LODE · Comstock Inc.

Comstock Inc. reported strengthened liquidity following an oversubscribed $57.5 million equity raise netting $53.1 million, primarily driven by institutional demand to accelerate Comstock Metals' solar panel recycling and metal recovery processes. Cash stood at $53.0 million at quarter-end, providing runway for commissioning the first industry-scale facility in Silver Springs, NV, where major equipment is installed and operations are slated for late Q2 2026. Management highlighted receipt of precision equipment, expanded storage, DTSC permitting in California, and logistics hubs in Ohio and California to serve key end-of-life solar markets. Strategic shifts include monetizing legacy mining assets with Q3 2026 agreements anticipated, extinguishing all promissory notes for ~$1.8 million cash return, and settling the final $5 million Bioleum earn-out with 1.75 million shares. Real estate positioning advanced via 42.57% SSOF stake and a $22 million guaranty (rising to $54 million by 2027) securing 250-300 MW power for data center monetization. CEO Corrado De Gasperis emphasized transformation into a zero-landfill metals enterprise, with board expansion for global governance. 2026 outlooks target profitable Metals operations, additional sites, tailings recovery, mining divestitures, and SSOF restructuring, redirecting capital from mining to higher-return recycling for superior value creation.