Noble Capital Downgrades Comstock Mining as Capital Needs Remain Elevated

Core Viewpoint - Noble Capital has downgraded Comstock Mining Inc. from Outperform to Market Perform due to ongoing funding requirements and execution uncertainties despite recent share price strength [1]. Group 1: Share Price and Valuation - Comstock's stock price increased approximately 33% since Noble Capital upgraded it to Outperform on November 4, but the timing of that upgrade is now viewed as premature [2]. - Noble Capital plans to reassess Comstock's valuation once the company's commercial-scale recycling facility becomes operational and its mining asset plans are more clearly defined [2]. Group 2: Management and Asset Monetization - There is frustration regarding management's repeated commitments to monetize non-core assets, particularly properties in Silver Springs, Nevada, which have not yet materialized [3]. - Comstock's investment in Bioleum Corporation is characterized as a call option on Bioleum's growth trajectory, highlighting substantial execution and business risks associated with this investment [3].