Good morning, and thank you for joining Comstock Inc.'s Full Year 2025 results and business outlook. I'm Zach Spencer, Director of External Relations. Today is Tuesday, March 24, 2026, we are streaming live and this session is being recorded. A recording will be posted shortly after we adjourn in the Investor Relations section of our website. Today, we filed our Form 10-K for the year ended December 31, 2025, and issued a press release summarizing year-end results. Both documents are available on our website. As a reminder, Comstock is listed on NYSE American with the ticker LODE. Joining me today are Corrado De Gasperis, Comstock's Chief Executive Officer; and Judd Merrill, Comstock's Chief Financial Officer. After their prepared remarks, we will take questions. We received more than 35 questions in advance of the call. If you have additional questions during the call, please use the Zoom Q&A window, and we will address as many as time allows. Today's discussion will include forward-looking statements. Actual results may differ materially due to risks and uncertainties detailed in our SEC filings. Full risk disclosures can be found in our filings on the Investor Relations page and on the SEC website. With that, it is my pleasure to introduce our Chief Financial Officer, Judd Merrill. Judd, you may begin.
Thanks, Zach, and thanks for everyone being on this call. I have a few remarks, and then we'll turn it over to Corrado, but I just want to look at the company dashboard here. From a CFO's perspective, 2025 was really a transformational year for Comstock. We really doubled our asset base. We strengthened and simplified our balance sheet. We eliminated legacy debt and other legacy obligations and we fully positioned the company for its next phase of growth. Our balance sheet really is the strongest it has been and it's positioned to be even stronger as we monetize noncore assets, and it's giving us a speed advantage over our recycling competitors. Our capital structure is also very clean and our shareholder base continues to strengthen. We continue our targeting and our outreach for what is still relatively a less-known story. Less-known metal story, less-known financial execution and monetization priorities. At the same time, we are beginning to see the early results of that investment, particularly in metals. Our commercialization efforts are moving us into a second more sophisticated phase. Here are some specifics that all freeing up cash and cash equivalents stood at approximately $56 million at March 20, 2026. Our common shares outstanding are 74 million shares at March 20, 2026, reflecting the recent offering which ended up being truly outstanding, if not transformational. It represents a change in our shareholder base with significant contributions from Hood River, Gratia, MA Capital, and others. Support has been amazing, including what we recently announced as enhancements to our Board. This is a critical part of our foundation for building a global multibillion potential company and a testament to our capabilities. We completed the second oversubscribed equity offering earlier this year, which brought in about $57.5 million in gross proceeds, approximately $53 million net of offering expenses. This was driven by demand from leading institutional investors and it removes the largest single risk to the spending needed to capture the solar market. These funds allow us to deploy our first industry-scale metals recycling facility without distraction. We are set to secure, permit, and fund facility #2, which positions us to corner the entire Southwest market right here from Nevada. We've announced and built additional permitted storage sites in California, Ohio, Texas, and others to accelerate our refining solution and capability, including strategic partners, positioning us for the best, fastest monetization of SSOF and our other noncore assets. When we reflect back on starting 2025, it was with huge developed potential, but really no capital resources and many obligations that needed to be addressed to develop our platforms. We have effectively eliminated those obligations from our balance sheet. Comstock Metals had revenues for 2025 that were approximately $1.4 million compared to $0.4 million in 2024. In addition to the reported revenue, we generated additional billings of approximately $2.2 million in 2025, referred to as deferred revenue, associated with our early operations. Our total revenue for all of 2025 was about $3.5 million, as we guided to. It's also important to note that our 2025 results included several nonrecurring items associated with the transformation of our balance sheet, including debt conversion and extinguishments as well as noncash impacts from changes in the fair value of derivative instruments, which are now behind us. Our deliberate effort to simplify our capital structure and eliminate legacy obligations significantly strengthens the company going forward. From a liquidity standpoint, we are in a strong position. We believe our current cash, combined with expected revenues from metals recycling later this year and priority asset sales and monetization, keeps us strong and in a leading position as we execute our metals plan. Finally, we are diligently positioning for more traditional nondilutive sources, which include grants and industrial bonds that we will qualify for once our first facility is up and running this year. Those are my remarks. I'll turn it over to Corrado now to dive deeper into our metals progress and monetization.
Thanks, Judd. Thanks, everyone, for being here. We probably have record attendance for this call. I'm really excited about the update. Let me start with the announcement we made just after the market closed today, which for us is incredibly exciting and encouraging. As Judd mentioned, at the end of January, we had a robustly oversubscribed offering with tremendous quality institutional investors, including Hood River, MA Capital, Gratia, and many more. The level of interest in the company remains very high, including site visits, reviews, tours of our assets, and extremely constructive engagement about support and how to position Comstock to be a truly global, dominant metal recycling company. This reflects a view that our technology is differentiated, that we have a really early adopter head start, and we've made good progress with our balance sheet. If you revisit the shareholder letter from last January, the message was that we needed to clean things up, recapitalize, and fund our growth businesses. It's clear we've made huge progress, and now the hard work is on execution. We're poised to take a regional platform and scale it to capture a considerable market opportunity. The U.S. has over 1.3 billion panels deployed that will reach the end of their life rapidly, and globally, the situation is even more significant. We've welcomed 3 new independent directors to our Board that possess strong backgrounds in finance and the solar industry. Donald Colvin has extensive financial management experience in solar; Steve Pei has a remarkable capital markets background; and Bob Spence has expertise in refining and recycling, including international operations. Their engagement is helping us strategically enhance our operations. With two of our top investors on our Board, we're emphasizing monetizing our noncore legacy mining assets and finding serious counterparties who see value in our mining district. Moreover, every dollar from mining assets directed towards recycling enhances our business. Our mining assets have about 2.5 million ounces of silver, easily outstripped by our recycling facilities' future capacity. We're also looking to monetize our noncore legacy real estate, with progress being made in negotiations. The timing is excellent as we expect transformed values for those assets. We want to ensure our recycling operations are at the forefront and driven by strong industrial capabilities. 2026 is set to be a year of exponential growth with our metals business, driven by the strong foundation laid in 2025. We're looking to increase monthly revenues significantly throughout the year. For instance, our projected revenues will scale from $100,000 a month to $1 million a month and beyond. We are aligning our long-term objectives with our capital base to support our recycling ambitions. Our ongoing discussions with major utilities confirm that they too recognize the growing demand and the criticality of securing recycling capacity. We're ensuring that once our firm is operational, we will not only capture market share but set global standards in recycling. With our fast-growing recycling business being advanced by our strong updated Board, operational investments, and strategic partnerships, we anticipate an exciting year ahead. I appreciate everyone's support and engagement as we push forward.
Thank you, Corrado. Let’s jump into Q&A.
Yes. I appreciate the inquiries from everyone. I'm happy to tackle questions now.
The first question is, how do you allocate your time versus Judd's time versus the rest of the team's time?
Right now, we expect to balance our time effectively. Judd's focus has shifted towards recapitalizing and governance, which is essential. I estimate Judd and I will each spend about 40% to 50% of our time on monetizing noncore assets. The metals team is fully dedicated, and I expect us to refocus as these monetization objectives come to fruition.
What is the pipeline of solar panels that will be available to recycle through the Silver Springs facility once it is open?
We're actively signing master service agreements with e-recyclers and major utilities as they represent the primary source, constituting about 80% of the market. We're working hard to ensure these organizations understand the need for reliable partners in recycling. The goal is to scale from $0.5 million a month initially to $2 million a month and even higher in the coming years.
Where do we stand with the delivery of the first recycling facility in terms of timing and cost?
We have now received all of our equipment, including the components for the ovens. They're scheduled to begin arriving next week. We're ahead of schedule for commissioning in Q2, which is a major milestone.
What are the capital requirements per facility at the scale you're targeting?
Recycling facilities are projected to cost between $12 million and $15 million, depending on leasing agreements or ownership. Our cash flow potential from these operations is incredibly promising, with each running facility projected to generate $75 million to $80 million in cash flow once fully operational.
What is the timing on the potential monetization of the mining assets?
We're in advanced conversations with serious counterparties who have credible access to capital. We anticipate discussing terms over the next 75 to 90 days.
Is there any intention for issuing additional shares in the near-term, resulting in any more dilution?
No, we don’t foresee any further dilution. We’re committed to responsibly managing our capital structure and prioritizing growth without additional share issuance. Our existing resources will allow us to remain focused on our core objectives.
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I'm enthusiastically looking forward to our new Board members engaging with us and the progress leading into our May annual meeting. Thank you again, everyone. We are excited about what lies ahead.
Thank you all for joining us.