Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”), an
innovator of technologies that enable systemic decarbonization,
today announced that its wholly-owned subsidiary Comstock Northern
Exploration, LLC has entered into a Mineral Exploration and Mining
Lease Agreement (the “Mineral Lease”) with Mackay Precious Metals
Inc. (“Mackay”), to lease the northernmost patented mining claims,
mineral exploration rights and town lots (the “Northern Targets”)
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 has shown a keen understanding and interest in the
geologic exploration associated with some of the most prospective
and historically rich precious metal claims on the Comstock,” said
Corrado De Gasperis, Comstock’s executive chairman and chief
executive officer. “The ongoing revenue resulting from this
agreement enhances our strategy to leverage physics based
artificial intelligence to enable more efficient and effective
mineral and materials discovery.”
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 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.
Martyn Buttenshaw, Mackay’s chief executive officer said, “Our
geologic team is excited and ready to commence mineral exploration
and partnering with Comstock, both in terms of their existing
knowledge and beyond. We have already accumulated a remarkable
amount of data and insights into the northern targets and are keen
to get started.”
The Mineral Lease contains non-competition restrictions
prohibiting Mackay from staking property 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.
About Comstock Comstock (NYSE: LODE)
commercializes technologies that enable systemic decarbonization 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.
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.
Contact Information:
For press inquiries or questions, contact Zach
SpencerComstock Inc.Tel (775) 847-7532questions@comstockinc.com
For investor inquiries, contactRB Milestone
GroupTel (203) 487-2759ir@comstockinc.com
Comstock (AMEX:LODE)
Historical Stock Chart
From Apr 2024 to May 2024
Comstock (AMEX:LODE)
Historical Stock Chart
From May 2023 to May 2024