Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company,”) an
innovator of decarbonizing technologies that is leveraging
physics-based artificial intelligence (AI) and sensing technologies
to transform mineral exploration, announced today that its
wholly-owned subsidiary, Comstock Northern Exploration, LLC, has
received early all payments totaling over $2 million this year from
Mackay Precious Metals Inc. (“Mackay”).
Earlier this year, Comstock announced a Mineral
Exploration and Mining Lease Agreement (the “Mineral Lease”) with
Mackay, to lease the northernmost patented mining claims, mineral
exploration rights, and town lots (the “Northern Targets”) owned
and controlled by Comstock. The Northern Targets encompass both the
Gold Hill and northern Occidental Lode claim groups in the
historic, world-class Comstock Mining District located in Storey
County, Nevada.
“Mackay made its fourth quarter payment early,
as it prepares its exploration and development plan of our northern
targets,” stated Mr. Corrado De Gasperis, Comstock’s Executive
Chairman and Chief Executive Officer. “These timely cash receipts
cover all of our annual mining segment operating expenses and
positions us for real resource growth with a technically astute,
capable, and aligned mineral discovery partner, at a coincidently
ideal time with rising gold and silver economics.”
The Mineral Lease has a term of 20 years and
would automatically continue once mine feasibility is established
and for so long as Mackay is engaged in mining operations and in
full compliance with the Mineral Lease. The Mineral Lease requires
Mackay to spend at least $1 million per year for exploration and
development activities on the Northern Targets. The fees associated
with the Mineral Lease included a $1.25 million initiation fee that
was fully paid at signing plus $1.5 million per annum for the first
four years, and $1 million per annum thereafter, in all cases plus
expense reimbursements of approximately $200,000 per year. Comstock
also retains a 1.5% net smelter return royalty from all future
precious metal production. Total receipts for 2023, including the
initiation fee paid in June 2023, were $2.125 million.
The Mineral Lease contains non-compete
restrictions prohibiting Mackay from acquiring or staking property
outside a limited area of influence in Storey County and within two
miles of any of the property owned or leased by Comstock in the
District (including both Lyon County and Storey County properties)
and mutual rights of first refusal with respect to the sale of
certain mining assets for both parties.
Comstock’s Q4 2023 Perception Analysis
Report
Comstock’s investor relations firm, RB Milestone
Group LLC (“RBMG”), is compiling results from an investor survey
that stakeholders have begun to participate in following the
Company’s Q3 earnings call on October 26th. Comstock and the RBMG
team would appreciate your contribution as it will help further
define the trends across the Company’s strengths, weaknesses and
milestones. Surveying will conclude at the end of the quarter and
the Q4 report will be published shortly thereafter. Investors can
participate in the Q4 survey at the following
link: www.comstock.inc/investors
About Comstock Inc.
Comstock (NYSE: LODE) commercializes
technologies that enable systemic decarbonization and accelerate
the energy transition by efficiently converting under-utilized
natural resources into renewable energy products, and by leveraging
physics based artificial intelligence for more efficient and
effective mineral and materials discovery. To learn more, please
visit www.comstock.inc.
About Comstock Mining
Comstock Mining LLC, and its affiliates, are
Nevada-based, gold and silver exploration, development and mining
operations located in the historic Comstock Lode district. Comstock
Mining leverages Quantum Generative Materials (“GenMat’s”)
proprietary, physics-based artificial intelligence (AI) and
advanced data collecting and sensing technologies to transform
mineral exploration, and is a wholly owned subsidiary of Comstock
Inc. To learn more, please visit www.comstockmining.com.
Forward-Looking
Statements
This press release and any related calls or
discussions may include forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical facts, are
forward-looking statements. The words “believe,” “expect,”
“anticipate,” “estimate,” “project,” “plan,” “should,” “intend,”
“may,” “will,” “would,” “potential” and similar expressions
identify forward-looking statements but are not the exclusive means
of doing so. Forward-looking statements include statements about
matters such as: future market conditions; future explorations or
acquisitions; future changes in our research, development and
exploration activities; future financial, natural, and social
gains; future prices and sales of, and demand for, our products and
services; land entitlements and uses; permits; production capacity
and operations; operating and overhead costs; future capital
expenditures and their impact on us; operational and management
changes (including changes in the Board of Directors); changes in
business strategies, planning and tactics; future employment and
contributions of personnel, including consultants; future land and
asset sales; investments, acquisitions, joint ventures, strategic
alliances, business combinations, operational, tax, financial and
restructuring initiatives, including the nature, timing and
accounting for restructuring charges, derivative assets and
liabilities and the impact thereof; contingencies; litigation,
administrative or arbitration proceedings; environmental compliance
and changes in the regulatory environment; offerings, limitations
on sales or offering of equity or debt securities, including asset
sales and associated costs; business opportunities, growth rates,
future working capital, needs, revenues, variable costs, throughput
rates, operating expenses, debt levels, cash flows, margins, taxes
and earnings. These statements are based on assumptions and
assessments made by our management in light of their experience and
their perception of historical and current trends, current
conditions, possible future developments and other factors they
believe to be appropriate. Forward-looking statements are not
guarantees, representations or warranties and are subject to risks
and uncertainties, many of which are unforeseeable and beyond our
control and could cause actual results, developments, and business
decisions to differ materially from those contemplated by such
forward-looking statements. Some of those risks and uncertainties
include the risk factors set forth in our filings with the SEC and
the following: adverse effects of climate changes or natural
disasters; adverse effects of global or regional pandemic disease
spread or other crises; global economic and capital market
uncertainties; the speculative nature of gold or mineral
exploration, and lithium, nickel and cobalt recycling, including
risks of diminishing quantities or grades of qualified resources;
operational or technical difficulties in connection with
exploration, metal recycling, processing or mining activities;
costs, hazards and uncertainties associated with precious and other
metal based activities, including environmentally friendly and
economically enhancing clean mining and processing technologies,
precious metal exploration, resource development, economic
feasibility assessment and cash generating mineral production;
costs, hazards and uncertainties associated with metal recycling,
processing or mining activities; contests over our title to
properties; potential dilution to our stockholders from our stock
issuances, recapitalization and balance sheet restructuring
activities; potential inability to comply with applicable
government regulations or law; adoption of or changes in
legislation or regulations adversely affecting our businesses;
permitting constraints or delays; challenges to, or potential
inability to, achieve the benefits of business opportunities that
may be presented to, or pursued by, us, including those involving
battery technology and efficacy, quantum computing and generative
artificial intelligence supported advanced materials development,
development of cellulosic technology in bio-fuels and related
material production; commercialization of cellulosic technology in
bio-fuels and generative artificial intelligence development
services; ability to successfully identify, finance, complete and
integrate acquisitions, joint ventures, strategic alliances,
business combinations, asset sales, and investments that we may be
party to in the future; changes in the United States or other
monetary or fiscal policies or regulations; interruptions in our
production capabilities due to capital constraints; equipment
failures; fluctuation of prices for gold or certain other
commodities (such as silver, zinc, lithium, nickel, cobalt,
cyanide, water, diesel, gasoline and alternative fuels and
electricity); changes in generally accepted accounting principles;
adverse effects of war, mass shooting, terrorism and geopolitical
events; potential inability to implement our business strategies;
potential inability to grow revenues; potential inability to
attract and retain key personnel; interruptions in delivery of
critical supplies, equipment and raw materials due to credit or
other limitations imposed by vendors; assertion of claims, lawsuits
and proceedings against us; potential inability to satisfy debt and
lease obligations; potential inability to maintain an effective
system of internal controls over financial reporting; potential
inability or failure to timely file periodic reports with the
Securities and Exchange Commission; potential inability to list our
securities on any securities exchange or market or maintain the
listing of our securities; and work stoppages or other labor
difficulties. Occurrence of such events or circumstances could have
a material adverse effect on our business, financial condition,
results of operations or cash flows, or the market price of our
securities. All subsequent written and oral forward-looking
statements by or attributable to us or persons acting on our behalf
are expressly qualified in their entirety by these factors. Except
as may be required by securities or other law, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. Neither this press release nor any related calls or
discussions constitutes an offer to sell, the solicitation of an
offer to buy or a recommendation with respect to any securities of
the Company, the fund, or any other issuer. Neither this press
release nor any related calls or discussions constitutes an offer
to sell, the solicitation of an offer to buy or a recommendation
with respect to any securities of the Company, the fund, or any
other issuer.
Contact Information:
For investor inquiries, contact: RB Milestone
GroupTel (203) 487-2759ir@comstockinc.com
For media inquiries or questions, contact: Zach
Spencer, Comstock Inc.Tel (775)
847-7532questions@comstockinc.com
Source: Comstock Inc.
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