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Comstock Inc. Stock Price: Quote, Forecast, Splits & News (LODE)

Finance

Company Profile

New

Comstock Inc. Price & Performance (LODE)

Stock Performance

Updated Mar 24, 8:00 PM UTC

LODE:AMEX

$2.59USD

8.48% · $0.24

After Hours

+3.82% · $0.099

Open

$2.86

High

$2.86

Low

$2.53

Market Cap

$65.59M

P/E Ratio

-0.8

Volume

298.47K

Year High

$10.10

Year Low

$1.30

News & Market Insights

Comstock's Strategic Split Aims to Boost Growth
Mar 6, 2025
Comstock Inc. is preparing to spin off into two distinct public entities: a renewable metals and mining company in Nevada and a renewable fuels company in Oklahoma. This move follows advancements in photovoltaic recycling and biofuel production, with the company projecting significant revenue growth in 2025.12
Marathon Petroleum Invests in Comstock Fuels
Feb 27, 2025
Comstock Fuels secured $14 million from Marathon Petroleum, including $13 million in assets. This partnership aims to commercialize biomass refining technology, enabling the production of renewable fuels. Marathon's involvement includes board observation rights, signaling a deeper collaboration that could transform renewable energy markets.34
Earnings Miss Highlights Comstock's Challenges
Mar 24, 2025
Comstock reported a $53 million loss for 2024, missing EPS expectations. Despite doubling its revenue to $3 million, the company's stock fell sharply. Innovations in solar recycling and biofuels remain central to its strategy, with plans to scale operations and secure additional financing in 2025.56

What's Happening

Peers

Earnings

Report Date

Mar 6, 2025

Reported Revenue

1.6M

Avg 1d Change

7.53%

Report Period

Q4 2024

EPS Estimate

-0.20

Implied Move 1d

25.76%

Transcript

12m 37s

I have no doubt that in the very near future, when we look back on our achievements from last year, 2024 will have marked the turning point turning point of almost everything we're doing and certainly so metals and fuels. As of today, both companies have achieved their previously published objectives for 2024 and let me recap it for Comstock Metals first. Fortunato and the team have advanced our solar cycle recycling technology all the way through TRL7 and it's now fully operating. This facility was designed, deployed and commissioned just under a year ago. And quickly ramped up with a now dedicated team of 13 full time employees. The plan has proven it can recover 100% of all the metal, glass and minerals especially the Silverridge tailings. This has not only created a tremendous competitive advantage by enabling us to offer a zero landfill solution to our customers, but it also increases our revenues beyond the tipping fees by almost 50%. We're very conservative in that notion of offtake until we knew we could produce those products cleanly, completely, So now we're rapidly expanding our existing customer base with industry leaders that hopefully we'll soon be able to disclose who they are to you.

14m 10s

Adding to that, in 2024, the team also finalized the design and site selection for our first industry scale facility and submitted the Nevada County And State Permits For Approvals. We Already Received The County Permit Allows Us To Efficiently Store Panels, And This Means That The State Permitting Wait Times Do Not Meaningfully Slow Down Our Ability To Secure And Receive Orders. From Our Customers. Although Our Largest Customers Are In The Southwest United States region, In 2024, not only did we secure customers throughout the Southwest region, we also won business far beyond. Including securing and receiving panels from Florida, Pennsylvania, New Jersey, and even Alberta, Canada, just to name a few. And just to be crystal clear, every single week.

15m 8s

In 2024, we also secured offtake revenue arrangements for all of those clean product lines. That is the aluminum scraps, the glass pearls, and those silver rich tailings. Our 2024 metal segment in 2025. The intake revenue, and even decommissioning services well before we commissioned excuse me, Well, before we commissioned the larger facility. I'll talk more about that after Billy's review of the financials. But suffice to say now that we have a legitimate view of our engineering and operating what is effectively a world class silver mine one that uses solar panel waste as its feedstock ores, and one that effectively never depletes. Let me turn to Comstock Fuels. Many of you have already acknowledged in speaking to me that you realized in 2024 that fuels has become something far greater or was becoming something far greater than what most people expected, understood, or frankly even conceived was possible. Those conversations bring me joy because we've always talked about our systemic notion and it means a lot of things, profound things, but but we were building something that was always intended to expand beyond the legal borders of the actual company, the actual legal entity And I have to take a deep breath before I run through 2024 on fuels with you.

17m 1s

Because we did a lot. During 2024, our teams have integrated critical technologies they integrated critical partners and even geographies, into a truly new and unprecedented biolum enterprise. What I'm about to explain really tells us why, because we first assembled our system from a foundation of new lignocellulosic IP that was developed in large part and consolidated further by our team And then by identifying, aligning, securing, and integrating an expansive portfolio of the world's leading intellectual properties, as well as the world's leading intellects. The scientists, the engineers, the technologies and the people and their teams who together so far have executed exclusive and near exclusive agreements that either dramatically derisk or push our already industry leading For the Green Lion team, currently we continue actively soliciting buyers for our position. On the positive side, we an $804,000 gain from the sale of mining assets on the Northern Comstock. We break it down by segment, Comstock Fuels reported a net loss of $5,300,000 down from a $7,100,000 loss in 2023 on reduced R and D expenses. Comstock Metals reported a net loss of $3,000,000 Excluding that adjustment to intangible assets that I mentioned before, which compared to a $1,900,000 loss in 2023.

34m 2s

This is from increased operating costs at the demonstration facility and development costs for our planned scale up.

34m 8s

Comstock Mining reported net income of $1,600,000 improving on a $500,000 loss in 2023. Driven by increased lease revenue, and the $804,000 gain from the sale of the Northern Comstock. Overall, we ended the year with $1,000,000 in cash, After spending $13,900,000 for operating activities, a $317,000 increase from the prior year and $6,500,000 for investing activities compared to a $3,600,000 proceeds from investments in 2023. Cash from financing activities provided $17,660,000 in 2024, primarily from the issuance of common stock and debt instruments convertible into common [indiscernible] This is up from $11,300,000 raised in 2023. Subsequent to year end, on 01/10/2025, we sold a convertible note receiving $5,000,000 of proceeds on January 13, with an additional $5,000,000 in proceeds coming next week. This transaction stabilizes our cash position for the short term as we continue to advance our plans forward. A few key takeaways to highlight. We've been extremely diligent when it comes to managing our expenses. You can see we've significantly expanded our team and our capabilities this year with only a small $317,000 increase in our operating spend. This is not luck, it requires an organization wide commitment to doing only the most important things necessary to achieve our goals. [indiscernible] told you we believe this will lead to accelerated value recognition.

35m 57s

Our recent news on the investment into Comstock Fuels by Marathon should give a better, more clear understanding about what we mean. This is the way forward. None of it would be possible without the significant and sustained technical and operational progress our teams have made. We've set an incredible foundation for the next phase of growth. So as we look to 2025, we continue to remain focused on the sale of non core assets, We're actively engaged with markets to that end. Our expectations on the non mining, real estate and water rights portfolio have not changed. We see $50,000,000 of proceeds coming to Comstock we believe we'll have a final deal in place this year. And that's separate from our investments in the Silver Springs Opportunity Fund where we see even more significant upside in the coming years.

36m 53s

On Green Lion, we believe our position is worth $20,000,000 Now you have to consider that GreenLine is a private company They don't really get a lot of press coverage. Well, let me say, I don't know of another battery recycler actually producing and selling cathode materials Connecting a fully domestic supply chain and I think they're extremely well positioned for the current moment and people are starting to take notice.

37m 26s

On fuels, the completion of the A round finance will ensure sufficient runway for fuels to continue to grow develop highly valuable commercial projects in The U. S. And across the world. While reducing the cash demands on Comstock. Comstock will continue to support and invest in Comstock Fuels during this process until that funding is complete, nothing is slowing down, we're continuing to speed up. At Metals, Krato mentioned, we expect billings to continue growing to over $2,500,000 for the full year 2025, from continued operations at the existing facility and our related services. We expect to hit breakeven by the end of twenty twenty six. After the commissioning and operation of the first industry scale facility, which will invest $6,000,000 of CapEx into this year. We've seen robust demand in the market to start the year should translate into larger commitments from larger customers through the rest of 2025 advance of the new facility coming online. And in mining, we intend to invest $1,000,000 to $2,000,000 in 2025 to begin the upgrade and expansion of our existing Dayton consolidated resource, with the intermediate target of defining proven and probable reserves. We believe the ROI on this investment will be significant and ultimately lead to a production ready project.

38m 53s

So in addition to using this subsidiary and project level funding, wherever it's available, We're going to continue to fund Comstock Inc. Through the sale of equity and debt securities in 2025. The progress the announcements we've made over recent months have made a meaningful difference in the availability of capital and the improved terms being offered to us.

39m 17s

We're currently evaluating multiple options both with bankers and directly sourced investors to ensure sufficient capital to meet all these plans This year, and ensure our businesses each have a path to profitability. I know some people don't share this point of view with us, but we see equity capital as the most efficient tool to build and grow shareholder value at this stage of a business's life. Additional equity capital buys growth. It makes the pie bigger for everyone. To me, it's a fundamental concept.

39m 53s

I'd much rather own 1% of a $700,000,000 plus company versus owning 2% or 3% of a $70,000,000 company.

40m 3s

In reality, there's no scenario where we get to $700,000,000 in fuels $300,000,000 in metals or over $1,000,000,000 across this whole enterprise. Without injecting more growth capital this year. When we complete this, and we're going to do it as efficiently as possible, We believe the market will respond accordingly. So in summary, 2024 the events of the last two months have laid the groundwork to stabilize and significantly improve our financial position in 2025 both at the corporate level and the subsidiary levels, allowing us to establish the necessary runway to build momentum through 2025 and beyond. We're well positioned to raise the capital we need to hit plan this year and move towards significant revenue growth in 2026. With that, I'm going to hand back to Karado. To talk about what's ahead. Thanks, Billy.

41m 1s

So outstanding. So I'm going to wrap up the last segment before we go to questions. With the business outlook for 2025, maybe a little bit 2026. All of our 2025 outlook objectives, by the way, are also detailed in the 10 ks that we just filed. Which by the way, we also finalized the audit, by the way, we got a clean opinion. You can all see that now with the on the EDGAR. But let me start with metals. So Comstock Metals has now been operating its first commercial demonstration facility for nearly a full year. We validated all critical parameters intake revenues, tipping fees, intake revenues or tipping fees, as many people call them, are slightly above expectation That's thrilling to me because I was worried two, three years ago about what that was all about. At over $500 a ton. Offtake revenues, which we initially planned for nearly zero, are remarkably positive at $250 a ton.

42m 17s

Primarily because we were able to produce 100% of the and we continue to experience strong silver concentrations in these tailings. So silver rich tailings. Silver grades would make any Comstock miner proud. I mean, they're big numbers. So Comstock are looking great too. At about $200 a ton all in. When you think about a 75% you could push 80% operating margin is an extraordinarily good place to start. But our success in this business starts with speed.

42m 59s

A panel every seven seconds that enables scale 3,300,000 panels per year [indiscernible] That translates to 100,000 tons per year And then the last variable speed scale, location, Our first facilities are wonderfully located in Silver Springs, Nevada. Which is one truck day away from eight different states and importantly, in the immediate proximity of California and Arizona. We're with Nevada, most of the country's end of life panels reside today.

43m 43s

We'll scale this up now in two phases. And spend $6,000,000 this year with our plus our permits so that we have our first large scale facility up and running in 2026.

43m 59s

It's mind boggling that you could be breakeven or cash positive in a facility that's only doing like 1,000 tons. 2,000 tons. It's the nature of this business model. Very, very low variable costs. Very, very fast throughput processing speed. Very low CapEx. So $6,000,000 this year starts us at 50,000 tons, and we can double that capacity quickly, efficiently. 50,000 tons and the numbers are ramping up fast, then we'll expand it. And I can tell you that we're off to a very, very good start. Last year, our first year of commissioning, we billed over $500,000 in total revenue, just right out of the chute. It's all demonstration scale, a lot of trials, a lot of different types of panels.

44m 55s

But the outlook for this year, as Billy just saying, is five times larger or over $2,500,000 billed as our largest customers are now coming online and the business is rapidly growing.

45m 10s

So when we were starting this thing, when we pivoted, people thought we were crazy. We were starting this thing up. Are you going to be able to get customers?

45m 16s

Are you going to be able to lock up enough customers? Be able to do this. You're going to be able to do that. The team has done it.

45m 22s

So during 2025, precisely our objectives are as follows: We're going to maximize three shifts, even though it's a demonstration scale, we're going to run it full. I'll give you some insight. Our customers want those panels destroyed as fast as possible so they can get their certificates of destruction. We're doing them in environmental service, you know, and revenue from the demonstration facility will keep flowing.

45m 46s

We're also going to secure that project level funding.

45m 49s

Right? We're tearing This is a Comstock playbook. We're tearing the same page out that Fuels is using for Series A type financing.

45m 58s

So that we can scale up the next two large Nevada based sites.

46m 2s

We'll complete our permitting on our first site in Silver Springs and land these equipments all by December. So fuels has much higher revenue more and more high profile customers and the permitting in place once approved versus scaling it all up. Let me turn to fuels. Our 2025 objectives see us closing on the Series A by Q2.

46m 30s

It's coming fast. This this this analogy of opening the gates for the for the horse race is absolutely what happened when we announced the first tranche of marathon.

46m 43s

We will complete the site selection for the first project, the first refinery in Oklahoma. In Q2 as well. It's coming quickly. Once selected, we'll start integrating a local Hexas based fuel farm into that first refinery. We've already done extensive planning with the Hexes team on that.

47m 5s

We'll also secure sufficient project level financing for that refinery. This is not the same thing as the Series A. We fielded a lot of questions on this. The series a, to be clear, relieves the parent of having to fund fuels. It allows fuels to be funded on a standalone basis and depending on how much we close it out at, for two to three years. That's huge relief to the parent. In terms of uses of cash. But and that's necessary for fuels to stand alone for fuels to drive everything that it's doing. But it's not sufficient for building the facility. The project financing will allow us to build in commission that first facility. We've said repeatedly that's over $200,000,000 for the first facility.

48m 9s

Obviously, we got a great head start because the project funding certainly includes the $142,000,000 bond allocation, that we received and we're planning to place for that specific facility. And we have multiple outstanding bankers bulge bracket and the like. Working with us on this right now, full time, We also plan, as we said a couple of times already, on integrating and expanding the new Madison facility with the Wausau facility to bring our pilot production capabilities up to two barrels a day. And lastly, we will most certainly be executing additional revenue generating commercial agreements from both pure licensees like you've already seen internationally, 6% engineering fee, 6% royalty, 20% equity stakes. But there's more than that. We're not just building our own facilities, we're not just licensing our technologies, and taking equity stakes in those things as well. Which is resulting from more immediate integration with existing companies. We're now being lobbied by pulp and paper mills by sugarcane mills, [indiscernible] with our feedstock, [indiscernible] we're even seeing a massive opportunity in corn ethanol. Think about it. Pure corn is much, much more expensive. Than Zanograss. Corn has a significantly higher carbon impact score than xano grass.

50m 2s

Zanograss and or other woody biomasses as waste result in higher revenue for the ethanol, even though it's molecularly identical, simply because of the feedstock model that we're enabling. And if that was all it was, could revolutionize corn ethanol.

50m 22s

But it's not all that it is because corn doesn't have the lignin content to be able to produce biolum and double and triple the yields.

50m 30s

So if you're a corn ethanol producer listening to the call, you probably already know David Winzenis' number. Just give him a call. Our solutions in feedstock can now quickly enhance those operations. We see these as additional and very large segments of the market.

50m 48s

Well, Crowdo, why haven't you guys talked about this before?

50m 52s

Because you'd have to go chase Speedstop to enable these things. Hexis transforms the game of the feedstock model. So these are very large segments that we can now more readily integrate our solutions into and monetize All of this establishes a platform, an unprecedented platform us to meet half, just half, of The US mandate If we can reach half of The U. S. Mandate, from the renewable fuel standards for advanced biofuels, we would be producing 200,000,000 barrels of of fuel per year. That translates to over 8,000,000,000 gallons by 02/1935. 8,000,000,000 gallons is half of a 16,000,000,000 gallon mandate, The U. S. Market doesn't burn 16,000,000,000 gallons a year. It burns 240,000,000,000. Gallons a year. So these mandates are a fraction of a fraction of the market And if we just take half of that fraction of a fraction, the game is over. And remember, all of those numbers are just in United States. So we got a lot done in 2024. [indiscernible] [indiscernible] In 2025, we're going to expect that we're going to get much, much more done. Increase our lead in the fuels business, increase our lead in the metals markets as our systems rapidly expand, both nationally and internationally, For Series A, for fuels, will be next it'll be the next most tangible evidence that both unlocks tremendous value, as Billy said, demonstrates and unlocks tremendous value and also positions for the spin out of a Comstock Fuels that creates two very valuable, very high growth public companies.

52m 55s

The valuation cap already realized is well over a double of what SBCC agreed to last summer. So, yeah, SBCC missed a huge opportunity there. And the August SBCC deal is dead. Please stop asking me about it. Why would we place money into fuels at a $300,000,000 pre money valuation when we're talking about a $700,000,000 pre money valuation, which I'm telling you is now the floor.

53m 27s

I mean, we would never do fuels at a $300,000,000 valuation. That's behind us.

53m 32s

To be clear, we love the people at SBCC. That team has worked their butt off for us and they have real capital behind them, and they still remain very, very capital partner with Comstock Comstock. We are clear on the value that's been positioned here. Okay? And we're going to do everything in our power because our job is not to be clear on what the value is, not to fantasize about what the value is, but deliver the value where it's recognized by others. It's already being recognized by others. They're putting their money where their mouth is. They're putting it on paper. They're putting it in the bank. But our view here is that we're talking about tens of billions of dollars of value. If not much higher, There's no question that opportunity is there. We're also clear that having two game changing business addressing two massive global markets without the right capital and without the right funding results in this endless sell pressure on the stock.

54m 39s

We don't we know We know We don't. But we're now positioned With the recently increased share of capacity and with the Series A in fuels so that we don't need to do any more of those convertible type bonds. Yes, you heard me say it. But that, to be clear again, is not conflicting with what Billy said. I'm not saying we don't need capital. Or that we won't raise capital. What I'm saying is the capital is coming from much more keen sources [indiscernible] in the series A, structured positively, with investors agree to be part of the value creation and that we have identified and that we are engaged with and who want to participate over the next five years, ten years, to achieve the goal So once we spin off fuels, if you're a holder, you'll have shares in both companies.

55m 46s

We're now when I wrote the shareholder letter in January, we were strongly contemplating it. We were biased to it. We didn't know all of the implications to it. We know now and we're committed to doing that. And it will happen methodically after the Series A. When? I don't know yet. How? I don't know exactly how yet. But I know that if you're a holder of load, you will be holder of Comstock, you will be holder of Biola. What ratio? I don't know. What mechanism? I don't know. I know what the possibilities are. But there's a lot more work that we need to do. And quite frankly, we're not going to do it until we close the Series I. So we've achieved minimum sufficiency across an entire global supply chain. That sounds soft or small. But that is huge. It is a big, big thing that we have the chain from beginning to end Globally, So now we just grow it. Now we just grow it. Trevor, I think probably there's the best place to stop.

57m 1s

Let's just go to questions. I'm sure there's a lot of questions. We took extra time but it was the whole year in review. And we did a lot.

57m 9s

Certainly did. And congrats to you and the team. You know, fuels, is essentially the as one might say, the oil well that never stops producing and the urban mining operation or metals business essentially being the silver mine that never stops producing. So kudos on what you guys have built and continue to build Let's move into questions here. I know we've taken up a lot of time here and we want to keep this type for you. If you do have any questions, you can submit them in the Q and A module So we'll start off with there's obviously a lot of questions here on fuels, a lot of advanced Fuel seems to have a rapid growth plan on building multiple facilities whether it's owned or licensed in the near term and through to 02/1935 that has been discussed in the past. How will this be possible from a human capacity perspective and capital [indiscernible] Great question. So The U. S. Mandate alone we like instead of talking about number of facilities, we're we're really prefer to talk about tonnages and barrels. Okay? So ultimately, to get to half of The US mandate, you're talking about 50,000,000 tons of feedstock material We have clear calculus on four times that amount of feedstock, okay?

58m 34s

So we have the feedstock to do it. That would that's the most relevant question. That that capacity, that capability, if you will, did not exist until our tech technology unblocked it. Okay? Number two, right, we're doing project level financing and you're seeing capital pool to it, including high incentives from each state. Each state in each country that we're working with realizes that this is not you know, type of thing, the governor's office of economic development, you know, let's reel in a new company. They look kind of cool. No. This changes the foundational ecosystem at the same time, leaders in agriculture, Now that same thing applies to countries. Pakistan sees an ability to become energy independent. Literally unleashing the beast, okay? How do we do it? Capital pools, at the subsidiary level. Frankly, after the first one, now you have 100% proof you're fully derisked. The risk on investors, right, [indiscernible] And then every other capital source wants to come and play because it's been de risked.

59m 55s

Okay? Number one. Number two, the corn ethanol industry, at building serial number one in The United States, built 200 facilities in a seven to eight year period. How did they do that? The answer is not by themselves. So the idea of partners, the idea of of entity level equity partners, the idea of the idea of strategic partners, and the idea of international licensees unleashes the capital and unleashes the human the financial capital and then we'll unleash the human capital as well. So It's an endeavor. And then as we're converting corn to wood or we're bolting onto pulp and paper, you already have established supply chains there. Already have established permitting regimes there, and you already have established work forces there. So an incremental expansion is surely easier. Right? But but they all produce more gallons. They all produce more barrels. Right? So we have a clear view on this and it'll evolve. It's already evolved from where do we pocket a facility where there's waste wood from a lumber mill or a pulp and paper mill to now how do we aggregate and optimize like some giga power in converting farmlands or even more excitingly with Hexes, using marginal unproductive lands to do something that that is equivalent to current farmlands.

1h 1m 34s

So it's all of the above, Trevor. Hopefully, that that helps.

1h 1m 38s

It does. Thank you. And there seems to be some needed clarity here. Is the 20%, you can also add in the 6% and 6%, regarding the economics associated with licensing the fuel technology. In order to obtain that, is there any sort of contingency as it relates to capital that Comstock needs to provide for each of these projects?

1h 2m 4s

Yeah. Good question. No. So the international licenses where we get 6% engineering fees at the start of the site license to commissioning. And by the way, you know, if we've got five of those going on over the next three years, you're looking at $200,000,000 to $300,000,000 of revenues just from engineering services for fuel. So even though we know our first facility is a few years off from actually producing fuel except for Madison, right, then Then we have engineering fees in the meantime.

1h 2m 35s

But then we get royalties. But then we get that 20% equity stake not for 20% of the capital, They put 100% of the capital in. We're getting that 20% equity stake as the contribution of technology right, you know, right from day one. So I know it sounds it sounds robust. You know why? Because it is robust. You know why? Because the financials are robust.

1h 2m 55s

Our licensees are going to get extremely wealthy deploying this model we just want to share in that well.

1h 3m 5s

Thank you, Corrado.

1h 3m 6s

A lot of questions you guys have already addressed as it relates to the timing and associated with the Series A. With the spin out so I don't think we need to touch on that. So everyone that is curious about that, if you don't mind going back to the recording, which is Trevor, I I wouldn't mind just summarizing that. The Series A is tens of millions of dollars going right into fuels. The project level SPV level financing for Oklahoma going below fuels, right, another subsidiary underneath not diluting fuels, right underneath. Some equity will come in there too. So it could be very reasonable that we have 80% of that facility but we're working through some tax equities that actually allow us to to have a win win for people who would benefit from those kinds of and then we retain high, high ownership. Forevermore. And then third is the split which is literally spinning off a company that now has three legs to stand on, not two, right, and, you know, becomes a separate standalone focus We're doing that for many reasons, right? But one of them is that the people that are investing directly into fuels like investing in fuel energy, and wouldn't typically or by policy couldn't invest in low.

1h 4m 37s

So we get the best of both worlds is how we feel about it. Thanks, Rado.

1h 4m 45s

Looking at the urban mining business, the metal side, the plan right now is primarily throughout The U. S. Are there any plans, growth opportunities abroad for example, Australia?

1h 4m 58s

Great question. Great question. So we've been laser focused on the Southwest Region of the United States. Right? And the rest of the country has pulled us out. Right? We have Florida, We got Pennsylvania. We got New Jersey. We've at least seven or eight or nine states that we've received panels from, which which validates a lot to us. Okay? In one case is it's because there really isn't an alternative at all even though the volumes may be marginal or small, In another case, it's just the big ones who don't see anybody else that can handle the scale that they need. But we're being approached from multiple continents. Let me leave it that way, right? Where they would love to see international joint ventures. They're They they've assessed and believe that our technology is the fastest, is the most efficient, and critically is the best easiest to scale. So we'll see how those proceed. That's early stage. If Fortunato is in the market every single day. So he's just bumping into everything.

1h 6m 8s

Went up on time here. Any clarity on the $50,000,000 shelf in the 10 ks?

1h 6m 17s

So we always have a registered shelf on record. If you go back fifteen years, we have a registered shelf always on hand. Now if you're a public company, typically, the reason you're a public company is that you want efficient access to the capital market. Doesn't mean you need it. But you have it and you want it. If you if you really want it practically, then you should always have a registration statement on record, on shelf, if you will. They typically expire every three years, and we just replace them a month before they expire. If we use them all or if we don't use them, we always have one in place. So that's a that's a constant.

1h 7m 1s

Appreciate it. So let's wrap it up there. I know there's a lot of questions, anything that we have not gotten to, we'll do our best to get back to you by email or in So I appreciate your time, but I'll put the ball back in your court here, Corrado, for any final comments.

1h 7m 18s

Yes, absolutely. So look, just in summary, we're fully subordinating and supporting the businesses for obviously, first, getting the Series A project funding done, and ultimately spinning off fuels. So then we end up with these two public companies for all of our shareholders.

1h 7m 40s

Both companies on a standalone basis have huge addressable markets as we just spoke.

1h 7m 46s

About metals internationally and will rapidly grow.

1h 7m 51s

So our next quarter call will be the April, could be potentially early May. And the AGM is scheduled now for May 22.

1h 8m 1s

We have a tremendous amount of work to do between now and then, You'll be getting updates without question. Between now and then. And as Trevor said, we'll look to circle back and answer any questions that you have sent in that we were not able to answer on this time, but we strongly, strongly appreciate all of our investors. Everything that we're doing is to unlock this value We're freaking close, you know, and it's all coming. I can tell you the tone here is energized and excited. We're working our butts off.

1h 8m 36s

And we're growing. So it's it's all coming. I wouldn't trade where we are now. [indiscernible] So thank you, everyone, and please stay tuned.

1h 8m 46s

Record numbers of attendance I think that speaks to everything that you guys have been doing and the value that continues to be unlocked. So thanks, Corrado, Billy and the CommSoc team Comstock thanks to everyone for joining today. Please keep an eye out for the recording. We will be sending that out by email it's also going to be uploaded at comstock inc or comstock dot inc. If you have any questions that you have not submitted or that have not been addressed, ir at ircomstockinc dot com. Again, that's ircomstockinc dot com. That concludes today's event. Everyone for your time.

1h 9m 18s

Outstanding. Thank you all.

1h 9m 20s

Thank you.

Key Insights

Comstock Metals achieved significant milestones in 2024, including advancing solar cycle recycling technology to TRL7, operating a facility with 100% metal recovery, and securing offtake revenue arrangements for clean product lines. The company plans to invest $6 million in 2025 to scale up its first industry-scale facility, targeting breakeven by the end of 2026.
Comstock Fuels reported progress in integrating technologies and partners, with plans to close a Series A funding round by Q2 2025. The company aims to secure project-level financing for its first refinery in Oklahoma, estimated at over $200 million, and expects significant revenue from engineering fees and licensing agreements.
Financial highlights for 2024 include a net income of $1.6 million for Comstock Mining, driven by increased lease revenue and asset sales. However, Comstock Fuels and Metals reported net losses of $5.3 million and $3 million, respectively, due to R&D and operational costs. The company raised $17.66 million through equity and debt instruments and expects $50 million in proceeds from non-core asset sales in 2025.
The company plans to spin off Comstock Fuels into a standalone public entity after completing the Series A funding. This move aims to unlock value for shareholders and attract investors focused on the fuels sector. The valuation for Comstock Fuels is projected at a minimum of $700 million pre-money.
Comstock Metals expects revenue to grow to over $2.5 million in 2025 from its demonstration facility, with plans to expand operations internationally. Comstock Fuels targets producing 200 million barrels of advanced biofuels annually by 2035, leveraging partnerships and licensing agreements to scale operations globally.

Recent Transcripts

Comstock achieved significant milestones in metals and fuels business, positioning for rapid growth.

Income Statement

Revenue

	2020	2021	2022	2023	2024
Revenue	$202K	$862K	$178K	$1.3M	$3M
Cost of Revenue	$1M	$272K	$3.7M	$0	$452K
Gross Profit	-$819K	$590K	-$3.5M	$1.3M	$2.6M
Gross Profit %	-406%	68%	-2K%	100%	85%
R&D Expenses	$0	$415K	$7M	$6.1M	$19M

2020

2021

2022

2023

2024

Revenue

$202K

$862K

$178K

$1.3M

$3M

Cost of Revenue

$1M

$272K

$3.7M

$452K

Gross Profit

-$819K

$590K

-$3.5M

$1.3M

$2.6M

Gross Profit %

-406%

68%

-2K%

100%

85%

R&D Expenses

$415K

$7M

$6.1M

$19M

Cash Flow

Net Income

	2020	2021	2022	2023	2024
Net Income	$15M	-$25M	-$47M	$9.2M	-$53M
Dep. & Amort.	$1.2M	$1.1M	$2.8M	$2.9M	$2.2M
Def. Tax	-$1.2M	-$5.7M	$0	$0	$0
Stock Comp.	$204K	$464K	$482K	-$2.3K	$42K
Chg. in WC	-$545K	-$926K	$1.1M	$3.1M	$2M

2020

2021

2022

2023

2024

Net Income

$15M

-$25M

-$47M

$9.2M

-$53M

Dep. & Amort.

$1.2M

$1.1M

$2.8M

$2.9M

$2.2M

Def. Tax

-$1.2M

-$5.7M

Stock Comp.

$204K

$464K

$482K

-$2.3K

$42K

Chg. in WC

-$545K

-$926K

$1.1M

$3.1M

$2M

Balance Sheet

Cash

	2020	2021	2022	2023	2024
Cash	$2.4M	$5.9M	$2.5M	$3.8M	$0
ST Investments	$4M	$926K	$810K	$19M	$0
Cash & ST Inv.	$6.4M	$6.8M	$2.5M	$23M	$954K
Receivables	$0	$0	$5M	$0	$2.4M
Inventory	$6.8M	$919K	$22M	$0	$0

2020

2021

2022

2023

2024

Cash

$2.4M

$5.9M

$2.5M

$3.8M

ST Investments

$4M

$926K

$810K

$19M

Cash & ST Inv.

$6.4M

$6.8M

$2.5M

$23M

$954K

Receivables

$5M

$2.4M

Inventory

$6.8M

$919K

$22M

Go Deeper

Financial information provided by Financial Modeling Prep. Options data provided by Unusual Whales. Live transcripts provided by Quartr. All data is provided for informational purposes only, and is not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. · See all tickers.

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News & Market InsightsNews & Market Insights
PeersPeers
Recent TranscriptsRecent Transcripts
RelatedRelated
EarningsEarnings
Income StatementIncome Statement
Cash FlowCash Flow
Balance SheetBalance Sheet

Earnings

Report Date

Mar 6, 2025

Reported Revenue

1.6M

Avg 1d Change

7.53%

Report Period

Q4 2024

EPS Estimate

-0.20

Implied Move 1d

25.76%

Transcript

12m 37s

14m 10s

15m 8s

17m 1s

34m 2s

This is from increased operating costs at the demonstration facility and development costs for our planned scale up.

34m 8s

35m 57s

36m 53s

37m 26s

38m 53s

39m 17s

39m 53s

I'd much rather own 1% of a $700,000,000 plus company versus owning 2% or 3% of a $70,000,000 company.

40m 3s

41m 1s

42m 17s

42m 59s

43m 43s

We'll scale this up now in two phases. And spend $6,000,000 this year with our plus our permits so that we have our first large scale facility up and running in 2026.

43m 59s

44m 55s

But the outlook for this year, as Billy just saying, is five times larger or over $2,500,000 billed as our largest customers are now coming online and the business is rapidly growing.

45m 10s

So when we were starting this thing, when we pivoted, people thought we were crazy. We were starting this thing up. Are you going to be able to get customers?

45m 16s

Are you going to be able to lock up enough customers? Be able to do this. You're going to be able to do that. The team has done it.

45m 22s

45m 46s

We're also going to secure that project level funding.

45m 49s

Right? We're tearing This is a Comstock playbook. We're tearing the same page out that Fuels is using for Series A type financing.

45m 58s

So that we can scale up the next two large Nevada based sites.

46m 2s

46m 30s

It's coming fast. This this this analogy of opening the gates for the for the horse race is absolutely what happened when we announced the first tranche of marathon.

46m 43s

47m 5s

48m 9s

50m 2s

50m 22s

But it's not all that it is because corn doesn't have the lignin content to be able to produce biolum and double and triple the yields.

50m 30s

50m 48s

Well, Crowdo, why haven't you guys talked about this before?

50m 52s

52m 55s

53m 27s

I mean, we would never do fuels at a $300,000,000 valuation. That's behind us.

53m 32s

54m 39s

55m 46s

57m 1s

Let's just go to questions. I'm sure there's a lot of questions. We took extra time but it was the whole year in review. And we did a lot.

57m 9s

58m 34s

59m 55s

1h 1m 34s

So it's all of the above, Trevor. Hopefully, that that helps.

1h 1m 38s

1h 2m 4s

1h 2m 35s

1h 2m 55s

Our licensees are going to get extremely wealthy deploying this model we just want to share in that well.

1h 3m 5s

Thank you, Corrado.

1h 3m 6s

1h 4m 37s

So we get the best of both worlds is how we feel about it. Thanks, Rado.

1h 4m 45s

Looking at the urban mining business, the metal side, the plan right now is primarily throughout The U. S. Are there any plans, growth opportunities abroad for example, Australia?

1h 4m 58s

1h 6m 8s

Went up on time here. Any clarity on the $50,000,000 shelf in the 10 ks?

1h 6m 17s

1h 7m 1s

1h 7m 18s

1h 7m 40s

Both companies on a standalone basis have huge addressable markets as we just spoke.

1h 7m 46s

About metals internationally and will rapidly grow.

1h 7m 51s

So our next quarter call will be the April, could be potentially early May. And the AGM is scheduled now for May 22.

1h 8m 1s

1h 8m 36s

And we're growing. So it's it's all coming. I wouldn't trade where we are now. [indiscernible] So thank you, everyone, and please stay tuned.

1h 8m 46s

1h 9m 18s

Outstanding. Thank you all.

1h 9m 20s

Thank you.

Key Insights

Comstock Metals achieved significant milestones in 2024, including advancing solar cycle recycling technology to TRL7, operating a facility with 100% metal recovery, and securing offtake revenue arrangements for clean product lines. The company plans to invest $6 million in 2025 to scale up its first industry-scale facility, targeting breakeven by the end of 2026.
Comstock Fuels reported progress in integrating technologies and partners, with plans to close a Series A funding round by Q2 2025. The company aims to secure project-level financing for its first refinery in Oklahoma, estimated at over $200 million, and expects significant revenue from engineering fees and licensing agreements.
Financial highlights for 2024 include a net income of $1.6 million for Comstock Mining, driven by increased lease revenue and asset sales. However, Comstock Fuels and Metals reported net losses of $5.3 million and $3 million, respectively, due to R&D and operational costs. The company raised $17.66 million through equity and debt instruments and expects $50 million in proceeds from non-core asset sales in 2025.
The company plans to spin off Comstock Fuels into a standalone public entity after completing the Series A funding. This move aims to unlock value for shareholders and attract investors focused on the fuels sector. The valuation for Comstock Fuels is projected at a minimum of $700 million pre-money.
Comstock Metals expects revenue to grow to over $2.5 million in 2025 from its demonstration facility, with plans to expand operations internationally. Comstock Fuels targets producing 200 million barrels of advanced biofuels annually by 2035, leveraging partnerships and licensing agreements to scale operations globally.

Comstock Inc. Price & Performance (LODE)

Stock Performance

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High

Low

Market Cap

P/E Ratio

Volume

Year High

Year Low

News & Market Insights

What's Happening

Peers

Earnings

Report Date

Reported Revenue

Avg 1d Change

Report Period

EPS Estimate

Implied Move 1d

Transcript

Key Insights

Recent Transcripts

Income Statement

Cash Flow

Balance Sheet

Go Deeper

Related

Go Deeper

News & Market Insights

Recent Transcripts

Earnings

Report Date

Reported Revenue

Avg 1d Change

Report Period

EPS Estimate

Implied Move 1d

Transcript

Key Insights