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

Jul 28, 2020 • 11:00 am ET

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

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Q & A
Executive
Corrado De Gasperis

so I just -- I was just trying to get some more things done before. But we'll give more transparency and more updates on that as we go forward for sure, Jeremy.

Analyst
Unidentified Participant

And also a documentary in the Philippines would be great while you're doing that. I don't know if you guys would like that, come and give me a call...

Executive
Corrado De Gasperis

Yes, yes. We've already been approached by a couple of folks, like the Discovery Channel-type folks about that. So yes, we'll see how that plays out. There will be something, I imagine, for sure.

Operator
Operator

Thank you, sir. We'll take our last question from Charlie Patton [Phonetic], an investor.

Analyst
Charlie Patton

Yes. My question is just regarding -- it was mentioned on previous calls, but not so much recently, I think. There was a PEA that was mentioned to get completed in the third quarter, I think. Just wondering if there was any more information on that.

Executive
Corrado De Gasperis

Yes. So sort of two points on that. So on the Dayton Resource, our intention is to publish an updated resource estimate. I mentioned earlier, we're going to go under S-K 1300 guidelines for that. And although it won't get to the level of a preliminary economic assessment, there will be economic dialogue in that report around the resource estimate. So it will be more than resource estimate but less than a PEA. The intention is then that we would have one more -- or an intermediate drill program.

The biggest debate we've had is, do we drill before or after we published a report? I think the way we're going, it will probably going to be before. The report will lay out all of the new geological interpretation. It will lay out the intentions for the drill program. And then subsequent to that next round of drilling and updated engineering, then we could be very close, if not, on a preliminary economic assessment for the Dayton. So that's answer Number 1.

Number 2, which may have been what you were referring to, the Tono team has done a tremendous amount of work on updating the resource estimate for Lucerne. And I know that they've done, similar to what I just mentioned, some amount of preliminary assessment on the economics, for sure. It's almost required to do that now with the new Canadian and U.S. standards, frankly. I don't know for certain if -- when they publish that resource estimate, if it will reach the level of PEA or it will be close, but there will also be economics there, too. So I don't want to speak for them, but I know that's the intention, right? Updated resource estimate, either in conjunction with or followed by preliminary economic assessment. So either way, we're getting a lot of good technical updates very soon.

And that's very important to -- and this is a good question to close off on. As we talk about the market, recognizing us getting to $120 million of value, delineating it, clearly