Comstock Inc. - LODE STOCK NEWS

Comstock Mining Inc. (NYSE American: LODE) and partner Mercury Clean Up LLC have initiated a Mercury Clean Up Pilot Study at Baltimore-Maryland waste dumps, following approval from the Nevada Division of Environmental Protection. The project aims to process mercury-contaminated materials using innovative remediation technology. Additionally, Comstock is advancing its 50-50 joint venture, MCU Philippines Inc., and has invested $1 million for a mercury remediation system to rehabilitate the Naboc River in the Philippines. The company anticipates future growth and cash flow from these efforts.

Comstock Mining (LODE) announced receiving over $4 million from monetizing preferred stock related to its Lucerne mine deal with Tonogold. The company converted $3.92 million in Convertible Preferred Stock (CPS) for shares and received $2.616 million cash from the redemption of remaining CPS. This transaction reduced its promissory notes from $4.475 million to $2.5 million, enhancing liquidity and lowering interest expenses. Comstock also sold shares for approximately $1.386 million and holds an estimated $7.1 million in common shares, alongside a $4.475 million secured note receivable.

Comstock Mining announced the appointment of Judd B. Merrill to its Board of Directors. Merrill, with extensive experience in mining and financial sectors, was previously Chief Financial Officer at Comstock and Aqua Metals. His background includes roles at Klondex Mines and Newmont Mining. CEO Corrado De Gasperis expressed confidence in Merrill's capabilities for enhancing the company’s strategies in precious metal recovery and clean technologies. The company's 2020 Annual Meeting is scheduled for November 18, 2020, where shareholders will receive updates on developments.

Comstock Mining Inc. (NYSE American: LODE) has finalized the sale of its Lucerne mine to Tonogold Resources for approximately $25.9 million. This includes $7.1 million in cash, $6.1 million in Convertible Preferred Stock, and a $4.475 million note receivable. The sale will reduce annual operating costs by $1 million and the company anticipates a tax-free gain of $18 million in Q3. Comstock retains a 1.5% NSR royalty on Lucerne and has entered into a lease with Tonogold for additional mineral properties, furthering its growth potential.

Comstock Mining has entered into a Lease Agreement with Sutro Tunnel Company to explore patented mining claims in the Gold Hill and Virginia City Mining Districts. This Lease allows Comstock to expand its exploration rights, which are critical as Tonogold Resources prepares for a $7 million drilling program targeting historically rich gold and silver deposits. The Lease is set for up to 20 years with a 4% royalty to Sutro. Comstock also has an option to acquire additional equity in Pelen Limited Liability Company, enhancing its investment strategy in the region.

Comstock Mining Inc. (NYSE American: LODE) has contracted to lease and sell its Daney Ranch property in Dayton, NV, for at least $2.7 million. The leasing agreement, with a drilling services firm, includes monthly payments of $9,000 for up to 24 months, with potential rent increases thereafter. This transaction, along with other assets under contract totaling nearly $14 million, is expected to enhance cash flow and reduce expenses. The company plans further exploration and development in the Dayton and Spring Valley areas, supported by upcoming geophysical surveys.

Comstock Mining Inc. (NYSE American: LODE) released its Q2 2020 results, highlighting strategic advancements and financial improvements. Key achievements include the extinguishment of a $4 million Senior Secured Debenture, a net income of $1.3 million, and investments in Tonogold Resources valued at $10.4 million. The company is expanding its mercury remediation capabilities with the installation of its first system and is expected to finalize sales of non-mining assets totaling $10.1 million. Overall, the firm aims to leverage its resources for substantial growth and sustainability.