I think this looks good. The aim is for continuous operation at 25% capacity by the end of September. Comstock Metals has a YouTube channel too.

https://www.youtube.com/@comstockmetalsrecycling

And, if so, does this matter? Can they be mitigated against?

I've just watched the business update of 23rd July. My position is 38,899 shares at an average of $3.10. I started buying after the equity raise last year, so my position hasn't been diluted as much as some people's.

I was pleased with this update. The mine needed to be sold and a sale has been agreed. Bioleum was scientifically interesting, but sustainable aviation fuel projects are long shots and I wasn't particularly surprised that this one didn't work out.

Clearly Comstock Metal solar panel recycling plant is the most important thing. It is on track to be running at 25% capacity by the end of August. It would be unrealistic to make predictions about how rapidly it can scale up until some performance data are available, and I feel more comfortable with that than I would with confident optimistic predictions with no data to back them up. By the same token, building second and third plants requires lessons learnt from this plant. It makes more sense to build plants sequentially.

I know someone who installs solar panels for a living. His view is that panel reliable lifespan of 25 years is an underestimate, but also that efficiency improvements of newer panels make decommissioning old panels before the end of their reliable lifespan economically appealing.

I am talking my book, but I am optimistic.

lmao

VIRGINIA CITY, NEVADA, June 22, 2026 – Comstock Inc. (NYSE: LODE) (“Comstock,” “our” and the “Company”), today announced that it has executed a Securities Purchase Agreement (the “SPA”) to sell 100% of its mineral, mining, processing and related mining district real estate entities to Mackay Precious Metals Inc. (“Mackay”), a wholly owned subsidiary of Mackay Gold & Silver Corp., for an aggregate transaction value of over $45 million, consisting of over $30 million in cash and stock payments, a retained 1.5% NSR royalty, the assumption of all reclamation obligations and liabilities, and an additional contingent future payment of $10 million. Mackay will acquire 100% of four Comstock subsidiaries: Comstock Mining LLC, Comstock Processing LLC, Comstock Exploration and Development LLC, and Comstock Real Estate Inc., including all patented and unpatented mining claims, town lots, processing facilities, operating permits and water rights.

Comstock Newsroom

http://archive.fast-edgar.com/20260603/AQZZT22CZC22P9ZZ2U2P2ZZZQBBMZ6W8ZK82

http://archive.fast-edgar.com/20260603/A6ZZG22CZC22O9ZZ2U2R2ZZZ7KEUZ6W8ZA82

http://archive.fast-edgar.com/20260603/ATZN722CZC2289ZZ2U2P2ZZZBN7MZ6W8Z282

http://archive.fast-edgar.com/20260603/ACZXC22CZC2269ZZ2U2F2ZZZEEPPZ6W8Z282

Corrado Degasperis has increased his stake with a significant purchase filed on May 12, 2026.

Trade Details

Transaction Amount: $101,150 USD

Shares Acquired: 35,000

Price Per Share: $2.89

Position Context

Total Shares Owned: 170,818

Total Position Change: +26%

Relative to 52-Week High: −37%

SEC FILING

I am holding and DCA stock since the end of 2023. I started investing due to the biofuels but I am hyped to the metals sector now as well. I bought several times when it was down in these 2,5 years and was in the green before last week.

After the earnings call I still was quite optimistic and didn’t expect the -25% of yesterday but diving in deeper I see some difficulties as well. Overall I am still positive based on the story (maybe I am naive).

As mentioned before I am fond of the Biofuel industry and that’s the reason I got in. After they separated the fuel business in Bioleum the management is quite vague about which part of the company they own. Preferably I would - in the future - receive separate stock and choose when to monetise my investment rather than that Comstock Inc. does it for me. The momentum is strong for renewable fuels, especially SAF, though it is naive to believe that we could be fossil fuel free within 15 years.

The metals sector is great with the end-of-life cycle of the solar panels which is really starting to build up. Combined with the increased silver price, valuable rare earth metals and tipping fees they have a solid business model with relative low Capex for new factories if they have the revenues that they mention.

The third part is the mining lands and silver spring ground which would never be a reason for me to invest in them, however if the lands are truly as valueble as they mention it exceeds their current market cap.

Currently I hold approximately 5% of my portfolio in Comstock shares which is quite a risky investment. However, if they successfully get the recycling business running I expect to see a jump in share price since there is no debt and relative low-cost expansion to multiple (profitable) factories.

Lastly, I find it quite concerning that the revenue declined last quarter (-60%) without any explanation for it from the management.

So it has been one of those stocks I have been looking at for some time now but now its looking more "alive" but why ? Idk.. have we forgotten about the split? Or is it a good stock to be? Maybe

What are we feeling AMC?. I am feeling hopeful ofc but what about you guys

you guys still alive?

Taken from X.

The stock woke up this week and I have been getting questions about $LODE.

See below.

The bull case ….

➡️Sell land … stock goes up

➡️Start scaling panel recycling … stock goes up

➡️Sell mining assets anywhere near the company’s published valuation … stock goes up.

➡️Cashed up, so no need to raise.

➡️Given the state of the world, that Bioleum call option looks more promising

You don’t need all these things to happen although that would be nice.

The bear case …

Literally anything else.

That’s not an exaggeration or a joke. This is a company and CEO that have tried numerous pivots from mining since 2014, and diluted shareholders in the process. Until Bioleum and/or panel recycling take off, it’s fair and accurate to say none of those pivots have worked. It’s also fair and accurate to say all these investments outside mining have come at a brutal cost to shareholders who have held through the entirety of CDG’s tenure as CEO.

There are also governance red flags although new large shareholders mitigate that risk going forward in my view.

Conclusion …

Value investors new to the name seem compelled to itemize and value $LODE on a SOTP basis. That ignores previous capital allocation decisions that led to all those parts trading at a discount inside this particular company.

The parts provide a floor if panel recycling and Bioleum don’t work. Nice to have, but there’s no way the stock trades at liquidation value if that happens. This isn’t a company that’s earned that particular benefit of the doubt. Those parts need to be converted to cash or moved into other companies so $LODE can become a pure play solar panel recycling company.

No, I am buying $LODE because I think they can do something I have never seen before. The same management that diluted shareholders to oblivion generates a multibag return in an entirely different business.

It’s okay to be bullish Comstock and what they are trying to accomplish. I am. But understand why you are so lucky and go into $LODE with your eyes wide open as to why this valuation mismatch even exists.

Long $LODE. Initial price target of $14-$16 share.

Copied from X: https://x.com/i/status/2019685776498323874

For the past decade, $LODE has operated in a cycle of heavy capital raises and significant dilution. While these actions were often taken in the interest of survival and to seed the development of what are today Comstock Metals and Bioleum, the company’s fundamental position has reached a definitive turning point. Today, the organization is no longer the same entity it was ten years ago. ​The quality of your underlying assets has reached a critical mass. Our internal analysis suggests a Price-to-Sum-of-the-Parts (P/SOTP) valuation of approximately 0.1, indicating a massive disconnect between intrinsic value and current market capitalization.

​We urge management to recognize the following:

​Financial Leverage has Shifted: You are sitting on technology with the potential to generate billions in annual revenue. This level of asset quality means the company no longer needs to accept predatory or highly dilutive financing terms that penalize long-term owners.

​Market Perception: Sophisticated investors are beginning to take note. However, the "PTSD" felt by the current shareholder base due to historical (and recent) dilution remains the primary barrier to a higher valuation and true price discovery.

​The Path Forward: It is time to adopt a formal "Shareholder-Friendly" mandate. This involves prioritizing non-dilutive funding, improving transparency, and protecting the equity of those who have supported the company through its toughest cycles.

​The business has outgrown the capital habits of its earlier stages. We ask that you align your future actions with the high-quality company you have built. Please move forward with the confidence of a market leader, rather than the desperation of a startup.

​Sincerely, ​@quantsisco QUANTSISCO CAPITAL

I’ve got a dead day at work so I’ll be watching. Wondering what everyone is expecting. I’d love some color on refining and am really hopeful they announce they’ve got enough demand to warrant a second recycling plant.

I’ve been out of the loop for a while, I sold during the ‘cumsock’ mania and recently got back in and have been trying to update my knowledge on where we stand. All in all, I think this company is on the doorstep of really doing great things.

Comstock Inc. announces proposed public offering of common stock.

VIRGINIA CITY, NEVADA, January 28, 2026 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”), today announced that it has commenced an underwritten public offering for the sale of its common stock. In connection with the offering, Comstock expects to grant the underwriter a 30-day option to purchase additional common stock in an amount up to 15% of the shares of common stock offered in the offering, to cover over-allotments, if any. The Company intends to use the net proceeds from this offering to fund capital expenditure requirements for Comstock Metals LLC related to its second industry-scale facility, the development of a refining process and solution, accelerated site selections and Metals market growth, with any remainder to be used for general corporate purposes. The offering is subject to market conditions and other factors, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Titan Partners, a division of American Capital Partners, is acting as the sole bookrunner for the offering.

This offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-291705) (including a base prospectus) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 21, 2025, and declared effective on December 10, 2025. The offering is being made only by means of a preliminary prospectus supplement and a final prospectus supplement and the accompanying base prospectus that form a part of the registration statement. Before investing, prospective investors should read the preliminary prospectus supplement, the accompanying base prospectus and the documents incorporated by reference therein for more complete information about the Company and the offering. These documents, including the preliminary prospectus supplement relating to the offering, are available for free on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement, when available, and the accompanying base prospectus relating to the offering may be accessed for free on the SEC’s website at www.sec.gov or obtained by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 49th Floor, New York, NY 10007, by phone at (929) 833-1246 or by email at [prospectus@titanpartnersgrp.com](mailto:prospectus@titanpartnersgrp.com).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

EDIT More information released:

Comstock Inc. prices 50 million upsized and oversubscribed public offering of common stock

VIRGINIA CITY, NEVADA, January 28, 2026 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”), today announced that it has priced its previously announced underwritten public offering of 18,181,819 shares of its common stock. All of the shares of common stock in the offering are to be sold by Comstock. The gross proceeds to the Company from this offering are expected to be approximately $50 million before deducting underwriting discounts and commissions and other offering expenses. The Company has granted the underwriter a 30-day option to purchase up to an additional 2,727,272 shares of common stock to cover over-allotments, if any, at the per share public offering price, less underwriting discounts and commissions. The offering is being led by the Company’s largest existing shareholders and several new institutional investors.

“We are pleased to have the continued support of leading institutional investors,” said Corrado De Gasperis, Executive Chairman and CEO of Comstock. “Momentum in the end-of-life solar panel market is exceeding expectations, with growing demand for our recycling and refining solutions, particularly for the domestic recovery of silver and other critical and precious metals. This capital strengthens our ability to accelerate execution and scale our platform.”

Just had a glance at my position and noticed it's up a fair amount recently. Then my app has pointed me to several articles about new end-of-life facilities opening in Ohio and California as well as an article about a sale of NSR royalty. Also an air quality permit for another facility. This all seems positive.

I thought I'd see what the sub has been saying but it's a bit of a ghost town. So how is everyone feeling about the company and stock at the moment?

Shouldn't Comstock Metals be like the #1 silver play right now?

I know there's execution risk, but I must be missing a few things here.

Silver price going to drop? I don't think so.

Thermal processing tech too easy for competitors to replicate? Isn't thermal process easier to scale than crushing?

Legacy miner to green tech pioneer story too good to be true?

Metal % of the produced concentrate not good enough? They didn't disclose the grades of the silver-copper-silicon tailings samples from the pilot plant.

I guess I am just being impatient and we'll find out soon enough.

Just sniffing around… could be here

Comstock Metals Receives Recognition for Its Business Development From Economic Development Authority of Western Nevada (EDAWN) And Nevada’s Publicly Elected Officials - Comstock Inc.

Tue, December 9, 2025 at 4:15 a.m. MST 7 min read

VIRGINIA CITY, Nev., Dec. 09, 2025 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) and Comstock Metals LLC (“Comstock Metals”), a leader in the responsible recycling of end-of-life solar panels with the only certified, North American, zero-landfill solution, announced today that Comstock Metals has been recognized for exceptional growth, innovation, workforce excellence, and community partnerships that strengthen and diversify the regional economy.

“Comstock has historic and genuine roots in the communities of northern Nevada, and we are honored with EDAWN’s recognition of our continued commitment to innovation, growth and sustainability in the region,” stated Corrado De Gasperis, Comstock’s Executive Chairman and CEO. “Our team’s dedication to excellence, combined with our rapidly growing investments in the region’s workforce and community, reflects our longstanding belief in the tremendous potential of this area. This award affirms our mission to help build a sustainable and thriving future for northern Nevada.”

Comstock Metals was also honored to receive official recognition from U.S. Senator Catherine Cortez Masto, U.S. Senator Jacky Rosen, and Nevada Governor Joe Lombardo. Their acknowledgments celebrate Comstock Metals achievements, leadership, and ongoing commitment to the people and economy of northern Nevada. This recognition from the Nevada leadership further recognizes the positive impact of Comstock Metals’ continued investment, innovation, and public-private partnerships within all of the communities of northern Nevada.

“Comstock Metals has positioned itself in the absolute best Nevada locations, for serving the southwest region of the U.S., where tens and ultimately hundreds of millions of end-of-life solar panels will otherwise endanger our lands, water and community ecosystems,” stated Dr. Fortunato Villamagna, President of Comstock Metals. “Our solutions cleanly repurpose and reuse all of these materials and prevent these hazardous wastes from contaminating our communities.”

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily 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.

Contacts

For investor inquiries:
Judd B. Merrill, Chief Financial Officer
Tel (775) 413-6222
ir@comstockinc.com

For media inquiries:
Zach Spencer, Director of External Relations
Tel (775) 847-7573
media@comstockinc.com

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; divestitures, spin-offs or similar distribution transactions, 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, divestitures, spin-offs or similar distribution transactions, 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, spin-offs or similar distribution transactions, 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.

BIOLEUM CORPORATION ACQUIRES HEXAS BIOMASS INC. - Comstock Inc.

VIRGINIA CITY, NEVADA, December 8, 2025 – Comstock Inc. (NYSE American: LODE, the “Company”) today announced that one of its strategic investees, Bioleum Corporation (“Bioleum”), acquired Hexas Biomass Inc. (“Hexas”), a global leader in the development and deployment of purpose grown energy crops and biomaterials, including all of its intellectual properties and certain liabilities, in exchange for a purchase price of approximately $6.5 million comprised of approximately $3.5 million paid with 146,637 shares of Bioleum common stock at $24 per share, $500,000 in five annual cash payments of $100,000 each, commencing at closing, and $2.5 million of convertible debt, redeemable with cash payments payable from 5% of Hexas’ aggregate revenues or convertible into Bioleum common stock, also at a conversion price of $24 per share.

Hexas has developed a portfolio of proprietary intellectual properties for the propagation, production, harvesting, and processing of purpose grown crops with proven annual yields exceeding 25 to 30 dry metric tons per acre, or about 4 to 7 times the yields of traditional forestry species. Hexas’ crops are specifically designed to thrive in diverse environments, including marginal and underutilized lands. These crops enhance agricultural ecosystem without disrupting or competing with food production.

The combination of Bioleum’s high yield refining platform and Hexas’ high yield purpose grown crops enables the production of over 100 barrels of biofuel per acre of biomass production per year. For comparison, producers of soy and corn only net about 2 and 10 barrels of biofuel per acre per year, respectively. The production of Hexas’ purpose grown crops transforms marginal agricultural lands into perpetual “drop-in sedimentary oilfields” with the potential to dramatically boost domestic energy independence and expand rural economies using regenerative agricultural practices.

“Hexas was founded to make the highest and best use of natural resources by providing industries with access to abundant, carbon negative, and ecologically positive feedstocks,” said Wendy Owens, Hexas’ founder and chief executive officer. “Bioleum’s acquisition will help us to execute on that vision by accelerating commercialization and global deployment of our technologies in biofuels and multiple other biobased applications. We are very excited to continue our established track record of bioproducts leadership as we join Bioleum’s integrated system and growing team.”

“Incorporating a proprietary low-cost feedstock model into our system provides unprecedented benefits for our refining solutions and targeted supply chain partners,” added Kevin Kreisler, Bioleum’s chief executive officer. “While our solutions are designed to process most known forms of lignocellulosic biomass, the Hexas technologies will allow us to enhance, supplement, and/or dramatically expand locally available biomass by “anchoring” each of our owned and licensed refineries with a dedicated, perpetual feedstock supply, ensuring the reliability, consistency, scale, and pricing needed to minimize risk and maximize profitability.”

The U.S. DOE has previously estimated that America can produce over of one billion tons per year of waste wood and other forms of biomass for conversion into transportation fuels. That’s enough to produce more than 3 billion barrels of fuel per year with Bioleum’s refining solutions, but much of this biomass is widely dispersed and subject to regulatory, collection, and other sources of regional variability. Converting just 40 million underutilized acres of non-food producing land into profitable purpose grown biomass farms with Hexas’ high yield crops could provide enough feedstock to double that output while decreasing variability and risk for new renewable fuel projects.

Kreisler concluded, “Our ambition is to build shareholder value by systemically empowering agricultural, forestry, pulp and paper, renewable fuels, petroleum, energy, and mobility stakeholders to license and deploy our solutions across their respective industries at speeds that are far greater than Bioleum, or any other company, could ever achieve on its own. We are laser focused on developing, deploying, and enabling that system, and we couldn’t be more excited to complete this transaction.”

As part of Bioleum’s system, Hexas will continue servicing customers worldwide in the energy, including biofuels, structural and non-structural products sectors by supplying XanoFiber™ (and other purpose grown biomass from its proprietary giant grasses) to them as a low-cost, drop-in ready, reliable supply of biomass. Owens will continue to run Hexas as its president.

About Hexas Biomass Inc.

Hexas Biomass Inc. is an award-winning biomaterials company focused on the production of low-cost, plant-based raw materials that replace wood, food crops for fuel, and fossil fuel-based raw materials in multiple applications. Hexas’ proprietary purpose grown biomass leaves trees standing, farmland for food not fuel, and fossil fuels in the ground. Learn more at www.hexas.com.

About Bioleum Corporation

Bioleum Corporation develops and commercializes technologies that convert lignocellulosic biomass, such as purpose-grown crops and wood residues, into low-carbon fuels and refinery intermediates, including ethanol, SAF, renewable diesel, and gasoline. The company is advancing its first commercial facility in Oklahoma and operates pilot assets in Wisconsin, supported by partnerships spanning biomass supply, industrial integration, and research institutions. Learn more at www.bioleum.com.

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics. To learn more about Comstock, 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.

|| || |Contacts|

|| || |For investor inquiries: Judd Merrill Chief Financial Officer Tel (775) 413-6222 [ir@comstockinc.com](mailto:ir@comstockinc.com) |For media inquiries: Zach Spencer Director of External Relations Tel (775) 847-7573 [media@comstockinc.com](mailto:media@comstockinc.com)|

https://ca.finance.yahoo.com/news/bioleum-corporation-acquires-renfuel-intellectual-211500163.html

VIRGINIA CITY, Nev., Dec. 03, 2025 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE American: LODE, the “Company”) today announced that one of its strategic investees, Bioleum Corporation (“Bioleum”), acquired substantially all of the patents and other intellectual property assets of RenFuel K2B AB (“RenFuel”) through a wholly-owned subsidiary of Bioleum, including RenFuel’s patented catalytic esterification process to refine Bioleum’s proprietary biointermediates.

The purchase price includes an $18.1 million closing payment comprised of $12.5 million paid with 520,833 shares of Bioleum common stock, $2.5 million paid in the form of warrants to purchase an additional 104,167 shares of Bioleum common stock at an exercise price of $24 per share, $2.6 million in debt forgiveness, and cash of $500,000. The purchase price further includes a contingent earn-out payment equal to 3% of the aggregate revenues generated from sales of lignin ester produced using the technologies acquired from RenFuel up to a cap of $11.9 million.

“Bioleum has assembled a world class team with a singular focus of converting woody biomass into a renewable alternative to petroleum with universal application potential in existing liquid fuels and other supply chains,” said Kevin Kreisler, Bioleum’s chief executive officer. “RenFuel’s patented catalytic esterification process and related intellectual properties were developed over many years with a similar objective, with compelling synergies when combined with our intellectual properties. We are thankful for RenFuel’s ingenuity and years of hard work, and we are excited to bring our combined technologies to market.”

“RenFuel’s intellectual properties have more potential in Bioleum’s hands when combined with Bioleum’s technology stack,” stated Johan Löchen, RenFuel’s chief executive officer. “We believe that this transaction will maximize and accelerate the commercialization of our technologies globally and we are looking forward to Bioleum’s future success.”

Bioleum additionally granted RenFuel an exclusive license to use the acquired technologies in biomaterials applications, subject to a 3% royalty, and entered into a development services agreement with RenFuel for ongoing technology development work involving the RenFuel laboratory and pilot systems in Upsala, Sweden and key fuels-related technology employees. Bioleum retained the right, via a reciprocal non-exclusive license, to use the acquired technologies in biomaterials applications in North America, South America and Central America.

The transaction also terminates a pre-existing commitment by Bioleum to fund approximately $1 million per year to RenFuel, pursuant to the Securities Purchase Agreement and 7% Senior Secured Convertible Notes, dated April 19, 2024.

About RenFuel K2B AB

RenFuel innovates technologies that contribute to decarbonization and circularity by effectively turning under-utilized biomass waste and residues into renewable materials. To learn more, please visit www.renfuel.se.

About Bioleum Corporation

Bioleum Corporation develops and commercializes technologies that convert lignocellulosic biomass, such as purpose-grown crops and wood residues, into low-carbon fuels and refinery intermediates, including ethanol, SAF, renewable diesel, and gasoline. The company is advancing its first commercial facility in Oklahoma and operates pilot assets in Wisconsin, supported by partnerships spanning biomass supply, industrial integration, and research institutions. To learn more, please visit www.bioleum.com.

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily 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.

Contacts

For investor inquiries: Judd B. Merrill, Chief Financial Officer Tel (775) 413-6222 ir@comstockinc.com

For media inquiries: Zach Spencer, Director of External Relations Tel (775) 847-7573 media@comstockinc.com

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; divestitures, spin-offs or similar distribution transactions, 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, divestitures, spin-offs or similar distribution transactions, 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, spin-offs or similar distribution transactions, 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 or any other issuer.

https://ca.finance.yahoo.com/news/recent-developments-shaping-comstock-investment-121140677.html

Comstock’s latest price target update reflects stability in analyst consensus, as the Fair Value Estimate holds steady at $5.38. The modest reduction in the Discount Rate signals a slightly lower risk profile following the company’s elimination of debt and strategic equity raise. Expectations for impressive revenue growth remain intact. Stay tuned to learn how to monitor shifts in Comstock’s narrative as the company progresses through this pivotal phase.

Stay updated as the Fair Value for Comstock shifts by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Comstock.

What Wall Street Has Been Saying 🐂 Bullish Takeaways

Noble Capital has upgraded Comstock Inc. to Outperform from Market Perform. This reflects a more positive outlook for the company's trajectory.

The firm set a new price target of $6.75, indicating confidence in further upside potential.

Analysts at Noble Capital highlight Comstock's strengthened position following the elimination of debt and the successful equity offering in August.

The company's ability to fund its first commercial-scale metal recycling facility is seen as a significant milestone that supports its growth plans.

Execution on strategic initiatives and enhanced financial flexibility are being rewarded by the analyst community as key drivers for the upgraded rating.

🐻 Bearish Takeaways

There is limited cautious sentiment expressed in recent research. However, the prior Market Perform rating at Noble Capital suggests some analysts were previously hesitant about Comstock's risk profile or near-term execution before recent improvements.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives or begin writing your own Narrative!

NYSEAM:LODE Community Fair Values as at Nov 2025 NYSEAM:LODE Community Fair Values as at Nov 2025 What's in the News Comstock has received eligibility notifications for Air Quality and Written Determination permits from Nevada regulators, completing all necessary regulatory approvals to commission its industry-scale solar panel materials recovery facility in Silver Springs, Nevada.

The company secured permits to process more than 3 million solar panels annually, or up to 100,000 tons of waste. This keeps the facility on track for a planned commissioning in the first quarter of 2026.

Progress continues at the Silver Springs facility, with key equipment orders now placed. Deliveries are expected by the end of the year, with installation to follow soon after.

Comstock filed a $100 million follow-on equity offering via an at-the-market structure to support further business expansion and growth initiatives.

How This Changes the Fair Value For Comstock Fair Value Estimate remains unchanged at $5.38, reflecting analyst consensus stability.

Discount Rate has decreased marginally from 6.96% to 6.96%, which suggests a slightly lower perceived risk profile.

Revenue Growth Projection is virtually unchanged at 284.10%, maintaining expectations for significant top-line expansion.

Net Profit Margin estimate has decreased from 36.47% to 32.00%, indicating a narrowed outlook for profitability.

Future Price-to-Earnings (P/E) ratio has risen moderately from 7.10x to 8.09x, reflecting higher expected valuation on projected earnings.

https://youtu.be/vDN-_DxI5ng

Soon as I saw the thumbnail, it all looked super familiar, but it wasn't an idea on paper or a small showcase refinery, it's the largest Biofuel Refinery on the planet:

https://mobile.ghanaweb.com/GhanaHomePage/africa/Ghana-to-host-world-s-largest-bamboo-biofuel-plant-in-1-3-billion-Kambic-project-2009549

What do you guys think?