Source: Comstock, Inc. 8/14/2025
Raises $30 Million From Oversubscribed Offering and Eliminates Debt & Obligations
Comstock Inc. (NYSE: LODE) (“Comstock,” “our,” and the
“Company”), today announced its second quarter 2025 results, business
updates and an updated 2025 business outlook.
Recent Corporate Liquidity and Capital Resources Events
- Closed the initial $20 Million of Series A Investment and completed the separation of Fuels into Bioleum Corporation;
- Raised
$30 million in gross proceeds to fully fund and accelerate the
commercialization of its R2v3/RIOS Responsible Recycling certified
zero-landfill industry-scale solar panel recycling facilities, each
capable of recycling over 3.3 million panels per year, and to eliminate
debts and advance additional site selections and other key development
initiatives;
- Paid
down outstanding promissory notes by issuing 2,900,000 common shares to
an existing, leading shareholder that positions the elimination of
$8,390,000 of debt obligations;
- Entered a final payoff agreement with Kips Bay in full satisfaction of the Company’s convertible note obligation;
- Eliminated
all liabilities associated with the previous acquisitions of AST
(Fuels); Northern Comstock (Mining); Haywood mineral properties and
quarry (Mining) and LINICO (Metals);
- Proforma combined cash balance exceeded $45 million between Comstock and Bioleum’s recent capital raises; and
- Common shares outstanding on August 13, 2025, and August 14, 2025, was 35,930,913 and 49,264,247, respectively.
"The
past five months have clarified the technological capabilities and
leadership teams of two extraordinary companies, a Nevada-based
renewable metals company and an Oklahoma-based renewable oil and gas
company, that, remarkably, are now rapidly moving to deploy urban silver
mines and sustainable oil fields and biorefineries that do not ever
deplete or stop producing. In both instances now, multiple,
sophisticated, strategic and financial investors have all made material
investments in us,” stated Corrado De Gasperis, Executive Chairman and
CEO of Comstock Inc. “Everything is accelerating to industry-scale
production.”
Selected Segment Highlights for Comstock Metals
“Solar
panel recycling is a win-win-win – good for consumers, the economy, and
our planet,” said Evelyn Butler, Vice President of Technical Services
at the Solar Energy Industries Association (SEIA). “We congratulate
Comstock Metals on this achievement – one of our Preferred Recycling
Partners – and we look forward to continuing this partnership for the
benefit of the entire solar energy industry.” Comstock Metals is the
only certified R2v3/RIOS Responsible Recycling Standard by State
Electronic Records Institute (SERI).
Comstock Metals
- Recorded billings of $2.31 million ($1.1 million was deferred) in first half of 2025, versus nil in the first half of 2024;
- Certified
to the R2v3/RIOS Responsible Recycling Standard by SERI, authenticating
the first zero-waste recycling process that safely repurposes all the
recycled solar panel materials into new commercial applications.
- Entered
into a Master Services Agreement (MSA) with RWE Clean Energy (“RWE”),
serving as a preferred, strategic partner for the end-of-life recycling,
disposal, and decommissioning services for RWE's solar installations;
- Received well over 4 million pounds of end-of-life solar materials from RWE in the first half of 2025;
- Commenced operating three shifts and expanded the dedicated team to 20 full time employees;
- Received an additional county permit for expanded storage in the immediate proximity of the processing facilities;
- Secured additional intake (tipping) revenue arrangements across the U.S., including industry leading customers; and
- Finalized industry-scale equipment design and ordered the purchase of all equipment for delivery in Q4 2025.
“Comstock
Metals has continued growing stronger than ever. Comstock Metals became
the first company in North America to earn the stringent R2v3 and RIOS
certifications for zero-waste solar panel recycling,” said Comstock
Metals President, Dr. Fortunato Villamagna. “This groundbreaking
certification validates that our recycling facility and processes meet
the highest global standards for safety, environmental stewardship, and
total waste elimination. In fact, under the R2v3/RIOS standard
(including the specialized Appendix G), we demonstrated a 100%
landfill-free recycling process. Every component of an end-of-life solar
panel (glass, aluminum, semiconductor fines, and other metals) is fully
reclaimed and repurposed into new raw materials. The capital we just
raised allowed us to order and place deposits down on the equipment
today. We wasted no time.”
Selected Segment Highlights for Comstock Mining
- Closed on the sale and monetization of the northern district claims for approximately $3 million in proceeds;
- Increased both Comstock economic mineralized material estimates based on significantly higher gold and silver prices;
- Developed actionable plans for expanding and upgrading the Dayton resource into proven and probable reserves; and
- Assessed productive post-mining land uses and identified prerequisites for post-mining development.
“The
rapidly rising industrial silver demand and ongoing geopolitical
concerns, compounded by decades of questionable monetary policy, created
an unprecedented runup in gold and a possibly greater set up for silver
prices over the next several years. Our historic, world-class Nevada
mining assets are well positioned for expansion and monetization with
sophisticated strategic and financial partners,” said Comstock’s Chief
Financial Officer and Comstock Mining President, Mr. Judd Merrill.
Selected Highlights for Bioleum Corporation (“Bioleum”)
- Closed
on a strategic Series A investment from subsidiaries of Marathon
Petroleum Corp. (“MPC”) and completed an initial $20 Series A preferred
equity financing;
- Secured the first site and advanced site-specific engineering for the first planned Oklahoma-based Bioleum refinery;
- Qualified for the second $1 million of the $3 million in incentive awards from Oklahoma’s Quick Action Closing Fund;
- Secured a $152 million allocation of Qualified Private Activity Bonds from Oklahoma’s State Treasurer’s Office;
- Acquired and restarted Madison, Wisconsin pilot facility, and commenced integration of the Madison team;
- Hired exceptional, biofuel industry veterans to expand and accelerate development;
- Advanced a Series A preferred equity financing offering with an expanding group of strategic investors; and
- Advanced
research and development with NREL combined applications of Bioleum’s
and NREL’s breakthrough process for producing sustainable aviation fuel
(“SAF”) from lignin that is functionally identical to petroleum jet
fuel.
“We have developed an unprecedented,
versatile, and exceptionally high-yield, ultra-low-carbon biofuel
platform that integrates waste streams and purpose-grown crops to
produce up to 200 million barrels — about 8 billion gallons — of
sustainable fuel annually by 2035,” said Kevin Kreisler, newly appointed
CEO of Bioleum Corporation. “Our proven commercial process converts
wasted and unused woody biomass byproducts into renewable fuels and,
when combined with dedicated energy crops, creates an efficient,
scalable network of ‘endless oil wells’ hidden in plain sight.”
Bioleum Separation Completed: A Bold New Chapter
“We
have officially separated and contributed the assets that formerly
comprised Comstock’s fuels segment into Bioleum, a newly formed company
dedicated to accelerating and maximizing the production and use of
lignocellulosic biomass derived fuels – or Bioleum™ –and attracting the
necessary capitalization to do so, stated Mr. De Gasperis. “We expect
that before the end of this year, Bioleum will also be fully
deconsolidated from Comstock’s consolidated financial statements and
will have stand-alone, audited Bioleum Corporation financial statements.
Bioleum’s formation marks the next chapter in this rapid evolution –
one where our renewable fuels platform can accelerate under its own
banner with singular focus and clarity with the ultimate objective of
also becoming a publicly traded company.”
Comstock
now owns $65 million face value convertible preferred stock in Bioleum,
convertible into 32.5 million common shares, positioning an exceptional
value potential for Comstock’s shareholders and preserving Comstock’s
ability to accelerate the growth and delivery of that value directly to
Comstock’s shareholders, ultimately through a public offering.
Outlook: Commercialization and Monetization
Corporate
The
growth opportunities for both Comstock Metals and Bioleum have
developed well beyond our original plans, and we have attracted some of
the most sophisticated partners for investment, feedstock, technology,
operations, and offtake, with many now evaluating or having already
direct investments and that are exploring deeper integrations and
strategic transactions.
The Company’s Corporate objectives for the rest of 2025 include:
- Monetize our legacy real estate and non-strategic investments for over $50 million;
- Support the next phases of Metals growth; and
- Finalize, communicate and implement plans to unlock maximum value from the separation of Bioleum.
This
ultimately results in two high-growth companies: a renewable metals and
mining company headquartered in Nevada, and a renewable fuels company
headquartered in Oklahoma and with major operations already functioning
in Wisconsin.
Comstock Metals
Comstock
Metals has now been operating its first commercial demonstration
facility for over 18 months and in November of 2024, submitted permits
for the first industry-scale photovoltaic recycling facility. The
industry-scale facilities are anticipated to ultimately operate at least
100,000 tons of annual capacity. Site selection activities are ongoing
for the next two industry-scale facilities and associated storage
sites. The Company plans to ultimately build up to 7 industry-scale U.S.
based recycling facilities.
The Company's Metals objectives for the rest of 2025 include:
- Expand local county storage capacity adjacent to our first industry-scale facility;
- Complete permitting for our first industry-scale facility in Silver Springs, NV;
- Procure, deploy, and assemble plant and equipment for our first industry-scale facility in Silver Springs, NV;
- Secure additional Master Service Agreements (MSA) with national and regional customers;
- Complete site selection and preliminary development for two additional solar panel recycling locations;
- Expand the system globally with international strategic and capital partners; and
- Advance and expand R&D efforts to recover more and higher-purity materials from recycled streams for offtake.
The
capital expenditures for the first 100,000 tons of annual capacity for
the first industry scale facility are expected to be approximately $12.0
million which includes expanded storage. In 2025, approximately $10.0
million of capital expenditures is required with additional up to $2.0
million, spent in early 2026. Billable revenues are expected to be eight
times greater in 2025, as compared to 2024, or over $3.5 million, with
proportionate future increases in 2026, as we scale up our first
industry-scale facility. The Company has already ordered the equipment
associated with the capital expenditures.
For
the remainder of 2025, we plan on accelerating and increasing our lead
in metals as our solar panel recycling systems rapidly expands market
share nationally and we have now already placed our orders for the first
industry-scale facility in Silver Springs, NV,” concluded Mr. De
Gasperis. “We are moving fast to deploy in the fourth quarter of 2025
and commission the facility in the first quarter of 2026, so that we can
be operating and processing panels profitably in the second quarter of
2026.”
Comstock Mining
Comstock
Mining has amassed the single largest known repository of historical
and current geological data within the Comstock mineral district,
including extensive geophysical surveys, geological mapping, and
drilling data, including the Dayton resource.
The Company's Mining objectives for 2025 include:
- Receive cash proceeds of over $2.0 million from prior mineral leases and asset sales from the northern claims;
- Commercialize agreements that either monetize or enable resource expansion of the central claims with others; and
- Complete the preliminary mine plans that enable the economic development of the southern district claims.
The
Company’s 2025 efforts will apply economic analysis to Comstock’s
existing gold and silver resources progressing toward preliminary
economic feasibility for the southern part of the district and the
ultimate development of full mine and reclamation plans and the
development of post productive land and community development plans.
Bioleum
Bioleum's biorefining
technologies are commercially ready for deployment and offer
growth-enabling performance. Bioleum is actively engaged in the planning
and deployment of its first commercial demonstration facility
and pursuing joint development and licensing agreements representing
future revenue sources from technical and engineering services,
royalties, and equity participation. These efforts include securing
associated supply chain participants (including feedstock, site
selection, engineering, construction and procurement, and offtake),
performing preliminary and final engineering, and facilitating
commissioning, construction, and operations, including with globally and
locally recognized current and developing renewable fuels producers
that, in certain cases, also represent a source of strategic capital for
funding the projects.
Bioleum's objectives for the rest of 2025 include:
- Complete
separation of Bioleum as a separate, stand-alone, well-capitalized,
renewable fuels focused on advancing delivery of hundreds of millions of
barrels by 2035 and a public offering;
- Complete Bioleum’s ongoing Series A preferred equity financing;
- Execute
definitive lease, EPC, feedstock, and offtake agreements, complete all
engineering, and continue to advance Bioleum’s first commercial
biorefinery site in Oklahoma;
- Acquire
and develop initial commercial scale purpose grown energy crop farm to
provide additional feedstock for our first commercial biorefinery;
- Secure sufficient project-level financing for first Oklahoma-based commercial biorefinery project;
- Execute additional revenue generating licenses and other commercial agreements;
- Expand Wisconsin pilot production capabilities to up to two barrels per week of intermediates and fuels; and
- Advance our innovation and development efforts toward even higher yields, lower costs and lower capital.
Bioleum’s
commercialization plans are squarely focused on operationalizing its
newly integrated pilot facilities in Wisconsin and commercializing its
first fully integrated demonstration scale facility in Oklahoma. Bioleum
also offers integrations of its solutions into existing agriculture,
forestry, pulp and paper, ethanol, and petroleum infrastructure to
generate additional technical services, engineering and royalty
revenues. The plans also include integrating Bioleum’s high yield
Bioleum refining platform with Hexas’ high yield energy crops to provide
enough feedstock to produce upwards of 100 barrels of fuel per acre per
year, effectively transforming agricultural lands into perpetual
“drop-in sedimentary oilfields” with the potential to dramatically boost
domestic and global energy independence.
About Comstock Inc.
Comstock
Inc. (NYSE: LODE) innovates and commercializes technologies that
enable, support and sustain clean energy systems across entire
industries by efficiently, effectively, and expediently extracting and
converting under-utilized natural resources into reusable
electrification metals, like silver, aluminum, copper, and other
critical minerals from end-of-life photovoltaics. To learn more, please
visit www.comstock.inc.
Comstock Social Media Policy
Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube
accounts, as means of disclosing material non-public information and
for complying with its disclosure obligations under Regulation FD.
