Comstock Announces First Quarter 2022 Results
May 03 2022 - 6:45AM
Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”)
today announced its recent operational highlights, first quarter
2022 results, and updated outlook.
Selected Strategic Highlights -
Cellulosic Fuels
- Demonstrated
breakthrough renewable Bioleum™ alternative to fossil crude oil,
derived from from woody biomass, for use in producing renewable
diesel, sustainable aviation, gasoline, marine and other drop-in
carbon-neutral fuels.
- Established our
near-term goal to commission our first 100 million gallon Bioleum™
biorefinery by 2025.
- Commenced
construction on a demonstration facility for production of Bioleum™
and other co-products.
- Commenced site
evaluation and selection process, prioritizing target sites with
ready access to available feedstock.
- Commenced direct
discussions for renewable fuel offtake agreements to support our
first biorefinery and beyond.
Selected Strategic Highlights – Lithium
Extraction and Electrification Products
- Received and
installed proprietary lithium-ion battery (“LIB”) crushing,
separation, and conditioning systems and commenced commissioning in
our R&D facility.
- On schedule to
be producing marketable black mass from LIB feedstock in our
state-of-the-art, battery metal recycling facility in Nevada by the
end of Q4 2022.
- On schedule to
be producing marketable, battery-grade lithium carbonate in our
state-of-the-art, battery metal recycling facility in Nevada by the
end of Q2 2023.
- Commenced
construction of prototype “lithium first” extraction system in our
R&D facility.
- Commenced new
and continued ongoing discussions with LIB feedstock sources.
Selected Financial Results
- Advanced
non-strategic asset monetization, exchanging $6.65 million note
receivable for the Lucerne properties and an option for $7.75
million. Our announced transactions for a portion of our
non-strategic mineral and other assets now total over $25 million
of expected 2022 proceeds from Tonogold, Sierra Springs and
others.
- Total assets
increased to $115,119,393 as of March 31, 2022, as compared to
$43,123,562 at December 31, 2020.
- Operating
expenses were $4,442,713 for the first quarter 2022, including
selling, general and administrative expenses of $2,402,766 and
research and development expenses of $1,195,418, as compared to
operating expenses of $3,621,695 for the fourth quarter of 2021,
with increases primarily relating to increased research and
development, employment costs and depreciation.
- First quarter
2022 net loss was $6,547,023 or $(0.09) per share, as compared to
first quarter 2022 net income of $8,188,231 or $0.22 per share. The
2021 results were primarily driven by changes in fair values of
derivatives.
- Debt was
$4,529,068 on March 31, 2022, representing an unsecured promissory
note.
- Cash and cash
equivalents were $2,249,007 on March 31, 2022.
- Outstanding
common shares were 67,707,832 at March 31, 2022, and 69,943,776 at
April 28, 2022.
“Our financial results reflect the impact of our
continued investment in the development and commercialization of
our renewable energy businesses,” said Corrado De Gasperis,
Comstock’s executive chairman and chief executive officer. “Our
Cellulosic Fuels and Battery Recycling demonstration systems are
moving us rapidly towards commercialization. We are engaged in and
securing untapped supplies of carbon neutral feedstocks to enable
exponential and sustained growth.”
The Company expects to complete the
demonstration of our breakthrough LIB crushing, separating, and
conditioning process in the second quarter of this year, to
successfully confirm LIB processing without discharge and the
production of highly concentrated “black mass” powders. The Company
expects to complete the submission of all expanded and modified
operating permits for our LIB processes at our state-of-the-art,
battery metal recycling facility in Nevada in the second
quarter.
The Company is currently expanding its existing
cellulosic demonstration systems in Wisconsin to include the
production of Bioleum™ and expects these demonstration systems will
be operational before the end of the fiscal year. The Company
expects to release more detailed information about Bioleum™ and its
planned biorefineries later this month at the Company’s Annual
Meeting of Shareholders on May 26, 2022, at the Atlantis Hotel in
Reno, Nevada.
The Company expects $15 million in proceeds over
the next two quarters from the sale of its industrial and
commercial properties. The Company is exploring options to monetize
all non-strategic assets, with updates in the second and third
quarters.
Conference Call Details
Comstock will host the conference call on
Tuesday, May 3, 2022, at 8:00 a.m. PDT (11:00 a.m. EDT) and the
webcast will include a moderated question and answer session
following the Company’s prepared remarks. Please click the
link below to register in advance and please join the event at
least 10 minutes prior to the scheduled start time. Once
registered, you will receive a confirmation email containing
information about joining the Webcast. Please click
here to register in advance for this webcast.
About Comstock
Comstock (NYSE: LODE) innovates technologies
that contribute to global decarbonization and circularity by
efficiently converting under-utilized natural resources into
renewable fuels and electrification products that contribute to
balancing global uses and emissions of carbon. The Company intends
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.comstock.inc.
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 changes in our research and development; and
future prices and sales of, and demand for, our products and
services. 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 call or discussion
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: |
|
|
Comstock Mining Inc.P.O. Box
1118 Virginia City, NV 89440www.comstock.inc |
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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