Welcome to our dedicated page for Comstock news (Ticker: LODE), a resource for investors and traders seeking the latest updates and insights on Comstock stock.
Comstock Inc. (symbol: LODE) is a pioneering, Nevada-based company engaged primarily in gold and silver mining, as well as strategic investments in advanced technologies. The company's core business spans multiple segments including fuels, metals, mining, and strategic investments aimed at creating sustainable and responsible solutions across a variety of industries.
Mining Operations: Established in 2003, Comstock Inc. began acquiring properties in the historic Comstock District. They have consolidated a significant portion of this district, acquiring extensive geological data, securing permits, and building essential infrastructure. Commercial production commenced in 2012, and the company continues to expand its footprint by acquiring additional properties for further exploration and development.
Renewable Energy and Sustainable Solutions: Comstock Inc. leverages wasted and under-utilized natural resources to produce renewable energy, thereby contributing to global decarbonization efforts. Their biorefining technologies are designed to convert biomass into renewable fuels with low carbon intensity, achieving industry-leading yields. Strategic investments in projects like the Green Li-Ion battery recycling and RenFuel's catalytic esterification technology help them advance their mission of creating net-zero solutions.
Advanced Technologies: Comstock's portfolio includes investments in Quantum Generative Materials LLC (GenMat), which uses physics-based AI to discover new materials at a fraction of the time and cost of traditional methods. This enables the rapid development of advanced materials crucial for various industrial applications, including clean energy and sustainable mining.
Recent Achievements: Comstock Inc. has recently achieved significant milestones, including the commissioning of their first zero-landfill solar panel recycling facility. They have also recorded initial revenues from this facility, demonstrating strong market demand. These recycling efforts ensure that valuable materials like silicas, glass, steel, and copper are recovered and reused, contributing to a circular economy.
Financial Health: The company has recorded investment gains exceeding $25 million and a full-year net income of over $10.5 million. They have also realigned their investment strategies to enable third-party financing, further strengthening their financial position.
Partnerships and Future Plans: Comstock Inc. maintains productive relationships with stakeholders and partners, such as GHF and Alvin. These partnerships enable them to capitalize on opportunities in solar panel recycling, commercializing biofuels, and expanding technology readiness. The company is also engaged in commercial discussions for joint developments and licensing agreements, aiming for future revenue growth from engineering services.
Comstock Inc. is committed to using innovative technologies to minimize environmental impact while maximizing resource efficiency, positioning itself as a leader in sustainable and responsible mining and renewable energy solutions.
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.
Comstock Mining Inc. (NYSE American: LODE) has fully paid off its remaining $4 million Senior Secured Debenture using cash from Tonogold and new unsecured promissory notes. The new promissory notes total $4,475,000, have no prepayment penalties, and mature on September 20, 2021. Recent payments from Tonogold reduced outstanding amounts to $4,475,000. This financial restructuring allows Comstock to sell its Lucerne asset and focus on growth opportunities while easing previous debt restrictions.
Comstock Mining Inc. (NYSE American: LODE) will participate in the Virtual Investor Day from August 11-12, 2020. The event features key speakers, including Corrado DeGasperis, the Executive Chairman, who will host a 30-minute presentation on August 12 at 1:30 PM ET. The Virtual Investor Day is an interactive platform for resource-focused public companies, allowing engagement through live Q&A sessions. Interested participants can register online. Comstock Mining focuses on sustainable mining, aiming to enhance its investment value and explore new opportunities.
Comstock Mining Inc. (NYSE American: LODE) has provided strategic and financial updates for Q2 and year-to-date. Key highlights include a $10.4 million investment in Tonogold Resources, increased investment in Mercury Clean Up LLC to $1.75 million, and a commitment of up to $3 million in a joint venture in the Philippines for mercury remediation. Financially, the company reported positive net income of $1.7 million for Q2 2020, a significant turnaround from a $2.1 million loss in Q2 2019. Cash on hand stands at $1.0 million, and the firm anticipates closing non-mining asset sales worth $10 million this quarter.
Comstock Mining has announced key strategic and financial updates for Q2 2020. The Company invested $1.75 million in mercury remediation efforts and is set to deploy two new mercury remediation systems in the U.S. and the Philippines. Financial highlights include a $1.6 million gain from the investment in Tonogold and a reduction of senior debt to $4.1 million. Comstock's cash and equivalents total $1 million as of June 30, 2020. The Company aims to deliver over $500 million in value from its assets and projects, emphasizing sustainable growth.
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