Comstock(US:LODE)2021-08-09 20:43Mining Claims and Assets - Comstock Mining Inc. owns approximately 9,358 acres of mining claims, including 2,396 acres of patented claims and 6,962 acres of unpatented mining claims[176]. - The company aims to monetize non-strategic assets for at least $12.5 million and grow the value of Opportunity Zone investments to over $30 million over the next three years[175]. - Comstock aims to achieve a maiden mineral resource estimate for the Dayton Resource area and expand the Dayton-Spring Valley Complex through exploration drilling[175]. - The Company plans to publish a separate S-K 1300 compliant Initial Assessment technical report for the Dayton resource area to validate a mineral resource estimate[225]. - The Company is developing exploration plans for the Dayton resource area and Spring Valley group, which are viewed as extensions of the Dayton resource area[209]. Investments and Partnerships - Comstock has invested $6.25 million in LINICO Corporation, acquiring 45.45% of fully diluted shares and 48.78% of voting shares, to support lithium-ion battery recycling technologies[181][189]. - The company has committed $4.5 million in cash payments to LINICO, with $2.5 million paid as of July 1, 2021[191]. - The Company committed $2.0 million in capital contributions for a 15% equity ownership in MCU, with an additional 10% ownership earned through financing MCU-P, increasing total ownership to 25%[202]. - The Company has invested $2.0 million in joint ventures under the MCU Agreement, which includes cash investments and equity commitments, leading to a total of 25% membership interests in MCU[206]. - The company expects to exercise a $2.5 million warrant to increase its investment in LINICO lithium-ion battery recycling during Q3 2021, resulting in a majority stake[250]. Financial Performance - For the three months ended June 30, 2021, total revenue was $54,625, an increase of $6,250 compared to $48,375 in the same period in 2020[254]. - The company reported a net loss of $6,320,992 for the three months ended June 30, 2021, compared to a net income of $1,275,986 for the same period in 2020, reflecting a $7,596,978 increase in net loss[265]. - Total revenue for the six months ended June 30, 2021, was $103,125, compared to $96,800 for the same period in 2020, reflecting an increase of $6,325[267]. - Net income for the six months ended June 30, 2021, was $1,867,239, an increase of $854,465 from $1,012,774 in the same period in 2020[278]. - Net cash used in operating activities was $3.3 million for the six months ended June 30, 2021, compared to $0.4 million in the same period in 2020[290]. Costs and Expenses - Exploration and pre-development costs increased by $126,931 during the three months ended June 30, 2021, primarily due to higher labor and consultative costs[258]. - Environmental and reclamation costs increased by $226,820 during the three months ended June 30, 2021, primarily due to higher accretion expenses and labor costs[259]. - Total costs and expenses decreased by $1,114,534 to $1,415,084 for the six months ended June 30, 2021, compared to $2,529,618 in 2020[278]. - General and administrative expenses rose by $216,177, primarily due to higher professional service costs[273]. Operational Developments - The company plans to update the Dayton's current resource estimate and continue exploration programs, leading to a new SK-1300 compliant mineral resource estimate[248]. - The first processing unit for mercury remediation testing was shipped to the Philippines in Q4 2020, with production rates expected to increase throughout 2021[207]. - The company has identified numerous locations for pilot testing of mercury-contaminated tailings, with detailed sampling programs ongoing[204]. - The company is exploring partnerships to leverage its fully-permitted platform for cash-generating mineral activities, including metals exploration and processing[217]. Sales and Transactions - The company recorded a gain of $18.3 million from the sale of Comstock Mining LLC in 2020, which included the Lucerne Mine[187]. - The Company received $18.8 million in total consideration from the sale of its interests in Comstock Mining LLC, resulting in an $18.3 million gain[232]. - The company expects to close the sale of Silver Springs Properties for total proceeds of $10.1 million in 2021, with $0.4 million already received in non-refundable deposits[247].