Air Quality Permit For Its First-Of-A-Kind, Industrial Scale Solar Panel Processing FacilityVIRGINIA CITY, Nev., Nov. 24, 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 it has received its notification of eligibility for an Air Quality Permit from the Nevada Division of Environm ...

Summary of the Conference Call Company Overview - The company is focused on sustainable metals, renewable fuels, mineral properties, and real estate, with a notable emphasis on solar panel recycling technology that recycles 100% of the materials in solar panels, including silver and aluminum [1][4][10]. Core Business Strategy - The overarching goal is to accelerate the commercialization of technologies that address market problems and supply chain constraints [4][5]. - The management structure is designed to be non-siloed, organizing teams around specific goals rather than functional roles, which enhances collaboration and problem-solving [6][8]. Financial Milestones - The company has successfully eliminated all debt and raised significant capital, including $20 million from Marathon Petroleum and over $34 million for metal scale-up [10][12]. - The financial position is strong, allowing for growth and operational execution without future obligations [12]. Solar Panel Recycling Operations - The company has developed a unique solar panel recycling technology that is certified as a zero-landfill solution, efficiently processing panels at a rate of one every seven seconds, equating to 3.3 million panels per year [15][16]. - The recycling process generates significant revenue streams, including $500 per ton for taking panels and $250 per ton for selling the recycled materials [21][22]. - The company aims to establish multiple facilities across the U.S. to capture a significant share of the solar panel recycling market, particularly in regions with high panel deployment [24][25]. Silver Market Insights - The company is positioned to become a leading silver producer, with potential output from recycling operations reaching up to 4 million ounces annually [20]. - Demand for silver is expected to grow significantly due to its use in electrification, EVs, and solar panels, with projections indicating a supply-demand gap that could drive prices higher [30][31]. Mining Operations - The company holds a strategic mineral district with low maintenance costs, providing a hedge against monetary devaluation and a platform for future production [33][34]. - There are plans to publish a preliminary economic assessment to highlight the potential of these mining assets [36]. Real Estate Holdings - The company's real estate in Nevada is benefiting from the growth of data centers and industrial developments, significantly increasing property values [38][39]. - There are opportunities to monetize these holdings through partnerships and sales to data center operators [39][40]. Renewable Fuels Business - The company is involved in advanced biofuel technologies, focusing on overcoming bottlenecks in converting waste biomass into fuel [41][42]. - Partnerships with Marathon Petroleum and other firms are crucial for scaling up operations and achieving cost parity with petroleum [46][49]. - Plans include establishing a bio-refinery capable of producing 10-15 million gallons of fuel annually, with long-term goals of scaling to 115-120 million gallons [51][52]. Regulatory Environment - The renewable fuel standard is firmly established, providing a stable regulatory framework for the fuels business [55][56]. - The company is advocating for stronger regulations against hazardous waste disposal, which could benefit its recycling operations [57][58]. Key Signposts for Investors - Upcoming permits for processing universal waste materials are expected to be finalized by Christmas, with operational commissioning planned for early next year [61][62]. - The order pipeline for solar panel recycling is growing, indicating potential for significant revenue increases in the coming years [62]. Conclusion - The company is well-positioned in the sustainable metals and renewable fuels sectors, with strong financial backing, innovative technologies, and strategic partnerships that support its growth trajectory [64].

Core Insights - Comstock Inc. and Comstock Metals LLC have received a Written Determination Permit from the Nevada Division of Environmental Protection for processing waste solar panels, which is crucial for their industry-scale materials recovery facility in Silver Springs, NV [1][2][3] - The facility is designed to process over 3 million solar panels annually, equating to approximately 100,000 tons of waste materials, utilizing advanced technologies for efficient recycling [2][3] - The company is positioned to lead in the solar panel recycling market, particularly in the southwestern U.S., where a significant number of solar panels are being decommissioned [3][5] Regulatory Approvals - The company anticipates receiving an Air Quality control permit in the coming weeks, which will complete the necessary regulatory approvals for the facility [2] - The timely approval of the Written Determination Permit aligns with the company's schedule for commissioning the facility [1][3] Market Position and Strategy - Comstock Metals aims to establish a leading position in the solar recycling market, addressing the increasing demand for environmentally responsible end-of-life solutions as decommissioning of solar panels accelerates [3][5] - The company is actively assessing additional sites for expansion and increased storage capabilities to capitalize on the growing market for end-of-life solar panels [5] Operational Readiness - The facility is already receiving waste panels and is preparing for commissioning activities, indicating strong demand and operational readiness [4] - All necessary equipment has been ordered, with expected deliveries by year-end, allowing for installation and testing to begin in the first quarter of 2026 [2]

Core Insights - Comstock Inc. has successfully strengthened its capital base, eliminated debt obligations, and is advancing its industry-scale metals launch, particularly in solar panel recycling and mining operations [1][6][11]. Financial Performance - For the nine months ended September 30, 2025, Comstock raised $34.5 million in gross proceeds from an oversubscribed equity offering, adding over 30 institutional investors to its capital base [6]. - The company reported net current assets of $21.3 million, with cash and cash equivalents totaling $31.7 million as of September 30, 2025 [6][7]. Business Developments - Comstock has ordered all equipment for its fully automated solar recycling system and is on track to receive the necessary permits for its first facility, which is expected to recycle over 3.3 million solar panels annually [4][24]. - The company has committed approximately $12.5 million in capital expenditures for its first industry-scale facility, with operations expected to commence in the second quarter of 2026 [7][25]. Strategic Partnerships and Acquisitions - Comstock has entered into a Master Services Agreement with RWE Clean Energy for end-of-life recycling services, enhancing its strategic partnerships [13]. - The acquisition of Haywood industrial mineral properties and additional land has expanded Comstock's mineral portfolio, supporting its mining operations [10][14]. Market Position and Future Outlook - The company is positioned to capitalize on the increasing demand for industrial silver and the anticipated growth in solar panel recycling, with expectations of billable revenues increasing eightfold in 2025 compared to 2024 [11][25]. - Comstock aims to establish up to seven industry-scale recycling facilities across the U.S., enhancing its market leadership in the renewable metals sector [24][21].

Summary of Comstock Inc. Presentation at Lithium Partners Fall 2025 Investor Conference Company Overview - **Company Name**: Comstock Inc. - **Ticker Symbol**: LODE on NYSE American - **Industry Focus**: Renewable and sustainable metals, specifically solar panel recycling [1][2] Core Business Model - Comstock specializes in recycling end-of-life solar panels, which typically last 12 to 17 years instead of the intended 25+ years [3] - The company aims to prevent hazardous materials from entering landfills, thus addressing environmental concerns [3] - Key materials extracted from solar panels include: - 20 grams of silver per panel - 6.5 pounds of aluminum per panel - Other critical metals such as indium, iridium, manganese, gallium, and tellurium [3][4] Market Opportunity - There are over 1 billion solar panels currently deployed in the U.S., with demand for silver reaching record highs [4] - Silver demand has exceeded supply for the first time in four years, with prices rising from the teens to the low 40s [5] - The market for solar panel recycling is projected to grow significantly, with estimates of 33 million panels reaching end-of-life by 2030 [11][21] Operational Efficiency - Comstock has developed a proprietary recycling process that eliminates contaminants without harmful emissions and at a low variable cost of $35 per ton [5][6] - The company operates a facility capable of processing a panel every seven seconds, with plans to scale to millions of panels per year [6][10] - The facility is currently running three shifts, 24 hours a day, five days a week, and is expected to achieve cash profitability by Q2 of the following year [9][10] Financial Projections - At full capacity, Comstock anticipates generating $55 million in free cash flow from processing 100,000 tons of material [11] - The company has a significant hidden asset in net operating loss carryforwards, which could shelter over $250 million in profits [18] Expansion Plans - Comstock plans to establish seven facilities across the U.S. to capture more than 30% market share by 2028 [15][16] - The first three facilities are expected to come online between 2026 and 2028, with a focus on regions with high solar panel deployment [12][15] Additional Assets - Comstock holds mineral assets in Nevada with an NPV of over $200 million based on updated mine plans [16][17] - The company has investments in real estate and renewable fuels, with a significant stake in Violium Corp valued at over half a billion dollars [17][19] Recent Developments - Comstock successfully raised $30 million from institutional investors, enhancing its shareholder base and eliminating debt [20] - The company emphasizes the tremendous value potential in the solar panel recycling market, with a long-term business outlook driven by the increasing number of panels reaching end-of-life [21][22] Conclusion - Comstock Inc. is positioned as a leader in the solar panel recycling industry, with a robust business model, significant market opportunities, and plans for substantial growth in the coming years [22]

Core Insights - Comstock Inc. has successfully placed orders and paid deposits totaling $5.1 million for equipment for its solar panel recycling facility, which is set to be the largest in the U.S. with a capacity of 100,000 tons per year, scheduled for delivery in Q4 2025 [1] - The company aims to enhance its balance sheet and operational capabilities through a recent equity offering, which has attracted significant institutional investors [2] - Comstock's billable revenues are projected to increase eightfold in 2025 compared to 2024, reaching over $3.5 million as the company scales its operations [2] Company Objectives and Plans - The company plans to accelerate its market share in solar panel recycling and is awaiting final permits and delivery of its processing system [3] - Comstock aims to reclaim and repurpose every component of end-of-life solar panels into new raw materials [3] - Key objectives for the next 10 months include expanding local storage capacity, completing permitting for the facility by November 2025, and securing additional service agreements with customers [6] Company Overview - Comstock Inc. focuses on innovating and commercializing technologies that support clean energy systems by extracting and converting under-utilized natural resources into reusable metals from end-of-life photovoltaics [4]

Core Viewpoint - Comstock Inc. has announced a public offering of 13,333,334 shares at $2.25 per share, aiming to raise approximately $30 million to fund its solar panel recycling facilities and other development initiatives [1][2]. Group 1: Offering Details - The offering consists of 13,333,334 shares priced at $2.25 each, with gross proceeds expected to be around $30 million before expenses [1]. - The company has granted the underwriter a 30-day option to purchase an additional 2,000,000 shares to cover over-allotments [3]. - The offering is expected to close on August 14, 2025, subject to customary closing conditions [2]. Group 2: Use of Proceeds - Net proceeds from the offering will be used for capital expenditures related to the commercialization of the first industry-scale facility for Comstock Metals, development expenses, and general corporate purposes, including debt repayment [2][7]. - The company aims to fully fund its commercialization efforts for its solar panel recycling facilities, each capable of recycling over 3 million panels annually [1]. Group 3: Company Positioning - Comstock has eliminated all outstanding debt and expects to have approximately $45 million in cash on hand, establishing a strong foundation for growth [2][7]. - The company believes its solar panel recycling business is well-positioned to accelerate the commercialization of its technologies and recycling facilities [2]. Group 4: Company Overview - Comstock Inc. focuses on innovating and commercializing technologies that support clean energy systems by extracting and converting under-utilized natural resources into reusable electrification metals from end-of-life photovoltaics [6].

Core Insights - Comstock Inc. has announced a strategic partnership with Virtus Renewables to enhance recycling solutions for the renewable energy market, specifically focusing on solar panel recycling [1][2][4] - The partnership aims to provide comprehensive recycling, decommissioning, and logistics solutions that are zero-landfill, thereby promoting environmental sustainability [2][3] Company Overview - Comstock Metals LLC, a subsidiary of Comstock Inc., is recognized as a pioneer in sustainable solar panel recycling and is the first in North America to achieve R2v3/RIOS certification [1][6] - Virtus Renewables is a leading provider of renewable energy solutions, offering operations, project management, and maintenance services for solar and battery storage projects [5] Partnership Details - The collaboration will leverage the strengths of both companies to create a systemwide service offering that enhances industry reach and reliability [3][4] - The partnership is expected to deliver a full lifecycle certification process that adheres to high standards of sustainability and service [4]

Core Insights - Comstock Inc. has received approval for a conditional use permit to expand material storage for solar panels, facilitating the development of the first industry-scale solar panel recycling facility in Silver Springs, Nevada [1][3] - The facility aims to provide a 100% closed-loop, zero-landfill solution for end-of-life solar panels, setting a new standard in the solar recycling industry [2][4] - The facility is expected to process 100,000 tons of waste solar panels annually and is in the final stages of permitting, with commissioning planned for the first quarter of 2026 [4] Company Developments - Comstock Metals, a subsidiary of Comstock Inc., is focused on sustainable practices and advanced technologies in solar recycling [2][5] - The company has demonstrated the ability to recycle and reuse 100% of materials, leading to master service agreements with major utilities [3][4] - Comstock Metals is the first solar panel recycling company in North America certified by SERI to the R2v3/RIOS Responsible Recycling Standard, ensuring a zero-waste recycling process [4] Industry Context - The Silver Springs facility is strategically positioned to serve the growing solar industry in the western United States, addressing the need for efficient end-of-life solutions for solar panels [3][4] - The expansion of storage capacity is crucial for managing large volumes of solar panels and meeting the demands of large-scale customers [3][4] - Comstock's unique thermal delaminating processes and sustainable practices enhance its leadership in the recycling sector and strengthen the supply chain for domestically manufactured electrification products [5][6]

Financial Data and Key Metrics Changes - The company recently closed a strategic direct Series A investment of $20 million for approximately 2% of Biolium Corporation, which is expected to exceed the previously discussed $700 million cap [2][31] - The valuation for the Series A is anticipated to be higher than the initial cap, with expectations of reaching over $1 billion [40][51] Business Line Data and Key Metrics Changes - Comstock Metals is experiencing rapid revenue growth and has achieved significant industry recognition, including becoming the first company in North America to earn stringent recycling certifications [55][56] - The solar panel recycling facility is fully operational with three shifts, handling increased demand and preparing for industry-scale production [95] Market Data and Key Metrics Changes - The renewable fuels market is currently facing challenges, but the company is positioned to capitalize on strategic partnerships and market demand for biolium oils and renewable diesel [36][94] - The company has secured a $3 million incentive grant and a $152 million bond application for its Oklahoma facility, indicating strong local support and investment interest [32] Company Strategy and Development Direction - The separation of Biolium Corporation from Comstock Inc. is seen as a strategic move to allow both entities to focus on their respective markets, with Biolium targeting renewable fuels and Comstock Metals focusing on mining and recycling [49][66] - The company aims to take Biolium public at the optimal time to maximize valuation, emphasizing the importance of achieving certain milestones before an IPO [36][84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of both businesses, highlighting the importance of strategic partnerships and the need for capital to support ongoing development [64][68] - The company is focused on enabling energy independence and believes it has the technology to significantly impact the renewable fuels market [67][89] Other Important Information - The company holds $65 million in preferred stock in Biolium, convertible into 32.5 million common shares, which positions it favorably for future growth [49][50] - The management team is committed to ensuring that both companies are well understood by investors, with plans for ongoing communication and updates [41][91] Q&A Session Summary Question: When do you believe you will complete the Series A, and how much of Biolium do we own today? - Completion of the Series A could occur between June and September, with expectations that it will not exceed 10% of the company [72] Question: When will you start capital raising for the first Oklahoma refinery? - Capital raising efforts are underway, with significant bond allocations already secured, and project plans are progressing [74] Question: Is Marathon's contribution part of the $20 million Series A, or is it all cash? - The $20 million is cash, while Marathon's contribution was in kind, providing a state-of-the-art pilot facility [77][78] Question: When would you expect an IPO, and why not just spin it out public today? - An IPO is not expected until the company has matured and achieved revenue, as premature public offerings can lead to unfavorable valuations [81][83] Question: Will you be announcing additional offtakes and license agreements for Biolium Corp? - Additional offtake agreements are anticipated, with ongoing partnerships with Marathon and other strategic entities [91][94]