They’re game changers and the real evidence of the progress that our teams are making, rather than if we own 11 million shares or more than 11 million shares. But I get it. Like my father in law taught my son, there’s no sense pissing into the wind here. So, yes, you should expect some insider buying. We’ll do it. We’ll do it as soon as we can.
Will Maze: The next question is regarding the fuels. We do have a couple, so I’m going to have a follow on to this. But the insights of Comstock Fuels were very helpful. Is it right to think that revenues are further off even though the market for your solutions is so massive?
Corrado De Gasperis: I think this is probably one of the more important questions and something we really wanted to address and, ultimately, surface from what we’ve been seeing across the board from the investor perception analysis. Look, all of our investors are absolutely right to be focused on our first commercial agreements because they will validate the efficacy of our solution, they will demonstrate offtake from major sophisticated customers, they’re going to secure the highest yielding feedstocks from industry leaders, and frankly, present an overwhelming financial valuation for our company. These agreements, when we validate to you what we already know internally, right, it’ll establish the foundation and the beginning of an incredible value creation that will also start to get recognized by a much broader investment community.
It also brings the non-dilutive financing that funds exactly what fuels needs to achieve. We’ve put a tremendous amount of not just thought and planning into this. We’re engaged in the market. It’s happening. Right? But this is a little different than I would say a somewhat false narrative of just wanting to focus on immediate revenue. We announced revenue, for example, for mining in a manner that I thought was outstanding. It covered all of our mining costs. And the market yawned, even though it was really a great deal for us. The agreements we’re negotiating now will completely change the reality for the company in remarkably valuable ways. The progress is incredible, and it’s going to happen. So I believe it could happen this quarter. I believe it could happen before December 31.
If it was up to us, it would be a layup. Could happen January 1, January 15, January 30. I can tell you, it’s coming soon. And whatever happens – and I’m sorry, whenever it does happen, I’ll be enjoying the celebration. I hope you guys will be too. It will enable non-dilutive capital, liquidity and tremendously credible value even if actual revenues off of a specific agreement is a few years off. That’s really why I wanted Billy to present what he presented earlier. It’s important that you and our target investors see the massive value that we believe is about to be validated and realized and we’re just going to continue to be completely transparent about it.
Will Maze: We did have a follow-on related question. The question is, are you able to elaborate on the license with RenFuel? Will they collaborate on hub one and how our license fees split on future hubs?
Corrado De Gasperis: Billy, do you want to take that one?
William McCarthy: I’ll say that our collaboration with RenFuel is very, very close. And this is not a transaction where we’re licensing some tech and we don’t talk to them. And we’re going to be working very closely together. We are the primary vehicle where this technology of theirs is getting commercialized. And it is, again, fully integrated into our processes you saw on the slides. It’s a key partner process. And the way we’ve structured the royalties there is a very fair allocation of the value created in those steps. There’s some technology of ours that’s been put together with theirs. And we wrap that section of the process and developed the formula to do that. I don’t think we’re releasing the specifics of that. But I will say it’s – the numbers I talked about were all net of any other license agreements we have.
Will Maze: We’re now pressing up against time. Corrado, maybe you could provide some closing remarks and provide some important milestones that investors should anticipate in the next quarter and in 2024.
Corrado De Gasperis: Yeah. Maybe just in the context of the summary, well, for fuels, it’s what we just said, right? Executing a commercial agreement. That includes offtake, feedstock, non-dilutive capital that could come all at once, it could come in two or three quick steps. But it’s going to be with very well-known companies that we’re going to be proud to call our partners. As Billy mentioned, we’re also going to launch a DOE grant project, also with world class partners, which is really designed to enhance our already industry leading position. And again, as Billy mentioned, we’ll put out some more info on that when it’s final-final. For metals, we’ll be finalizing the permitting of our photovoltaics recycling system here in Northern Nevada.
We’ll be finalizing the deployment of the production equipment and readying it for production. We’re securing feedstocks, as we speak. That’s what the team is spending all their time on now. And we’ll start the commissioning of the demonstration scale early next year, and move it right into production. I guess for mining, I would just say receiving a million bucks in revenue this quarter, of which $500,000 we just received this week from our leasing agreement that nobody seems to be excited about. And of course, importantly, developing in collaboration with GenMat an AI based next generation exploration tool that we’re going to be talking about next week in New Orleans, and using our extensive geological and geophysical data along with GenMat’s new data to really predict, enhance, sharpen the target that we already feel good about.
So, either we’re going to get to that target faster and cheaper or we’re going to get it to a bigger target. So it just positions us to expand that 2 million gold equivalent ounce target, but don’t dismiss that – if it’s effective, if it’s efficient, we’re going to have something that’s going to transcend the Comstock. So I think that’s it – fuels, metals, mining. I appreciate everyone’s time today. It’s going to be an exciting next month, two months, three months, for Comstock and our stakeholders. If we missed anyone because we run out of time with the call, please do reach out through Will at RBMG. And we’re really happy to have follow ups from today. And really thank everybody for being part of all of this. Have a great day.
Will Maze: Thanks, Corrado. Thanks, Billy. And thanks, everyone, for joining the webinar today. There were quite a number of questions we were not able to get to. We will be able to download those through the Zoom app and we will respond to those as we can. And also, today’s webinar recording will be made available on Comstock’s website shortly. We’d also like to remind you that we will be sending out a survey from RBMG, which can also be found on the company’s website, and we would really appreciate your participation in that survey. If you have any additional questions that have not been addressed today, please feel free to send those over to comstock@rbmilestone.com. Again, that’s comstock@rbmilestone.com. Thanks once again and you are now free to disconnect.
