Meditation Runner

@Aksel465 "Management said that they expect their first facility to operate at full utilization in 2027" - important caveat to note that this is run-rate heading out of 2027 into 2028. They will not be recycling 90k panels next year from one facility.

New write-up is live on Comstock $LODE, a stock with >10x potential and downside protection through the sale of non-core assets estimated to be worth 1.5x its current market cap. The business is hitting a major inflection point. As they open their first industrial-scale solar recycling facility this quarter, Comstock is positioned to become the leader in a market set to grow 10x by 2030. Management plans to open 6 facilities over the next few years. One facility alone is estimated by management to produce $75M in FCF, which scales to a total of $450M in FCF against a current market cap of only $230M. On top of the core business and the asset floor, they hold a majority stake in an early-stage biofuel venture valued at $500M. This stake is possibly worth many-fold the current market cap if IPOd. The market is still pricing in past skepticism, but the setup has changed. The CEO has explicitly stated that the dilution cycle is over. With $56M in cash and a massive asset-monetization program underway, the company has a significant financial cushion while they scale the main business. To read the full write-up: Substack link is in my bio.

@NomadCarnivore would you mind sharing some insights or links to check out?

@Meditate_Run LOL. You're funny. Because they are not, in any sense, with any possibility of being so. Do homework then come back and post your findings. I did my homework on them TWO YEARS ago and it was obvious they were not then nor would ever be a viable solution.

$LODE One more pic for context. Ginormous storage, just a portion of it, viewed with the context of existing pilot facility (that white building in background on the far right side). While I'm posting, I'll reiterate that the aforementioned pilot facility is, and has been, running 24/5. That is, 24 hours a day, 5 days per week, 3 shifts, since fall of last year. Panels (feedstock) keep coming in frequently from a wide variety of sources. The supply is constant. Process expertise continues to accrue for all types of panels (moar moat, do you understand this?). A third note- as mentioned by management a few weeks of "slippage" has occurred in the timeline. It doesn't matter in a negative way in the grand scheme. The way it DOES matter is in terms of the "moat", the barrier(s) to entry of competition. Because all of this FOIK (first of it's kind) undertaking is a monumental pain in the ass from a permitting and governmental regulation standpoint. The timeline of a competitor coming in has in my opinion moved from at best 2 years, to now 3 years. Metals is not fcking around, and has zero intention to allow that to occur. Ain't gonna happen (see the 8-K's). Side note- members of current operations team participated in site visits at the new processing equipment manufacturers. Familiarized, hands-on, ready to roll. Smart. Closing note, the new equipment coming in is highly specialized, highly technical, fine-tuned for exactly the task at hand. This stuff is not off the shelf, ordered out of the catalog like some seem to think. Moat. Moar moat. Grasping the details, above and beyond due diligence, being fast and swift on the uptake, is what separates and will separate the investors who multi-bag from those making 10-20% once this is derisked for the masses. @CDe_Gasperis

@whirlybard @CDe_Gasperis Also the off-take revenue is only recognized when it’s transferred / sold which I’m sure has some shipping lag to it. Their revenue from metals is hard to back into tons processed, lots of noise. Always appreciate the insights Whirly! Great writer

@Meditate_Run @CDe_Gasperis Ha! You're right. The $500/ton offtake references the gross panel mass, not the produced fines. Note to self: don't tweet late at night. We had an increase in pilot plant in Q4, but nowhere near nameplate.

@whirlybard @CDe_Gasperis I read this as 150 tons processed but that does seem low

@whirlybard @CDe_Gasperis Wouldn’t this infer $7.5M off offtake per 100,000 tons of panels

@ShadySci @planert41 Agree

@planert41 If this happens (<20kt panels/year), they'll dilute to stay afloat in hope of the panels thesis playing out in 2028+. SP will tank. SSOF and Mining sales derisk this outcome massively.

Does $lode have an actual upcoming catalyst?

@UnitedStandMUFC Is this a joke?

With Marcus Rashford looking like he could stay at Barcelona permanently and Joshua Zirkzee linked with a move back to Italy, are we about to let too much talent walk out the door? ✈️ We’ve seen players leave OT and suddenly find their world-class form again. Out of everyone rumoured to leave this summer, who do you think we’ll regret selling the most? 🤔 👇

@NestBetter do you think if / when there's a deal, the entire SSOF would be sold or just a portion of the land? Corrado keeps mentioning speed and understands competition is coming ie helps me justify the raise

$LODE: While I am still critical of the raise they did earlier this year, undeniably the setup looks good: -> land + mining sales which are guided to happen this year will return more than marketcap -> Signals from management supply of panels won't be an issue 1/x

No Kings.

@d_pf86 Also live there n hit those trails often

@Meditate_Run Just a local open space trail, Denver burbs. It’s all kindling. Lowest snowpack in 40 years, record heat here last week too.

$BAER Went on a hike yesterday evening here in Colorado. Shuffled my feet almost started a fire. Bought more Bridger today.

@SHJVerborg any idea why Kreisler left?

$LODE That was a great earnings call. Congrats to the team! We got: - SSOF issues cleared up, LODE's ownership to mid 30%, with potential to 50%+. No more conflict of interest. Land valued at ±$275m, if they get more than 6$/sqft (not unprecedented, see below), it's higher. - Secured access to power equivalent to 250-300 MW. This is the last hurdle in order to unlock the high value monetisation for SSOF's land. - Mining assets - unequivocally stated to be divested - ideally in Q2. $50-60m - Green Li-Ion, projected to sell down at its IPO (ASX) this year (26H2). ±$20m Totaling $350m in divestment in '26 -> LODE mcap currently ±$200m. Further: - Strong progress on metal recycling; facility 1 commissioning & commercial production on track. Facility 2 location pinpointed & first permits filed. Only facility 1 will have the capex outlay for high-value refining of the tailings. - The one thing missing for me was additional concrete MSA's, but CDG seemed confident about the extensive pipeline. - LODE's board strengthened, resulting in better governance & alignment with shareholders. - Bioleum, no big updates, but seems to be chugging along fine. Kreisler (financier) looks to be out since this month according to Linkedin. 2026 is shaping up to be massive for $LODE.

@InvertTheWing Unrealistic no one sees phone in a dream

I have just awoken from an absolutely crazy nightmare. It starts, I am having dinner with Pep Guardiola and Mikel Arteta, at Salt Bae’s restaurant in London. We are exchanging tactical ideas. But halfway through this dinner, I try to check my phone, because I had no update from my friend Ange Postecoglou, who was also meant to attend this dinner. I spend minutes looking for it, not even focusing on the accent. Mikel says to me, “No, no… we speak about de phone later, eh? Now we are here, we enjoy de dinner… fully. Dis is de moment, yeah? You have to be present.” I obey, as I do not want to kill the vibe. Dinner goes on, we share some Sangria wine, eat steak. And of course, share tactical ideas. The dinner comes to an end, and I offer to pay. “No, no, no… you are our guest, my friend. I will not let you pay, eh. IMPOSSIBLE! Today, we take care of you, this is how we do, yeah?”, says Pep Guardiola. But Arteta, he has his own idea “No, Josep… let him, eh. It is good for him. He will learn a lot from dis… you understand? Sometimes, you have to experience dese things, yeah?” I oblige. I pay the bill for £1568.34, as it was all of our families enjoying the meal. But I still do not have my phone, and I complain to the restaurant staff. They told me it is my problem. Mikel Arteta offers to drive me to the police station, so I get into his Mercedes Benz GLE. I say my goodbyes to Pep Guardiola and his family, and go with Mikel. He tells me “I need to get something at my place first, eh. Then we go. Everything step by step, yeah?”, with a bit of a laugh. I am the passenger, so I can do nothing but agree. We get to his house, he tells me “You can come with me, eh… while we wait. We are like family here, you understand? Always together, yeah?” I feel flattered. He tells me I can look around, make myself at home, and tells me to check his office. Pitch black. I go to turn on the light. The door locks. A lightbulb shines. And a masked figure appears. The masked figure takes out his mask. It is Ange Postecoglou. He says to me “You left your phone, mate”. And gives it back to me. I ask him, “where were you, Ange? You missed our dinner! Why couldn’t you come?” Out of nowhere, Mikel Arteta comes out. “No, no. Don’t worry about him, eh. We focus on us.” “I cannot believe this, eh! I bring Ange, okay, yes, this is on me, I accept BUT YOU… you do nothing?! He is in your pocket! IN YOUR POCKET! And you are just there… like this doing NOTHING?! Where is the awareness? Where is the aggression?! You have to compete, even at the dinner table, eh! This is the standard! I cannot come here, organise everything, trust the process… and then you allow a pickpocket in front of me?! No, this is too much! You have to be sharper! You have to suffer! You have to feel it! Because this… this is not acceptable at this level, yeah?!” He throws my phone on the floor out of anger. “You have to leave my house. Now. No more discussion. This is the decision. Because if we accept this… we accept everything. And I will not allow that, yeah?” I leave. I am disgusted with myself. He has made me feel embarrassed. I could not even catch up with Ange, but why would Ange agree to this? I felt betrayed. And then I woke up.

@petricor80 even if we get $250M in monetization this year, market still will need to believe the metals story

Based on what I heard from Corrado today, the stock is already worth a lot more to me—it has everything going for it. And it’s debt-free. $LODE is already worth $10 today. Anything below that is a ridiculous valuation. $LODE

@Yomommasay Congrats on the shout out

$lode plenty of progress on next door storage facility #silver #solar #solarrecylcing #urbanmining #criticalminerals excited for earnings call and updates

@AlmostMongolian Almost jumped out of my seat

$lode earnings call: "that wasn't clear before because the deals were structured and they weren't announced, but they are now structured and we've already taken effectively what was just under 17% of Sierra Springs to well over 36, 37%. That number could end up easily at well over 50% for something that we think has hundreds of millions of dollars of value, we don't think that based on conjecture."👀

Did he just say 40-50% of SSOF? $lode

@SingularityRes got some power

Only if $lode gets access to power fast Transmission line next to land is not access to power. Either interconnects agreement or behind the meter.

$lode predictions: commissioning in April or May guide 20-25k panels recycled stockpile of ~9k tons of panels ramping up to 2-3k tons a month going into 2027 25% stake in SSOF and small deal imminent with potential for larger deal No Bioleum funding Lil progress monetizing mines