Welcome to our dedicated page for Comstock news (Ticker: LODE), a resource for investors and traders seeking the latest updates and insights on Comstock stock.
Comstock Inc (NYSE MKT: LODE) combines historic precious metals mining in Nevada's Comstock District with cutting-edge renewable energy solutions and advanced materials recovery technologies. This news hub provides investors and industry observers with timely updates on the company's dual-focused operations spanning traditional resource extraction and sustainable innovation.
Access comprehensive coverage of Comstock's operational developments, including quarterly earnings reports, mining expansion initiatives, and breakthroughs in biomass conversion and electronics recycling technologies. Our curated news collection enables stakeholders to track strategic partnerships, environmental stewardship efforts, and progress in artificial intelligence applications for materials science.
Key updates include announcements about precious metal production, land acquisition developments, and renewable fuel commercialization. The repository serves as an essential resource for understanding how Comstock balances its heritage in mineral exploration with forward-looking sustainable resource recovery solutions.
Bookmark this page for direct access to verified company announcements and objective reporting on Comstock's unique position at the intersection of traditional mining and green technology innovation.
Comstock Mining (LODE) announced receiving over $4 million from monetizing preferred stock related to its Lucerne mine deal with Tonogold. The company converted $3.92 million in Convertible Preferred Stock (CPS) for shares and received $2.616 million cash from the redemption of remaining CPS. This transaction reduced its promissory notes from $4.475 million to $2.5 million, enhancing liquidity and lowering interest expenses. Comstock also sold shares for approximately $1.386 million and holds an estimated $7.1 million in common shares, alongside a $4.475 million secured note receivable.
Comstock Mining announced the appointment of Judd B. Merrill to its Board of Directors. Merrill, with extensive experience in mining and financial sectors, was previously Chief Financial Officer at Comstock and Aqua Metals. His background includes roles at Klondex Mines and Newmont Mining. CEO Corrado De Gasperis expressed confidence in Merrill's capabilities for enhancing the company’s strategies in precious metal recovery and clean technologies. The company's 2020 Annual Meeting is scheduled for November 18, 2020, where shareholders will receive updates on developments.
Comstock Mining Inc. (NYSE American: LODE) has finalized the sale of its Lucerne mine to Tonogold Resources for approximately $25.9 million. This includes $7.1 million in cash, $6.1 million in Convertible Preferred Stock, and a $4.475 million note receivable. The sale will reduce annual operating costs by $1 million and the company anticipates a tax-free gain of $18 million in Q3. Comstock retains a 1.5% NSR royalty on Lucerne and has entered into a lease with Tonogold for additional mineral properties, furthering its growth potential.
Comstock Mining has entered into a Lease Agreement with Sutro Tunnel Company to explore patented mining claims in the Gold Hill and Virginia City Mining Districts. This Lease allows Comstock to expand its exploration rights, which are critical as Tonogold Resources prepares for a $7 million drilling program targeting historically rich gold and silver deposits. The Lease is set for up to 20 years with a 4% royalty to Sutro. Comstock also has an option to acquire additional equity in Pelen Limited Liability Company, enhancing its investment strategy in the region.
Comstock Mining Inc. (NYSE American: LODE) has contracted to lease and sell its Daney Ranch property in Dayton, NV, for at least $2.7 million. The leasing agreement, with a drilling services firm, includes monthly payments of $9,000 for up to 24 months, with potential rent increases thereafter. This transaction, along with other assets under contract totaling nearly $14 million, is expected to enhance cash flow and reduce expenses. The company plans further exploration and development in the Dayton and Spring Valley areas, supported by upcoming geophysical surveys.
Comstock Mining Inc. (NYSE American: LODE) released its Q2 2020 results, highlighting strategic advancements and financial improvements. Key achievements include the extinguishment of a $4 million Senior Secured Debenture, a net income of $1.3 million, and investments in Tonogold Resources valued at $10.4 million. The company is expanding its mercury remediation capabilities with the installation of its first system and is expected to finalize sales of non-mining assets totaling $10.1 million. Overall, the firm aims to leverage its resources for substantial growth and sustainability.
Comstock Mining Inc. (NYSE American: LODE) has fully paid off its remaining $4 million Senior Secured Debenture using cash from Tonogold and new unsecured promissory notes. The new promissory notes total $4,475,000, have no prepayment penalties, and mature on September 20, 2021. Recent payments from Tonogold reduced outstanding amounts to $4,475,000. This financial restructuring allows Comstock to sell its Lucerne asset and focus on growth opportunities while easing previous debt restrictions.
Comstock Mining Inc. (NYSE American: LODE) will participate in the Virtual Investor Day from August 11-12, 2020. The event features key speakers, including Corrado DeGasperis, the Executive Chairman, who will host a 30-minute presentation on August 12 at 1:30 PM ET. The Virtual Investor Day is an interactive platform for resource-focused public companies, allowing engagement through live Q&A sessions. Interested participants can register online. Comstock Mining focuses on sustainable mining, aiming to enhance its investment value and explore new opportunities.
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