Comstock Inc (LODE)

[TMLonggun]

What do you want me to share? It is my experience that companies with low all in numbers brag about it and tout them, and rightfully so. If you're exceptional you want to market the fact.

The slow staged ramp up like lode is doing only works if each stage generates more cash and the whole thing makes sense based on a capital and financing perspective. I mean whats the point of raising a huge amount of money and ramping through different levels of production if they lose money at all but the top levels? This is the whole point of all those studies, scoping reports and EAs - to build a profitable mine from the get go. Through economies of scale lode is probably pretty profitable at 100k oz a year but 20-40k is quite marginal. If it is obvious we need 50k oz to break even why didn't we start at that run rate and head towards what we actually need? It looks like overconfidence and over reliance on very high gold and silver prices. All the calculations should have been conservative and use hugely discounted metal prices.

It is frustrating because if lode earns no profits, not only will shareholders receive nothing in the form of dividends and an earnings multiple but one of the main value creation mechanisms (drilling like mad and making a discovery) is completely dead. Lastly we are relying on the permitting and expansion of the Lucerne open pit from the starter pit. This is a 5 year process that can cost many millions, and much more in bonding. I haven't heard anything about that either and their time is ticking away.