Comstock Metals Records First Renewable Metal Shipments and Sales

Rhea-AI Summary

Comstock Inc. (NYSE: LODE) and its subsidiary, Comstock Metals, have announced their first shipments and revenues from recycled solar panel materials. The company sold over 3,000 pounds of recycled aluminum, exceeding expectations with a price of more than fifty cents per pound. This milestone follows their first in-take revenue from processing end-of-life solar panels last quarter.

Comstock Metals operates a commercial demonstration facility in Silver Springs, NV, and is planning an industry-scale expansion. The company's process recovers about 10-15% of the solar panel input weight as aluminum. Their zero-landfill solution generates revenue from both receiving panels and selling recycled materials, creating a closed-loop system for solar panel recycling.

Positive

• First revenue generated from sale of recycled aluminum from solar panels
• Exceeded expectations with aluminum scrap price of over $0.50 per pound
• Demonstrated ability to process and sell clean, reusable materials
• Dual revenue streams: in-take fees and recycled material sales
• Commenced permitting for industry-scale expansion
• Secured permit to store large volumes of solar panels

Negative

• None.

Financial Analyst

Comstock Metals' first shipment and sale of recycled aluminum marks a significant milestone in their solar panel recycling venture. The 3,000 pounds of aluminum sold at $0.50 per pound translates to approximately $1,500 in revenue. While this amount is modest, it's important to note that this represents just one component of their multi-stream revenue model. The company's ability to generate income from both intake and output positions them uniquely in the recycling industry.

The 10-15% aluminum recovery rate from solar panels is promising, especially considering the unexpected higher secondary recovery. This efficiency could translate into substantial revenues as operations scale up. However, investors should be cautious as the current demonstration facility's output may not be indicative of full-scale operations. The planned industry-scale expansion will be a critical factor in determining the company's future profitability and market position.

Environmental Sustainability Expert

Comstock Metals' zero-landfill solution for solar panel recycling addresses a growing environmental concern in the renewable energy sector. With the rapid expansion of solar installations, end-of-life panel disposal is becoming a significant issue. The company's ability to recycle 100% of panel components not only mitigates environmental impact but also creates a circular economy model for the solar industry.

The strategic location of their expansion in the western United States is particularly noteworthy, as it aligns with the region's high solar adoption rates. This positioning could give Comstock a competitive edge in securing large-volume contracts. However, the success of this venture will depend on the company's ability to scale operations efficiently while maintaining their zero-landfill commitment. The environmental benefits and potential for reducing electronic waste make this an impactful development for the renewable energy sector.

Market Research Analyst

Comstock Metals' entry into the solar panel recycling market is timely and potentially lucrative. The solar industry is experiencing rapid growth, with annual installations expected to reach 30 GW by 2025 in the US alone. This growth will inevitably lead to an increase in end-of-life panels requiring disposal or recycling.

The company's dual revenue stream - from intake and material sales - provides a robust business model. However, competition in this space is likely to intensify as the market matures. Comstock's success will hinge on securing long-term supply commitments and establishing reliable off-take partnerships. The mention of engagement with large-scale suppliers and customers is promising, but investors should watch for concrete, long-term agreements. The company's first-mover advantage in the western US could be significant, but maintaining technological leadership and operational efficiency will be important for long-term success in this emerging market.

VIRGINIA CITY, Nev., Aug. 20, 2024 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) and its subsidiary, Comstock Metals Corporation (“Comstock Metals”), a technology leader in efficiently recycling end-of-life solar panels into reusable aluminum, copper, silver, glass and other minerals, that delivers a 100% closed-loop, zero-landfill solution, today announced its first shipments and revenues from the sale of over 3,000 pounds of recycled, reusable aluminum, commencing regularly scheduled shipments. We expect aluminum recovery of about 10 to 15 percent of the solar panel input weight. This initial sale exceeded our expectation of secondary recovery, achieving more than fifty cents per pound for these aluminum scrap grades.

“Last quarter, we recognized our first in-take revenue from the receipt and successful processing of end-of-life solar panels,” stated Corrado De Gasperis, Executive Chairman and CEO of Comstock Inc. “We have effectively demonstrated our ability to process clean and fully salable materials and validating our zero-landfill commitment. Our team has now engaged various customer groups for each type of these recovered materials, and just last week shipped and billed our first off-take customer, successfully closing the loop. Our system earns revenue on both ends.”

Comstock Metals currently operates a commercial, demonstration facility in Silver Springs, NV, and has commenced the permitting of an Industry-scale expansion that is strategically located to serve the rapidly expanding solar industry in the western United States. With the recently permitted capacity to store large volumes of solar panels, Comstock Metals is poised to lead the solar panel recycling sector, contributing to the reduction of landfilled electronic waste and recovery and reuse of precious, critical and otherwise valuable materials.

“Our demonstration facility has enabled a new, renewable supply chain that enjoys up-front, primary revenues for the environmental service of receiving, processing and disposing of the waste panels while fully recycling the materials for reuse and enabling a productive, secondary revenue stream,” added Dr. Fortunato Villamagna, President of Comstock Metals. “We are now engaged with both large-scale suppliers for high-volume, longer-term, revenue-generating supply commitments as well as large-scale, off-take customers and partners for quality material sales.”

About Comstock

Comstock Inc. (NYSE: LODE) commercializes innovative technologies that contribute to global decarbonization by efficiently converting under-utilized natural resources, primarily, woody biomass into net zero renewable fuels, end-of-life metal extraction, and generative AI-enabled advanced materials synthesis and mineral discovery. To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its Twitter, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

CONTACTS:

For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

For media inquiries or questions:
Comstock Inc., Zach Spencer
Tel (775) 847-7532
questions@comstockinc.com

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. 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Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. 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 calls or discussions 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.

FAQ

What is Comstock's NYSE stock symbol?

Comstock's NYSE stock symbol is LODE.

How much recycled aluminum did Comstock Metals ship in its first sale?

Comstock Metals shipped over 3,000 pounds of recycled aluminum in its first sale.

What percentage of solar panel input weight does Comstock expect to recover as aluminum?

Comstock expects to recover about 10 to 15 percent of the solar panel input weight as aluminum.

Where is Comstock Metals' commercial demonstration facility located?

Comstock Metals' commercial demonstration facility is located in Silver Springs, Nevada.

What is unique about Comstock Metals' solar panel recycling process?

Comstock Metals offers a 100% closed-loop, zero-landfill solution for recycling end-of-life solar panels, generating revenue from both intake and material sales.