .
Speaker #2: We guided to about 3.5 million in billings this year . We're almost at 3 million through Q3 . Most of our activities in Q3 , frankly , were we're around preparing the site , preparing the building , preparing the storage , you know , facilitating the permits .
Speaker #2: That's not to suggest for a minute that we decreased our engagement in the market. We increased our engagement in the market. We haven't ever been more engaged in the market, and the pipeline hasn't ever been bigger.
Speaker #2: However , you know , there is some sensitivity around , you know , our biggest customers wanting to make sure when they deliver us their panels , we are terminating those liabilities .
Speaker #2: Some that are more intimate , who have come out , who have audited us , who have seen the larger facility , you know , they see what's coming .
Speaker #2: They're a little bit more flexible . Some who haven't really need , you know , by either corporate policy or just by , you know , the stringent nature of the way that they operate to see those permits , to see the larger scale facility , quite frankly , to see the expanded storage .
Speaker #2: So there's a little bit of a slow burn happening . It's a great backlog , but we're not you know , we're we're on or ahead of schedule .
Speaker #2: You know, insofar as any measure that we would think about in terms of metal scaling up.
Speaker #3: What's behind the higher SG&A and R&D?
Speaker #2: The growth in SGA , I guess , is twofold , right . We're clearly scaling our businesses . So some of that quite a bit of that is rent for our facilities .
Speaker #2: Including bringing on Madison to a smaller degree , bringing on Oklahoma , you know , certainly increases in people . That's also true for both metals and and the violin case .
Speaker #2: It's research , it's development . It's scientists , its chemists in the metals case , it's a lot of marketing and sales . You know , covering the the domestic market .
Speaker #2: There was also some non-recurring stuff in there . You know , by bye extinguishing the northern Comstock obligation . You know , we had this like obligation that we out another couple of years .
Speaker #2: We extinguished that in August . And the effect of extinguishing that and getting it off , you know , getting all those liabilities off was , was accelerating some expense into our personnel .
Speaker #2: That's frankly going to result in about $1 million of savings a year relative to what we were doing the last nine years . So that's that's like a win win .
Speaker #2: We got rid of the obligation and we permanently reduced an ongoing expense . So we're very happy about that .
Speaker #3: We have several questions about Comstock metals . Whatever happened to the metals recovery business and equipment ?
Speaker #2: That might be referring to maybe the the mercury recovery or maybe the lithium ion batteries . Let me the quick answer to that question , I guess , is from 2017 to about 2021 , you know , we were we were ramping up some metal recovery and recycling businesses .
Speaker #2: I guess the most meaningful is we started in lithium ion batteries , but then we pivoted to solar panels . So to be crystal clear , all of our metal recycling and renewable metal businesses is the solar panel recycling business .
Speaker #2: We do not have [something specific]. We repurpose some assets from the lithium, but it's pretty much all gone from the mercury standpoint.
Speaker #2: We have some assets here at the mine site . We have some assets in the Philippines that were we're exploring other people using , but we're not it's not we wouldn't call it a business .
Speaker #2: It's all about solar panel recycling, and nothing else.
Speaker #3: Why not build smaller cookie cutter plants to cut transportation costs ?
Speaker #2: I mean , our strategy is to locate our plants in the most immediate and closest proximity . You know , of where those solar fields and solar end of life solar panels are sitting .
Speaker #2: That minimizes the logistics cost . Being in northern and southern Nevada covers about 55 to 60% of the market . That we see clearly between now and early 2030s .
Speaker #2: So we think Nevada is absolutely the best place to start . And then extrapolate it across the country . I think , you know , the sizing of our facilities , the engineering of our facilities was designed to be optimal , you know , what's the biggest , fastest facility that we could build ?
Speaker #2: But they're not . When we say smaller and it's a little bit of a there . Impressive . When you guys see these facilities , if you come to visit us , you'll see a very impressive system .
Speaker #2: But 12 million of capital fits in . You could probably fit 2 or 3 of these production lines in one facility . So I think we do have a notion of of , I don't know , cookie cutter is the right word , but replicating that system across once we have the first one , you know , fully up and running mid next year , you know , replicating that and deploying it across , I think that's actually what we're doing .
Speaker #2: The notion of smaller I don't know . That's against our DNA . Right . We want to go faster . We want to have the most scalable highest throughput system that we can , that we can produce .
Speaker #3: How are you monetizing all recycled materials ?
Speaker #2: So a ton comes in the door . We lose anywhere from 6 to 8% of that in a good way . Right ? We eliminate all the contaminants cleanly .
Speaker #2: And then the remaining 93 , 94% , whatever it is that material is fully sold . You know , in the form of clean aluminum , clean glass .
Speaker #2: And then these silver rich tailings . So we're monetizing it by literally selling and billing our customers , you know , for those clean materials , ultimately , we want to refine those materials , and then we'll be at another higher level of value .
Speaker #2: We're selling silver or or rare earths or or , you know , more precious refined metals .
Speaker #3: Can you elaborate on the current MSAs and the solar panel supply ?
Speaker #2: Yeah . I mean , we signed three meaningful new MSAs just in the last quarter . I know , I know , we signed more than that , but I'd like to say three because , remarkably , we signed a major utility , which is our bread and butter , and we're targeting and what we have the most of .
Speaker #2: We signed a new recycler , which is prominent and big volume potential , and we even signed an OEM like an original manufacturer .
Speaker #2: There's not a lot of solar panel manufacturing in the United States , right ? Most of it's in Asia , but those businesses , it's a little counterintuitive .
Speaker #2: They're not end of life . They're they're beginning or unfortunately , panels that never are born because something went wrong . You know , but it's steady , Eddie .
Speaker #2: Businesses , you know , and so we signed three of those . We're very excited about that . And that's our strategy . Right .
Speaker #2: To to build the biggest market share in the industry through these master service agreements . You know , and this supply chain .
Speaker #3: We do have a lot of questions about Comstock Metals. This is a two-part question. When will the Silver Springs site hit capacity, followed by what about Sites Two and Three?
Speaker #2: So , you know , we're commissioning in Q1 . I would love it if during Q1 we had 15 , 20,000 tons of material sitting there .
Speaker #2: So that's certainly possible . We already have almost 5000 . As you saw , the pictures of , you know , and then , you know , we'll ramp up , we'll ramp up , you know , starting in Q2 with the production plan , you know , we don't we don't have total clarity .
Speaker #2: You know , at 20 , 25,000 tons . You know , we're making money . So we you know , that's our first milestone .
Speaker #2: Then it'll ramp up from there . I wouldn't imagine that that facility would be running full probably until , you the end or the latter part of 2027 .
Speaker #2: The data points that we're getting suggests the quickening . Right . But it's just still too early . You know , when you talk about , well , we got a 80,000 panel order last , you know , the beginning of this year , we're super excited .
Speaker #2: Now you're talking about orders that are like three and four times that size . You know , it's it gets very exciting . So the the the the preliminary data points tell us it's coming sooner , but we just don't we don't have , you know , certainty to that .
Speaker #2: But it's but it's coming . We'd like to get site two up at the beginning of 27 . We'd like to get this site three up at the beginning of 28 or earlier .
Speaker #2: Right . So Jed mentioned we're already doing site selection . You know , we're in Southern Nevada . You know , we're in the middle of the country .
Speaker #2: We're in the East Coast . We're talking even to some customers and suppliers and partners . So there's a lot going on there that is quickening .
Speaker #2: But conservatively, you know, the first one comes up at the beginning of next year, beginning of '27, beginning of '28; you'd have three facilities with 300,000 tons of capacity.
Speaker #2: You know , by 28 that would be that would be very good . Baseline .
Speaker #3: I think you touched on this , but how much throughput do you forecast for 2026 through 2028 ?
Speaker #2: I mean , yeah , I did just sort of touch on I mean , conservatively , there's 20 to 30,000 range for a partial year next year would would achieve our objectives .
Speaker #2: We'd be profitable . We'd be ramped up to a scale bigger than anyone's ever seen . You know , to , you know , hopefully exiting the year at a much higher run rate , you know , getting to that full capacity by the end of the following year .
Speaker #2: I mean , could you be doing 200,000 , you know , by the end of 28 , you know , most certainly you could .
Speaker #2: So that's all perspective estimates . It's not based on hardcore replacement schedules of our customers , but we're getting better and better insight to the replacement schedules of our customers .
Speaker #2: And it's certainly more than possible .
Speaker #3: And what about silver refining ?
Speaker #2: So refining is the big topic. Okay. It's a big topic because we care about it and we're very excited about it.
Speaker #2: Fortunato is already developed his own conceptual designs of the best , most efficient ways to tackle this with our materials . Obviously , we're getting more and more educated with the varying compositions of our materials .
Speaker #2: You know , some that have more of these rare earths , some that don't . And and so he's he's got a conceptual design .
Speaker #2: It's exciting . So now we have to go into a , you know , TRL development process . We have to do some testing .
Speaker #2: We have to do some piloting , you know , and then ultimately , you know , get it up and running . Our desire is to start that post-haste as soon as plant one is fully up and running .
Speaker #2: So middle of next year , but we're already identifying partners . We're already planning out some of the work because the government also thinks this is a very high priority .
Speaker #2: We couldn't agree more, but the Department of Energy, the Department of Defense, and the White House are saying, "Hey, silver is a critical mineral."
Speaker #2: Be refining is a critical competency that we're missing to keep these materials here in the United States . So when people recycle batteries or solar panels and then just send all those materials to Asia for refining , it doesn't really achieve the goal of a domestic supply chain .
Speaker #2: So everybody cares about it . There may even be some funding support from the government to to accelerate this stuff .
Speaker #3: You did touch on the silver refining . When might you invest in in-house silver refining ?
Speaker #2: I mean , if we started at the middle of next year , you know , the the earliest , you know , the earliest would be like , you know , end of 2027 and it could very much be later than that .
Speaker #2: Right ? What's key is we're building the material flow . Right . And the bigger that material flow , the higher the value that will come .
Speaker #2: When we ultimately do refine and that applies not just to silver . Zach . Right . We're not we're not looking at how do we just get the silver out and get rid of all the rest of the materials we're looking at ?
Speaker #2: How do we get all of the elements out? How do we do it cleanly, and how do we maximize the value?
Speaker #3: Okay. When you say all of the elements, what's the status of rare earth element recovery?
Speaker #2: It's the same. It's exactly the same point, right? Like we're working on just to say we're not working on how do we get the silver right.
Speaker #2: We're working on how do we get all of the metals out now , the question does lead me to be able to highlight another thing .
Speaker #2: We are the only people that we are aware of today that can take any single type of panel . We do not care Monocrystal Polycrystal bifacial , cylindrical , thin film , you name it , we take it right .
Speaker #2: That means we'll have the most variation in terms of what those compositions are coming out. That means we'll have the most value in terms of what's coming out.
Speaker #2: Hence , we need a comprehensive refining solution . If that makes sense .
Speaker #3: Okay . Both you and Judd . Mining . Yep . So let's pivot to a few questions on Comstock Mining . What's happening with the mining and land portfolio .
Speaker #2: Yeah . So I saw this question earlier . This is one of the earlier ones that came in . I tried to demonstrate with that visual that we're we're very keen .
Speaker #2: We're very keen to have sufficiency of that portfolio . Obviously , we already have all the properties . We already have the resources defined in the consolidated .
Speaker #2: But the transaction and the Hayward transaction really connected a lot of dots and made things more efficient or more convenient in terms of anyone's prospect for mining.
Speaker #2: I mean , we added almost 440 acres of industrial land right to that portfolio for no additional capital expended . You know , it was it was remarkable .
Speaker #3: Given the high gold prices, what are you doing to enhance mining interests?
Speaker #2: I think I think the most meaningful thing that we're doing right now is , you know , besides engaging these counterparties with our assets and what their capable of , we're finishing off a preliminary economic assessment .
Speaker #2: This has been in our objectives for the year. We made remarkable progress. I would say we have a few more months to go to finish it up.
Speaker #2: But that that will be a published technical report updating our current technical report . It will provide preliminary economics meaning , you know , potential cash flows , cost to produce , return on investment capital .
Speaker #2: You know , the whole shebang . And not only will that provide objective third party validation of what we see , but it would also allow us to provide sensitivities , right ?
Speaker #2: So third party would do this . But you know , what does this thing look like at $2,500 ? What does it look like $3,500 ?
Speaker #2: What does it look like at $4,400 ? Gold , you know , and so we we've seen some companies publish these recently . They're outstanding .
Speaker #2: They're transparent , they're crystal clear . And luckily for us , because of all the data we have and our previous mining history and and otherwise , it's only a few tens of thousands of dollars , you know , for us to get this , you know , fully wrapped up , you know , and it's and it's it's very important thing for our shareholders to know and maybe more importantly , for a prospective , mining companies to know .
Speaker #3: And with that in mind, what's the biggest barrier to restarting mining?
Speaker #2: Our , our only barrier would be prioritizing it . Like we're not prioritizing , you know , going into mining production . There's no scenario where we're going to allocate a dollar , you know , to restart a mine when we're looking at , you know , deploying seven recycling facilities that could produce 350 to $400 million of free cash flow a year .
Speaker #2: So that's that's in a nutshell . So the the , you know , the most practical obstacle would be , you know , finding a partner or someone who wants to do it right .
Speaker #2: And , and figure out the smartest , most effective way to monetize those assets .
Speaker #3: Will you joint venture or sell your gold and silver assets ?
Speaker #2: We would do .
Speaker #3: We would .
Speaker #2: We ? We use the word monetization . I'm trying not to be cute . Okay . So let me just be explicit . Monetization could be a joint venture where people pay us .
Speaker #2: Monetization could be a sale , right ? Monetization could be a sale in a royalty . At the end of the day , monetization could be mining it and getting all the money .
Speaker #2: Okay , that's not I just said where our position is on that . Right . But we just have to look at all the relative possibilities .
Speaker #2: We're obviously trying to do the former, not the latter.
Speaker #3: Okay . And that was a two part question . Sorry I didn't tell you that at the beginning . Any serious inquiries ?
Speaker #2: I would say yes . Now . Yeah , I would say yes now . There's inquiries . Right . And and there are a lot of not so serious inquiries before just FYI .
Speaker #3: All right . We have a final question on the mining . And then we will move on to to fuels . But the final one for mining .
Speaker #3: How sensitive is your internal view to precious metals prices .
Speaker #2: So I guess I can only answer that for the Dayton resource . Okay . Where we have over you know , we have over 300,000 , gold equivalent ounces .
Speaker #2: You know , in that resource . And we've profiled the mine plan . I mean , you look at the recoveries , you know , you would say that , you know , for every $100 of gold , you're going to add over $20 million .
Speaker #2: So that's why a free cash flow so when we when we went from , you know , 3500 to 4000 , it increased our cash flow outlook from 500 million to 600 million .
Speaker #2: But , you know , there's a lot more in the district to be developed . And expanded on . So when you're talking about , you know , thousands and thousands of acres and you know , your resource is sitting on only about 45 or 50 of those acres , there's more potential than just that one mine plan .
Speaker #2: But that's the answer . It's strong .
Speaker #3: Moving on to by William Corporation has Biolink secured series A capital from outside investors for the refinery scale up . .
Speaker #2: So we have secured series A capital . You know we have you know , the deal that we announced and closed in May .
Speaker #2: Of course , we also have marathon , you know , with their their coming in with their facility and additional cash commitment . We hired a director of capital markets who is extraordinary .
Speaker #2: We're doing a number of things . Transactions at the bio level to round out in fortify , you know , the supply chain .
Speaker #2: It's extremely exciting. These things will likely be known over the next month or so. And then we're finalizing all of our preparation to more formally go back into the market.
Speaker #2: It'll probably be January . It'll probably get done in Q1 . We're feeling very , very , very good about it to raise and complete the series a offering .
Speaker #2: You know , and to be clear , the series A offering was never for proceeds to build the first biorefinery right , that that would be a second capital raise at the project level with project financing for that larger scale commercialization .
Speaker #2: And those activities would come after the series A so , yeah , that's it .
Speaker #3: Okay . And you touched on this , but what is bio Liam's capital structure . Yeah .
Speaker #2: We we we have 65 million in preferred stock . It represents about 75% today . Pre-completion of the series A that number will absolutely go down when we complete the series .
Speaker #2: A obviously management and founders own 20% . And the new investors to date are about 5% . You know , if we do some acquisitions with some stock and we finish the series A as I said , our 75% will be lower .
Speaker #2: But still very , very strong . Very , very valuable . And we're extremely excited about it .
Speaker #3: How did you determine the Oklahoma site ?
Speaker #2: The site activities in Oklahoma were , you know , I think the things that are important to us , I think will probably be intuitive , you no logistics , proximity to feedstock , relevant infrastructure , you know , to be really blunt , like there's we had many attractive sites in Oklahoma .
Speaker #2: One of the problems wasn't finding one . It was , you know , which one , you know , would be the best first .
Speaker #2: And best first from a from a , you know , an economic and transactional perspective . You know , so all that played into we have defined the site , it's fantastic .
Speaker #2: But now there's overtures with one of the other sites , you know , aggressively with potential more incentives and capital . So we're not being indecisive .
Speaker #2: We have a couple of really great opportunities that are going to manifest itself . So we're long on Oklahoma . The business environment is exceptional , better than I've seen , frankly , anywhere else .
Speaker #2: You know , and and that doesn't mean the business environment , Wisconsin is not fantastic . It is . You know , we're really sitting in in two really good locations .
Speaker #3: Staying with Oklahoma . Please provide an update on the Oklahoma bond placement and other incentives .
Speaker #2: Yeah. So we got a $3 million grant. The first million was tied to, you know, committing to our headquarters there.
Speaker #2: Done . The second was tied to committing to a to a site that's done . Although now we're just , you know , we're we're we're we're toggling between a couple of , of options .
Speaker #2: I don't think , you know , I don't think there's a winner and loser . I think it's just a question of which one goes first , which ones goes second .
Speaker #2: So that's really great news . So we build , you know , the second of the third million , you know , and then the third , you know , comes when we've done sufficient work in terms of preparing that site .
Speaker #2: So all that's on track. We also got a $152 million bond allocation. That's in the process of just being extended, which was part of our original plan.
Speaker #2: We knew when we got it that there would need to be a role for rollover or extension. So all that's going really, really great.
Speaker #3: And our load shareholders still connected to the fuels business .
Speaker #2: Yeah , I mean I apologize if we you know , I guess we obviously create a lot of confusion at this at the beginning of the year .
Speaker #2: I'm a little surprised that confusion persists . You know , we separated by oleum . We achieved our objective . There . They raised capital independently .
Speaker #2: That's just an incredible achievement that the market , you know , is still waiting to help us recognize and value . We know we need to deliver more in and achieve more for that to happen .
Speaker #2: But ultimately , ultimately , the management team is , is , is performance incented in a massive way to not only get these commercial activities done , but then go public .
Speaker #2: Okay , so so the end game of the capital structure is a standalone public company , which then results in us having a liquid investment in a massive potential oil and gas , renewable gas company .
Speaker #2: So, hopefully, that answers the question once and for all.
Speaker #3: Okay. Thank you for that. Moving on to battery recycling. What about our investment in Green Lion and battery recycling?
Speaker #2: So you know , Green Lion initiated when we started the process in 2021 of going into lithium ion battery recycling . As I mentioned at the beginning , we pivoted from battery recycling to solar panel recycling .
Speaker #2: The battery recycling that we were doing would produce a black mass that the Green Line Technology would then take and refine into precursor cathode active materials, not dissimilar to us taking the silver tailings.
Speaker #2: You know , the silver rich tailings and refining them , you know , into more saleable and valuable products a little bit different , but but similar .
Speaker #2: So as we went into solar panel recycling , the Green Lion investment became less interdependent . Certainly less strategic , if you will .
Speaker #2: And we're looking to monetize it . They're making incredible progress in Oklahoma with their , you know , facility number one , you know , in context , you know , we're we're like ahead of them , right .
Speaker #2: We've we've fully demonstrated it . We fully demonstrated our unit economics . Now we're scaling to massive industry scale . They're still doing that first part .
Speaker #2: It's going very well . I think as they start to scale up and you know , quite frankly I'm more optimistic now . It's a tough , you know , technology development is something brand new that's never been done before is not easy .
Speaker #2: They have big feedstock agreements . They have big offtake agreements with with blue chip automotive companies . Frankly . So we like what they're putting in place .
Speaker #2: We like how they're putting in place . You know , obviously you always wish it would go faster , but ultimately they're either going to do , you know , they're going to need to raise more capital .
Speaker #2: I'm sure , to get to the next level . Hopefully as part of that process , we can monetize our investment out . That's our our objective .
Speaker #2: You know , God willing , you know , if they went public , then , you know , it would make it easier for us to ultimately monetize our investment .
Speaker #2: It that's our thing . We monitor them very closely . We like what they're doing . We're close with the people . You know , things could go wrong .
Speaker #2: In any , you know , TRL scaling company , getting out of the Valley of Death . Sorry to use that term is very , very difficult .
Speaker #2: We know it well . That's why we're so excited about , you know , what we're doing with metals and fuels . But right now we would think hopefully , maybe hoping , you know , mid to later next year that there's some transaction that enables us to do some kind of monetization .
Speaker #3: We do have a follow-up question on Comstock Metals. Will we license our solar panel recycling business to other countries for royalties?
Speaker #2: That's a good question . You know what , 1.2 , 1.3 , 1.4 , whatever . Number you picked for us , panel deployment is massive , but outside the US , it's 8 to 10 times that .
Speaker #2: So you're talking about 8 to 10 billion panels deployed outside the US . And we have gotten some very positive . Inquiries overtures , visits outside the US jurisdiction with the interest in in in , you know , leveraging our technology in their countries .
Speaker #2: And so for us, you know, we need to make sure that they're good partners. We need to make sure that there's some control.
Speaker #2: You know , over the process and the technology . So would it would it be a joint venture ? Would it be some combination of a joint venture slash licensing agreement ?
Speaker #2: Yes . It's not it's not at the top of our priority list , but it's certainly bubbling , you know , under the surface .
Speaker #3: Okay. And a follow-up question on SOV. Can you walk us through the increased investment in SOV?
Speaker #2: Yeah . So not super explicitly , but I can tell you what's happened so far . Right . There's a there's a number of transactions that are forming , you know , we have to make sure SOV is in a position to execute those transactions in a very strong way .
Speaker #2: So because we haven't concluded . On all of the details , we played it very safe , right ? We advanced the money .
Speaker #2: Theoretically, we could get that money back and not take any additional ownership, or we could do something more meaningful. That's what's happening right now.
Speaker #2: So it looks like it's a it . Well , it doesn't look like we stated it as an interest free advance , but it ain't .
Speaker #2: It's not a free advance . Right . There's there's there's really big opportunity here . We're being very diligent . We're being very careful .
Speaker #2: We're in control . So that's a good a good fact pattern . There's there's demand . Look I mean we find ourselves in three markets now .
Speaker #2: One is solar panel recycling . You know , the demand equation is exponential biofuels . The demand equation is exponential . And all of a sudden , you know , you know , a data infrastructure compute is exponential .
Speaker #2: So we just need to be very , very particular about how we do this . And we will we will . We're not obviously going to put any of our existing commitments at risk .
Speaker #2: Everything . If you if you ask me what percentage of time do we spend on what we're spending , 95% of our time on the execution of of the metal recycling deployment .
Speaker #2: And Fortunato and his team are spending 110% of their time on the metal deployment. So, you know, we're feeling pretty good about the opportunities that we're facing right now.
Speaker #2: We're trying to be as focused as possible , though , to make sure that the execution is , is is strong and it is so far , it's we're very happy .
Speaker #3: Karata we have a final question , actually , two questions on bio . Liam . Okay . How much do you expect to realize from the separation of bio ?
Speaker #3: Liam, how will that translate into share price?
Speaker #2: So . The you know , the if you if you were to compare and contrast metals and fuels , they're very different right .
Speaker #2: So metals is high speed . It is low capital . It is high throughput . Bio Liam is is a little bit slower in in commercialization .
Speaker #2: And deployment . It's much higher capital very strong throughput . Right . The common denominator is high growth , high throughput . But but the market it's not infinite .
Speaker #2: But it might as well be as far as we're concerned okay . We're we're a tiny tiny fraction of liquid fuels . You know , in the United States , I mean , our highest expectations , we're doing 8 billion gallons .
Speaker #2: We would barely, we would barely be a nit in the 250 billion gallon market. You know, so that's the U.S. alone.
Speaker #2: So , you know , the simple answer to the question is , you know , our objectives are not in the single billions of value , okay ?
Speaker #2: They're they're they're in much , much bigger numbers . And so , you know , you know , I don't want to speculate on values or timing .
Speaker #2: What I do know is that there is a five year plan . You know , and , you know , we would look to be public or facing being public , you know , in this 5 to 6 year period , the markets will ultimately dictate , you know , when that happens .
Speaker #2: Our situation will dictate how soon we'll be ready for that to happen . But the numbers are very , very , you know , the potential .
Speaker #2: What we're going for . You know , is remarkable . You want to run a sensitivity on a billion , you know , that's easy .
Speaker #2: You know , you know , if we had 60% of a billion , you want to run a sensitivity on 10 billion , you want to run a sensitivity on a billion .
Speaker #2: It's what's your time frame ? I'm not going anywhere . Right . So two decades from now , you know , we'll have we'll have we'll have something very , very different on our hands .
Speaker #2: So it couldn't be more exciting.
Speaker #3: Corrado , speaking of time , we're coming up on time , and I think we've covered all of the important questions . If we did not get to your question , please send it to IR at Comstock Inc. .
Speaker #3: Com, and we'll do our best to respond either directly or we'll post the response on X for anyone who is not following us on X. Our main account is.
Speaker #3: At Comstock Inc., please follow us before we wrap up. Please give us some final thoughts for the remainder of Q4 and the rest of 2025.
Speaker #2: Yeah , absolutely . The most exciting thing is the issuance of these permits . You know , there's this public period and then the arrival of the equipment announcing new and bigger customers , and then commissioning and going into production with metals .
Speaker #2: It's going to be fluid . You know , it's a river from here till , you know , April , May . It's going to be incredible .
Speaker #2: You know , with fuels . There'll be some transactions and they're all fortifying and they're all credibility enhancing because of the capacity and competency and technology that they bring in to the system .
Speaker #2: And then with mining and SOF , I do think there will be there'll be some transactional activities . The timing of that is less in our control .
Speaker #2: But becoming more and more prevalent.
Speaker #3: Thank you . Corrado , and thank you , Jed . That concludes Comstock's third quarter 2020 earnings call and business update . Thank you all for joining us .