Comstock Inc (LODE) 2025 Q2 法說會逐字稿

Good afternoon, and thank you for joining Comstock Inc.'s second-quarter 2025 earnings call and business update.

下午好，感謝您參加 Comstock Inc. 2025 年第二季財報電話會議和業務更新。

I'm Zach Spencer, Director of External Relations. Today is Thursday, August 14, 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.

我是對外關係總監札克‧史賓塞。今天是 2025 年 8 月 14 日，星期四。我們正在直播，並且此會議正在錄製。休會後不久，我們將在我們網站的投資者關係部分發布錄音。

Today, we filed our Form 10-Q for the quarter ended June 30, 2025, and issued a press release summarizing second quarter results. Both documents are available on our website. As a reminder, Comstock is listed on NYSE American with the ticker load LODE. Joining me today is Corrado De Gasperis, Comstock's Executive Chairman and Chief Executive Officer; and Judd Merrill, Comstock's Chief Financial Officer. We received more than 40 questions in advance of the call.

今天，我們提交了截至 2025 年 6 月 30 日的季度 10-Q 表，並發布了總結第二季業績的新聞稿。這兩份文件均可在我們的網站上查閱。提醒一下，康斯托克在紐約證券交易所美國證券交易所上市，股票代號為 LODE。今天與我一起出席的還有康斯托克執行董事長兼執行長 Corrado De Gasperis 和康斯托克財務長 Judd Merrill。我們在電話會議之前收到了 40 多個問題。

If you have additional questions during the call, please use the Zoom Q&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 Executive Chairman and Chief Executive Officer, Corrado De Gasperis.

如果您在通話期間有其他問題，請使用 Zoom 問答窗口，我們將在時間允許的情況下盡可能多地解答。今天的討論將包括前瞻性陳述。由於我們向美國證券交易委員會提交的文件中詳述的風險和不確定性，實際結果可能存在重大差異。完整的風險揭露可以在我們的投資者關係頁面和美國證券交易委員會網站上的文件中找到。我很高興介紹我們的執行主席兼執行長 Corrado De Gasperis。

Corrado, you may begin.

科拉多，你可以開始了。

Thanks, Zach, and welcome, Judd and Zach and all the investors and stakeholders interested in Comstock for the second quarter results and update. I'm going to use some slides. So, for those that can see the webcast, I think it will be very effective. For those who are just on a dial-in, I will try to voice over what we're looking at so that you can get the full gist of the update. It's outstanding.

謝謝扎克，歡迎賈德、扎克以及所有對康斯托克第二季度業績和更新感興趣的投資者和利益相關者。我將使用一些幻燈片。因此，對於那些可以看到網路直播的人來說，我認為這將非常有效。對於那些剛剛撥入電話的人，我會嘗試轉述我們正在查看的內容，以便您可以全面了解更新內容。非常出色。

And there's a heavy, heavy emphasis now following the separation of Bioleum back in May on our metals, right? I think in our January shareholder letter, we said the real objective of getting through 2025 was in large part certain transformational transactions that would result in a public Nevada-based metals company and an Oklahoma-based oil and gas company, both certainly at the highest end of renewability. And so that's what we're getting to. It's a remarkable thing, completing that separation of Bioleum in May, getting them independently and separately funded by strategic investors. We understand through the financial accounting and reporting process that we will, in the near future, be fully deconsolidating them also from our financials.

自今年 5 月 Bioleum 分離以來，我們對金屬的重視程度就大大提高，對嗎？我認為，在我們一月份致股東的信中，我們說過，實現 2025 年目標的真正目標很大程度上是某些轉型交易，這些交易將產生一家總部位於內華達州的公共金屬公司和一家總部位於俄克拉荷馬州的石油和天然氣公司，這兩家公司無疑都處於可再生能力的最高端。這就是我們要做的。這是一件了不起的事情，我們在五月完成了 Bioleum 的分離，並由策略投資者獨立和分別資助。我們透過財務會計和報告流程了解到，在不久的將來，我們將把它們從我們的財務中完全分開。

We think that's important so that people can have a clear view of what the Comstock Metals and the metal operations look like, forward-looking and real time as well as what the fuels business looks like. As Zach said, we will make some forward-looking statements. But I'd like to take you through a presentation of some aspects of corporate and the recent transactions that we just completed as well as a deep dive into the metal recycling business. It's taken off. It's moving very, very fast.

我們認為這很重要，這樣人們才能清楚地了解康斯托克金屬公司和金屬業務的前瞻性和即時性，以及燃料業務的狀況。正如札克所說，我們會做出一些前瞻性的陳述。但我想向大家介紹一下公司的一些方面和我們剛剛完成的近期交易，並深入了解金屬回收業務。已經起飛了。它移動得非常非常快。

And the recent transaction that we just completed fully funded us through industry scale operations being up and profitable. So, it was an absolutely remarkable offering that we just completed. It's fully funded as of today. We ended up a pre-offering with just over 35.5 million shares outstanding. We issued 13.3 million shares as part of this offering, bringing in a gross proceed of $30 million, net proceed of $27.6 million on a pro forma basis and combined with some of the incredible proceeds that came in, in May for Bioleum, it puts our cash position at over $45 million.

我們剛完成的近期交易透過行業規模運營和盈利為我們提供了充足的資金。所以，我們剛完成的這個產品絕對令人矚目。截至今天，其資金已全部到位。我們最終完成了預發行，流通股數略高於 3,550 萬股。作為此次發行的一部分，我們發行了 1330 萬股股票，總收益為 3000 萬美元，淨收益為 2760 萬美元（按備考基礎計算），再加上 Bioleum 5 月份獲得的一些令人難以置信的收益，我們的現金狀況已超過 4500 萬美元。

And maybe most remarkably, as part of this offering, we got our largest debt holder who happens to also be one of our largest equity holders to agree to exchange and pay down those promissory notes with equity. Remarkably, they also participated in this equity offering. So, a very, very strong testament to one of our largest equity holders not only being happy to work with us to eliminate the debt, but also coming in with even more equity capital for that end. That was about $8.4 million in promissory notes. We also had a tail on those convertible notes, $2.2 million.

也許最引人注目的是，作為此次發行的一部分，我們最大的債務持有人恰好也是我們最大的股權持有人之一，同意用股權交換並償還這些本票。值得注意的是，他們也參與了這次股票發行。因此，這非常有力地證明了我們最大的股東之一不僅樂於與我們合作消除債務，而且還願意為此投入更多的股權資本。這筆款項約為 840 萬美元。我們也從這些可轉換票據中獲得了 220 萬美元的尾款。

There were provisions in that agreement to redeem those for cash. We ended up negotiating a slightly lower premium, meaningfully lower cash premium with some additional shares to extinguish those convertible notes. I could say to you unequivocally, those notes have been fully paid off as of this moment, and we don't have an interest in any of those interim or bridge capital activities going forward. So, we've been trying very, very hard to get the businesses ready to get the businesses commercial to start growing that revenue so that we could attract more broader, deeper institutional capital. And that's what we just did.

該協議中有條款規定可以用現金兌換這些物品。我們最終協商了一個略低的溢價，即顯著降低的現金溢價，並用一些額外的股份來抵消這些可轉換票據。我可以明確地告訴你，截至目前，這些票據已經全部還清，我們對未來的任何臨時或過橋資本活動都不感興趣。因此，我們一直在非常努力地讓企業做好準備，實現商業化，開始增加收入，以便我們能夠吸引更廣泛、更深層的機構資本。這就是我們剛才所做的。

In all of my 30 years of doing this, it was one of the most incredible, successful, pervasively well-received offerings and to say that we've markedly expanded, broadened and deepened what we would say was an already good represented capital base. What we had was necessary, what we had was not sufficient. We now have a foundation that is not rock. I would say, it's titanium. Most importantly, -- most importantly, we funded such that we have a clear line of sight to metals bringing their first facility online.

在我從事這項工作的 30 年裡，它是最令人難以置信、最成功、最受好評的產品之一，可以說，我們顯著擴大、拓寬和深化了我們已經具有良好代表性的資本基礎。我們所擁有的是必需的，但我們所擁有的還不夠。我們現在有一個堅不可摧的基礎。我想說，它是鈦。最重要的是，我們提供了資金，以便我們能夠清楚地看到金屬公司第一家工廠的上線。

We have a clear line of sight of that facility turning profitable, and we have a clear line of sight of not needing more equity to go to Facility 2 and beyond, right? We're going to give you a deep dive on the metals business, and I'm reasonably certain you're going to like a lot of what's happening and what Fortunato has created. Before I do that, I want to say that the bankers who we've been working with for quite a bit here, ironically, when we first met them, they were telling us we weren't ready, we weren't ready, we weren't ready in and around the Bioleum separation, eyebrows went up and said, it looks like you're ready. And they also have an option, a 15% overallotment option that if they exercise it at their option, would result in 2 million more shares and $4.5 million more in proceeds. We'll see how that turns up as we go forward here.

我們清楚知道該設施將實現盈利，而且我們也清楚地知道不需要更多的股權來發展設施 2 及以後的業務，對嗎？我們將帶您深入了解金屬業務，我確信您會喜歡正在發生的事情和 Fortunato 所創造的一切。在此之前，我想說，諷刺的是，我們在這裡合作了很長時間的銀行家們，當我們第一次見到他們時，他們告訴我們我們還沒有準備好，我們還沒有準備好，我們還沒有準備好在 Bioleum 分離過程中和周圍做好準備，他們揚起眉毛說，看起來你已經準備好了。他們還有一個選擇權，即 15% 的超額配售選擇權，如果他們選擇行使該選擇權，將產生 200 萬股額外股份和 450 萬美元額外收益。隨著我們繼續前進，我們將會看到結果如何。

Welcoming Judd to back into the family as our CFO. He's already made an impact from day 1 settling in. Huge part of that impact is around the financial organization around the capital needs. Another huge part of that impact is just freeing up a tremendous amount of my capacity. And so that's extremely welcome.

歡迎賈德重返我們大家庭並擔任財務長。從第一天開始他就已經開始產生影響力。這種影響很大程度上是圍繞著資本需求的金融機構。這種影響的另一個巨大部分就是釋放了我大量的容量。因此，我們非常歡迎這一點。

I think things will move faster with that capacity and with our ability to do these things, certainly with our funding. And then Fortunato, who has been really the nuts, bolts, foundation, top bottom of building this metal recycling business and some of the incredibly novel and unique technology that we have. And I'm going to really emphasize that here in this discussion. So Comstock Metals is our business that is recycling solar panels. Some of you -- many of you know that we started in the battery metal recycling arena.

我認為，有了這種能力和我們做這些事情的能力，當然還有我們的資金，事情會進展得更快。然後是福圖納托 (Fortunato)，他是建立金屬回收業務的真正關鍵人物、基礎人物和頂層底層人物，也是我們擁有的一些非常新穎和獨特的技術的奠基人。我將在本次討論中特別強調這一點。Comstock Metals 是我們回收太陽能板的公司。你們中的一些人——你們中的許多人都知道，我們是從電池金屬回收領域起步的。

We built a system. We were producing some pretty damn good black mass, but we were struggling with getting to battery-grade metals. We were, in other words, struggling to get to salable metals. We know a lot of people in the industry to this day are still struggling to get to battery-grade metals. And we went and looked for a technology that could help us with some of these laminates and plastics and glues.

我們建立了一個系統。我們生產了一些相當不錯的黑色物質，但在獲取電池級金屬方面卻遇到了困難。換句話說，我們正在努力獲取可銷售的金屬。我們知道，直到今天，業內許多人仍在努力取得電池級金屬。我們開始尋找一種可以幫助我們處理這些層壓板、塑膠和膠水的技術。

And we found it in Fortunato. I'm going to go deeper into that in a minute. But what -- when we found it, his comment to us was I don't think you should be focused on batteries. The industry has a problem. The industry has multiple problems.

我們在福圖納托找到了它。我稍後會更深入地討論這個問題。但是當我們發現它時，他對我們的評論是，我認為你不應該關注電池。這個行業有問題。該行業存在多重問題。

One is they're all chasing the same batteries and they're treating these batteries like they're extremely valuable assets and extremely valuable commodities. And that doesn't pencil. If the totally variable cost of these batteries, these feedstocks are so high and if it's difficult to get your hands on them, it's not going to work. It's not going to work well. That's for sure.

一是他們都在追逐相同的電池，並將這些電池視為極其寶貴的資產和極其寶貴的商品。而那不是鉛筆。如果這些電池的整體可變成本、這些原料太高，而且很難獲得它們，那就行不通了。這不會有什麼好結果的。那是肯定的。

So he said the entire world seems to be missing this epidemic in end-of-life solar panels. These panels are coming out of the market so much faster than anybody even imagined that they would be. And so my first reaction to that was solar panels, that doesn't sound that sexy. What's so great about solar panels? Well, number one, there's millions of panels coming out of the market today, at least a decade before anybody was expecting to, millions of panels.

因此他說，全世界似乎都忽略了這種報廢太陽能板的流行病。這些面板退出市場的速度比任何人想像的都要快得多。所以我的第一個反應是太陽能電池板，這聽起來不太性感。太陽能板到底有何優點？首先，目前市場上有數百萬塊面板問世，這比任何人預期的都要早至少十年。

Number two, it's growing exponentially. It's going to be 10x that number in 4 years. And it's a major, major environmental problem where the states and the communities and the counties are already mobilizing to prevent these things from going into landfills and nobody is addressing this problem. So fast forward to today, that was 2.5 years ago, we literally take these solar panels, we take them from our customers, and they pay us upfront a tipping fee, $500 a ton to do what, to receive and take from them their environmental liability, their environmental problem that they don't have a solution for. Nextly, we do not want those solar panels going into landfills.

第二，它正在呈指數級增長。4 年後，這個數字將會成長 10 倍。這是一個非常嚴重的環境問題，各州、社區和縣都已採取行動，防止這些垃圾進入垃圾掩埋場，但卻沒有人著手解決這個問題。快進到今天，那是兩年半前的事了，我們實際上是從客戶那裡拿走這些太陽能電池板，他們預先向我們支付了傾倒費，每噸 500 美元，以承擔他們的環境責任和他們無法解決的環境問題。其次，我們不希望這些太陽能板進入垃圾掩埋場。

They will contaminate the ecosystem. They will contaminate the water system. Those materials will leachate into the system and be very, very bad for our communities, plus you're throwing away valuable commodities. People seem to be surprised when we tell them that there's over 0.6 ounces of silver in every solar panel. There's aluminum.

它們會污染生態系統。它們會污染水系統。這些材料會滲入系統，對我們的社區造成非常非常大的危害，你也丟掉了有價值的商品。當我們告訴人們每塊太陽能板中含有超過 0.6 盎司的銀時，他們似乎很驚訝。有鋁。

There's also some critical and rare elements, iridium, manganese, tellurium, depending on the types of panels, germanium, like there's very, very valuable minerals there. So, what we did was we brought in Fortunato's technology, and we integrated this delamination process into our solution and then expanded it out and built an entire demonstration scale facility.

還有一些關鍵和稀有元素，銥、錳、碲（取決於面板的類型）、鍺，就像那裡有非常非常有價值的礦物。因此，我們所做的就是引入 Fortunato 的技術，並將這種分層過程整合到我們的解決方案中，然後將其擴展並建立整個演示規模設施。

Now, there's four very, very key things that we believe are novel that our technology does that nobody else can do. The first is that we thermally destroy at the molecular level, we're breaking carbon bonds, and we're thermally destroying these polymers, these laminates, these plastics. Such that they are broken down and ultimately reassembling with very, very safe emissions, CO2 going up the stack.

現在，我們認為有四件非常關鍵的事情是新穎的，我們的技術可以做到，而其他任何人都做不到。首先，我們在分子層面進行熱破壞，破壞碳鍵，熱破壞這些聚合物、這些層壓板、這些塑膠。這樣，它們就會被分解並最終重新組裝，排放的二氧化碳將非常安全，並沿著煙囪向上排放。

So, we have air quality controls. We have scrubbers, but we do not have any harmful emissions, and we eliminate all the contaminants. Secondly, we don't harm the metals. We don't carbonize, we don't destroy, we don't burn the metals in our process. And to that point, if laminates and plastics are sticking to the silver or sticking to the glass or sticking to the aluminum, they're not salable.

所以，我們有空氣品質控制。我們有洗滌器，但我們沒有任何有害排放，而且我們消除了所有污染物。其次，我們不會損害金屬。在我們的過程中，我們不碳化、不破壞、不燃燒金屬。到那時，如果層壓板和塑膠粘在銀或粘在玻璃或粘在鋁上，它們就無法銷售。

In fact, if you do that, you're just generating new hazardous materials and the permitting regime that we work under wouldn't even allow that. So, we have a zero landfill solution because those aluminums, those glass and those silver tailings come out clean, free of those contaminants. That's number two. The third thing is it's ridiculously efficient. Our variable costs are less than 7% of our revenue, less than 7%.

事實上，如果你這樣做，你就會產生新的危險物質，而我們所處的許可製度甚至不允許這樣做。因此，我們有一個零垃圾掩埋解決方案，因為那些鋁、玻璃和銀尾礦都是乾淨的，不含任何污染物。這是第二個。第三件事是它極為有效率。我們的變動成本不到收入的7%，不到7%。

Most of that is natural gas and the rest is electricity, but in reasonably and relatively small, small quantities for what we're doing. And then the fourth, which I think is the most powerful is it's fast. You do a panel every 7 seconds. What does that mean? Of course, it means we have incredibly high throughput, low variable cost, high-speed process, but it's more than that because that speed is what enables us to scale.

其中大部分是天然氣，其餘是電力，但對於我們所做的工作來說，數量合理且相對較小。第四，我認為最強大的一點是它的速度很快。每 7 秒進行一次面板操作。這意味著什麼？當然，這意味著我們擁有極高的吞吐量、低的變動成本和高速的流程，但不僅如此，因為速度使我們能夠擴大規模。

one production line can do millions and millions and millions of panels per year, 3.3 million panels per year from one production line. We don't know anybody that can do that. In fact, we were R2V3 certified this year as the only company in North America, which to us means the only company in the world, but the only company in North America that is certified, channel checked, audited as generating no waste and having a certified proven zero landfill solution. Now, one person said to me, well, that's nice for the environment. Is it that important?

一條生產線每年可以生產數百萬塊面板，一條生產線每年可生產330萬塊面板。我們不知道有誰能做到這一點。事實上，我們今年作為北美唯一一家公司獲得了 R2V3 認證，對我們來說，這意味著我們是世界上唯一一家公司，也是北美唯一一家通過認證、渠道檢查、審計為不產生廢物並擁有經過認證的零填埋解決方案的公司。現在，有人對我說，這對環境有好處。這真的那麼重要嗎？

It is absolutely that important for two critical reasons. Most of our customers are sophisticated utility companies who've had nightmare experiences with landfills and super funds, and they don't want that. number one. It's one of the biggest boxes that they check. But number two, every pound that we produce clean, we sell for money.

它絕對如此重要，原因有二。我們的大多數客戶都是經驗豐富的公用事業公司，他們在垃圾掩埋場和超級基金方面有著噩夢般的經歷，他們不想遇到這種情況。第一。這是他們檢查的最大的箱子之一。但第二點，我們生產的每一磅乾淨的東西，我們都會賣錢。

Every pound that wouldn't be produced clean is not a loss of revenue. It certainly is that. It's a cost that then is required to be paid to dispose it to the landfill. So, how do you have the total lowest cost? It's that way.

每一磅未能乾淨生產的產量並不代表收入損失。確實如此。這是將其處理到垃圾掩埋場所需支付的費用。那麼，如何才能實現總成本最低呢？就是那樣。

So, we proved this in our demonstration facility in Silver Springs, we proved over a year ago that we can produce clean aluminum, clean glass and these tailings, these really fine residual materials. That's all it. That's all there is. There's nothing that comes out. We haven't set 1 ounce.

因此，我們在銀泉的示範設施中證明了這一點，我們在一年多前就證明了我們可以生產清潔鋁、清潔玻璃和這些尾礦，這些真正精細的殘留材料。就這些。就這些了。什麼也沒有出來。我們還沒有設定1盎司。

We haven't set 1 pound of waste to the landfill. Some people said, we don't understand how you do that. When you're incinerating in an oven, we don't incinerate. Our process is not an incinerator, right? It's much more molecular, much more thermally dynamic and much cleaner than that.

我們還沒有將一磅垃圾放入垃圾掩埋場。有人說，我們不懂你是怎麼做到的。當你在爐子裡焚燒時，我們不會焚燒。我們的流程不是焚化爐，對嗎？它比那更具分子性，熱動力更強，而且更乾淨。

What was really a surprise is the grades of silver that we're concentrating in the metal tailings. We would have been probably pleased with 15, 20 ounces of silver per ton. We're consistently depending on how fine we screen, we're consistently getting 30, 40, sometimes 50 ounces per ton of these residual materials. Now these materials here represent -- the tailings represent 12%, 13% up to 15% of the weight of the panel that's coming in. The aluminum represents 12%, 13%, let's say, up to 15% of the weight of the panel.

真正令人驚訝的是我們在金屬尾礦中濃縮的銀的品位。如果每噸白銀能有 15 到 20 盎司，我們可能就滿意了。我們始終依賴篩選的精細程度，我們始終從每噸殘留材料中獲得 30、40，有時甚至 50 盎司。現在，這些材料——尾礦占到進來的面板重量的 12%、13% 到 15%。鋁佔面板重量的 12%、13%，甚至高達 15%。

And the glass heaviest weight by far is about 70%. So, you're getting almost $125 per equivalent ton coming in the door in recovery of aluminum. You're getting another $125 equivalent ton coming in the door of the silver-rich tailings. And let's say, you're getting $20 a ton for the glass, even rounding it down, you're at $250 a ton. So, you're getting paid $500 a ton to take this environmental problem off the hands of our customer and then another $250 a ton to ship the same material, obviously, reprocessed, reseparated and bagged out the other side of the plant.

而迄今為止玻璃最重的重量約為70%。因此，每回收一噸鋁可以獲得近 125 美元的收入。您將從富含銀的尾礦中獲得另外價值 125 美元的噸當量銀。假設玻璃每噸售價 20 美元，即使四捨五入，每噸也是 250 美元。因此，您將獲得每噸 500 美元的報酬，以解決客戶面臨的環境問題，然後再獲得每噸 250 美元的報酬，以將相同的材料運送出去，顯然，這些材料需要經過重新加工、重新分離並裝袋後運送到工廠的另一邊。

I want to be clear, though, that we're selling all the aluminum. We're selling all the glass. We're selling it, frankly, as soon as we're selling it as soon as we can fill up a truck. The fines are going to a final refinery, typically either in Texas or in Asia. And then the final -- the refinery is then refining down now with the metals.

不過，我想明確一點，我們正在出售所有的鋁。我們正在出售所有玻璃。坦白說，只要我們能裝滿一卡車，我們就會賣掉它。罰款將最終送往煉油廠，通常位於德州或亞洲。最後，精煉廠開始對金屬進行精煉。

Now we're probably getting paid 50%, 60% of the silver value based on those agreements, which is the equivalent to the dollars I just mentioned. But we do have a notion that we will develop one more step, that refining step. We have refining competency. Fortunato has deep refining competency. We have refining competency from our mining days.

現在我們根據這些協議大概能得到白銀價值的50%到60%，相當於我剛才提到的美元。但我們確實有一個想法，我們將進一步發展，即精煉步驟。我們擁有煉油能力。Fortunato 具有深厚的提煉能力。我們從採礦業起就擁有煉油能力。

We'll look to do that in the future. But those silver grades and those silver concentrations come at a remarkably good time. In 2025, silver is hitting all-time record levels of demand. Where is that demand coming from? It's coming from industrial demand, industrial applications, primarily electronics, electrification and especially from solar panels and photovoltaics.

我們將來會考慮這樣做。但這些銀品位和銀濃度出現的時機非常好。2025年，白銀需求將達到歷史最高水準。這種需求來自哪裡？它來自工業需求、工業應用、主要是電子、電氣化，特別是太陽能板和光伏。

So not only is silver hitting all-time record demand, it's projected over the 10 years -- next 10 years to grow dramatically, more and more silver in demand. And a few years back, finally, the demand for silver exceeded the mine supply. Today, it's over 200 million ounces a year that's being consumed more than is being produced, which is what brought the silver prices from the mid- to high teens to the high 20s to now high 30s, pushing $40 an ounce. That increase in price just over the last year contributed our estimates from going from $200 a ton recovery to almost $250 a ton recovery to now slightly over $250 a ton. For those of you that are familiar with our locality, this is Silver Springs, Nevada on this picture that you're seeing.

因此，白銀需求不僅達到了歷史最高水平，而且預計未來 10 年，白銀需求將大幅增長。幾年前，白銀的需求終於超過了礦產供應量。如今，每年的白銀消耗量超過產量 2 億盎司，導致白銀價格從 15 美元左右上漲至 20 美元左右，再上漲至 30 美元左右，達到每盎司 40 美元。光是去年的價格上漲就使我們的預測從每噸 200 美元的復甦上升到每噸近 250 美元的復甦，現在又上升到每噸略高於 250 美元的復甦。對於熟悉我們當地的人來說，您看到的這張照片上顯示的是內華達州銀泉市。

And this small facility in the back is where we are operating 3 shifts processing solar panels as fast as humanly possible. We -- if you looked at this picture today, if I took this picture today, this parking lot would be completely full of solar panels. It is absolutely 100% full of solar panels. Hence, in May, we got a massive permit expansion. To the left, you see this flat land here in Silver Springs.

在這個位於後面的小型設施中，我們分三班倒，以盡可能快的速度處理太陽能板。我們——如果你今天看這張照片，如果我今天拍了這張照片，這個停車場就會完全鋪滿太陽能板。它絕對 100% 充滿了太陽能電池板。因此，我們在五月獲得了大規模的許可證擴展。在左邊，您可以看到銀泉 (Silver Springs) 這片平坦的土地。

This facility is 600 Lake Avenue. The land right next to it is 800 Lake Avenue. We secured that land, and we just had it permitted to do what, to store up to 25,000 tons of solar panel material to be able to bring that material in, in advance of starting this plant up so that we continue to grow our market share. Now that small facility, you can see it says 135,000 panels per year. That's not a small number, but it's only about 5,000 ton equivalent per annum.

該設施位於湖濱大道 600 號。緊鄰的土地是湖濱大道 800 號。我們獲得了那塊土地，並且我們剛剛獲得許可，可以儲存多達 25,000 噸的太陽能電池板材料，以便在工廠啟動之前將這些材料運進來，從而繼續擴大我們的市場份額。現在，您可以看到，這個小型工廠每年可生產 135,000 塊面板。這不是一個小數字，但每年只有大約 5,000 噸當量。

The large facility can do 3.3 million panels a year from production line, 3.3 from 1 production line. That's a panel every 7 seconds that's lower than 7% totally variable cost. And that thing will make money even at 21% utilization, anything over 20% utilization, it is profitable. And now we have all the storage that we need as we bring in more and more customers. The market today or certainly last year was about 3.3 million, 3.5 million panels came to the end of their lives.

該大型工廠每條生產線每年可生產 330 萬塊面板，一條生產線每年可生產 330 萬塊面板。也就是說，每 7 秒生產一塊面板，總變動成本低於 7%。即使利用率為 21%，這個東西也能賺錢，只要利用率超過 20%，它就能獲利。現在，隨著我們吸引越來越多的客戶，我們擁有了所需的所有儲存空間。目前或去年的市場大約有 330 萬到 350 萬塊面板已經報廢。

That's equivalent to about 100,000 tons of material and about the size of one of our production lines. But what's staggering is in 4.5 years, that number is going to be 33 million panels coming out of the market. And people are like, my God, 33 million panels, that's massive. No, it's not. The U.S.

這相當於約 10 萬噸材料，大約相當於我們的一條生產線的規模。但令人震驚的是，4.5 年後，市場上的面板產量將達到 3,300 萬塊。人們會說，天哪，3300 萬塊面板，太龐大了。不，不是的。美國

has 1 billion solar panels deployed. In 20 years, 330 million panels a year. It's a massive trajectory. And I don't think people understand how big this problem, this end-of-life solar panel issue is. But some people understand California essentially prohibited -- classified these materials as universal/hazardous waste, which is what it should be classified as and essentially prohibits and makes it extremely difficult, if not illegal, to put these things in landfills.

已部署10億塊太陽能板。20年內，每年3.3億塊面板。這是一條巨大的軌跡。我認為人們並不了解這個問題、這個太陽能板壽命終止問題有多嚴重。但有些人明白，加州本質上禁止將這些材料歸類為普通/危險廢物，這才是應該歸類的，本質上是禁止並將這些東西放入垃圾掩埋場，即使不是非法的，也極其困難。

So, what did we do? We selected Northern Nevada. If you can see the screen, I'm circling the location. We selected Northern Nevada right on the main artery of I-80 coming in from Northern California. Our second site and our site selector is driving down there today as we speak, is on the main artery coming in from Southern California into Nevada.

那麼，我們做了什麼？我們選擇了內華達州北部。如果您能看到螢幕，我正在繞著該位置轉圈。我們選擇了內華達州北部，就在從加州北部進入的 I-80 主幹道上。我們的第二個站點和站點選擇器今天正在開車去那裡，就在我們說話的時候，它位於從南加州進入內華達州的主幹道上。

Why is that? This map shows you a dot, a plot, if you will, for every major solar deployment in the United States. The bigger the circle, the older the deployment. It takes everybody about 1 second to say, well, California is by far the most solar panels deployed in the country and at the same time, the oldest. If you add Arizona and Nevada to California in the Southwest region of the United States, you're literally sitting on more than half of the entire market for end-of-life solar panels.

這是為什麼？如果你願意的話，這張地圖可以向你顯示美國每個主要太陽能部署的一個點或一個圖。圓圈越大，部署越久遠。每個人大概只需要一秒鐘就能說出，加州是迄今為止美國部署太陽能板最多的州，同時也是歷史最悠久的州。如果將美國西南地區的亞利桑那州和內華達州加上加利福尼亞州，那麼您實際上就佔據了整個報廢太陽能板市場的一半以上。

who's sitting on it? We're sitting on it because our two -- first two facilities are putting right in the immediate proximity of all that market share. That's what we're all about. What's remarkable is the next 4.5 years, when that 3.3 million panels of waste becomes 33 million panels of waste per year, more than 50%, that percentage grows between 2025 and 2030 in the Southwest region of the United States. Eventually, the rest of the country will catch up and harmonize.

誰坐在上面？我們之所以坐擁這一優勢，是因為我們的前兩個工廠都位於所有市場份額的緊鄰位置。這就是我們所要做的。值得注意的是，在接下來的 4.5 年裡，這 330 萬塊廢板將變成每年 3,300 萬塊廢板，成長 50% 以上，而且在 2025 年至 2030 年期間，美國西南部地區的這一比例還將增長。最終，全國其他地區將會迎頭趕上並實現協調。

But for now, this is where almost all of it's at. Texas, this whole region here centered by Texas, going even all the way up to Colorado, New Mexico, is the second most deployed panels in the country to California. They're not as old. quite -- sorry, there's quite a few old ones. They're not as old.

但就目前而言，幾乎所有事情都在這裡。德州，以德州為中心的整個地區，一直延伸到科羅拉多州和新墨西哥州，是繼加州之後美國太陽能板部署第二多的地區。它們沒有那麼老。相當——抱歉，有相當多的老的。他們沒那麼老。

But Texas is number 2. But then you have Florida, you have North Carolina, you have Pennsylvania, New England and Michigan. We know exactly where these panels are. And our business plan is playing out exactly the way we hoped it would, actually a little better because these are our customers. These are the customers we've engaged with.

但德克薩斯州排名第二。但還有佛羅裡達州、北卡羅來納州、賓州、新英格蘭和密西根州。我們確切地知道這些面板在哪裡。我們的商業計劃正如我們所希望的那樣進行，實際上甚至更好一些，因為他們是我們的客戶。這些是我們已經合作過的客戶。

These are people we're taking panels from. What you see in Nevada, California, Arizona is exactly what we hoped we would see. RWE is our biggest customer. They're national. They're not regional, but their Copper Mountain location has 25 million panels deployed all by themselves.

這些人就是我們要訪問的對象。您在內華達州、加利福尼亞州和亞利桑那州看到的正是我們所希望看到的。RWE 是我們最大的客戶。他們是全國性的。他們不是區域性的，但他們在銅山的工廠自行部署了 2500 萬塊太陽能板。

Their replacement rate over the next 8, 9, 10 years is going to be easily 1 million panels a year. It could be 2 million panels a year, probably going to be higher than 2 million at some point in the continuum. What we didn't expect is that we would have Florida Light & Power and NextEra as a top three customer. We didn't expect people sending panels to Nevada, from Florida, from Pennsylvania, from Ohio, from Louisiana and Texas. That reaffirms to us that they don't really have a good alternative.

未來 8、9、10 年內，它們的更換率將輕鬆達到每年 100 萬塊面板。每年可能有 200 萬塊面板，在某個時間點可能會超過 200 萬塊。我們沒有想到的是，佛羅裡達電力公司和 NextEra 將成為我們的三大客戶之一。我們沒想到人們會從佛羅裡達州、賓夕法尼亞州、俄亥俄州、路易斯安那州和德克薩斯州向內華達州發送太陽能板。這再次向我們證實，他們確實沒有更好的選擇。

They don't have a good alternative. We don't see any alternative that can scale. So, when we look at our competitors, they have little foreign mechanical systems. Can they do 5,000 or 6,000 tons a year? Yes, a system probably could do that.

他們沒有更好的選擇。我們沒有看到任何可擴展的替代方案。因此，當我們觀察我們的競爭對手時，會發現他們幾乎沒有外國機械系統。他們一年能生產5000噸或6000噸嗎？是的，系統可能可以做到這一點。

Can they scale that bigger? No. They would need 20 of those to match our automated -- fully automated continuously operating system. 20 of those would be 2.5x our CapEx, which is a lot, but it's not even as big a problem as 25x the OpEx. If they need 4 or 5 people to run one of those small systems, we only need 3 people to run our fully automated large system.

他們能將其規模擴大嗎？不。他們需要 20 個這樣的設備才能與我們的自動化——完全自動化的連續作業系統相匹配。 20 個這樣的設備將是我們資本支出的 2.5 倍，這是一個很大的數字，但它甚至不如 25 倍營運支出那麼嚴重。如果他們需要 4 或 5 個人來運行其中一個小型系統，那麼我們只需要 3 個人就可以運行我們的全自動大型系統。

We don't have to multiply that number of people times 20 systems. So the economics for us are formidable. We're sitting on a market opportunity unlike one economically that I've ever seen before, which is we get paid $500 a ton to take in the panel. We're getting another $200. You heard me say it's really closer to $250 to sell and ship all that material.

我們不需要將人數乘以 20 個系統。因此，我們的經濟狀況十分嚴峻。我們正面臨一個我從未見過的經濟市場機遇，即我們每接收一噸貨物就能獲得 500 美元的報酬。我們又得到 200 美元。您聽我說，出售和運送所有這些材料的成本實際上接近 250 美元。

That's $70 million to $75 million of revenue if 100,000 ton facility was running full, even at 85%, 90% utilization, right, you're $65 million of revenue and you're making $55 million of profit because our totally variable costs are only 7%. Our totally variable costs are only $35 a ton. The fixed costs are everything else. mostly sales, marketing, administration, logistics management, making the system run. It's such a low number.

如果 10 萬噸設施滿載運轉，即使利用率為 85% 或 90%，您的收入也將達到 7000 萬至 7500 萬美元，那麼您的收入為 6500 萬美元，利潤為 5500 萬美元，因為我們的總變動成本僅為 7%。我們的完全變動成本僅為每噸 35 美元。固定成本包括其他一切，主要是銷售、行銷、管理、物流管理，使系統運作。這個數字太低了。

All in, it comes out at about $150 a ton. So yes, we want to have our first facility up and running immediately. The plan is that we ordered all the equipment today. This offering that we just closed, all the deposits are going out tomorrow. The permit is due in November.

總計起來，價格約每噸 150 美元。是的，我們希望我們的第一個設施能夠立即投入運作。計劃是今天訂購所有設備。我們剛結束的這次發行，所有存款將於明天發出。該許可證將於十一月到期。

The equipment lands November, December. We're commissioning in Q1. We're up and running and profitable in Q2. That's the plan. But the minute the Nevada Department of Environmental Protection hands us the permit for the north.

設備於十一月、十二月到貨。我們將在第一季投入使用。我們已開始正常營運並於第二季實現盈利。這就是計劃。但內華達州環境保護部立即向我們發放了北部許可證。

We're going to hand them right back the identical permit application for the South, same state, same department, same bureau chief, same permit writer because we want to corner half of the U.S. market immediately. You could simply say, okay, facility up and running early '26, facility up and running early '27, facility up and running early '28, where is that third facility going to go? Well, we'll see. Will it be Florida? Will it be Texas? Will it be North Carolina? It will be one of those. Okay. We have 3 facilities.

我們將把相同的南方許可證申請、相同的州、相同的部門、相同的局長、相同的許可證撰寫人交還給他們，因為我們想立即壟斷美國一半的市場。你可以簡單地說，好的，設施將於 26 年初投入運行，設施將於 27 年初投入運行，設施將於 28 年初投入運行，那麼第三個設施將建在哪裡？好吧，我們拭目以待。會是佛羅裡達嗎？會是德州嗎？會是北卡羅來納州嗎？它將是其中之一。好的。我們有 3 個設施。

Now '29, '30, you're looking at 1 million tons of waste coming out of the market. Well, we'll be generating $150 million, $160 million, $165 million of cash flow. Well, that's not correct, Corrado. You have to pay taxes on that number, right? No.

現在到了 29、30 年，你會看到有 100 萬噸廢棄物從市場流出。好吧，我們將產生 1.5 億美元、1.6 億美元、1.65 億美元的現金流。嗯，這是不正確的，科拉多。你必須為這個號碼繳稅，對嗎？不。

We have $260 million of net operating loss carryforwards. We will not pay cash taxes on the first $0.25 billion in profits. But I got to tell everyone on this call, Fortunato and I will have a problem with each other, and we'll have a problem with our team. If come 2029, we only have 27%, 28%, 30% market share. So, Facility 1 will go up fast.

我們有 2.6 億美元的淨營業虧損結轉。我們不會對前 2.5 億美元的利潤繳納現金稅。但我必須在這次電話會議上告訴所有人，福圖納托和我之間會出現問題，我們與我們的團隊之間也會出現問題。如果到 2029 年，我們的市佔率將只有 27%、28%、30%。因此，設施 1 將會快速上升。

Facility 2 will come up right behind it. But 3, 4 and 5 is going to go a little quicker if this thing plays out the way we're seeing it play out now. So let me just pause for 1 second and say, if you can't see the screen, I apologize. But what this screen is the other assets of relevance that Comstock has other than this powerful business plan and this powerful focus that has resulted from the separation of Bioleum from our portfolio. We still have our mining assets.

設施 2 就位於其後方。但如果事情按照我們現在看到的方式發展，那麼 3、4 和 5 將會更快一些。所以請允許我暫停一秒鐘，說一句，如果您看不到螢幕，我很抱歉。但是，除了這個強大的商業計劃和將 Bioleum 從我們的投資組合中分離出來的強大焦點之外，這個螢幕還顯示了康斯托克擁有的其他相關資產。我們仍然擁有採礦資產。

People get upset when I don't mention it. I'm sorry. We have 12 square miles of mineral properties, the Comstock load. We have almost 1 million ounces all category of gold resources. We have almost 5 million ounces all category of silver resources.

當我不提這件事時人們就會不高興。對不起。我們擁有 12 平方英里的礦產資源，即康斯托克礦場。我們擁有各類黃金資源近100萬盎司。我們擁有各類銀礦資源近500萬盎司。

The Dayton mine is the one where we have an engineered internal mine plan that shows $400-and-some million of free cash flow. And now as you see on the screen, a net present value, assuming $3,000 gold of over $200 million. We're working very hard to monetize those assets. What does that mean, Corrado? Are you selling them?

我們對代頓礦山制定了內部採礦計劃，該計劃顯示其自由現金流達 4 億多美元。現在，正如您在螢幕上看到的，假設黃金價值 3,000 美元，淨現值超過 2 億美元。我們正在努力將這些資產貨幣化。這是什麼意思，科拉多？你在賣它們嗎？

What does it mean? It means any way that we can monetize those assets. For the first time in literally 10 years, people are taking an interest in smaller scale but very profitable precious metal assets. So, we're happy about that. We also are selling the real estate.

這是什麼意思？這意味著我們可以用任何方式將這些資產貨幣化。近十年來，人們第一次對規模較小但利潤豐厚的貴金屬資產產生了興趣。所以，我們對此感到高興。我們也在出售房地產。

I know everyone's heard it for a very long time, and I know we have some questions about it. But let me tell you what happened. Northern Nevada got overwhelmed with industrial businesses, starting with Tesla's Gigafactory, then Redwood, then everybody else and their mother seem to come in. And then the second wave, though, was the data centers from Switch to Google to Microsoft. And I could name 5 more without even blinking.

我知道大家已經聽說這個消息很久了，而且我知道我們對此有一些疑問。但讓我告訴你發生了什麼事。內華達州北部擠滿了工業企業，首先是特斯拉的超級工廠，然後是紅木，然後其他所有人和他們的母公司似乎都進來了。然而，第二波浪潮是從 Switch 到 Google 再到 Microsoft 的資料中心。我甚至不用眨眼就能說出另外 5 個。

And what they did is they really slowed down the public utilities' ability to deliver power fast -- and that, frankly, slowed down the interest from the data centers. It didn't go away. It's as strong as it's ever been, but getting the power thing certainly now slowed us down. So, I feel badly about that. It was a very sad day for me when that bump hit the road.

他們所做的是，他們確實減緩了公共事業單位快速輸送電力的能力——坦白說，這減緩了資料中心的興趣。它並沒有消失。它和以前一樣強大，但是獲得電力肯定會讓我們的速度減慢。所以，我對此感到很難過。當那件小事發生時，對我來說那是非常悲傷的一天。

Now something new has happened. Off-grid power suppliers, hyperscale data center developers and capital are forming coalitions, partnerships, whatever you want to call them. And they're coming out now again saying, we now have all the pieces we need, forget the public utility. We'd like to do something with these properties. So, we're working that very, very fast and very, very hard.

現在又發生了一些新的事情。離網電力供應商、超大規模資料中心開發人員和資本正在形成聯盟、合作夥伴關係，無論你想怎麼稱呼它們。現在他們又站出來說，我們現在已經擁有了我們需要的一切，忘記公共事業吧。我們想利用這些屬性來做一些事情。所以，我們正在非常非常快、非常非常努力地工作。

Green Li-ion is up and running in Oklahoma. They've got incredible offtake. They've got incredible feedstock. They're really running. We hope that in 2026, they'll do something very major in terms of capital raise.

Green Li-ion 已在俄克拉荷馬州投入運作。他們獲得了令人難以置信的銷量。他們擁有令人難以置信的原料。他們真的在跑。我們希望他們在 2026 年能夠在融資方面取得重大進展。

They're planning something very, very big. We think that at that time, we'll be able to monetize at or better. Start-up companies are difficult. We see it with metals. We see it with fuels.

他們正在策劃一件非常非常大的事情。我們認為，到那時，我們將能夠實現或更好地獲利。創業公司很難。我們在金屬上也看到了這一點。我們在燃料中看到了這一點。

But these guys really have a grit to them. I got to say, they keep persevering and we're their biggest cheerleaders. Mentioned the NOLs. They're not on our balance sheet at any value. We're required to put a valuation allowance and reserve those assets 100%.

但這些傢伙確實很有勇氣。我必須說，他們一直堅持不懈，而我們是他們最大的啦啦隊。提到了 NOL。它們不在我們的資產負債表上。我們需要提列估價準備並 100% 保留這些資產。

But if we generate $0.25 billion of profit, which is right in front of us with this metals business, we'll be not paying cash taxes. And then lastly, the Bioleum separation resulted in us taking a convertible preferred security. What did we do? We added up every dollar that we invested over the last 4.5 years, $65 million. We protected it in a convertible preferred security that has liquidation preference over even the Series A money that's coming in.

但如果我們透過金屬業務創造了 2.5 億美元的利潤，我們就不用繳現金稅了。最後，Bioleum 分離導致我們採取可轉換優先證券。我們做了什麼？我們將過去 4.5 年投資的每一美元加起來，總計 6,500 萬美元。我們用可轉換優先證券來保護它，該證券甚至對即將進入的 A 輪融資資金擁有優先清算權。

And we have 32.5 million underlying common shares to preserve our upside. I know some questions came in on that. People keep saying, I'm confused as to how I get value from Bioleum as a load shareholder. Well, first of all, Marathon's investment was at $700 million valuation. That was actually a valuation cap when they came in, in March, in February, March.

我們擁有 3,250 萬股基礎普通股來維持我們的上行優勢。我知道對此存在一些疑問。人們總是說，我很困惑，作為一名股東，我如何從 Bioleum 獲得價值。首先，Marathon 的投資估值為 7 億美元。這實際上是他們在三月、二月、三月進來時的估值上限。

Second investor came in with $20 million cash, you all know that at a much, much higher valuation. But even if you use the cap and you see that our underlying shares are 76%, then today, there's an asset that could be valued at $0.5 billion. Market doesn't recognize it. Market is not giving us any credit for it. So -- but now they're funded and now they're moving forward faster some of the most incredible people in the industry are joining that team.

第二位投資人帶來了 2000 萬美元現金，你們都知道，這個估值要高得多。但即使你使用上限，你會看到我們的標的股票佔 76%，那麼今天，就有一項資產的價值可能達到 5 億美元。市場不承認這一點。市場並沒有給予我們任何信任。所以——但現在他們有了資金，而且正在更快地前進，業內一些最傑出的人才正在加入這個團隊。

It's formidable. They're going to be commercializing. The state of Oklahoma is literally bending over backwards joyfully with us together and our strategic investors to put a platform in place that will create an oil well that never stops producing. That $65 million note will not show up on our balance sheet in the Q that you'll read tonight, because we're still consolidating Bioleum in our financials. but it's completely the objective to deconsolidate them.

這太可怕了。他們將進行商業化。俄克拉荷馬州正竭盡全力與我們以及我們的策略投資者一起建立一個平台，打造一個永不停歇的油井。您今晚將閱讀的 Q 中的那張 6500 萬美元的票據不會出現在我們的資產負債表上，因為我們仍在將 Bioleum 合併到我們的財務報表中。但我們的最終目標是將其拆分。

And based on our understanding of the accounting rules, and we're going to ask the SEC to validate it for us before we do it, we believe before the end of this year, it will be fully deconsolidated and then people will have clarity to the fuels business and clarity to the metals business. But we can guide to that clarity today. Obviously, we know what the two pieces look like. So, I know there's more I can say, but I also know that a lot of the questions that have already come in will cover it.

根據我們對會計規則的理解，我們將在執行之前要求美國證券交易委員會為我們驗證，我們相信在今年年底之前，它將完全脫離合併，然後人們將清楚地了解燃料業務和金屬業務。但我們今天可以引導我們走向清晰的認識。顯然，我們知道這兩件作品是什麼樣子的。所以，我知道我還有很多話要說，但我也知道已經提出的許多問題都會涉及這一點。

So, Zach, why don't we turn over to the questions.

那麼，札克，我們為什麼不開始回答問題呢？

Thank you, Corrado.

謝謝你，科拉多。

As I mentioned at the beginning of the call, we received more than 40 questions prior to the call. And I can see we have a number of additional questions coming through Zoom. Corrado and Judd, our first question is, congratulations on the funding. We really want to see the solar recycling maintain its market share lead.

正如我在通話開始時提到的，我們在通話前收到了 40 多個問題。我看到我們透過 Zoom 收到了許多其他問題。Corrado 和 Judd，我們的第一個問題是，恭喜你們獲得資金。我們非常希望看到太陽能回收保持其市場份額領先地位。

Have you already negotiated or ordered the equipment?

您已經協商或訂購該設備了嗎？

Yes. I think I just mentioned that. So let me say something. After about four or five months of operating a demo facility, we knew we could produce clean zero landfill materials. So that was a huge thing.

是的。我想我剛才提到過這一點。那麼讓我說幾句。經過大約四五個月的示範設施運行，我們知道我們可以生產出清潔的零掩埋材料。所以這是一件大事。

What we did for the next 12 months was 2 things. We put every single type of panel, we could -- we can get our hands on through that thing. I don't care if it's monocrystalline, cylindrical, the thin film, those little tile concoctions. I mean, we put everything through the system, proved it, proved it, proved it, proved it, number one. Number two, Fortunato expanded and built a database of every possible thermal cycle time, every kinetic, every chemistry.

我們在接下來的 12 個月裡做了兩件事。我們把所有類型的面板都放進去，我們可以透過那個東西拿到所有類型的面板。我不在乎它是單晶的、圓柱形的、薄膜的、還是那些小瓦片混合物。我的意思是，我們將一切都透過系統來證明，證明，證明，證明，這是第一點。第二，Fortunato 擴展並建立了一個包含所有可能的熱循環時間、動力學和化學反應的資料庫。

And with all that data, with all that know-how, we finalized design of the larger system. Someone said to me, it looks like you're scaling up 87x. It's completely not correct. We're doing 5,000 tons a year now. We're going to go up to 100,000 tons, a very, very standard almost by the book scale up, going from lab to pilot to now full demonstration operating.

有了所有這些數據和專業知識，我們最終完成了更大系統的設計。有人對我說，看起來你正在擴大 87 倍。這完全不正確。我們現在每年生產 5,000 噸。我們將把產量提高到 10 萬噸，這是一個非常標準的、幾乎完全按照書本規模進行的擴大，從實驗室到試點，再到現在的全面示範運作。

We're almost on 20 months up to just a 20x scale up. And guess what, that scale-up is coming with all of the same manufactured equipment from the same manufacturer and that manufacturer we negotiated, we enhanced, we modified, we finalized those designs so that we literally were ready today to purchase all of that equipment. Most of it requires like a 35% to almost 50% deposit. And so, it's about $5 million that will go right away tomorrow that will keep us on track for landing all this equipment by the end of the year.

我們花了差不多 20 個月的時間才將規模擴大了 20 倍。你猜怎麼著，擴大規模時所使用的設備都是由同一家製造商生產的，我們與該製造商進行了談判，改進、修改並最終確定了設計，因此我們今天就準備好購買所有這些設備了。大多數都需要 35% 到 50% 左右的訂金。因此，明天將立即撥付約 500 萬美元，以確保我們能夠在年底前順利運抵所有設備。

What are the lead times for the equipment? Should we expect higher CapEx due to tariffs?

設備的交付週期是多久？我們是否應該預期關稅會導致資本支出增加？

That's a good question. So, the lead time is 4 to 6 months, right? And that's not really a range. That's 4 months for one type of equipment, 5 months for another type of equipment, little buffer. So, people can understand how, for us, getting this ordered by now is absolutely critical so that it could coincide and synchronize with our permits coming in by the end of this year.

這是個好問題。那麼，交貨時間是 4 到 6 個月，對嗎？這實際上不是一個範圍。一種設備需要 4 個月，另一種設備需要 5 個月，緩衝時間很短。因此，人們可以理解，對我們來說，現在下達這個命令是絕對關鍵的，這樣它才能與我們今年年底獲得的許可證相吻合和同步。

All of our equipment is manufactured domestically. We have two major suppliers in California, very close to home. We have one in Oregon. So, it's like no tariffs, no tariffs.

我們所有的設備都是國內製造的。我們在加州有兩家主要供應商，離家很近。我們在俄勒岡州有一個。所以，就像沒有關稅，沒有關稅一樣。

Can you phase in the capital for a facility?

您能分階段投入資金建造設施嗎？

So that was a question that I think probably came up because of something I previously said. We had laid out a scenario where we could phase in like instead of $9 million to $10 million, sort of phase in 6 million and then another 3 million to 4 million. But the way the ultimate crushing and separating system was designed, we had -- I would call it almost like a mini breakthrough where it just makes more sense to deploy the entire system. So, we won't phase it. It will be 100,000 -- well, we're not going to phase the first production line in the 100,000-ton system.

所以我認為這個問題可能是因為我之前說過的話而產生的。我們制定了一個方案，我們可以分階段投入資金，例如不是 900 萬到 1000 萬美元，而是 600 萬美元，然後再投入 300 萬到 400 萬美元。但是，我們設計的最終破碎和分離系統的方式——我幾乎稱之為一個小突破，部署整個系統更有意義。因此，我們不會分階段實施。將是 100,000——好吧，我們不會分階段建造 100,000 噸系統的第一條生產線。

Theoretically, we could deploy another 100,000-ton system in that same facility when the demand calls for it. But the demand is ramping up, right? The projects are ramping up. The intimacy with the big utility companies is forging forward. And this won't be linear.

理論上，當有需求時，我們可以在同一設施中部署另一個 100,000 噸的系統。但需求正在增加，對嗎？項目正在加緊推進。與大型公用事業公司的密切關係正在不斷加強。這並不是線性的。

It won't be -- this thing is going to improve 10% or 20% every quarter until we're at 10x. It's spiky. And when it's spiky, it means big orders and big panels. And if you're not in a position to take them and process them, then you better be in a position to take them and store them. If you're not in a position to do either of those things, you're going to miss the market.

不會的——這個東西每個季度都會提高 10% 或 20%，直到達到 10 倍。它很尖銳。當它飆升時，就意味著大訂單和大面板。如果您無法接收並處理它們，那麼您最好能夠接收並儲存它們。如果您沒有能力做到這兩點，那麼您就會錯過市場。

So, deploying this capacity fast is critical, less likely to phase, a full line will go in right away.

因此，快速部署這種產能至關重要，不太可能分階段實施，整條生產線將立即投入使用。

Can you permit and build facilities in parallel? Are the other states easier or harder to permit in?

您能同時許可和建造設施嗎？其他州的入境許可證更容易還是更難？

So, I mentioned Nevada. I would put Nevada on the harder end of the scale. We did -- Nevada somehow became a recycling hub, not for solar panels, of course, we're the only ones doing that, but for batteries. You've got Redwood, you've got American Battery. You've got some other companies that are recycling here.

所以，我提到了內華達州。我認為內華達州是難度最高的州。我們確實做到了——內華達州不知怎麼就成了一個回收中心，當然不是太陽能板的回收，我們是唯一這樣做的，而是電池的回收。你有 Redwood，你有 American Battery。這裡還有其他一些公司在進行回收。

So, the regulations, every state interprets the federal regulations a little differently. Some of them coordinate with each other. But because Nevada is sophisticated, because of the mining industry's platform here, they take it very hard and very seriously. So, the good news is we're through one of the hardest tests. We understand that Texas is easier, no disparagement or opinion on that.

因此，每個州對聯邦法規的解釋都略有不同。其中一些是相互協調的。但由於內華達州較為成熟，擁有採礦業的平台，因此他們對此非常重視。所以，好消息是我們通過了最艱難的考驗之一。我們知道德克薩斯州更容易，對此沒有任何貶低或意見。

What we did do, though, is we hired one of the top regulators from the Nevada Department of Environmental Protection, who was responsible for a lot of these regulations, guidelines and implementations for hazardous waste handling and recycling. She's already scanning the country for the sites that we're -- and the states that we're interested in, and we're already preparing for how we might modify our existing permitting regime once we leave Nevada. Now, I think there's no question we're going to get this first one commissioned in Q1, operating in Q2. We're going to try to go faster. There isn't any reason we shouldn't go faster for the second facility in Nevada, as long as we get that permit filed before the end of this year.

不過，我們確實聘請了內華達州環境保護部的一位頂級監管人員，他負責制定許多有關危險廢物處理和回收的法規、指南和實施。她已經在全國範圍內尋找我們感興趣的地點和州，我們也已經在為離開內華達州後如何修改現有的許可製度做準備。現在，我認為毫無疑問我們將在第一季讓第一艘核動力船投入使用，並在第二季度投入運作。我們將嘗試加快速度。只要我們在今年年底前獲得許可證，我們就沒有理由不加快在內華達州建立第二家工廠的步伐。

That will keep us on track to go faster for Facility 2, get it up and running, let's say, Q1 of next year. And then I think then though, the question is relevant. Like, what could we do in advance to at least site select two or three sites at the same time, at least start the permitting for two or three sites at the same time and at least enable storage. Because if you do that, if you have storage, which has much shorter lead time for permitting, and if you have any breakthrough in storage, if there's a preexisting storage, whatever, then you'll be taking business right away even before you get the permit. So, the permit for processing.

這將使我們加快 2 號設施的建設進度，使其在明年第一季啟動並運行。然後我認為，這個問題是相關的。例如，我們可以提前做些什麼來至少同時選擇兩個或三個站點，至少同時開始對兩個或三個站點進行許可，並且至少啟用儲存。因為如果你這樣做，如果你有儲存空間，那麼獲得許可的準備時間就會短得多，如果你在儲存空間方面有任何突破，如果有一個預先存在的儲存空間，那麼你甚至可以在獲得許可證之前立即開展業務。因此，需要辦理許可證。

So, I think, as I said earlier, if we do 1 a year for 3 years and we have a 30% market share, I personally feel like we dropped the ball. If we have a -- look, I want 100% market share, but we'll see what happens, right? We get 50%, 60%, 70%, it will be because we went for it all, not because we were satisfied with less. So, when you have 55 million of facility, you start thinking about 5, 6, 7 facilities. And remember, everybody, we're only talking about the United States.

所以，我認為，正如我之前所說的，如果我們連續 3 年每年做一款產品，並且擁有 30% 的市場份額，我個人認為我們失敗了。如果我們有——看，我想要 100% 的市場份額，但我們會看看會發生什麼，對嗎？我們得到 50%、60%、70%，那是因為我們全力以赴，而不是因為我們滿足於較少。因此，當您擁有 5500 萬的設施時，您就會開始考慮 5、6、7 個設施。各位請記住，我們談論的只是美國。

We haven't talked about anything else. So, it's big.

我們還沒有談論其他任何事情。所以，它很大。

A person is confused by the potential market. Is it millions of solar panels or millions of tons?

一個人對潛在的市場感到困惑。是數百萬塊太陽能板還是數百萬噸？

So well, ultimately, it's both. So today, or at least in 2024, we saw over 3 million panels come to end of life, 3 million panels, which is about 100,000 tons. In 2030, it's going to be 1 million tons in the United States. In 2050, we're projecting 8 million tons.

所以，最終，兩者皆有。所以今天，或至少在 2024 年，我們將看到超過 300 萬塊太陽能板的使用壽命終止，300 萬塊太陽能板，約 10 萬噸。到2030年，美國的排放量將達到100萬噸。到 2050 年，我們預計產量將達到 800 萬噸。

So, it's millions of panels today. It will be tens and then hundreds of millions of panels in the future. It's hundreds of thousands of tons today. It will be millions of tons in the future. Good question, though. Good clarification.

所以，今天有數百萬塊面板。未來將會是數千萬塊，然後是數億塊。今天有數十萬噸。未來將會達到數百萬噸。不過，這個問題問得好。很好的澄清。

And metals success seems to rely on long-term contracts. MSAs are good, but do you expect stronger, longer guaranteed contracts?

金屬的成功似乎依賴長期合約。MSA 很好，但您是否期望更強、更長的保障合約？

I think this is a really -- this question is really profound in the sense of what the market is. So let me reverbalize. There's three things that give us competitive advantage. One, zero landfill solution. Okay?

我認為這是一個真正——從市場是什麼的角度來看，這個問題確實很深刻。讓我再重複一次。有三件事賦予我們競爭優勢。一、零垃圾掩埋解決方案。好的？

We don't have one operating competitor that represents that they're zero landfill. I mean, the best we've heard is we can do up to 90% recovery. I mean, someone might have said 95%, I can't remember, but 0 landfill, number one. Number two, you have the capacity to handle millions and millions of panels. The only people that have the capacity to handle millions and millions of panel are us and a landfill. The major landfill companies don't want this stuff. They're not taking this stuff. California, Texas, no. So where is this stuff going? There's shady stuff happening, right?

我們沒有一個營運競爭對手聲稱他們是零垃圾掩埋場。我的意思是，我們聽到的最好的消息是，我們可以實現高達 90% 的恢復。我的意思是，有人可能說過 95%，我不記得了，但 0 垃圾掩埋場，第一。第二，你們有能力處理數以百萬計的面板。唯一有能力處理數百萬塊面板的人是我們和垃圾掩埋場。大型垃圾掩埋公司不想要這些東西。他們不接受這些東西。加州、德州，沒有。那麼這些東西要去哪裡呢？有見不得人的事發生了，對吧？

So, we're dealing our customer base, 85% of the market that we're projecting are highly sophisticated and responsible utility companies that have HS&EP professionals, you would be shocked to hear maybe that the top two utility companies in California have directly called our regulators in Nevada, directly reviewed our permits with them. That's what we want.

因此，我們正在處理我們的客戶群，我們預測的 85% 的市場都是擁有 HS&EP 專業人員的高度成熟和負責任的公用事業公司，您可能會驚訝地聽到，加州的兩家頂級公用事業公司直接致電我們在內華達州的監管機構，直接與他們一起審查我們的許可證。這就是我們想要的。

Now, now, you've got scale. You've got environmental peace of mind for your customers. You're literally selling them environmental peace of mind, because if you can't -- if you can't destroy and transform those materials into a useful product, that's a tail on a liability that the customer is stuck to. It's like a super fun thing.

現在，你已經有規模了。您已為您的客戶提供了環保方面的安心。你實際上是在向他們出售環保方面的安心，因為如果你不能——如果你不能銷毀這些材料並將其轉化為有用的產品，那麼這就是客戶必須承擔的責任。這真是一件超級有趣的事。

So, we sell them peace of mind definitively, and we can scale it. So today, the scaling issue is it's nascent. Like if you get even a big company that has 50,000, 60,000, 80,000 panel, we took 80,000 panels in from one customer in Q1. You might have somebody able to take those panels. I'm not sure when and how fast they're going to be able to process them, but they could probably get away with taking them.

因此，我們向他們明確出售安心，並且我們可以擴大其規模。因此，今天，擴展問題才剛開始。例如，如果你找到一家擁有 50,000、60,000、80,000 塊面板的大公司，我們在第一季從一個客戶那裡獲得了 80,000 塊面板。您可能讓某人能夠接管這些面板。我不確定他們何時能夠處理這些案件，以及處理速度有多快，但他們很可能可以逃脫懲罰。

But when you have 500,000 panels, when you have 1 million panels, what are you going to do? So that's the second competitive advantage. The third is cost. There's no one that is as fast and as efficient as we are, $150 all-in per ton, absolute lowest cost. However, if you're sitting right on California, if you're sitting right on Nevada, if you're sitting right on Arizona, you win. Nobody can beat you. Not a chance.

但是當你有 50 萬塊面板，當你有 100 萬塊面板時，你會怎麼做？這是第二個競爭優勢。第三是成本。沒有人像我們一樣快速、高效，每噸全包 150 美元，絕對最低成本。然而，如果你正好位於加州，如果你正好位於內華達州，如果你正好位於亞利桑那州，你就贏了。沒人能打敗你。沒機會了。

In fact, if they're in Texas or in Florida, it's going to add another $150 to $250 a ton for transport. Can't win, can't beat us. However, if there's somebody in Florida, then we need to be in Florida. We need to be in Georgia. We need to be in North Carolina. We need to be in Texas so that we don't have a dis -- (technical difficulty). customers pay for sending it to us today, but it's an all-in cost for the customer. If you're not minimizing it, it won't -- you won't hold on to it.

事實上，如果他們在德州或佛羅裡達州，運輸費用每噸還要增加 150 至 250 美元。贏不了，也打不了我們。然而，如果有人在佛羅裡達，那麼我們就需要去佛羅裡達。我們需要去喬治亞州。我們需要去北卡羅來納州。我們需要在德州，這樣我們就不會遇到技術困難。客戶今天支付將其發送給我們的費用，但這對客戶來說是一筆全包費用。如果你不將其最小化，它就不會——你就不會堅持下去。

So I hope I answered that question effectively. I guess the point, let me make the point, is the MSAs fully and totally define the interdependent and operating parameters between us and the customer. In other words, everything is in place for us to take that many panels from them. We don't see anybody else having that in place to take that many panels from them. I think once that becomes clear, once that becomes more obvious, then the agreements probably to their benefit, the agreements will become longer term and more secured, and they're going to want some kind of economic benefit from giving us all that business, we're happy to do that.

所以我希望我有效地回答了這個問題。我想重點是，讓我來強調一下，MSA 充分、徹底地定義了我們和客戶之間的相互依賴和操作參數。換句話說，我們已經做好了一切準備，可以從他們那裡拿走那麼多面板。我們沒看到其他公司也有這樣的條件，可以從他們那裡拿走那麼多面板。我認為，一旦這一點變得清晰，一旦這一點變得更加明顯，那麼這些協議就可能對他們有利，這些協議將變得更加長期和更有保障，他們會希望從給我們所有這些業務中獲得某種經濟利益，我們很樂意這樣做。

But today, we know we're the only ones that can take all that business, and it's not necessarily in our best interest to lock it up in terms of a long-term contract. I know it gives people peace of mind, but we know where the panels are. We know what the economic agreements are. We know what the logistics agreements are and the business is coming to us.

但今天，我們知道我們是唯一能夠承接所有業務的公司，而且透過長期合約來鎖定業務並不一定符合我們的最佳利益。我知道這能讓人們安心，但我們知道面板在哪裡。我們知道經濟協議是什麼。我們知道物流協議是什麼，業務正在走向我們。

Why are the asset sales taking so long? What is really happening there? Can you provide some better insight?

為什麼資產出售要這麼久？那裡到底發生了什麼事？您能提供一些更好的見解嗎？

So I mentioned it briefly. The power grid bottleneck when Google and Microsoft and Tract, all came in heavy and negotiated the power agreements that they needed to operate their data center. Switch did that a long time ago. Everything was kosher, everybody was happy, right? Then you get Powerhouse and then you get Encore and then you get -- I mean, I can go on and on.

所以我簡單提了一下。當Google、微軟和 Tract 都陷入困境並就營運資料中心所需的電力協議進行談判時，電網出現了瓶頸。Switch 很久以前就做到了這一點。一切都很順利，每個人都很開心，對吧？然後你得到 Powerhouse，然後你得到 Encore，然後你得到——我的意思是，我可以繼續說下去。

And Nevada Energy is like, well, okay, 6-month lead time becomes 12-month lead time becomes 18-month lead time, becomes a 2-year lead time. 2-year lead time is manageable for large industrial development, but it made a lot of people pause. And what they did was they basically scoured the country for megawatts. So, look, there's 50 megawatts in San Antonio. Let's go do a data center.

內華達能源公司則表示，好吧，6 個月的交付週期變成 12 個月的交付週期，變成 18 個月的交付週期，變成 2 年的交付週期。對於大型工業發展來說，2 年的交付週期是可以承受的，但它讓許多人猶豫不決。他們所做的就是在全國搜尋兆瓦電力。所以，你看，聖安東尼奧有 50 兆瓦。我們去建立一個資料中心吧。

Oh, look, there's 65 megawatts in Georgia. Let's go do a data center there. And everybody ran around chasing and finding all these inefficiencies in the market. Now that's gone. Now people are pulling tens and hundreds of billions of dollars, like sovereign nations, hundreds of billions, our federal government, it's the whole AI compute data center, and it's not about making money on data.

哦，看，喬治亞州有 65 兆瓦。我們去那裡建立一個資料中心。每個人都四處尋找並解決市場上所有這些低效率的問題。現在一切都消失了。現在人們正在投入數百億美元，例如主權國家，數千億美元，我們的聯邦政府，它是整個人工智慧運算資料中心，它不是為了利用資料賺錢。

It is about that, of course. It's also about who's going to win this AI race. Everybody and their mother wants to put mega money, they say, oh, we don't have any power. We don't care. Let's get natural gas turbines.

當然是有關這個的。這也關係到誰將贏得這場人工智慧競賽。每個人和他們的母親都想投入巨額資金，他們說，哦，我們沒有任何權力。我們不在乎。讓我們安裝天然氣渦輪機。

Let's get geothermal, let's get solar, let's get nuclear. So, what's happening now is that these consortiums have aligned themselves to do these things together. And quite frankly, it's on a bigger scale than I ever even fathom. So, we're now engaged with four or five of these new paradigm approaches and I'm much more confident, although no one will give me any kudos. I don't want any credibility on this until we sell them, right?

讓我們利用地熱能、太陽能、核能。所以，現在的情況是，這些聯盟已經聯合起來共同做這些事。坦白說，它的規模比我想像的還要大。因此，我們現在正在研究四、五種新的範式方法，儘管沒有人會給我任何讚譽，但我更有信心。在我們把它們賣掉之前，我不想有任何可信度，對嗎？

I know we've gone through a little bit of roller coaster. We understand the roller coaster. It's not lack of effort. It's not in competence. It's -- the market is dynamic. And so net-net, it means higher values to our property, but we need to get them sold and move on.

我知道我們經歷了一些過山車般的事情。我們了解過山車。這並不是缺乏努力。這不符合你的能力。市場是動態的。因此，總體而言，這意味著我們的財產價值會更高，但我們需要將它們出售並繼續前進。

Corrado, Judd also serves as the President of Comstock Mining.

Corrado Judd 也擔任 Comstock Mining 的總裁。

Our next question is, are we going to sell or mine the gold and silver mineral assets?

我們的下一個問題是，我們是否要出售或開採金銀礦產資產？

So look, Judd has an extensive career in precious metal mining, three distinct companies, excluding ours, that led to sales to intermediate or major mining companies. That's an uncommon track record. we're going to monetize the assets. I can't give any better color than that, but there's companies that would buy them. There's companies that would joint venture and fund them.

所以看，賈德在貴金屬採礦領域擁有豐富的經驗，除了我們之外，他還在三家不同的公司工作，這些公司都向中型或大型採礦公司銷售產品。這是一個不尋常的記錄。我們將把資產貨幣化。我無法給出比這更好的解釋，但有些公司會購買它們。有些公司願意與他們合資並為他們提供資金。

There's companies that would buy a percentage in joint venture and fund them. There's a big spectrum. So, we're -- it's not as heavy as the real estate discussions that are going on, but it's absolutely picking up. So, I don't know where it's going to land. But what our goal is, is, a, some money, hopefully, it's meaningful; and b, we unlock the value of this thing for our shareholders.

有些公司願意購買合資企業一定比例的股份並為其提供資金。範圍很廣。所以，我們——它不像正在進行的房地產討論那麼沉重，但它絕對在升溫。所以，我不知道它會降落到哪裡。但我們的目標是：a，賺一些錢，希望這些錢是有意義的；b，我們為股東釋放這個東西的價值。

So maybe separating, maybe spinning them. But it's one of the transformational transactions that I alluded to in the January shareholder letter. But I'm going to tell you right now, for the first five or six months of the year, all we got was inquiries that sort of played out as being not credible or not meaningful. And now we're getting some meaningful incredible inquiries. Again, without Judd, I'm not sure how well we would have been able to prioritize those things. Now they can be fully prioritized.

所以也許可以將它們分開，也許可以將它們旋轉。但這是我在一月份致股東的信中提到的轉型交易之一。但我現在要告訴你，今年前五、六個月，我們收到的詢問都是不可信或沒有意義的。現在我們收到了一些有意義的、令人難以置信的詢問。再說一次，如果沒有賈德，我不知道我們能如何很好地確定這些事情的優先順序。現在他們可以得到充分的優先考慮。

Corrado, as a shareholder, this person is not clear what they get from a future Bioleum IPO, will it get shares equal to the shares?

Corrado，身為股東，這個人並不清楚自己從未來 Bioleum IPO 中能得到什麼，會得到等值的股份嗎？

Again, apologies for me that to the extent we caused any confusion initially using terms like spinout and maybe examples of what was possible, we might have set the wrong expectation. So, there was no real way to efficiently do a share-for-share spinout, okay? So that got taken off the table very quickly. There's no way to do it in a tax-free manner for our shareholders. More importantly, Bioleum is not generating revenue or profit yet.

再次，我向你表示歉意，因為我們最初使用諸如分拆之類的術語以及可能的例子造成了混淆，我們可能設定了錯誤的期望。所以，當時根本就沒有真正有效的辦法來有效率地進行換股分拆，對吧？所以這個方案很快就被擱置了。我們無法以免稅的方式為股東進行分拆。更重要的是，Bioleum 還沒有產生收入或利潤。

So, taking that company public in the near term would have been an absolute disaster in my opinion. So, what we did do was we protected the investment with the preferred, and we have 76% today of the underlying common, 32.5 million shares. The way that our agreement is written is that we can't convert to common shares until there is an IPO. If there's an IPO and we hold on to the investment, we're limited in the amount of common shares that we could convert unless we wanted to distribute it to our shareholders, in which case we could distribute it all to our shareholders. I have no idea when it's going to go public, what the value is going to be when it goes public and how -- and if we would distribute it to shareholders.

因此，在我看來，短期內讓該公司上市將是一場徹底的災難。因此，我們所做的就是用優先股來保護投資，目前我們擁有 76% 的普通股，即 3,250 萬股。我們的協議規定，在首次公開發行之前，我們不能轉換為普通股。如果進行 IPO 並且我們持有投資，那麼我們可以轉換的普通股數量將受到限制，除非我們想將其分配給我們的股東，在這種情況下我們可以將其全部分配給我們的股東。我不知道它什麼時候會上市，上市後的價值是多少，以及如何——以及我們是否會將其分配給股東。

However, if the company goes public and it's a multi, multibillion dollar enterprise and we own a lot of it, okay? If it's public, if you have a validated public valuation, then the probability and chances of it showing up in our valuation are a hell of a lot higher, more probable than it would be today, where we're seeing almost none of it show up in our valuation.

但是，如果公司上市，並且成為一家價值數十億美元的企業，而我們擁有它的大量股份，可以嗎？如果它是公開的，如果你有一個經過驗證的公開估值，那麼它出現在我們的估值中的可能性和機會就會高得多，比今天更有可能，而我們今天幾乎沒有看到它出現在我們的估值中。

So ensuring that they are funded, ensuring that they can continue this incredible business plan, which is bigger than anything I've ever seen, ensuring that they can get profitable, ensuring that they can get revenue, ensuring that they can then go public will be extraordinarily valuable for our shareholders any way you want to cut it, any way you want to cut it. okay? If for some reason, we have a multibillion-dollar company that we own more than half of that is not showing up in our share price, then we'll be forced to do something like distribute it out or whatever, okay?

因此，確保他們獲得資金，確保他們可以繼續這個令人難以置信的商業計劃（這個計劃比我見過的任何計劃都要大），確保他們能夠盈利，確保他們能夠獲得收入，確保他們可以上市，無論你想以何種方式削減它，對我們的股東來說都是極其有價值的。好嗎？如果由於某種原因，我們擁有一家價值數十億美元的公司，其中一半以上的股份沒有反映在我們的股價中，那麼我們將被迫採取一些措施，例如分配股份或其他什麼，好嗎？

But we don't -- we'll see when we come. The answer to the question is we'll be the absolute best fiduciaries based on what we know and what we see for our shareholders always, which is what we've always done. And even though we haven't seen bigger recognition, we are seeing recognition. We are seeing enablement. We are seeing funding go directly into the business.

但我們不知道——到時候再說吧。問題的答案是，根據我們所了解的和我們所看到的，我們將永遠為股東提供絕對最好的受託人，這也是我們一直以來所做的。儘管我們還沒有看到更大的認可，但我們正在看到認可。我們正在看到賦能。我們看到資金直接投入業務。

And we're seeing now world class, and I don't say that with any hesitation, world-class institutional investors, dozens and dozens of them in our stock today. That wasn't true yesterday. So, we now have a formidable high, high, high-quality institutional capital base to complement a very, very sophisticated high net worth and retail capital base. It's the best of all worlds starting now. Now, what does that mean?

現在我們看到的是世界級的機構投資者，我毫不猶豫地說，今天有幾十個這樣的投資者投資了我們的股票。昨天的情況並非如此。因此，我們現在擁有強大的高品質機構資本基礎，以補充非常複雜的高淨值和零售資本基礎。從現在開始，一切都將變得美好。那麼，這是什麼意思呢？

We need to execute going forward. I purposely wanted to go through this metals plan the way that I did because it's all about execution, get the permit, land the equipment, commission the facility, get more and more bigger customers, build that storage, get the second site, submit the permit, get the third and fourth site and then pay attention to the landscape. Where is the competitor that can do what we can do? They'll show up eventually. But if it takes them two or three years, they're going to be too late.

我們需要繼續執行。我特意按照我的方式完成了這個金屬計劃，因為這一切都與執行有關，獲得許可證，安裝設備，調試設施，獲得越來越多的大客戶，建造那個倉庫，獲得第二個站點，提交許可證，獲得第三和第四個站點，然後關注景觀。哪個競爭對手能做到我們能做到的事？他們最終會出現的。但如果他們花兩三年的時間，那就太晚了。

Thank you, Corrado.

謝謝你，科拉多。

Well, it looks like we have come up on one hour. So that concludes Comstock's second-quarter 2025 earnings call and business update. If we did not get to your question, please send it to ir@comstockinc.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 at Comstock Inc. Please follow us.

嗯，看起來我們已經到達一個小時了。這是康斯托克 2025 年第二季財報電話會議和業務更新的總結。如果我們沒有回答您的問題，請將其發送至 ir@comstockinc.com，我們將盡力直接回复，或在 X 上發布回复。對於沒有在 X 上關注我們的人，我們的主要帳戶是 Comstock Inc.，請關注我們。

And, Corrado, did you want to your closing thought?

科拉多，您最後想說些什麼嗎？

Yes. I just -- I want to make three closing statements. One is I noticed someone had asked Zach that there was -- why was a bit of the use of proceeds like over -- a little over $1 million being used for Northern Comstock. And I'd like to just address that one because as part of these proceeds and as part of our agreement, we had acquired some very, very, very valuable mineral properties in the central part of the district. We did it through this Northern Comstock entity.

是的。我只是——我想做三點結束語。一是，我注意到有人問扎克，為什麼有超過 100 萬美元的收益用於北康斯托克。我想談談這個問題，因為作為這些收益的一部分以及我們協議的一部分，我們在該地區的中心地區獲得了一些非常非常有價值的礦產資源。我們透過北康斯托克實體做到了這一點。

And what the agreement says is that if we have a liquidity event of over $12.5 million, we have to accelerate one payment. So, we're accelerating one payment, but here's the good news. This acceleration results in the completion of the payments for that mineral property, 100% complete, and it also represented almost $820,000 of expenses in our annual P&L that are gone. So no more obligation, no more expenses going forward from that. And we own 100% of these mineral properties that have hundreds of thousands of ounces associated with them.

協議規定，如果我們的流動性事件超過 1,250 萬美元，我們就必須加速支付一筆款項。因此，我們正在加速一項付款，但這是個好消息。此次加速導致該礦產財產的付款已 100% 完成，並且還意味著我們的年度損益表中近 820,000 美元的費用已經消失。因此，從此就不再有義務、不再有費用了。我們擁有這些礦產資源的 100%，礦藏量達數十萬盎司。

So that's number one. Number two, we concluded prior to this offering, fully extinguishing the obligation associated with the acquisition of the organosolv technology for fuels with American Science and Technology. That's extinguished. And that had also like almost $1 million a year of lease and rent expense that's been extinguished. We now own the property 100%.

這是第一點。第二，我們在本次發行前已達成協議，完全解除了與美國科技公司收購燃料有機溶劑技術相關的義務。那就熄滅了。這也意味著每年近 100 萬美元的租賃和租金支出也已經消除。我們現在 100% 擁有該房產。

We pay no more rent. We also completed -- we haven't closed on it, but we've eliminated the obligation. This was before not using these proceeds for the acquisition of the Haywood Quarry, which is an absolutely critical mining property adjacent or near adjacent to our Dayton operation that enables that mine plan to get to the finish line. And we extinguished the obligation associated with the acquisition of LiNiCo, which is who owns that Green Li-ion investment. So, we've extinguished all of these obligations on balance sheet, off balance sheet, they're all gone.

我們不再支付租金。我們也完成了——我們還沒有結束，但我們已經消除了義務。這還不是在我們使用這些收益來收購海伍德採石場之前，海伍德採石場是與我們代頓業務相鄰或附近絕對關鍵的採礦財產，它使該採礦計劃能夠順利完成。我們解除了與收購 LiNiCo 相關的義務，LiNiCo 是 Green Li-ion 投資的所有者。因此，我們已經消除了資產負債表內、資產負債表外的所有這些義務，它們都消失了。

And then we extinguished the convertible note and then we pay down the promissory notes. So, it would be hard for me to clearly and easily -- it would be very hard for me to exaggerate the difference -- and I know there are some investors who are thinking this in their minds right now. Those sale pressures using stock to acquire something, using stock in a bridge with a convertible note, using these -- that's what was always hurting our valuation. Now some people are upset, some people sold some shares. I feel badly about it.

然後我們償還了可轉換票據，並償還了本票。因此，我很難清楚、輕鬆地——也很難誇大這種差異——而且我知道現在有些投資者正在心裡思考這個問題。那些使用股票來收購某些東西、使用股票作為過橋貸款以及使用可轉換票據等的銷售壓力——這些總是損害著我們的估值。現在有些人不高興了，有些人賣掉了一些股票。我對此感到很難過。

You should buy them back tomorrow, honestly, because now the foundation is set, the technology is set, the customers are coming in, the revenue is growing, and we're funded. We're funded and we're funded in a way where these things that we previously had to do, right, we previously saw no other ability to do are gone. They're behind us.

老實說，你應該明天就把它們買回來，因為現在基礎已經奠定，技術已經成熟，客戶正在湧入，收入正在增長，而且我們也有資金了。我們獲得了資金，而且我們的資金來源使得我們以前必須做的事情，對的，我們以前認為沒有其他能力做的事情，現在都不復存在了。他們在我們後面。

And I don't want to speak for others, but our bankers were like, we don't even want to introduce you to these institutional investors unless our diligence proves that you're done with this. Like we need to see. We need to come in and see. Are these liabilities gone? We want you to agree not to incur them again, blah, blah, blah. It's done. So, I really want to say that, that's huge.

我不想代表其他人說話，但我們的銀行家說，除非我們的努力證明你已經完成了這件事，否則我們甚至不想把你介紹給這些機構投資者。就像我們需要看到的。我們需要進去看看。這些負債都消失了嗎？我們希望您同意不再招致這些後果，等等等等。完成了。所以，我真的想說，這很重要。

Please look out for updates in metals. It's going to be remarkable. Fuels will be giving their own updates. And Oklahoma is beyond bending over backwards to make us prosper there. It's partly because of our strategic investor in the Series A, and it's partly because of our relationships there.

請留意金屬的最新動態。這將是非凡的。燃料公司將提供自己的更新資訊。俄克拉荷馬州將竭盡全力幫助我們在那裡繁榮發展。部分原因是我們在 A 輪融資中的策略投資者，部分原因是我們在那裡的關係。

But my God, you're going to hear some great things coming out of Oklahoma from four or five different perspectives. So, I know we're over the time, Zach, sorry, but just wanted to get those last few comments in.

但是天哪，您將從四到五個不同的角度聽到來自俄克拉荷馬州的一些偉大的事情。所以，我知道我們超時了，扎克，抱歉，但我只是想補充最後幾條評論。

Okay. Thank you very much, Corrado.

好的。非常感謝，科拉多。

And thank you, everyone, for joining us today.

感謝大家今天的參與。

This concludes our webcast.

我們的網路直播到此結束。