Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”)
today announced its submission of comments to the U.S.
Environmental Protection Agency (“EPA”) calling for enhanced
regulations governing the use of biomass-derived intermediates in
the production of renewable fuels that qualify for federal
incentives under the EPA’s Renewable Fuel Standard (“RFS”).
Comstock’s patented, patent-pending and
proprietary portfolio of breakthrough Cellulosic Fuels technologies
efficiently converts wasted, unused, widely-available, and
rapidly-replenishable woody biomass into intermediates for the
production of carbon neutral gasoline, renewable diesel,
sustainable aviation fuel, marine fuel, ethanol, oils and other
advanced renewable replacements for fossil fuel products.
“Our technologies broadly enable a powerful new
feedstock model for multiple renewable fuel platforms by converting
wasted and under-utilized woody biomass into biointermediates,
including cellulosic sugar and a mixture of hydrocarbons called
biocrude,” said Corrado De Gasperis, Comstock’s executive chairman
and chief executive officer. “Our cellulosic sugar products are
chemically identical to pure glucose, and capable of directly
offsetting corn as a feedstock for fermentation in existing ethanol
facilities. Likewise, our biocrude products have specifications
that are similar to fossil crude, and are qualified for refining
into drop-in fuels, such as gasoline, renewable diesel, sustainable
aviation fuel, and marine fuel.”
Removing Limitations for Breakthrough
Technologies
Under the current regulatory structure, Comstock
would directly produce and sell renewable fuels to qualify for
federal incentives under the RFS. However, the EPA proposed
modifications to the RFS in December 2021 to accommodate the
growing potential of using biointermediates in the production of
renewable fuels. Comstock’s February 2022 comments to the EPA
supported and urged inclusion of the full range of America’s
available woody biomass resources to produce biointermediates for
sale to multiple downstream renewable fuel producers, thereby
expediting the transition from petroleum to renewable fuels, and
enabling the transformational changes envisioned by the Biden
Administration to address the challenges of climate change.
Comstock also urged the EPA to revise the renewable identification
number (“RIN”) program to create ambitious additional categories
for new and emerging technologies that can achieve 80%, 100%, and
120% greenhouse gas (“GHG”) reductions, as compared to the existing
60% cap on GHG reduction in the current RIN program, to fairly
incentivize and accelerate transformational change.
Transformational Economic
Benefits
Comstock’s technologies can produce enough
cellulosic sugar and biocrude to refine more than 70,000,000
gallons of ethanol and 30,000,000 gallons of renewable diesel from
each 1,000,000 dry tons of woody biomass. For context, according to
the U.S. Department of Energy, America has the potential to produce
upwards of one billion dry tons of biomass per year, substantially
comprised of wasted and under-utilized forestry and agricultural
residuals that Comstock’s proven and shovel-ready Cellulosic Fuels
technologies have the ability to convert into biointermediates.
“We plan to be extremely active in America’s
wood basket,” added De Gasperis. “America has tremendous untapped
reserves of woody biomass and under-utilized forestry and
agricultural resources that could be simultaneously used to
stimulate transformational economic and environmental change, by
adding significant additional revenue and jobs into America’s rural
economies, while producing biointermediate and other products that
dramatically reduce GHG emissions as compared to conventional
renewable fuel feedstocks. While we are prepared to use our
technologies to directly produce renewable fuels, we can grow much
faster and achieve far greater gains by producing and selling
biointermediates to other renewable fuel producers. We are excited
by EPA’s timely focus on these important regulations.”
Comstock’s team has extensive experience in the
renewable fuel industry, having designed and built numerous
biointermediate and renewable fuel production facilities in the
United States. Most notably, Comstock’s team invented and
commercialized processes used by more than 95% of the U.S. corn
ethanol industry to produce distillers corn oil, a value-added
biointermediate that has played a vital role in the growth and
development of the corn ethanol, biodiesel, and renewable diesel
industries. Comstock plans to apply this expertise to building,
owning, and operating a fleet of advanced carbon neutral extraction
and refining facilities, with several potential sites currently
under evaluation for development.
About Comstock Mining Inc.
Comstock Mining Inc. (NYSE: LODE) (the “Company”) innovates
technologies that contribute to global decarbonization and
circularity by shifting the consumption patterns of industries and
populations. Comstock’s technologies are designed to do so by
efficiently converting wasted and unused natural resources into
valuable renewable energy products. Comstock intends to use its
technologies to achieve exponential growth and extraordinary
financial, natural and social gains by building, owning, and
operating a fleet of advanced carbon neutral extraction and
refining facilities, by selling an array of complimentary process
solutions and related services, and by licensing selected
technologies to qualified strategic partners. 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 industry market conditions; future
explorations or acquisitions; future changes in our exploration
activities; future prices and sales of, and demand for, our
products; 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
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; and future working capital, costs,
revenues, business opportunities, debt levels, cash flows, margins,
taxes, earnings and growth. 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, mercury remediation and lithium, nickel and
cobalt recycling, including risks of diminishing quantities or
grades of qualified resources; operational or technical
difficulties in connection with exploration or mercury remediation,
metal recycling, processing or mining activities; costs, hazards
and uncertainties associated with precious 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 mercury remediation, 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; ability to achieve the benefits of business
opportunities that may be presented to, or pursued by, us,
including those involving battery technology, mercury remediation
technology and efficacy, quantum computing and advanced materials
development, and development of cellulosic technology in bio-fuels
and related carbon-based material production; 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.
Contact information: |
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Comstock Mining Inc.P.O. Box 1118 Virginia City, NV
89440ComstockMining.com |
Corrado De GasperisExecutive Chairman & CEOTel (775)
847-4755degasperis@comstockmining.com |
Zach SpencerDirector of External RelationsTel (775) 847-5272
Ext.151questions@comstockmining.com |
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