Comstock Stock Price, News & Analysis

Comstock Inc. (NYSE: LODE) announced the receipt of an additional $7 million from the sale of the LINICO Battery Recycling Facility to American Battery Technology Company, totaling $18 million received of the $27.6 million purchase price. The facility purchase has been completed, with more than $8 million expected within three months, including $3 million due shortly. The transaction is expected to net Comstock over $14 million after expenses. Comstock has expanded its metals recycling business and aims to exceed a $30 million asset sale target this year. The deal includes 10 million restricted shares of ABTC common stock, with registration for resale filed with the SEC.

Comstock Inc. (NYSE: LODE) will host a webinar on May 3, 2023, at 4:15 PM ET, featuring Executive Chairman & CEO Corrado De Gasperis and COO William McCarthy. They will discuss the company’s Q1 financial results and upcoming business milestones. The webinar aims to provide investors and interested parties with insights into Comstock’s innovative technologies focused on systemic decarbonization. Interested individuals can register through the provided link. Comstock specializes in converting under-utilized natural resources into renewable fuels and advanced materials synthesis, emphasizing their commitment to global decarbonization efforts.

Comstock Inc. (NYSE: LODE) expressed gratitude to shareholders in a recent letter from its executive chairman and CEO, highlighting successful integration of acquisitions and technological breakthroughs in various sectors. The company is focused on commercializing innovative technologies for decarbonization, emphasizing significant advancements in its renewable fuels and metals recycling initiatives. Comstock aims to finalize licensing agreements that could yield long-term royalty revenue and has made strides in confirming substantial mineral resources across its properties. The company is also developing generative AI capabilities through its subsidiary, GenMat, with plans for broader engagement and transparency with investors through events planned for 2023.

Comstock Inc. (NYSE: LODE) announced significant changes to its Board of Directors as of April 5, 2023. Dr. Güez Salinas was appointed as a new independent director, bringing over 30 years of expertise in engineering, finance, and cyber-security. Mr. Walter 'Del' Marting has been named Chairman of the Audit and Finance Committee, succeeding Mr. Judd Merrill, who resigned. Dr. Salinas' background includes advising GenMat and establishing initiatives in cyber-security, enhancing the company's focus on generative AI. Mr. Marting, a seasoned executive since 2018, has significant experience in finance and governance. The changes aim to strengthen the board's capabilities and align with the company's goals in innovative technology commercialization.

Comstock Inc. (NYSE: LODE) announced significant asset sales through its subsidiary, LINICO Corporation, which include a $27 million deal with American Battery Technology Company (ABTC) for the Battery Recycling Facility in Nevada. Following prior agreements, Comstock expects net proceeds of over $14 million from these transactions.

On top of this, the company has already collected $6 million from other equipment sales and will receive $5 million in cash along with 10 million restricted shares of ABTC stock. The proceeds are anticipated to enhance Comstock’s positioning in the battery recycling and metals industries as they tap into new market opportunities.

Executive Chairman Corrado De Gasperis emphasized the strategy behind the sales, linking them with the company's expansion in battery metal storage and recycling operations.