Comstock Inc (LODE) 2025 Q4 法說會逐字稿

Good morning, and thank you for joining Comstock Inc.'s full year 2025 results and business outlook. I'm Zach Spencer, Director of External Relations. Today is Tuesday, March 24, 2026, we are streaming live and this session is being recorded. A recording will be posted shortly after we adjourn in the Investor Relations section of our website. Today, we filed our Form 10-K for the year ended December 31, 2025, and issued a press release summarizing year-end results.

早安，感謝各位參加 Comstock Inc. 2025 全年業績與業務展望說明會。我是 Zach Spencer，對外關係總監。今天是 2026 年 3 月 24 日（星期二），我們正在進行線上直播，本場次亦將錄音。會議結束後不久，錄音將上傳至我們網站的投資人關係（Investor Relations）專區。今天，我們已提交截至 2025 年 12 月 31 日止年度的 Form 10-K，並發布新聞稿摘要說明年終業績。

Both documents are available on our website. As a reminder, Comstock is listed on NYSE American with the ticker LODE. Joining me today are Corrado De Gasperis, Comstock's Chief Executive Officer, and Judd Merrill, Comstock's Chief Financial Officer. After their prepared remarks, we will take questions. We received more than 35 questions in advance of the call.

兩份文件皆可於我們網站取得。提醒各位，Comstock 於 NYSE American 上市，股票代號為 LODE。今天與我一同出席的有 Comstock 執行長 Corrado De Gasperis，以及 Comstock 財務長 Judd Merrill。在他們的準備發言後，我們將進行問答。我們在會前已收到超過 35 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 Chief Financial Officer, Judd Merrill.

若您在會議進行中有其他問題，請使用 Zoom 的 Q&A 視窗，我們將在時間允許下盡可能多加回覆。今天的討論將包含前瞻性陳述。由於我們向 SEC 申報文件中所詳述之風險與不確定性，實際結果可能與前瞻性陳述有重大差異。完整風險揭露可於投資人關係頁面之申報文件及 SEC 網站查閱。接下來，我很榮幸介紹我們的財務長 Judd Merrill。

Judd you may begin.

Judd，你可以開始了。

Thanks Zach and thanks for everyone being on this call. I have a few remarks, and then we'll turn it over to Corrado, but I just want to look at the company dashboard here and just announced from a CFO's perspective, 2025 was really a transformational year for Comstock. We really doubled the size -- doubled our asset base. We strengthened and simplified our balance sheet. We eliminated legacy debt and other legacy obligations and we fully positioned the company for its next phase of growth.

謝謝 Zach，也謝謝各位參與本次電話會議。我先講幾點，接著會交給 Corrado。不過我想先從公司儀表板的角度、以財務長的觀點說明：2025 年對 Comstock 而言確實是轉型的一年。我們的規模幾乎翻倍——資產基礎翻倍。我們強化並簡化了資產負債表。我們清償並消除了歷史遺留債務與其他歷史遺留義務，並使公司完全就位，迎接下一階段的成長。

And our balance sheet really is the strongest it has been and it's positioned to be even stronger as we monetize noncore assets, and it's giving us kind of a speed advantage on our recycling competitors. Our capital structure is also very clean and our shareholder base continues to strengthen. We continue our targeting and our outreach for what is still relatively a less known story. Less known metal story, less known financial execution, and monetization priorities. And at the same time, we are beginning to see the early results of that investment, particularly in metals.

我們的資產負債表確實是史上最強，且隨著我們將非核心資產變現，資產負債表有望更為強健，這也讓我們在回收同業競爭中取得某種速度優勢。我們的資本結構也非常乾淨，股東基礎持續強化。我們持續進行鎖定與對外溝通，因為這仍是一個相對不為人熟知的故事。不為人熟知的金屬故事、不為人熟知的財務執行力，以及資產變現的優先順序。同時，我們也開始看到這些投入的初步成果，尤其是在金屬業務方面。

Our commercialization efforts are moving us into a second more sophisticated phase. Here are some specifics that all freeing up cash and cash equivalents are stood at 56-point -- or approximately $56 million at March 20, 2026. And our common shares outstanding are 74 million shares at March 20, 2026. And this is reflecting the recent offering which ended up being really outstanding, if not transformational.

我們的商業化推進正帶領我們進入第二個、更成熟的階段。以下是一些具體數字：截至 2026 年 3 月 20 日，現金及約當現金為 56 點——約 5,600 萬美元。截至 2026 年 3 月 20 日，我們流通在外普通股為 7,400 萬股。這反映了近期完成的募資，成果非常出色，甚至可說具有轉型意義。

It's a change in our shareholder base with significant Hood River, Gratia, MA Capital, those are just three that represent the top -- some of the top investors that we have an engagement with them and support has been amazing, including what we just recently announced enhancements to our Board. And really, all this is critical part of our foundation for building a global multibillion potential company and a testament of the capabilities that we have positioned.

這也帶來我們股東結構的改變，包含重要的 Hood River、Gratia、MA Capital——這三家只是代表我們互動中的頂尖投資人之一部分；我們與他們的交流以及他們的支持都非常令人驚艷，也包括我們近期宣布的董事會強化。而這一切，都是我們打造具全球、數十億美元潛力公司的關鍵基礎，也證明了我們已建立並到位的能力。

We did complete that second oversubscribed equity offering earlier this year, which brought in about $57.5 million gross proceeds, which was approximately $53 million net of offering expenses. And again, this was really driven by the demand from leading institutional investors. And what it does is it removes the largest single risk to the spend needed to capture the solar market.

我們今年稍早完成了第二次超額認購的股權募資，帶來約 5,750 萬美元的募資總額，扣除發行費用後淨額約 5,300 萬美元。再次強調，這主要是由領先的機構投資人需求所驅動。其效果是移除了為掌握太陽能市場所需投入支出中的最大單一風險。

These funds allow us to deploy our first industry scale metals recycling facility without distraction. Secure and permit and fund facility number two, which positions us to corner the entire Southwest market right here from Nevada. We announced and built additional permitted storage sites like California, Ohio, Texas, and others

這些資金讓我們能夠不受干擾地部署第一座產業規模的金屬回收設施。並可確保、取得許可並籌資建置第二座設施，使我們能以內華達為基地，掌握整個美國西南市場。我們也宣布並建置更多已取得許可的儲存場址，例如加州、俄亥俄州、德州等地。

accelerate our refining solution and capability, including strategic partners and really position us for the best, fastest monetization of SSOF and our other noncore assets. When we look back when we started 2025, it was with huge, developed potential, but really no capital resources and many, many counterparty obligations that we required to able to develop our platforms. We have effectively eliminated those obligations from our balance sheet. We did have revenues too. Comstock Metals had revenues for 2025 that was approximately $1.4 million compared to 2024 which was about $0.4 million.

同時加速我們的精煉解決方案與能力建置，包括策略夥伴合作，並使我們能以最佳、最快的方式將 SSOF 及其他非核心資產變現。回顧 2025 年初，我們擁有龐大且已開發的潛力，但實際上缺乏資本資源，且有許多、許多交易對手方義務，使我們必須承擔才能推進平台開發。我們已有效地將這些義務自資產負債表中消除。我們也有營收。Comstock Metals 於 2025 年的營收約為 140 萬美元，相較 2024 年約 40 萬美元。

In addition to the reported revenue, we did generate additional billings, approximately $2.2 million in 2025. We call it deferred revenue and that's associated with our early operations. So about $3.5 million for all of 2025, just as we guided to. It's also important to note that our 2025 results included several nonrecurring items associated with the transformation of our balance sheet. These costs include debt conversion and extinguishments as well as noncash impacts from changes in the fair value of derivative instruments, which is all now behind us.

除已認列的營收外，我們在 2025 年亦產生額外開立帳單金額約 220 萬美元。我們稱之為遞延收入（deferred revenue），與我們的早期營運相關。因此 2025 全年合計約 350 萬美元，符合我們先前的指引。同時也必須指出，我們 2025 年的結果包含數項與資產負債表轉型相關的一次性項目。這些成本包括債務轉換與清償，以及衍生工具公允價值變動所造成的非現金影響，而這些如今都已成為過去。

So last year was a deliberate effort to simplify our capital structure and eliminate legacy obligations. And these actions, we believe, significantly strengthen the company going forward. And from a liquidity standpoint, we are in a strong position. We believe our current cash, combined with expected revenues from metals recycling later this year and priority asset sales and monetization, all that keeps us strong and in a leading position as we execute on the metals plan.

因此，去年我們是有意識地簡化資本結構並消除歷史遺留義務。我們相信，這些行動將在未來顯著強化公司體質。就流動性而言，我們處於強勁位置。我們認為，目前現金加上今年稍晚金屬回收帶來的預期營收，以及優先資產出售與變現所帶來的資金，將使我們在執行金屬計畫時維持強健並處於領先地位。

And lastly, we are lining up and diligent seen and positioning more traditional non-dilutive sources, which includes grants and industrial bonds, which we will qualify for and we'll have access to once our first facility is up and running this year.

最後，我們也正在規劃並審慎推進、更傳統的非稀釋性資金來源，包括補助款與產業債券；一旦我們今年第一座設施建置完成並開始運轉，我們將符合資格並可取得這些資金。

So those are my remarks. I'll turn it over now to Corrado to dive deeper into our metals progress and monetization.

以上是我的說明。接下來我把時間交給 Corrado，請他更深入說明我們在金屬業務的進展與資產變現。

Thanks, Judd. Thanks, everyone, for being here. We probably have a record attendance for this call. So I'm really -- I'm excited about the update. Let me start with the announcement that we made just after the market closed today, which for us is incredibly exciting and encouraging.

謝謝你，Judd。也謝謝各位今天到場。這次電話會議的出席人數可能創下紀錄。所以我對這次更新內容感到非常——非常期待。我先從我們在今天收盤後剛發布的公告談起，對我們而言這非常令人振奮，也很鼓舞人心。

As Judd mentioned, at the end of January, we had a robustly oversubscribed offering. We had tremendous quality of institutional investors. He named a few, Hood River, MA Capital, Gratia. I mean the list continues on down to a solid 25, 30 institutions that joined. What was even more encouraging was Steve Pei, Gratia, Craig and Mike Kaufman, the interest that was taken in the company is very, very high, including site visits, including reviews and tours of all of our assets and quite frankly, extremely constructive engagement about support and help for how do we position this company to be a truly global, truly dominant, metal recycling company.

如 Judd 所提到的，我們在 1 月底完成了一次強勁的超額認購募資。我們吸引到非常高品質的機構投資人。他點名了幾家：Hood River、MA Capital、Gratia。名單還可以繼續往下列，約有 25 到 30 家機構加入。更令人鼓舞的是 Steve Pei、Gratia、Craig 與 Mike Kaufman 等人對公司的高度關注——包括實地參訪、對我們所有資產的審閱與導覽；坦白說，他們也以非常具建設性的方式投入交流，討論如何提供支持與協助，讓我們能將公司定位為一家真正全球化、真正具主導地位的金屬回收公司。

I think that reflects a view that our technology is differentiated. I think it reflects a view that we have a really, really early adopter head start. I think it reflects a view that we did make good progress with this balance sheet. If you go back to the shareholder letter from last January, it was a tough letter, but the message was we need to clean things up. We need to get recapitalized and we need to fund these growth businesses.

我認為這反映出一種看法：我們的技術具備差異化優勢。我認為這也反映出一種看法：我們在非常、非常早期採用者方面擁有先行優勢。我認為這也反映出一種看法：我們確實在這份資產負債表上取得了良好進展。如果你回頭看去年一月的股東信，那是一封艱難的信，但訊息是：我們需要把事情整理乾淨。我們需要完成資本重整，並且需要為這些成長型業務提供資金。

So if people go back and look at that letter, we could say, wow, we made huge progress. But now we have that posture. So the hard work is now the execution. And how do you take a platform that's regional? Sure, half of the end-of-life market is in the Southwest region.

所以如果大家回去看那封信，我們可以說，哇，我們取得了巨大的進展。但現在我們已經有了那樣的姿態。所以接下來的硬仗就是執行。而你要如何把一個區域性的平台做大？當然，報廢（end-of-life）市場有一半在美國西南地區。

United States, absolutely Nevada and these Nevada permits and platform positions us to capture it. But it's much bigger than that. The United States has over 1.3 billion panels deployed. They're coming end of life rapidly, and that's only 1/8 of the world. The world has just as big of a dilemma, eight times relative to the US

在美國，絕對是內華達州，而這些內華達州的許可與平台使我們具備掌握該市場的定位。但這遠不止於此。美國已部署超過13億片面板。它們正快速進入生命週期末端，而這只占全球的八分之一。全球面臨同樣巨大的困境，相對於美國規模是八倍。

So the conversation was around expanding governance, expanding international business competency, accessing capital markets competency. So we're thrilled to announce the addition of three new independent directors. Donald Colvin, who has extensive and frankly, complex financial management background, but a very, very strong solar industry experience being the Chair and a Board member of a public solar manufacturer of global footprint and just the global public company governance posture from chairing boards to chairing audit committees.

因此，討論的重點在於擴大治理架構、提升國際業務能力，以及強化進入資本市場的能力。所以我們非常高興宣布新增三位新的獨立董事。Donald Colvin 擁有豐富且坦白說相當複雜的財務管理背景，同時也具備非常、非常深厚的太陽能產業經驗；他曾擔任一家具有全球版圖的上市太陽能製造商之董事長與董事，並在全球上市公司治理方面具備完整的實務經驗，從擔任董事會主席到主持審計委員會。

And then Steve Pei, as I mentioned, with extensive, I mean, quite remarkable capital markets background, entrepreneurial, what was intriguing was the notion of investing in smaller early-stage companies and watching them become national or international successes and watching those values increase dramatically. And then Bob Spence, who has an exceptional background in refining, in recycling and electrification recycling to boot, including international operations, 30-plus international sites in public and international governance experience, both from audit, from acquisition, from oversight.

接著是我提到過的 Steve Pei，他擁有廣泛、可以說相當卓越的資本市場背景，也具備創業精神；令人感興趣的是他投資較小、早期公司的理念，並見證它們成為全國性或國際性的成功案例，並看到其價值大幅提升。還有 Bob Spence，他在煉製、回收以及電氣化回收方面擁有出色背景，並包含國際營運經驗；他在30多個國際據點有實務經驗，也具備上市公司與國際治理經驗，涵蓋審計、併購與監督。

We really could have spent a couple of years working on the searching and recruiting and aligning and onboarding of our Board. We really jump-started that. So I think from a perspective of really, really strong platform that can really handle all of the things that are coming, sweeping across the US We've got a really good plan for that. But this won't stop there.

我們本來可能需要花上一兩年來搜尋、招募、協調並讓董事會成員完成到任與融入。但我們確實把這件事大幅加速了。所以我認為，從打造一個非常、非常強健的平台角度來看，它能夠應對即將席捲全美的各種事情，我們對此有一個非常好的計畫。但這不會止步於此。

This market is just extraordinary. So we're welcoming our expanded Board. And I guess the final takeaway is when two of your top four investors are represented on your Board, that screams a lot. We couldn't be more thankful Steve Pei of Gratia. Michael Kaufman at MAK, Craig and the rest of the team that just worked so, so diligently to make all this happen for us.

這個市場實在非同凡響。因此我們歡迎擴編後的董事會。我想最後的重點是：當你前四大投資人中的兩位在董事會中有代表席次時，這代表了很多。我們對 Gratia 的 Steve Pei 感激不盡。也感謝 MAK 的 Michael Kaufman、Craig 以及整個團隊，他們非常、非常勤奮地促成這一切，讓我們得以實現。

We thank you very, very much. And for 2026, that team, that governance structure, that capital base is aligned, right? We're aligned on these objectives, which is very, very much, first and foremost, to monetize our noncore legacy mining assets. We've gone from a few years ago talking to less than credible people to talking to marginally capable people to now being engaged with very, very serious mining counterparties that absolutely like what we have here, what we've maintained here, which is a great mining district, great resources. If there's any question about this decision, let me put everybody's mind at rest.

我們非常、非常感謝各位。而展望2026年，那個團隊、那個治理架構、那個資本基礎已經對齊，對吧？我們在這些目標上已經一致，而其中最重要、首要的是將我們的非核心傳統採礦資產變現。我們從幾年前與不太可信的人交涉，到與勉強有能力的人交涉，再到如今與非常、非常嚴肅認真的採礦對手方合作；他們確實喜歡我們在這裡擁有並維持的資產——這是一個很棒的礦區、很棒的資源。如果對這個決策還有任何疑問，讓我讓大家安心。

Every dollar that we take from the mining assets and put into the recycling assets multiplies exponentially. And let's be clear, if we were going to mine these assets it would take $30 million, $40 million, maybe $50 million of capital to put a mine into production. That's with an existing resource and a permitted platform. There would still be a lot to do. So in that context, it's money that doesn't go to solar recycling.

我們從採礦資產拿出的每一美元，投入回收資產後都會呈指數級放大。而且要說清楚：如果我們要開採這些資產，將需要3,000萬、4,000萬，甚至可能5,000萬美元的資本，才能讓礦場投產。這還是在已有資源量與已取得許可的平台之下。仍然還有很多工作要做。因此在這樣的情境下，那些資金就無法投入太陽能回收。

That's a nonstarter for us. It never was a starter for us, frankly. But every dollar that we can then pull out of that nonproductive asset and put into the recycling business, I think a few of you heard me say, our mining assets, which we believe have good value and are very attractive, have about 2.5 million ounces of silver in situ just in the Dayton resource alone. And yes, that would take six or seven years to mine once the mine got up and running. Two of our facilities in Nevada, which we now know where they're going to be and they're up and getting up and running, would produce that much silver annually, okay?

這對我們而言根本不可行。坦白說，這從來就不是我們的選項。但我們能從那個不具生產性的資產中抽出並投入回收業務的每一美元——我想你們之中有些人聽我說過——我們的採礦資產我們相信具有良好價值且非常具吸引力；僅在 Dayton 資源區就有約250萬盎司的原位白銀（in situ）。而且是的，一旦礦場建成並運轉，開採完可能需要六到七年。但我們在內華達州的兩座設施——我們現在已經知道它們會設在哪裡，並且正在建置、啟動運轉——每年就能產出同等數量的白銀，好嗎？

That's just two, not seven. So you can see the difference in throughput and cash generation from what you could call two different silver mines. We also want to monetize our noncore legacy real estate. I'm going to give you more transparency on that today simply because we finally came to sufficient progress, both with Sierra Springs' Board and company and with third parties that are very, very interested in these assets. The value is higher, the ownership is higher.

那只是兩座，不是七座。所以你可以看出，若把它們視為兩種不同的「白銀礦」，其處理量與現金創造能力的差異。我們也希望將非核心的傳統不動產資產變現。我今天會就此提供更多透明度，因為我們終於在 Sierra Springs 的董事會與公司，以及對這些資產非常、非常有興趣的第三方之間，取得了足夠的進展。價值更高、持股比例也更高。

So the amount that we're going to monetize here, hopefully, will be pleasantly higher than anyone might have been expecting. So we're going to do both of those things. Green Li-ion, we also want to monetize. It's less within our control. The company is making extraordinary progress, truly exceeded my expectations in terms of their journey to profitability. They have an operating facility in Oklahoma. We own 13% of the company.

因此，我們在這裡希望變現的金額，應該會令人驚喜地高於任何人原先可能的預期。所以我們會同時推進這兩件事。Green Li-ion 我們也希望變現。這部分較不在我們的掌控之內。該公司正取得非凡進展，就其邁向獲利的旅程而言，確實超出我的預期。他們在奧克拉荷馬州有一座營運中的設施。我們持有該公司13%的股權。

And they've announced that they're going to move into a public listing in Australia sometime later this year. So once Green Li-ion is successful in its endeavour to becoming a public company, then we'll have a much easier and clearer exit strategy for that investment.

而他們已宣布將在今年稍晚於澳洲進行公開上市。因此，一旦 Green Li-ion 成功推進成為上市公司的計畫，我們對該投資的退出策略就會更容易、也更清晰。

We've worked very, very hard on all these monetization items. This is the crux of the corporate objectives. We've had to put more capital into Sierra Springs but at great gain. That wasn't clear before because the deals weren't structured and they weren't announced, but they are now structured. And we've already taken effectively what was just under 17% of Sierra Springs to well over 36%, 37%.

我們在所有這些變現項目上都投入了非常、非常多的努力。這是公司目標的核心。我們不得不對 Sierra Springs 投入更多資本，但也帶來了很大的增益。先前這點並不明確，因為交易尚未完成架構設計，也尚未對外公告，但現在已完成架構設計。而且我們已經把 Sierra Springs 的持股比例，從原本略低於17%有效提升到超過36%、37%。

That number could end up easily at well over 50% for something that we think has hundreds of millions of dollars of value. We don't think that based on conjecture, there is monster engagement in Northern Nevada right now because if you're able to secure sufficient power to the land, it's in immediate demand. If you're not able to secure sufficient power to the land, there's no interest, okay?

那個數字很容易最終會遠遠超過 50%，而我們認為那項資產的價值可達數億美元。我們不認為這只是推測；目前北內華達的參與度非常高，因為只要你能為該土地取得足夠的電力，需求就會立刻出現。如果你無法為該土地取得足夠的電力，那就沒有興趣，好嗎？

So we're on the verge of something very meaningfully here. I think 2026, credibly now, we'll see monetization of mining, monetization of noncore real estate. And frankly, timing couldn't be better. So we're really all about supporting the exponential growth of the metals business, not just for national dominance really for setting the global standard in this recycling business.

所以我們正站在一個非常有意義的關鍵點上。我認為到 2026 年，現在可以有可信度地說，我們將看到採礦的變現、非核心不動產的變現。坦白說，時機再好不過。因此，我們真正的重點是支持金屬業務的指數型成長，不只是為了國內的主導地位，更是為了在這個回收產業中樹立全球標準。

We crushed it in '25. And when I say we, I mean the metals team, Fortunato, Paul, Kayla, I mean, they got the permits, first of its kind. Leo was absolutely instrumental in supporting us, one of our Board members in navigating through that regulatory regime. We didn't only get first-of-its-kind permits. We were held to what we originally thought was a ridiculously high standard. But now with hindsight, it looks like it will be very difficult for any existing competitor that we know of two even set foot in Nevada and even get permits within two years.

我們在 25 年表現非常出色。我說「我們」，指的是金屬團隊——Fortunato、Paul、Kayla——他們拿到了許可，屬於首創。Leo 在支持我們方面絕對至關重要，他是我們董事會成員之一，協助我們在那套監管體系中穿梭應對。我們不僅拿到了首創的許可。我們被要求達到一個當初認為高得離譜的標準。但事後回頭看，對於我們所知的任何既有競爭者而言，要在兩年內踏進內華達、甚至拿到許可，恐怕都會非常困難。

So to the extent Nevada sits on 50% of the end-of-life market, certainly between now and 2030, now and 2035, wow, we're literally on the beachhead of a battle that doesn't see any competitors anywhere near of what we've positioned here. We don't want to stop in the Southwest region because that's only half the market. We want to get to the rest of the US, and that will come, as Judd said, with less resistance and much more rapidly.

因此，若內華達掌握了報廢（end-of-life）市場的 50%，那麼在現在到 2030 年、乃至 2035 年之間，哇，我們基本上正站在戰場的灘頭陣地上，而在我們目前的佈局附近看不到任何能接近的競爭者。我們不想只停留在美國西南地區，因為那只是一半的市場。我們希望擴展到美國其他地區；正如 Judd 所說，那將會遇到更少阻力、而且速度更快。

We also have designed the engineered process for recovering the metals from our tailings. I'll give you a little bit more color on that. But we did that with leveraging a handful of partners between universities and companies that have existing assets and existing infrastructure that allows us to take Fortunato's engineered design and very efficiently test up to a demo, which we hope to have here by the end of this year. So all that work in 2025 really positioned us to move fast, right? So what do we want to do?

我們也已設計出從我們的尾礦中回收金屬的工程化流程。我會再補充一些細節。我們是透過結合少數合作夥伴來完成的，涵蓋大學與企業；他們擁有既有資產與既有基礎設施，使我們能把 Fortunato 的工程設計非常有效率地測試到示範（demo）階段，我們希望在今年底前完成。所以 2025 年的所有工作，確實讓我們具備快速推進的條件，對吧？那我們想做什麼？

We want to get this facility up and running. Substantially all of the equipment has arrived. The ovens are arriving now and the ovens literally represent -- I just looked at the final truck schedules, represents 20 full 18-wheelers. So you start to get a sense of the magnitude of this process and these systems. Some of you have come and visited and I'll show some pictures of some of the equipment as it's getting assembled here.

我們希望讓這座設施建置完成並投入運轉。幾乎所有設備都已到貨。烤爐正在運抵，而烤爐本身——我剛看了最後的卡車排程——總共需要 20 輛滿載的 18 輪卡車。因此你會開始感受到這個流程與這些系統的規模。你們當中有些人來參觀過；我也會展示一些設備在這裡組裝中的照片。

But it's all coming in, we're on schedule. It wouldn't be right to say that three or four weeks of slippage hasn't occurred, but that was already buffered in our schedule. So commissioning in Q1, operating in Q2 holds. We're very happy about that, bringing the thing online. And another thing that's happening is that we're starting to see -- it's almost like if you're in the fourth-quarter of a football game, you're starting to see some of our competition, take a knee or move aside.

不過一切都在進場，我們按計畫進行。說完全沒有延誤三到四週並不公平，但那部分我們在排程中已經預留了緩衝。因此，第一季試車（commissioning）、第二季營運的目標仍然成立。我們對此非常滿意，讓整套系統上線。另外還有一件事正在發生：我們開始看到——就像美式足球第四節一樣——一些競爭對手開始跪地耗時（take a knee）或退到一旁。

Really, that's an analogy to say that our customers, the true utility scale companies that are now very seriously engaged in a very big end-of-life problem. They're almost only -- they're certainly not talking to the two or three people that we previously talked about as showing up most often. So there's a really good trend there. Something even more strategic is happening. Some of these institutions are either very, very large or part of even larger organizations, and they've engaged us for more strategic things.

這個比喻是想說，我們的客戶——真正公用事業規模（utility scale）的公司——現在正非常認真地面對一個很大的報廢問題。他們幾乎只——至少可以確定的是——不再去跟我們之前提到、最常出現的那兩三家對話。所以這是一個非常好的趨勢。還有更具策略性的事情正在發生。其中一些機構不是規模非常、非常大，就是隸屬於更大型的組織，而他們也就更具策略性的事項與我們接洽。

You've heard me talk about co-locating on one of the sites or venturing into a third or fourth site. This all ties to getting market share, right? So we want to dominate the market share. We're very happy with how those underlying conversations are going. And we've identified the second site.

你們聽我談過在某個場址共址（co-locating），或是拓展到第三或第四個場址。這一切都與取得市占率有關，對吧？所以我們希望主導市占率。我們對這些底層對話的進展非常滿意。而且我們已經確定了第二個場址。

We are pinning it down, final stages. The permits actually have already been submitted. So we're excited about it. It will be in Clark County. It will be just outside of Las Vegas, exactly where we wanted to position the second site for this Southwest region.

我們正在把它敲定，已進入最後階段。相關許可其實已經送件。所以我們很興奮。它會在克拉克郡（Clark County）。它會在拉斯維加斯外圍，正是我們希望在這個西南區域為第二個場址所選定的位置。

And California is permitted up and running. Ohio is coming up in line. Those right now are primarily either storage and/or transition activities, prep activities, logistics activities. There's no processing. There's no processing that we're planning at all for California, but certainly, Ohio would evolve into that, and we're looking as well at a specific site in Texas.

而加州已取得許可並已上線運作。俄亥俄也正在排隊推進。目前那些據點主要是儲存和／或轉運活動、前置作業、物流作業。沒有加工處理。我們完全沒有規劃在加州做加工處理；但俄亥俄當然會逐步演進到那一步，另外我們也在德州尋找一個特定場址。

So that side of things are moving very, very quickly and we're continuing all of those efforts. '26 is going to be -- as foundational as '25 was '26 is going to show the light. '26 is going to show the large industrial system running. It's going to show it turning profitable. It's going to show volumes increasing.

所以那一端的進展非常、非常快，我們也在持續推動所有這些工作。26 年將會——如同 25 年奠基一樣——26 年會讓成果顯現。26 年會展現大型工業系統的運轉。它會展現轉為獲利。它會展現量能提升。

And you're going to see revenue goes from $100,000 a month to $200,000 a month to $1 million a month to $2 million a month. That's our profile for 2026. And we don't see any reason why that isn't going to come together just like that. So we don't need to talk that much about silver demand. Every one of you that I've talked to seems to understand the supply and demand equation for silver and is very bullish on it.

你們會看到營收從每月 10 萬美元到每月 20 萬美元，再到每月 100 萬美元、每月 200 萬美元。這就是我們對 2026 年的輪廓。而我們看不出有任何理由它不會就這樣順利成形。所以我們不需要花太多時間談白銀需求。我跟你們每一位聊過的人似乎都理解白銀的供需方程式，並且非常看多。

Even with some pullback, we're sitting at $70 silver, which is above anything that we've modelled in our process. As I mentioned previously, even at $60 silver, our offtake revenue isn't $125 a ton. It's $375 a ton. So we already have an enhanced profile given the current realities. You see the inside of 600 Lake in this picture, that was seven months ago.

即使有些回檔，我們目前仍在每盎司 70 美元的白銀價位，這高於我們在流程模型中所採用的任何假設。如我先前提到，即使白銀每盎司 60 美元，我們的承購（offtake）收入也不是每噸 125 美元。而是每噸 375 美元。因此，基於當前現實，我們的表現輪廓已經被強化。你在這張照片中看到的是 600 Lake 的內部，那是七個月前拍的。

Now when you look at the inside of 600 Lake, it's assembling equipment. That shine that you see on the floor there is an epoxy that we had to lay down that outlines perfectly the footprint of the large system. You can't see the ends of the footprint. It's extremely large, 80, 90, 100 feet of processing, fully integrated, fully automated. We are testing the robotic arms.

現在當你看 600 Lake 的內部時，正在組裝設備。你在地板上看到的那道光澤，是我們必須鋪設的一層環氧樹脂，能夠精準勾勒出大型系統的占地輪廓。你看不到這個占地輪廓的兩端。它非常巨大，處理線長度達 80、90、100 英尺，完全整合、全自動化。我們正在測試機械手臂。

We are assembling the front-end crushers. We are pulling together all of the equipment. And we're heavily finalizing the grading and the preparation. Fencing is going to go up next week for the storage. And it just gives you some context here.

我們正在組裝前端破碎機。我們正在把所有設備整合到一起。而且我們正在大幅推進整地與前期準備的收尾工作。用於儲存的圍欄將在下週架設。這只是讓你在這裡有一些背景脈絡。

If you're looking at this picture, hopefully, that building there in the background is where our demo facility sits, okay? So we're talking about major -- I kept saying like this enormous expansion or massive expansion for storage, you're starting to get a sense of it. I was annoyed earlier, one of our investors posted 4 beautiful pictures. They must have been circling the site or something. I criticized my team and said, these guys are getting better pictures than I'm getting.

如果你在看這張照片，希望你能看到背景那棟建築就是我們的示範設施所在的位置，好嗎？所以我們談的是重大——我一直說是這種巨大的擴建或大規模擴建，用於儲存，你開始能感受到它的規模。我之前有點懊惱，我們的一位投資人貼了 4 張很漂亮的照片。他們一定是在工地周邊繞行之類的。我還批評了我的團隊，說這些人拍到的照片比我拿到的還好。

So if you're on Twitter or X, you can see some even more elaborate pictures of this development that's happening real time. And the holy grail is not getting $125 a ton for tailings or $375 a ton for tailings. Those numbers reflect us capturing 50% or 60% of the silver value and leaving the silicon metal and leaving the copper and depending on the types of panel, leaving the gallium or the tellurium or the iridium behind, what we've applied it for a grant on and what we've already started the development work on is being able to capture the substantial majority, we'd love to say substantially all of the value from those critical metal recoveries from the tailings. So we've been ridiculously busy site preparing. We've been ridiculously busy receiving equipment.

所以如果你在 Twitter 或 X 上，你可以看到更多更精細的照片，這個開發正在即時進行。而所謂的「聖杯」不是尾渣每噸拿到 125 美元或每噸 375 美元。那些數字反映的是我們只捕捉到白銀價值的 50% 或 60%，並且把矽金屬留下、把銅留下，並且依面板類型不同，把鎵或碲或銥留在後面；我們已就此申請補助、也已開始進行研發工作的是：能夠回收尾渣中絕大部分——我們希望可以說幾乎全部——來自這些關鍵金屬回收的價值。所以我們在場地整備上忙得不可開交。我們在接收設備方面也忙得不可開交。

We've been busy expanding the market, and that would be satisfactory. But it's been exceptional that the team has made and forced the capacity to design this refining solution. We don't -- when we say we feel like we're a couple of years ahead in recycling, we're humble about that. We're not arrogant about it. We want to expand it. We want to assume we're one day ahead. We don't want to assume we're two years ahead. But we're talking about recycling. We're not talking about refining. We don't see anybody even talking about these types of refining solutions.

我們也一直忙著擴展市場，而那樣其實就已經令人滿意了。但更出色的是，團隊已經做出並且硬是擠出產能來設計這套精煉解決方案。我們不——當我們說我們覺得自己在回收領域領先了幾年，我們是謙虛地這麼說。我們並不自大。我們想把它擴大。我們希望假設自己只領先一天。我們不想假設自己領先兩年。但我們談的是回收。我們不是在談精煉。我們看不到有人甚至在談論這類精煉解決方案。

And the reason this is so important, and I think the reason our capital base is so interested is 3.5 million panels last year would load one of our production lines. In four years, that number is going to be 33 million. We would need 10 production lines to do that. And I'm not sure if people appreciate it. One production line that $13 million of one production line can do 3.3 million panels a year.

而這之所以如此重要，我認為也是我們資本方如此感興趣的原因：去年 350 萬片面板就能讓我們的一條產線滿載。四年後，這個數字將會是 3,300 萬片。我們需要 10 條產線才能處理。而我不確定大家是否真正理解。一條產線——一條產線 1,300 萬美元的投資——每年可以處理 330 萬片面板。

But that facility that you just saw, it was permitted for 2.5 production lines, really three production lines with the capacity of doing 250,000. So if this Southwest region does anything close to what we think it's going to do, it's doubling the capacity, 2.5 times in the capacity of that facility will have literally zero permitting lead time. Zero permitting lead time. It's already permitted. What it will require, of course, is equipment ordering lead time, which we can let the market tell us when to trigger that. And this is the old map that most of you have seen.

但你剛剛看到的那座設施，它的許可核准是以 2.5 條產線為基準，實際上可達三條產線，處理能力為 250,000。所以如果美國西南地區的表現接近我們的預期，那麼把該設施的產能加倍、提升到 2.5 倍，將在許可方面幾乎不需要任何前置時間。許可前置時間為零。它已經取得許可。當然，所需要的是設備下單的交期，而我們可以讓市場告訴我們何時啟動這件事。這是你們大多數人都看過的舊地圖。

But for any of you that haven't, here's Arizona, Nevada, California. These are the 1.3 billion, 1.4 billion panels that are deployed in the US. The fatter the circle, the older the panel. That's why these two facilities in Nevada are so critical and why we're going after this half of the market so diligently, so vigorously. But an enhanced metal value, you're not talking about $55 million or $60 million of cash flow from one facility running full.

但對於還沒看過的人，這裡是亞利桑那州、內華達州、加州。這些是美國已部署的 13 億、14 億片面板。圓圈越粗，代表面板越老。這就是為什麼內華達州的這兩座設施如此關鍵，也為什麼我們如此勤勉、如此積極地要拿下這一半的市場。但若金屬價值提升，你談的就不是單一設施滿載運轉帶來 5,500 萬或 6,000 萬美元的現金流。

You're talking about $75 million to $80 million for one facility running full. And that doesn't consider the enhancement that would come with the refining solution. Now let me just spend a little bit more time on this monetization of noncore assets. Some of you may have seen previously a higher NPV that we calculated for our mining assets. That number was correct.

你談的是單一設施滿載運轉可達 7,500 萬到 8,000 萬美元。而這還沒有把精煉解決方案帶來的增值算進去。現在讓我再多花一點時間談談非核心資產的變現。你們當中有些人可能之前看過我們對採礦資產計算出的較高 NPV。那個數字是正確的。

It stays correct. But as I said earlier, these assets take some capital to put into production. As I said earlier, we're engaged with some very, very serious counterparties. They have capital. That's, I guess, the litmus test for me on, are they serious?

它仍然是正確的。但如我先前所說，這些資產需要投入一些資本才能投產。如我先前所說，我們正在與一些非常、非常嚴肅的對手方接洽。他們有資本。我想，對我而言這就是判斷他們是否認真的試金石。

They have capital. They have capital to deploy, and we're talking about a range of value of, let's say, $50 million or $60 million. We're not necessarily talking about all cash up front, but we are talking about full monetization. What we would like to do is sell it for all cash or we'll sell it for cash with some very relevant or meaningful milestones. Any dollar that we pull out of nonproductive assets to put in our solar business, we believe, is a home run.

他們有資本。他們有可部署的資本，而我們談的價值區間，比如說是 5,000 萬或 6,000 萬美元。我們不一定是在談全部現金一次到位，但我們談的是完整變現。我們希望能以全現金出售，或以現金加上一些非常相關或具實質意義的里程碑條款出售。我們認為，任何從非生產性資產中抽出的每一美元，用來投入我們的太陽能業務，都是一記全壘打。

With the Sierra Springs, we have been allocating capital to that. You'll see that it increased. But we have agreement now to convert that into ownership at extraordinary values. And I'm going to talk about that a little bit more. I'm going to give you a little bit more color.

至於 Sierra Springs，我們一直在配置資本到那裡。你會看到它增加了。但我們現在已有協議，能以極具吸引力的估值把它轉換為所有權。我會再多談一點。我會提供更多細節。

But I've been busy with this because it's super active, right? Nevada went through a monstrous hyperscale data center expansion. It's listed right now as fifth or sixth in the US with projects under construction with 29 projects under construction, and it's every big name. We have an industrial park very, very close to us, not the Tahoe-Reno Industrial Park.

但我一直在忙這件事，因為它非常活躍，對吧？內華達州經歷了一波龐大的超大規模資料中心擴張。目前按在建專案計算，它在美國排名第五或第六，有 29 個在建專案，而且涵蓋所有大牌。我們附近有一個工業園區，離我們非常、非常近，但不是 Tahoe-Reno Industrial Park。

Everybody knows about that. Another one that's very close to us in Silver Springs that is out soliciting industrial lands for this purpose, and they secured access to power other than the grid. The grid is tapped out. The grid is not available until God knows when. So we secured similarly access to that power required some small financial commitment initially, a small bond, $1 million, $1.5 million of posting, which was easy, but it opened up the whole world for us.

大家都知道那件事。另外一個離我們在 Silver Springs 非常近、正在為此目的招攬工業用地的案子，他們也取得了非電網的電力接入。電網已經滿載。電網要到天知道什麼時候才有容量可用。所以我們也同樣確保取得所需電力的接入，起初只需要一點小額的財務承諾，一筆小額保證金，貼現（繳交）100 萬到 150 萬美元，這很容易，但它為我們打開了整個世界。

Now we've got -- I'll be very frank, like I'm behind in being responsive to them. And if that's annoying to you, it should be because it's annoying to me. But the dollars that we're talking about are not $45 million or $50 million like we talked about before. It's a couple of hundred million. And that doesn't include our properties that we own 100% and directly.

現在我們已經——我很坦白地說，我在回應他們這件事上落後了。如果這讓你覺得煩，那也應該，因為我自己也覺得煩。但我們現在談的金額不是之前說的 4,500 萬或 5,000 萬美元。而是好幾億美元。而且這還不包括我們 100% 持有並直接擁有的資產。

So as you can see, it's in everybody's interest for us to prioritize and monetize these assets. The mining assets last year, we acquired the Haywood quarry. You see it right here, this Haywood target on the map. We also sold some of the northern properties, which are now taken off of this map. But in selling those northern properties, we also got these green -- there's about 240 acres that we added that fully support and surround both the mining of the Dayton asset and the processing for the Dayton asset.

所以如你所見，對大家而言，把這些資產列為優先並加以變現符合所有人的利益。採礦資產方面，去年我們收購了 Haywood 採石場。你在地圖上就能看到這個 Haywood 目標。我們也出售了一些北部地產，現在已經從這張地圖上移除了。但在出售那些北部地產時，我們也取得了這些綠色區塊——大約新增了 240 英畝，能完整支援並環繞 Dayton 資產的採礦以及 Dayton 資產的加工處理。

We have those 230 acres at no additional consideration. So between the Haywood property, which is ideal for processing Dayton and those other properties, which fully support the mining and the processing of Dayton, we've made this much more saleable much more monetizable. And as I said earlier, we're fully engaged. When we first announced that Haywood purchase, some people were like, I thought we weren't interested in mining. I thought we were trying to monetize the mining.

我們以不需額外對價取得了那 230 英畝。因此，在 Haywood 地產（非常適合用於處理 Dayton 以及其他地產的物料）與其他那些能完整支援 Dayton 的採礦與加工的地產之間，我們讓這個案子更容易出售、更容易變現。而且如我先前所說，我們已全力投入。當我們第一次宣布收購 Haywood 時，有些人說，我以為我們對採礦不感興趣。我以為我們是要把採礦資產變現。

And I just want to make it clear, that's exactly what those moves were designed to position us for. And these properties, they're flat, they're expansive and they're very, very attractive to real miners. So we're really having productive conversations. Judd is getting very, very close, and I really appreciate that helping that support. Now just more transparency on Sierra Springs because there's approval on the Sierra Springs side, right?

我只想說清楚，這些動作的設計目的正是為了讓我們能做到那件事。而這些地產地勢平坦、面積廣闊，對真正的礦業公司非常、非常有吸引力。所以我們確實正在進行很有成效的對話。Judd 已經非常、非常接近了，我也非常感謝他提供的協助與支持。現在再多一些關於 Sierra Springs 的透明資訊，因為 Sierra Springs 那邊已經有核准了，對吧？

There is approval for Comstock to take the lead, for Comstock to drive this thing to the finish line, for Comstock to enable this bigger monetization. And of course, Comstock needs to benefit dramatically from that capacity. What where we are is we're sitting in the largest opportunity zone, if not the largest, one of, by far, the largest opportunity zones in the United States.

已核准由 Comstock 擔任主導，由 Comstock 推動這件事走到終點線，由 Comstock 促成更大規模的變現。當然，Comstock 也必須從這個能力中獲得顯著的利益。我們目前所在的位置，是全美最大的機會區之一，甚至可能就是最大的機會區。

It's not only an expansive amount of land sitting right by Lake Tahoe, the fact that it's 10 miles from the California border and maybe more importantly, one truck day away from seven different states and 75 million people is one of the biggest reasons that all of these data centers and all of these manufacturing companies are locating here. The other reason is that it's the environmental climate is almost perfect for optimal cooling of these data centers. But it's even more than that. It's literally Nevada -- Northern Nevada is literally one of the safest places in the country when it comes to the hazard map or the disaster avoidance map. We don't have hurricanes.

這不僅是一大片緊鄰太浩湖的土地；距離加州邊界 10 英里，以及更重要的是，卡車一天可達七個不同州、覆蓋 7,500 萬人口，這是所有這些資料中心與製造公司選擇落腳在此的最大原因之一。另一個原因是，這裡的環境氣候幾乎完美，能讓這些資料中心達到最佳冷卻效率。但還不只如此。從災害風險地圖或避災地圖來看，內華達——北內華達實際上是全國最安全的地區之一。我們沒有颶風。

We don't have hailstorms. We don't have all of these impediments. And so it's not coincidence that Google, Apple, Microsoft Switch, Tract and at least two dozen more are locating here for mega hyperscaling. And for us, it was when USA Parkway was built from a non-existent road to a dirt road to a four-lane superhighway, connecting Reno right down into Silver Springs where my better lucky than good comment keeps coming out. We were sitting right there ready to receive that ball.

我們沒有冰雹風暴。我們沒有這些阻礙因素。因此，Google、Apple、Microsoft、Switch、Tract，以及至少另外二十多家選擇在此進行超大規模（mega hyperscaling）部署，並非巧合。對我們而言，當 USA Parkway 從不存在的道路變成土路，再變成四線道高速公路，連接 Reno 一路往下到 Silver Springs——我那句「運氣比實力好」的話總會冒出來——我們就坐在那裡，準備好接球。

It's still somewhat pioneering two years ago. Everything was happening in the Tahoe-Reno Industrial Center. Everything is happening up in Fernley. And people kept saying, well, what about Silver Springs? What about Silver Springs?

兩年前這仍帶有某種開拓性。當時所有事情都發生在 Tahoe-Reno Industrial Center。所有事情都發生在 Fernley 那邊。大家一直在說，那 Silver Springs 呢？Silver Springs 呢？

Well, if you look at the map this way, you see this connecting highway. Tesla's giga factor is really what put us on the map, but the data centers are really what exploded the map. It comes right down to our properties. You see the Comstock load here just 30 minutes down the road, Highway 50, and then you see the congregation of this asset here.

如果你用這個角度看地圖，你會看到這條連接的高速公路。Tesla 的超級工廠（giga factory）確實讓我們上了地圖，但真正讓地圖「爆炸」的是資料中心。它一路延伸到我們的地產。你看到這裡的 Comstock 負載點（load），沿著 50 號公路往下開 30 分鐘，然後你會看到這個資產在此聚集。

I haven't spoken about this much because we spend -- Fortunato and the team spent 110% of their time on Comstock Metals. I like to think I spend 50% of my time supporting Comstock Metals. I want that to be 90% of my time. Judd is handling the monetization of the mining assets. I'm handling the monetization of Sierra Springs.

我之前不太談這個，因為我們投入——Fortunato 和團隊把 110% 的時間都放在 Comstock Metals。我願意相信我有 50% 的時間在支援 Comstock Metals。我希望那能變成我 90% 的時間。Judd 在負責採礦資產的變現。我在負責 Sierra Springs 的變現。

And I think it's also important to say I've never took a penny from Silver Springs. I've never gotten any compensation from Sierra Springs. I only own stock there because I bought it with my own money, and I've agreed to rectify that. Like we are going to align my interest only and solely with LODE. There is no even debate or discussion about it.

我也認為很重要的一點是：我從 Silver Springs 從未拿過一分錢。我從 Sierra Springs 從未拿過任何報酬。我在那裡持股只是因為我用自己的錢買的，而我也同意要把這件事矯正過來。也就是說，我們會讓我的利益完全且僅僅與 LODE 對齊。這件事沒有任何爭辯或討論的空間。

I've already committed to it, right? What you're going to see with hopefully some foresight, but certainly soon with hindsight is that load investors own something very, very valuable here. As exciting as monetizing something that's worth a couple of hundred million potentially would be, what can be done with that money in solar recycling is a whole other level of excitement. You can read up all the articles about what's happening in Northern Nevada. It's very easy to see them.

我已經承諾了，對吧？你們將會看到——希望帶著一些前瞻性，但肯定很快就能在事後回顧中看到——LODE 的投資人其實擁有一個非常、非常有價值的東西。把一個可能價值數億美元的資產變現固然令人興奮，但這筆錢若用在太陽能回收（solar recycling）上能做出的事情，興奮程度是另一個層級。你可以去讀所有關於北內華達正在發生什麼的文章。很容易就能找到。

But what's really important to see is that -- when I talk about these values, I'm not pulling them out of the air. When we first started this thing, we were getting these properties for dirt. I mean, literally dirt cheap with almost like water rights coming for free. But Industrial Park was at $2 to $3, $4 a square foot. Then it was $4 to $5 a square foot.

但真正重要的是要看到——當我談這些估值時，我不是憑空捏造。我們一開始做這件事時，這些地產幾乎是用白菜價拿到的。我是說，真的便宜到像泥土一樣，甚至幾乎像是水權免費附送。但工業園區的價格當時是每平方英尺 2 到 3、4 美元。接著變成每平方英尺 4 到 5 美元。

Then it was $6 to $8 a square foot. Then Microsoft lands and starts pushing $10 a square foot. Those are incredible numbers. If those numbers -- if we're even close to those types of numbers, my numbers will be understated. So when Tract CEO came out and said that they're going to invest $100 billion in the next 10 years in Northern Nevada.

當時每平方英尺是 6 到 8 美元。接著微軟進駐，開始推到每平方英尺 10 美元。那些數字非常驚人。如果那些數字——如果我們哪怕接近那種水準，我的數字就會偏保守、被低估。所以當 Tract 的執行長出來說，他們將在未來 10 年於北內華達投資 1,000 億美元。

And that means from the Peru shelf right up here by Switch to right across the street from our properties in Silver Springs. There's three major developments that they're breaking ground on right now. If you don't understand it or if you'd like to see it, it will only take you 20 minutes for Reno to see Monster trapped platforms being built and positioned. So that only enhances the value like everything in this area. And if you look at this map, the airport being the blue center, everything else in color around us is part of our portfolio that I want to monetize for us, except the top of number 11 here.

這代表從秘魯棚架一路到這裡靠近 Switch，再到銀泉（Silver Springs）我們物業對街的那一帶。他們現在正對三個大型開發案動工。如果你不理解，或你想親眼看看，從雷諾出發只要 20 分鐘，就能看到正在建造並就位的巨型 Tract 平台。所以這只會像這個區域的所有事情一樣，進一步提升價值。如果你看這張地圖，機場是藍色中心點，我們周邊其他彩色區塊都是我們投資組合的一部分，我希望把它們變現，除了這裡第 11 號上方那一塊。

That's where Microsoft came in. And then right alongside of it, Tract is coming in. So you go from literally being out in the middle of nowhere on the loneliest highway in America to USA Parkway plugging into us to track and Microsoft coming in across the street.

那就是微軟進來的地方。然後緊挨著它，Tract 也要進來。所以你從字面上原本是在美國最荒涼公路的荒郊野外，變成 USA Parkway 接入我們這裡，而 Tract 和微軟就在對街進駐。

I mean it's extraordinarily exciting, but none of it would mean anything if the he Great Basin natural gas transmission company didn't show up four months ago and say, we're going to spend a couple of billion dollars, and we're going to expand gas into this area, into firmly into Tri-Center, literally right into Silver Springs. If they didn't come out and say that we'd still be talking about why the hell are we going to -- why can't we sell these properties.

我的意思是，這令人極度振奮，但如果四個月前大盆地天然氣輸送公司（Great Basin natural gas transmission company）沒有出現並說：我們要花幾十億美元，把天然氣擴展到這個區域，穩穩地進入 Tri-Center，字面上直接進到銀泉（Silver Springs），那這一切都沒有意義。如果他們沒有出來這麼說，我們現在還會在討論：我們到底為什麼要——我們為什麼賣不掉這些物業。

But with that power commitment, the game has changed dramatically, and we're going to see something really exciting happen. So it took a little bit longer than I was expecting. I apologize.

但有了那個電力承諾，局勢已經徹底改變，我們將會看到非常令人興奮的事情發生。所以這比我預期花了更久一點。我道歉。

But Zach, please let's just jump into Q&A.

不過 Zach，拜託我們直接進入問答。

All right. Thank you, Corrado. As I mentioned at the beginning of the call, we received more than 35 questions prior to the call. And I can see that we have a number of additional questions coming through Zoom. And Corrado, you did touch on a lot of these questions that we have.

好的。謝謝你，Corrado。如我在電話會議一開始提到的，我們在會議前收到了超過 35 個問題。我也看到透過 Zoom 又進來不少額外問題。而且 Corrado，你確實已經觸及了我們很多問題。

So perhaps you can just provide a little more color. And pardon me if I do repeat the question. Okay. The first question is, how do you allocate your time versus Judd's time versus the rest of the team's time.

所以也許你可以再補充一些細節。如果我重複了問題，也請見諒。好。第一個問題是：你如何分配你的時間、Judd 的時間，以及團隊其他成員的時間？

Yes. So I think right now, in fairness, Judd's spending -- obviously, you can see the time we spent from a corporate perspective on recapitalizing and funding and now over the last month or so on the governance. So that's really positive and took a little bit more of our time critically, critically constructive and needed. I think probably I will spend 40% to 50% of my time, and I expect Judd the same on monetizing these noncore assets, okay? It's a priority.

是的。所以我想就目前而言，公平地說，Judd 花了——顯然你也看到，我們從公司層面在資本重整與募資上投入的時間，以及最近一個月左右在公司治理上的投入。所以那非常正面，也確實在關鍵時刻占用了我們更多時間——非常、非常具建設性，而且是必要的。我想我大概會把 40% 到 50% 的時間投入在這些非核心資產的變現上，我也預期 Judd 也是一樣，好嗎？這是優先事項。

And thank God, the metals team is full, and they'll spend 110% of their time. They do nothing but metals all day long and all night long. But I do feel like if we were directly just a solar panel recycling company, just a metal company, we would go from having a strong, capable, sufficient management team to overwhelming force.

謝天謝地，金屬團隊人力完整，他們會投入 110% 的時間。他們白天黑夜都只做金屬相關的事。但我確實覺得，如果我們直接就是一家太陽能板回收公司、就是一家金屬公司，我們會從一個強而有力、能幹且足夠的管理團隊，變成壓倒性的戰力。

And so I think ultimately, we'd like to see 80% metals, 20% corporate. But that will only happen once we monetize the assets. So 50% ours, 50% corporate, but that 50% is heavily dedicated to monetizing these assets. And the prerequisites needed to monetize those assets.

因此我想最終我們希望看到 80% 金屬、20% 公司層面。但那只有在我們把資產變現之後才會發生。所以目前是 50% 我們、50% 公司層面，但那 50% 會高度聚焦在這些資產的變現上。以及變現這些資產所需的前置條件。

All right, Corrado, thank you for that. What is the pipeline of solar panels that will be available to recycle through the Silver Springs facility once it is open?

好的，Corrado，謝謝你的說明。銀泉（Silver Springs）設施一旦啟用後，可供回收的太陽能板來源（pipeline）會是什麼？

Yes. So that's one of the most major fronts of our efforts. We're signing master service agreements. We're signing master service agreements all the time right now. We've signed a couple of extraordinary ones with e-recyclers, the folks that have already established recycling businesses.

是的。所以那是我們努力中最主要的戰線之一。我們正在簽訂主服務協議（master service agreements）。我們現在一直在簽主服務協議。我們已經和電子回收商（e-recyclers）簽了幾份非常出色的協議，也就是那些已經建立回收業務的業者。

That's about 10% to 15% of the market. We generally think about the major utilities as being 80% of the market. And so what's happening right now is we're signing up -- we're -- I don't -- I can't think of a major utility that we've had a setback on -- and that includes NextEra, Florida Light and Power, everyone is pretty familiar with RWE, Nevada Energy, which is a Berkshire Hathaway, Berkshire Energy company, Brookfield. Edison. I mean we're really making hay with signing these folks up, right?

那大約占市場的 10% 到 15%。我們一般認為大型公用事業公司（utilities）約占市場的 80%。所以目前正在發生的是，我們正在簽約——我們——我想不出有哪一家大型公用事業公司我們碰到挫折——其中包括 NextEra、Florida Light and Power，大家也都很熟悉 RWE、Nevada Energy（它是波克夏哈薩威旗下 Berkshire Energy 的公司）、Brookfield。Edison。我的意思是，我們在簽下這些客戶方面進展非常順利，對吧？

The second point is we're signing up. I think we may have just signed up. We're not yet allowed to release it specifically, but one of the largest, if not the largest e-recyclers in the country, right? So those are the people we want to engage. We've also signed up our first actual solar manufacturing company, which I was talking to Don about this as we were going through the Board process.

第二點是我們也在簽約。我想我們可能剛簽下。我們目前還不被允許具體對外公布，但那是全國最大、或至少是最大之一的電子回收商，對吧？所以那些就是我們想要合作的對象。我們也簽下了第一家真正的太陽能製造公司，我在董事會流程期間也跟 Don 談到這件事。

But the solar manufacturers are not really our customers. They do have some amount of breakage and waste. So they're steady Eddie. They ship us a truck or two a week, but they're a very, very small part of the end-of-life market. Of course, they're the beginning of life market.

但太陽能製造商其實不是我們主要的客戶。他們確實會有一定的破損與廢料。所以他們是穩定的基本盤。他們每週會寄給我們一兩卡車，但在報廢（end-of-life）市場中占比非常、非常小。當然，他們是生命週期的起點市場。

But they also point us to their customers, and they also integrate us with their returns. And so that's all coming along. But to answer your question, locking in the customer is the most critical prerequisite, making sure that we're qualified through their audits and their certification processes. It's not a super long lead time process, but it's a pretty meaningful lead time process. So we've been doing that steadily for the last two years.

但他們也會把我們介紹給他們的客戶，也會把我們整合進他們的退貨流程。所以這些都在推進中。但回答你的問題，鎖定客戶是最關鍵的前置條件，並確保我們通過他們的稽核與認證流程、取得合格資格。這不是一個超長前置期的流程，但確實是一個相當有意義的前置期流程。所以過去兩年我們一直穩定在做這件事。

And so as I think I mentioned earlier, and there is a breakthrough, too. There's a number of customers who -- their attitude is where you're certified, you're qualified, you're wonderful. When the big machine is up and running, we'll start sending more panels because we want our certificate of destruction pretty rapidly, okay? So but the profile should be a couple of hundred thousand dollars a month to $0.5 million a month to $1 million a month to $2 million a month. $2 million a month is $25 million -- $24 million, $25 million run rate of revenue that will be remarkably profitable, and then we just grow it from there. We still believe that by the end of 2027, Facility number one will be running full. Facility number two should be in the 20% to 30% capacity utilization range.

所以如我先前提到的，而且也有一個突破。有不少客戶的態度是：你們已通過認證、具備資格、很棒。等大型機台正式運轉後，我們就會開始送更多面板，因為我們希望能很快拿到銷毀證明（certificate of destruction），好嗎？所以量的輪廓應該會是每月幾十萬美元，接著到每月 50 萬美元、100 萬美元、200 萬美元。每月 200 萬美元就是 2,500 萬——2,400 萬、2,500 萬的年化營收規模，利潤會非常可觀，然後我們再從那裡繼續成長。我們仍然相信到 2027 年底，第一座設施會滿載運轉。第二座設施應該會在 20% 到 30% 的產能利用率區間。

But those are really rough estimates, right? Because we don't see a smooth linear up progression here. We see a lot of spiking. We see a lot of deferred maintenance. We see a lot of deferred recycling. So once we click in, then the spikes will be bumpier. We have the capacity to handle it, and then we have the storage to handle it. Now one critical point here. We are now being engaged by not just the largest utilities, but the owners of the largest utilities, very strategic discussions. There is a recognition here that they need to lock up some capacity, right?

但那些其實只是非常粗略的估算，對吧？因為我們在這裡看不到平滑的線性向上成長。我們看到很多尖峰。我們看到很多延後的維護。我們看到很多延後的回收。所以一旦我們點進去，那些尖峰就會更顛簸。我們有能力去處理它，然後我們也有儲存能力去應對。現在這裡有一個關鍵點。目前與我們接洽的不只是最大的公用事業公司，還包括這些最大公用事業公司的所有者，正在進行非常具策略性的討論。大家已經認知到，他們需要先鎖定一些產能，對吧？

So it's finally coming through and those hope to have some very meaningful discussions this year. What I mean to say is we're having very meaningful discussions now, very meaningful outcomes this year in terms of what specifically that will mean, right, to forward volumes. It's coming, right? It's just -- it's slower than anyone would ever hope, but the -- setting the foundation is the critical thing. One of the ways I've described this to people is if our business this year was 20,000 or 30,000 tons, the same exact customer flow in 2030 would be 300,000 tons.

所以這終於開始顯現出來，而我們也希望今年能有一些非常有意義的討論。我的意思是，我們現在正在進行非常有意義的討論，並且在今年就「具體會代表什麼」——也就是對前瞻量（forward volumes）而言——取得非常有意義的成果，對吧？它正在到來，對吧？只是——它比任何人所希望的都慢，但——打好基礎才是關鍵。我向別人描述的一種方式是：如果我們今年的業務量是2萬或3萬噸，那麼到2030年，同樣完全相同的客戶流量會是30萬噸。

Right? These are the customers who are going to see a 10 times increase in their end of life. They may even be higher because they're going to lead that increase in end of life, the 3.5 million from last year to 33 million in 2030. So we're positioning for great -- almost organic growth. It's kind of a perverse or backwards way of thinking about it but locking in the customers that really have the biggest installations means locking in the biggest end-of-life replacement scheme. Sorry for that. It was a little long-winded, but.

對吧？這些客戶將會看到他們的報廢量（end of life）增加10倍。甚至可能更高，因為他們會引領報廢量的增加——從去年的350萬到2030年的3,300萬。所以我們正在為非常好的——幾乎是有機成長——做布局。這種想法有點反直覺或倒過來看，但把真正擁有最大裝機量的客戶鎖定，就等於鎖定了最大的報廢替換方案。抱歉。我講得有點冗長，不過。

This might be a short one for you. Where do we stand with the delivery of the first recycling facility in terms of timing and cost?

這題對你來說可能很短。就第一座回收設施的交付而言，在時程與成本方面，我們目前進度如何？

So we have -- I think we received all of our equipment and started to receive the components for the oven. I just -- It was mentioned it earlier; I just looked at the shipping schedules for the ovens. It's literally like 20 monster 18-wheel truckload containers. I was surprised at the magnitude of the logistics, right, to get those ovens to us. Those are starting -- the schedule said they start coming next week.

所以我們——我想我們已經收到所有設備，並開始收到烘爐的組件。我剛——前面有提到；我剛看了烘爐的出貨時程。真的大概是20個超大型的18輪卡車貨櫃。我對於把那些烘爐運到我們這裡所需的物流規模感到驚訝，對吧？它們開始——時程表上寫下週開始到貨。

They stop coming within two weeks, then we have everything. And then we've already started installation. We've already started testing and commissioning the equipment. If those ovens had arrived four weeks ago, they would be sitting around because the sequence is pretty precise in terms of what needs to be installed and tested and then processed. So in that regard, we feel again, maybe three or four weeks of slippage that was fully buffered in our plans, right? So we'll be up and running in Q2, and I think that's going to be a huge milestone.

兩週內就會到齊，然後我們就什麼都有了。而且我們已經開始安裝。我們也已經開始對設備進行測試與試運轉（commissioning）。如果那些烘爐四週前就到了，它們也只會先放著，因為在需要安裝、測試、再進入處理的順序上是相當精準的。所以在這方面，我們覺得——大概三到四週的延遲其實在我們的計畫裡已經完全預留緩衝了，對吧？因此我們會在第二季（Q2）上線運轉，我認為那會是一個非常重要的里程碑。

And speaking of Sequence, please review the timetable for the second recycling project. So its initial revenue and probable location.

另外談到時程（Sequence），請你回顧第二個回收專案的時間表。也就是它的初始營收以及可能的地點。

Yes. Yes. It's going to be outside of Vegas. Clark County for sure. That's where all the infrastructure is.

是。是。會在拉斯維加斯（Vegas）郊外。確定是在克拉克郡（Clark County）。所有基礎設施都在那裡。

There's more infrastructure in Clark County in Vegas than there is in Silver Springs, frankly. We have a site. We're in final stages of locking down the terms. We've already submitted the permit because we know where the site is. I think the question is when do we order the equipment.

坦白說，克拉克郡在拉斯維加斯的基礎設施比銀泉（Silver Springs）還多。我們有一個場址。我們正在最後階段敲定條款。我們已經提交許可申請，因為我們知道場址在哪裡。我想問題在於我們何時下單訂購設備。

Last time I asked Fortunato, he said as soon as we possibly can because the equipment lead times from -- when we first -- we raised the money in August, we ordered the equipment the next day. We were looking at a five- to six-month lead time. It turned out to be seven to eight, okay?

上次我問Fortunato時，他說我們應該在能力所及的情況下越快越好，因為設備交期——當我們第一次——我們在8月募到資金後，隔天就下單訂設備。當時我們預期交期是5到6個月。結果變成7到8個月，好嗎？

So if seven to eight is the real lead time, although I think there's some arguments now that we've gone through this process that it would be shorter, then we probably want to order the equipment sooner rather than later. So if you're quoting equipment in May, you could have it arriving in December, the process should look and feel maybe three months faster from a calendar perspective than the first facility or could mirror it very closely, right? Commissioning in Q1, operating in Q2. I'd love to see commissioning in Q4 operating in Q1. And as soon as we order the equipment, we'll be able to communicate that.

所以如果7到8個月才是真實交期，雖然我認為現在也有人主張，因為我們已經走過一次流程，交期應該會更短，那我們大概會希望設備越早訂越好。所以如果你在5月報價並下單設備，可能12月就能到貨；從行事曆角度看，整個流程應該會比第一座設施快大概三個月，或是非常接近地複製它，對吧？第一季（Q1）試運轉（commissioning），第二季（Q2）營運。我希望能在第四季（Q4）試運轉、第一季（Q1）營運。而一旦我們下單訂設備，我們就能對外溝通那件事。

Okay. And sticking with Comstock Metals, you've outlined a seven-facility national model with a central refinery hub. What is the capital requirement per facility at the scale you're targeting?

好的。另外延續Comstock Metals，你們提出一個七座設施的全國性模型，並以一個中央精煉樞紐為核心。以你們鎖定的規模來看，每座設施的資本需求是多少？

So we've always said recycling facility 12 to 15, okay? And really, that range is tied to if we're leasing a facility, it's $13 million. That's where we're ending up, right, with facility number one. If we had to buy a facility, you might have to put a deposit down, it might be $15 million, maybe $16 million at the most. So it's a nice tight range.

所以我們一直說回收設施是1,200萬到1,500萬美元，好嗎？而且這個區間主要取決於我們是否採租用廠房；如果是租用，約1,300萬美元。這就是我們目前第一座設施最後落在的數字，對吧？如果我們必須買廠房，你可能要先付訂金，可能是1,500萬美元，最多也許1,600萬美元。所以這是一個很緊的區間。

It's not a lot. $12 million to $15 million, we'll stick with, maybe $13 million to $16 million is buffered. That's a good number. And that's for each facility. As you heard earlier, $75 million plus in cash flow and they're running full.

不算多。我們會維持在1,200萬到1,500萬美元，或是加上緩衝後大概1,300萬到1,600萬美元。這是個不錯的數字。而且這是每一座設施的資本需求。如你先前聽到的，當它們滿載運轉時，現金流會是7,500萬美元以上。

So that profile is beautiful. The central refinery, though, is still conceptual, like we are certainly not going to build seven refineries. Ideally, there could be one maybe very centrally located. For the math on that is if a recycling facility is taking in 100,000 tons and 10% to 15% are tailings, you're going to get midpoint, 12,500 tons of tailings per year per facility. If you have seven facilities, that's 100,000 tons of tailings.

所以那樣的輪廓非常漂亮。不過中央精煉廠仍然是概念性的，因為我們當然不會蓋七座精煉廠。理想情況下，可能只有一座，而且也許會設在非常居中的位置。其數學邏輯是：如果一座回收設施每年處理10萬噸，其中10%到15%是尾礦（tailings），那麼取中間值，每座設施每年會產生12,500噸尾礦。如果有七座設施，那就是10萬噸尾礦。

That's a pretty good sized refining operation. You could start with one in Nevada, and that would be -- if you did that, you'd probably either have one big one there or you might have one on the West Coast, Nevada-based, one on the East Coast, then you'd have two. We don't know the answer to that yet. We still need to get to FID on the engineering, but we're projecting the capital for one large refining operation like that 100,000 ton of intake level to be about $30 million, right? So in the scheme of -- in the universe of refining capital, it's low, right?

那是一個規模相當不錯的精煉作業。你可以先從內華達州做一座開始；如果你那樣做，你很可能要嘛在那裡做一座大型的，要嘛可能在西岸做一座、以內華達為基地，再在東岸做一座，這樣你就會有兩座。我們目前還不知道答案。我們仍需要在工程上推進到最終投資決策（FID），但我們預估像那樣一座大型精煉作業、進料量級為10萬噸的資本支出大約是3,000萬美元，對吧？所以在——在精煉資本支出的範疇裡，它算是低的，對吧？

When people talk about aluminium refineries and pyrolytic refineries and smelters, they think in the billions, like not in our scenario. We're very precise, very fine industrial tailing. So that's more what we're looking like. I hope that answers the question.

當人們談到鋁精煉廠、熱解精煉廠和冶煉廠時，他們想到的是數十億美元的規模，像——不是我們這種情境。我們做的是非常精準、非常精細的工業尾料。所以我們看起來更像是那一類。希望這回答了你的問題。

Corrado, pivoting to SSOF. The values sound high. What are the prerequisites for monetizing these assets? And what's the timeline?

Corrado，轉到SSOF。這些估值聽起來很高。將這些資產變現的先決條件是什麼？時間表是什麼？

Yes. So I think, look, there's probably five prerequisites. Let's just think them through. industrially zoned land, check, flat developable land, super check, water rights, check, fiber check, electricity, right? That fifth one is whereas we sort of hit the wall, if I could give people context, right, the Great Basin Transmission Company came out with an open bid.

是的。所以我想，聽著，可能有五個先決條件。我們逐一想一下：工業用地分區，符合；平坦且可開發的土地，超級符合；用水權，符合；光纖，符合；電力，對吧？第五項是我們有點碰到瓶頸的地方；如果我給大家一些背景，對吧，大盆地輸電公司（Great Basin Transmission Company）推出了一個公開招標。

This is a FERC-regulated utility bid. We committed to like 50,000 dekatherms a day. I think they got bids for 800,000 dekatherms. So if our number is 300 megawatts, their number is 15 times that 13 times that. So that's real.

這是一個受FERC監管的公用事業招標。我們承諾大約每天5萬dekatherms。我想他們收到的投標是80萬dekatherms。所以如果我們的數字是300兆瓦，他們的數字是我們的15倍、13倍。所以那是真實的。

That's certified. That tells you what's happening in Northern Nevada in terms of people needing, wanting, and committing capital to power. So what we need to do is we need to close out on the land position. There's still some capital required to do that, close out on the land position, have clean title, clean and final environmental reports. We've already done Phase 1 previously, super clean, so no issues.

那是經過認證的。這告訴你北內華達在人們需要、想要並承諾投入電力資本方面正在發生什麼。所以我們需要做的是把土地持有狀況收尾。要做到這點仍需要一些資本，把土地持有狀況收尾，取得乾淨的產權，乾淨且最終版的環境報告。我們之前已經做過第一階段（Phase 1），非常乾淨，所以沒有問題。

You just need to be updated, right? Water rights certification we have thousands of acre feet of water rights. That allows for a lot of flexibility with the data centers. Some are -- there was a phase of all electric cooling, then the grids ran out of electricity. Now everybody is hell bent on the technologies that reduce water in data cooling, but you got to have water rights, right?

只是需要更新，對吧？用水權認證方面，我們有數千英畝英尺（acre-feet）的用水權。這讓資料中心有很大的彈性。有些——曾經有一個階段是全電力冷卻，然後電網的電力就不夠了。現在每個人都一心投入能降低資料冷卻用水的技術，但你必須要有用水權，對吧？

So if we do those 3 things, right, just perfect the land, perfect the power, I feel there's a little capital there, but there is also administrative work, like probably 60 days' worth of work. That timing would be perfect; data room would open up and then 60- to 90-day process. So we're looking at -- we're absolutely looking at 2026, getting this done in 2026.

所以如果我們把這三件事做好，對吧，把土地完善、把電力完善，我覺得那裡需要一點資本，但也有行政作業，大概是60天的工作量。那個時點會很理想；資料室（data room）會開放，然後進入60到90天的流程。所以我們看的是——我們絕對是看在2026年，把這件事在2026年完成。

Thank you, Corrado. We do have a question on Bioleum management. Please provide an update on the Bioleum team.

謝謝你，Corrado。我們有一個關於Bioleum管理團隊的問題。請提供Bioleum團隊的最新進展。

Absolutely. So I think most people appreciate that in March of last year, Marathon Petroleum invested directly into what was previously known as Comstock Fuels. And then in May, a large investor came in with another direct investment. It's about $35 million in total of, call it, Series A investment directly into the newly reestablished Bioleum Corporation. There's a really strong core group of founders, I say 10 people, David Winsness, Rahul Bobbili, but there's Chad, Michael Black.

當然。所以我想大多數人都知道，去年3月，Marathon Petroleum直接投資了先前稱為Comstock Fuels的業務。然後在5月，一位大型投資人又進行了另一筆直接投資。總計大約3,500萬美元，我們稱之為A輪（Series A）投資，直接投入新近重新成立的Bioleum Corporation。有一個非常強的核心創辦團隊，我說大概10個人，David Winsness、Rahul Bobbili，還有Chad、Michael Black。

There's a strong group of founders there, but there's an even bigger group. There's probably 40 professionals. And let me just say this. Their whole claim to fame, they're equivalent of Fortunato's zero landfill, highly efficient thermal solution is their ability to unlock lignin in woody biomass. So we call it lignocellulosic technology.

那裡有一個很強的創辦團隊，但還有更大的團隊。大概有40位專業人士。我就這麼說。他們的成名之處——相當於Fortunato的零掩埋（zero landfill）、高效率熱處理解決方案——是他們能夠從木質生物質中解鎖木質素（lignin）的能力。所以我們稱之為木質纖維素技術（lignocellulosic technology）。

But that company's roster includes like Dr. Christian Dahlstrand from Sweden, Dr. Marcus Jawerth from Sweden, Dr. Colin Anson from Madison, Jordan Thutt from Wausau, Dr. Elvis Ebikade from New York, originally from Nigeria, Dana Hatch, Bob Rzmirek, Andrew Hell, these are all chemists and chemical engineers.

但那家公司的名單包括像是來自瑞典的Christian Dahlstrand博士、來自瑞典的Marcus Jawerth博士、來自麥迪遜（Madison）的Colin Anson博士、來自沃索（Wausau）的Jordan Thutt、來自紐約、原籍奈及利亞的Elvis Ebikade博士、Dana Hatch、Bob Rzmirek、Andrew Hell，這些都是化學家與化學工程師。

And then you have Dr. Gregg Beckham at the National Laboratory of the Rockies, previously known as NREL, Dr. Yuriy Roman at MIT. Like you're literally talking about the top 10 lignocellulosic professionals like in the world. And what their coming out with here is the highest yielding lowest carbon ability to take waste into low carbon fuels.

然後你還有落磯山國家實驗室（National Laboratory of the Rockies，先前稱為NREL）的Gregg Beckham博士、麻省理工學院（MIT）的Yuriy Roman博士。你講的基本上是全球前10名的木質纖維素專業人士。而他們在這裡推出的是：以最高產率、最低碳排，把廢棄物轉化為低碳燃料的能力。

But it kind of -- people probably feel -- so that's the management answer, right? Chad Michael Black is the President. Chad is leading this incredible group, right, of primarily engineers and material scientists, right, to final investment decision that allows them to move into biorefining. We haven't gone stealth per se with Bioleum, but there was a concerted effort for them to be independent for them to have their own capital source, for them to ultimately go Series B and IPO. So as you hear me talk about monetizing assets, I don't -- I'm happy to be supportive.

但這有點——人們可能會覺得——所以這就是管理層的答案，對吧？Chad Michael Black是總裁（President）。Chad正帶領這個令人驚嘆的團隊，對吧，主要由工程師與材料科學家組成，推進到最終投資決策，使他們能夠進入生物精煉（biorefining）。我們並沒有嚴格意義上對Bioleum採取隱身模式（stealth），但確實有一個一致的努力：讓他們保持獨立、擁有自己的資金來源，最終走向B輪（Series B）與IPO。所以當你聽我談資產變現時，我不——我很樂意提供支持。

I'm happy to be helpful and I am intimate with what they're doing. But their success will be our success, right? We want to put our calories into growing a literally international dominant metal recycling business.

我很樂意幫忙，而且我非常了解他們在做什麼。但他們的成功就是我們的成功，對吧？我們希望把精力投入在打造一個真正具國際主導地位的金屬回收業務。

Thank you, Corrado. Looking at our mining assets, what is the timing on the potential monetization of the mining assets? Would it be a JV deal or something different?

謝謝你，Corrado。就我們的採礦資產而言，潛在的採礦資產變現時間點是什麼？會是合資（JV）交易還是其他不同形式？

I think I'm hopeful that the timing is sooner. We are in pretty deep conversations. We are pretty specific around terms. And we're only talking to people that have credible and immediate -- not immediate, but credible and almost immediate access to capital. Like we're not talking about people who are blue skying possibilities here.

我想我希望時間會更早。我們正在進行相當深入的對話。我們對條款也相當明確。而且我們只和那些具備可信且可在短期內——不是立刻，但可信且幾乎可立即取得資金——的人在談。我們不是在跟那些只是在這裡描繪藍天可能性的人談。

So the people that we're talking to have done quite a bit of diligence, like, I would say, a tremendous amount. But just from a legal, administrative final processes, you're probably looking at 75 to 90 days. Is it guaranteed -- could something bust for sure, but we're feeling pretty good about it.

所以我們正在溝通的對象已經做了相當多的盡職調查，我會說是非常大量的。但就法律、行政的最終流程而言，你大概要看 75 到 90 天。是否有保證——當然可能會有事情出岔子，但我們對此感覺相當不錯。

Thank you for that. Pivoting again, is there any intention for issuing additional shares in the near term, resulting in any more dilution?

謝謝你的說明。再轉到另一個問題，近期是否有意圖發行額外股份，導致進一步稀釋？

No. I would like to repeat, though, what I had said earlier. We had seven or eight years of excruciatingly poor access to the capital markets, bad structures, bad efforts, probably with hindsight, using a junior mining penny stock structure to capitalize to high-growth innovative technologies was not the smartest thing in the world. But at the same time, we did it, right? We created an incredible opportunity.

沒有。不過我想重申我先前說過的話。我們曾有七、八年在資本市場的融資管道極其不順，結構不好、執行也不好；事後看來，用初級礦業的仙股架構來為高成長的創新技術募資，可能不是世界上最聰明的做法。但同時，我們確實做到了，對吧？我們創造了一個難得的機會。

And I think our investors that stuck with us and our new investors that came in are really, really, really going to profit from that scenario. If there's a perception that we enjoyed raising the capital that way or the dilution that resulted and even more painfully, the low valuation that comes from having other than intermediate and longer-term capital partners, we hated it. So just in case anybody is curious, like we hated it. But we did get this business launched, and we're running now. But what's more important is we have capital partners.

我認為一路支持我們的投資人，以及後來加入的新投資人，將會從這個情境中獲得非常、非常、非常可觀的回報。如果有人覺得我們很享受用那種方式募資、或享受因此造成的稀釋，甚至更痛苦的是，因為缺乏中期與長期資本夥伴而導致的低估值——我們非常討厭那一切。所以以防有人好奇，我們真的很討厭。但我們確實把這個業務啟動了，而且現在正在運轉。但更重要的是，我們有資本夥伴。

We have capitalized and funded. And I think if we had no noncore assets, the positive of that would be that we would be more fully dedicated to metals. But the positive of having them is, as I said earlier, if we monetize those assets and redeploy them, if we monetize those assets and redeploy them, then we have a bonanza on our hands here. We are derisked from distraction. We are derisked from having to slow down.

我們已完成資本化並取得資金支持。我想如果我們沒有任何非核心資產，正面之處是我們會更專注於金屬業務。但擁有這些資產的好處是，如我先前所說，如果我們將這些資產變現並重新部署，如果我們將這些資產變現並重新部署，那我們手上就會有一個大好機會。我們已降低因分心而帶來的風險。我們也降低了不得不放慢腳步的風險。

We see some of our recycling competitors struggling to raise capital. We've seen some take capital from very bad sources and do a 180-degree turnaround on their strategy. So we're just going to keep flying forward, and we don't see any -- we have no -- we don't see any reason looking forward, right, that we would have to raise money. If something unknown happened, and we can talk about it, but like we don't see it unequivocal, no.

我們看到一些回收領域的競爭對手在募資上苦苦掙扎。我們也看到有些公司從非常不好的來源取得資金，並在策略上做了 180 度大轉彎。所以我們會繼續向前飛奔；往前看，我們看不到任何——我們沒有——我們看不到任何理由，對吧，會需要再去募資。如果發生未知的事情，我們可以再討論，但就目前來看，明確地說，不會。

Thank you, Corrado. We're coming up on time, and I think we've covered several 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 at Comstock Inc. Please follow us. Corrado, before we wrap up, please give us some final thoughts for the final week of Q1 and the rest of 2026.

謝謝你，Corrado。時間差不多了，我想我們已經涵蓋了幾個重要問題。如果沒有回答到你的問題，請寄到 ir@comstockinc.com，我們會盡力直接回覆，或把回覆發布在 X 上。若你尚未在 X 上追蹤我們，我們的主帳號是 Comstock Inc.，請追蹤我們。Corrado，在我們結束前，請給我們一些對第一季最後一週以及 2026 年剩餘時間的最後想法。

Yes. I'm super excited about our new Board members. They've already reached out wanting to start engaging and coming back out to visit. I'm super excited about the work leading up to the annual meeting in May. I think that if you can come to the meeting in person, we're going to take a bus down to Silver Springs.

好的。我對我們的新董事會成員感到非常興奮。他們已經主動聯繫，想要開始參與，並且再回來參訪。我也對五月年度股東大會前的各項工作感到非常興奮。我想如果你能親自來參加會議，我們會搭巴士到 Silver Springs。

And on the way to Silver Springs, we'll go to the Tahoe Reno Industrial Center and you'll see about 10 million square feet under construction on the way to it. It's probably relevant to point out that 600 Lake Avenue, this incredibly ideal location for solar panel recycling and 800 Lake Avenue, the Monstrous like storage facility right next door, our Sierra Springs properties.

在前往 Silver Springs 的路上，我們會經過 Tahoe Reno Industrial Center，你會在路上看到大約 1,000 萬平方英尺正在施工中的建築。也許值得指出的是，600 Lake Avenue 這個對太陽能板回收而言極其理想的地點，以及隔壁的 800 Lake Avenue——那個巨大的儲存設施——都是我們 Sierra Springs 的資產。

Sierra Springs owning those properties allowed us to pivot very, very quickly into the solar recycling business. And I think with hindsight, speed is the winner in all fronts here. And then stay tuned for customer announcements, stay tuned.

Sierra Springs 擁有這些不動產，讓我們能非常、非常快速地轉進太陽能回收業務。而且事後看來，速度在各方面都是致勝關鍵。另外請持續關注客戶公告，敬請期待。

We're going to -- we'll be more active next week, the week after the week after and the week after with pictures of the ovens, the assemblies, the commissioning and then panels starting to go through the machine. We're really at the inflection point here of 3.5, 4 years of incredibly hard work. So pretty exciting.

我們將會——下週、再下一週、再下一週、再下一週都會更積極地發布烤爐、組裝、試車（commissioning）的照片，然後是面板開始通過機器的畫面。我們真的正處在一個拐點：3.5 到 4 年極其艱辛的努力。所以非常令人振奮。

Thank you very much, Corrado. That concludes Comstock's year-end 2025 earnings call and business update. Thank you all for joining us.

非常感謝你，Corrado。以上為 Comstock 2025 年度年終財報電話會議與業務更新。感謝各位參與。

Thank you all.

謝謝大家。