Comstock Announces the Sale of the Daney Ranch

Rhea-AI Summary

Comstock Inc. (NYSE: LODE) has completed the sale of its Daney Ranch property near Dayton, Nevada, for $2.7 million. The net sale price is $2.5 million after accounting for lease credits. This transaction marks a significant step in Comstock's monetization strategy, with additional non-mining asset sales anticipated within the next 3 to 4 months. The deal provides the company with $1.5 million in cash and a $1 million secured note. Comstock aims to innovate in renewable fuels and electrification to drive growth and sustainability.

Positive

• Successfully completed the sale of Daney Ranch for $2.7 million, netting $2.5 million after lease credits.
• Secured $1.5 million in cash and a $1 million interest-bearing note to support future operations.
• Continues monetization strategy with further non-mining asset sales expected in the near term.

Negative

• None.

VIRGINIA CITY, Nev., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that it has executed all of the closing documents on one of its three major non-mining assets, the Daney Ranch property, located near Dayton, Nevada, for a sales price of $2.7 million.

“We are pleased to close this deal and advance our monetization program. The buyer is a mining industry veteran and an outstanding neighbor. This is just one in a series of closings expected over the next 3 to 4 months, as we complete the rest of our non-mining asset sales,” said Mr. Corrado De Gasperis, Executive Chairman and CEO.

In 2020, the Company entered into an agreement with the owner of an established exploration and mine development drilling services company, to lease the properties for $9,000 per month, for up to 24 months, including the assumption of all maintenance, upgrades, and repairs. As the transaction closed within two years, about $200,000 of those lease payments were creditable to the purchase price, resulting in a net price at closing of $2.5 million. The transaction funds this week, resulting in an additional $1.5 million in cash and a $1 million secured, interest bearing note that is required to be paid off upon the sale of specific assets owned by the buyer.

About Comstock

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complementary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Forward-Looking Statements 

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future changes in our research and development; and future prices and sales of, and demand for, our products and services. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither this press release nor any related call or discussion constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

Contact information:
Comstock Mining Inc. P.O. Box 1118 Virginia City, NV 89440 www.comstock.inc	Corrado De Gasperis Executive Chairman & CEO Tel (775) 847-4755 degasperis@comstockmining.com	Zach Spencer Director of External Relations Tel (775) 847-5272 Ext.151 questions@comstockmining.com

FAQ

What is the recent news about Comstock Inc. (NYSE: LODE)?

Comstock Inc. has closed the sale of its Daney Ranch property for $2.7 million, netting $2.5 million after lease credits.

How much cash did Comstock Inc. obtain from the Daney Ranch sale?

Comstock Inc. secured $1.5 million in cash from the sale of the Daney Ranch property.

What are Comstock Inc.'s future plans following the sale of the Daney Ranch?

Comstock plans to execute additional non-mining asset sales in the next 3 to 4 months as part of its monetization strategy.

What does Comstock Inc. focus on in their business strategy?

Comstock focuses on innovating technologies related to renewable fuels and electrification to drive growth and sustainability.