Good morning, everyone, and welcome to the Comstock second quarter update.
I'll provide a business update, including information in today's press release and from our recently filed second quarter report on Form 10-Q.
the a our today's the website the page have a you'll top don't investor on copy at in you copy release, of find of If section. Newsroom www.comstock.iInc at
page not let that is statements XX-Q are on make matters facts via the the and available Our any you constitute to forward-looking under www.sec.gov. that that Form Filings Please also SEC on forward-looking and statements remind may website relating this on historical on call Investor me Edgar will also we statements.
by subject most our differ completed press Our made that direct accept risks the remarks, same and based and all previous forward-looking and in could the call on statements subject can't detailed and we filed the uncertainties to These all materially. we've that are current questions and company recent our identify. to statements expectations are release Once prepared and with are other to and those are the uncertainties to me. this the during cause will risks results actual SEC Zach in same reports risks
Let me our start briefly position. with financial
assets reported from first $XXX million, totaled up the $X million almost quarter. recently Our
and second results quarter. LINICO. for of for our of our for ended X our months amounts fuels the commissioning to facilities ended operating results sheet both these reflect to design, to accelerate reflect our X R&D the pilot the full and This and balance operating Both commercializations. in push for million both the our months These include the research represented engineering the of June fabrication larger technologies. and Our and commitment and our teams development the commercializing dedicated development $X.X $X.X million XX
our an been collaborations. and pilot system of tech, a Bioleum extremely cellulosic. has cellulosic new quarter meaningful busy industry number advanced established for our We' one This
new yield, and pathways of from known all of most in drop leading to our comparison covering fuels as dramatically in new to expansion produce significant woody you our efficiency patent, improved technology cost representing filed, all a portfolio, renewable saw, also biomass, We Bioleum methods. at
Our we multiple for array isolated been wood Bioleum validated new produce sugar of means that facility, that patent at produce are the can bio both simultaneously and the the proving fuels from of decarbonization. ton cellulosic compositions our free Renewable provide biofuels. pilot we the intermediates of largest and that of can same one contaminants. opportunities whole uniquely processes covers existing major single and This have of production both enabling
year U.S. to in biomass the sufficient that initial X growth. positions staggering This existing estimates per for limited feedstock. biomass woody drop different tons published $XXX draw technology. by renewable the to of just produces million most fully feedstocks, is source sawmill residuals us in now the billion and The Energy's fully can has a Renewable of and Department refineries Energy of fuel from constrained Lab leverage National same forestry feed - mainly up a year our abundant U.S. That oils. gallons However, pool utilizing vegetable fuels produce alone. of Comstock woody
prepare of renewable Department pipeline technologies our and X complementary the produce and Speaking The the our called Within the of assembled submission, encouragement week a DOE, industry-leading recently weeks, biofuels. we to now our of further DOE filed and no-brainer early. accelerate file platform. a bio intermediaries But preliminary for a are from of and a the and million. our notice other coalition proceeding announced producing new $X those higher-yielding for of is Literally of resulting renewable received Energy, fuels. it's to and [ph] that partners. application we the itself our would dollars, We us FOA industry funding a application targeting also high-yielding that both opportunity development of from collaborations benefits within Grant world-class we have efficient fuels recognition given was sustainable and test already they request can potential for our technology the grant aviation exceeded to add September. us with advancement the both that early to by partners diesel,
to capabilities our intermediaries a one ton summary, We've to to current cellulosic progress enable pulps produce both our of Just this we're and and in pilot. advanced gasoline Bioleum. best-in-class than are carbon Bioleum we proposed cellulosic producing to X gallon is and clear, just The resulted drop in better grant in fuels, XX biomass from current the that these our of the the the to yields We're source. of neutral we place ton deliver can performance enhanced Bioleum have basis. equivalent fuels extraction per from And its today which into ability ethanol would bio pathways process. in profitably. feedstock recently with processes these even fuel to production cellulosic convert on current pilot be additional from cellulosic fleet projecting just in yielding, trip day in also plans and our and feedstock exceeding the produce technology We per the XSo of both to where dry renewable byproducts already far breakthrough and will higher one demonstrate returned the fuels higher-value gallons with leverage best-known fuel extend one of the Based today. carbon-neutral believe actually sugars construction expanding just refining facilities. performance infrastructure. This existing were data, our just a inspecting our bio one and India, on a sugars enhancements both in our
or industry-leading number X in or near-term Our we're first to going development with the our of collaborations advanced intermediaries. And additional industry-leading renewable mid-XXXX. pathways. in system our also lead grant strategic major breakthrough bio application of various and Enhanced finalizing objectives fuels DOE Also in early complete this of these for these September to and X due for or agreement partners upgrade these the drop for demonstration partners. include our filing fuels to with by going that's Bioleum of We're commercial announce X a X operationize
Our the value. agreement demonstrate capability clearly commercial far prove The response nothing will and long-term spectacular. us to so industry of first potential our and been short has
crushing we've Let lithium-ion and to milestone. LINICO, plan Nevada system, to and crushed upgrades provide huge At black received. what operated of once and LINICO produced already separating me our a commission battery huge batteries, our an And turn now with another mass, milestone. which permits design commissioned on enhanced update also there. is system all and believe the you in the we pure the a charge proprietary uniquely we've We've and successfully crushing is are commenced we've
work. completed of of a construction test lithium fully commenced facility, also we our extraction public and our broad metal scale and responded also We be to for for comments bench issued. permit lithium our to, waiting battery are extraction the designed permit we on Nevada which series have received And system. we We've recycling the now operating now
produces losses first we and also our efficiencies solved process. and X It's going than in about substance extremely testing it created that that be of to talked prototype, processes entire is recovery out uniquely the improvement for now commissioned When increasing maximizes lithium pure problem we're are making carbonate identified and meaningful in lithium in we we suffer to that our mass lithium. times a came We process. already if the now what we extracting quality even of to recycling batteries. certain The more manner will also this lithium. for in produce I'm efficient. pause efficient by believe the lithium are development when the opportunities enabling in we're air extracting that permit our estimates a total that which today. mass deployed the X system, additional require it did, processes lithium after By on our mining for growing, that the seeing to a conventional day high most about ability But reflect. we EV seems not extremely will existing immediately per extraction we the because a industry the number ton black black demand, daily use from form modifying conservative keep likely for crushing industry commercial separating that Our
We expect to month, planned to quality file permit the accommodate making a in this air are than later system. the few originally we the crushing changes months
XXXX and the of and enhanced. in again permits the the quarter, and fourth fitting industry determination by that objectives extraction by is and designs and the with process uniquely of efficient and include fourth electrifies. as the separating Nevada, of and differentiated modified world validation lithium year. positioned are now whole for an and expectations for grow of the with the during system to Nevada extraction as definition in upgrades permit our revising likely followed valuable test air technology Our quarter written is to really as forward in received. system, approval major QX the enhanced quality most the recycling this quarter completing facility, our receiving for crushing completing the enhanced for near-term our continues soon We LINICO these look scalable, lithium highly that faster faster system commissioning all work this LINICO
incredibly And and from commission we is X different enormous. respond the quickly and move these benefit that to capability an establishes for of able our ability for it's manufacture Our internal improvement, felt long-term first forward. last and internal months, over than just competitors. to learn design, us, This having value proposition being redesign systems X or the pilot, opportunities the to engineer,
Springs, a next a minutes this and mining us value like X up the $X.X X very are opportunities we to see Silver of million next gratifying that diligence only already Silver another on report. $XX X construction of also from the keen expected investors most benefiting door and mega and a result to just around complex. expected centers, in on a $X.X that's Springs Ranch. sales We're opportunity is proceeds we're only XXXk the -- data will value. with more X The about remainder the the that will us specific and Redwood from seeing developments. for opportunities, opportunities great likely the second proceeds we'll facility assets closing month items. and the additional in in are sales has completing it's price over Silver tremendous started in sale, -- cathode the our complex, unlock Much deal on X.X was production activity of and my data major to prepared million very, agreements with months. recent on $XX capitalizing It looks about with excess including Switch corporate this fund of million, believe these fund or zone all me, this so fourth million evaluating in Very Daney positively literally with cash development a gross through right XX happy of in me a wrap with companies anode in with quarter. and Preparations put few strategic expanding to the and and received also importantly, that to announcements Springs for million past coupled ongoing Google It's on now quarter, investing tremendous Daney announcement to Comps in great Redwood's we Google this for amount coming now planning some billion together XX for a Comstock excuse It's when finally on also properties comments Springs. $XX campus follow. Silver minutes another the Let million these
fourth actually SK publication resource Dayton completed drafted for report and being XXXX a estimate the also is Our quarter. now finally with planned for new in
just in renewable accelerating are the priorities our commercialization battery on fuels summary, of renewable metals. and So
is wonderful, black take But are - engaged time. have in our ops to facilities these clear have our we major understand and a on as pathway pathway with now shareholders. but - of please neutral We're and We has metals. biofuels. they are we building showcasing re right lithium solidifying carbon the that that our look on of expanding bioleum and and a enormous recycled as [ph] to commercialization front The regardless company relationships. long-term we a and understand a recognition The nicely strategic us. no and pure forward and ability these highly industry, pathways well on basis, taken value sugars pilot and for we're make however, clear developments do - battery DOE maturing DOE mass, daily they these solutions,
sustainable. are methodically We foundationally, doing it
can let's end to just my prepared that's and we Zach, remarks. questions. turn stop there, of So the