Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”), an
innovator of technologies that enable systemic decarbonization and
the energy transition by efficiently converting under-utilized
natural resources into renewable energy products, today announced
the successful completion of multiple asset sales, resulting in
strong gains and advances of the Company’s objectives.
Investment in ABTC and the Battery Recycling
Facility
The Company previously announced the sale of its
Battery Recycling Facility and LINICO’s sale of certain related
equipment (collectively, the “Facility”) to American Battery
Technology Company (“ABTC”), for a net price of $27 million. This
week, the Company completed the sales of its 9,076,923 ABTC common
shares for proceeds of approximately $5.5 million, resulting in
total cash proceeds of $26.5 million, net cash proceeds of $14.5
million, and a realized gain on the sale of these assets of over $7
million that will be reflected in the Company’s statement of
operations in third quarter of 2023. ABTC is required to make a
final payment of $0.5 million in cash, during the fourth quarter of
2023, associated with the purchase and sale agreements.
“This represents the culmination of a major
asset sale objective, bringing in over $15 million in net cash
proceeds during 2023, and recording a $7+ million realized gain on
the sales,” stated Mr. Corrado De Gasperis, Comstock’s executive
chairman and chief executive officer. “We look forward to putting
this capital to very productive use in our other lines of business,
including our new photovoltaic recycling facility located in Silver
Springs, Nevada.”
Investment in Green Li-Ion
The Company’s 88% owned LINICO subsidiary also
consummated the sale of 1,500 preferred shares, or 4%, of its
37,162 Green Li-ion Pte. Ltd. (“Green Li-ion”) shares for gross
sales proceeds of $0.8 million, and a realized gain on the sale of
approximately $0.6 million, and effectively valuing the remaining
35,662 shares at about $19 million.
“We originally invested $2 million in Green
Li-Ion in 2021 and have watched them progress and position their
technology readiness into one of the world’s first remanufacturers
of spent Lithium-ion batteries into pre cursor cathode active
materials,” continued Mr. Corrado De Gasperis. “They have always
been and continue to be a top tier strategic technology and
business partner and we very much look forward to their continued
success.”
About Comstock
Comstock (NYSE: LODE) commercializes innovative
technologies that contribute to global decarbonization by
efficiently converting under-utilized natural resources, primarily,
woody biomass into net zero renewable fuels, end of life metal
extraction, and generative AI-enabled advanced materials synthesis
and mineral 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:
Investor RelationsRB Milestone GroupTel (203)
487-2759ir@comstockinc.com
MediaZach SpencerComstock Inc.Tel (775)
847-7532questions@comstockinc.com
Source: Comstock Inc.
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