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

that fund was a direct placement. And that money is already going towards the Philippine unit that was already built. Some of those -- some of that building was done in advance of the funding, which we were grateful for because it allowed us to stay on track. And the rest of it will go there as well.

So does that answer the question, Carl?

Analyst
Carl Frankson

Yes. So Triton is already done. That's past tense?

Executive
Corrado De Gasperis

It was done. It was closed. It was funded. Substantially, all the money goes to the Philippine -- the unit first, if you will, which is completed. So that one is the one that kind of was advanced funded, and then we put some -- we put the money in. And then for the working capital, to ship the unit, establish the camp over there, get some of the local equipment organized around it and get up and running. And I think that unit is going to be cash positive within a couple of months of it being set up and run.

The only thing about that is we need our team to get over there. We ship it -- let's say, we ship it next week or the week after, within the next two weeks. It's going to take three or four weeks to get over there, landed, released through customs. At that point, we need to be on the ground there, setting up and training and operating. And Philippines, like Nevada, still has two-week quarantine. When you fly into Manila, we can't go over there and get stuck in Manila for two weeks. We have to actually get to Davao and then -- and get the team. Now we have local partners there that are doing a lot of the supporting work with the JV, but ultimately, Paul Clift has to be there himself to set up the equipment, train the team and get it up and running fully.

So no, it's -- I'm sounding kind of monotone, but it's one of the most exciting things I've been involved in a long, long time. And it seems routine now. Like every other night, I have 7 to 8 p.m. calls with the Philippines, and it's the next day, not just me, the whole MCU team. We're -- both our attorneys, our partners, everyone over there is just working together. And everyone feels behind schedule because of the government's real motivation to make this happen. So it's very good, positive.

Analyst
Carl Frankson

No, that sounds fine. The -- I'm just concerned about the -- when they get stocked, are they getting 144 stock? Or are they getting free market stock? I mean after these two announcements, the stock got hammered pretty good from like $1.05, down to about $0.60. And it kind of coincided with these two announcements, and they all get -- they kind of listed as discount to a weighted average and stuff. And I'm certainly not casting aspersions, I don't know either group.

Executive
Corrado De Gasperis

No,