Comstock Sells NSR Royalty To Mackay Precious Metals Inc.

Rhea-AI Summary

Comstock (NYSE: LODE) received the final $1.0M from Mackay Precious Metals, completing the sale of its residual 1.5% NSR royalty for an aggregate purchase price of $1.1M in cash.

The transaction raises total cash proceeds from the sale of the related properties, leasehold interests and royalties to over $4.0M, and together with approximately $3.8M previously received in lease payments and reimbursements since June 30, 2023, brings realized consideration to nearly $8.0M. The Mackay Lease was originally executed on June 30, 2023 and terminated on December 18, 2024 in favor of the MIPA. Comstock also received 240 acres of patented and unpatented mineral and other properties in Lyon County at no additional cost.

Management said the transactions support options to advance S-K 1300 compliant Dayton and permitted Lucerne resources.

Positive

• Final payment of $1.0M completes the $1.1M NSR sale
• Total cash proceeds from related sales and royalties now over $4.0M
• Combined realized consideration since 2023 near $8.0M
• Acquisition of 240 acres in Lyon County at no additional cost

Negative

• Sale of the residual 1.5% NSR removes future royalty income tied to those claims

News Market Reaction

+5.28%

4 alerts

+5.28% News Effect

+10.5% Peak Tracked

+$12M Valuation Impact

$238M Market Cap

1.5x Rel. Volume

On the day this news was published, LODE gained 5.28%, reflecting a notable positive market reaction. Argus tracked a peak move of +10.5% during that session. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $12M to the company's valuation, bringing the market cap to $238M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Final royalty payment: $1,000,000 NSR royalty rate: 1.5% Royalty purchase price: $1,100,000 +2 more

5 metrics

Final royalty payment $1,000,000 Final cash received from Mackay for NSR royalty sale

NSR royalty rate 1.5% Residual net smelter returns royalty sold to Mackay

Royalty purchase price $1,100,000 Aggregate cash purchase price for residual NSR royalty

Lease & reimbursements $3,800,000 Initial and ongoing Mackay lease payments and reimbursed expenses

Additional properties 240 acres Patented and unpatented mineral and other properties in Lyon County

Market Reality Check

Price: $3.60 Vol: Volume 1,245,437 is sligh...

normal vol

$3.60 Last Close

Volume Volume 1,245,437 is slightly below 20-day average of 1,346,388 (relative 0.93x). normal

Technical Price 3.98 is trading above 200-day MA at 3.16, indicating a pre-news uptrend.

Peers on Argus

LODE fell 2.69% while peers were mixed: PLG -5.71%, PLL -9.6%, VOXR -0.79%, LGO ...

LODE fell 2.69% while peers were mixed: PLG -5.71%, PLL -9.6%, VOXR -0.79%, LGO 0%, USGO +11.62%. The mixed peer moves point to stock-specific dynamics rather than a clear sector rotation.

Historical Context

5 past events · Latest: Jan 15 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 15	Recycling expansion	Positive	+5.5%	Secured additional Ohio site to expand end-of-life solar recycling network.
Jan 12	Facility launch	Positive	+1.1%	Opened California facility for PV panel collection, prep and logistics.
Jan 09	Permitting milestone	Positive	+2.2%	Received final permits for Nevada solar panel recycling facility.
Jan 07	Air permit secured	Positive	+3.7%	Obtained air quality permit for industrial-scale recycling facility.
Dec 09	Recognition award	Positive	+3.5%	Recognized by EDAWN and officials for growth and workforce excellence.

Pattern Detected

Recent news items have generally been operationally positive and were followed by positive 24-hour price reactions, suggesting the stock often aligned upward with favorable announcements.

Recent Company History

Over the past months, Comstock announced several milestones for its solar panel recycling business, including full permitting and capacity details for an industry-scale Nevada facility capable of processing more than 3 million panels and up to 100,000 tons/year. The company also expanded its network with new California and Ohio facilities and received regional economic development recognition on Dec 9, 2025. Those items saw 24-hour gains between about 1% and 5%. Today’s royalty sale and cash realization relate more to monetizing mining-related assets alongside that growth narrative.

Regulatory & Risk Context

Active S-3 Shelf · $200,000,000

Shelf Active

Active S-3 Shelf Registration 2025-11-21

$200,000,000 registered capacity

An effective S-3 shelf filed on 2025-11-21 allows Comstock to offer up to $200,000,000 of securities, including up to $100,000,000 of common stock via an at-the-market program. A 424B5 from 2025-12-10 reflects initial usage of this capacity, providing flexibility to raise capital for commercialization and growth initiatives.

Market Pulse Summary

The stock moved +5.3% in the session following this news. A strong positive reaction aligns with the...

Analysis

The stock moved +5.3% in the session following this news. A strong positive reaction aligns with the fundamentally cash-enhancing nature of this transaction, which generated over $1,000,000 from the NSR sale and total consideration cited near $8,000,000 across related arrangements. Historically, LODE often moved higher on constructive operational news. However, an active $200,000,000 shelf, including up to $100,000,000 of common stock capacity, and prior ATM usage could introduce future equity issuance risk that might temper sustained upside.

Key Terms

net smelter returns, nsr royalty, mineral exploration and mining lease agreement, s-k 1300, +1 more

5 terms

net smelter returns financial

"sell its residual 1.5% net smelter returns (“NSR”) royalty associated"

A net smelter returns (NSR) royalty is a payment to a rights holder equal to a fixed percentage of the money received from selling mined metals after they have been processed and sold by a smelter or refiner, with standard processing costs deducted. Think of it like a landlord taking a percentage of a tenant’s rent after utilities are paid; for investors, an NSR affects a mine owner’s cash flow, project value, and the amount of profit available to shareholders because it reduces revenue from mineral sales.

nsr royalty financial

"1.5% net smelter returns (“NSR”) royalty associated with the recently"

A net smelter return (NSR) royalty is a payment to a rights holder equal to a fixed percentage of the money a mine actually receives from selling refined metal, after the costs of turning ore into a saleable product are taken out. Think of it like a toll collected on each shipment after it’s been cleaned and sold. For investors, NSR royalties matter because they create a steady revenue stream with lower operational risk for the royalty holder, while reducing the owner-operator’s share of project cash flow and affecting project valuation.

mineral exploration and mining lease agreement technical

"executed a Mineral Exploration and Mining Lease Agreement (“Mackay Lease”)"

A mineral exploration and mining lease agreement is a legal contract that gives a company the right to search for, develop and extract minerals on a specific parcel of land under defined terms. It sets out how long the rights last, what payments or royalties must be made, what environmental and safety rules apply, and what obligations the lessee has to the landowner or government. Think of it like renting a property to look for and dig up buried treasure: the lease determines what you can do, how much you pay, and what happens if you break the rules — all factors that directly affect a mining project's potential value, costs and risks for investors.

s-k 1300 regulatory

"options for advancing our S-K 1300 compliant Dayton and permitted"

Regulation S-K Item 1300 is a U.S. securities disclosure rule that requires public companies to report how they manage cybersecurity risks and to promptly disclose material cyber incidents. Think of it as a requirement to tell investors both the company’s “cyber health” plan and any major break-ins, similar to a homeowner explaining their alarm system and alerting neighbors after a burglary. This helps investors assess operational risk and potential financial or reputational impact.

patented and unpatented mineral technical

"additional 240 acres of patented and unpatented mineral and other properties"

Patented and unpatented mineral describe two types of ownership over minerals under mining law: a patented mineral means the claim owner holds full title to the land and the minerals, like owning both a house and the land beneath it; an unpatented mineral means the owner has the right to extract minerals but not the surface title, similar to a long-term lease on a plot. For investors, the distinction matters because patented claims are easier to sell, use as collateral and develop with fewer federal permitting hurdles, while unpatented claims can carry greater regulatory, access and environmental risk.

AI-generated analysis. Not financial advice.

VIRGINIA CITY, Nev., Jan. 21, 2026 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced it has received the final $1 million from Mackay Precious Metals Inc. (“Mackay”), completing an agreement to sell its residual 1.5% net smelter returns (“NSR”) royalty associated with the recently sold northern claim targets to for an aggregate purchase price of $1.1 million in cash. This transaction increases the total cash proceeds from the sale of those properties, leasehold interests, and royalties to over $4 million in cash.

On June 30, 2023, Comstock executed a Mineral Exploration and Mining Lease Agreement (“Mackay Lease”) with Mackay. The Mackay Lease was terminated on December 18, 2024, in favor of the MIPA. Since June 30, 2023, Comstock received approximately $3.8 million in initial and ongoing lease payments and reimbursed expenses in addition to the over $4 million from the sale of the claims and the residual NSR sale transaction.

“Realizing nearly $8 million in consideration from the previous lease and subsequent sale, plus an additional 240 acres of patented and unpatented mineral and other properties in Lyon County for no additional consideration, wraps up a series of extremely positive transactions for Comstock and Mackay,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “The transaction is especially timely, as we actively entertain multiple options for advancing our S-K 1300 compliant Dayton and permitted Lucerne resources.”

Comstock is committed to become a major U.S. silver producer from both the millions of ounces of resources already quantified in our technical reports and our ever-growing solar recycling silver resources.

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.

FAQ

What did Comstock (LODE) sell to Mackay Precious Metals on January 21, 2026?

Comstock sold its residual 1.5% NSR royalty for an aggregate purchase price of $1.1M, with the final $1.0M received on January 21, 2026.

How much cash has Comstock (LODE) realized from the leases and sales related to the northern claim targets?

Comstock received approximately $3.8M in lease payments and reimbursements plus over $4.0M from the sales, totaling nearly $8.0M in consideration.

When was the Mackay Lease executed and when was it terminated?

The Mackay Lease was executed on June 30, 2023 and terminated on December 18, 2024 in favor of the MIPA.

What additional property did Comstock (LODE) receive as part of the transactions?

Comstock received an additional 240 acres of patented and unpatented mineral and other properties in Lyon County at no additional consideration.

How does the NSR sale affect Comstock's plans for Dayton and Lucerne resources?

Company management said the transactions are timely and support pursuing multiple options to advance S-K 1300 compliant Dayton and permitted Lucerne resources.