Establishing a Beachhead for Lithium-ion Battery Recycling

Comstock Receives a Federal Grant to Accelerate Domestic Biofuel Production

Comstock Adds Scale to its Precious Metals Portfolio with Property Consolidation

Recent Technical Reports Highlight Value of Comstock’s Mineral Properties

Mark Reichman

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Real Estate

Comstock Mining Inc.

Third Quarter Highlights

Electrification Products and Lithium-Ion Battery Recycling. LiNiCo Corporation, of which Comstock owns 90%,&nbsp;was issued an operating permit by the Nevada Division of Environmental Protection to conduct lithium-ion battery recycling and related operations at its 137,000 square foot battery metal recycling facility in the Tahoe Reno Industrial (TRI) Center in Nevada. The company expects to commence recycling operations in 2023 following receipt of an air quality permit for the TRI Facility which we anticipate in the second quarter of 2023. The operating permit is based on the first phase of LiNiCoâ€™s advanced new LIB recycling technologies, including crushing, separating, lithium extraction, and precursor cathode active products. LiNiCo is building a commercial scale pilot facility for installation at the TRI facility with commencement of operations expected in mid-2023. Lithium extraction is planned for the third quarter of 2023. Expansion of capacity at the TRI facility could commence once engineering and other requirements for scale-up and commercial deployment are confirmed. LiNiCoâ€™s technologies are scalable and capable of being sized to meet the needs of the market.
LiNiCo also received a Conditional Use Permit to operate a lithium-ion battery (LIB) pre-recycling storage facility at an ~200-acre industrial property in Mound House, Nevada. The facility will receive, sort, and store waste LIBs, with capacity for expansion. The facility offers the potential for crushing and separating operations to supplement LiNiCoâ€™s 137,000 square foot battery metal recycling facility in the Tahoe Reno Industrial (TRI) Center in Storey County, Nevada. Receipt of the permit could enhance sourcing and facilitate agreements with suppliers.&nbsp;&nbsp;
Cellulosic Fuels. Comstock filed a grant application with the U.S. Department of Energy (DOE) to build a pre-pilot scale system to demonstrate one of its methods to produce renewable diesel, sustainable aviation fuel, gasoline, and marine fuel from woody biomass utilizing Comstockâ€™s technology and processes leading to greater yield, efficiency, and cost relative to other methods. Comstock pioneered an innovative process that converts woody biomass into isolated and contaminant-free bio-intermediates, including cellulosic sugar which can be used as a fermentation feedstock to produce ethanol and other products, and Comstockâ€™s trademark Bioleum product which is a mix of hydrocarbons or form of bio-crude. Comstockâ€™s grant application is based on utilizing cellulosic sugar and Bioleum to produce a single feedstock that can be converted into drop-in renewable fuels. We think the impressive roster of participants involved is significant as we think the collective effort could further advance and lend credence to Comstockâ€™s progress in converting woody biomass into renewable fuels and potentially lead to commercial partnerships. Comstock expects a decision on the grant application to be announced shortly. 
 
Comstock Inc. is marketing its cellulosic ethanol production technology to existing first-generation corn ethanol facilities for upgrades to and construction of co-located commercial scale cellulosic ethanol production facilities to convert forestry waste and other forms of lignocellulosic biomass into cellulosic ethanol at improved yield and cost when compared to corn. Ethanol, made from corn starch from kernels is currently the most significant biofuel in the United States. Comstockâ€™s first bio-intermediate is a purified form of cellulosic sugar which may be used as a chemically identical â€œdrop-inâ€ feedstock in corn ethanol facilities to produce about eighty gallons of advanced cellulosic ethanol per dry ton of woody biomass. 
 
Comstock has different paths to grow its business, including building, owning, and operating facilities, selling process solutions and associated services, and licensing technologies to qualified strategic partners. We think targeting existing corn ethanol facilities for upgrade and use of its bio-intermediates may offer a path to accelerate commercialization and revenue growth in a capital efficient manner.
 Mineral Properties. Comstock and its subsidiaries own, control, or retain an interest in 9,358 acres in Storey and Lyon Counties, Nevada, including 2,396 acres of patented claims and surface parcels, approximately 6,962 acres of unpatented claims administered by the Bureau of Land Management, five mineral leases, one joint venture, royalty interests, and fee ownership of real property that includes 126 patented and 392 unpatented mineral lode claims in addition to 39 unpatented placer claims. The Comstock Mineral Estate includes the Lucerne mineral properties which Tonogold Resources has an option to purchase for $7,750,000.&nbsp;Comstock expects to publish an updated SK-1300 technical report for the companyâ€™s Dayton Resource shortly. During the company&#8217;s third quarter webcast, management gave a preview of what to expect. Coupled with Tonogold Resourceâ€™s recent SK-1300 report for the Lucerne property, the two properties are estimated to host over 600 thousand ounces of measured and indicated gold resources and 300,000 ounces in the inferred category. In terms of silver, the Dayton resource hosts over 2.1 million ounces of measured and indicated silver resources, while Lucerne hosts over 3.7 million ounces of measured and indicated silver resources. The properties host an additional 2.5 million ounces of inferred silver resources.
Summary of Financial Results for the Third Quarter 2022 
 
Comstock Inc. generated a third quarter loss of $5,126,252 or $(0.07) per share compared to a net loss of $9,494,506 or $(0.17) per share, during the prior year period. We had forecast a loss of $6,078,792 or $(0.08) per share. Third quarter results benefited from a gain on the sale of the Daney Ranch in the amount of $1,055,623.&nbsp;
Capital Structure and Liquidity
As of September 30, the company reported cash and cash equivalents in the amount of $1,156,512 and debt of $3,887,933. Outstanding common shares were 82,388,289. Comstock expects to realize gross proceeds of $18 million from the sale of non-core assets to the Silver Springs Opportunity Fund with closing expected in the first quarter of 2023. Coupled with potential sale of other non-core assets, the company could realize gross proceeds greater than $25 million in 2023. At quarter end, assets amounted to $116,499,012, while total stockholders&#8217; equity amounted to $73,351,132.

Comstock Mining Inc. (LODE)

Setting Up for an Eventful 2023

Fundamental Analysis:

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Establishing a Beachhead for Lithium-ion Battery Recycling (LODE)

Comstock Receives a Federal Grant to Accelerate Domestic Biofuel Production (LODE)

Comstock Adds Scale to its Precious Metals Portfolio with Property Consolidation (LODE)

Recent Technical Reports Highlight Value of Comstock’s Mineral Properties (LODE)

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