Cardiff Oncology shares plunge after Q2 earnings miss
VIRGINIA CITY, Nev. - Comstock Inc. (NYSE: LODE), a mining and natural resource company with a market capitalization of $101.23 million, has revised its agreement to sell certain mining assets to Mackay Precious Metals Inc. for an increased total of $2.95 million in cash. The deal also includes a perpetual 1.5% net smelter return (NSR) royalty on minerals produced from the sold properties. According to InvestingPro analysis, while the company maintains a healthy current ratio of 1.82, it has been quickly burning through cash, making this cash infusion particularly significant.
The assets involved in the transaction, known as the Northern Targets, consist of patented and unpatented mining claims and mineral exploration rights in Storey County, Nevada, as well as a 25% interest in Pelen LLC. The revised purchase price represents an increase from the initial $2.75 million and shifts the payment entirely to cash, up from a combination of cash and stock, adding $1.2 million to the cash component.
Comstock has already received $1.0 million and expects the remaining $1.95 million in staggered payments concluding by August 30, 2025. Additionally, Mackay will transfer approximately 300 acres of mining properties in Lyon County to Comstock at no extra cost, which will expand Comstock’s Dayton Consolidated and Spring Valley holdings.
Since June 30, 2023, Comstock has recognized $3.77 million in revenue from initial and ongoing lease payments and reimbursed expenses related to the Northern Targets, and anticipates a final lease revenue payment of $0.25 million within the current week. The company has emphasized that the Northern Targets were not central to its district-wide development strategy, which focuses on the exploration and development of central and southern district areas. InvestingPro data shows impressive revenue growth of 102.2% over the last twelve months, though analysts don’t expect profitability this year.
Corrado De Gasperis, Comstock’s executive chairman and CEO, stated that the transaction and the additional acreage in Lyon County, combined with the retained royalties, are highly beneficial for the company’s plans to expand its gold and silver resource potential.
Comstock is dedicated to becoming a prominent U.S. silver producer, leveraging its existing resources and expanding its recycling of solar silver resources. The company’s broader business activities include the extraction and conversion of under-utilized resources into renewable fuels and recovery of metals from end-of-life electronics.
The information for this article is based on a press release statement from Comstock Inc.
In other recent news, Comstock Inc. has obtained unanimous approval for a conditional use permit from the Lyon County Board of County Commissioners in Nevada. This permit allows Comstock Metals, a subsidiary of Comstock Inc., to expand storage for solar panels near its upcoming industrial-scale recycling facility in Silver Springs, Nevada. The facility is expected to begin commissioning in early 2026, with a processing target of 100,000 tons of waste solar panels per year. Comstock Metals has secured master service agreements with major utilities following certification of their recycling capabilities.
Additionally, Comstock Inc. has announced the completion of two equity-based settlements, which have resulted in significant savings and enhanced liquidity. The company’s metals segment is now fully operational and experiencing revenue growth, while the fuels segment has secured various commercial and strategic agreements. In a separate development, Comstock Inc. provided an updated description of its common stock in a recent SEC filing, detailing its capital structure and shareholder rights. The company has authorized 245 million shares of common stock and 50 million shares of undesignated preferred stock. Comstock Inc. has not paid dividends in the past and does not anticipate doing so in the foreseeable future.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.