Good morning, everyone.
This is Corrado De Gasperis and welcome to our First Quarter Zoom call.
I'll provide a brief summary of the financial information included in our press release from this morning and from our quarterly report filed on Form 10-Q last night, including our progress and specific performance objectives, especially our silver and gold exploration and developments MCU, our mercury remediation business, that is now up and running in the Philippines, where we actually reported our first revenues this week.
And the good progresses on lithium-ion battery recycling business, LiNiCo, whose scope is even expanding and some major, major achievements on our financial position.
If you don't have a copy of today's press release, you'll find a copy on our website www.comstockmining.com by just clicking on the Press Releases tab on the main menu bar.
also EDGAR is www.sec.gov. XX-Q Form available on via Our
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by three and yielding with and all made debt for investments. secured to a strategic investments sales five to an growth, year-end assets MCU, from $XX at over million $XX million. these increased in just strategic end $XX of a from first dramatic little just over our to was our of increase PSI, where that and us. $XX things, primarily MCU obligations leap high driven we million $XX completely in almost also We've IP generators gross short So unique in huge saw investments of million the months, by the all increases primarily in sheet, We've asset by eliminated. million, A in the LiNiCo all to our the million extinguishment Philippines, balance debt our increase cash strength over at cash -- our will with of made $X driven LiNiCo and and commercializing quarter, with
debt contributed comes an secured receivable derivative new which derivative paying $X actually our LiNiCo with economic to of as increase The tremendous, So of to Comstock gone, million a zero, sheet. cash in million relates balance in that tremendous we is so value interest retained our excess investment. by commitment an our monthly X in back that the that asset is in those shares, Tonogold to were increase note shares part shares the and over of asset the improvement a
to Turning P&L. the
by positive in Our for The reimbursement we quarter made for. actually to interest on interest we of accelerated was was $XXX,XXX bearing large of very a but We driven associated monthly. note payment They were which an over the non-recurring had get reimbursement pays costs had down with secured during us new were that items. land added a quarter. the operating during receivable the the quarter from one accounting that a reimbursement Tono that cash Tonogold receivable, item, reimbursed the dramatically couple that is
almost had during us decrease $X a reclamation quarter. also benefited the positively Both resulted estimated in We update in items to update that the those liability, our million. by liability
at million raise on call that and million was that related the X that March over I by our the with million, mentioned XXst increased that income also outstanding during recorded was to derivative exact asset value same LiNiCo. driven We and that the number our we overall capital And LiNiCo the of our X of total ended commitment. investment the net issued the that that's quarter $X reported issued with includes of recent quarterly last it principally shares the XX,XXX,XXX, includes
in. So that all number is
we've this As sales be remains totaling getting including commercial reported, plus are seeing significantly is again, our close just and on million, We to cash asset that for do doing $XX current fund those over a increase and very effectively to and closed, year, a year. in tremendous capital, higher under zone, waiting progress than now last progress our in opportunity industrial which multiple $XX very non-mining sale. the progress contract we million, at have not weekly been into We're for looking but properties literally the now the zone of looking all recent for valuation is expect by most non-core operational. fully manufacturing last owned opportunity facility part with fund balance the for $XXX,XXX land being a fully at valued opportunity over assets now new companies on based that $XXX,XXX The $XX our buildings. that $XX of of Comstock And balance as companies companies open sheet leased on is is capital and brand million. for on our tenants. two And airport the basis coming the just for has its million raise sheet our raising month,
mentioned, XX the $X held the million $XX land what value Water closer to to $X to million comps our do that of the fund, that sewer over our when the investment. I comps money investment $XX fund raising land at at and fund a putting holding the of comps, of you $X.XX, look As million assessment. we the share, right land underlying to our shares the value $XX assets valuation market million. investment puts when million a fund is $XX just That's to at at not Right But relative the of validated The those that you by see million. value $XX closer to are range the is owns,
X.XX due next addition months. secured So We common still the hold tremendous million the there. million receivable, that's of any all, to that's in well context, Tonogold, all XX XX in progress over note shares in in
value, combine $XX take you of assets $X.X contracts million the those our using those Tonogold over represent Securities so, value. and today's both And secured you million note and When combined properties take to sell them to today, at combined liquidity conjunction It potential existing you the in currently in with with representing zero XX our also million, over million is sitting $XX and with months. be $XX next over values debt. cash
the financial position. So sheet, that's balance that's
and me today, considering over turn those Let and three properties. start is silver silver with to let of businesses gold up our lines that gold XXXX and me
first magnetic full high surveys, and of received, and within includes now almost level fully airborne finally electromagnetic entire the associated survey Comstock the pictures the interpretation We've properties. the quarter, database line received proprietary finally surveyed, X,XXX During with ongoing. some incorporated the into with our geophysical we survey both full published The kilometers of fully District data those.
structures. think of three call, last geological I feet our excess on depth districts more very dimensional that often mentioned surface. below what's the it that remarkable remarkable was of the and the I data X,XXX is XD is of images about even the this clarity But in is clarity
modeling updated Dayton underway. Our the on is well now
probably resources. where that review done publish X.X well We've in itself fully should report. properly the technical will even the already full developments and preliminary surface that'll and data series is and incorporated once are be that Aubert. before oxide before data data, the go engaged Dayton. We've geophysical models of very into life. the ounces ore We These have and it's and the integrate gold work But our mentioned report. and have that inferred done planning cross-sections, into in geological interpreted. we short number buried to that almost $XXX auditing of our and publish for will over ounces we've of work well all the publication gold had published a of we done model resources will silver million the just a a in equivalent resource been to and and interpretations XXX,XXX nearly that a overview shells our previously with XX,XXX the million resource level was detailed a mine updated all completion of measured estimate I near existing Dayton economic final has produce technical sessions some of That the them, model. in cash indicated plans that include our Their estimate even providing the of ounces
work on existing continue develop the already standalone be this will Resource resource that build report technical to year. those Our for coming and new estimates, will with Dayton the
near and that with silver XX put ounce also ounce of ounce, an we XXth progress NSR ounce, concurrent grades ton hold XXth grades properties, For X.XX report ounces technical significant those good Tono NSR resource Gold these Occidental where all length of and strongly including of TC-XXX, feet near-surface but silver. Lucerne and X.XX per nearly developing strong an some of these ounce one X.XX contrast, Occidental. royalties literally has Storey And of Lucerne, is feet XX entire number including including included over located of in each of silver over the southern now Tono And of TC-XXX, holes are gold, the per same and of has at and addition towards County, of in from in finally of properties the already not recently feet you over made are And claims the per XXth numbers of every ounce that included an Occidental targets. ounce with publishing that results. economic. the for working estimate portfolio They those gold, are not of Hill to a the new And was resource with which to ounces drill These gold. gold, the you very, of in part for lengths part that's of published per ton, of of ton of drilling potential XX reported that including not excellent of hole results Tono feet southern ton, holes surface gold hitting the of for hole three per results completed the overview minutes in X.XX a all almost of couple per discovered. targets. I'd reported over one rock an gold estimates They straight which properties economics preparing quarter if all including a of a environment, surface mineralization. of very and near which royalties all gold three the of are a of this ounces ton very concurrent an ounce are ores here. Occidental, just just are drill quarter now again of a Lucerne, hard a of a like ounces deep all Mineral XX about just will. reported Northern ton scenario, per oxide of with with of are These
is Tono targets. planning in fully complete because that now higher feet surface near in the up on hopefully But southern out that have of up oxide drilling So Southern to these good estimate has part multiple ore the part properties. of they results, add royalties additional out going resource surface grade accelerate finally those putting just to an to drill drilling, rig come us. we and announced to relating another They combined well recently estimate technical they're X,XXX these of near extremely Again, surface for Occidental the and ramping the transaction sort of the and that an all near plan turned that complete, holes, report with for to Tono those XX additional certain the fully adding a overview, resource resources. Occidental, strong
have over of $X annual reimbursements return We million.
have income. monthly We cash a
XX% of at entirety that is on be that Now cash mineral would security on Lucerne secured $XXX,XXX note resource annualized that package. the remember and paying, this almost
have including on all We Lucerne, the X.X% Occidental. NSR the including properties royalties
to of X.X% have higher We X.X% additional claims. prospective the an is by just the prospective most huge. lode parts more royalty we option Northern take the that And lode have and Comstock X%, up so on grade an which
more for get us. Let here granular me
the to business. mercury remediation Turning
our full invested of MCU. we quarter, first the XX% During
own our already that we ownership up XX.X% in received XX% truckload is operation. a option participation. directly was putting we right control yesterday. flood clean that sand X,XXX of it picked cubic they away inch last ton XXX to gravel, require Last in of the This week, joint X of of X and us kilometers from the MCUs order just rock. contractor clean project a gravel cobble and of Philippines So another for we And of venture, took plus addition plus all plan MCU cubic fruition, course whole a for our first of to of of meters the in meters at Philippines,
the higher larger soils. cleans also mercury the these cleans rocks. process Our out of They'd
clean we which of we produce. All
up going We all week river. of reading an the more buyers ourselves some the demand Philippines moving upon gold are very, good of construction us of river very been South in with in or situation apparently, and There scarcity, operating it for currently other Basically river. week, current the there begin offtake. are the lower that moves gravel, starting river. have part so photographs low. Later is that with and very, on. the there. the Having the that, position with as the Brandon operation, and sand lower negotiating monstrous certainly expected globally clean content To that's gravel to up gravel in we two even we've this next The publish and understanding, be sand mercury we'll and that very said and have we're we been continuously bigger as seems for part sand of for in
get can scale appreciation sample we you we're more. up even We're doing. amounts as So see an now meaningful content starting river more for mercury we of of to what see the
settling honestly all we get far. what had month, In and great got really really had situated. March, would facility some of call I April, oversight. we've the flooding the weather, In so And where with is renewed activities. typhoon stable that's lot continuously this and were we government So twice started first we there as with that a in operating just
to equity. look month this So XX% moving the is that want really earned this our beginning everybody thing forward. of I recall like we've we
secured Our million additional million with repayment accelerated XX% a operation that has secured equity in the Philippine loan $X $X provisions. loan. And
potential even very, So very -- XX% repaid revenue our our we getting on the span retained as recapture of nine cash that years, project as to a generating, a well repayment investment. of generating, in that loan. beyond starts paying six life We start the ownership starts has so the
Moving on the LiNiCo.
sits facilities, from business. industrial land in could prime into be Gigafactory position and U.S. of assess in treatment million, here the the to $XX Springs of valued that over knows, to LiNiCo million. existing facility. our over minutes, the directly acquired we a this with to with the the art right the better that acres be equipment $XX the properties. the The During the Comstock of Reno XX Storey this quarter, one as research first XX committed to committed the previously just state metal Industrial Tahoe water battery acquisition XX-XX air not the permitted securing recycling in control, fell of in across Silver security facility Center secured already LiNiCo County, well facility, the already over the quality in owning We building, from plant, the move has rates street lab for swoop XX%. acquisition plant everyone half on the Critical facility minutes and nearly the the at
situated more separate crush, couldn't into to it materials black so, receive be battery mass. perfectly And
first first, at puts we for we when $XX.XX committed million. a about of only secured deal LiNiCo, that million valuation XX% then facility, The which $XX post of it this
can LiNiCo As to copper black I the line cathodes. exciting permit mentioned, ton battery us steel have separating highly recycling of called We've builders and for cathode commodity has magnesium that's to to business finalized for Innovations, us their to to the lines cetera. now engineering then wet major our solid last us. were Phase the facility the Plain had take allow to large-scale et IP solutions part work the impressed facilities intended We've so worth conjunction a crushing that green that system, mass with us feel our RPS another graphite. the the would of nickel like materials. that, another produce material develop not LiNiCo that have the multiple downstream. cobalt ECM build renewal taking with RPS our that masked PSI metal and separating II already to enable the develop operation, that and company second and of for peers associated product all will experienced plus we and facilities the manufacturing for designers in-house byproducts is a course to carbonate just metals. we finalize allow construction pure submissions own already of all always This and black have with plan valuable has and gears pure our But Sight And What's that engaged is XX,XXX doing they development but exciting construction produce in what's process and week, pure renewable their technology for on in engineers to system PSI and lithium produces also phase crushing first process way while selected which mass design though. to
the end the source expanding battery metal So are very markets from of the material. business same
emphasizing we've last Meeting conclude just remarks me I for updated and everything General specific performance that years. year's Let the next that my that very and published Annual three else objectives we're that's prepared you doing by consistent everything at our very, established on with
these we renewable we're of beyond climate businesses. the right, communicating the compliant LiNiCo businesses. fund assets and only bottom is even and high these frame, additional extremely businesses. mineral cash of monetizing And course it on but comes acquiring focused new published. beyond smart that our growth will includes clear time could frames existing ESG establishing high pretty It of were to includes time for is manufacturing hardcore, items, non-strategic generating The when these renewable growth that MCU, it clear, to and So be extremely ESG businesses we growth than this than the believe commercializing some we've we're properties it growing until line these become during businesses, clear that sure, now, the
our Our share moneys in and then were these strategic has deliver, billion value. directly performance get with It's compensation. if a shareholders goal aligning delivering we links clear, $XX don't people program if At January. amounted, XXX% shareholder stock-based crystal rewarded, the we deliver in don't objectives with program of anything. all based we X.X our our we designed of least been published are That performance
the that to on Zach Q&A Q&A this Zoom maybe turn pause I'll mechanism. So and the through
