Friday, March 10, 2023
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.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Key executive appointment. Comstock appointed Dr. Fortunato Villamagna as President of Comstock Metals Corporation which owns LINICO Corporation, Comstock’s lithium-ion battery metals recycling business. Dr. Villamagna earned a PhD in Chemistry from McGill University, along with MSc and BSc degrees in Chemistry from Concordia University. His experience in new technology development, commercialization, product introduction, market development, and team building are expected to benefit the growth of Comstock’s battery recycling business.
Reassessing property needs. LINICO agreed to sell its battery recycling facility in the Tahoe-Reno Industrial Center in Nevada for gross proceeds of $27 million ex the legacy processing equipment to American Battery Technology Company (OTCQX, ABML). LINICO had leased the facility with an option to purchase for $15.25 million, of which $3.25 million was paid. Comstock expects to receive net proceeds of approximately $12.5 million. While the sale could extend LINICO’s development time line, the transaction turns a $12 million cash obligation into a $12.5 million net cash inflow.
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