Financial Data and Key Metrics Changes - Comstock raised $34.5 million in gross proceeds from an oversubscribed equity raise, netting $31.8 million, which expanded the institutional shareholder base by over 30 new investors [6][8] - The company ended the quarter with $31.7 million in cash and equivalents, including $12.4 million at BIOLIUM, and net current assets of $21.3 million [9][52] - Comstock eliminated all debt, transitioning from $8.5 million in debt at the end of the previous year to being completely debt-free [8][9] Business Line Data and Key Metrics Changes - The solar panel recycling business is set to process approximately 100,000 tons per year, equating to over 3.3 million panels annually, with significant equipment deposits made for the first facility in Silver Springs, Nevada [7][22] - The company reported about $500,000 in billings for the third quarter, aligning with guidance of approximately $3.5 million for the year [23][66] Market Data and Key Metrics Changes - Silver demand hit record levels in 2025, driven by industrial uses, with expectations for continued growth in demand exceeding supply, positively impacting silver pricing [14][15] - The market for solar panel recycling is projected to grow significantly, with estimates of 33 million panels expected by 2030, up from 3.5 million currently [27][28] Company Strategy and Development Direction - Comstock is focused on expanding its solar panel recycling operations and positioning itself as a leader in silver production through its recycling processes [17][19] - The company aims to establish two additional facilities in the U.S. to capitalize on the growing market for solar panel recycling [29][86] - The strategic rationale includes leveraging land and energy requirements for data infrastructure, which is experiencing explosive growth [62][64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong backlog of orders and increased engagement with customers, despite a temporary decline in revenue due to the sale of mining assets [66][68] - The company is preparing for the commissioning of its first facility in Q1 2026, with expectations to ramp up production significantly thereafter [83][87] Other Important Information - Comstock is actively working on refining processes for silver and other metals, with plans to start development as soon as the first plant is operational [90][93] - The company has signed multiple new Master Service Agreements (MSAs) with utilities and recyclers, enhancing its market position [80][81] Q&A Session Summary Question: Where does liquidity stand today? - Comstock reported $31.7 million in cash at the end of the quarter, with $12.4 million at BIOLIUM and net current assets of $21.3 million [52] Question: How long is the cash runway? - The company is fully funded for its business plans and aims for sustained profitability and growth [53] Question: Why the loss on debt extinguishment and what's left? - The $2.77 million loss reflects the payoff of certain notes, but the elimination of debt is seen as a positive step [54] Question: Should we expect any dilution now that Comstock is funded? - There are currently 51.26 million shares outstanding, and no new shares are anticipated to be issued for funding [55] Question: What will Comstock do with revenues once Plant one has funded future plants? - Revenues will be reinvested into expanding metals recycling capacity, with a focus on stabilizing cash generation [57] Question: Are there any plans to dilute to fund mining operations? - No new equity is anticipated to fund mining; funding will likely come from joint ventures or asset-level transactions [59] Question: What is the strategic rationale for continued funding of SSOF? - The properties are well-positioned for the growing data infrastructure market, requiring engagement and capital to capitalize on opportunities [61][64] Question: Why did revenue decline in Q3? - Revenue decline was attributed to the sale of mining assets, which affected lease revenue, but engagement in the market has increased [66][68] Question: What's behind the higher SG&A and R&D? - Increased SG&A is due to scaling operations, including rent and personnel costs, while R&D expenses are related to biolium and metals marketing [70][71] Question: What happened to the metals recovery business and equipment? - The focus has shifted entirely to solar panel recycling, with no ongoing metals recovery business outside of this area [74][75] Question: Why not build smaller cookie-cutter plants to cut transportation costs? - The strategy is to locate plants close to solar panel sources to minimize logistics costs, with a focus on scalability and throughput [76][78] Question: How are you monetizing all recycled materials? - The company sells clean aluminum, glass, and silver-rich tailings, with plans to refine materials for higher value in the future [79] Question: Can you elaborate on the current MSAs and the solar panel supply? - Three new significant MSAs were signed, including with a major utility and a prominent recycler, enhancing market share [80][81] Question: When will the Silver Spring site hit capacity? - The site is expected to ramp up production starting in Q2 2026, with a goal of reaching full capacity by late 2027 [83][86] Question: What about silver refining? - Plans for silver refining are in development, with a focus on maximizing value from all materials processed [90][93]

Financial Data and Key Metrics Changes - Comstock reported a gross proceed of $30 million from a recent offering, with net proceeds of $27.6 million, increasing cash position to over $45 million [8][9][12] - The company eliminated approximately $8.4 million in promissory notes and $2.2 million in convertible notes, enhancing its financial stability [9][10][11] Business Line Data and Key Metrics Changes - The metal recycling business is experiencing rapid growth, with a focus on solar panel recycling, which is projected to scale significantly [7][16] - The company has developed a unique technology for recycling solar panels, achieving a zero landfill solution and high recovery rates of valuable metals [24][26][32] Market Data and Key Metrics Changes - The market for end-of-life solar panels is expected to grow exponentially, with projections of 33 million panels reaching the end of their life in four and a half years [42][43] - The demand for silver is at an all-time high, driven by industrial applications, particularly in electronics and solar panels, with prices rising significantly [37][38] Company Strategy and Development Direction - Comstock aims to establish itself as a leader in the solar panel recycling market, with plans to expand its facilities and increase production capacity [56][58] - The company is also focused on monetizing its mining assets and exploring opportunities in the oil and gas sector following the separation of Biolium [61][67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to scale operations and meet growing market demand, emphasizing the importance of securing permits and equipment [56][89] - The company is optimistic about its competitive advantages, including a zero landfill solution and the capacity to handle large volumes of solar panels [95][96] Other Important Information - Comstock has secured land for additional storage capacity to accommodate the anticipated influx of solar panels [40] - The company is preparing to deconsolidate Biolium from its financials, which will provide clearer visibility into its metals and fuels businesses [72] Q&A Session Summary Question: Has the equipment for solar recycling been ordered? - Yes, the company has finalized the design and is ready to purchase the equipment, with deposits being made to ensure timely delivery [79] Question: What are the lead times for the equipment? - Lead times are estimated at four to six months, with all equipment being manufactured domestically to avoid tariffs [80][81] Question: Can the capital for a facility be phased in? - The company plans to deploy the entire system at once rather than phasing it in, as it makes more sense for operational efficiency [82] Question: Can facilities be permitted and built in parallel? - The company is exploring the possibility of permitting multiple sites simultaneously to expedite the process [88] Question: What is the potential market for solar panels? - The market is projected to grow significantly, with millions of panels reaching the end of their life in the coming years, translating to hundreds of thousands of tons of material [92] Question: Will long-term contracts be established for metal recycling? - The company believes that as its capabilities become clearer, longer-term contracts will be negotiated with customers [94][102] Question: Why are asset sales taking so long? - Delays in asset sales are attributed to power grid bottlenecks caused by increased demand from data centers and industrial developments [104][106]