Welcome to the special meeting for Comstock. Our host for today's call is Corrado De Gasperis, Executive Chairman and CEO. I will now turn the conference over to your host. Mr. De Gasperis, you may begin.
Thank you so much, and good morning and welcome everyone to the 2025 special meeting of Comstock. I am Corrado De Gasperis, Executive Chairman and CEO of Comstock, and it's my pleasure to welcome you to this special meeting of our shareholders, and thank you all for joining us today. We have quite a good turnout. Before I officially call the special meeting to order, I'd like to just provide a brief update of our businesses. Let me caution you that certain information presented at this meeting may contain forward-looking statements as stated on the slide.
As I mentioned in our shareholder letter, back in 2021, we set our sights on a pretty ambitious undertaking, and your support has been integral as we aggressively invested in a number of prospective and high-impacting breakthrough technologies that we then advanced while also building the systems, partnerships, and supply chains required for real practical deployment of these industrial-scale supply chains that today are now positioned to lead the world in enabling energy independence and potentially energy dominance right here in the United States. It really doesn't get too much bigger impact-wise than what we're doing.
The result is truly positioned for a globally transformative result, and the adoption by our customers, partners, and capital sources continues accelerating, as evidenced by some of the recent domestic announcements that we've made just recently with Hexas Biomass, Marathon Petroleum, and even the state of Oklahoma, and the definitive international agreements representing today at least five projects for integrated Bioleum refineries with both SACL and Gresham House, and that's just so far. Comstock Fuels is now deploying sustainable, proprietary, and extremely low-carbon fuel solutions that harness abundant waste and natural resources, and as we stated, imagine, just imagine, we can now practically imagine an oil well that never stops producing. Comstock Metals has deployed a sustainable, proprietary, and highly efficient metal recycling solution that produces clean aluminum, copper, glass, and silver-rich tailings critical to renewable energy supply chains and harnesses the abundant photovoltaic waste resources.
Just imagine a silver mine that never stops producing, never depletes, and again, never stops producing. Sustainability to us applies to every aspect of our system: how we replenish, operate, interdepend, forge markets, transact, and even enrich the natural environment, and more. For us, it's truly financial, natural, and social. That's what Triple Point means to us. It's not greenwashing or even a shift. It's pervasively transformative. We never create scarcity, only sustainable wealth of all types. Comstock Metals is now ramping up, gaining world-class customers, permitting the expansion to industry-scale production. With just one of our facilities running full, this would represent the second-largest producing silver mine in Nevada, and the second facility would put us at number one by far. I'm very keen to retake that crown. This is not a Nevada play or even a national play.
Even though in Nevada we would be the number one producer of silver, it will be a global play sooner than most people may be thinking. Comstock Fuel Solutions are now capable of yielding up to 140 gasoline gallon equivalent per dry metric ton of feedstock, is now securing vast quantities of historically unused feedstock, and we're very close to selecting our first site. That'll also trigger the second $1 million tranche from Oklahoma's incentive grant. Hexas Biomass fundamentally shifts the scalability and the very definition of sustainability for this business, where we are now planning and creating unprecedented agricultural economies that'll be married to unprecedented industrial economies and ecosystem operating interdependently and in a manner that we don't believe has ever even been seen before today. That's Hexas. Marathon is now in the fold and more. Frankly, betting against us is like betting against the Philadelphia Eagles defense.
It only seems stupid after you get crushed and you're just sitting there dazed and confused. It's bad luck for the super confidence that are betting against Comstock and Bioleum. I believe it's a miscalculation, and it's a very, very bad bet that'll result in an epic fail. I say this for our shareholders. I say this for the confidence of our shareholders. The strength of what we've positioned here is remarkable, and for those shareholders, with today's overwhelming support and approval, our core objectives for the rest of this decade are not only achievable but poised to deliver tremendous value. We're now receiving capital commitments with both strategic and financial partners for capitalizing and elevating these two enterprises into an entirely new reality: a leading and well-funded energy solutions provider and a leading environmental enriching critical metal supplier. We're ready to secure that capital. We're ready to deploy.
It's coming. We are now and have been fully committed to continually creating, delivering, growing, and accelerating shareholder wealth. It's only people who are misaligned with the timing that don't fully appreciate that we have been continually creating, delivering, growing, and accelerating this wealth. To that end, we are planning to ultimately effect a split into two high-growth public companies: a renewable metals and mining company headquartered in Nevada and a renewable fuels company headquartered in Oklahoma. We don't have the specific and exact structure or timeline established for this, but it will happen once fuels have been properly capitalized at both the subsidiary and the project level.
We've already begun, and we've already disclosed that fuels is going through a Series A capital raise directly into the Comstock Fuels Corporation and also working to raise the capital at the project level, including over $150 million in tax-free municipal bonds allocated from the state of Oklahoma for our first biorefinery, which will be in Oklahoma. We'll also start ordering the industry-scale plant and equipment for metals in the second quarter of this year, with industry-scale permits expected by the end of the year while we continue to pursue and secure very large solar panel customers who are successfully engaging us, successfully auditing us, and successfully validating that our solution is truly a zero landfill solution. In summary, I really do appreciate everyone's commitment, participation, and support of this journey, this entire journey to sustainable energy, and very much appreciated talking to so many of you one-on-one.
It's clear to me how much you all care about the success of these companies, and I look forward to updating all of you after we've implemented the positive outcome of today's meeting. Now it's 9:08 A.M. Pacific Time on February 14th, sorry, 2025. Gold's at about $2,920, silver's about $33. Sorry, I couldn't help myself on that one. This meeting is now officially called to order. Zach, can you please provide the secretary's report?
Thank you, Corrado. The board of directors set January 2, 2025 as the record date for determining the shareholders entitled to notice of and to vote at this meeting. Shareholders of record at the close of business on January 2, 2025, were provided with notice of the meeting and may vote either online during this meeting or by duly authorized proxies. Clyde Pinnon is acting as the inspector of election, and he has taken his oath as the inspector of election. Based on the information from our transfer agent, EQ and Broadridge Financial Solutions, Inc., and the bylaws of the company, a quorum is present, and this meeting has been duly called for business. I will now turn the meeting back over to the Executive Chairman. Corrado?
Thank you, Zach. There is only one matter of business on the agenda for today's meeting, and shareholders of record and their duly appointed proxies are entitled to vote on this matter. Votes will be tallied after the resolution has been presented and discussed. Again, the only matter to be voted on today is the proposal to authorize the Comstock board of directors to effect a reverse split without the corresponding reduction of authorized shares. It is now 9:10 A.M. Pacific Time, and the polls are now open. Shareholders may now vote by clicking on the voting button on the web portal and following the instructions there. Shareholders who have sent in proxies or already voted via telephone or on the internet do not need to take any further action.
We'll just take a short pause now and then turn the report over to the inspector of the election, Clyde Pinnon. We are getting votes, which is very excellent, and we are going to just pause for another minute. We do not want to cut the voting off before all the votes have been submitted. Thank everyone for your patience. All right. Mr. Inspector, it is now 9:13 A.M. Pacific Time, and I will declare the polls are now closed. Clyde, can you make your report at this time?
Yes. Hi. I'm Clyde Pinnon. In my capacity as inspector of elections, I have reviewed the report of Broadridge as to the proxies submitted and the tally of the votes submitted during this meeting as of this moment.
Based upon those preliminary reports of the voting, to be certified by me, I wish to announce that the proposal to authorize Comstock, its board of directors, to effect a reverse split has been approved by a majority of the votes cast at this meeting.
Thank you, Clyde. I want to thank all of our shareholders. I want to advise you that we will be publishing the results of the vote. They were overwhelmingly in favor, and we thank everybody for your support. We will be providing some specific instruction in terms of the timing of implementing the reverse split, but this was an incredibly effective process, and I just want to thank everybody again for their participation and engagement. It wasn't just an overwhelming yes to the vote. There was a very, very, very high turnout. I mean, more than double the number of shareholders required for a quorum. With that, I will now entertain a motion to adjourn the formal meeting.
Yes. This is William Nance. I move that we adjourn the formal meeting.
This is Del Marting. I second that motion.
Thank you, gentlemen. I have a motion from William Nance and a second from Del Marting. That adjourns our meeting, and it concludes the overall meeting in total. We want to thank everyone again for their attendance and continued support. Have a wonderful day, wonderful weekend, and we're very, very excited about what's happening here today, tomorrow, and over the next few weeks. Thank you, everyone.