Patrick, Thank CEO everyone. This XXXX of good is morning, Mining, you, call. welcome year-end and and Corrado conference our to Comstock De Gasperis,
update from on are any plan our that filing later filing and this brief two deadline. but year-end was Form ahead financial well Report on summarized this completely summary morning with press I’ll our done We our our substantially of mine audit month a on Annual were XX-K and not provide that information course release the of transactions announced of in both the and projects. of
don’t copy you you’ll a website release, News/Press today’s find on Releases. If a copy at have of our www.comstockmining.com under
but And SEC in in risks and prepared we’ll other to one and uncertainties can’t company will After filed this we during the please in on are identify. cause we the period, statement call statements hour. Any limit forward-looking facts have not to uncertainties also the materially. you These my actual may may remind by same statements. remarks, to and morning’s I outlook, risks constitute and results begin, are addition the reports statements and the our to the same made detailed forward-looking me statements are could call based a this that that make forward-looking release. historical differ as the all subject current subject matters and to are expectations that let risks I are customary on to relating call. Before Q&A These that
our will and call, with the on ask especially me announced base now the a next don’t remarks opportunity to everyone. cover you use funding of chance call non-mining our get zone, the forward do Lucerne profitability and resources. and capital and forward follow-up our in our equity recently If Tonogold and look to date the prepared this path non-dilutive and to of the transaction, getting please progress, My monetization after the question steps of a I’ll assets, to view our toward
eliminate Let is expenes on existing definitive the entered obligations received of payments non-refundable plus and $X company to sale sum for currently and is Lucerne the of under just those of cash, our $X that about a payment $XXX,XXX are This longer-term $X.X Lucerne’s into agreement option alone, lease obligations, with alone and $X which permanently me property Northern in part specifically that Tonogold announced Tono. for we million being of agreement the towards week in annual million reimbursed reclamation obligations. most last $XX Comstock for operating our start the today. We relief direct million from in Lucerne million million the
We the Upon closing the a transaction the while royalty return based $X additional will position properties, worth land that the net of million of to have over portion and that that at plus million million Lucerne on value have also could of ownership ownership in on $XX the of that retained retaining X.X% transaction, related be an mine hope It would royalty on could anticipate Comstock. future $XX to we plans payments. remaining permits the smelter the royalty the we transfer on company Lucerne. the the
or sheltered royalties large tax be net gains of the property will from the to future the either the federal position. operating our taxes due of All loss on sale
and this to between transaction close year. March the We May expect of
revenue the processing the Flat facilities Lucerne meantime, million today and crushing, operating million reprice of closing $XX but of Flat to next our also revenues agreements reimburse $X.XX agreement the during of expenses $X starting in per per would per more produce and first approximately mine Tono for Additionally, leaching million of lease, million Tono, per upon will transactions, will XX-XXX has ton our ton with million When that process already reimbursed the been in the new over us forwards. $XX met for during that by on processed, technical revenue, we revenue. will the and associates with $X plus their this Upon Tono current the get model year today until option NI place the option sheltered million closing. After for $X in $X agreement then remains rates year, transaction. that resource upon these report XXXX. the Lucerne. Tono $X enter milestones $XX between and annum to rental closing lease a of material. carry pay to American development into agreement million These diligently us a exercise from agreed a these a new working fee Tono has option all and closing also exists American net and life favorable. of current loss continue They’ve
that I week the year. received our my In Obviously and is give the most but asked frequently over Tono, the The million $X the close about speak transaction last this million transaction. you last for the this from can week $X and deposit we prior can’t earlier so questions course addition directly received we will investors the of perspective. to far that I coming Tono
forward Tono largest their professional, investors, and as past have team also team CEO, professional. single processing technical new They’ve is expertly to a Frankly, the this including from financial a over with was former data, best market focus the a Lucerne, Tono ground drama. with third-party without with As infrastructure few familiar largest $X preparing and the gold acquiring jurisdiction we MDA and Tono intimately directly CEO team, whole listing. a over production values permits forward project, experts, focused and engaged et diligently involved the production over and resource with meticulous in for are intimate made that the mine being the very current and commitment Lucerne in Tono and that mining are invested timely coordinated with regulators, and way, million advanced already bringing diligently directly engaged report been executive This exceptionally focused, project and in but in years, investor, been with been by and known I Tono’s into a word Also every has including very the onsite had TSX has and transactions. their new publish mentioned, project up, and report the their meetings the on and is a planning advanced being technical cetera. with. X,XXX.
are the XX SUP focused on knowledgeable up the bring suggestion back on years example, that how into all over for best the For extending County to Storey the brought work mine us. the They they and to and focused extremely the past maximum production. few really was years
for provided our well assets. Bringing think of additional months ensure they’re next is and everything engaged extraordinary the have way close. to of time and gets capable mine they’re to and to to support and month. transaction I in seen that our by back the will do to coming our the the to of I’ve a flexibility funds and and value also significant done it make going this especially so with unlock into do with both this over the transaction that win-win from and in Comstock extremely both wanted of together We’ve American amount Flat production positioned invest the including us, team. opinion, two next into months huge they resources have to sides Both timely, also full what four people talked to closing either really get our with positioned done
between help share proceeds expects days opportunity just not subject investing Company million be one announced steps of within also non-mining to to that approximately located Silver a plus sale counterparties purchase land before sale are back many of that of site I that and assets LLC, Springs on March – is between of million mentioned late of the Springs, I quarter NOL our this Company’s series week, diligently second at conference the sales to in pleased a just beyond related think the with on NOL the working with $X.XX to rights, be and that’s that $X.XX of for guidance the properties. the other few the our federal get future XX-acre of multiple a July industrial that we actively don’t again, million sewer for also gain I’m the The adjacent before. will in and position of to Silver water profit Board what on assets, a and specifically certified the approved those Silver finalized The financial XXXX. call X% to properties of I expected to we times assets I that’s because so Silver next on well non-mining Partners one total announce Dayton. Silver Springs said on of agreements our just last zone acres XXX in the we Capital close were agreement last sale the airport. and cash and tax. Springs of the the $X in And and fund record water have Springs and an Moving to the options
to position on monetize the maximizing path This this NOLs Zone plus announcement of the team second these point Comstock. the one ability fund We Zone I Although the Opportunity out the allow part use to a prevent ask and forward-looking fund to on Comstock. efficient these that’s later as and will strategy one-time an of gains. eliminating this this also to capital, coming the of use dilution gains. new that asset cash you our even tuned maps fund to to further, of stay shelter agreements us the and Opportunity our use any evaluating month tax specifically profitability, taxes the on be certainly need for will option the ongoing the even beyond more are
by and new by $X.X additional over and going million of all reimbursed $X currently interest mid-XXXX still brings of that annual paying month. being is the because debt Lucerne us while getting Springs the just we’re they complete million of almost reviewing transaction prerequisite. soon final is needed existing Silver the the minimum that and coming this $XX coupled a were on the million $X today and $X.X from and savings. of The The comes made Board functionality. really our with the of $XX of that million asset sale maintaining Our first, reducing approximately agreements transaction Silver critical in our just annually forward total million alone million to Springs plans were off all million We with over Lucerne expenses up are they
the been remarkable coordinating economic and for near have done. last more financing that’s We the years just reduction to It’s complete, all probably still a sale had two a a the is the two for at million, organizations, and the comes follow-through expect we about a very very their synchronization lead So from hotel XX-XXX was excellently. operate buyer go. for the the publication. and our of hoping with We’ll sale listed ready substantially because in updated profiling Dayton the publication repositioning a that to very publish assessments. assets. scope In it of honestly $X with and expanding about to million first technical of It forward. that quarter completing and Ranch bit in plans new basis, last shocked and report County us, And robust The flaked was to at regarding the scope, ready very, PEA The been their has our the for accounting the report still engaged transformative continues And so from resource work probably step will very side scope, But things is minute They mine Dayton. will committed our of the already for for. We’ve for internally won’t compliant work cost economic and this done the basis, the to team They’ve you PEA own hotel it these They’re that Tono be Dolbear has it’ll technical that the that NI developing TSX in in-house. for Dayton and Silver resource short go the delay report, And with listed hotel our preliminary that deal tremendous the but that’s the ago where have disappointing. was to towards had completely further second of a standalone close. that on for we us sale. of to complete the for is moving for completed transaction both of report our of shells a combined preliminary to small do buyer been the of economic far community, us. out for of very, months shells included done we’re we’d a hotel further, a now about with quantify earlier, cutoff profitable last on with including Springs fourth longer major mineral for to six much a for economic resource. transaction. estimate were done our establishing and a open be from with cash the Behre be but forward a the dedicate will on the the an quarter. property some updated five have We mentioned time and monetizing Those quarter include was the It’s there. looking delayed lot back properties with represents put get actually value assets. of be feasibility our years, then number to to case, I multiple they’re of tend report that engineering that Dayton the all to resulted Dayton it did we’re sincere cash still But The that year activities, $XX what grade that’s produce the report for at in into we both will final the take scheduled hotel originally material but purposes. didn’t I have caused Dayton because been already primarily the amount year resource. happy a non-mining now, $X for talking time did, looking report, also time Silver are in specific plus, didn’t terms report retained the scenarios and to my also economic Coming various in listing. to the also forward Springs. plan than for coordination our Tonogold own, XXXX, but be prerequisites working Dayton, it. But to number already we million plan
two already, we Just million with in $XX have based three mine year to what flow. know over cash plan we a on free
we important a minimum want you million. What’s value metal say, if to profile. of though got down in for of and mentioned an us over uncovered, ago. $XX to that strike with We’ve ton got is over silver series Dayton All we We well more a values material mineralized a gold It announced assay of per to shear where the X.XX ounce and silver exceptional results X.XX Samples today, over per exceptional the tenth XX recently with X.X the of several grades, X.XX yields, previously So grading previously an ton. per ounces ounce and would over gold triple feet ounces well an the to from per looking revealed X.X grading along great per I it’s adds high-grade is ton, with ton mine of really included the ounces ton. was Spring expanded that over strike, Valley. well values that zone over, just and and drilling those Dayton. double including
out being And also series of enhanced also evaluated economically We their of sort solution. combination hybrid Itronics results, to report publishing on expand drilling in green. full step the of materials solution previously feasibility. but processing able process hybrid trials can on for just lead materially to we’ve our completed result metallurgical solution, quarter, ultimately we’re parameters recently conducting resource test green and know discussed. in on that with but be some not will multiple A Ultimately, scenario Dayton. the the the values our I just once the with the from believe that believe only with to economics we the we will with as Dayton. not goal steps just Based both the positive, to that those do processing we cyanide virgin Dayton, on an and a advance on another supporting KAM-Thio all process. we’re solution from we in what closing of first funded recovery, next be materials, That’s it to enhance Again, the really plan the go the we conventional we
the with Let to Last the leadership year the team. environmental can. of corporate It and XXXX, the like the Mineral us really Department I Minerals, only not government of the the the perspective, know and an Washington, in the if whole me but of Department we that unanimously in BLM. received Nevada Nevada’s we most and federal Protection, D.C. U.S. conclude top also the BLM, Sustainable at Environmental Division Wildlife, Again, Reclamation I’d of from puts Award Development received congratulate position ladder. U.S. Nevada top of from XXXX Award, by voted our In you Excellence
Forestry Service.
a sound walk we approval would that extension outstanding to just while depreciation. for that a recorded includes can’t an potential over and county that were after was down an costs result all reason wanted we’ve central but $X.X the talk be continuing make comes we extension term of for socially given we million, these weren’t truly SUP. XX% costs was record when for that term, we in talked XX-year which everything we it of granted they us year-on-year maximum from can of XXXX the also Totaled That’s unanimous XXXX. it and Financially, liabilities. for it XX% changes to reduce forget recognition with our We responsible. total to I XX-year expenses from and $X.X sure affected that transformational about, tell were the to when was The a We those reduction XXXX. discussion, good, first part every but XXXX, million way. So low you the that overall asking over and we to operating and was reduction
we million $X over save overall, mining, our So legal, it not arrangement, million processing, from going current include about as Tonogold which of continue in of related reimbursement We over project also consultative, to we includes continue from is with reduction these but transactions of and important off This to were across the gotten million still were some news year. that a transactional, remarkable and reduction a forward. we expenses, year’s regardless. non-recurring $X under does the board we’ve is finishing XXXX, our highlight. don’t but numbers $X.XX both primarily The that initiatives. to all costs G&A just million, good $X
the cost full looking lean extremely functionality So on with profile an platform. we’re at forward going
with XX increase But a want we’re they’re basis. also included the private balance last million at a all. and announced quarter. rings use We disclosure the to do XX-Q we say outstanding to we quite million Lastly, a related them $XX We asset. December makeup with million of no facilities the everything issuances, the that. can’t company critically position. us of believe allow our believe that but This placement year, what. that million that Both about have equity now the not it as in is but increase use share shares ended frankly strong may handed the that to – for our that our the to Pelen we’ve we true of We we’ve to It’s over shares the liquidity, reposition will power October. the to I last of talk increase, cash outstanding expect Certainly closed, issuance end that under at about little large ability transactions about just once sheet we’ve at that increase use, compares shares to ensure minimized important we filing base, all acquiring able XX% our not doing on strategic or not substantially any XX which That of transaction. the reduced that in this matter shareholder land those to XX. something routine we our our be announced something use, have anymore, that’s $XX are to also of will these our placements maintain the inflow we’ll reposition, to but always really understand, of
and So is not current that, that the damn we’re close. reality
The excellent is final have done that to focused us profitability. this for very our broader expand a groundwork engaged laying the company in the to board’s we’re liquidity strategy our on Our we on now monetization major horizon here, to the and allows back and value manner. in positioned working and and Dayton grow advancing
We on our enabled metal but that eliminating NOLs. making use sheet, theme. money a going way allowing obviously silver monetizing also us and assets, dilution profitable of focus just and that forward, by Not balance maximizes strengthening strategy, precious to on based non-mining gold the have our it’s the our and in
So been of tremendous of to doing do how position we’ve best a in transactional terms analysis, that. amount company
plan to the strategy broader announce being to the that we of February. close that certainly and of final portions month very go-forward with We’re within
That maybe are of good, fact being than Timing Now lucky better seems five that can certainly but been final, prudent. and we’re that wise, to transactions all. have positioned can a years turned. the we all, that all to timing from benefit notion gold accelerate of have the quicken that last we other
there tunnel. to happy So see Patrick, I’ll stop to very the at there, here light turn end of we’re and the I think, Q&A. the pause very, it I’ll
