Comstock amends debt agreements and reports preliminary Q2 results

Comstock Inc. (NYSEAMERICAN:LODE), a mining company with a market capitalization of $97.9 million, disclosed a series of debt agreement amendments and preliminary financial results for the second quarter, according to a statement released Tuesday based on a recent SEC filing. InvestingPro analysis indicates the company is currently trading below its Fair Value, though it faces challenges with cash burn and profitability.

On August 8, Comstock amended its outstanding promissory notes with Georges Trust and Alvin Fund LLC, addressing repayment procedures for a combined $8.39 million in principal. The company issued 2,900,000 shares of restricted common stock to these creditors as partial consideration. According to InvestingPro data, Comstock maintains a moderate debt level with a debt-to-equity ratio of 0.38, while its current ratio of 1.82 suggests adequate liquidity to meet short-term obligations. Comstock will file a registration statement for these shares within 90 days. If creditors cannot generate sufficient cash from the sale of these shares by April 15, 2026, to fully repay the notes, Comstock is required to pay the remaining balance plus accrued interest at 12% per year. If proceeds from share sales and cash payments exceed the amount owed, the excess must be returned to the company.

Comstock also amended certain outstanding warrants held by Georges Trust and Alvin Fund, extending the expiration date from December 31, 2025, to December 31, 2027. These warrants cover a total of 220,000 shares, each exercisable at $4.56 per share.

On Tuesday, Comstock entered into a payoff agreement with Kips Bay Select, LP regarding its 6.0% Convertible Promissory Note, originally totaling $10,638,298 and due April 10, 2026. Under the agreement, Kips Bay will accept a $2.5 million cash payment and 447,724 shares of common stock in full satisfaction of the note. Kips Bay agreed not to sell or trade these shares before October 31, 2025.

The company also reported preliminary financial results for the three and six months ended June 30, 2025. Comstock reported cash and cash equivalents of approximately $18.6 million. Revenue was $0.3 million for the quarter and $1.1 million for the half-year. Net losses were $7.8 million for the quarter and $16.9 million for the six-month period. For deeper insights into Comstock’s financial health and future prospects, investors can access comprehensive analysis and 11 additional ProTips through InvestingPro’s detailed research reports, available for over 1,400 US stocks.

Additionally, Comstock announced the resignations of David Winsness and Rahul Bobbili as officers and directors, who have left to join Bioleum Corporation.

All information is based on a press release statement filed with the SEC.

In other recent news, Comstock Inc. has reported several significant developments. Comstock Metals, a subsidiary of Comstock Inc., has formed a strategic partnership with Virtus Renewables Service Group to advance recycling solutions for the renewable energy market. The collaboration focuses on providing zero-landfill recycling for solar panels and related components. Additionally, Comstock Metals has received a conditional use permit from the Lyon County Board of County Commissioners, allowing for the expanded storage of solar panels near their upcoming recycling facility in Silver Springs, Nevada.

In another development, Comstock Inc. has revised its agreement to sell certain mining assets to Mackay Precious Metals Inc. for $2.95 million in cash. The agreement includes a perpetual 1.5% net smelter return royalty on minerals produced from the sold properties. This revised deal increased the cash component by $1.2 million from the initial agreement. These recent developments highlight Comstock Inc.’s strategic moves in both the renewable energy and mining sectors.

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