Comstock Inc (LODE) 2025 Q3 法說會逐字稿

Good morning and thank you for joining Comstock Inc.'s third quarter 2025 earnings call and business update. I'm Zach Spencer, Director of External Relations. Today is Thursday, October 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.

早安，感謝各位參加康斯托克公司2025年第三季財報電話會議及業務更新。我是對外關係總監札克‧史賓塞。今天是2025年10月30日，星期四。我們正在進行直播，本次會議將被錄製。會議結束後不久，我們將在網站的投資者關係版塊發布錄音。

Today, we filed our Form 10-Q for the quarter ended September 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 De Gasperis, Comstock's Executive Chairman and Chief Executive Officer, and Judd Merrill, Comstock's Chief Financial Officer. After their prepared remarks, we will take questions.

今天，我們提交了截至 2025 年 9 月 30 日的季度 10-Q 表格，並發布了一份新聞稿，總結了第三季業績。這兩份文件都可以在我們的網站上找到。提醒一下，Comstock 在紐約證券交易所美國板上市，股票代號為 LODE，L-O-D-E。今天與我一同出席的有康斯托克執行董事長兼執行長科拉多·德·加斯佩里斯，以及康斯托克首席財務長賈德·梅里爾。在他們發言結束後，我們將接受提問。

We received more than 45 questions in advance of the call. 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.

在通話開始前，我們收到了超過 45 個問題。通話期間如有其他疑問，請使用 Zoom 問答窗口，我們將盡可能在時間允許的情況下解答。今天的討論將包含前瞻性陳述。實際結果可能因我們在提交給美國證券交易委員會的文件中詳述的風險和不確定性而與預期有重大差異。完整的風險揭露資訊可在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。

With that, it is my pleasure to introduce our Chief Financial Officer, Judd Merrill. Judd, you may begin.

接下來，我很高興地向大家介紹我們的財務長賈德·梅里爾。賈德，你可以開始了。

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.

謝謝扎克，大家早安。首先我想說的是，對於康斯托克公司來說，這是一個具有變革意義的季度。我們加強了資產負債表。我們為成長計畫提供了資金，並使公司為下一階段的商業化做好了準備。

As you can see on the company dashboard, our share count stood at 51.26 million, 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, and then Corrado will be giving an update on each of the companies.

正如您在公司儀錶板上看到的，我們的股份數量為 5,126 萬股，截至 9 月 30 日和今天（10 月 30 日）的股份數量相同。今天，我將介紹本季度的一些財務亮點，然後 Corrado 將對每家公司進行最新情況介紹。

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 $34.5 million in gross proceeds, including the overallotment, and we netted $31.8 million.

接下來，我想展示一下，本季我們取得了一項重大里程碑式的成就：超額認購的股權融資籌集了 3,450 萬美元的總收益（包括超額配售），淨收益為 3,180 萬美元。

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 just strengthen our balance sheet. They finance and accelerate the launch of our R2v3 certified zero-landfill solar panel recycling business.

尤其令人鼓舞的是，此次融資使我們的機構股東基礎擴大了 30 多位新投資者，我們認為這是對我們長期策略投下的強有力的信任票。因此，這些資金的角色不僅限於增強我們的資產負債表。他們為我們獲得 R2v3 認證的零垃圾掩埋太陽能板回收業務提供資金並加速其啟動。

This means we now have the capital we need to move from development into full-scale commercial deployment. Also this quarter, we placed $5.1 million of equipment deposits on our first industry-scale solar recycling facility that's in Silver Springs, Nevada.

這意味著我們現在擁有了從研發階段過渡到全面商業部署所需的資金。本季度，我們也為位於內華達州銀泉市的首個工業規模太陽能回收設施支付了 510 萬美元的設備押金。

This facility is designed to process approximately 100,000 tons per year or over 3.3 million panels annually. And then also site selection is advancing for the next two US facilities and storage locations. At the time -- 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 gone.

該廠設計年處理量約為 10 萬噸，或每年超過 330 萬塊面板。此外，美國接下來兩個設施和儲存地點的選址工作也在進行中。當時——在進行所有這些活動的同時，我們採取了一項有意識的措施，將帳上的所有債務全部消除。所有可轉換票據，所有期票都已失效。

We executed a series of transactions across AST, LINICO, Northern Comstock and Haywood to make this happen. And as of the end of September, Comstock is completely debt-free compared to $8.5 million of debt at the end of the last year. So this is a big moment for us financially.

為了實現這一目標，我們與 AST、LINICO、Northern Comstock 和 Haywood 進行了一系列交易。截至 9 月底，康斯托克已完全擺脫債務，而去年年底其債務高達 850 萬美元。所以這對我們來說是一個重要的財務時刻。

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 $2.2 million in cash and stock. And on the related sale closing received approximately $400,000 in cash, which further adds to our liquidity.

這是康斯托克公司有史以來最乾淨、最強勁的資產負債表之一。我們也完成了對 Haywood 工業礦產的收購，此前我們已用 220 萬美元的現金和股票支付了這筆款項。此外，在相關的出售交易中，我們收到了約 40 萬美元現金，這進一步增加了我們的流動性。

And then we ended the quarter with $31.7 million in cash and equivalents, including $12.4 million at Bioleum and our net current assets of $21.3 million. 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.

季度末，我們持有現金及等價物 3,170 萬美元，其中包括 Bioleum 的 1,240 萬美元，以及我們的淨流動資產 2,130 萬美元。現在讓我再給你們展示幾張投影片，這些投影片可以更好地說明我們是如何簡化複雜性、簡化流程的。

This slide just shows kind of the extinguishment of all those things that I just mentioned, starting with Kips Bay, all the way down through AST. And then the next slide shows from a financial perspective, cleanup of the balance sheet. So from my perspective as CFO, this quarter wasn't just about improving the balance sheet, it was about positioning Comstock in a place of real financial strength.

這張投影片展示了我剛才提到的所有事物的消亡過程，從基普斯灣開始，一直到AST。接下來，下一張投影片從財務角度展示了資產負債表的清理工作。因此，從我作為財務長的角度來看，本季不僅僅是改善資產負債表，而是要讓康斯托克公司處於真正的財務實力地位。

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.

接下來，我將把麥克風交還給科拉多，讓他進一步談談我們的太陽能回收平台以及更廣泛的技術路線圖的下一步發展方向。

Thanks, Judd. I appreciate it greatly. It's just remarkable looking at that footnote disclosure, and it's understated. We have no debt. But as you just pointed out, so many of these other obligations we're taking care of in advance, which really positions us now to be very focused.

謝謝你，賈德。我非常感謝。看到腳註中的披露內容，真是令人驚訝，而且這還算是輕描淡寫了。我們沒有債務。但正如你剛才指出的，我們已經提前處理了許多其他義務，這使得我們現在能夠非常專注。

I guess I'd just like to start off by saying that silver is a core part of our DNA. Obviously, the Comstock load was the largest silver discovery in America, producing almost 200 million ounces of silver from a remarkable, remarkable epithermal deposit. It's been in our blood. It's been in our veins since day 1. It's remarkable to see what's happening with silver now as not just a precious metal, but as an industrial metal.

我想先說明一點，銀是我們DNA的核心組成。顯然，康斯托克礦床是美國最大的銀礦發現，從一個非凡的淺成熱液礦床中產出了近 2 億盎司的銀。這早已融入我們的血液。它從一開始就融入了我們的血液。如今白銀不僅是一種貴金屬，更是一種工業金屬，它的發展令人矚目。

It's exploding. 2025 was the year that silver demand hit record levels. Because of this industrial use, 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.

白銀需求正在爆發式成長。 2025年，白銀需求達到了歷史最高水準。由於這種工業用途，不僅僅是太陽能電池板（它是其中成長最快的組成部分），而是所有其他電氣化活動。所以人們對電池的看法是正常的。顯然，電池和電動車也是這股需求激增的一部分。

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.

但當你開始考慮計算基礎設施、GPU、資料中心、機器人技術時，你會發現它比人們想像的要普遍得多，而且在短短幾年內，它首次限制了礦產供應。今年這項需求已達到創紀錄的水平，預計未來五、六、七年內將大幅成長。

And that demand exceeding supply equation has had a remarkable impact even on the silver pricing. My graph's 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. And we see this demand -- this long-term demand equation just continuing to go forward.

而這種供不應求的局面甚至對白銀價格產生了顯著影響。我的圖表已經過時了，因為我展示的是這三四年來需求超過供應的情況，你可以看到這與白銀價格上漲的相關性，但白銀價格不是在 30 多美元，而是在 40 多美元。我們看到這種需求——這種長期需求趨勢——仍在持續發展。

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 0.5 ounce of silver. And when you're producing and processing 3.3 million panels in just one production line, you're going to establish leadership in silver production. I made this comment a few times, I got criticized for making it. I'm not trying to be promotional.

這有什麼關係？顯然，我們擁有礦產資源，但這與我們的金屬回收最相關，因為每塊太陽能板至少含有 0.5 盎司的銀。當你在一條生產線上就能生產和加工 330 萬塊面板時，你就能在銀生產領域確立領先地位。我曾多次發表類似的評論，也因此受到批評。我不是做宣傳。

I want people to appreciate that 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.

我希望大家明白，我們從鋁中獲得的收入非常可觀，我們從白銀中獲得的收入也即將非常可觀，而且白銀的產量肯定會繼續增長。

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 we -- as many of you now know, has four powerful characteristics. One, it eliminates all contaminants cleanly. It also has the lowest variable and operating cost in the industry.

當你談到僅一條生產線就能生產數百萬盎司黃金時，你肯定要佔據領導地位。正如我們——現在你們中的許多人都知道的那樣——我們的系統具有四個強大的特徵。第一，它能徹底清除所有污染物。它也擁有業內最低的變動成本和營運成本。

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 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.

我們找不到任何一家公司的變動成本結構能與我們相提並論。而且，有了全自動系統，操作這台機器幾乎不需要任何人工。速度非常非常快。高速處理意味著每七秒鐘就能處理一個面板。正是這項獨特特性使我們能夠達到這樣的規模，一條生產線每年可生產數百萬塊面板。

And what we really sell to our customers, which are the largest utility companies 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?

我們真正賣給客戶（也就是全國最大的公用事業公司）的是安心。我們知道他們也知道，這項責任將被完全終止，而不是部分終止，不是暫時終止，也不是在未來的某個時候終止，而是立即完全終止。因此，這種安心感正是我們產品最大的獨特之處。我們已經證明我們能夠生產清潔材料。我們的單位經濟效益很強勁，對吧？

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, clean aluminum, clean glass and then these silver-rich tailings that we're just selling as tailings. So we're not refining them today. we're getting a meaningful amount of the silver value. In the future, we would like to refine them.

到目前為止，我們所看到的一切都表明，我們所引導的正是這些數字，我會再次向你們展示這些數字。但要提醒的是，我們需要的是乾淨的鋁、乾淨的玻璃，以及這些富含銀的尾礦，我們只是把它們當作尾礦出售。所以我們今天不進行提煉，而是獲取相當數量的白銀價值。未來，我們希望能夠對其進行改進。

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've 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.

我們想要獲得矽片。我們想得到所有的銀子。我們希望獲得一些關鍵稀土金屬，例如碲、銥、鎵，這取決於所採用的面板類型。我想我們要報道的最大新聞是，我們收到了內華達州環境保護部的明確通知，其中給出了最終頒發許可證的具體時間表。這並非孤立發生的。

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 the final issuances process with us so that 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 in the first quarter.

在過去的三個星期裡，我們每週都輕鬆地與他們會面。這是一個非常有效率、非常清晰的過程。我們已經看過許可證的最終草案。我們已經討論過相關流程，他們也與我們協調了最終發布流程，以便在聖誕節前完成所有公眾評議期。這與我們第四季接收設備、第一季進行調試的計劃完全吻合。

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 showed them this picture, I say if you saw the parking lot today, it'd be full of panels. So I want to show it to you, right? We're receiving panels constantly.

因此，我們感到無比激動，或許用「如釋重負」來形容更為貼切，因為這些許可證正在辦理中。你看到的那個大型設施就是我們正在審核的專案。我想在過去兩三個月裡，當我向人們展示這張照片時，他們都見過我。我說，如果你今天看到停車場，那裡肯定到處都是面板。所以我想把它展示給你看，對吧？我們不斷收到面板。

We had about $0.5 million of billings in the third quarter. The number is right in line with our guidance in terms of doing about $3.5 million of billings this year. There's a little bit of a slow burn leading up to these permits. We're ecstatic to have gotten them. We're moving forward with much, much bigger order discussions with our existing and with new customers.

第三季我們的帳單金額約為 50 萬美元。這個數字與我們今年預計的350萬美元的營業額完全吻合。這些許可證的審批過程有點緩慢。我們非常高興能收到它們。我們正在與現有客戶和新客戶推動規模更大的訂單洽談。

So this manifestation of scaling up of these panels coming in is happening, right? So we feel very, very good about the engagement of the market. The panels that you see would take a year in that tiny little demo facility to process. It'll take about two weeks, right, 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.

所以，這種太陽能板規模化引進的趨勢正在發生，對吧？因此，我們對市場的參與度感到非常非常滿意。你看到的這些面板，在那個小小的示範工廠裡需要一年的時間才能處理完畢。大型工廠處理完這些貨物大約需要兩週時間，對吧。而您在螢幕上右側看到的這個設施，就位於我們已經獲得許可並可用於大規模擴建儲存設施的土地旁。

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, 20,000 to 25,000 tons right next door. I mean literally right next door. You just come over and you're processing. Yet we have legal separation between the processing facility and the storage facility, which is prerequisite.

所以今天那裡大概有4000到5000噸的貨物。根據我們對這個物體的輪廓劃分，我們可以在旁邊容納 20,000 到 25,000 噸的物體。我的意思是，它就在隔壁。你過來之後就開始處理事情。但是，加工設施和儲存設施在法律上是分離的，這是先決條件。

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 a high-speed process. We have a very, very low variable cost process.

正如我之前提到的，單位經濟效益依然強勁。變動成本非常非常低。這就是我們引以為傲的地方。我們不僅擁有高速的生產流程。我們的生產流程變動成本非常非常低。

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.

對於那些喜歡這種說法的人來說，我們稱之為吞吐量，對吧？資金在系統中的流動速度非常快。這種方式更穩健，因為我們預先收取費用，為客戶承擔了這種環境責任，讓他們安心無憂。然後我們就把這些材料都賣掉。我們尚未更新這些數據。

In terms of offtake sales, but silver price, of course, is having a positive effect on that equation. We want to get two facilities in Nevada because the market today is about 3.5 million panels coming out. The market in 2030 will be 33 million panels coming out. That increase from 3 million to 33 million is what we see with our largest industrial utility customers.

就承購量而言，當然，白銀價格對這一等式產生了積極影響。我們想在內華達州建造兩座工廠，因為目前市場上的太陽能板產量約為 350 萬塊。到 2030 年，太陽能板的市場產量將達到 3,300 萬塊。我們最大的工業公用事業客戶的使用量從 300 萬增加到 3,300 萬。

So when we have a customer that has the potential to give us 5,000 or 10,000 tons next year, that customer is a 50,000 to 100,000 ton customer, not always not every time, but in direction, that's what we're laying the foundation for.

所以，當我們有一個客戶有可能在明年為我們帶來 5,000 或 10,000 噸的訂單時，這個客戶就是一個年產量 50,000 到 100,000 噸的客戶，雖然不總是如此，但朝著這個方向發展，這就是我們正在奠定的基礎。

And this is the 1.4 billion panels that are deployed in the United States alone. 1.4 billion panels. So when you think about 3 million or 33 million, you're literally at the tip of an iceberg for a market that is exploding. And so we don't see that relenting in 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.

光是在美國，就部署了14億塊太陽能板。 14億塊太陽能板。所以，當你想到 300 萬或 3300 萬時，你實際上只是看到了冰山一角，這個市場正在爆發式增長。因此，我們認為放慢解決方案部署速度並不是最關鍵的成功因素之一。我們的客戶都在你預料之中的地方。

Over half of the market for end of life sits in California. You add Nevada and Arizona to that equation, and it's a robust percentage of the market. So by having two facilities in Nevada, 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.

超過一半的臨終關懷市場位於加州。再加上內華達州和亞利桑那州，市佔率就相當可觀了。因此，儘管內華達州的許可製度非常嚴格，監管也非常嚴謹，但我們在內華達州擁有兩家工廠，這對我們來說是一個競爭優勢，因為我們正好位於美國市場最大部分的中心位置。我們不僅僅是在接收面板。

We are still processing and we are still shipping materials out the door. So we got a lot of questions, as Zach had said. And so I've added some slides to maybe address some of the non-metals questions. So I'll 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 Bioleum.

我們仍在進行處理，也仍在向外發貨。正如札克所說，我們收到了很多問題。因此，我添加了一些幻燈片，希望能解答一些關於非金屬的問題。所以我會簡單介紹一些礦業資產，就幾個例子，像是 Sierra Springs，就幾個例子，然後最後總結一些亮點。實際上，我們收到了相當多的關於 Bioleum 的問題。

And then we'll go right into Q&A, Zach, after I do that, if that's okay. So for those of you that don't appreciate it as well, our namesake is the Comstock Load. This is the 12 square mile mineral district that we've consolidated. It's historic because it produced almost 200 million ounces of silver and over 8 million ounces of gold. Most of that was in this 2-mile strike right here, Virginia City.

札克，​​如果可以的話，我講完之後就直接進入問答環節。所以，對於那些不太了解的人來說，我們的名字來自康斯托克礦脈。這是我們整合的12平方英里礦區。它具有歷史意義，因為它生產了近 2 億盎司白銀和超過 800 萬盎司黃金。大部分罷工都發生在維吉尼亞城這2英里長的罷工區域。

It's pretty mountainous up here. 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.

這裡山巒疊嶂。你完全融入了這裡的社區。但那裡蘊藏著巨大的金銀資源。開發這些資源從來不在我們的計劃之內。我們更加關注該地區的中心地帶。

That's where we mined and built infrastructure between 2010-2016. And then quite ecstatic about the layout of the southern part of the district where we talk about the Dayton consolidated. And recently, we acquired the Haywood Quarry. So for those who were not clear about that, maybe I got a better slide here, here it is.

2010年至2016年間，我們在那裡進行採礦和基礎建設。然後，我們對該地區南部（即代頓合併區）的佈局感到非常興奮。最近，我們收購了海伍德採石場。所以，對於那些還不清楚的人來說，也許我這裡有一張更清晰的幻燈片，就是這張。

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.

海伍德採石場——海伍德採石場的作用在於，如果我們想要一個替代方案，或者最終開採該資源的人想要一個處理這些資產的替代方案，那麼它實際上使我們與代頓資源直接相鄰。

So in that way, it was very strategic. It was very inexpensive. We certainly haven't deployed any capital for these mining assets since before August. The other thing, too, is that Mackay Precious Metals 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 them the best of luck in developing them.

所以從這個角度來看，這非常具有戰略意義。它非常便宜。自 8 月之前以來，我們肯定沒有為這些礦業資產投入任何資金。還有一件事，就是麥凱貴金屬公司的出售，也就是北部所有我們從未真正計劃開發的格林礦產，我們保留了其中的特許權使用費。所以，我們祝福他們在開發過程中一切順利。

When the deal wasn't just to get $3 million for those mineral claims, there was another almost 240 acres of land in Lyon County that they had that we got with no additional consideration as part of that deal. So when you talk about monetizing the mining 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.

這筆交易不僅僅是為了獲得 300 萬美元的礦產開採權，他們還在萊昂縣擁有近 240 英畝的土地，作為這筆交易的一部分，我們無需額外支付任何費用就獲得了這些土地。所以，當談到礦業資產的貨幣化時，你在這裡看到的藍色部分，現在有了 Haywood 的補充，以及一些額外的資產、礦權和其他資產的補充，這使得這個投資組合更具吸引力、更強大、更協調。

So when we talk about monetizing, we sold the Green, there's a resource and an infrastructure in the middle, in the purple. There's a resource below in the blue and a lot of potential for more. So the day has a published SK-1300.

所以當我們談到貨幣化時，我們賣的是綠色，中間還有資源和基礎設施，也就是紫色部分。下方藍色區域包含一些資源，並且還有很大的發展潛力。所以當天公佈了SK-1300。

It's the equivalent of an NI 43-101 in Canada. It's got incredible resources immediately at surface. And when we ran the numbers on this resource at $3,000 gold, we were looking at over $0.25 billion in free cash flow. When we ran it at $3,500 gold, the number got much, much higher, pushing $0.5 billion. Actually I'm sorry, the first number was at $2,250 gold, but at $3,500, we're pushing $0.5 billion in cash flow.

它相當於加拿大的 NI 43-101 標準。它地表就蘊藏著豐富的資源。當我們以每盎司黃金 3000 美元的價格計算該資源的價值時，我們看到了超過 2.5 億美元的自由現金流。當我們以每盎司黃金 3500 美元的價格進行計算時，這個數字要高得多，接近 5 億美元。實際上，很抱歉，第一個數字是金價 2250 美元時的數據，但當金價達到 3500 美元時，我們的現金流將接近 5 億美元。

If you push it up to $4,000 gold, you're adding another $100 million. It's about $20-plus-million for every $100 of increase in the gold price. So you have an extraordinary economic asset here that people now -- and I guess I can say this, we have 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 the precious metal prices is certainly having a positive effect on all of that.

如果金價上漲到每盎司 4,000 美元，那就又增加了 1 億美元。金價每上漲 100 美元，就會帶來超過 2,000 萬美元的收益。所以，你們這裡有一項非凡的經濟資產，現在人們——我想我可以這麼說——現在有人參與進來，對這項資產感興趣。現在我們已經有人對盧塞恩和美國平原的資產感興趣並積極參與其中。因此，貴金屬價格無疑對這一切都產生了積極影響。

If you think about -- maybe let me just jump forward. If you think about the Comstock, which I just reviewed with you, 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 (technical difficulty) flies as well as the California border.

如果你仔細想想──或許我可以直接跳到後面。如果您想想我剛才和您一起查看的康斯托克，您會看到左下角顯示的整個房產組合，我們距離太浩湖很近，直線距離大約 10 英里（技術上有困難），而且距離加州邊界也很近。

If you go up Highway 50, that's where the Sierra Springs properties are. That's where Comstock has two properties, about 258 acres and some water rights, and that's where the State designated this huge opportunity zone. So you're sitting in one of the hugest opportunity zones right at Lake Tahoe and the California border.

沿著 50 號公路往北走，就能看到 Sierra Springs 的房產。康斯托克在那裡擁有兩處房產，約 258 英畝土地和一些水權，而州政府也在那裡劃定了這片巨大的機會區。所以你現在正身處太浩湖和加州邊界附近這片巨大的機會區之一。

It's just remarkable. The Tahoe Reno Industrial Center is absolutely exploding 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 million square feet of construction -- undergoing construction as we speak. People are less familiar with the notion that Nevada is one truck day away from like 70 million people, two truck days away from a massive population.

真是令人驚嘆。塔霍里諾工業中心在工業發展方面正經歷爆炸性成長。這簡直太不真實了。如果您開車經過那裡，您就知道我在說什麼了，1000萬平方英尺的建築工地——就在我們說話的時候，它還在施工中。人們不太熟悉這樣的概念：內華達州距離 7,000 萬人口只差一個卡車日，距離人口大國只差兩個卡車日。

And so it is central from every context. But it's business climate and it's environmental climate, the fact that it's between 69 and 72 degrees here, 80% of the days year-round makes it the ideal or one of the ideal locations for data centers. And so Tesla cracked the nut open by building their first gigafactory here. Now they announced they're going to build their first 18-wheeler semi-truck factory and they're going to announce a new industrial battery factory. They've announced all that.

因此，它在任何情況下都至關重要。但這裡的商業環境和環境，以及全年 80% 的時間氣溫都在 69 到 72 華氏度之間，使這裡成為資料中心的理想或理想地點之一。於是，特斯拉在這裡建造了他們的第一座超級工廠，算是打開了局面。現在他們宣布將建造第一個 18 輪半拖車工廠，並且還將宣布新建一家工業電池工廠。他們已經宣布了所有這些。

They're going to produce it. But then 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. 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.

他們會生產它。但是，蘋果、谷歌、交換器、微軟以及所有這些公司紛紛湧入並建造這些超大規模資料中心，為這裡創造了龐大的產業機會。因此，我們預先支付了一些資金。超額撥款使我們能夠更方便地向塞拉泉預付一些資金。目前圍繞這些房產正在醞釀一些重大交易。

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 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.

你們談論的是超大規模資料中心，你們談論的是離網再生能源，你們談論的是土地和資金。它們都在聚集。顯然，這並非內華達州北部特有的現象。這是一個全球現象，但我們是這現象爆發最嚴重的五個地區之一。我再次強調，這裡面有更大的事情正在發生。

Our end game is monetization, of course, but we need to take a couple of intermediate steps to unblock something that I think is just going to be extraordinarily valuable for our company and our shareholders, super enabling.

當然，我們的最終目標是實現獲利，但我們需要採取一些中間步驟來突破一些我認為對我們公司和股東來說極其有價值、極具賦能意義的事情。

As I mentioned, a lot of questions about fuel, 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 of 2025. A few months later in May, we got a direct Series A investment, and we formed Bioleum Corporation and separated it from Comstock. How did we do that?

正如我之前提到的，關於燃料的問題很多，我盡量快速結束這個主題。眾所周知，馬拉松石油公司於 2025 年 3 月加入我們公司，成為我們的燃料子公司，並做出了卓越的貢獻。幾個月後的五月份，我們獲得了 A 輪直接投資，並成立了 Bioleum 公司，將其從 Comstock 分離出來。我們是怎麼做到的？

We took all of our investment and we restructured it into a convertible preferred security, $65 million. It's Series 1. It is at the top of the cap stack, and it converts into 32.5 million of underlying common shares. So we could not be sitting in a better position because today, that's over 75% of Bioleum. We are going to continue the Series A.

我們把所有投資都重組為可轉換優先證券，金額為 6,500 萬美元。這是第一季。它位於股權結構的最頂端，可轉換為 3,250 萬股普通股。所以我們現在的處境再好不過了，因為今天，這佔了 Bioleum 公司 75% 以上的份額。我們將繼續進行A輪融資。

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 awed by the people that are coming into the company that are industry leaders across the entire supply chain from feedstock to aviation fuel and everything in between. They're picking us as the companies that they want to work with, and it's extraordinary what we have, right?

關於這件事，我有一些最新消息要跟大家分享。但該公司正在塑造自己的獨特形象。它正在培養一種令人難以置信的管理能力。我的意思是，我幾乎感到榮幸，甚至敬畏那些加入公司的行業領導人物，他們來自從原料到航空燃料以及介於兩者之間的所有環節。他們選擇我們作為他們想要合作的公司，我們所擁有的資源確實非常出色，對吧？

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 40, 50. 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.

我們這裡確實有一個平台，可以解決我們認為再生燃料產業的瓶頸問題，即低碳燃料的充足原料問題。目前市面上一般的技術可以做到 40、50。我的意思是，如果它們真的很好，每噸廢棄生物質可以生產相當於 60 加侖的燃料。我們目前的產量遠超 100，根據我們的技術解決方案和/或原料的組合，產量預計將達到 120、125 甚至 140。我們什麼都做，從六角形燃料和木質生物質，一直到直接替代燃料。

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 Bioleum 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.

我們的技術和平台正在不斷進步、擴展，並朝著規模化發展的方向邁進。這是我們現在營運的、我們100%擁有的設施，或至少是該設施的幾張照片。當然，我們指的是 Bioleum 公司。我們正在穩步地恢復所有這些業務。因此，他們沒有從醣類轉向可持續航空燃料（他們確實轉向了可持續航空燃料，坦白說，他們轉向的程度足以完成第一次基於可持續航空燃料的跨大西洋飛行）。

So this is remarkable technology, but we're also doing it with our Bioleum to our Bioleum oil 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 we have the rights to access biomass and there's nanofibers.

所以這是一項了不起的技術，但我們也正在將這項技術應用於我們的 Bioleum 生物油燃料，最終目標是從這個示範設施每週生產數桶石油，並能夠用一些產量最高的原料為其供油。所以我們有權利獲取生質能，而且還有奈米纖維。

There nanofibers 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 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.

這些奈米纖維是農業石油的主要生產商之一，甚至可以說是領先的生產商之一，從而創造了真正從農場到燃料的場景。你們正在創造可持續的石油儲備、碳儲備（暫且這麼稱呼吧），這意味著它們不會枯竭，而是會持續不斷地存在下去。而且它們的碳排放影響評分極低。

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.

我們利用廢料製造的這種可擴展解決方案的得分是業內最低的。如果我們使用像德克薩斯州那樣專門種植的生物質，那麼碳排放量會更低，因為它是多年生作物，大部分碳都留在土壤中。

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.

俄克拉荷馬州是我們繼威斯康辛州之後的第二個樞紐。所以，俄克拉荷馬州真是令人驚嘆。我們已經確定在俄克拉荷馬州設立一個廠址，但我們正在與該州繼續對話，爭取更多的激勵措施，以及更積極的意願，讓我們去那裡落戶並建立廠址。

So we've got a $3 million incentive grant. We built the first [2] of the $3 million based on the work we've done so far. We've got an allocation of $152 million in tax-free municipal bonds. That's being extended. So that's fantastic.

所以我們獲得了300萬美元的獎勵金。根據我們目前為止所做的工作，我們建造了第一個[2]價值300萬美元的項目。我們獲得了1.52億美元的免稅市政債券配額。這項措施正在延長。太棒了。

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, et cetera. So we couldn't be more thrilled with Wisconsin or Oklahoma. And our solutions are being solicited from many industries.

他們希望——我們正在討論如何提供更多激勵措施，以建立一個更大的平台，無論是原料、生物煉製廠等等。所以我們對威斯康辛州和俄克拉荷馬州都感到無比興奮。許多行業都在尋求採用我們的解決方案。

The Hexas 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 the names that are on this screen are certified partners.

Hexas 生物質解決方案本身就因其效率、產量、產能以及除燃料以外的用途而吸引商業應用，但乙醇行業、紙漿和造紙行業，甚至石油行業（用於混合燃料）都可以將我們的部分解決方案整合到他們的業務和行業中。所以我不想深入探討這個問題，但螢幕上顯示的名字都是經過認證的合作夥伴。

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.

我們要么直接且獨家地與他們合作，要么將他們所做的一切完全整合到我們自己的系統中。而且這支隊伍人才濟濟。我的意思是，你看，這一頁有六個人。管理團隊人數接近 40 人，他們都是能力非常強的生物燃料專業人士。

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.

那麼，扎克，我就先暫停一下，希望已經解答了你之前提出的一些問題，但如果還有其他問題，請隨時暫停。

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. Judd, our first question is for you.

好的。謝謝Corrado和Judd。正如我在通話開始時提到的，我們在通話前收到了 45 多個問題。我看到還有一些問題透過 Zoom 發送給我們。賈德，我們的第一個問題是問你的。

Where does liquidity stand today?

目前流動性狀況如何？

Yeah. So $31.7 million cash at the end of the quarter, corporate, that's $12.4 million at Bioleum and the net current assets at $21.3 million. And then, of course, we eliminated the debt, so that takes a lot of that debt service going forward away.

是的。因此，截至季末，公司現金為 3,170 萬美元，其中 Bioleum 為 1,240 萬美元，淨流動資產為 2,130 萬美元。當然，之後我們也消除了債務，這樣就省去了未來許多償還債務的負擔。

Okay. And how long is the cash runway?

好的。現金儲備還能維持多久？

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 and storage facilities that we're currently building right now. And then as a reminder, Bioleum is now self-funded through its own capital raises.

因此，我們的商業計劃資金充足，能夠確保康斯托克金屬公司在明年保持獲利和成長。我們全心致力於透過拓展客戶來加速成長，然後以最有效的方式推出我們目前正在建造的金屬加工和儲存設施。最後提醒大家，Bioleum 目前是透過自身籌集的資金實現自籌資金的。

And why the loss on debt extinguishment and what's left?

債務清償造成的損失以及剩餘金額是多少？

So the $2.77 million Q3 loss, that reflects the payoff of the 2025 Kips 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.

因此，第三季虧損 277 萬美元，反映了 2025 年 Kips Bay 票據的償還以及對遺留的 George 和 Alvin 票據的修訂。但更重要的是，我們消除了這些工具的債務，以及與這類浮動利率工具相關的任何未來成本和稀釋。所以我們現在很高興，這一切都過去了。

And now that Comstock is funded, should we expect any dilution?

現在康斯托克公司已經獲得融資，我們是否應該預期股權會被稀釋？

So we currently have the 51.26 million 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. Bioleum is being funded directly by strategic and financial sophisticated investors. So what have we done?

目前我們共有 5,126 萬股流通股。我們的資金來自首個工業規模太陽能板回收設施的商業化和利潤。自從本季完成交易和融資以來，我們沒有發行任何股票。Bioleum的資金直接來自具有策略眼光和雄厚財力的投資者。我們究竟做了什麼？

We've positioned the company for a profit company in two of the most 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 possible. We're here to grow the values and hopefully in large and meaningful ways.

我們已將公司定位為一家在兩個最具活力、與能源相關的指數級成長市場中獲利的公司。所以，我們的真正工作就是執行並把握這些機會。因此，我們將繼續以最符合信託責任、最負責任、最勤勉、最專業、最透明的方式進行這項工作。我們來這裡是為了弘揚價值觀，並希望以意義深遠的方式實現這一目標。

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 that work so far this year.

1月初，我們公佈了創建這兩家高成長公司的計劃，一家是位於內華達州的金屬公司，另一家是位於俄克拉荷馬州的石油和天然氣公司，這兩家公司將會分拆。所以，今年到目前為止，我們已經完成了幾乎所有這些工作。

Judd, what will Comstock do with revenues once Plant 1 has funded future plants? Return excess cash to shareholders?

Judd，當1號工廠的收益為未來的工廠提供資金後，Comstock將如何使用這些收益？將盈餘現金回饋給股東？

I'm jumping on that question. Okay. So the revenues, Plant 1, we expect that 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 million to $15 million.

我正打算回答這個問題。好的。因此，我們預計1號工廠的收入將在明年上半年實現。我們的首要任務是將這些現金流再投資於擴大金屬回收能力。因此，每個工業規模的設施大約需要花費 1200 萬美元到 1500 萬美元。

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.

因此，一旦我們制定了多個營運計劃並穩定了現金流，我們就可以評估哪些計劃是合理的，而這正是我們下一個最重要的優先事項。

Okay. And Judd, are there any plans to dilute to fund mining operations?

好的。賈德，是否有任何計劃透過稀釋股份來為採礦作業提供資金？

No. No. I mean we don't anticipate issuing any equity to fund mining. So our mining assets, we 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.

不。不。我的意思是，我們預計不會發行任何股權來為採礦提供資金。所以，關於我們的礦業資產，我們查看了科拉多展示的幻燈片。它們很穩定。它們保養得很好。我們有很多房產。他們正被選擇性地提拔。因此，任何可能來自合資企業或資產層級交易的資金，我們都會這樣安排，但不會發行新的康斯托克股票。

Okay. Thank you, Judd. 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 noncore assets?

好的。謝謝你，賈德。讓我們把話題轉向科拉多。Corrado，鑑於先前關於將非核心資產貨幣化或剝離的指導意見，繼續為SSOF提供資金的策略理由是什麼？

Yeah. I think I would just -- I briefly did touch on this. I'll maybe expand on it a little bit. But what we're seeing with these land and energy requirements for data infrastructure, data centers, it's more complex than just 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.

是的。我想我只會——我之前也簡單地提過這一點。我或許可以稍微補充一些內容。但是，我們看到的資料基礎設施、資料中心所需的土地和能源，比資料中心的水平發展或垂直發展要複雜得多，對吧？土地、水權、能源等方面都有基礎建設的需求，尤其是能源方面。

And it's exploding. It's exploding. I mean I don't know that I've ever seen anything this big in terms of a market, both in terms of scale and dollars. And so our properties here are just so well-positioned and -- but there does require some engagement on this, right? And so we're very engaged.

它正在爆炸。它爆炸了。我的意思是，就市場規模和金額而言，我從未見過如此龐大的市場。因此，我們這裡的房產位置非常優越——但這確實需要一些參與，對吧？因此，我們非常投入。

And we have an opportunity here to accelerate what's happening there. And to capitalize best on that opportunity, we advanced 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.

我們現在有機會加速那裡正在發生的事情。為了充分利用這一機會，我們加大了投入——加大投入的想法是由於超額撥款而成為可能，但這也是一種機會主義行為，對吧？我們知道現在還不能透露所有正在發生的事情。希望我們能盡快完成，但這確實是一項更大的工程，對吧？因此，這確實需要更多資金，但我認為，最終這將為我們和我們的股東帶來更大的價值。

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 2026. We're excited about it. It's opportunistic, and I don't want to say that means it's lucky.

現在我們不再受其乾擾了。目前合作主要以交易為主，但我們投入了許多精力。所以，我們希望能在 2026 年初分享更多相關資訊。我們對此感到興奮。這是投機取巧，我不想說這意味著它很幸運。

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.

我認為我們現在處於絕對最佳狀態。所以我們正在加強這方面的準備，以便能夠以最佳方式執行任務。希望這些資訊暫時足夠了。

Corrado, why did revenue decline in Q3? And when does it inflect?

Corrado，為什麼第三季營收下降了？它何時發生詞形變化？

Yeah. 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 Mackay. So the sale of those mining assets resulted in lease revenue being sort of wrapped up in the second quarter. So we saw a drop in that.

是的。所以，關於金屬，首先，這個問題有兩個答案。其中之一是我們之前出租了賣給麥凱的部分礦業資產。因此，這些礦業資產的出售導致租賃收入基本上計入第二季。所以我們看到這個數字下降了。

That was certainly expected. But the more meaningful discussion is around metals. We had a very robust Q1 and Q2. We guided to about $3.5 million of billings this year. We're almost at $3 million through Q3.

這當然在意料之中。但更有意義的討論是關於金屬的。我們第一季和第二季的業績都非常強勁。我們預計今年的帳單金額約為 350 萬美元。第三季我們已接近300萬美元。

Most of our activities in Q3, frankly, were around preparing the site, preparing the building, preparing the storage, 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.

坦白說，我們第三季的大部分活動都圍繞著場地準備、建築準備、倉儲準備和辦理許可證。這絲毫沒有暗示我們減少了對市場的參與。我們加大了市場參與。我們從未像現在這樣積極參與市場，專案儲備也從未如此龐大。

However, there is some sensitivity around 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, they see what's coming.

然而，我們最大的客戶希望確保在他們向我們交付太陽能電池板時，我們能夠終止這些責任，這其中存在一些敏感問題。有些關係較密切的人，他們出來審查我們，看過更大的設施，他們看到了即將發生的事情。

They're a little bit more flexible. Some who haven't really need by either corporate policy or just by 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.

它們稍微靈活一些。有些人由於公司政策或嚴格的運作方式，實際上並不需要獲得這些許可證來參觀更大規模的設施，坦白說，也不需要參觀擴建的儲存空間。所以目前情況有點慢熱。雖然積壓的工作很多，但就金屬規模擴大而言，我們並沒有——我們按計劃進行，甚至超前於計劃。

What's behind the higher SG&A and R&D?

更高的銷售、管理及行政費用和研發費用背後是什麼原因？

The growth in SG&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 Oklahoma, certainly increases in people. That's also true for both Metals and Bioleum. In the Bioleum case, it's research, it's development, it's scientists, it's chemists.

我想，銷售、一般及行政費用的成長應該是翻了一番，對吧？我們顯然正在擴大業務規模。所以其中一部分——相當一部分——是我們設施的租金，包括從麥迪遜引進（程度較小），從俄克拉荷馬引進，人口肯定會增加。金屬和生物油也是如此。以 Bioleum 為例，它涉及研究、開發、科學家和化學家。

In the Metals case, it's a lot of marketing and sales covering the domestic market. There was also some nonrecurring stuff in there. By extinguishing the Northern Comstock obligation, we had this like obligation that went out another couple of years. We extinguished that in August. And the effect of extinguishing that and getting it off -- getting all those liabilities off was accelerating some expense into our P&L.

以金屬產業為例，其行銷和銷售主要集中在國內市場。裡面還有一些不常出現的內容。透過解除北方康斯托克公司的債務，我們又承擔了類似的債務，這又持續了幾年。我們在八月撲滅了那場火災。而消除這些債務並將其消除——消除所有這些負債——的後果是加速了部分費用計入我們的損益表。

That's frankly going to result in about $1 million of savings a year relative to what we were doing in the last 9 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.

坦白說，與我們過去 9 年的做法相比，這將每年節省約 100 萬美元。所以這算是雙贏吧。我們解除了這項義務，並且永久減少了一項持續性支出。我們對此感到非常高興。

We have several questions about Comstock Metals. Whatever happened to the metals recovery business and equipment?

我們對康斯托克金屬公司有幾個問題。金屬回收業務和設備後來怎麼了？

That might be referring to maybe the mercury recovery or maybe the lithium-ion battery. Let me -- the quick answer to that question, I guess, is from 2017 to about 2021, we were ramping up some metal recovery and recycling businesses.

這可能指的是汞回收或鋰離子電池。讓我簡單回答一下——我想，從 2017 年到 2021 年左右，我們一直在大力發展一些金屬回收和再利用業務。

I guess the most meaningful is we started in the 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 do not have -- we repurposed some assets from the lithium, but it's pretty much that's all gone.

我想最有意義的是，我們最初是從鋰離子電池起步的，但後來我們轉向了太陽能板。所以說清楚點，我們所有的金屬回收和再生金屬業務其實就是太陽能板回收業務。我們已經沒有了——我們重新利用了一些鋰礦資產，但基本上都用完了。

From the Mercury standpoint, we have some assets here at the mine site. We have some assets in the Philippines that 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 nothing else.

從 Mercury 的角度來看，我們在礦區擁有一些資產。我們在菲律賓有一些資產，我們正在探索讓其他人使用，但我們不是——它不是——我們不會稱之為一項業務。一切都與太陽能電池板回收有關，僅此而已。

Why not build smaller cookie-cutter plants to cut transportation costs?

為什麼不建造規模較小、標準化的工廠來降低運輸成本？

I mean our strategy is to locate our plants in the most immediate and closest proximity of where those solar fields and solar end-of-life solar panels are sitting. That minimizes the logistics cost. Being in Northern and Southern Nevada covers about 55% to 60% of the market that we see clearly between now and the early 2030s. So we think Nevada is absolutely the best place to start and then extrapolate it across the country.

我的意思是，我們的策略是將工廠建在距離太陽能發電場和報廢太陽能板最近的位置。這樣可以最大限度地降低物流成本。內華達州北部和南部地區的市場涵蓋了我們預計到 2030 年代初將達到的 55% 到 60% 的市場份額。所以我們認為內華達州絕對是最佳的起點，然後我們可以將這種模式推廣到全國各地。

I think the sizing of our facilities, the engineering of our facilities was designed to be optimal, what's the biggest, fastest facility that we could build, but they're not -- when we say smaller, it's a little bit of -- they're impressive.

我認為我們設施的規模和工程設計都是為了達到最佳效果，即建造最大、最快的設施，但它們並不是——當我們說它們規模較小時，其實只是略小一些——它們令人印象深刻。

When you guys see these facilities, if you come to visit us, you'll see a very impressive system. But $12 million 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, cookie-cutter is the right word, but replicating that system across once we have the first one fully up and running mid next year, replicating that and deploying it across.

如果你們來參觀我們的設施，就會看到一個非常令人印象深刻的系統。但1200萬美元的資金是可以接受的——你大概可以在一個廠房裡容納兩到三條這樣的生產線。所以我覺得我們確實有一個概念，我不知道，「一刀切」這個詞是否合適，就是在明年年中第一個系統完全投入運行後，複製並部署該系統。

So 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 produce.

所以我覺得這其實就是我們正在做的事情。更小的概念——我不知道，這違背了我們的基因，對吧？我們想開得更快。我們希望擁有我們能夠生產的最具可擴展性、最高吞吐量的系統。

How are you monetizing all recycled materials?

你們如何將所有回收材料變現？

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 93%, 94%, whatever it is, that material is fully sold in the form of clean aluminum, clean glass and then the silver-rich tailings.

所以，大量資金湧入，其中 6% 到 8% 的資金以好的方式流失，對吧？我們徹底清除所有污染物。然後剩下的 93%、94% 或其他比例的材料，全部以乾淨的鋁、乾淨的玻璃以及富含銀的尾礦的形式出售。

So we're monetizing it by literally selling and billing our customers 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 more precious refined metals.

所以，我們透過向客戶出售和收取這些清潔材料的費用來實現盈利。最終，我們希望提煉這些材料，這樣當我們出售白銀、稀土或其他更貴重的精煉金屬時，我們的價值就會達到更高的水平。

Can you elaborate on the current MSAs and the solar panel supply?

您能否詳細介紹一下目前的MSA（主銷售協議）和太陽能板供應情況？

Yeah. 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 an e-recycler, which is prominent and big volume potential. And we even signed an OEM, like an original manufacturer, not a lot of solar panel manufacturing in the United States, right, most of it's in Asia.

是的。我的意思是，光是上個季度我們就簽署了三項意義重大的新主服務協議。我知道我們簽的合約不只這些，但我只想說三個，因為值得一提的是，我們簽下了一家大型公用事業公司，這是我們的支柱產業，也是我們重點關注和擁有最多的領域。我們與一家知名度高、業務量大的電子產品回收商簽約。我們甚至還與一家 OEM（原始設備製造商）簽約，因為美國的太陽能電池板製造並不多，大部分都在亞洲。

But those businesses, it's a little counterintuitive. They're not end of life. They're beginning or unfortunately, panels that never are born because something went wrong. But it's Steady Eddie businesses. And so we signed three of those.

但對這些企業來說，這有點違反直覺。它們並非生命終點。它們要不是初具雛形的，就是很不幸，因為出了點問題，所以永遠不會誕生。但這是穩健的艾迪公司。於是我們簽下了其中三份合約。

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.

我們對此感到非常興奮。這就是我們的策略，透過這些主服務協議和供應鏈，在產業內建立最大的市場份額。

We do have a lot of questions about Comstock Metals. This is a two-part question. When will the Silver Springs site hit capacity followed by what about sites 2 and 3?

我們對康斯托克金屬公司有很多疑問。這是一個包含兩個部分的問題。銀泉核電廠何時達到飽和？其次是2號和3號核電廠。

So we're commissioning in Q1. I would love it if during Q1, we had 15,000, 20,000 tons of material sitting there. So that's certainly possible. We already have almost 5,000 as you saw the pictures of. And then we'll ramp up starting in Q2 with the production plan.

所以我們計劃在第一季進行調試。我希望在第一季度，我們能有 15,000 到 20,000 噸的材料儲備。所以當然有可能。正如你們在圖片中看到的，我們已經有將近5000個了。然後我們將從第二季開始逐步提高產量，執行生產計劃。

We don't have total clarity at 20,000, 25,000 tons, we're making money. So that's our first milestone, then it will ramp up from there. I wouldn't imagine that, that facility would be running full probably until the end or the latter part of 2027. The data points that we're getting suggest the quickening, right? But it's just still too early.

我們雖然還不完全清楚產量達到 2 萬噸、2.5 萬噸時，但我們確實在賺錢。這是我們的第一個里程碑，接下來會逐步加快進度。我估計不會，那個設施可能會一直滿載運作到 2027 年底或下半年。我們得到的數據點顯示速度正在加快，對嗎？但現在還為時過早。

When you talk about, well, oh, we got 80,000 panel order last -- the beginning of this year, we're super excited. Now you're talking about orders that are like 3x and 4x that size. It gets very exciting. So the preliminary data points tell us it's coming sooner. But we just don't -- we don't have certainty to that, but it's coming.

說到今年年初我們獲得了 8 萬塊面板的訂單，我們感到非常興奮。現在你們說的是那種規模的訂單，大概是原來的 3 倍甚至 4 倍。場面非常精彩。初步數據顯示，這種情況會更快發生。但我們對此沒有把握，但它終將到來。

We'd like to get Site 2 up at the beginning of '27. We'd like to get the Site 3 up at the beginning of '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.

我們希望在 2027 年初啟用 2 號站點。我們希望能在 2028 年初或更早的時候建成 3 號站點，對嗎？正如賈德所說，我們已經在進行選址工作了。我們現在在內華達州南部。我們位於美國中部。

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

我們身處美國東岸。我們甚至在和一些客戶、供應商和合作夥伴進行洽談。所以那裡發生了很多事。這是加速過程。但保守估計，如果第一個工廠在明年年初、2027 年初或 2028 年初投產，到 2028 年，你將擁有三個產能為 30 萬噸的工廠，這將是一個非常好的基準。

Corrado, I think you touched on this, but how much throughput do you forecast for 2026 through 2028?

Corrado，我想你已經提到過這一點，但你預測 2026 年至 2028 年的吞吐量是多少？

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. To-date, hopefully exiting the year at a much higher run rate, getting to that full capacity by the end of the following year.

我的意思是，是的，我剛才只是稍微提了一下。我的意思是，保守估計，明年部分年份的2萬到3萬這個數字就能實現我們的目標。我們會獲利的。我們將把規模擴大到前所未有的程度。到目前為止，希望今年能以更高的運行率結束，並在明年年底達到滿載運轉。

I mean, could you be doing 200,000 by the end of '28? Most certainly, you could. So that's all prospective estimates. It's not based on hard core 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.

我的意思是，到 2028 年底，你能達到 20 萬的產量嗎？當然可以。以上都是預測估計。雖然這並非基於我們客戶的嚴格更換計劃，但我們對客戶的更換計劃有了越來越深入的了解，而且這絕對是完全可行的。

And what about silver refining?

那麼白銀提煉呢？

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, some that have more of these rare earths, some that don't. And so he's got a conceptual design.

所以，提煉是一個很大的話題，好嗎？這是一個大話題，因為我們關心它，而且我們對此感到非常興奮。Fortunato 已經根據我們的材料，設計出了解決這個問題的最佳、最有效方法的概念方案。顯然，我們對不同材料的成分了解得越來越多，有些材料含有較多的稀土元素，有些則不含。所以他現在有了概念設計圖。

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 and then ultimately get it up and running. Our desire is to start that posthaste as soon as Plant 1 is fully up and running.

真令人興奮。所以現在我們必須進入技術成熟度等級（TRL）開發流程。我們需要進行一些測試。我們需要進行一些試點，然後最終才能讓它投入運作。我們希望在1號工廠全面投產後立即開始這項工作。

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.

所以大概要等到明年年中，但我們已經在尋找合作夥伴了。我們已經在規劃一些工作了，因為政府也認為這是非常優先事項。我們完全同意。但能源部、國防部和白宮都表示，銀是一種關鍵礦物。B，提煉是我們目前所缺乏的關鍵能力，它能讓這些材料留在美國。

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.

所以，當人們回收電池或太陽能電池板，然後將所有這些材料送到亞洲進行提煉時，實際上並沒有實現建立國內供應鏈的目標。所以大家都關心這件事。政府甚至可能會提供一些資金支持，以加快這項工作的進展。

Corrado, you did touch on the silver refining. When might you invest in in-house silver refining?

科拉多，你確實提到了白銀提煉。何時會投資建立自有白銀提煉廠？

I mean, if we started at the middle of next year, the earliest would be like end of 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.

我的意思是，如果我們從明年年中開始，最早也要到 2027 年底，而且很可能會更晚，對吧？關鍵在於我們要建造物料流，對吧？原料流量越大，最終提煉出的價值越高。這不僅適用於西爾弗，扎克，對吧？我們考慮的不是如何提取銀並去除所有其他材料。

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.

我們正在研究如何提取所有元素，如何乾淨利落地提取，以及如何最大化其價值。

Okay. When you say all of the elements, what's the status of rare earth element recovery?

好的。您說的所有元素，稀土元素的回收現況如何？

It's the same -- it's exactly the same point, right? Like we are 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.

是一樣的──就是同一個點，對吧？就像我們正在研究的——只是想說，我們不是在研究如何獲得白銀，對吧？我們正在研究如何將所有金屬提取出來。這個問題也讓我有機會強調另一點。據我們所知，目前只有我們能夠承接任何類型的面板工程。

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.

我們不在乎是單晶、多晶、雙面、圓柱形、薄膜，只要你能想到的，我們都收，對吧？這意味著最終呈現的作品類型將最為多樣化。這意味著我們將擁有最有價值的產品。因此，我們需要一個全面的提煉方案，如果這樣說得通的話。

Okay. Both you and Judd referenced Comstock Mining. So let's now pivot to a few questions on Comstock Mining. What's happening with the mining and land portfolio?

好的。你和賈德都提到了康斯托克礦業公司。現在讓我們轉而討論一些關於康斯托克礦業公司的問題。礦業和土地投資組合目前狀況如何？

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 are 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.

是的，我之前也看過這個問題。這是早期收到的資料之一，我試著透過這張圖來展示我們非常希望擁有充足的資料庫。顯然，我們已經具備了所有礦物特性。我們已經確定了所需資源，並且正在進行整合。

But the Mackay transaction and the Haywood transaction really connected a lot of dots and made things either more efficient or more convenient in terms of anyone's prospect for mining. I mean we added almost 440 acres of industrial land, right, to that portfolio for no additional capital expended. It was remarkable.

但麥凱交易和海伍德交易確實將很多事情聯繫起來，使任何人的採礦前景都變得更有效率或更便利。我的意思是，我們在沒有額外投入資金的情況下，將近 440 英畝的工業用地納入了這個投資組合。真是令人驚嘆。

Given the high gold prices, what are you doing to enhance mining interest?

鑑於目前金價高企，你們採取了哪些措施來提高人們對採礦的興趣？

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.

我認為我們現在所做的最有意義的事情是，除了與這些交易對手介紹我們的資產及其能力之外，我們還在完成初步的經濟評估。這已列入我們今年的目標之中。我們取得了顯著進展。我認為我們還需要幾個月的時間才能完成。但這將是一份已發布的技術報告，是我們現有技術報告的更新。

It will provide preliminary economics, meaning 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 what does this thing look like at $2,500 gold? What does it look like $3,500? What does it look like at $4,400 gold?

它將提供初步的經濟數據，包括潛在現金流、生產成本、投資報酬率等等。這不僅可以為我們所看到的情況提供客觀的第三方驗證，而且還能讓我們表達出敏感度，對吧？所以第三方會這樣做，但如果用 2500 美元的黃金來衡量，這東西會是什麼樣子呢？3500美元看起來像什麼？金價跌至每盎司 4400 美元時會是什麼樣子？

And so 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 otherwise, it's only a few tens of thousands of dollars for us to get this fully wrapped up.

因此，我們看到一些公司最近發布了這些內容。他們非常出色。它們是透明的。它們晶瑩剔透。幸運的是，由於我們之前採礦歷史和其他方面累積的所有數據，我們只需要花費幾萬美元就能把這件事全部搞定。

And it's a very important thing for our shareholders to know and maybe more importantly, for prospective mining companies to know.

這對我們的股東來說非常重要，對於潛在的礦業公司來說可能更為重要。

And with that in mind, what's the biggest barrier to restarting mining?

那麼，重啟挖礦的最大障礙是什麼？

Our only barrier would be prioritizing it. Like we're not prioritizing going into mining production. There's no scenario we're going to allocate $1 to restart a mine when we're looking at deploying 7 recycling facilities that could produce $350 million to $400 million of free cash flow a year. So that's it in a nutshell. So the most practical obstacle would be finding a partner or someone who wants to do it, right, and figuring out the smartest, most effective way to monetize those assets.

我們唯一的障礙就是如何優先考慮這件事。就好像我們並沒有把進入採礦生產領域當作優先事項。我們絕不會撥款 1 美元來重啟一座礦山，而我們卻在考慮部署 7 個回收設施，這些設施每年可以產生 3.5 億至 4 億美元的自由現金流。簡而言之，就是這樣。因此，最實際的障礙是找到合作夥伴或願意做這件事的人，對吧？以及找到將這些資產變現的最明智、最有效的方法。

Will you joint venture or sell your gold and silver assets?

您打算合資還是出售您的黃金和白銀資產？

We would do -- 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?

我們會這樣做——我們會使用「貨幣化」這個詞。我盡量不裝可愛，好嗎？那我就直說了。獲利模式可以是合資企業，由客戶付費給我們。變現方式可以是出售，對吧？

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 formers, not the latters.

獲利模式可以是銷售收入和版稅。歸根究底，獲利模式可能就是挖礦並攫取所有利潤，懂嗎？不是的——我剛才已經說明了我們對此的立場，對吧？但我們必須考慮所有相對的可能性。我們顯然是想做前者，而不是後者。

Okay, Corrado. And that was a two-part question. Sorry, I didn't tell you that at the beginning. Any serious inquiries?

好的，科拉多。這是一個包含兩個部分的問題。抱歉，我一開始沒告訴你。有任何認真的詢問嗎？

I would say yes now. Yeah, I would say yes now. There are serious inquiries, right? And there were a lot of not so serious inquiries before, just FYI.

我現在會說是的。是的，我現在會說是的。確實有嚴肅的調查，對吧？順便提一下，之前也有很多不太嚴肅的問詢。

All right. We have a final question on the mining and then we will move on to fuels. But the final one for mining. How sensitive is your internal view to precious metals prices?

好的。我們還有一個關於採礦的問題，之後我們將討論燃料問題。但最後一個是採礦業。您的內部觀點對貴金屬價格的敏感度如何？

So I guess I can only answer that for the Dayton resource, okay, where we have over 300,000 gold equivalent ounces in that resource, and we've profiled the mine plan. I mean you look at the recoveries, you would say that for every $100 of gold, you're going to add over $20 million. So that's why our free cash flow. So when we went from [$3,500 to $4,000], it increased our cash flow outlook from $500 million to $600 million. But there's a lot more in the district to be developed and expanded on.

所以我想我只能回答關於 Dayton 資源的情況，好的，該資源中蘊藏著超過 30 萬盎司的黃金當量，而且我們已經制定了礦山開採計劃。我的意思是，看看回收率，你會發現每回收價值 100 美元的黃金，就能增加超過 2,000 萬美元的價值。這就是我們自由現金流的原因。因此，當我們從 [3,500 美元] 增加到 [4,000 美元] 時，我們的現金流量預期從 5 億美元增加到 6 億美元。但該地區還有很多東西有待開發和拓展。

So when you're talking about 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.

所以，當你在談論成千上萬英畝的土地，而你的資源只佔其中的 45 或 50 英畝時，其潛力就遠不止一個礦山計劃了。但這就是答案。它很強勁。

Moving on to Bioleum Corporation. Has Bioleum secured Series A capital from outside investors for the refinery scale up?

接下來是 Bioleum 公司。Bioleum是否已從外部投資者獲得A輪融資，用於煉油廠規模擴大？

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 some additional cash commitment. We hired a Director of Capital Markets, who is extraordinary. We're doing a number of things, transactions at the Bioleum level to round out and fortify the supply chain.

我們已經獲得了A輪融資。我們已經完成了五月宣布並敲定的交易。當然，還有馬拉松石油公司，他們帶來了自己的設施，並做出了一些額外的資金投入。我們聘請了一位非常優秀的資本市場總監。我們正在 Bioleum 層級開展多項交易，以完善和加強供應鏈。

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 will probably be January. It will probably get done in Q1.

這太令人興奮了。這些事情很可能在接下來的一個月左右就會揭曉。然後，我們將完成所有準備工作，正式重返市場。大概要到一月。應該會在第一季完成。

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 yeah, that's it.

我們對完成 A 輪融資感到非常、非常、非常有信心。需要明確的是，A 輪融資的資金從來都不是為了建造第一座生物煉油廠，對吧？這將是專案層面的第二次融資，旨在為更大規模的商業化提供專案融資。這些活動將在A輪融資之後進行。所以，就是這樣。

Okay. And you touched on this, but what is Bioleum's capital structure?

好的。您剛才也提到了這一點，但Bioleum的資本結構是怎麼樣的呢？

Yeah. We have $65 million in preferred stock. It represents about 75% today, pre-completion of the Series A, that number will absolutely go down when we complete the Series 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.

是的。我們擁有價值 6500 萬美元的優先股。目前，在 A 輪融資完成之前，這約占公司股份的 75%。顯然，A 輪融資完成後，這個數字肯定會下降，管理層和創始人持有 20% 的股份，而迄今為止的新投資者持有約 5% 的股份。如果我們用一些股票進行一些收購，並且完成 A 輪融資，正如我所說，我們的 75% 股份將會減少，但仍然會非常非常強大，非常非常有價值，我們對此感到非常興奮。

How did you determine the Oklahoma site?

你們是如何確定俄克拉荷馬州這個地點的？

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 we had many attractive sites in Oklahoma. One of the problems wasn't finding one. It was which one would be the best first and best first from an economic and transactional perspective. So all that played into -- we have defined a site.

在俄克拉荷馬州的現場活動—我認為對我們來說重要的，我認為可能是直覺的物流、靠近原料、相關的基礎設施。坦白說，我們在俄克拉荷馬州有很多風景優美的地方。其中一個問題是找不到合適的人。問題在於，哪一個才是最佳選擇，以及從經濟和交易角度來看哪個才是最佳選擇。所以所有這些因素都促成了——我們已經確定了一個網站。

It's fantastic. But now there's overtures with one of the other sites 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.

太棒了。但現在，另一家公司正積極與該公司接洽，並可能提供更多激勵措施和資金。所以，我們並不是優柔寡斷。我們有幾個非常好的機會即將到來。所以我們做多俄克拉荷馬州股票。

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.

坦白說，這裡的商業環境非常出色，比我見過的任何其他地方都要好。但這並不代表威斯康辛州的營商環境不好。這是。我們坐擁兩個絕佳的地理位置。

Staying with Oklahoma, please provide an update on the Oklahoma bond placement and other incentives.

關於俄克拉荷馬州，請提供俄克拉荷馬州債券發行及其他激勵措施的最新進展。

Yeah. So we got $3 million grant. The first $1 million was tied to committing to our headquarters there, done. The second was tied to committing to a site. That's done, although now we're just -- we're toggling between a couple of options.

是的。我們因此獲得了300萬美元的撥款。第一個100萬美元與我們承諾在那裡設立總部掛鉤，搞定了。第二個條件與是否選擇某個網站有關。已經完成了，不過現在我們只是——我們正在幾個選項之間切換。

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 the second of the third million. And then the third comes when we've done sufficient work in terms of preparing that site.

我認為這裡沒有贏家和輸家。我認為這只是一個誰先來，誰後來的問題。那真是個好消息。於是，我們建造了第三個百萬棟建築中的第二棟。第三步是當我們在場地準備方面做了足夠的工作之後。

So all that's on track. We also got $152 million 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.

所以一切都在按計劃進行。我們也獲得了1.52億美元的債券配額。目前正在進行延期，這是我們最初計劃的一部分。我們拿到合約的時候就知道，肯定需要續約或延期。所以一切進展都非常順利。

And are load shareholders still connected to the fuels business?

貨運股東是否仍與燃料業務有聯繫？

Yeah. I mean I apologize if we -- 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 Bioleum. We achieved our objective there.

是的。我的意思是，如果我們在年初就此事造成了很多混亂，我深表歉意。令我有些驚訝的是，這種困惑竟然一直持續存在。我們分離了 Bioleum。我們在那裡實現了目標。

They've 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?

他們獨立籌集了資金。這的確是一項了不起的成就，市場仍在等待幫助我們認識並重視它。我們知道，要實現這個目標，我們需要付出更多努力，並且取得更多成就。但歸根究底，管理團隊受到巨大的績效激勵，不僅要完成這些商業活動，還要上市，懂嗎？

So the end game of the capital structure is a standalone public company, which then results in us having a liquid investment in a massive potential oil and gas, renewable gas company.

因此，資本結構的最終目標是成為一家獨立的上市公司，這樣我們就能在一家潛力巨大的石油天然氣和再生天然氣公司中獲得流動性投資。

So hopefully, that answers the question once and for all.

希望這能徹底解答這個問題。

Okay. Thank you for that. Moving on to battery recycling. What about our investment in Green Li-ion and battery recycling?

好的。謝謝。接下來談談電池回收。我們在綠色鋰離子電池和電池回收的投資進度如何？

So Green Li-ion initiated when we started the process in 2021 of going into lithium-ion battery recycling. As I mentioned at the beginning, we've pivoted from battery recycling to solar panel recycling. The battery recycling that we were doing would produce a black mass that the Green Li-ion technology would then take and refine into precursor cathode active materials, not dissimilar to us taking the silver tailings, the silver-rich tailings and refining them into more salable and valuable products.

所以，Green Li-ion 始於 2021 年，當時我們開始涉足鋰離子電池回收領域。正如我開頭提到的，我們已經從電池回收轉向太陽能電池板回收。我們當時進行的電池回收會產生黑色物質，而綠色鋰離子技術會將這些物質提煉成前驅體正極活性材料，這與我們回收銀尾礦（富含銀的尾礦）並將其提煉成更易銷售和更有價值的產品的過程非常相似。

A little bit different, but similar. So as we went into solar panel recycling, the Green Li-ion investment became less interdependent, certainly less strategic, if you will, and we're looking to monetize it.

略有不同，但相似。因此，隨著我們進入太陽能板回收領域，綠色鋰離子電池的投資變得不那麼相互依賴，當然，戰略意義也降低了，我們正在尋求將其貨幣化。

They're making incredible progress in Oklahoma with their facility number one. In context, we're like ahead of them, right? We fully demonstrated it. We've fully demonstrated our unit economics. Now we're scaling to massive industry scale.

他們在俄克拉荷馬州的一號設施建設方面取得了令人矚目的進展。從實際情況來看，我們好像領先他們，對吧？我們已經充分證明了這一點。我們已經充分證明了我們的單位經濟效益。現在我們正在擴大規模，邁向大規模的產業發展。

They're still doing that first part. It's going very well. I think as they start to scale up, and quite frankly, I'm more optimistic now it's a tough -- technology development of something brand new that's never been done before is not easy. They have big feedstock agreements. They have big offtake agreements with blue-chip automotive companies, frankly.

他們還在做第一部分。一切進展順利。我認為隨著他們開始擴大規模，坦白說，我現在更加樂觀了，因為開發一種全新的、以前從未做過的技術並不容易。他們簽訂了大量的原料供應協議。坦白說，他們與一些藍籌汽車公司簽訂了大型承購協議。

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, I'm sure, to get to the next level. Hopefully, as part of that process, we can monetize our investment out.

所以我們很欣賞他們正在採取的措施。我們喜歡他們目前的實施方案。當然，你總是希望它能過得更快。但最終，他們要么會——我確信，他們肯定需要籌集更多資金才能達到下一個水平。希望透過這個過程，我們能夠實現投資收益。

That's our objective. God willing, if they went public, then 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.

這就是我們的目標。如果上帝保佑，他們上市的話，最終會讓我們更容易實現投資變現。這是我們擅長的。我們會密切監控他們。我們喜歡他們的做法。

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, it 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.

我們與民眾關係密切。任何一家 TRL 擴展公司都可能出現問題，走出「死亡之谷」（很抱歉用這個詞）非常非常困難。我們對此非常清楚。這就是為什麼我們對在金屬和燃料領域所做的工作感到如此興奮的原因。但就目前而言，我們希望，或許明年年中到下半年，能夠達成一些交易，使我們能夠實現某種形式的盈利。

We do have a follow-up question on Comstock Metals. Will we license our solar panel recycle business to other countries for royalties?

我們還有一個關於康斯托克金屬公司的後續問題。我們是否會將太陽能板回收業務授權給其他國家並收取特許權使用費？

That's a good question. 1.2 billion, 1.3 billion, 1.4 billion, whatever number you picked for US panel deployment is massive. But outside the US, it's 8 times to 10 times that. So you're talking about 8 billion to 10 billion panels deployed outside the US

這是一個很好的問題。無論是12億、13億還是14億，無論你選擇哪個數字來表示美國的太陽能板部署規模，這都是一個龐大的數字。但在美國以外，這個數字是這裡的 8 到 10 倍。所以你指的是美國以外部署的8億到100億塊太陽能板。

And we have gotten some very positive inquiries, overtures, visits outside the US 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 it be a joint venture?

我們已經收到了一些非常積極的詢問、意圖和來自美國境外的訪問，他們有興趣在自己的國家利用我們的技術。所以對我們來說，我們需要確保他們是好的合作夥伴。我們需要確保對流程和技術有一定的控制。所以會是合資嗎？

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

會是合資企業/授權協議的某種組合嗎？是的，它並非我們首要考慮的事情，但它確實是我們關注的焦點。

Okay. And a follow-up question on SSOF. Can you walk us through the increased investment in SSOF?

好的。還有一個關於 SSOF 的後續問題。能詳細介紹一下SSOF投資增加的情況嗎？

So not super explicitly, but I can tell you what's happened so far, right? There's a number of transactions that are forming. We have to make sure SSOF 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 played it very safe, right?

雖然我不能說特別清楚，但我可以告訴你目前為止發生了什麼，對吧？目前正在進行多項交易。我們必須確保 SSOF 能夠以非常強大的方式執行這些交易。因為我們還沒有敲定所有細節，所以我們採取了非常穩健的做法，對吧？

We advanced some money. Theoretically, we could get that money back and not take any additional ownership or we could do something more meaningful. That's what's happening right now. So it looks like it's -- well, it doesn't look like we stated it as an interest-free advance, but it's not a free advance, right? There's really big opportunity here.

我們預付了一些錢。理論上，我們可以收回這筆錢而不承擔任何額外的所有權，或者我們可以做一些更有意義的事情。這就是現在正在發生的事情。所以看起來好像——嗯，看起來我們並沒有把它說成是無息貸款，但它也不是免費的貸款，對吧？這裡蘊藏著巨大的機會。

We're being very diligent. We're being very careful. We're in control. So that's a good fact pattern. There's demand. Look, I mean, we find ourselves in three markets now. One is solar panel recycling. The demand equation is exponential. Biofuels, the demand equation is exponential. And all of a sudden, data, infrastructure, compute, is exponential.

我們非常認真負責。我們非常謹慎。我們掌控著局面。所以這是一個很好的事實模式。有需求。你看，我的意思是，我們現在身處三個市場。其中之一是太陽能電池板回收。需求方程式呈指數形式。生物燃料的需求方程式呈指數成長。突然之間，數據、基礎設施、運算能力都呈指數級增長。

So we just need to be very, very particular about how we do this, and we will, right? We will. We're not obviously going to put any of our existing commitments at risk. Everything -- if you ask me what percentage of time do we spend on what, we're spending 95% of our time on the execution of the metal recycling deployment. And Fortunato and his team are spending 110% of their time on the metal deployment.

所以，我們只需要非常非常注意我們做這件事的方式，而且我們一定會做到，對吧？我們將。我們顯然不會讓任何現有承諾面臨風險。所有事情——如果你問我我們把多少時間花在了什麼事情上，我們會說我們把 95% 的時間花在了金屬回收部署的執行上。福圖納托和他的團隊將 110% 的時間都投入了金屬部署工作。

So 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 strong. And it is. So far, it's -- we're very happy.

所以，我們對目前面臨的機會感到非常樂觀。不過，我們正努力做到盡可能專注，以確保執行到位。確實如此。到目前為止，我們非常滿意。

Corrado, we have a final question -- actually, two questions on Bioleum. How much do you expect to realize from the separation of Bioleum? And how will that translate into share price?

Corrado，我們還有一個問題——實際上是兩個關於 Bioleum 的問題。您預計從 Bioleum 的分拆中獲得多少收益？那麼這將如何轉化為股價呢？

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. Bioleum is a little bit slower in commercialization and deployment. It's much higher capital, very strong throughput, right?

所以，如果比較金屬和燃料，它們之間有很大的不同，對吧？所以金屬的速度很快。它資本投入低，產能高。Bioleum在商業化和部署方面速度稍慢一些。資本投入更高，吞吐量也非常強，對吧？

The common denominator is high growth, high throughput. But the market, it's not infinite, but it might as well be as far as we're concerned, okay? We're a tiny, tiny fraction of liquid fuels. In the United States, I mean, our highest expectation, we're doing 8 billion gallons. We would barely be a knit in the 250 billion gallon market.

共同點是高成長、高效率。但是市場雖然不是無限的，但就我們而言，它幾乎可以算是無限的，好嗎？我們只佔液態燃料總量的極小一部分。在美國，我的意思是，我們最高的預期是80億加侖。在2500億加侖的市場中，我們幾乎只能算是滄海一粟。

So that's the US alone. So the simple answer to the question is our objectives are not in the single billions of value, okay? They're in much, much bigger numbers. And so I don't want to speculate on values or timing.

以上僅指美國的情況。所以這個問題的簡單答案是：我們的目標不是數十億美元的價值，懂嗎？它們的數量要多得多。因此，我不想對價格或時機進行猜測。

What I do know is that there is a five-year plan -- and we would look to be public or facing being public in this five- to six-year period. The markets will ultimately dictate when that happens. Our execution will dictate how soon we'll be ready for that to happen. But the numbers are very, very -- the potential, what we're going for is remarkable. You want to run a sensitivity on $1 billion, that's easy.

我知道的是，有一個五年計劃——我們預計在這五到六年內會上市或面臨上市。最終，市場將決定何時發生這種情況。我們的執行情況將決定我們何時能夠準備好迎接這一刻。但這些數字非常非常——我們所追求的潛力是驚人的。你想對 10 億美元進行敏感度分析，這很容易。

If we had 60% of $1 billion, you want to run a sensitivity on $10 billion, you want to run a sensitivity on $100 billion. What's your timeframe? I'm not going anywhere, right? So two decades from now, we'll have something very, very different in our hands. So it couldn't be more exciting.

如果我們有 10 億美元的 60%，你想對 100 億美元進行敏感度分析，你想對 1000 億美元進行敏感度分析。你的時間安排是怎樣的？我哪兒也不去，對吧？所以二十年後，我們手中的東西將會截然不同。這簡直太令人興奮了。

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 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 [@comstockinc]. Please follow us.

科拉多，說到時間，我們快到時間了。我認為我們已經涵蓋了所有重要的問題。如果您的問題沒有得到解答，請發送郵件至 ir@comstockinc.com，我們將盡力直接回覆或在 X 上發布回覆。如果您尚未在 X 上關注我們，我們的主帳號是：[@comstockinc]請關注我們。

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

科拉多，在結束之前，請您對第四季度剩餘時間和 2025 年剩餘時間發表一些最終看法。

Yeah, absolutely. The most exciting thing is the issuance of these permits, 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 going to be fluid. It's a river from here until April-May, it's going to be incredible.

是的，絕對的。最令人興奮的是這些許可證的頒發，之後會有一段公眾參觀期，然後設備到貨，宣布新的、更大的客戶，然後進行調試並投入金屬生產。情況會不斷改變。從這裡到四、五月，河水都會流淌，景色一定會非常壯觀。

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 into the system. And then with mining and SSOF, I do think there will be some transactional activities. The timing of that is less in our control but becoming more and more prevalent.

燃料交易中會有一些交易，這些交易都起到了鞏固和提升信譽的作用，因為它們為系統帶來了能力、實力和技術。至於挖礦和單點開放網路（SSOF），我認為會有一些交易活動。這種情況發生的時間我們很難控制，但這種情況卻越來越普遍。

Thank you, Corrado, and thank you, Judd. That concludes Comstock's third quarter 2025 earnings call and Business Update. Thank you all for joining us.

謝謝你，科拉多，也謝謝你，賈德。康斯托克2025年第三季財報電話會議和業務更新到此結束。感謝各位的參與。

Thank you.

謝謝。