Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) and its
subsidiary, Comstock Metals Corporation (“Comstock Metals”), a
technology leader in efficiently recycling end-of-life solar panels
into reusable aluminum, copper, silver, glass and other minerals,
that delivers a 100% closed-loop, zero-landfill solution, today
announced its first shipments and revenues from the sale of over
3,000 pounds of recycled, reusable aluminum, commencing regularly
scheduled shipments. We expect aluminum recovery of about 10 to 15
percent of the solar panel input weight. This initial sale exceeded
our expectation of secondary recovery, achieving more than fifty
cents per pound for these aluminum scrap grades.
“Last quarter, we recognized our first in-take
revenue from the receipt and successful processing of end-of-life
solar panels,” stated Corrado De Gasperis, Executive Chairman and
CEO of Comstock Inc. “We have effectively demonstrated our ability
to process clean and fully salable materials and validating our
zero-landfill commitment. Our team has now engaged various customer
groups for each type of these recovered materials, and just last
week shipped and billed our first off-take customer, successfully
closing the loop. Our system earns revenue on both ends.”
Comstock Metals currently operates a commercial,
demonstration facility in Silver Springs, NV, and has commenced the
permitting of an Industry-scale expansion that is strategically
located to serve the rapidly expanding solar industry in the
western United States. With the recently permitted capacity to
store large volumes of solar panels, Comstock Metals is poised to
lead the solar panel recycling sector, contributing to the
reduction of landfilled electronic waste and recovery and reuse of
precious, critical and otherwise valuable materials.
“Our demonstration facility has enabled a new,
renewable supply chain that enjoys up-front, primary revenues for
the environmental service of receiving, processing and disposing of
the waste panels while fully recycling the materials for reuse and
enabling a productive, secondary revenue stream,” added Dr.
Fortunato Villamagna, President of Comstock Metals. “We are now
engaged with both large-scale suppliers for high-volume,
longer-term, revenue-generating supply commitments as well as
large-scale, off-take customers and partners for quality material
sales.”
About Comstock
Comstock Inc. (NYSE: LODE) commercializes
innovative technologies that contribute to global decarbonization
by efficiently converting under-utilized natural resources,
primarily, woody biomass into net zero renewable fuels, end-of-life
metal extraction, and generative AI-enabled advanced materials
synthesis and mineral discovery. To learn more, please visit
www.comstock.inc.
Comstock Social Media
Policy
Comstock Inc. has used, and intends to continue
using, its investor relations link and main website at
www.comstock.inc in addition to its Twitter, LinkedIn and YouTube
accounts, as means of disclosing material non-public information
and for complying with its disclosure obligations under Regulation
FD.
CONTACTS:
For investor inquiries: RB
Milestone Group LLCTel (203)
487-2759ir@comstockinc.com
For media inquiries or
questions: Comstock Inc., Zach SpencerTel (775)
847-7532questions@comstockinc.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.
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