Ambev S.A.

Good morning and thank you for joining Comstock Inc's third quarter 2025 earnings call and business update. I'm Zach Spencer, Director of External Relations. Today is Thursday, October 30, 2025. 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-Q for the quarter ended September 30th, 2025 and issued a press release summarizing third quarter results. Both documents are available on our website. As a reminder, Comstock is listed on NYSE American with the ticker LOVE, L-O-V-E. Joining me today are Corrado De Gasparis, Comstock's Executive Chairman and Chief Executive Officer, and Judd Merrill, Comstock's Chief Financial Officer. After their prepared remarks, we will take questions. We received more than 45 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, Jud Merrill. Jud, you may begin.

Thanks, Zach, and good morning, everyone. Let me just first state that this was a transformative quarter for Comstock. We strengthened the balance sheet, we funded our growth plans, and we positioned the company for the next phase of commercialization. As you can see on the company dashboard, our share count stood at 51.26 million, and this is as of both September 30th and as of today, October 30th, same share count. Today, I will be covering a few financial highlights for the quarter, and then Corrado will be giving an update on each of the companies. As we move to the next slide, I just want to show that we started the quarter with a major milestone, an oversubscribed equity raise that brought in $34.5 million in gross proceeds, including the overall allotment, and we netted $31.8 million. What was especially encouraging is that this raise expanded our institutional shareholder base by more than 30 new investors, which we believe is a strong vote of confidence in our long-term strategy. So those funds will do more than just strengthen our balance sheet. They finance and accelerate the launch of our R2V3 certified zero landfill solar panel recycling business. This means we now have the capital we need to move from development into full-scale commercial deployment. Also this quarter, we placed $5.1 million of equipment deposits on our first industry-scale solar recycling facility that's in Silver Springs, Nevada. This facility is designed to process approximately 100,000 tons per year. or over 3.3 million panels annually. And then also, site selection is advancing for the next two U.S. facilities and storage locations. At the same time of all these activities, we made a deliberate move to eliminate all of our debt from our books. Every convertible note, every promissory note, gone. We executed a series of transactions across AST, Linaco, Northern Comstock, and Haywood to make this happen. And as of the end of September, Comstock is completely debt-free compared to $8.5 million of debt at the end of the last year. So this is a big moment for us financially. It's one of the cleanest, strongest balance sheets Comstock has had. We also closed the purchase of the Haywood Industrial and Mineral Properties, which we previously paid with $2.2 million in cash and stock. And on the related sale closing, we received approximately $400,000 in cash, which further adds to our liquidity. And then we ended the quarter with $31.7 million in cash and equivalents, including $12.4 million at Biolium, and our net current assets of $21.3 million. So now let me just show you a couple other slides that kind of enhance how we are cleaning up the complexity and making things simpler. This slide just shows kind of the extinguishment of all those things that I've just mentioned, starting with Kips Bay all the way down through AST. And then the next slide shows, you know, from a financial perspective, cleanup of the balance sheet. So, from my perspective as CFO, this quarter wasn't just about improving the balance sheet, it was about positioning Comstock in a place of real financial strength. And with that, I'll hand it back to Corrado to talk more about what's next for our cellular recycling platform and our broader technology roadmap.

Thanks, Chad. Appreciate it greatly. No, it's just remarkable looking at that footnote disclosure, and it's understated. You know, we have no debt, but as you just pointed out, so many of these other obligations we're taking care of in advance, which really positions us now to be very focused. I guess I'd just like to start off by saying thank That, you know, silver is a core part of our DNA. Obviously, you know, the Comstock load was the largest silver discovery, you know, in America, producing almost 200 million ounces of silver from a remarkable, remarkable epithermal deposit. It's been in our blood. It's been in our veins, you know, since day one. It's remarkable to see what's happening with silver now as not just a precious metal, but as an industrial metal. It's exploding. 2025 was the year that silver demand hit record levels because of this industrial use. You know, it's not just the solar panels, which is a remarkably growing component of it, but all of these other electrification activities. So, People do think normally about batteries, and obviously batteries and electronic vehicles are part of that demand surge. But when you start thinking about the compute infrastructure, the GPUs, the data centers, the robotics, It's much more pervasive than people are thinking, and it's constrained the mine supply, you know, for the first time in just a few years. And this demand, which, you know, hit record levels this year, is forecasted to increase dramatically, you know, over the next five, six, seven years. And that demand exceeding supply equation has had a remarkable impact even on the silver pricing. My graph's outdated because I show these three, four years where demand has exceeded supply, and you see the correlation to the increasing silver price. But silver price isn't in the mid-30s. It's in the high 40s, you know, and we see this demand increase. this long-term demand equation just continuing to go forward. Why is that relevant? Obviously, we have mineral assets, but it's most relevant to our metal recycling because every solar panel contains at least, you know, a half an ounce, you know, of silver. And when you're producing and processing 3.3 million panels in just one production line, you're going to establish leadership in silver production, right? I made this comment a few times. I got criticized for making it. I'm not trying to be promotional. I want people to appreciate that the revenue that we're getting from aluminum is extraordinary, and the revenue that we're getting from silver is about to be extraordinary, and it's going to just continue to grow in volume. for sure and when you're talking about a couple of million ounces coming just from one production line you're going to take a leadership position our system as we've as many of you now know has four powerful characteristics one it eliminates all contaminants cleanly it also has the lowest variable operating cost in the industry we don't see anyone that's even close to our variable cost profile And then with the fully automated system, it takes very, very little labor to operate that machine. It's very, very fast. High-speed processing means getting up to doing a panel every seven seconds, and it's that singular process. characteristic that allows us to scale to those levels, millions of panels per year for one production line. And what we really sell to our customers, which are the largest utility companies, you know, in the country, are peace of mind, you know, we know, they know that that liability will be fully terminated, not partially terminated, not temporarily terminated, not terminated somewhere in the future, but immediately permitted in its complete and total sense. So that peace of mind is really what makes our offering most different. We already have proven that we can produce clean materials. Our unit economics are robust right there. Everything that we've seen today suggests that what we've guided to is the numbers and I'll show them to you again. Just as a reminder, clean aluminum, clean glass, and then these silver-rich tailings that we're just selling as tailings. So we're not refining them today. We're getting a meaningful amount of the silver value in the future. We would like to refine them. We'd like to get the silicon. We'd like to get all the silver. We'd like to get some of those critical and rare earth metals, tellurium, iridium, gallium, depending on the type of panels that come in. I guess the biggest news that we're reporting is that we got great notice from the Nevada Department of Environmental Protection with a very specific timeline to the final issuances of our permit. This does not come in a vacuum. We've easily met with them every single week for the last three weeks. It's been a very productive, very clear process. We've seen the final draft forms of the permit. We've discussed the process, and they've synchronized the final issuances process with us so that by Christmas, all of the public comment notice periods will have been completed. That fits right in line with our schedule of receiving our equipment here in the fourth quarter. and commissioning you know in the first quarter so we could not be more thrilled relieved probably is a better word that these permits are on their way that big facility that you see there is what we're permitting i think people have met me over the last two or three months when i show them this picture i say if you saw the parking lot today you know it'd be full of panels so i want to show it to you right we're receiving panels um constantly We had about half a million dollars of billings in the third quarter. The number is right in line with our guidance in terms of doing about three and a half million dollars of billings this year. There's a little bit of a slow burn leading up to these permits. We're ecstatic to have gotten them. We're moving forward with much, much bigger order discussions, you know, with our existing and with new customers. So this manifestation of scaling up of these panels coming in is happening, right? So we feel very, very good about the engagement of the market. You know, the panels that you see would take – you know, would take a year in that tiny little demo facility to process. It will take about two weeks, right, for the large facility to process these all out. And that facility, which you see here on the screen just to the right, sits adjacent to property that we've secured and permitted for this massive expansion of storage. So we've got about 4,000 to 5,000 tons sitting there today. We could fit, you know, depending on how we profile this thing out, 20,000 to 25,000 tons right next door. I mean literally right next door. You just come over and you're processing. Yet we have legal separation, you know, between the processing facility, you know, and the storage facility, which is prerequisite. As I mentioned, unit economics are holding strong. The variable costs are very, very low. So that is our claim to fame. We don't only have a high-speed process. We have a very, very low variable cost process. For those who like that stuff, we call it throughput, right? The speed at which cash moves through the system is very robust. It's more robust because we get paid up front. for taking this environmental liability off our customers' hands and providing them peace of mind, and then we're selling all of those materials. We haven't updated these numbers in terms of offtake sales, but silver price, of course, is having a positive effect, you know, on that equation. We want to get two facilities in Nevada because the market today is about 3.5 million panels coming out. The market in 2030 will be 33 million panels coming out. That increase from 3 to 33 is what we see with our largest industrial utility customers. So when we have a customer that has the potential to give us $5,000, 10,000 tons next year, that customer is a 50,000 to 100,000 ton customer. Not always, not every time, but in direction, that's what we're laying the foundation for. And this is the 1.4 billion panels that are deployed in the United States alone. 1.4 billion panels. So when you think about 3 million or 33 million, you're literally at the tip of an iceberg for a market that is exploding. And so we don't see that relenting, and the speed at which we deploy our solution is one of the most critical success factors. Our customers are where you'd expect them to be. You know, over half of the market for end of life sits in California. You add, you know, Nevada and Arizona to that equation, and it's a robust percentage of the market. So by having two facilities in Nevada – You know, even though the permitting regime here is very strict, even though the regulation is very diligent, we believe that's a competitive advantage for us today because we're positioned right in the middle of the largest part of the U.S. market. And we're not just taking in panels. We are still processing and we are still shipping materials locally. out the door. So we got a lot of questions, as Zach had said, and so I've added some slides to maybe address, you know, some of the non-metals questions, you know, so I'll give a little bit of insight on some of the mining assets, just a few, a little bit of insight on Sierra Springs, just a few, you know, and then maybe wrap up with some highlights. We got actually A relatively large number of questions on biolium. And then we'll go right into Q&A, Zach, after I do that, if that's okay. So, you know, for those of you that don't appreciate it as well, you know, our namesake is the Comstock Load. This is the 12-square-mile mineral district site. that we've consolidated. It's historic because it produced almost 200 million ounces of silver and over 8 million ounces of gold. Most of that was in this two-mile strike right here, you know, Virginia City. It's pretty mountainous up here. You know, you're integrated right into the community up here. But there is tremendous gold and silver resources up there. It was never part of our plans to develop those resources. We focused much more on the central part of the district. That's where we mined and built infrastructure, you know, between 2010, 2016. And then, you know, quite ecstatic about the layout of the southern part of the district where we talk about the Dayton Consolidated. And recently... we acquired the Haywood Quarry. So for those who were not clear about that, maybe I got a better slide here. Here it is. You know, the Haywood Quarry, what the Haywood Quarry did is really put us in immediate proximity of the Dayton resource. Should we want to have an alternative or should whoever ultimately mines this resource want an alternative for processing those assets? So in that way, it was very strategic. It was very inexpensive. We certainly haven't deployed any capital yet. for these mining assets, you know, since before August. The other thing, too, is that Mackie precious metal sale, which is all of these green properties up north that we really never had any plans to develop, and we, you know, retained a royalty on that, so we wish that the best of luck in developing them. When the deal wasn't just to get $3 million, you know, for those mineral claims, there was another almost 240 acres of land in Lyon County that they had that we got with no additional consideration as part of that deal. So when you talk about, you know, monetizing, dividing assets, what you see here in blue, now better filled out with haywood and better filled out with some of these additional properties, mineral claims and otherwise, just makes this portfolio much more attractive, much stronger, much more cohesive. So, you know, when we talk about monetizing, we sold the green. You know, there's a resource and an infrastructure in the middle, in the purple. There's a resource, you know, below in the blue and a lot of potential for more. So the day in has a published SK 1300. It's the equivalent of an NI 43101 in Canada. It's got incredible resources immediately at surface. And when we ran the numbers on this resource, $3,000 gold, you know, we were looking at over a quarter of a billion dollars, you know, in free cash flow, you know, when we ran it, you know, at $3,500 gold, the number got much, much higher, pushing half a billion. Actually, I'm sorry, the first number was at 2,250 gold. The one at 3,500, we're pushing half a billion cash flow. If you push it up to $4,000 gold, you're adding another $100 million. It's about $20-plus million for every $100 of increase in the gold price. So you have an extraordinary economic asset here that people now – And I guess I can say this, like, we have people now that are engaged and interested in this asset. We have people now that are engaged and interested in the American asset. So, you know, the precious metal prices is certainly having a positive effect, you know, on all of that. If you think about – maybe let me just jump forward. If you think about the Comstock, which I just reviewed with you, this whole property package here, you see in the bottom left-hand corner, you see our proximity to Lake Tahoe, 10 miles probably as the crow flies, you know, as well as, you know, the California border. If you go up Highway 50, that's where the Sierra Springs – you know, properties are. That's where Comstock has two properties, about 258 acres and some water rights. And that's where the state designated this, you know, huge opportunity zone. So you're sitting in one of the hugest opportunity zones right at Lake Tahoe and the California border. It's just remarkable. The Tahoe-Reno Industrial Center is absolutely exploding, you know, in terms of industrial development. It's almost surreal. For those of you who have driven through it, you know what I'm talking about. Ten million square feet of construction, you know, undergoing construction as we speak. People are less familiar with the notion that, you know, Nevada is one truck day away from, like, 70 million people, two truck days away from a massive disaster. population. And so it is central from every context. But its business climate and its environmental climate, you know, the fact that, you know, it's between 69 and 72 degrees here, you know, 80% of the days year-round makes it the ideal or one of the ideal locations for data centers to And so, you know, Tesla cracked the nut open, you know, by building their first gigafactory here. Now they've announced they're going to build their first 18-wheeler semi-truck factory, and they're going to announce a new industrial battery factory. They've announced all that. They're going to produce it. But then, you know, the Apples and the Googles and the Switches and the Microsofts, And all these companies just sort of pouring in and building these hyperscale data centers have created a tremendous industrial opportunity here. And so we did advance some money. You know, the over-allotment made it convenient for us to advance a little bit more money to Sierra Springs. There are some major transactions formulating right now around these properties. And you're talking about hyperscale data centers. You're talking about off-grid renewable energy. You're talking about land and capital. It's all congregating. It's not a northern Nevada phenomenon, obviously. It's a global phenomenon. but we're one of the top five locations for this phenomenon to be hitting the ground. And, again, I just want to say that there's a bigger thing happening here. Our end game is monetization, you know, of course, but we need to take a couple intermediate steps to unblock something that I think is just going to be extraordinarily valuable for our company and our shareholders, super enabling. As I mentioned, a lot of questions about fuel. I'll try to wrap this up pretty quickly. As everybody knows, Marathon Petroleum came in and made a remarkable contribution to our company, our fuel subsidiary, in March of 2025. A few months later in May, we got a direct Series A investment, and we formed Biolium Corporation and separated it. from Comstock. How did we do that? We took all of our investment and we restructured it into a convertible preferred security, $65 million. It's Series 1. It is at the top of the cap stack, and it converts into $32.5 million of underlying common shares. So we could not be sitting in a better position because today that's over 75% of Biolium. We are going to continue the Series A. I have some updates with you all on that. But the company is forging its own identity. It's building an incredible competency of management. I mean, I almost feel honored, if not awed, by the people that are coming into the company, that are industry leaders across the entire supply chain, from feedstock to aviation fuel and everything in between. They're picking us as the companies that they want to work with. And it's extraordinary what we have, right? We really have... a platform here that is unblocking what we believe is the bottleneck in the renewable fuel industry, which is the feedstock for sufficiency of low-carbon fuels. The average technologies out there can do 40, 50, I mean, if they're really good, 60 gallons of equivalent fuel per ton of waste biomass. We're well over 100, pushing 120, 125, 140, depending on the mix of our technological solution and or the feedstock. And we do it all, like from Hexis and Woody Biomass. all the way through to drop in fuels. You know, our technology, our platform is advancing, expanding, and positioning all of this to scale. This is the facility, or at least a couple of photos of the facility that we now operate, that we now own 100%, we, of course, being Biolium Corp., And we're slowly but surely bringing all of this back online. So instead of going from sugars to sustainable aviation fuel, which they did, and they did sufficiently, frankly, to do the first transatlantic flight that was based on sustainable aviation fuel. So this is remarkable technology. But we're also doing it with our biolium to our biolium oil fuels, ultimately wanting to get barrels a week, you know, out of this demonstration facility. And being able to feed it with some of the highest yielding feedstocks. So, you know, we have the rights to HEX's biomass and their xanofibers. Their xanofibers are one of the top, if not one of the top, leading producers of oil from agriculture. creating a scenario where you're really going from farm to fuel. You're creating, you know, oil reserves, carbon reserves, for lack of a better description, that are sustainable, meaning they don't deplete, meaning they continue and continue. And they do it at extremely low carbon impact scores. Our scores using waste materials are the lowest that we see in the industry for this kind of scalable solution. And if we're using purpose-grown biomass, like Texas, they're going to be lower because it's a perennial crop that leaves most of the carbon in the ground. And Oklahoma... is our second hub to Wisconsin. So Oklahoma, it's remarkable. We have committed to a site in Oklahoma, but we're having continued dialogue with the state about more incentive, more aggressive desire to have us come and be there and establish there. So we've got a $3 million incentive grant. We've billed the first two of the $3 million based on the work we've done so far. We've got an allocation of $152 million in tax-free municipal bonds. That's being extended. So that's fantastic. And they want to – And we are engaged in a discussion about even more incentive for even more of a platform, be it feedstock, be it biorefineries, you know, et cetera. So we couldn't be more thrilled with Wisconsin or Oklahoma. And our solutions are being solicited from many industries. You know, the HEXIS biomass solution alone is attracting commerce because of its efficiency, because of its yield, because of its capacity. And even for things other than fuels, but the ethanol industry, the pulp and paper industry, even the petroleum industry for blends can integrate portions of our solutions across their businesses and across their industries. And so... I didn't want to go too far into this, but, you know, the names that are on this screen are certified partners. We're either working directly and exclusively with them, or we're integrating what they do fully into our own system. And the team is deep. I mean, you see six people on this page. The management team is almost up to 40 people, and they're all extremely competent biofuel professionals. So, with that, Zach, I would pause it, hopefully covered some of those questions that you got in advance, but pause it for any additional questions, please.