VIRGINIA CITY, NEVADA, AUGUST 15, 2022 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that it has executed all of the closing documents on one of its three major non-mining assets, the Daney Ranch property, located near Dayton, Nevada, for a sales price of $2.7 million.
“We are pleased to close this deal and advance our monetization program. The buyer is a mining industry veteran and an outstanding neighbor. This is just one in a series of closings expected over the next 3 to 4 months, as we complete the rest of our non-mining asset sales,” said Mr. Corrado De Gasperis, Executive Chairman and CEO.
In 2020, the Company entered into an agreement with the owner of an established exploration and mine development drilling services company, to lease the properties for $9,000 per month, for up to 24 months, including the assumption of all maintenance, upgrades, and repairs. As the transaction closed within two years, about $200,000 of those lease payments were creditable to the purchase price, resulting in a net price at closing of $2.5 million. The transaction funds this week, resulting in an additional $1.5 million in cash and a $1 million secured, interest bearing note that is required to be paid off upon the sale of specific assets owned by the buyer.
Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complementary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
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