first and Emily, Mining. It’s XXXX quarter. This good of Corrado summary you, we Welcome conference published morning here, our Comstock everyone. our of morning, Thank highlights call. CEO Chairman to quarter and
release quarterly probably summary plans have press about progress some in I’ll a brief customary nine the including our been information working our week, including XX-Q of years. this We we’ve next for of solid included all filing on our our for morning, – from now for provide initiatives. strategic tangible aspects
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subject all to on statements uncertainties materially. company current are we can’t the results to risks the These forward-looking this uncertainties SEC and and filed release, website let to on forward-looking to you’ll the are expectations find identify. with same relating press that are the based If not this – don’t The actual And in historical you may cause statements. you made risks morning’s subject a matters have call. at that Any Please are and and may also under previous we in release. are could may today’s our the forward-looking other news/press detailed me releases. constitute remind outlook same we facts risks reports and differ addition that make by have call a the of this to on that www.comstockmining.com copy statements statements statement in copy during
highlights. financial Let me with just start the
those of work, we’ve despite significantly primarily quarter, is comparing costs claims But a $X.X opportunity and and despite to working rate period-over-period. agreement existing almost and environmental low expenditures, additional that some all strategic with mineral to for associated achieved that management subsidizing opportunities diligently phenomena This about that claims the are the these Tonogold million the quarter. transaction down this Our from down with primarily been Tono in despite net primarily Both increased the are expenditures. us have that. come strategic whole ventures costs. the expenses down both about period-over-period reclamation and categories, activity, fully is annual at of And zone transactions, activity, environmental last mine other and X% related related record all on costs throughout and G&A with when lower administrative entire some is XX%, net and business amount were have that because
So our the is trend friend.
down We’re alone. on our full to May paid We’ve down quarter, down paying another this almost paid month also during a of $XXX,XXX expected million debt. the be to continuing $X.X with
the on progress great making we’re So debt.
also release You’ll outstanding see and that were shares in common report also file our press obviously XX,XXX,XXX. Q year. the this annual in at XX number we is earlier the the when That that filed disclosed when we same we the it, March
most updates supplement perspective the to with market. pleased We you capital Then statement those liquidity looking. are of occurred always maintain my too. very be did new we to a an and financially. on company forward going strategic access our on I’m efficient and registration best effective it all always we’re will, substantially I So remaining most think be will that our things that that that That’s comments the our spend if or responsible and fiduciary will QX for file have the regard. have of shelf, to – either in just most
sure some the I’m sale the timely Tono for just just executed there’s this definitive time that benefits allows agreed to complexity. a a little an effective I very to with the explaining in agreement we that we recently In providing announced going make agreement definitive spend Tonogold. and ensuring because we flexibility January, January, that our of for extending think amendment well. understands the we some in to little everybody I January that signed XX, April know, you want As for some Lucerne timeframe. And for for receiving the us mine. additional we’re of closing enhancements, bit both
$XXX,XXX wanted announced who discussions complete any financing package to just Our tomorrow did of month. completing as before additional us able to the to had we now our secured due the that the working Tono additional diligence has for with development be that, for working the additional also delay today the $X for production diligence a but amendment paid due faster quite the capital is to philosophy give also was enable that subject customary to that’s the $XX been million and to mine speaking for in fieldwork subject additional actually should sheet sufficient that them is speak. and company provides and doing a Relatively an were with options that their costs, $XXX,XXX the immediate from signed closing. They and benefits upon to financing it an our due Tono regarding $XXX,XXX SRK did we debt who on the not actually or want term startup secured, that. do Tono tremendous site literally financing end next week proper remarkable that those actually signing we million with diligence perspective and time on and because included funding and
purchase XX end in the non-refundable the until June deposits, now put runway June, a just at $X.XX this about which allows XXXX, transaction close we have most clear the Again, with with Lucerne sell them that this mine. cash closing we towards of XXXX associated us price. is to to deal, through new due And the think means remaining $XXX,XXX month, $X that million puts that So to meaning have received to-date to-date likely. Tonogold from million –
end a SRK in depending of of and $X in rest who is $X our speed would to the million total be extend total million, of sooner, deposits deposits $X which also it being August. lender that and with It Based their the non-refundable pay the includes to Although a another extend $X the million completes of additional our end familiar diligence. Tono to it million happen again be to of non-refundable an financing, their meant assets. our would they of could current But of July is very that could on on understanding,
comes I would to both, off of we but case, We expect the our say, some later, versus show of transaction for the is with sooner closing. enhancements, for which amendment will way all closing the we upfront positioned either million debts the at upfront, in than success. getting be our pay ensures contemplates that more it $XX.X million versus way enough cash have Regardless $XX
have $X four-month than asset. price We million a hold, will that would been and a $X.X respectively, stock payable take upfront now note due rather a year, with at taking one Secondly, Lucerne like the half we it. a XX-month fixed in million in of
regardless the the Tono Critically some our we XXX% American commence requires the X, for option also Of on this debt, agreed costs previously million beyond upon X, on course, additional lease effective Lucerne $X we monthly interest that of to important don’t clear $X asset Lucerne is asset. very These though, royalty representing structure X.X% savings now is additional mind two June and in of of reimbursements the upside reimbursing to the June amendment in retained important being love that we company above and above XXX% the retaining million begin Lucerne we’re Flat. and annual closed. currently and our together reimbursed when for
important is that to thing think we original sooner rather this later I regardless. the to the close So just benefits things, that than two deal. that shows And want didn’t from expecting defer Tono very
benefits we’re later, still us. if even So to those we to accruing start going close
mentioned mentioned it’s is I about front, think win, win total and I of of reduced in just debenture liabilities. I $XX.X principal about that $X.X that today stock as sale $X now and to up in for a million the we all To-date the cash upfront, we that That So immediate million remember $X.X the of million. million. our consideration million around. deposits just $XX that non-refundable way Please received in Lucerne $X.XX million is assumed $XX.X overall of million in win,
I pedantic, sorry want make that really but everybody to understands these just be I’m to So sure pieces.
And so having more pieces. said there’s that,
royalty, a parameters, those base process. If year that the it’s which Lucerne knows to an is the we million interest plus in million lease everyone do revenue, eliminate American value $X get million the $X option the $X to a ton did and think to in plus to addition $X operating million debt, $X million then expect savings I $XX closing fully we savings, annual facility, per and an revenue. annual received the even combine in $X.XX ton million we that’s as but just our lease when because in case, $XX to In until X.X% facility. be and both the I’m also $X million Flat per grand And Tono overall million, you $X then would annum, savings, we then upon the which million it $XX million year with is situation still additional in sorry, a $XX number,
would million using million the to million royalty, million $X to $XX revenue. which of revenue $XX addition So that in more $XX to cases X.X% same be
right that $XX to transaction. revenue them. of million line, partner for operating capital in our federal Tonogold that revenues important carry real Comstock us million success for net this that revenues tax their success. don’t And That’s profits loss, as is not because million those better be the forwards remember and bottom it’s have royalties also in to or Those has any it’s profits of of because all the us $XXX-plus to numbers So subject the associated really tremendous tremendous $XX where would to a costs than operating situation not NOL. all upside costs little or drop to with us, revenue only those those of has are
and thought permitted XX from deposit. structure. again, sensitive, in X the They has and That’s Nevada, huge time. corporate talking tax places in infrastructure. it’s platform places, sensitive, it’s Certainly deposit – equation And this years way. be you capital value positives, been of they into put our like get would of capital comes in even side, capital not lot a our strange Tono And equation. lead a transaction. in strange It you’re every the Tono’s get the to So because this actually get, value speed on incredible
actually construct we that resource going are they to So our expanding public this I it’s and is want Northern to comments. Comstock XX-XXX Lucerne Tono’s an of this also scope to say more the is shareholders. think stated project. report. lastly, a be recent for according outstanding has really just I Tono estimate guess of
Comstock our they move forward Storey County. because in projects As now leased Northern claims
to do Lyon the to resource. development And our there’ll also to up those to of that they’re so properties. being physically reaching report. even the that agreement an And claims those And a claims claims acquire into and some some drilling those are are expand to position agreement of expanded sure and on North Lucerne. got bunch they’ve or acquire, on Dayton Spring really additional claims position well I’m know agreement properties well. agreement Valley have acquisition that property got additional I great surround in on Interestingly, reached they as of be the as that And County of those expand Lucerne the the and expand has Comstock an properties looking
storytelling so all part then acquire to robust we no And they’re And claims get package. where Lyon of additions the we worked amendment nice at very, cost. County very arrangement this their able it’s at additional to the a
way asset So that all point Also, or adding package, is to is anytime that agreements our on last shareholders X.X% they’re that royalty. our every the are this in in Lucerne to County the enhancing this automatically probably get Storey win-win way. for anytime subjected
fantastic. So it’s all
we’ve that second for there. now, undertake though helps transaction that reasons mentioned. They’ve permeating. scoped accelerating yet of estimate assessment, Reno, the understand is even have and to the starting tone that report the view think this engaged in a that off, are as I to started is economic compliant Mine just complete, deposit out Associates of preliminary really XX-XXX complete Development they’re good they’ve PEA summer. announced hope better. to their because this report. market’s consultants that technical resource completed a it is More industry out PEA the term That’s Nevada and already looking I not Lucerne People conversation all of I the
the [indiscernible] bigger robust, is resource longer because is So estimate taking outstanding. a the more the little scope but and
the finally us to come whole plans million, all to we if see to it the but come $XX total could value these $XX this looking ultimately million understand together. Ultimately, exceed We’re thing well fruition. initial
on people understand acquisition Let entity come realignment. and corporate And Comstock it’s the That me cart These properties mining was that Tono deposition the mine of our tied of in all that the the move of LLC. Lucerne transactions. initiated via Lucerne that by was our Mining to small held assets. will the the
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that Comstock as properties will and agreement permits. So related the required Lucerne Mining by hold LLC Tono the the only
the and investment and board, high strategy Lucerne really a structure they’re be shareholders all very, right Mine very focused cash generating that’s So, of to high the company value, And LLC board system a in the activities. the which acquiring resolution of a based an Mining properties. implement then for intents our the clean, to passed get quarter, Comstock would purposes, first a us on precious metal that our formally it that’s is
processing. always valuation, long-term yes, based, this you what includes feasibilities, and economically course are But to working of The ultimately be fruition. is are number real you’d clarified. a focused that us are production used metal coming which on metals friendly enhancing we’ve processes, on, a focus to technologies debate very engineering, years been say, mining, and economic to it enhancing is importantly, development, for So the expect and on, and enhancing mineral estate of now exploration, a focused minerals, mining company, company, environmentally conservation resource very, I and you
loss, take very, very with as the company it consideration of holding you if think that designed operating that was the want structure sitting and So, the that in a is you if look what diagram included at asset Comstock release. precise net I a press a way, of The hidden to Mining on.
see Northern million venture, Tonogold in $XX left, reclamation you the primarily that So assumption Comstock stock Mining some the the and Comstock, which to LLC, we’re what, and liabilities just value claims. That’s getting acquiring. the far is Northern Comstock cash of joint is liabilities the and that ultimately
the that deal away. So closing that domain upon goes
agreement acres, in left purchase Nevada. Springs, The second in have Industrial. to dotted line is Nevada and the Comstock beneath is, that the Comstock you see DTSS XX-acre, And to Silver Industrial here property there just DTSS Springs, we industrial XXX Silver
So to Partner we coordinate fund the away rights and Silver $X.X water associated when Springs, and Mining Capital to and new collaborate XX-acres and opportunities line the and fund Comstock approvals. the Springs that the goes and and dotted own Downtown that, Silver million come the purchase helped that agreement plans for from directly I help was with
commercial that development million. So $X.X is
we three $X water So of sold them Hill takes Gold running us remaining Comstock rights last the million, stable, those profitable expect Capital Hill sorry, in cash At Hotel. hopefully Springs long But puts by $XX LLC. the Hotel, been What’s left? separate the to in reflects real Comstock and do to and August. July LLCs. years what very to subsidiary that short, the still Daney into for into on then alone – transaction treasury, basis, which Tonogold Real then realignment transactions million, least the more we story on the and XX-acres assets Gold I’m XXX-acres imagine called as some give have the or almost reflects the sold We can close, Estate the savings cash cash to Silver sort a Partners eliminates transaction million Silver estate. you Put left our huge annual should number. at Springs $XX has hand. and us Ranch importantly, which It’s obviously, some outstanding. latest. of the have the debt, that delivers a Comstock two
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American drilling on to in on out are claims. start and meeting beneficiary things those for processing an one the amount work that all entity they’re but is started doing that our that but and in those structured the very plan Tono an transactions, the the as advisory processing ultimately Comstock drilling, not high this tons mutual stakeholders we Inc. of we list. Once the that We’ve The the the advancement also Merrill and or the breaks. Partners. City into that although with times assets were the community, and properties funding opportunity is box, the ready the designed in direct is towards up infrastructure there. that one we commence date those collaborating is is Silver have be owned last called report, middle will Flat, the of that other and technical funding these system by comes the a it day once our the The has entity XXX% internal that will the the not tremendous crusher, agreed, formed Crowe, entity yet some new and Capital We of course And new zones be And been exploration of get mine is work the community a leasing on Mining of the of on in to otherwise. appreciative the really fund Comstock Tono formed processing Comstock board
them an you the X.X% when a appreciate advisors, if when So, meeting, and more them I can be Mining creating four to that opportunities Comstock approved we facilitating Silver opportunity in us you Capital fund. for that designations want can an do County of related to own all mentioned in fund be formation of fund. want as of but mineral as It now We opportunity partner zone investment invest will that source zone in was Springs, than Governor in in to or XXX% investment matter efficient without it annual fund, the of initiatives. not opportunity do County. one XX Nevada, at any and Northern that Nevada, capital one mineral – own last we And X.X% advisors. that that cannot Storey that of is know is zones our Sandoval, other zone County Storey are of an the Partners, Storey Comstock
growth discussion all separate realignment really the growth the ourselves, organize we any More facilitate opportunities. be questions I’m And some and more sure is generating on the to assets cash transactions. put the has miss revenue than we’ve way and going our to I’m get generating, sharp that. that. facilitate But intending to to into anything going about that We’re of fair, way right that buckets. good
wholly Comstock sub working meaning which processing, strategic years. debt. along platform, Mining So been for with pursuing, owned again we’ve is the that Has is the people Comstock ventures,
cases, in with of working and piece going last been for in five that refer and two, three nothing, years. counter we year I’m there’s at least haven’t to some party this to the Where the a update. So
recoveries technologies pad, Dr. done incredible familiar are maximizing in and with cyanide for on for Itronics, with leached all tailing, reprocessing we’re previously material, So, working cyanide technology materials. Most leached materials, leach silver directly people Whitney of waste from his work he’s that. up the KAM-Thio
to of different which We’re is adventure, looking same but using and/or formalize type with technology to be technology the that objectives. Cycladex
me on, and thing. go I Before let one pause mention
the largest gold. markets the don’t clearly mining of are growth One majors that mode. is. The I depletion think understands of peak how depletion waste. mode have market majors the The in significant a reprocessing in hit is clearly
they’ve think done a good I job.
Corp, unbelievable no almost mergers, I is line New Newmont Nevada level don’t want acquisitions word, a synergies. a and confuse that’s to a synergization, don’t operational Barrick operational acquiring tremendous word, we But and Gold merging, of synergies. and synergies think if it those
grow. the It’s has make that, reserves things acquires is and drilling Klondex, to reserves if it of acquire did their those you’re to none With the Hecla reprocessing The when like doesn’t today suspending Nevada that, way operations, somebody, the, waste. reserve. grow individual or anything they’re because increase, the fact make companies development only announced Hecla Klondex and you
silver market because as a massively at a war, assets, market potential and the we major virgin purposes, not So demand. but most that governments liability. on every they’re it’s is attended to intents have are – look This time that’s processes starting for sitting gold of and everyone’s of a Get generated growing and it. reclamation them waste to gets new in ton kind a that of
coming So this so long, working and is what it’s to on we’ve fruition. for been now
is The purification. second area water
metal complex, guess I and with sludge still gold year can come water think in come silver Hydrus industrial over and dischargeable complex, come up the cons with contaminated, have onsite familiar are Technology ago, cyanide mining reprocess and we a that had what, it. a prove people to test and that, walk, take up heavy they that water
those gold, Both strategic reprocessing, of to so getting same And materials, the partner we’re in for revenue us. ventures would now result term getting a working near the for Hydrus be with silver. those
reviewing including then as centrifuges mercury pending silver well. and type remarkably, Lastly separate maybe properly are to in soil, four dispose plaster the content equipment contaminated separate and been of and has technologies, extract term, from a a is that active able remarkable. mercury’s, nearest board very patent mining, those high technology most remediation from It’s of has that and the those gold that mercury spirals of configuration and
And have least so we’re or case we could all every of the tell at you, the one could at out three and partners – joint announcing doing to activity structured we’re other of just ventures reasonably the and and it a in would can we activity. doing gold those be the that going XX% I we the mentioned case And all near be future, of first, in where in I silver lease venture, equation. areas get each it in be each ventures of the case
to Mine stuck these because getting we board maturity into our Lucerne at that’s the soon supporting getting we’re September month at our this stop annual are on the out fully Actually there of the because production. Tono questions. be the I’m get early back talking already happen. over Let’s to coming of lot bring turn going to But this, But be here and looking all date again, of and the minutes. only I’m Emily, me there for had sure Gold and stop running going XX and a that designs that it great this And of call because Tono questions is the you date. to with the to and that these a coordinating transaction on on require when And the a level let’s things I’m at of meeting, that they record again, we focus sincere advancement We’ve going we’ll kinds finalized up strategic news our meeting, But haven’t of level partners date. things. very such Hotel it’ll for to I’ve reasonably profit. approval what final for gone metal, – to and let scheduled of all about call I’m say Hill on Comstock. and year, that meeting showcased
