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2023 Vancouver Resource Investment Conference
"Mr. De Gasperis will also be joined by Mr. Deep Prasad, CEO of Quantum Generative Materials LLC (“GenMat”), Comstock’s strategic investee and mineral resource discovery and development partner.
GenMat is accelerating the commercialization of disruptive, AI generated materials with the help of quantum-probabilistic software solutions that integrate specific, proprietary, hyperspectral technology solutions that (a) increase certainty in mineral discovery targets, (b) reduce costs of traditional drill programs, with ground penetrating scans and analytics, and (c) increase discernment for categorizing measured, indicated, and inferred mineral resources."
In case you missed it - consider following https://twitter.com/Deepneuron, https://twitter.com/QuantumGenMat for latest developments on a company that Comstock has a 48% ownership interest in (including SpaceX satellite launch scheduled for sometime in December). Also, might consider checking out https://stocktwits.com/symbol/LODE
i80 Gold CEO Interview
nice summary!
For most, worth your time to listen. Recorded 3/17/2021 - gives a pretty complete timeline for EVERY aspect - there is a new shiny penny to pursue
https://www.channelchek.com/channelcast-detail/202
March 12 at 9:11 AM ·
LAUNCHING OF NABOC RIVER DREDGING AND REHABILITATION
Sec. Roy A Cimatu of DENR graced the launching of Naboc River dredging and its rehabilitation. Also present, DENR-XI Regional Director Red Bagani,Governor Tyron Uy of Davao De Oro, Mun.Administrator Raul Basañes- representative of Mayor Ramil L Gentugaya, PD Chamberlein Babiera and officials from DENR,PLGU-Davao de Oro, LGU-Monkayo, stakeholders and other supporting agencies.
It can be remember that Provincial Task Force Naboc to save the river was created way back 2018, after it was mention by President Rodrego Duterte during his SONA that led to a direction in creating a Task Force.
Today, it finally started and the Naboc River in Barangay Naboc, Monkayo, Davao De Oro will soon be restore from mineral contamination coming from the harmful waste in Mt.Diwata mining area for many years.
That's the moderator's job :)
Gotta dump this old material. Just sayin' :)
New blog post answering an investor question re: MCU
https://www.comstockmining.com/ceo-blog/ceo-blog-april-29-2020/
Comstock Mining has launched their new website (FINALLY)
I have heard that a lot. I believe there were significant technical issues. I would suggest emailing Corrado directly.
this is an interesting article posted over on ST:
https://news.mb.com.ph/2020/03/08/ball-mill-operators-asked-to-leave-mt-diwatal-immediately/
Someone might want to ask Corrado directly about this on the cc.
Any takers?
They say that social media is an effective tool to reach the masses. StockTwits shows there are 14,000+ followers of this ticker and yet, when I look at interaction with the Company's social media, I find none. Perhaps if more people knew about the efforts to improve the environment and reap economic benefit (win-win) more interest would come. If you have a LinkedIn, Twitter or Facebook account - use it. Just a thought.
I would love to hear about that miracle. If you are inclined to share, please email me - it's the same as it ever was.
I always enjoy seeing you post. I agree with your wife. I was actually struck by his delivery. Reminded me of how he was - way back in 2011 when I attended my first shareholder meeting.
Gold has entered what Frank Holmes likes to call the Fear trade. If all the moving parts align - this could be very good for the pps.
I do hope your wife is doing well.
Corrado's presentation from earlier this week:
https://noble.mediasite.com/Mediasite/Play/9f219bd895b843748528f3737727f2b11d?fbclid=IwAR0sDUfifLJ6FiBNMmGyUYVVzHDeU20csXbYMsBNz_-sdjh7ot9qhJZIIX0
Until the 10K is made public, most likely they are not permitted, even if they had the cash and inclination to do so.
The days when buying/selling is permitted are far fewer than people realize.
Folks don't like the never ending delays. My guess is that those that trade have their money working for them elsewhere.
You can track the Opportunity Zone property closing deals yourself (note they are listed under the business entity Sierra Springs Enterprises: https://records.lyon-county.org/recorderweb/search/DOCSEARCH197S2.
Also, you may be interested in the fund raising activities for the fund:
https://sec.report/CIK/0001794983
Note there is a Form D which provides details
They have broken the property into two listings. The Daney Ranch itself for $2.6 mil and the adjacent acreage for $1.1 million.
https://www.realtor.com/realestateandhomes-detail/Daney-Canyon-Rd_Dayton_NV_89403_M28125-62773?s=NNRMLS&m=190017981&c=secondspace&f=listhub
https://www.realtor.com/realestateandhomes-detail/25-Daney-Cyn_Dayton_NV_89403_M15511-44217?s=NNRMLS&m=170004267&c=secondspace&f=listhub
I just read through your posting history and while you remember me, unfortunately, I don't recognize your moniker. Perhaps you posted as something else on the old yahoo mb.
I will agree with Looking4BIGcash that much has changed over the past couple of years and it's really not the same company with the same goals. Those of us that invested long ago (2008 for me) were buying into a gold & silver exploration company. That remains true today, but not in the way we thought it would. It is my feeling that Corrado and his team need to market to a different class of investors. Comstock is likely more attractive to real estate and environmental asset holders rather than precious metals investors.
Having been invested for so many years and having been able to see things from the other side of the curtain for a period of time, I have a different perspective than probably everyone else that reads these boards. Corrado and his various teams have accomplished many things that are never mentioned because most see them as boring and insignificant. They are foundational.
You make very valid points and not a single thing is guaranteed here. Still, I look at what has been done since Corrado took over a company with 4 billion shares outstanding and $30 million dollars of debt and zero resources documented.
Again - not "exciting" but here are just a few:
American Flat processing facility - fully permitted - including heap leap expansion for years
Water Pollution Permit
Air Permit
Mercury Permit
Zoning
SUPs
Zero outstanding preferred shares (currently)
approx $6mil in debt
I hope you keep posting your thoughts. It is possible to have a great desire for the success of the Company while maintaining a level of skepticism and caution. A huge dose of reality delivered a while back has taught me that.
Storey County welcomes a new miner:
https://www.facebook.com/StoreyCounty/posts/10157755416818293
Saildone-they are still purchasing the Lucerne (Comstock Mining LLC).
"Under the agreement, Comstock will sell the membership interest in Comstock Mining LLC to Tonogold for $15 million plus the assumption of certain liabilities and a retained 1.5% NSR royalty on Lucerne. The amended purchase agreement allows Tonogold to close by October 15, 2019, with an additional cash payment at closing of at least $3.625 million. This results in total cash payments at closing of $7.55 million for a 50.3% ownership. The remaining cash purchase price of $3.95 million will be held as a secured obligation with monthly scheduled payments of at least $650 thousand, between January 2020, and June 2020. Once the final payment is made, Tonogold would then own 100% of Comstock Mining LLC, the owner of Lucerne assets and its mining permits."
If they actually close on the 16th, they will have slightly over 50% ownership. This latest amendment allows them to buy the remaining interest in the Lucerne via payments made from January to June of 2020. The acceleration is in LEASING the other Storey County claims (Comstock Northern Exploration LLC) allowing them to start drilling in areas that Comstock never touched. They were not supposed to be able to do that until full ownership was transferred. If they thought the Lucerne was a bust, they would not continue to pump money into the purchase just for the privilege of spending more money to drill on land they are leasing. BTW - they haven't drilled a single hole in the Lucerne, either. All of their analysis is based on Comstock data.
Have you ever heard Mark Ashley give a presentation? He makes me want to kill myself. His PR's are equally mind numbing. Basically, my point was and remains that thinking that TNGL is the salvation for Comstock is fallacy. It always was.
Keep focused on the Opportunity Zone Fund (Silver Springs) and the MCU partnership. That is where your income stream will come from. Much sooner than TNGL.
Saildone,
No, they will not have the cash to go into production on the 16th, nor is it their plan. Their focus has shifted to the lease agreement they entered into for the northern targets.
Tonogold finally got around to issuing a PR. Hopefully at some point they will get around to filing their qtrly reports. But, I digress.
http://tonogold.com/en/tonogold-significantly-advances-comstock-acquisition/
As a result of constructive negotiations over the past few weeks, Comstock and Tonogold have agreed to separate these two components and the parties have entered into a modification agreement whereby effective September 16th 2019, Comstock unconditionally granted Tonogold 100% rights to explore, develop and mine over the Storey Exploration Claims, which cover some 3,200 acres (319 separate claims).
Here is how Comstock presented it:
Mr. Corrado De Gasperis, Executive Chairman and CEO, stated, “Tonogold has completed some extraordinary analysis of the northern District, innovatively correlating historical data with modern geological assessments, and creating a larger exploration opportunity while recently assembling an impressive list of resource investors that has enhanced their liquidity and capital base. We look forward to this closing and accelerating our growth.”
Effective September 16, 2019, the Company also entered into a ten-year, renewable Mineral Lease for its other Storey County mineral properties, granting Tonogold the right to explore, develop and mine these properties. This arrangement was part of the original agreement entered into in January, 2019, but has been accelerated as Tonogold has committed to exploration expenditures of at least $5 million in the first, ten-year term, with the right to extend for a second, ten-year term if they commit to another $5 million and delivering a feasibility report. The lease requires quarterly lease payments with a 3% royalty that adjusts to 1.5% after the first year of mining.
Notice that $5mil figure? Sounds about the same as the amount that was talked about months ago as having been secured for "development".
Here's my WAG:
Tonogold is going to spend the next several months attempting to demonstrate that the Northern targets have economic resources and will use that as a basis to raise capital to purchase the remaining 49.7% of the Lucerne. Should the analysis not turn out the way they expect, deal is done. They won't be able to raise the capital to further their program in either area.
As a Comstock Mining (LODE) shareholder, I don't care either way. I never believed that they would be able to raise the capital to close this thing the way it was laid out from the get go. For every dollar (CASH) they paid was a dollar that shareholders didn't get stuck with via dilution. Comstock will not spend a dime in exploration costs for the northern targets. If it is wonderful, great. Comstock gets a nice royalty with no cap-ex costs. Plus the value of TNGL - meaning all that stock that Comstock is holding will be worth more than it is now. PLUS - if it is economical they would have to have some place to process it. That kicks in the American Flat arrangement - $1mil per year usage fee + whatever amt per ton. If it is not wonderful - well, we will be glad we (LODE shareholders) didn't throw money at a project that didn't pan out and the Lucerne will fall back to CMI as they would be unable to make their required payments next year.
Folks need to STOP looking to TNGL as the driver behind Comstock's success or failure. They never have been and never will be. I may not live to see it - and it may not be Comstock that does it - but I'd bet that the REAL $$ (as far as PMs go) is sitting, not in Dayton, but in Spring Valley.
Comstock's success or failure is dependent on Corrado monetizing those non-mining assets in Silver Springs, killing off that wicked debenture, and stopping the dilution bleed. A bonus would be off-loading the Daney Ranch. I personally hope they keep the hotel.
A debt free Company - now wouldn't that be something.
Rock Hound - I'm not sure how long you've been around, but this management team has been here since the re-structuring in 2010. Corrado has been CEO since then. Larry Martin, the lead geologist. Scott Jolcover - still here. The only real changes have been in the accounting department. John Winfield and his various entities including the Northern Comstock JV - still here, just thankfully, is now a common shareholder without a majority holding in the company.
Corrado already answered the question regarding the return to mining and Dayton development. Based on your post, it appears you have not taken the time to READ in full the PR and related 10Q filed in August and have not listened to the cc. Here are the links:
https://www.comstockmining.com/images/stories/audio/1232689.mp3
https://www.comstockmining.com/news/696-thursday-august-15-2019
https://www.sec.gov/Archives/edgar/data/1120970/000112097019000058/lode-20190630x10q.htm
If you want the "meat" go to minute 15 and start. Corrado speaks to what Comstock is going to be at 34:30
Without question, the Opportunity Fund he keeps talking about has been created and it appears their first activity has to do with the Airport located on Hwy 50. Check out page 7: https://www.lyon-county.org/DocumentCenter/View/9040/SSA_SSEI_Asset-Purchase-Summary-Document-for-Lyon-Co_Sept-18_2019_v1?fbclid=IwAR21VsItz7FhAvEKhHP_zbFUl-Ez8OfbMY5ud8oPQawNNVa6UUZLJzillSc
Not sure how this impacts Comstock Mining Inc (LODE) shareholders, but the Silver Springs property (98 acres) is right next to the airport. [http://www.globenewswire.com/NewsRoom/AttachmentNg/27bb07ee-8765-4173-93c6-62f0025f9911/en]
I understand and share your frustration. It is unfortunate that Tonogold failed miserably in their ability to close this deal and instead even after 10/15/2019, Comstock shareholders will be carrying them until the middle of next year. I do hope Corrado follows through with his promise of being more open with shareholders and in seeking out new investors.
They've laid out the plan pretty clearly - now the question is can they execute? As has been true for quite a long time - selling of those non-mining assets is critical.
This is the world of junior explorer/developer/miner.
Tono’s FAILURE to close the deal after nearly two years, coupled with the Silver Springs land deal not closing has caused the dilution and delay in development of Dayton & Spring Valley.
You need to understand that they have to pay the expenses/leases/reclamation associated with ALL mining claims, including the Lucerne & NCJV plus interest on the debenture until the deals close. The debenture will not allow them to borrow funds, so their only option is dilution. Yes, Tono is supposed to reimburse for costs associated with the Lucerne, NCJV and related interest on the debenture, and so far, I believe they have. However, this would be a non-issue if Tono had been able to raise the funds, when expected, and close the deal. Until then, all liabilities remain on Comstock’s books and their responsibility to pay.
Drilling & paying a third party to prepare NI 43-101’s are very expensive. The Company has two choices: wait until the non-mining assets are sold and the liabilities associated with them are gone or attempt to raise millions of dollars in the market (dilute existing shareholders significantly) to fund the exploration of Dayton / Spring Valley. Clearly, they have chosen to wait for the land deals and issue shares only as needed to meet obligations.
The green technology and mercury remediation is new and unproven and this is very much speculation; however, they could very well be game changers for the Company. I expect Corrado to provide further detail in the call this morning.
For those interested in Green Tech being explored by Comstock, I found this posted by another: https://theshadowofgold.com/index.php/take-action/cyanide/
"Cyanide has been used in large scale gold mines for over a hundred years. But that can change.
THE PROBLEM
Around the world, nearly all large-scale industrial gold mines use cyanide and other toxic chemicals to liberate gold from ore. The residual mine waste – known as “tailings” – is then sequestered behind earthen dams in enormous tailings ponds. Unfortunately, it is not uncommon for tailings dams to fail and release millions of tons of toxic waste into the environment. The Shadow of Gold shows the horrific result of one such disaster at the Mount Polley copper/gold mine in British Columbia Canada.
WHAT YOU CAN DO
Support efforts to switch to an environmentally friendly alternative.
As shown in our film, Nobel Prize winning chemist Sir Fraser Stoddart has discovered an inexpensive and environmentally friendly way to isolate gold using Cyladex – a naturally occurring compound derived from cornstarch. As demonstrated in our film, this method requires no cyanide or toxic tailings ponds. One gold industry CEO – Comstock Mining’s Corrado De Gasperis – has invested in this technology and hopes to scale it up for production. It has the potential to make the cyanide process obsolete in large-scale gold mines everywhere."
http://www.globenewswire.com/news-release/2019/06/27/1875081/0/en/Comstock-Mining-Advances-Lucerne-Sale-Receives-Additional-Non-refundable-Deposit-and-NYSE-Notifications.html
Translation: Tonogold owed CMI $1mil by 6/21/2019 (amended to 6/28/2019 - https://www.sec.gov/Archives/edgar/data/1120970/000112097019000047/tonogold_amend3-june2019.htm). They paid $600,000. They either pay the remaining $400,000 by tomorrow which reduces the total cash payment due at close or they issue stock worth $400,000 (an extension fee) and the amount due at close remains $8.55 million in cash. Only CASH payments apply toward the amount due at closing. TNGL is still responsible for the interest accumulation on the debenture from June 1, 2019 forward until paid in full and all operating expenses for the Lucerne/American Flat per the agreement.
The negative: On June 24, 2019, the NYSE notified the Company that its securities have been selling at or below $0.20 per share since May 20, 2019, and that its continued listing is predicated on demonstrating sustained price improvement within the next six month period, that is, no later than December 24, 2019, or effecting a reverse stock split.
My opinion: Share price will take care of itself provided EITHER of the land deals close.
Mr. Corrado De Gasperis, Executive Chairman and CEO stated, “Our strategic initiatives are all moving forward on plan, with Tonogold expecting to close on or before August 30, eliminating our debenture and accelerating the deployment of our strategic growth plans, including partnering with MCU in a new mining and remediation business. We look forward to announcing the specifics of this opportunity, both here in the U.S. and globally, for commercializing the only U.S. government-approved, feasible, mercury-remediating and recovery system.”
“The Company’s second half 2019 plans include advancing the commercialization of certain mining and processing technologies that the Company has been collaborating on, with new partners such as MCU and Oro Industries Inc., and others, and includes reclamation and enhanced mineral recoveries that present nearer term revenue opportunities for us and potentially enhance the economic feasibilities of our existing properties.”
http://www.oro-industries.com/
Who are the others? 10Q refers to:
Cycladex - http://cycladex.com/
Itronics – specifically the Kam-Thio - http://www.itronics.com/kam-thio.shtml
And
HTX (partnered with CAT) - http://hydrustech.com/partners/
I would need to see the 10K (not yet filed) to see how much of those expenses are non-cash (depreciation) to be able to express an opinion for question #1.
As for question number 2 - first mention was in the 10K filed for calendar year 2017 - footnote 27 - subsequent events:
19. Subsequent Events
In January of 2018, we issued 1,475,410 of restricted common shares in the amount of $585,000 to a member of Pelen, LLC towards the purchase of 100% of the member's membership interest in Pelen, LLC. The Company will not become a member of Pelen, LLC until the member has sold the shares for proceeds of at least $585,000. Upon the member's receipt of $585,000 of total proceeds, the Company would obtain a 25% membership interest in Pelen, LLC.
It has been in each filing since then.
Comstock Mining Announces 2018 Year End Results; Advances Lucerne and Non-Mining Assets Sales
Corrado De Gasperis, Executive Chairman and CEO of the Company, said, “We dedicated 2018 to repositioning the platform by forging agreements to option and sell Lucerne, lease American Flats and enable the sale of the Silver Springs non-mining assets by leveraging the newly designated Opportunity Zones, while significantly reducing liabilities and operating costs in almost every category over the past two years, enhancing liquidity and positioning the company for meaningful and substantial growth. We expect to close these transactions over the next few months, bringing us over $20 million dollars in 2019.”
Mr. De Gasperis added, “Our focused cost reduction efforts, coupled with expanded strategic partnerships, well-positions us to advance our mine projects, both the Dayton and Lucerne, at a very low net cost and in a capital efficient manner. We now have the partners and agreements in place to monetize our permitted platform and our non-mining assets, allowing us to self-fund our projects to feasibility and eliminate debt."
Corporate and Outlook
We plan on closing the Tonogold transaction between March 31, and May 31, with proceeds of at least $9 million more upon closing. We plan on finalizing the agreements for selling the non-mining asset and the options during the next few weeks and then closing these sales between March 31, and July 31, 2019, with proceeds of $9.75 million, net of closing expenses estimated at approximately $250k. We expect to have paid off the entirety of our outstanding debenture obligations, of approximately $8.2 million, plus accrued and other interest costs, during the second quarter of 2019, most likely by May 2019. Interest expense is expected to be eliminated by mid-year, with about $500k of actual interest savings realized during 2019.
Our annual operating expenses are planned at $3.8 million, with approximately $1.2 million of that amount currently being reimbursed under the existing Tonogold Option. We anticipate an additional $1 million of annualized savings, or $2.2 million annually, upon closing the new transaction, with about $1.7 million realized in 2019, or approximately $500k more operating savings realized during 2019, vs. 2018.
Tonogold has announced that they plan on publishing an updated NI 43-101 compliant mineral resource estimate for the Lucerne Project during the first quarter of 2019. We plan on publishing an NI 43-101 compliant mineral resource estimate for the Dayton Project during the second quarter of 2019. The plan also includes expanding the current resource at the Dayton and continuing southerly into Spring Valley with incremental expansion programs that include exploration and definition drilling of targets identified by geophysical surveys during 2019. We also plan on commencing permitting for Dayton in 2019.
I tried to click your link, but it appears you have me blocked. :)
SEC Acts to Modernize Resource Disclosure Standards for Mining https://nma.org/2018/11/01/sec-acts-to-modernize-resource-disclosure-standards-for-mining/
PS - keep up John P - this is good news
SEC Acts to Modernize Resource Disclosure Standards for Mining https://nma.org/2018/11/01/sec-acts-to-modernize-resource-disclosure-standards-for-mining/
https://www.otcmarkets.com/stock/TNGL/overview
Working Capital
As of September 30th , 2018 the Company had cash of $293,000.
MANAGEMENT’S DISCUSSION AND ANALYSIS
Operations
The Company maintains leases on gold mining properties. The Company is currently focused on the Joint Venture arrangement with Comstock and the recently announced option over three gold and silver properties in Durango, Mexico.
During the quarter, MDA advanced their verification and validation work in respect of their newly constructed resource model for Lucerne. It is expected that this will be completed, and a formal 43-101 Resource Report issued during the December 2018 quarter. To date nothing has come to light that has affected Tonogold’s previously stated comments about the likely reduction from Comstock’s official Resource estimate.
With Behre Dolbear’s history and general understanding of the Lucerne project, they were mandated during the September quarter to prepare a 43-101 Property of Merit Report on behalf of Tonogold for the Lucerne project. Completion of this is expected during the current quarter.
During the quarter, MDA were mandated to complete a Property of Merit Report on the Claudia project which forms part of the Durango project in Mexico. Steve Weiss, the Senior Associate Geologist with MDA, who previously held the role of Exploration Manager for Goldcorp Mexico and has an intimate knowledge of the region, completed a 2-day site visit during the September quarter. It is expected that the report will be finalized during the September quarter.
The 43-101 Property of Merit Reports for both Lucerne and Claudia will be released to the market as soon as they become available and shall also form part of the requirements for Tonogold seeking a TSXV listing, which we are targeting for later this year.
Institutional holders have reported. Actively managed funds held fairly strong - especially Van Den Berg & US Global - https://www.nasdaq.com/symbol/lode/institutional-holdings
I could not find any evidence of their promised resource report that they claimed in September would be published in October and they have not filed their qtrly report yet - hopefully, we will see in the next 3 days. That should provide details as to their financial position and intent with regard to TSX listing. Listing requirements: https://www.tsx.com/resource/en/98