Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today
announced the issuance by Nevada Division of Environmental
Protection (“NDEP”) of a Written Determination of Hazardous Waste
Recycling (“Operating Permit”) to Comstock’s 90% owned subsidiary,
LINICO Corporation (“LiNiCo”), authorizing LiNiCo to conduct
lithium-ion battery (“LIB”) recycling and related operations at its
137,000 square foot battery metal recycling facility located in the
Tahoe Reno Industrial (“TRI”) Center in Storey County, Nevada (“TRI
Facility”).
Commencement of Construction and
Operations
“We are pleased to receive this critical permit
ahead of expectation,” said Corrado De Gasperis, Comstock’s and
LiNiCo’s Executive Chairman and Chief Executive Officer. “The
Operating Permit is based on the first phase of LiNiCo’s advanced
new LIB recycling technologies, including crushing, separating,
lithium extraction and precursor cathode active products, designed
for leading yields at a fraction of the capital and operating cost
of all known lithium extraction and recycling methods.”
LiNiCo is currently building a commercial scale
pilot facility for installation at the TRI Facility, with an
anticipated commissioning and onset of operations in mid-2023, with
lithium extraction capacity planned for the third quarter of
2023.
“We will use our commercial scale pilot and
early adopter client agreements to confirm all engineering and
other requirements for the scale-up and full commercial deployment
of our unique processes at the TRI Facility,” added De Gasperis.
“Our goal is to commence construction and expand to scale at the
TRI Facility immediately after our commercial pilot confirmation is
complete. A key advantage of LiNiCo’s technologies is that they are
highly scalable and capable of being right sized to match the
evolving and dynamic needs of the rapidly growing lithium recycling
industry.”
Electrification and continued advancements in
energy storage are vitally necessary to reduce reliance on fossil
fuels. According to International Energy Agency (“IEA”),
there were more than 10 million electric vehicles (“EVs”) on the
road in 2020, with new EV registrations increasing by 41% over 2019
and another 140% during the first quarter of 2021. Meeting the
increased EV demand is estimated to require about five
times more lithium carbonate equivalent (“LCE”) than the
entire lithium mining industry produces today. Miners and
manufacturers may eventually scale up to meet that demand, however,
according to a January 2021 USGS mineral commodity summary, there
are only about 86 million tons of identified lithium
reserves worldwide, and LIBs are typically landfilled
after eight to ten years of use. In short, lithium demand is
increasing globally, and a tsunami of lithium recycling demand is
coming as new electrification products are deployed and age out of
use.
De Gasperis concluded, “LiNiCo’s technologies
are designed to meet the realities of that demand by enabling
profitability at the earliest stages of production, thereby
positioning LiNiCo to contribute billions to Comstock’s enterprise
value based on existing valuations of comparable public companies.
We are very pleased to receive our first major permit and we look
forward to completing all remaining permitting requirements,
including air quality, so we can commence recycling by
mid-2023.”
About LiNiCo CorporationLiNiCo
Corporation (“LiNiCo”) holds the rights to a portfolio of
innovative processes that efficiently crush and separate LIBs,
extract lithium, nickel, cobalt, and graphite, and reuse the
recovered metals to produce 99% pure cathode active precursor
products. Collectively, these technologies give LiNiCo, and its
existing 137,000 square foot battery metal recycling facility,
differentiating competitive advantages, including the ability to
process upwards of 100,000 tons of LIB and related feedstocks per
year into an array of electrification products, including lithium,
nickel, cobalt, graphite, and cathode materials.
About Comstock Inc. 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
complementary 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
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 considering 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
because 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: |
|
|
Comstock 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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