Ladies and gentlemen, welcome to Comstock's Second Quarter 2024 Results and Business Update. This is Trevor Brucato with RB Milestone Group. Comstock's U.S. based Investor Relations firm. Comstock is listed on the NYSE American under the symbol, LODE. Joining us today is the company's Executive Chairman and CEO, Corrado De Gasperis; and it's COO William McCarthy. At the end of the prepared remarks, we'll be opening up to Q&A. We have received questions from registration most of which have been addressed by today's announcements. But if any new questions surface throughout the presentation please submit them in the Zoom Q&A module. And then, we'll do our best to address them all. In the next day or so, we'll be opening up the surveying for Comstock's Q3 Stakeholder Perception Analysis Report. The final report will include trends on Comstock's perceived strengths, weaknesses and milestones and will be published shortly after the end of the quarter ending in September. Your participation will be much appreciated, as it will help strengthen Comstock's investor communications efforts, especially with all the recent accomplishments and help guide the focus of our upcoming events. Please note today's presentation may contain forward-looking statements that are subject to risks and uncertainties, that may be out of Comstock's control and should not be construed as a recommendation or a solicitation to buy or sell any security. For Comstock's full disclaimer, please visit their website at, comstock.inc. Also this presentation is being recorded today, August 8, 2024 and will be made available on the company's website. Lastly RB Milestone is a -- is not a registered investment adviser or broker-dealer. For more information on us please visit rbmilestone.com. And now it is my pleasure to turn it over to Comstock Executive Chair and CEO, Corrado De Gasperis. Corrado, the stage is yours.

Thanks, Trevor and hello everyone. And welcome to our second quarter update. I'm sure you're going to like the substance of our update today, as we've made tremendous amount of progress in all three of our businesses and at corporate plus our strategic investments have really advanced their causes too. So there's quite a bit to update everybody on. We're going to ensure sufficient time for the Q&A session as well. So we have time to answer as many questions as possible. Let me start off by congratulating both Leon Farrant and the Green Li-ion team and Deep Prasad and the GenMat team for achieving the all-important milestone of commercial success in their respective companies. As you may have read, Green Li-ion commissioned its first commercial battery remanufacturing operation in Atoka Oklahoma, where I recently attended the ribbon-cutting along with Leon and a contingent of Oklahoma VIPs, including the governor Kevin Stitt as well as quite a few Green Li-ion's existing suppliers and potential customers. The Green Li-ion system makes Precursor Cathode Active Materials also known as pCAMs as well as lithium carbonate from fully recycled batteries. And we are certainly not aware of anyone doing that effectively in the market yet today. So the Atoka operation will prove Green Li-ion's full technical and economic feasibility and we understand that the resulting materials from their operations so far are showing extremely encouraging and very high battery-grade purities. So it does really seem to be coming all together for Green Li-ion. I'm very pleased with that. Turning to GenMat, as most of you already know, last year GenMat developed and deployed its proprietary imaging satellite the GENMAT-1 into orbit. In that process, they also had to develop encryption software for security and ultimately, they had to develop an entire mission control…

We certainly do. And thank you, Corrado, exciting update there. We will now open it up to questions submitted in the Q&A module and those submitted during the registration. Since there were a lot of important updates to absorb across the businesses, I'll try to keep the questions categorized by topic. And we'll probably kick-off here with SBC. So could you provide some more background on SBC? And why you guys ended up going with them?

Yes. So look, we were - a year ago, we were focused on just monetizing the assets, right, Silver Springs in particular. And we engaged a couple of brokers and agents -- not SBC others, and we were getting a lot of traffic and a lot of interest. But Silver Springs was a developing pioneering area, right? We had just done the transaction -- or I'm sorry, Silver Springs had just done the transaction with Microsoft. And so, a lot of awareness sort of shot up. But these are the kinds of developments that require infrastructure. They require roads. They require water systems. They require power. And so these -- so SBC has an off-market real estate practice. I mean they've facilitated the construction of major hotels on private islands. That kind of really unusual thing. And what comes with that kind of unusual thing is major capital sources, major sophisticated real estate capital sources. And so we started to engage in and around Silver Springs. But one thing led to another, right? And it's hard to be talking about data centers and clean energy and not somehow move the conversation to low carbon fuel or solar panel. So, long story short, the capital sources were very keen and interested and we ended up broadening it. And it wasn't ever my intention right to come out with the motherload of commitments all at once right? It was -- we were trying to knock these things down one step at a time. But we're thrilled with the way it came together. And as I said earlier, the people -- it's a global network. We've got investment bankers in Austria. We've got investment bankers in Hawaii. We've got invested bankers in Florida. We've got -- we've had already a number of referrals and engagements with SAF producers and fuel producers in Asia, Thailand, et cetera. So, the relationship actually transcends just the capital source, but that's how it happened, right? It wasn't necessarily by intelligent design. We didn't go knock on Goldman Sachs' door, right? But we got -- we found people who had real expertise right in the areas that directly benefited us. So, I'm thrilled.

Thanks Corrado. Could you walk through the steps to closing this transaction? And if you can reiterate the anticipated closing date? I think you said at 60 to 75 days, right?

Yes. So, that's in a nutshell. I have to say that the substantial majority of the due diligence around the businesses, around the business risk factors, around the financial models, et cetera is complete, okay? So, really now it's just a question of some of the things I've been referring to making sure that our structures, our funds flow, our tax, profiles that we don't do anything that's negative right, that's not intended. We don't want any unintended consequences. And then we'll start sequencing. I think the real estate, the recycling, and the corporate stuff will go quickest and then the mining and fuels will probably follow behind that. I think 60 to 75 days for the first tranche is right. But I think the rest of it is like 75 to 90 days, right? It should be in the next two to three months. And that's all I'm spending my time on. So, I'm really -- I'm excited about what I've got to do tomorrow on this. It's real-time.

Got it. And do you anticipate updates along the way for shareholders to understand that everything is going in the right direction? Any sort of updates that they can track?

Every meaningful step. If we close on the three million tranche -- or obviously, we announced it. If we get the $5 million deposit, sooner rather than later, we announced it. We'll just -- we'll be totally transparent. And I think after the first two people's perception and sense of achievement will rise and the credibility will rise and it will be very nice. So, we don't have any concerns about it. It's just we're just trying to finish it all up.

Do you anticipate SBCC partnering up with Comstock on GenMat?

We haven't talked about it. It's something that an interest has been expressed but GenMat is much more complex, right? And so, GenMat already has engagement with a lot of capital sources that have AI and physics-based iWrite in their crosshairs. I think the realization that they sort of backed into an entire business model -- and I say that like not negatively -- everything that GenMat put in place had a different purpose to it, right? Then to look backwards and say shoot we can do all of this right now and the market is asking us to I think it's actually going to facilitate their capital raising because there's a clearly fully integrated business model with customers. And its novel like they can do in a fully integrated way with but we don't really see anybody else able to do in the industry. It can be done of course but it's all fragmented. So, I think not -- probably the answer is not on any near-term in that context. But some of the other things that we're working on like additional refineries for the fuel business and/or some of the other innovations that are coming down the pipeline they absolutely would be there for that. And that's one of their interests like investing more into a platform with other opportunities.

I do want to cover the other questions related to the other businesses. So ,a lot to discuss here in the time that we all have together. But just to wrap-up a little bit more on the SBCC. Can you elaborate if possible on the sources of capital that SBC Commerce has access to? And any sort of clarity on the type of fee players involved?

We've primarily been engaged right with a couple of very, very large non-US private equity funds directly, okay? And their interest in their background as I said earlier, both fuels, mining interest as well as real estate. So as I said, I dealt directly with the principles. We've cleared investment committees, stakeholder's committees. It's advanced. But that's all I think we need to say.

It sounds like a good start to a potentially good long-term relationship.

Absolutely.

So let's move on to metals here. These questions are related to the maintenance of your solar panel recycling facility. There are three questions that I'll split up here. So the first one is are you finding it difficult to keep the process operating due to breakdowns?

Billy, do you want to -- you want to jump in on this?

Absolutely. Short answer is no we're not finding it difficult. We built this demonstration system certainly to generate revenue and to start processing panels for a number of reasons. One of them is really to vet out our system and make sure everything does operate according to plan. And to date it's been very effective. There's certainly a maintenance cycle on our equipment. And to date, we've been seeing things operate as expected and pretty happy with the progress we've seen.

You kind of just answered this a little bit, but what is holding you back from going to three shifts right away?

Well, again, I don't think it's controlling us back. We've got a plan there. We're operating to plan as well there. And just to give a little color on what's happening, we've got a crew now who is fully trained and operational in the facility and our staffing process is underway. We're bringing in new people pretty much every week or two. And we've got a very, very active training process going on. So as soon as all the pieces are in place we should see that happen and it's happening on the schedule we expected it to.

Any chance you can use your own Bioleum fuel to power your facility?

That's an interesting question. I think as you hear we talk about gasoline gallon equivalents, but there's a lot of work being done focused on aviation fuel coming out of Comstock fuels. Now we're going to keep Comstock Metals firmly on the ground. So it's not going to help us there. What I do think the facility the way it's been designed is very efficient. We've got a couple of different designs with the ability to switch from natural gas to electricity, as a primary fuel source which should give us some good optionality both for the cleanliness greenness of the power as well as cost efficiency. What's interesting about that question is that in addition to aviation fuel, obviously there's a lot of work on the biofuel market for renewable, diesel fuel to power trucks. There's a large logistics component to the overall supply chain that metals exist in and we think there'll be some synergies there down the line on the trucking side.

Yeah. I agree. I'd just like to interject though because it's just one of the most remarkable parts of that business is that as Billy said we use natural gas and electricity. Those are really the only two variable costs so like meaningful variable costs and they're very, very, very low, right? So there's less of an opportunity other than the logistics that Billy mentioned, right, which is sort of extemporary. But I just love how low the variable costs in this business. And the fact that we get paid up front at least on the panel side of the equation for the majority of the revenue, substantial majority of the revenue. I mean the throughput model is just -- I mean it ranks number one of any that I've been involved in. It's just extraordinary. We can't wait to get more facilities up and running and really be in the best position when these panels start coming out. They're coming out now, right? And we're in a position to take them. So it's great.

Can you talk about the silver you're recovering from the end-of-life solar panels?

Billy?

Sure, Corrado. Do you want to -- pretty exciting news here. We're seeing grades of silver come out these that the panel process that were much higher than we were expecting.

Yeah. I mean we first started planning this business. Billy and I would like to be there and then we say we're not going to model any revenues for the residuals. The model is so robust with the tipping fee equation. Let's not model residual revenue until we know we're going to get it, right? Well, the biggest revelation in the last eight to 10 weeks has been that we're recovering 100% of the aluminum, 100% of the glass and then 100% of the silver-rich fines, right? We didn't know -- we knew there'd be residual value. We didn't know how much. But now instead of just contemplating selling those renewable products right aluminum to recycle in other materials like cans, glass to recycle in other materials like bottles. And in selling these fines, which have good value because of the mineral content, we're evaluating hey right down the road can we refine that silver and maximize the value out. And the grades are basically screaming at us to do it, right? If it was marginal it wouldn't be worst expanding the refinery or rejuvenating the process but the grades are high.

Perfect. Go head.

More to come on that. Like our mining team they're acting like kids in a candy store right now. They're running around doing bottle roll tests, shake tests, cyanide shakes. They're running around extracting silver from ore essentially right that they haven't done in a few years. So it's pretty cool.

And I'll just add -- there's commercial customers out there that want to buy that from us that want to buy that mineralogical or component of the solar panel recycling. But as Corrado says we've got deep expertise in this field in-house and we're spending a lot of time there too.

Yes. Yes. So good point Billy like we've got at least the MoU level and now starting to finalize offtake agreements on -- again we didn't model that in our initial plans at all like the residuals. So now there's actually agreements promulgated for each line of product. And fortune was locking all those down. And we definitely are people interested in those fines, right? But -- and we'll sell some. We'll do that just to establish the supply chain. In the meantime our guys are evaluating the best possible way to maximize the silver value for ourselves.

You guys are almost like an urban mining company as one might say. We talked about that a little bit on our last interview, but it's interesting what you guys are seeing on that front. And I'm sure shareholders would be interested in understanding the quantum per panel so more to come.

We'll be able to up that guidance as we go forward, right? We already have robust models, right? But once we start getting those agreements finalized, once we start quantifying the impact on revenue we'll be able to give really good guidance especially leading into the industry scale facility.

Appreciate that. Given the speed stated for panels processing, why is the revenue figure low for metals for the last quarter?

Sure. I think the numbers Corrado quoted were for the planned industry scale facility the scaled up facility not for the current facility that we're operating. That might be the confusion.

Right.

Yes, I think you're right there.

And the number is 100,000 tons of facility I don't know $50 million of revenue a facility three facilities $150 million in revenue, right? 80% margins staggering $120 million of profit. And I think we're going to do better because of these residuals. But that's good as it is, right? Let's capture the market first. Let's put our facilities in a position where we're putting a moat around the supply chain for all intents and purposes, right? Once we secure those supply chains it will be hard for people to step in. We think it's going to be hard for people to step in and do a panel every seven seconds, okay? But logistically it's also very competitive to be as close to those panels as possible. Site selection is going to align the Nevada border, the Nevada California border, the Nevada Arizona border. And we're going to be really -- we want a corner to the Southwest region. That's what we want as much as we can get.

Just sifting through here.

We had a lot of people say, look if you were just Comstock Metals you'd be an incredibly valuable company. We take that well right? It's a matter of time before these revenues, these financial metrics, these supply agreements, these offtake agreements are known. They're known to us now. To Billy's point we're doing it on demonstration scale like we're running all different types of panels through the furnace right? We're statistically monitoring the variations of the different materials but we're getting 100% recoveries each time, right? So that allowed us to finalize the engineering for the large scale. We're going to start ordering the kit and we needed to get the capital committed. Right now we start ordering the equipment. We're going to accelerate it with more capital. And this is what you're going to see in the mining business and this is what you're going to see in the fuels business and not directly within our total control you're already seeing it in the green line in GenMat businesses. It's really remarkable.

Let's move on to fuels. Good amount of questions here. Let's start with this quick one. Does the fuel business produce any additional byproducts?

Billy?

It's a good question. So our core process is taking biomass lignocellulosic biomass, which could be a woody biomass, it could be crop residues, it could be a coal matter of plant matter. And as we've talked about many times before but for anyone new what we really do in our process is we separate that wood into two component parts: the lignin component which is what we was made into our Bioleum and then the cellulose which traditionally is used to make paper. In our case we're using it and converting it into sugar, converting it into ethanol and ultimately with the ability to convert that ethanol into advanced biofuels like sustainable aviation fuel if that's the desire in a particular application. Ethanol is also cellulosic ethanol like we produce is a highly valued fuel additive for gasoline today with very, very high credits coming from the government for it. So all these products come out of that the component we don't make Bioleum out of still makes fuel. Now Corrado mentioned earlier, the one residual product that we really do produce is carbon dioxide in certain quantities. And what the team is really focused on today is capturing that carbon dioxide and making additional fuel from the carbon in that carbon dioxide emissions coming off. And that's what's going to allow us to really leapfrog step function increase the yields coming out of our process. So our hope is to end up, we talk about cost parity that you can think of that synonymously with really no wasted carbon anywhere in our process and all of it being converted to fuel.

Exactly. I mean we look at the carbon in the wood and we say, what's the theoretical maximum carbon that we can convert into energy into liquid fuels and/or chemicals that are green. And 100 was a monster milestone, but it wasn't – we weren't yet close to the theoretical max. 125 incredible. We've got other developments going on to increase further. But when the guys came to us and said "Hey we've got a tech that can capture the carbon dioxide convertible liquid to gas. It's actually a pretty mature tech." I'm like "How mature? "TRL 9." "What?" Like "Come on what's the capital requirement?" Relatively small. "Come on." So we're at the final stage. We already have the agreements and principal. We're just at the final stages of executing those agreements and locking in that technology just like we did with RenFuel, right? We bring it into the portfolio and then our solution is the most robust

Appreciate that fellows. A little bit similar here. The investor states I understand 100 gallons of fuel can be obtained per ton from your extraction process. And that currently lignin is a byproduct of forestry manufacturing and utilized by the mills as a fuel for their process. Their question is after Comstock extracts or converts the lignin for making diesel aviation fuel or gasoline, et cetera, can the remaining waste be used also as a fuel for the same purpose as it is currently being used for?

Yes. So maybe Billy let me try that differently. So I think we addressed that actually. I mean we're sucking the carbon life blood out of that there, right and we're turning into fuel. But let's use an example of a pulp and paper mill, right? That exact example that I think they're alluding to. So a pulp and paper mill takes cellulose makes paper, right? Then they typically depending on the mill will either dispose of that lignin or more common they'll burn it in a recovery boiler, right? And that recovery boiler is necessary for them to recover some of the materials used in the pulping process. And by burning the wood they get power, right? Remarkably, the recovery boiler in most of these pulp and paper mills is a bottleneck. It's fully utilized. And we have the ability to take a meaningful part of that lignin stream, I don't know 25%, 30% – you talk to David, he pushes it even to a higher percentage – and convert it into a by-product fuel stream for that enterprise. And we are engaged deeply with a number of customers for that type of solution. So I think you're going to hear us talk about building our pilot – sorry, our demonstration facility commercially profitable, demonstration facility but you're going to hear some other projects too, where we're building and/or licensing technology for partners like that, okay? So the bottom line is we take all the wood, we take all the carbon and we want to maximize the amount of fuel from that carbon. Now could we take that carbon and make other things like bio-plastics and things? Theoretically, yes, but we're not focused on that because fuel is the highest throughput. We want the most throughput, the most profit from that wood and that's the fuel

Thanks, Corrado. Let's move along here. For those still on here I just want to make it clear. The – at the end of the call, I'll have Corrado give a little bit of an overview of each of the businesses for some clarity. So let's just wrap up a little bit more on the mining space. So some questions here. What is the status of the gold reserves?

So okay, good. So we have gold and silver resources in the ground, right? We have as they're called SK 1300 formal third-party technical reports, quantifying the amount of gold and the amount of silver that we have in the ground. We're focused on Dayton. The Dayton resource has something like 300,000 we'll use the term gold equivalent ounces, right? Just like gasoline gallon equivalent gold equivalent ounces. If you took all the gold and silver and converted it to gold in value. That's a remarkable deposit, that our mine engineers have now gone the extra step and engineered a mine that we can extract that gold and silver from. So this capital that's coming in will allow us to finish the prerequisite work required to mine it. What's the prerequisite work? There's an additional amount of infill drilling. There's geotechnical drilling. There's hydrological validations. That allows us to engineer a mine plan that's safe, that's sturdy, that's executable. It also then tells us the exact amount of ore and the best amount of gold and silver estimate that comes out. But when we ran that model recently, $2,300 gold and we didn't -- we changed the price but we didn't expand the pit. We were still at about a $250 million net cash flow over a six-year period. We have it. We have it. If you want to talk about the next report that would then have bankable proven and probable reserves as opposed to measured and indicated resources, we've internally done a significant amount of that work. This capital will allow us to do the rest of the work, publish that report going to the mine like start mining right? Hope that answers it.

Yeah. I'll just add that the strategic plan around that, the mine plan preliminary work is being done. The strategic plan is being finalized as capital is going to unlock at all. And there's going to be a lot of activity and a lot of developments coming out of that business over the next 18 months as we advance this project.

And by the way, our mine plan, our cash flows are mine lives assume that we find no more gold and silver in that drilling process, right? When we do that drilling even for infill and maybe just a little step out, the likelihood is that the ounces will grow. We haven't modeled that, right? But we have to do that work.

The additional questions here are kind of all over the place. A little bit on GenMat, Green Li-ion back to metals and some other components related to the transaction. So the -- let's start with this. The SBCC -- go ahead Corrado?

I was going to say, can I make a brief comment on Green Li-ion because I didn't mention it. Green Li-ion is finishing up some bridge financing that will allow them to run the Atoka system for six months. They've gotten a lot of interest from the capital markets of that interest is tied to. We'd love to see this thing run for four or five, six months. Now we're already seeing battery-grade materials come out. So we're excited about them actually going ahead and doing that. But it most likely means the monetization of that asset is probably delayed four or five months. I mean, looking at the end of this year maybe the beginning of next year when they'll be in a position to do their next real capital raise and then we would participate in secondaries to hopefully sell that position. So we're happy about it though because the progress is good, the interest is good, the results so far are good. So with these other capital commitments we have, it's less urgent frankly. But that's an update to our guidance as well.

And for shareholders and to new investors can you reiterate the ownership that Comstock has in Green Li-ion?

Yeah, apologies. So we have a 13 -- just a little under 13.5% of the company. That's about 35,000 preferred shares and it's currently recorded on our books at about a 30% discount to their last offering and about $19 million. So if we did -- if we sold it at a discount to their last offering, we'd be pretty happy to get $19 million for an original investment that was less than $2 million.

So transitioning here the SPCC transaction makes it easier to put a value on metals, fuels and mining. You already commented on the value related to Green Li-ion at that discounted percentage. But would you be able to comment on the value on GenMat and SSOF?

Yeah. So GenMat -- yeah, thank you for that. So GenMat we did a restructuring, we announced it. It was an MOU, but we'll probably wrap that up formally and implement it here in the third quarter. Frankly we're already operating under the new parameters and those parameters were that we own 32% of GenMat and that will grow a bit as we continue to fund them going forward. But they're going to be out looking for third-party capital. Right now we made our initial investment commitment of $15 million. It was completed a couple of months ago. And it's on our books for just something less than that, right? Pretty much the cost of what the investment at, it wouldn't be mark-to-market until that GenMat actually goes out and raises money with the sort of arm's length third-party capital firm, which they're looking to do and we're pretty excited about them doing that. Sierra Springs, we didn't talk about Sierra Springs. So Sierra Springs, a lot of interesting things going on there. First of all, we own 17.5% of that entity. Second of all, nothing that we've talked about today in terms of the $325 million commitment relates to Sierra Springs. We're selling a couple of Comstock real estate that Comstock owns directly happens to be in Silver Springs. So we own 17.5% of Sierra Springs, and that's on our books at about $18 million. It's valued at about $18 million, $19 million or something like that. The value we believe is much higher than that. Recently people are aware that Microsoft came into Silver Springs. There was incredible announcement in June, monster hyperscale data center company called Tract, T-R-A-C-T acquired 8,000 acres in the Tahoe-Reno Industrial Center. They wrestled it out of someone that had already bought acres there that was going to develop paid a lot of money for it. But what was staggering is that the CEO went on Nevada Newsmakers, which is the local political and business talk show and said that, they were going to invest $100 billion over the next 10 years. This is like, 12 minutes from all of our Silver Springs properties. And then last Monday night, at the Silver Springs Advisory Board meeting, there was an announcement that they're wanting to establish a Silver Springs technical part. So this hyperscale data center wave is not a wave. It's a tsunami, and we couldn't be more excited about the implications of that that had direct implications of our ability to secure $50 million for our real estate there. And it's also having direct implications on transactions with Sierra Springs, which we're not at liberty to discuss right now, but let's stay tuned for that coming hopefully soon.

On GenMat, any thoughts on timing related to satellite pictures data coming into Comstock as it relates to your mining assets? Anything along those lines?

Yes. Let me maybe just repeat, Trevor, you and I talked about on the last perception report real quick, right? So our teams are fully engaged in building our mine plans and they're fully engaged with GenMat's geophysics teams on creating essentially a digital twin of those mine plans like a machine-learned geophysical AI-based model that can then become predictive, not just replicating value, but then become predictive. And then the hyper spectral imaging from GenMat-1 will add to that model, right? And then, they will provide input and it's going to be very timely for us now. It's not going to scan the district and say, we found a bonanza. Okay. I don't know, if that's what people think but that's not reality. What it's going to do is it's going to predict additional targets. Then we're going to corroborate that with our geotechnical teams our mine engineer our geologists. And then as we just mentioned some of that drilling step-out drilling target drilling that we're going to do to finalize the day mine plan will be enhanced. And if we prove their predictions then we've created a whole another capability of mineral discovery. That's the goal right? Now, will it help us find more gold and silver on the contract? Yeah, we hope so. We believe so. It's wonderful. But that's secondary to the capability that in -- in itself is developing. There's a couple of companies out there that are using probabilistic predictive algorithms and their valuations are ridiculous okay? We're doing it from the ground up. If we prove this capability we and GenMat will have something very special. But I don't -- I'd like to demotivate people's notion that there's a silver bullet that's going to come out of a scan, right? It's going to be corroborative, it's going to be predictive, it's going to be additive. And -- but then if it proves out, it will be remarkable. But that's what we're going for.

Thanks, Corrado. Coming up on time here. Guys, any other questions that have not been addressed that have been submitted or any other topics that you'd like to cover before we end off with Corrado providing a little overview. No? All good?

No, I think we should wrap it there Trevor.

All right. Perfect. All right. Corrado stage is yours for a quick recap and final comments here.

Yeah. Look, I want to thank everybody for the time. We appreciate all the questions. And I've never been sort of more energized like more motivated to get up and tackle all this work that's coming together for us. It's truly substantive. So just maybe a little bit of an outlook for each business right quickly. For fuels right, we're going to facilitate the closing on this $200 million investment. We're already commencing site selection. We're going to nail down the site. We've got multiple customers willing to secure offtake. David's all over the feedstocks. And those variables together, will be what decides where we pick our first site, right? And it may also decide where our second and third and fourth are, but we're really only focused on that first site. And some of these customers some of these offtake agreements, they've expressed and we've been talking to them about investing directly into fuels to do that. Now, we might be a little crowded now, that we've already got this commitment. We'll have to see how we manage that. The second outlook item is, expanding our innovation network. We're going to announce agreements as I already mentioned, that are going to add 25 GGEs and license some incredible technology from incredible sophisticated fuels partners. And then, we're going to announce other agreements with development partners, that are equally as regarded and equally as sophisticated to give us that path to further yields, further cost reductions, further improvements. We're very excited about that. It's coming very soon. For metals, obviously, closed on the first tranche $10 million of the $22 million, finalize the engineering, ordered the equipment, get that first full-scale industry facility moving forward, submit all the permits and then jump forward and find those next two sites, find…

Lot to absorb, a lot of excitement going on. I appreciate Corrado and Billy, and those for submitting questions and for sticking in there. We will be wrapping up the recording sending that around. It will be on the company's website in the Investors section. We will also as a reminder be sending the Q3 perception analysis report. We do appreciate your comments your feedback good, bad, the ugly doesn't matter. We will absorb them, and we will respond accordingly. As for the -- an updated presentation, I know some people have been asking about that. We are working on that, and we look forward to wrapping everything up and consolidating that for you guys. So with that being said, again, thank you all. If you have any other questions, please submit any questions either through the website at Comstock.inc. And then, there's also ir@compstockinc.com. Again, that's ir@comstockinc.com. Thank you all for connecting and we look forward to keeping you posted on the steps forward here. You are free to disconnect.

Thank you.

Thanks everyone.