Earnings call transcript: Comstock Mining Q3 2025 sees debt elimination, stock rises

Comstock Mining Inc. (LODE) reported significant progress during its Q3 2025 earnings call, highlighting its strategic initiatives and financial restructuring. The company’s stock rose by 9.36% to $3.03, reflecting investor optimism in response to the company’s performance and future plans.

Key Takeaways

• Comstock raised $34.5 million through an equity raise, eliminating all debt.
• The company ended Q3 with $31.7 million in cash and equivalents.
• Plans to commission its first solar panel recycling facility in Q1 2026.
• Stock price increased by 9.36% post-announcement.

Company Performance

Comstock Mining showcased a robust performance in Q3 2025, driven by strategic financial maneuvers and innovative projects. The company successfully raised $34.5 million in gross proceeds from an oversubscribed equity raise, netting $31.8 million and expanding its institutional shareholder base. This capital influx allowed Comstock to eliminate its $8.5 million debt from the previous year, positioning the company for future growth. The company also reported net current assets of $21.3 million, reflecting a strong financial position.

Financial Highlights

• Raised $34.5 million in gross proceeds from equity raise.
• Ended Q3 with $31.7 million in cash and equivalents.
• Eliminated $8.5 million in debt from the previous year.
• Net current assets of $21.3 million.

Market Reaction

Following the earnings call, Comstock Mining’s stock experienced a notable increase of 9.36%, closing at $3.03. This surge reflects the market’s positive reception to the company’s financial restructuring and strategic initiatives. The stock’s performance aligns with broader market trends, as investors show increased interest in companies focused on sustainability and innovation.

Outlook & Guidance

Comstock Mining provided optimistic guidance for the coming years. The company plans to commission its solar panel recycling facility by Q1 2026, with a processing capacity of 100,000 tons per year. Additionally, Comstock aims to expand to three facilities by 2028 and is exploring international licensing opportunities for its recycling technology. On the Biolium Fuels front, the company is targeting an 8 million-gallon production of sustainable aviation fuel, with plans for a public listing in the next 5-6 years.

Executive Commentary

CEO Corrado DeGasperis expressed confidence in Comstock’s strategic direction, stating, "We’re positioned right in the middle of the largest part of the US market." He emphasized the company’s commitment to monetization and environmental responsibility, adding, "Our end game is monetization" and "We couldn’t be more thrilled with these permits."

Risks and Challenges

• Regulatory hurdles for solar panel recycling facility permits.
• Competition in the sustainable fuels market.
• Potential delays in facility commissioning and expansion.
• Market volatility affecting investor sentiment.
• Challenges in scaling production capacity for Biolium Fuels.

Comstock Mining’s Q3 2025 earnings call highlighted a pivotal period of transformation, with the company eliminating debt and advancing its sustainability initiatives. Investors responded positively, reflecting confidence in the company’s strategic vision and growth potential.

Full transcript - Comstock Mining Inc (LODE) Q3 2025:

Zach Spencer, Director of External Relations, Comstock Inc.: Good morning and thank you for joining Comstock Inc. Third quarter twenty twenty five earnings call and business update. I’m Zach Spencer, director of external relations. Today is Thursday, 10/30/2025. We are streaming live, and this session is being recorded.

A recording will be posted shortly after we adjourn in the Investor Relations section of our website. Today, we filed our Form 10 Q for the quarter ended 09/30/2025, and issued a press release summarizing third quarter results. Both documents are available on our website. As a reminder, Comstock is listed on NYSE American with the ticker LODE, l o d e. Joining me today are Corrado DeGasperis, Comstock’s Executive Chairman and Chief Executive Officer and Judd Merrill, Comstock’s Chief Financial Officer.

After their prepared remarks, we will take questions. We received more than 45 questions in advance of the call. If you have additional questions during the call, please use the Zoom Q and A window and we will address as many as time allows. Today’s discussion will include forward looking statements. Actual results may differ materially due to risks and uncertainties detailed in our SEC filings.

Full risk disclosures can be found in our filings on the Investor Relations page and on the SEC website. With that, it is my pleasure to introduce our Chief Financial Officer, Jud Merrill. Judd, you may begin.

Judd Merrill, Chief Financial Officer, Comstock Inc.: Thanks, Zach, and good morning, everyone. Let me just first state that this was a transformative quarter for Comstock. We strengthened the balance sheet. We funded our growth plans, and we positioned the company for the next phase of commercialization. As you can see on the company dashboard, our share count stood at 51,260,000.00, and this is as of both September 30 and as of today, October 30, same share count.

Today, I will be covering a few financial highlights for the quarter, then Corrado will be giving an update on each of the companies. So as we move to the next slide, I just want to show that we started the quarter with a major milestone, an oversubscribed equity raise that brought in $34,500,000 in gross proceeds, including the overallotment, and we netted $31,800,000 What was especially encouraging is that this raise expanded our institutional shareholder base by more than 30 new investors, which we believe is a strong vote of confidence in our long term strategy. So those funds will do more than to strengthen our balance sheet. They finance and accelerate the launch of our R2V3 certified zero landfill solar panel recycling business. This means we now have the capital we need to move from development into full scale commercial deployment.

Also this quarter, we placed $5,100,000 of equipment deposits on our first industry scale solar recycling facility that’s in Silver Springs, Nevada. This facility is designed to process approximately 100,000 tons per year or over 3,300,000 panels annually. And then also, site selection is advancing for the next two U. S. Facilities and storage locations.

At the same time of all these activities, we made a deliberate move to eliminate all of our debt from our books. Every convertible note, every promissory note is gone. We executed a series of transactions across AST, Linneco, Northern Comstock and Haywood to make this happen. And as of the September, Comstock is completely debt free compared to $8,500,000 of debt at the end of the last year. So this is a big moment for us financially.

It’s one of the cleanest, strongest balance sheets Comstock has had. We also closed the purchase of the Haywood Industrial Mineral properties, which we previously paid with $2,200,000 in cash and stock. And on the related sale closing, we received approximately $400,000 of cash, which further adds to our liquidity. And then we ended the quarter with $31,700,000 in cash and equivalents, including $12,400,000 at BIOLIUM and our net current assets of $21,300,000 So now let me just show you a couple of other slides that kind of enhance how we are cleaning up the complexity and making things simpler. This slide just shows kind of the extinguishment of all those things that I just mentioned, starting with Kipps Bay all the way down through AST.

And then the next slide shows, from a financial perspective, cleaning up of the balance sheet. So from my perspective as CFO, this quarter wasn’t just about improving the balance sheet, was about positioning Comstock in a place of real financial strength. And with that, I’ll hand it back to Corrado to talk more about what’s next for our solar recycling platform and our broader technology road map.

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: Thanks, Jed. 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 were were taken care of in advance, really positions us now to be very focused.

I guess I’d just like to start off by saying that, you know, silver is a core part of our DNA. Obviously, you know, the Comstock Lode was the largest silver discovery, you know, in America producing almost 200,000,000 ounces of silver from a remarkable, remarkable epithermal deposit. 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.

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. So, people do think normally about batteries. And obviously, batteries and electronic vehicles are part of that demand surge.

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. And it’s constrained the mine supply, for the first time in just a few years. And this demand, which hit record levels this year, is forecasted to increase dramatically over the next five, six, seven years. And that demand exceeding supply equation has had a remarkable impact even on the silver pricing. My graph is outdated because I show these three, four years where demand has exceeded supply, and you see the correlation to the increasing silver price.

But 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. Why is that relevant? Obviously, we have mineral assets, but it’s most relevant to our metal recycling, because every solar panel contains at least, you know, half an ounce, you know, of silver.

And when you’re producing and processing 3,300,000 panels in just one production line, you’re going to establish leadership in silver production. You know, I made this comment a few times, I got criticized for making it. I’m not trying to be promotional. You know, I want people to appreciate that, you know, the revenue that we’re getting from aluminum is extraordinary. And the revenue that we’re getting from silver is about to be extraordinary.

And it’s going to just continue to grow in volume for sure. 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. Our system, as many of you now know, has four powerful characteristics. One, it eliminates all contaminants cleanly. It also has the lowest variable and operating costs in the industry.

We don’t see anyone that’s even close to our variable cost profile. 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. 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. 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. We already have proven that we can produce clean materials. Our unit economics are robust, right?

Everything that we’ve seen to date suggests that what we’ve guided to is the numbers, and I’ll show them to you again. But just as a reminder, aluminum, clean glass, and then the 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.

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, tellurium, 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. This does not come in a vacuum. We’ve easily met with them every single week for the last three weeks. It’s been a very productive, very clear process.

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, 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. That big facility that you see there is what we’re permitting.

I think people have met me over the last two or three months, when I show them this picture, say, you saw the parking lot today, you know, it’d be full of panels. So I want to show it to you, right? We’re receiving panels constantly. We had about half a million dollars of billings in the third quarter. The number is right in line with our guidance in terms of doing about $3,500,000 of billings this year.

There’s a little bit of a slow burn leading up to these permits. We’re ecstatic to have gotten them. We’re moving forward with much, much bigger order discussions with our existing and with new customers. So this manifestation of scaling up of these panels coming in is, is happening, right. So we feel very, very good about the engagement of the market.

You know, the panels that you see would take, you know, would take a year in that tiny little demo facility to process, it’ll take about two weeks, right for, for the large facility to process these all out. 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. So we’ve got about 4,000 to 5,000 tons sitting there today, we could fit depending on how we profile this thing out 20 to 25,000 tons, right next door, I mean, literally right next door, you just come over, and you and 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, the variable costs are very, very low. So that is our claim to fame.

We don’t only have high speed process, 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. It’s more robust, because we get paid upfront for taking this environmental liability off our customers hands and providing them peace of mind.

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, you know, on that equation. We want to get two facilities in Nevada, because the market today is about three and a half million panels coming out. The market in 2030 will be 33,000,000 panels coming out. That increase from three to 33 is what we see with our largest industrial utility customers.

So when we have a customer that has the potential to give us 5,010 tons, next year, that customer is a 50,000 to 100,000 ton customer, not always, not every time, but in direction. That’s what we’re laying the foundation for. And this is the 1,400,000,000.0 panels that are deployed in The United States alone, 1,400,000,000 panels. So when you think about 3,000,000, or 33,000,000, you’re literally at the tip of an iceberg for a market that is exploding. 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.

Our customers are where you’d expect them to be, you know, over half of the market for end of life sits in California, you add, you know, Nevada and Arizona to 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, we are still processing, and we are still shipping materials out the door. So we got, we got a lot of questions as Jack as Zack had said. And so I’ve added some slides to maybe address, you know, some of the non metals questions.

So if I give a little bit of insight on some of the mining assets, just a few, a little bit of insight on Sierra Springs, just a few, and then maybe wrap up with some highlights. We got actually a relatively large number of questions on Byolium. And then we’ll go right into Q and A, Zach, after I do that, if that’s okay. So for those of you that don’t appreciate it as well, you know, our namesake is the Comstock Lode. This is the 12 square mile mineral district that we’ve consolidated.

It’s historic because it produced almost 200,000,000 ounces of silver and over 8,000,000 ounces of gold. 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. But there is tremendous gold and silver resources up there.

It was never part of our plans to develop those resources. We focus much more on the central part of the district. That’s where we mined and built infrastructure, know, between 2010, 2016. And then, you know, quite ecstatic about the layout of the southern part of the district where we talk about the Dayton consolidated. And and recently, we acquired the Haywood Quarry.

So for those who were were not clear about that, maybe I got a better slide here. Here it is. You know, the Haywood Quarry what the Haywood Quarry 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. So in that way, it was very strategic, it was very inexpensive, certainly haven’t deployed any capital for these mining assets since before August.

The other thing too is that Mackie precious metal sale, which is all of these green properties up north that we really never had any plans to develop, and we retained a royalty on that. So we wish that the best of luck in developing them. When the deal wasn’t just to get $3,000,000 for those mineral claims, there was another almost two forty acres of land in Lyon County that they had that we got with no additional consideration as part of that deal. 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, mineral claims and otherwise, just makes this portfolio much more attractive, much stronger, much more cohesive. 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.

So the day in has a published SK 1,300. It’s the equivalent of an NI forty three one hundred one in Canada, It’s got incredible resources immediately at surface. And when we ran the numbers on this resource, 3,000 gold, you know, we were looking at over a quarter of a billion dollars, in free cash flow. When we ran it at $3,500 gold, the number got much, much higher, pushing $05,000,000,000 Actually, I’m sorry, first number was at 2,002 and 50 gold, when at 3,500, we’re pushing half a billion cash flow. If you push it up to $4,000 gold, you’re adding another 100,000,000.

It’s about 20 plus million dollars for every $100 of increase in the gold price. So you have an extraordinary economic asset here that people now, and I guess I can say this, people now that are engaged and interested in this asset, we have people now that are engaged and interested in the Lucerne and the American Flat assets. So, you know, the 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. 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, 10 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 Sierra Springs, you know, properties are. That’s where Comstock has two properties, about two fifty eight acres and some water rights. And that’s where the state designated this, you know, huge opportunity zone. 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, 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 10,000,000 square feet of construction, you know, undergoing construction as we speak. People are less familiar with the notion that, you know, Nevada is one truck day away from like 70,000,000 people, two truck days away from a massive population. And so it is central from every context. But it’s business climate and it’s environmental climate, you know, the fact that, you know, it’s it’s between sixty nine and seventy two degrees here, you know, 80% of the days year round makes it the ideal or one of the ideal locations for data centers.

And so, you know, Tesla cracked the nut open, you know, by building their first Gigafactory here. Now they’ve announced they’re gonna build their first 18 wheeler semi truck factory, and they’re gonna announce a new industrial battery factory. They’ve announced all that they’re they’re gonna produce it. And but then, you know, the 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. And so we did advance some money, you know, the overallotment made it convenient for us to advance a little bit more money to Sierra Springs.

There are some major transactions formulating right now around these properties. And you’re talking about hyperscale data centers, you’re talking about off grid renewable energy, you’re talking about land and capital, it’s all congregating. It’s not a Northern Nevada phenomenon, obviously, it’s a global phenomenon. 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.

Our end game is monetization, you know, of course, but 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 super enabling. As I mentioned, a lot of questions about fuels, try to wrap this up pretty quickly. As everybody knows, Marathon Petroleum came in and made a remarkable contribution to our company, our fuel subsidiary in March 2025. A few months later in May, we got a direct Series A investments, and we formed Violian Corporation and separated it from Comstock. How do we do that?

We took all of our investment, and we restructured it into a convertible preferred security $65,000,000 It’s Series one, it is at the top of the cap stack, and it converts into 32,500,000.0 of underlying common shares. So we could not be sitting in a better position because today, that’s over 75% of Violium. We are going to continue the Series A, I have some updates with you all on that. But the company is forging its own identity. It’s building an incredible competency of management.

I mean, I almost feel honored, if not odd, 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. They’re picking us as the companies 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. The average technologies out there can do forty-fifty.

I mean, if they’re really good, 60 gallons of equivalent fuel per ton of waste biomass. We’re well over 100, pushing 120, 125, 140, depending on the mix of our technological solution and or the feedstock. And we do it all, like from HEXAS 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. This is the facility or at least a couple of photos of the facility that we now operate that we now own 100%.

We of course being biolium 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. So this is remarkable technology. But we’re also doing it with our biolium to our biolium oil and fuels, ultimately wanting to get barrels a week out of this demonstration facility.

And being able to feed it with some of the highest yielding feedstocks. So, you know, we have the rights to Hexis biomass and their xano fibers. Their xano 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, 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. 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 that leaves most of the carbon in the ground. And Oklahoma is our second hub to Wisconsin. So Oklahoma, it’s remarkable. We have committed to a site in Oklahoma, But we’re having continued dialogue with the state about more incentive, more aggressive desire to have us come and be there and establish there. So we’ve got a 3,000,000 incentive grant, we build the first two of the 3,000,000 based on the work we’ve done so far.

We’ve got an allocation of 152,000,000 in tax free municipal bonds that’s being extended. So that’s fantastic. And they want to and we are engaged in a discussion about even more incentive for even more of a platform, be it feedstock, be it biorefineries, you know, etcetera. So we couldn’t be more thrilled with Wisconsin or Oklahoma. And our solutions are being solicited from many industries.

You know, the the HEX’s 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. But the ethanol industry, the pulp and paper industry, even the petroleum industry for blends can integrate portions of our solutions 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 certified partners. 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. 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. So with that, Zach, I would pause it, hopefully covered some of those questions that you got in advance, but pause it for any additional questions, please.

Zach Spencer, Director of External Relations, Comstock Inc.: 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 Zoom. Jud, our first question is for you. Where does liquidity stand today?

Judd Merrill, Chief Financial Officer, Comstock Inc.: Yeah. So 31,700,000.0 cash at the end of the quarter. Corporate, that’s $12,400,000 at Baivolian. And the net current assets at $21,300,000 And then, of course, we eliminated the debt, so that takes a lot of that debt service going forward away. Okay.

Thank you for that. And how long is the cash runway? So we are fully funded on our business plans to take Comstock Metals to sustain profitability and growth as we head into next year. And we’re wholly dedicated to accelerating that growth with customer acquisitions and then the most efficient rollout of our metals processing storage facilities that we’re currently building right now. And then as a reminder, Byoleum is now self funded through its own capital raises.

Zach Spencer, Director of External Relations, Comstock Inc.: And why the loss on debt extinguishment and what’s left?

Judd Merrill, Chief Financial Officer, Comstock Inc.: So the $2,770,000 q three loss reflects the payoff of the 2025 Kipps Bay note and amendments to the legacy George and Alvin notes. But more what’s important, we did eliminate the debt on those instruments and any future costs and dilution associated with these types of variable rate instruments. And so we’re just we’re happy all that’s behind us now.

Zach Spencer, Director of External Relations, Comstock Inc.: And now that Comstock is funded, should we expect any dilution?

Judd Merrill, Chief Financial Officer, Comstock Inc.: So we currently have the 51,260,000.00 shares outstanding, and we’re funded through commercialization and profitability of our first industry scale solar panel recycling facility. We haven’t issued any shares since our transaction and capital raise in the quarter. By OEM is being funded directly by strategic and financial sophisticated investors. So what have we done? We’ve positioned the company for a profit company in two of the most like dynamic, energy relevant, exponentially growth markets.

So our job really is to execute and capitalize on those opportunities. So we’ll continue to do this in the most, like, fiduciary, responsible, diligent, professional, and transparent means, you know, possible. We’re here to, you know, to grow the values and hopefully in large and meaningful ways. We did guide in early January our plans to create these two high growth companies, a Nevada based metals company and an Oklahoma based oil and gas company that will be separated. And so we’ve accomplished almost all of that work so far this year.

Zach Spencer, Director of External Relations, Comstock Inc.: Judd, what will Comstock do with revenues once Plant one has funded future plants? Would it turn excess cash to shareholders?

Judd Merrill, Chief Financial Officer, Comstock Inc.: Sorry. I’m jumping on that question. Okay. So the revenues, plant one, we expect that in queue in the first half of the next year. Our first priority is going to be to reinvest those cash flows into expanding the metals recycling capacity.

So each industry scale facility costs roughly 12,000,000 to 15,000,000 And so once we’ve established multiple operating plans and then stabilize our cash generation, then we can evaluate what makes sense. And that’s our next highest priority.

Zach Spencer, Director of External Relations, Comstock Inc.: Okay. Thank you. And, Jud, are there any plans to dilute to fund mining operations?

Judd Merrill, Chief Financial Officer, Comstock Inc.: No. No. I mean, we don’t anticipate issuing any equity to fund mining. So our mining assets, we’ve looked at the slides that Corrado presented. They’re stable.

They’re well maintained. We’ve got a lot of property. They’re being advanced selectively. So any funding that would likely come from either a joint venture or asset level transaction, that’s how we would position it, but not new Comstock share issuances.

Zach Spencer, Director of External Relations, Comstock Inc.: Okay. Thank you, Jud. Let’s pivot to Corrado. Corrado, what is the strategic rationale for continued funding of SSOF in light of prior guidance on monetizing or divesting non core assets?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: Yeah, I think I just briefly did touch

Judd Merrill, Chief Financial Officer, Comstock Inc.: on this.

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: I’ll maybe expand on it a little bit. But what seeing with these land and energy requirements for data infrastructure, data centers, it’s it’s more complex than just, you know, the horizontal development or the vertical development of a data center. Right? There’s infrastructural requirements with the land, with the water rights, with the energy, especially. And and and it’s exploding.

It’s exploding. I mean, I 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. And so our our our properties here are are just so well positioned, you know, and and but there there does there does require some engagement on this. Right? And so we’re very engaged.

And we have an opportunity here to accelerate what’s happening there and and to capitalize best on that opportunity. We advance more The notion of advancing some more funds there was made possible by the overallotment, but it was also opportunistic, right? We know we can’t disclose everything that’s happening yet. Hopefully, we will be able to do it sooner, But it’s bigger. Right?

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. Now, we’re not distracted by it. It’s very transactional at the moment. But we’re very engaged.

So I guess, we hope to share more about this in early twenty twenty six. We’re excited about it. You know, it’s it’s it’s opportunistic. And and I don’t want to say that means it’s lucky. I think we’re in the absolute best possible place.

So we’re just fortifying that so that we can really execute in the best possible means. Hopefully, that’s sufficient for now.

Zach Spencer, Director of External Relations, Comstock Inc.: Corrado, why did revenue decline in Q3? And when does it inflect?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: Yes. So 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 Mackie. So the sale of those mining assets resulted in lease revenue you know, being sort of wrapped up in the second quarter. 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, we guided to about three and a half million of buildings this year, we’re almost at 3,000,000 through q3, most of our activities in q3, frankly, were around preparing the site, preparing the building, preparing the storage, you know, facilitating the permits. 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.

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. 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. 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. So there’s a little bit of a slow burn happening. It’s a great backlog.

But we’re not, we’re on or ahead of schedule, in so far as any measure that we would think about in terms of metal scaling up.

Zach Spencer, Director of External Relations, Comstock Inc.: What’s behind the higher SG and A and R and D? The growth in SG and

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: A, 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, including bringing on Madison to a smaller degree bringing on, you know, Oklahoma, you know, certainly increases in people. That’s also true for both metals and biolium. In the biolium case, it’s research, it’s development and scientists, it’s chemists.

In the metals case, it’s a lot of marketing and sales, you know, covering the domestic market. There was also some non recurring stuff in there, you know, by by extinguishing the Northern Comstock obligation, we had this like, obligation that we now another couple of years, we extinguished that in August. And the effect of extinguishing that and getting it off, you know, getting all those liabilities off was accelerating some expense into our P and L. That’s frankly going to result in about $1,000,000 of savings a year relative to what we were doing the last nine years. So that’s like a win win.

We got rid of the obligation and we permanently reduced an ongoing expense. So we’re very happy about that.

Zach Spencer, Director of External Relations, Comstock Inc.: We have several questions about Comstock Metals. Whatever happened to the metals recovery business and equipment?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: That might be referring to maybe the mercury recovery or maybe the lithium ion battery. The quick answer to that question, I guess, is from 2017 to about 2021, you know, we were ramping up some metal recovery and recycling businesses. I guess the most meaningful is, you know, 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. We we do not have we repurpose some assets from the lithium, but it’s pretty much that’s all gone from the mercury standpoint.

We have some assets here at the mine site. We have some assets in The Philippines that we’re we’re exploring other people using. But we’re not it’s not we wouldn’t call it a business. It’s all about solar panel recycling and and nothing else.

Zach Spencer, Director of External Relations, Comstock Inc.: Why not build smaller cookie cutter plants to cut transportation costs?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: 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 and solar panels are sitting. That minimizes the logistics costs. Being in Northern And Southern Nevada covers about 55% to 60% of the market that we see clearly between now and early 2030s. So we think Nevada is absolutely the best place to start, and then extrapolate it across the country. I think 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, but they’re not when we say smaller, it’s a little bit of a they’re impressive. When you guys see these facilities, if you come to visit us, you’ll see a very impressive system. But 12,000,000 of capital fits in, you could probably fit two or three of these production lines in one facility. So I think we do have a notion of, I don’t know if 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.

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.

Zach Spencer, Director of External Relations, Comstock Inc.: How are you monetizing all recycled materials?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: 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. And then the remaining, you know, 9394%, whatever it is that material is fully sold, you know, in the form of clean aluminum, clean glass, and then the silver rich tailing. 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 when we’re selling silver or rare earths or or, you know, more precious refined metals.

Zach Spencer, Director of External Relations, Comstock Inc.: Can you elaborate on the current MSAs and the solar panel supply?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: Yes. I mean, we signed three meaningful new MSAs just in the last quarter. 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. We signed a new recycler, which is prominent and big volume potential.

And we even signed an OEM, like an original manufacturer, not a lot of silicon manufacturing in The United States, sorry, most of it’s in Asia. But those businesses, it’s a little counterintuitive. 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 businesses, you know. And so we signed three of those.

We’re very excited about that. And that’s our strategy, right, to build the biggest market share in the industry through these master service agreements and the supply chain.

Zach Spencer, Director of External Relations, Comstock Inc.: We do have a lot of questions about Comstock Metals. This is a two part question. When will the Silver Spring site hit capacity? Followed by what about sites two and three?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: We’re commissioning in Q1. I would love it if during Q1, we had fifteen twenty thousand tons of material sitting there. So that’s certainly possible. We already have almost 5,000 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 have total clarity, you know, at 20,000, 25,000 tons, you know, we’re making money. So, we know that’s our first milestone, then it’ll ramp up from there. I wouldn’t imagine that that facility would be running full probably until, you know, the end or the latter 2027. The data points that we’re getting suggest the quickening, right, but it’s just still too early, you know, when you talk about, well, oh, we got an 80,000 panel order last, you know, the beginning of this year, we’re super excited. 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 preliminary data points tell us it’s coming sooner. But we just don’t we don’t have, you know, certainty to that. But it’s but it’s coming. We’d like to get site two up at the ’27.

We’d like to get this, you know, site three up at the ’28 or earlier. Right. So Judd mentioned, we’re already doing site selection. We’re in Southern Nevada, we’re in the middle of the country, 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.

But conservatively is, first one comes up beginning of next year, ’27, ’28, you’d have three facilities with 300,000 tons of capacity by ’28, that would be very good baseline.

Zach Spencer, Director of External Relations, Comstock Inc.: Carlo, I think you touched on this, but how much throughput do you forecast for 2026 through 2028?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: I mean, yeah, I did just sort of touch on. I mean, conservatively, this 20,000 to 30,000 range for a partial year next year would achieve our objectives, we’d be profitable, we’d be ramped up to a scale bigger than anyone’s ever seen. Know, today, you know, hopefully exiting the year at a much higher run rate, getting to that full capacity by the end of the following year. I mean, could you be doing 200,000 by the ’8? Most certainly, you could.

So that’s all prospective 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. And it’s certainly more than possible.

Zach Spencer, Director of External Relations, Comstock Inc.: And what about silver refining?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: So refining is a big topic. Okay. It’s a big topic because we care about it and we’re very excited about it. Fortunato has 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, you know, some that have more of these rare earths, some that don’t.

And so he’s got a conceptual design. It’s exciting. So now we have to go into a TRL development process, we have to do some testing, 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. 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. We couldn’t agree more. But Department of Energy, Department of Defense, White House is saying, a, silver is a critical mineral, b, 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. So everybody cares about it.

There may even be some funding support from the government to accelerate this stuff.

Zach Spencer, Director of External Relations, Comstock Inc.: Corrado, you did touch on the silver refining. When might you invest in in house silver refining?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: I mean, if we started at the middle of next year, the earliest would be like 2027. And it could very much be later than that. 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 when we ultimately do refine.

And that applies not just to silver, Zach, right? 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 how do we get all of the elements out? How do we do it cleanly? And how do we maximize the value?

Zach Spencer, Director of External Relations, Comstock Inc.: Okay. When you say all of the elements, what’s the status of rare earth element recovery?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: 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? 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. 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? 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. Hence, we need a comprehensive refining solution, if that makes sense.

Zach Spencer, Director of External Relations, Comstock Inc.: Okay. Both you and Judd referenced Comstock mining. Yep. So let’s pivot to a few questions on Comstock mining. What’s happening with the mining and land portfolio?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: Yeah. So I saw this question earlier. This is one of the earlier ones that came in. And I tried to demonstrate with that visual that we’re very keen to have sufficiency of that portfolio. Obviously, we already have all the mineral properties, we already have the resources defined and being consolidated.

But the Mackie transaction and the Hayward transaction really connected a lot of dots and made things either more efficient or more convenient in terms of anyone’s prospects for mining. I mean, we added almost four forty acres of industrial land, right, to that portfolio for no additional capital expended. You know, it was it was remarkable.

Zach Spencer, Director of External Relations, Comstock Inc.: Given the high gold prices, what are you doing to enhance mining interests?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: I think the most meaningful thing that we’re doing right now is, besides engaging these counterparties with our assets and what they’re capable of, we’re finishing off a preliminary economic assessment. 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. But 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, 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? So third party would do this. But, you know, what what does this thing look like at $2,500 goal?

What does it look like 3,500? What does it look like at $4,400 goal? You know, and so we we’ve seen some companies publish these recently. They’re outstanding. They’re transparent.

They’re crystal clear. And luckily for us, because of all the data we have in 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 a very important thing for our shareholders to know and maybe more importantly, for prospective mining companies to know.

Zach Spencer, Director of External Relations, Comstock Inc.: And with that in mind, what’s the biggest barrier to restarting mining?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: I mean, our only barrier would be prioritizing it, Like, we’re not prioritizing, you know, going into mining production. There’s no scenario we’re gonna we’re gonna 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 $400,000,000 of free cash flow a year. So that’s that’s it in a nutshell. So the the, you know, the the most practical obstacle would be, you know, finding a partner or someone who wants to do it. Right?

And and and figuring out the smartest, most effective way to monetize those assets.

Zach Spencer, Director of External Relations, Comstock Inc.: Will you joint venture or sell your gold and silver assets?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: We would do 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.

Monetization could be a sale. Right? Monetization could be a sale and a royalty. At the end of the day, monetization could be mining and getting all the money. 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. We’re obviously trying to do the the formers, not the ladders.

Zach Spencer, Director of External Relations, Comstock Inc.: Okay, Corrado. And that was a two part question. Sorry. I didn’t tell you that at the beginning. Serious inquiries?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: I would say yes now. Yes, I would say yes now. There are serious inquiries, right? And there were a lot of now so serious inquiries before, just FYI.

Zach Spencer, Director of External Relations, Comstock Inc.: 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, how sensitive is your internal view to precious metals prices?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: So I guess I can only answer that for the Dayton resource. K? Where we have over, you know, we have over 300,000, you know, gold equivalent ounces, you know, in that resource and 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 gonna add over $20,000,000. So that’s why of free cash flow.

So when we when we went from, you know, 3,500 to 4,000, it increased our cash flow outlook from 500,000,000 to 600,000,000. 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, your resource is sitting on only about 45 or 50 of those acres, there’s more potential than just that one mine plan. But that’s the answer. It’s strong.

Zach Spencer, Director of External Relations, Comstock Inc.: Moving on to Biolum Corporation. Has Biolum secured Series A capital from outside investors for the refinery scale up?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: So we have secured Series A capital. We have the deal that we announced and closed in May. Of course, we also have Marathon with their coming in with their facility and additional cash commitment. We hired a director of capital markets who is extraordinary. We’re doing a number of things, transactions at the biolium level to round out and fortify the supply chain.

It’s extremely exciting. These things will likely be known over the next month or so. And then we are finalizing all of our preparation to more formally go back into the market. It’ll probably be January, it’ll probably get done in q one. We’re feeling very, very, very good about it to raise and complete the Series A offering.

And to be clear, the Series A offering was never for proceeds to build the first biorefinery, right? That would be a second capital raise at the project level with project financing for that larger scale commercialization. And those activities would come after the Series A. So yes, that’s it.

Zach Spencer, Director of External Relations, Comstock Inc.: Okay. And you touched on this, but what is Biolium’s capital structure?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: Yes, we have $65,000,000 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 A, obviously, management and founders own 20%. And the new investors to date are about 5%. If we do some acquisitions with some stock, and we finish the Series A, as I said, our 75% will be lower, but still very, very strong, very, very valuable, and we’re extremely excited about it.

Zach Spencer, Director of External Relations, Comstock Inc.: How did you determine the Oklahoma site?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: The site activities in Oklahoma were, I think the things that are important to us, I think will probably be intuitive, logistics, proximity to feedstock, relevant infrastructure. To be really blunt, like there, we had many attractive sites in Oklahoma. One of the problems wasn’t finding one, it was, you know, which one, you know, would be the best first 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.

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. 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. And that doesn’t mean the business environment in Wisconsin is not fantastic.

It is. We’re really sitting in two really good locations.

Zach Spencer, Director of External Relations, Comstock Inc.: Staying with Oklahoma, please provide an update on the Oklahoma bond placement and other incentives.

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: Yeah, so we got $3,000,000 grant. The first million was tied to, you know, committing to our headquarters there done. The second was tied to committing to a site that’s done. Although now we’re just, you know, we’re toggling between a couple of options. 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 go second. So that’s really great news. So we build, 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. So all that’s on track. We also got $152,000,000 bond allocation.

That’s in the process of just being extended, which was part of our original plan. We knew when we got it, that there would need to be a rollover or extension. So all that’s going really, really great.

Zach Spencer, Director of External Relations, Comstock Inc.: And our load shareholders still connected to the fuels business?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: Yeah. I mean, I apologize if we, you know, I guess, we obviously create a lot of confusion on this at the beginning of the year. I’m a little surprised that confusion persists. We separated by OEM, we achieved our objective there. They raised capital independently.

That’s just an incredible achievement that the market is still waiting to help us recognize and value, we know we need to deliver more and achieve more for that to happen. But ultimately, the management team is performance incented in a massive way to not only get these commercial activities done, but then go public. Okay. So so the end game of the capital structure is a standalone public company, which then results in us having liquid investment in a massive potential oil and gas, renewable gas company. So hopefully, answers the question once and for all.

Zach Spencer, Director of External Relations, Comstock Inc.: Thank you for that. Moving on to battery recycling. What about our investment in GreenLion and battery recycling?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: So GreenLion initiated when we started the process in 2021 of going into lithium ion battery cycling. As I mentioned at the beginning, we pivoted from battery recycling to solar panel recycling. 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, you know, the silver rich tailings and refining them, you know, into more saleable and valuable products, A little bit different, but but similar. So as we went into solar panel recycling, the GreenLion investment became less interdependent, certainly less strategic, if you will, 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? We 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. It’s going very well. I think as they start to scale up and, you know, quite frankly, I I’m I’m more optimistic now. So it’s a tough, you know, technology development of something brand new that’s never been done before is not easy.

They have big feedstock agreements. They have big off take agreements with with blue chip automotive companies, frankly. So we like what they’re putting in place. We like how they’re putting in place. Obviously, you always wish it would go faster.

But ultimately, they’re either going to do, they’re going to need to raise more capital onshore to get to the next level. Hopefully, as part of that process, we can monetize our investment out. That’s our objective. You know, God willing, you know, if they went public, then, you know, would make it easier for us to ultimately monetize our investment. That’s our thing.

We monitor them very closely. We like what they’re doing. We’re close with the people. Things could go wrong in any TRL scaling company, getting out of the valley of death, sorry to use that term, is very, very difficult. We know it well.

That’s why we’re so excited about what we’re doing with metals and fuels. But right now, we would think hopefully, maybe hoping, mid to later next year that there’s some transaction that enables us to do some kind of monetization.

Zach Spencer, Director of External Relations, Comstock Inc.: We do have a follow-up question on Comstock Metals. Will we license our solar recycle business to other countries for royalties?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: That’s a good question. You know, 1.2, 1.3, 1.4, whatever number you picked for US panel deployment is massive. But outside The US, it’s eight to 10 times that. So you’re talking about eight to 10,000,000,000 panels deployed outside The US. And we have gotten some very positive inquiries, overtures, visits outside The U.

S. Jurisdiction with the interest in leveraging our technology in their countries. And so for us, we need to make sure that they’re good partners. We need to make sure that there’s some control over the process and the technology. So would be a joint venture?

Would it be some combination of a joint venturelicensing agreement? Yes, it’s not at the top of our priority list, but it’s certainly bubbling under the surface.

Zach Spencer, Director of External Relations, Comstock Inc.: Okay. And a follow-up question on SSOF. Can you walk us through the increased investment in SSOF?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: Yeah. So not super explicitly, but I can tell you what’s happened so far, right? There’s a number of transactions that are forming. You know, we have to make sure SSOS is in a position to execute those transactions in a very strong way. So because we haven’t concluded on all of the details, we play it very safe.

Right? We advanced some money. Theoretically, we could get that money back and and and not take any additional ownership, or we could do something more meaningful. That’s what’s happening right now. So it looks like it’s a it will, it doesn’t look like we stated it as an interest free advance, but it ain’t it’s not a free advance.

So there’s, there’s, there’s really big opportunity here. We’re being very diligent. We’re being very careful. 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. 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, data infrastructure compute is exponential.

So we just need to be very, very particular about how we do this, and we will. Right? We will. We we’re not obviously gonna put any of our existing commitments at risk, everything. If you if you ask me what percentage of time do we spend on what, you know, we’re spending 95% of our time on the execution of of the metal recycling deployment.

And Fortunato and his team are spending a 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. 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 it’s we’re very happy.

Zach Spencer, Director of External Relations, Comstock Inc.: Corrado, we have a final question. Actually, two questions on Biolium. How much do you expect to realize from the separation of Biolium? And how will that translate into share price?

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: So, if you were to compare and contrast metals and fuels, they’re very different. Right? So metals is high speed. It is low capital. It is high throughput.

Thiolium is a little bit slower in commercialization and deployment. It’s much higher capital, very strong throughput, right? It’s common denominator is high growth, high throughput. But but the market, it’s not infinite, but it might as well be as far as we’re concerned. Okay.

We’re we’re a tiny, tiny fraction of liquid fuels. In The United States, I mean, our highest expectation, we’re doing 8,000,000,000 gallons. We would barely be a knit in the two fifty billion gallon market. So that’s The U. S.

Alone. Know, the simple answer to the question is, you know, our objectives are not in the single billions of value. Okay? They’re they’re they’re in much, much bigger numbers. And so, you know, know, I don’t want to speculate on values or timing.

What I do know is that there is a five year plan, you know, and we would look to be public or facing being public, you know, in this, you know, five to six year period. The markets will ultimately dictate, you know, when that happens. Our execution will dictate how soon we’ll be ready for that to happen. But those numbers are very, very you know, the potential, what we’re going for, you know, is remarkable. You wanna run a sensitivity on a billion, you know, that’s easy.

You know, you you you know, we had 60% of a billion, you wanna run a sensitivity on 10,000,000,000, you wanna run a sensitivity on a billion. 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.

So it couldn’t be more exciting.

Zach Spencer, Director of External Relations, Comstock Inc.: Corrado, speaking of time, we’re coming up on time. And I think we covered all of the important questions. If we did not get to your question, please send it to ircomstockinc dot 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 comstockinc. Please follow us.

Corrado, before we wrap up, please give us some final thoughts for the remainder of Q4 and the rest of 2025.

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: 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. It’s gonna be fluid. It’s a river from here till April, May.

It’s going to be incredible. 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. And then with mining and SSOF, I do think there’ll be some transactional activities. The timing of that is less in our control, but becoming more and more prevalent.

Zach Spencer, Director of External Relations, Comstock Inc.: Thank you, Corrado, and thank you, Judd. That concludes Comstock’s third quarter twenty twenty five earnings call and business update. Thank you all for joining us.

Corrado DeGasperis, Executive Chairman and Chief Executive Officer, Comstock Inc.: Thank you.

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