Comstock Mining, Inc. (NYSE MKT:LODE) Q2 2020 Earnings Conference Call - Final Transcript

Good day and welcome to the Q2 Update Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Corrado De Gasperis.

Thank you, Casey, and good morning, everyone. This is Corrado, CEO of Comstock Mining on the line with Zach Spencer, our Director of External Relations and Treasurer. And we welcome you to the Comstock Mining second quarter of 2020 conference call.

I'll provide a brief summary of the information included in our press release from this morning, including our progress on our strategic initiatives, especially with the mercury remediation business. If you don't have a copy of today's release, you'll find a copy on our new website at www.comstockmining.com and please just click on the Press Releases tab on the main menu bar. We will file our quarterly report on Form 10-Q next month on time, most likely on or before August 14, as we finalize our full Q2 financial statements.

Please also let me remind you that we will make forward-looking statements on this call, including an update on our 2020 outlook. But any statements relating to matters that are not historical facts may also constitute forward-looking statements. These statements are based on current expectations and are subject to the same risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in previous reports filed by the Company with the SEC and in this morning's press release. And all forward-looking statements made during this call are subject to the same and other risks that we can't necessarily identify.

Okay. Let's jump in. Our realignment, which we've been really working hard at over the last year, is complete. And really now all of our daily activities are designed to simplify, focus and accelerate our business activity. So we're starting to see already, in the last few communications, movements. And we are driven to identify and develop only economically feasible gold and silver in the ground, validate it through our technical reporting and our analysis, and communicate it in a way that the market can better value and then grow that value from there.

Despite some of the COVID delays, mainly relating to the MCU equipment manufacturing over the past few months and some of our coordination on international travel and shipments relating to the Philippines, we feel like we are now fully driving gold and silver developments forward toward our goal without any other delays. Our goal is to grow our intrinsic value to $500 million with an immediate objective of realizing $120-plus million or $4-plus per share in the near term by advancing all of the known components of our business plan.

Those components are: one, MCU's Comstock deployment, which is starting this week; Number 2, MCU's Philippines deployment, which is starting next week; Number 3, Dayton's stand-alone resource estimate, which will actually occur under the new SEC S-K 1300 Regulations, which represent newly enhanced and modernized disclosure requirements for U.S. mining registrants. We may