Thursday, March 10, 2022

Newrange Gold Corp. (NRGOF)(NRG:CA)
On the Right Path

As of April 24, 2020, Noble Capital Markets research on Newrange Gold is published under ticker symbols (NRGOF and NRG:CA). The price target is in USD and based on ticker symbol NRGOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.

Newrange Gold Corp is an exploration stage company focused on acquiring and exploring exploration and evaluation assets in Colombia and the United States. The Company operates in a single reportable operating segment-the acquisition, exploration, and development of mineral properties. Some of the projects acquired by the company are Pamlico gold project in Nevada and Rocky mountain project in Colorado. The company also holds an interest in the Yarumalito property, El Dovio property and Anori property in Colombia.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Drilling at North Birch. Newrange commenced drilling in February at the North Birch project in the Birch-Uchi Greenstone Belt in northwestern Ontario, Canada with approximately 2,000 meters of drilling planned. Once completed, the rig may be moved to the nearby past-producing Argosy gold mine to test the depth of known veins below historic mine workings, along with the continuity of other veins.

Geophysical surveys lead the way.  In April 2021, Newrange completed an induced polarization (IP) survey over the eastern portion of the North Birch project area covering the main target horizon. The survey revealed several well-defined chargeability anomalies which are being targeted for drilling and coincide with the target horizon along the limb of the sheared and folded iron formation. A LiDAR …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

  Image: Dave (Flickr)

Digital Currency (USD Coin) Could Save the US a Mint

It cost more in materials for the US Mint to make a nickel than 5 cents. Other coins also cost more to produce than their face value. It’s worth considering that it would cost almost nothing to create five cents worth of a US Central Bank Digital Currency (CBDC). While this isn’t the likely reason the US and other nations are exploring
CBDCs, it may add to the benefits if metals prices keep rising. Below we explore the current rate and melt value of the US five-cent piece.

The spike in raw nickel prices, even before the recent short-squeeze, has lifted the value of the metal in the coin bearing the image of Jefferson. The make-up of recent nickels is 25% nickel and 75% copper.

Source: Koyfin

Nickel prices reached $100,000 per metric ton (one million grams) on the London Metal Exchange in early March before trading was halted. The metal had been trading around $25,000 a ton before the spike. At $100,000, the coin would contain about 16 cents in metal or melt value. Each nickel weighs five grams, (unintentional coincidence) and contains 1.25 grams of nickel and 3.75 grams of copper.

Source: US
Mint

At $100,000 a metric ton, the math is easy, 1.25 grams are worth 12.5 cents of nickel. As for the larger copper component, with copper trading at $10,000 a metric ton, 3.75 grams equals 3.75 cents in value.

At the end of its fiscal year, nickel was trading at $17,500 a metric ton. Including copper and other costs, a nickel costs 8.52 cents to produce. Pennies also cost more to produce, more than twice their value.

The US Mint created about 15 billion coins last year and realized about $1 billion in revenue. It is worth noting here that the US Mint prohibits the melting down of pennies and nickels for their metal value.

In its 2021 annual
report, the Mint wrote: “The unit cost for both pennies (2.10 cents) and nickels (8.52 cents) remained above face value for the 16th consecutive fiscal year. Compared to last year, FY 2021 average spot prices for nickel increased 28.1 percent to $17,503.10 per tonne, average copper prices also increased 48.2 percent to $8,676.77 per tonne, and average zinc prices increased 27.9 percent to $2,821.12 per tonne.”

Should prices continue to rise at the 2022 pace or similar to prior years, a US digital currency could help reduce the cost of coin production of the US Mint to below the face value.

Paul Hoffman

Managing Editor, Channelchek

Suggested Reading

Digital Currencies Gain Value on Biden Executive Order

Investing in the Businesses in and Around Crypto

Stay up to date. Follow us:

Comstock Releases Shareholder Letter

Research, News, and Market Data on Comstock Mining

Company’s Cellulosic Fuels Technologies Unlock Massive New Feedstock Model for Net Zero Energy Independence

VIRGINIA CITY, NEVADA, MARCH 10, 2022 – Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that its executive chairman and chief executive officer issued the following shareholder letter.

Dear Shareholders:

On behalf of our Board of Directors, our employees, and partners, we thank each of you for participating in a pivotal year for Comstock, in which we completed a series of strategic transactions that acquired intellectual property, management, employees, and the facilities needed to transform our business and establish a platform of breakthrough renewable energy products. We have aligned on a precise goal, and we are eager to summarize our business plans and our outlook for you, here and now.

The Comstock

The Comstock Lode is one of world’s most important mineral discoveries. It has a rich history, steeped in grit and innovation. Its pioneers innovated new technologies and mined over $20 billion in gold and silver (in today’s dollars), infusing extraordinary wealth into America’s burgeoning economy at the dawn of the industrial revolution. We have been proud to inherit and contribute to that legacy throughout our own history, as we enabled an unprecedented consolidation and operation of the historic Comstock Lode mining district, including 10-square miles of land with many miles of known mineral claims and exploration targets. We mined and produced about 60,000 ounces of gold and 735,000 ounces of silver from just one of those targets between 2012 and 2016. We believe that far more remains, a bonanza with billions of dollars of gold and silver, unavailable to the century-old mining practices of our predecessors. Our strategic partners are working to unlock that value.

Accordingly, we shifted our focus during 2020 and 2021 to new investments in renewable energy, where we have differentiated technology and core competencies, while monetizing our non-strategic assets. Our objectives are to maximize the value from our mineral estate while introducing breakthrough, decarbonizing lines of business with the capacity for rapid growth.

Enabling Systemic Decarbonization – Cellulosic Fuels

Renewable fuels provide a critical pathway for decarbonization, however, most current forms of renewable fuel draw from the same pool of conventional feedstocks, including corn and various vegetable oils in the U.S., and the entire universe of those feedstocks only represents a tiny fraction of the global motor fuel burn. Further, the lifecycle carbon benefits of growing, harvesting, and using conventional feedstocks are extremely limited, even in comparison to fossil fuels. Any plan to meaningfully decarbonize using renewable fuels must involve abundant and available feedstocks that no one else is using today.

Our renewable fuels division, Comstock Fuels, acquired a portfolio of pioneering technologies that resolve conventional feedstock limitations by efficiently converting wasted, unused, widely available, and rapidly replenishable woody biomass into advanced cellulosic fuels.  These technologies unlock vast quantities of historically unused and underutilized feedstocks with enough renewable carbon to permanently offset billions of tons of fossil fuel emissions.

According to the U.S. Department of Energy, America can produce upwards of one billion tons per year of biomass feedstock for renewable fuels. That’s enough to produce 1.7 billion barrels of carbon neutral fuels with our technologies, or more than a third of the U.S. transportation demand.  In addition, more than 27% of American soil, or about 540 million acres, is comprised of forestland that was previously more than twice as large, before being clear cut for less productive uses. Those under-utilized resources could be restored and used to sustainably grow, harvest, and replant billions of tons of fast-growing trees and energy crops for conversion into billions of barrels of renewable fuels with our technologies. The combined output could exceed 50% of America’s current annual output of fossil crude, and it’s 100% renewable. Canada has even more. It’s the equivalent of an oil well that will never run dry, a bonanza hidden in plain sight, and our technologies are effectively the drill.

Enabling Systemic Decarbonization – Electrification Products

Electrification and continued advancements in energy storage are vitally necessary to reduce reliance on fossil fuels while shifting to and increasing use of renewable fuels. Our 90% owned lithium-ion battery (“LIB”) recycling business, LiNiCo Corporation (“LiNiCo”), holds the rights to a portfolio of innovative processes that efficiently crush and separate LIBs, extract lithium, nickel, cobalt, and graphite, and reuse the recovered metals to produce 99% pure cathode active precursor products. Collectively, these technologies give LiNiCo, and its existing 137,000 square foot battery metal recycling facility, differentiating competitive advantages, including the ability to process upwards of 100,000 tons of LIB and related feedstocks per year into an array of electrification products, including lithium, nickel, cobalt, graphite, and cathode materials.

According to International Energy Agency (“IEA”), there were more than 10 million electric vehicles (“EVs”) on the road in 2020, with new EV registrations increasing by 41% over 2019 and another 140% during the first quarter of 2021. Meeting the increased EV demand is estimated to require about five times more lithium carbonate equivalent (“LCE”) than the entire lithium mining industry produces today. Miners and manufacturers can scale up to meet that demand, however, according to a January 2021 USGS mineral commodity summary, there are only about 86 million tons of identified lithium reserves worldwide, and LIBs are typically landfilled after eight to ten years of use. Our technologies meet the realities of that demand by enabling profitability at the earliest stages of production, thereby positioning our LIB recycling business to contribute billions to our enterprise value from LiNiCo based on existing valuations of comparable public companies.

Our Outlook – A Net Zero Carbon World

This is our new platform for growth. We will innovate and commercialize technologies that contribute to global decarbonization and net zero circularity by efficiently converting natural resources, including wasted and unused materials, into valuable renewable energy products that shift supply chains away from and reduce reliance on fossil fuels. We will also lead and support the adoption and growth of a balanced net zero ecosystem based on the feedstocks unlocked by our technologies, with powerful embedded economic incentives for our clients, their industries, and the populations they serve to decarbonize.

We will rapidly 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 complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. Our goal is to generate over $16 billion in revenue on an annualized basis by 2030, by producing and selling renewable energy products that enable us, our clients, and their downstream stakeholders to reduce greenhouse gas emissions by at least 100 million metric tons per year. Meeting that objective would offset more than 234 million barrels per year of fossil fuel, or about 6% of the U.S. transportation burn, and require an estimated 8% of the existing biomass residues produced annually in the U.S.

Such scales are achievable by tapping into and leveraging existing infrastructure. Our expanded team has extensive experience in the renewable fuels industry, having designed and built several dozen renewable fuel production facilities in the U.S. Notably, our team invented and commercialized pioneering processes used by more than 95% of the U.S. corn ethanol industry to produce distillers corn oil, a value-added feedstock that offsets more than 20 million barrels of fossil fuel per year and has played a disruptive role in the growth and development of the renewable fuels industry.

We have already made remarkable progress. We are currently building commercial pilot scale cellulosic fuels and LIB facilities, and we are preparing to commence operations at our full-scale LIB recycling facility later this year. We have also made significant strides in developing and establishing our new facilities and forging new revenue and licensing streams that we will soon share. We have also made meaningful progress and will complete the monetization of our non-strategic assets, as quickly as possible, while funding our new businesses and limiting our focus to the objectives outlined above.

The Comstock Lode’s history of relentless grit and innovation and pioneering and prospecting against all odds will always be part of our identity. Moving forward, we will drop the word “mining” from our name and rebrand the company as “Comstock” to reflect our new mission of enabling systemic decarbonization. Additional information in that regard will be made available in the coming weeks as we launch our new website and file our Form 10-K for our fiscal year ended December 31, 2021.

We look forward to our next communication and seeing those of you that can attend this year’s Annual General Meeting, on May 26, 2022, where we plan on showcasing our renewable energy businesses, employees, and partners, including the results of our business plans, schedules, and near-term revenues. Until then, thank you for your continued interest and support.

Kindest regards,
Corrado De Gasperis
Executive Chairman and Chief Executive Officer
Comstock Mining Inc.

About Comstock Mining Inc.

Comstock Mining Inc. (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by shifting the consumption patterns of industries and populations. The Company’s technologies are designed to do so by efficiently converting wasted and unused natural resources into valuable renewable energy products, which the Company intends to use to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral natural resource 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.comstockmining.com.

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future changes in our research and development; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in reports that we file with the Securities and Exchange Commission, including Item 1A, “Risk Factors” in our most recently-filed Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q, and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither this press release nor any related call or discussion constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.

Defense Metals Corp. Drills 2.50% Total Rare Earth Oxide Over 176 Metres; Including 6.14% Over 20 Metres From Surface at Wicheeda

News, and Market Data on Defense Metals

News Release – Vancouver, British Columbia –March 10, 2022:Defense Metals Corp. (“Defense Metals” or the “Company”) (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce results for an additional four diamond drill holes totalling 615 metres from the Company’s 29 hole, 5,349 metre diamond drill program completed during fall 2021. Drill holes WI21-45 through WI21-48 were collared from the same site and within the northern area of the Wicheeda Rare Earth Element (REE) deposit.

Drill hole WI21-48 returned 2.50% TREO (total rare earth oxide) over 176 metres; including 6.14% TREO over 20 metres from surface[1]. The drill hole terminated on the east side of the deposit 30 metres beyond the mineral resource block model.

The Company continues to receive additional assay results from the 2021 Wicheeda REE Deposit resource expansion and delineation campaign that will be released in the next days and weeks.

Luisa Moreno, President, and Director of Defense Metals commented: “Drilling within the north central area of the Wicheeda Deposit has returned some of our most significant intercepts of REE mineralization on a grade X width basis in WI21-48 while also yielding some of the highest grade REE mineralization to date near surface.”

Delineation drill holes WI21-45 (-75^o dip / 240^o azimuth) and WI21-47 (-45^o dip / 145^o azimuth) established the northwest margin of the Wicheeda Deposit in the near surface intercepting mixed syenite and xenolithic carbonatite rocks above resource cut-off grade averaging 1.46% TREO over 116 metres; including 2.27% TREO over 42 metres¹; and 0.58% TREO over 81 metres¹, respectively (Table 1 and Figure 1).

Infill drill holes WI21-46 (-50^o dip / 190^o azimuth) and WI21-48 (-60^o dip / 280^o azimuth) targeting the north central area of the depositboth yielded broad REE mineralized dolomite carbonatite interceptsconsistent with nearby drill holes. WI21-46 drilling southwest and exiting the interpreted structural footwall of the deposit returned 1.66% TREO over 116 metres; including 2.27% TREO over 42 metres, and 2.32% TREO over 18 metres¹. Drilling southeast WI21-48 returned 2.50% TREO over 176 metres; including 6.14% TREO over 20 metres¹from surface (Figure 2).

Table 1. Wicheeda REE Deposit 2021 Diamond Drill Intercepts

[1] The true width of REE mineralization is estimated to be 70-100% of the drilled interval.

[2]TREO % sum of CeO₂, La₂O₃, Nd₂O₃, Pr₆O₁₁, Sm₂O₃, Eu₂O₃, Gd₂O₃, Tb₄O₇, Dy₂O₃ and Ho₂O₃.

Figure 1. Drill Section Holes WI21-45, WI21-47, and WI21-48

Figure 2. Drill Section Holes WI21-38, WI21-40, and WI21-46

About the Wicheeda REE Property

The 100% owned 2,008-hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN railway, and major highways.

The Wicheeda REE Project yielded a robust 2021 PEA that demonstrated an after-tax net present value (NPV@8%) of $517 million, and 18% IRR[1]. A unique advantage of the Wicheeda REE Project is the production of a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in year 1 and payback of $440 million initial capital within 5 years.

Methodology and QA/QC

The analytical work reported on herein was performed by ALS Canada Ltd. (ALS) at Langley (sample preparation) and Vancouver (ICP-MS fusion), B.C. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory and is independent of the Defense Metals and the QP. Drill core samples were subject to crushing at a minimum of 70% passing 2 mm, followed by pulverizing of a 250-gram split to 85% passing 75 microns. A 0.1-gram sample pulp was then subject to multi-element ICP-MS analysis via lithium-borate fusion to determine individual REE content (ME-MS81h). Defense Metals follows industry standard procedures for the work carried out on the Wicheeda Project, with a quality assurance/quality control (QA/QC) program. Blank, duplicate, and standard samples were inserted into the sample sequence sent to the laboratory for analysis. Defense Metals detected no significant QA/QC issues during review of the data.

Qualified Person

The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the sampling, analytical and test data underlying the information and opinions contained therein.  

About Defense Metals Corp.

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

For further information, please contact:

Todd Hanas, Bluesky Corporate Communications Ltd.

Vice President, Investor Relations

Tel: (778) 994 8072

Email: todd@blueskycorp.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains “forward?looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to advancing the Wicheeda REE Project, drill results including anticipated timeline of such results/assays, the Company’s plans for its Wicheeda REE Project, expanded resource and scale of expanded resource, expected results and outcomes, the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth elements, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees, consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward?looking statements or forward?looking information, except as required by law.

[1] Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.’s Issuer Profile on SEDAR (www.sedar.com).

Comstock Releases Shareholder Letter

Research, News, and Market Data on Comstock Mining

Company’s Cellulosic Fuels Technologies Unlock Massive New Feedstock Model for Net Zero Energy Independence

VIRGINIA CITY, NEVADA, MARCH 10, 2022 – Comstock Mining Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that its executive chairman and chief executive officer issued the following shareholder letter.

Dear Shareholders:

On behalf of our Board of Directors, our employees, and partners, we thank each of you for participating in a pivotal year for Comstock, in which we completed a series of strategic transactions that acquired intellectual property, management, employees, and the facilities needed to transform our business and establish a platform of breakthrough renewable energy products. We have aligned on a precise goal, and we are eager to summarize our business plans and our outlook for you, here and now.

The Comstock

The Comstock Lode is one of world’s most important mineral discoveries. It has a rich history, steeped in grit and innovation. Its pioneers innovated new technologies and mined over $20 billion in gold and silver (in today’s dollars), infusing extraordinary wealth into America’s burgeoning economy at the dawn of the industrial revolution. We have been proud to inherit and contribute to that legacy throughout our own history, as we enabled an unprecedented consolidation and operation of the historic Comstock Lode mining district, including 10-square miles of land with many miles of known mineral claims and exploration targets. We mined and produced about 60,000 ounces of gold and 735,000 ounces of silver from just one of those targets between 2012 and 2016. We believe that far more remains, a bonanza with billions of dollars of gold and silver, unavailable to the century-old mining practices of our predecessors. Our strategic partners are working to unlock that value.

Accordingly, we shifted our focus during 2020 and 2021 to new investments in renewable energy, where we have differentiated technology and core competencies, while monetizing our non-strategic assets. Our objectives are to maximize the value from our mineral estate while introducing breakthrough, decarbonizing lines of business with the capacity for rapid growth.

Enabling Systemic Decarbonization – Cellulosic Fuels

Renewable fuels provide a critical pathway for decarbonization, however, most current forms of renewable fuel draw from the same pool of conventional feedstocks, including corn and various vegetable oils in the U.S., and the entire universe of those feedstocks only represents a tiny fraction of the global motor fuel burn. Further, the lifecycle carbon benefits of growing, harvesting, and using conventional feedstocks are extremely limited, even in comparison to fossil fuels. Any plan to meaningfully decarbonize using renewable fuels must involve abundant and available feedstocks that no one else is using today.

Our renewable fuels division, Comstock Fuels, acquired a portfolio of pioneering technologies that resolve conventional feedstock limitations by efficiently converting wasted, unused, widely available, and rapidly replenishable woody biomass into advanced cellulosic fuels.  These technologies unlock vast quantities of historically unused and underutilized feedstocks with enough renewable carbon to permanently offset billions of tons of fossil fuel emissions.

According to the U.S. Department of Energy, America can produce upwards of one billion tons per year of biomass feedstock for renewable fuels. That’s enough to produce 1.7 billion barrels of carbon neutral fuels with our technologies, or more than a third of the U.S. transportation demand.  In addition, more than 27% of American soil, or about 540 million acres, is comprised of forestland that was previously more than twice as large, before being clear cut for less productive uses. Those under-utilized resources could be restored and used to sustainably grow, harvest, and replant billions of tons of fast-growing trees and energy crops for conversion into billions of barrels of renewable fuels with our technologies. The combined output could exceed 50% of America’s current annual output of fossil crude, and it’s 100% renewable. Canada has even more. It’s the equivalent of an oil well that will never run dry, a bonanza hidden in plain sight, and our technologies are effectively the drill.

Enabling Systemic Decarbonization – Electrification Products

Electrification and continued advancements in energy storage are vitally necessary to reduce reliance on fossil fuels while shifting to and increasing use of renewable fuels. Our 90% owned lithium-ion battery (“LIB”) recycling business, LiNiCo Corporation (“LiNiCo”), holds the rights to a portfolio of innovative processes that efficiently crush and separate LIBs, extract lithium, nickel, cobalt, and graphite, and reuse the recovered metals to produce 99% pure cathode active precursor products. Collectively, these technologies give LiNiCo, and its existing 137,000 square foot battery metal recycling facility, differentiating competitive advantages, including the ability to process upwards of 100,000 tons of LIB and related feedstocks per year into an array of electrification products, including lithium, nickel, cobalt, graphite, and cathode materials.

According to International Energy Agency (“IEA”), there were more than 10 million electric vehicles (“EVs”) on the road in 2020, with new EV registrations increasing by 41% over 2019 and another 140% during the first quarter of 2021. Meeting the increased EV demand is estimated to require about five times more lithium carbonate equivalent (“LCE”) than the entire lithium mining industry produces today. Miners and manufacturers can scale up to meet that demand, however, according to a January 2021 USGS mineral commodity summary, there are only about 86 million tons of identified lithium reserves worldwide, and LIBs are typically landfilled after eight to ten years of use. Our technologies meet the realities of that demand by enabling profitability at the earliest stages of production, thereby positioning our LIB recycling business to contribute billions to our enterprise value from LiNiCo based on existing valuations of comparable public companies.

Our Outlook – A Net Zero Carbon World

This is our new platform for growth. We will innovate and commercialize technologies that contribute to global decarbonization and net zero circularity by efficiently converting natural resources, including wasted and unused materials, into valuable renewable energy products that shift supply chains away from and reduce reliance on fossil fuels. We will also lead and support the adoption and growth of a balanced net zero ecosystem based on the feedstocks unlocked by our technologies, with powerful embedded economic incentives for our clients, their industries, and the populations they serve to decarbonize.

We will rapidly 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 complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. Our goal is to generate over $16 billion in revenue on an annualized basis by 2030, by producing and selling renewable energy products that enable us, our clients, and their downstream stakeholders to reduce greenhouse gas emissions by at least 100 million metric tons per year. Meeting that objective would offset more than 234 million barrels per year of fossil fuel, or about 6% of the U.S. transportation burn, and require an estimated 8% of the existing biomass residues produced annually in the U.S.

Such scales are achievable by tapping into and leveraging existing infrastructure. Our expanded team has extensive experience in the renewable fuels industry, having designed and built several dozen renewable fuel production facilities in the U.S. Notably, our team invented and commercialized pioneering processes used by more than 95% of the U.S. corn ethanol industry to produce distillers corn oil, a value-added feedstock that offsets more than 20 million barrels of fossil fuel per year and has played a disruptive role in the growth and development of the renewable fuels industry.

We have already made remarkable progress. We are currently building commercial pilot scale cellulosic fuels and LIB facilities, and we are preparing to commence operations at our full-scale LIB recycling facility later this year. We have also made significant strides in developing and establishing our new facilities and forging new revenue and licensing streams that we will soon share. We have also made meaningful progress and will complete the monetization of our non-strategic assets, as quickly as possible, while funding our new businesses and limiting our focus to the objectives outlined above.

The Comstock Lode’s history of relentless grit and innovation and pioneering and prospecting against all odds will always be part of our identity. Moving forward, we will drop the word “mining” from our name and rebrand the company as “Comstock” to reflect our new mission of enabling systemic decarbonization. Additional information in that regard will be made available in the coming weeks as we launch our new website and file our Form 10-K for our fiscal year ended December 31, 2021.

We look forward to our next communication and seeing those of you that can attend this year’s Annual General Meeting, on May 26, 2022, where we plan on showcasing our renewable energy businesses, employees, and partners, including the results of our business plans, schedules, and near-term revenues. Until then, thank you for your continued interest and support.

Kindest regards,
Corrado De Gasperis
Executive Chairman and Chief Executive Officer
Comstock Mining Inc.

About Comstock Mining Inc.

Comstock Mining Inc. (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by shifting the consumption patterns of industries and populations. The Company’s technologies are designed to do so by efficiently converting wasted and unused natural resources into valuable renewable energy products, which the Company intends to use to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral natural resource 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.comstockmining.com.

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future changes in our research and development; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in reports that we file with the Securities and Exchange Commission, including Item 1A, “Risk Factors” in our most recently-filed Annual Report on Form 10-K and/or Quarterly Report on Form 10-Q, and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Neither this press release nor any related call or discussion constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund or any other issuer.