Comstock Acquires Renewable Process Solutions
VIRGINIA CITY, Nev., June 22, 2021 (GLOBE NEWSWIRE) — Comstock Mining Inc. (NYSE: LODE) (“Comstock” or the “Company”) today announced the acquisition of 100% of the equity of Renewable Process Solutions, Inc. (“RPS”), an advanced process engineering and renewable technology development company, in exchange for 1,000,000 restricted shares in the Company’s common stock, valuing the transaction at approximately $3.5 million.
RPS and/or Mr. Bobbili have designed and built 21 advanced renewable fuels production facilities since 2006, and RPS currently provides engineering, procurement, and construction (“EPC”) services for the renewable metals, mining, petrochemical, and fuels industries. RPS also provides advanced equipment manufacturing services through its affiliated manufacturing facilities in the United States and India, at consistently superior qualities and rates.
LINICO Corporation (“LiNiCo”), Comstock’s investment in lithium-ion battery (“LIB”) recycling, has currently engaged RPS for the design and construction of critical renewable processes, including crushing, separating and lithium extraction technologies for LiNiCo’s new, state-of-the-art LIB recycling manufacturing facility at 2500 Peru Drive, in the Tahoe Reno Industrial Center, in Storey County, Nevada.
“Almost instantaneously, RPS President & CEO Rahul Bobbili and his network of engineering and advanced manufacturing experts integrated themselves into the LiNiCo team, enhancing designs, ensuring quality, reducing capital requirements and shortening lead times,” stated Corrado De Gasperis, Comstock’s Executive Chairman and Chief Executive Officer. “As the RPS engineers began developing breakthrough lithium extraction and recycling processes for us in real time, with their existing know-how, we also recognized compelling applications and synergies across our existing and planned new lines of business.”
In addition to the acquisition, Mr. Bobbili, as Chief Process Engineer, will oversee and direct all EPC processes for LiNiCo. LiNiCo has commenced ordering crushing and separation equipment, for deliveries during the fourth quarter of 2021 and the first quarter of 2022, on plan, for commencement of production of black mass and lithium carbonate in the first and second quarters of 2022, respectively. LiNiCo’s main processing permit application is expected to be filed this month.
“We see LIBs as a potent source of industrial ore, and as with any ore, we need the right team, technology, and infrastructure to mine and process it,” continued Mr. De Gasperis. “We are very excited to complete this transaction, expand our capacity and add both the new recycling technologies that RPS has and is developing, and most especially, adding Rahul to our senior team.”
About 500,000 tons of expired LIBs with upwards of $921 million in strategic metals are landfilled annually today. A recent report by Yole Développement estimated annual growth to more than 9 million tons and $26 billion by 2040.
Mr. De Gasperis concluded, “Rahul’s capacity for designing, procuring and commissioning innovative, environmentally and economically-focused engineering solutions, with exceptional environmental, health and safety track records, places him and his teams at the forefront of our senior ESG leadership team.”
About Comstock Mining Inc.
Comstock (NYSE: LODE) is an emerging leader in the sustainable extraction, valorization, and production of innovation-based, clean, renewable natural resources, with a focus on high-value, cash-generating, strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products. To learn more, please visit www.comstockmining.com.
Comstock is also set to join the Russell Microcap Index at the conclusion of the 2021 Russell indexes annual reconstitution, effective after the US market opens on June 28, according to a preliminary list of additions posted June 4, 2021. Membership in the Russell Microcap® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
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: consummation of all pending transactions; project, asset or Company valuations; future industry market conditions; future explorations, acquisitions, investments and asset sales; future performance of and closings under various agreements; future changes in our exploration activities; future estimated mineral resources; future prices and sales of, and demand for, our products; future impacts of land entitlements and uses; future permitting activities and needs therefor; future production capacity and operations; future operating and overhead costs; future capital expenditures and their impact on us; future impacts of operational and management changes (including changes in the board of directors); future changes in business strategies, planning and tactics and impacts of recent or future changes; 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; the nature and timing of and accounting for restructuring charges and derivative liabilities and the impact thereof; contingencies; future environmental compliance and changes in the regulatory environment; future offerings of equity or debt securities; asset sales and associated costs; future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, 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 our filings with the SEC and the following: counterparty risks; capital markets’ valuation and pricing risks; adverse effects of climate changes or natural disasters; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mining activities; contests over title to properties; potential dilution to our stockholders from our stock issuances and 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 businesses; permitting constraints or delays; decisions regarding business opportunities that may be presented to, or pursued by, us or others; the impact of, or the non-performance by parties under agreements relating to, acquisitions, joint ventures, strategic alliances, business combinations, asset sales, leases, options and investments to which we may be party; changes in the United States or other monetary or fiscal policies or regulations; interruptions in production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, cyanide, water, diesel fuel and electricity); changes in generally accepted accounting principles; adverse effects of terrorism and geopolitical events; potential inability to implement 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 or others; assertion of claims, lawsuits and proceedings; 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 SEC; potential inability to list our securities on any securities exchange or market; inability to 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 calls or discussions 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.
| Contact information: |
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Comstock Mining Inc.
P.O. Box 1118
Virginia City, NV 89440
ComstockMining.com |
Corrado De Gasperis
Executive Chairman & CEO
Tel (775) 847-4755
[email protected] |
Zach Spencer
Director of External Relations
Tel (775) 847-5272 Ext.151
[email protected] |
