Basic Materials Archives

Trump’s 25% Steel and Aluminum Tariffs: Winners, Losers, and Industry Impact

Posted on February 10, 2025February 10, 2025 by slightbourne@noblecapitalmarkets.com

Key Points:
– New 25% tariffs on steel and aluminum imports could shake up global metal markets
– U.S. steel producers’ stocks surge while manufacturing sector faces cost pressures
– Asian exporters and Canadian suppliers brace for significant market disruption

President Trump’s announcement of new 25% tariffs on steel and aluminum imports marks a significant shift in U.S. trade policy that’s already reverberating through global markets. The policy, which would add to existing duties, comes at a time when U.S. steel imports have declined 35% over the past decade, while aluminum imports have risen 14% during the same period.

The impact on domestic steel producers is expected to be notably positive, with major players like Nucor and U.S. Steel well-positioned to benefit from reduced foreign competition. Industry analyst James Campbell of CRU notes that while initial market reactions might show some volatility, the long-term outlook for domestic producers appears strong. “We’re seeing a clear pattern where these trade policies typically drive increased domestic investment in production capacity,” Campbell explains.

However, the manufacturing sector faces more complex challenges ahead. The automotive industry, in particular, may experience significant cost pressures. Industry experts estimate that the new tariffs could add between $300 and $500 to the production cost of each vehicle. This puts automakers in the difficult position of either absorbing these additional costs or passing them on to consumers, potentially affecting demand in an already competitive market.

The construction sector is also preparing for adjustments as material costs are expected to rise. Major infrastructure projects and commercial real estate developments may need to revise their budgets and timelines. Industry analysts project potential increases of 15-20% in structural steel costs, which could significantly impact project feasibility and financing structures.

International markets are already responding to the news. Vietnamese exporters, who saw a 140% increase in U.S. shipments last year, face particular challenges. Canadian suppliers, traditionally the largest exporters to the U.S., may need to explore alternative markets. However, some companies appear better prepared for the change. German industrial giant Thyssenkrupp, for instance, expects minimal impact due to its strategic decision to maintain significant local manufacturing presence in the U.S.

For investors, the changing landscape presents both opportunities and risks. While domestic steel producers are likely to see immediate benefits, the broader market implications require careful consideration. Companies with strong pricing power and established market positions may weather the transition more effectively than those operating on thinner margins.

The $49 billion metal import market is entering a period of significant transformation. Smart investors are watching for opportunities in companies with efficient cost management systems and strong domestic production capabilities. However, market veterans emphasize the importance of maintaining a balanced approach, considering both immediate market reactions and longer-term structural changes in the industry.

Looking ahead, the implementation timeline remains unclear, adding another layer of complexity to market calculations. Companies and investors alike are advised to prepare for a period of adjustment as the market fully processes these changes and establishes new equilibrium points.

The tariffs represent more than just a policy change; they signal a potential reshaping of global metal trade dynamics. As markets adapt to these new conditions, the full impact on various sectors will become clearer, but one thing is certain: the metal industry landscape is entering a new phase that will require careful navigation by all stakeholders.

Release – LODE: Comstock Fuels Approved for $152 Million Allocation for Oklahoma Qualified Private Activity Bonds

Posted on February 4, 2025February 4, 2025 by dburczyk@noblecapitalmarkets.com

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OKLAHOMA CITY, OKLAHOMA – FEBRUARY 4, 2025 – Comstock Inc. (NYSE: LODE) today announced that its subsidiary, Comstock Fuels Corporation (“Comstock Fuels”), was approved by the Oklahoma State Treasurer’s Office to issue up to $152 million in qualified private activity bonds.

This allocation of up to $152 million in Qualified Private Activity Bonds that can be issued by Comstock Fuels represents a major achievement in Comstock Fuels’ plans for financing and building its first 400,000 barrel per year commercial demonstration facility in a soon-to-be-selected site in Oklahoma.

This overall approval by the Oklahoma State Treasurer’s Office comes under the Oklahoma Private Activity Bond Allocation Act and would consist of allocations from the Oklahoma Economic Development Pool, the Oklahoma Exempt Facilities Pool, and the Oklahoma Carryforward Pool. The Oklahoma Development Finance Authority (“ODFA”) sponsored this bond allocation to support the State’s essential infrastructure projects with Comstock’s first Oklahoma commercial biorefining facility.

“This allocation is a foundational component of our overall capital and financing plans for Comstock Fuels, including funding each of our planned Bioleum™ Refineries in the U.S. with dedicated project financing,” said Chad Michael Black, Director of Business Development at Comstock Fuels. “Oklahoma has taken a leadership role in accelerating advanced domestic energy solutions and the support from the State Treasurer’s Office and the ODFA underscores our strong alignment with Oklahoma for developing, deploying and operating diverse, scalable and essential energy infrastructure for our communities.”

“We are rapidly achieving the critical prerequisites for securing the project financing needed to build our first commercial demonstration facility, with over $150 million of that objective supported by Oklahoma’s tax-efficient, municipal revenue bond allocation, $3 million in direct Oklahoma-based grants, and a growing group of strategic investors,” stated Corrado De Gasperis, Executive Chairman of Comstock and Comstock Fuels. “We’re also close to selecting an investment banking partner to facilitate the bond placement and underwriting. We’re thrilled to receive such strong support from Oklahoma as we integrate feedstock, site infrastructure, and offtake into a whole new standard for domestic energy production.”

Private activity bonds under the Internal Revenue Code (the “Code”) are described generally as any bond: (1) of which more than 10% of the proceeds is to be used in a trade or business of any person or persons other than a governmental unit or which is to be directly or indirectly repaid, or secured by revenues from a private trade or business; and (2) in which an amount exceeding the lesser of 5% or $5 million of the proceeds is to be used for loans to any person or persons other than a governmental unit.

The Federal Tax Reform Act of 1986 established limits on the volume of private activity bonds that may be issued in a state during any calendar year. To ensure compliance with federal law, the Oklahoma legislature passed the Oklahoma Private Activity Bond Allocation Act.

Most private activity bonds must be sold on a taxable basis. However, the Code grants exceptions when certain bonds can be sold on a tax-exempt basis (“Qualified Private Activity Bonds”). Such bonds, with certain exceptions, are subject to the federal alternative minimum tax. The Code also imposes a limitation on the amount of Qualified Private Activity Bonds which may be issued by a state in any calendar year.

About Comstock Fuels Corporation

Comstock Fuels Corporation (“Comstock Fuels”) delivers advanced lignocellulosic biomass refining solutions that set industry benchmarks for production of cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel (“SAF”), and other renewable Bioleum™ fuels, with extremely low carbon intensity scores of 15 and market-leading yields of up to 140 gallons per dry metric ton of feedstock (on a gasoline gallon equivalent basis, or “GGE”), depending on feedstock, site conditions, and other process parameters. Comstock Fuels additionally holds the exclusive rights to intellectual properties developed by Hexas Biomass Inc. (“Hexas”) for production of purpose grown energy crops in liquid fuels applications with proven yields exceeding 25 to 30 dry metric tons per acre per year. The combination of Comstock Fuels’ high yield Bioleum refining platform and Hexas’ high yield energy crops allows for the production of enough feedstock to produce upwards of 100 barrels of fuel per acre per year, effectively transforming marginal agricultural lands with regenerative practices into perpetual “drop-in sedimentary oilfields” with the potential to dramatically boost regional energy security and rural economies.

Comstock Fuels plans to contribute to domestic energy dominance by directly building, owning, and operating a network of Bioleum Refineries in the U.S. to produce about 200 million barrels of renewable fuel per year by 2035, starting with its planned first 400,000 barrel per year commercial demonstration facility in Oklahoma. Comstock Fuels also licenses its advanced feedstock and refining solutions to third parties for additional production in the U.S. and global markets, including several recently announced and other pending projects. To learn more, please visit www.comstockfuels.com.

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that are deployable across entire industries to contribute to energy abundance by efficiently extracting and converting under-utilized natural resources, such as waste and other forms of woody biomass into renewable fuels, and end-of-life electronics into recovered electrification metals. Comstock’s innovations group is also developing and using artificial intelligence technologies for advanced materials development and mineral discovery for sustainable mining. To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its Twitter, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

For media inquiries or questions:
Colby Korsun
Comstock Fuels Corporation
fuels@comstockinc.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 market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future financial, natural, and social gains; 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 and asset 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; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. 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: 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, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other 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 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; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; 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 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.

Release – LODE: Comstock Fuels and SACL Executed Definitive Commercial Agreements

Posted on January 31, 2025January 31, 2025 by dburczyk@noblecapitalmarkets.com

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Expands Licensing Agreement into Malaysia for SAF and Other Renewable Fuels

OKLAHOMA CITY, OKLAHOMA – JANUARY 30, 2025 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the execution of definitive agreements between Comstock Fuels Corporation (“Comstock Fuels”) and SACL Pte. Limited (“SACL”), a Singapore-based renewable fuel project developer, under which Comstock Fuels and SACL signed an exclusive marketing agreement for Comstock Fuels’ advanced lignocellulosic biomass refining processes in Australia, New Zealand, Vietnam and Malaysia. The definitive agreements finalized all documentation and increase SACL’s territory to facilitate the financing, construction, and operation of additional SACL’s sites in Malaysia, adding to the four existing sites currently under development in Australia and Vietnam, now totaling over 400 million gallons of renewable fuel per dry metric ton of feedstock (on a gasoline gallon equivalent basis, or “GGE”).

Early Adopter License Terms

SACL and its stakeholders previously identified four qualified sites for the construction of four Bioleum^TM Refineries based on Comstock Fuels’ industry leading yields and decarbonizing impact, including (1) a 250,000 metric ton per year (“MTPY”) refinery located at Myamyn, near Portland, Victoria, Australia, (2) a 250,000 MTPY refinery located near Moree, New South Wales, Australia, (3) a 750,000 MTPY refinery located near Mackay, Queensland, Australia, and (4) a 750,000 MTPY Bioleum Refinery in Quang Tri Province, Vietnam. SACL also has sites under negotiations in New Zealand and Malaysia.

Under the terms of Comstock Fuels’ agreement with SACL, Comstock Fuels will contribute site specific technology rights in exchange for a 20% equity stake in each Bioleum Refinery, plus a royalty fee equal to 6% of each refinery’s sales of licensed products, and engineering fees equal to 6% of total construction costs. At least one of the Bioleum Refineries will initially start with a capacity of 75,000 MTPY prior to scaling-up to 250,000 MTPY or more, with early adopter royalty fees of 3% of sales and engineering fees equal to 3% of construction costs until scaling-up to 250,000 MTPY, with an initial upfront payment of $2,500,000 payable upon execution of each applicable site-specific license agreement for each refinery.

The four planned Bioleum Refineries will have an estimated total construction cost of over $4.0 billion and produce approximately 280 million gallons per year of gasoline, sustainable aviation fuel, and other renewable fuels from lignocellulosic biomass (on a gasoline gallon equivalent basis, or GGE), and about another 180 million GGE from vegetable oils, with over $3.0 billion per year in sales at current prices.

Best-in-Class Yield and Carbon Intensity

Comstock Fuels offers advanced lignocellulosic biomass refining solutions that produce market-leading yields of cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel, and other renewable fuels at extremely low carbon intensities. The Comstock Fuels process generally involves: (1) digestion and fractionation of lignocellulosic biomass, (2) bioconversion of cellulose into Cellulosic Ethanol, (3) esterification of lignin and other derivatives into Bioleum Oil, (4) hydrodeoxygenation of Bioleum Oil into Hydrodeoxygenated Bioleum Oil, (5) refining of these extremely low carbon oils and fuels into ASTM compliant renewable fuels, and (6) gas-to-liquids emissions capture and fuel conversion. The first five of these processes are proven to produce up to 125 GGEs per dry metric ton of feedstock on a gasoline gallon equivalent basis, depending on feedstock, lignin content, site conditions, and other process parameters, with extremely low carbon intensity scores of 15.

Wide Open Market, Unprecedented Results

“Comstock Fuels’ breakthrough yields unlock an abundant, available and efficient feedstock source that enables extraordinary new opportunities for renewable fuels project developers, especially given the ongoing global surge in demand for sustainable aviation fuel,” said Garry Millar, SACL’s founder and director. “Comstock’s process uses reliable, available equipment and standard refining processes to convert woody and woody-like biomass, such as purpose grown eucalyptus and Hexas’ XanoGrass™ into renewable intermediates and fuels that leverage existing supply chains. We are pleased to have these definitive agreements completed, including the expansion into Malaysia, and we are looking forward to working with David and the expanded local team to develop our growing portfolio of projects.”

“SACL’s team has continued advancing and expanding their projects, and I look forward to meeting with Garry next week in Australia, as we collaborate and advance all of our mutual objectives in Asia,” stated David Winsness, president of Comstock Fuels. “The prospective site in New Zealand is truly outstanding.”

Comstock Fuels is concurrently executing on its own plans to build, own, and operate the first 75,000 MTPY demonstration scale facility in Oklahoma, followed by three additional 75,000 MTPY facilities, each of which would then be scaled-up to 1,000,000 MTPY commercial scale Bioleum refineries. Collectively, the first four planned U.S. facilities will produce more than 920 million GGE per year of renewable fuels, including about 560 million GGE from woody and woody-like biomass and another 360 million GGE from vegetable oils. Between SACL and our initial plans alone, Comstock Fuels is planning for over 1.38 billion GGE per year of initial renewable fuel production before considering all other licensees and projects in the commercial development pipeline.

About SACL Pte. Limited

SACL is a Singapore-based project development and management company that intends to develop renewable energy projects in Australia, New Zealand, and Vietnam. To learn more, please visit www.saclimited.com.

About Comstock Fuels Corporation

About Comstock Inc.

Comstock Social Media Policy

Contacts

For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

For media inquiries or questions:
Colby Korsun
Comstock Fuels Corporation
fuels@comstockinc.com

Forward-Looking Statements

Release – Aurania Commissions Environmental Impact Study in Corsica

Posted on January 30, 2025January 30, 2025 by dburczyk@noblecapitalmarkets.com

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Toronto, Ontario–(Newsfile Corp. – January 29, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces that its subsidiary company, Corsica Ressources, has commissioned a French environmental engineering firm to undertake an environmental impact study at Nonza and Albo beaches in Corsica. The study commenced in early January by a bibliographic review, currently in progress.

The impact study is one part of the nickel beach placer project at the Nonza and Albo beaches. The goal of the study is to assess the terrestrial and marine environments of the beaches, identify any potential impact of the Company’s proposed activities, and identify and propose solutions to eliminate or mitigate them if necessary. Corsica Ressources is keen to develop this project whilst ensuring appropriate measures are taken to preserve the original status of the environment and the local population. This objective is facilitated by the unique nature of the beaches themselves.

During the operation of the Canari mine (1948-1965), waste rock was discharged into the sea. Over time, this material migrated to the areas of Albo and Nonza, resulting in a globally unique situation.

Albo and Nonza beaches are artificially created beaches composed of serpentinite debris and black sand, which contain high concentrations of magnetite and awaruite. Awaruite (Ni₃Fe) is a nickel-rich magnetic mineral found in meteorites and certain serpentinite formations. See link to October 3, 2024 press release announcing the opportunity/discovery of the nickel-rich beach sands.

Aurania’s Chairman, CEO, and President, Dr. Keith Barron, commented, “Europe needs responsible sources of key metals for its energy transition. Corsica can play a vital role in this transition without compromising its environment or identity. This innovative project, extracting nickel without chemicals, not only preserves the beauty of the beaches in Corsica but also ensures that local communities benefit economically. Aurania and its subsidiary, Corsica Ressources are fully committed to a development model that respects both nature and the people who depend on it.”

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2477/238933_4b593e78442a5aa0_001.jpg

Figure 1: The beaches are composed mainly of serpentinite in the form of pebbles, gravel and sand (left photo). The magnetic fraction of the sand from Albo and Nonza contains awaruite, a high-grade nickel-containing mineral (right photo).

Because awaruite is magnetic, it can be extracted simply using a magnet and, in this form, it is the only nickel mineral found in the world that can be recovered without the use of chemicals. Corsica Ressources plans to extract the sand underwater using a suction dredge, and then separate the magnetic fraction with an electromagnet, leaving the non-magnetic sand and pebbles on the beach to ensure the natural preservation of the beaches. It must be emphasized that tests have shown that 98% of the awaruite is contained in the size fraction of less than 1 mm. The screening process being proposed at Nonza and Albo will return all sand material that is non-magnetic and greater than 1 mm back to the beach. There is only interest in the magnetic fraction of less than 1 mm in particle size. It has been erroneously reported that the Company will crush and process serpentinite pebbles. All pebbles will be rejected untouched in the plant and placed back on the beaches.

The entire process will take place underwater, preventing the dispersion of any residual material into the air. To eliminate any potential disruption on local roads, the Company plans to transport the extracted magnetic product by sea using barges This material will contain circa 40% Ni and be suitable for furnace feed for any of the seven stainless steel producers in France. However, the laboratory has established the feasibility to separate the material further into a nominally pure awaruite concentrate using flotation technology. It can then be synthesized into battery-grade nickel sulphate for the manufacture of EV batteries. If it is considered appropriate and economically feasible, the magnetic concentrate produced at Nonza will be shipped by barge to a remote warehouse facility for further processing.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/2477/238933_4b593e78442a5aa0_002.jpg

Figure 2: The extraction of awaruite will be carried out by inexpensive and non-polluting mechanical and physical methods.

Environmental protection and preservation are key aspects of the project. Corsica Ressources also aims to consider local communities by preserving tourism activities by working only in off season and ensuring that local populations benefit from the project. These topics were discussed with local stakeholders well before announcing the intentions of the project in October 2024. Together, the Company has worked to secure an agreement with officials in Paris to ensure that any royalties would be distributed locally. Corsica Ressources continues to meet with local stakeholders to address concerns and find appropriate solutions to ensure that the project benefits everyone. When the results of the impact study are known, Corsica Ressources will organize information for stakeholders and the population.

Update on Activities in Ecuador

The IP geophysical survey at the Company’s Kuri-Yawi gold target was completed in late 2024. The purpose of the survey is to define targets for a drill program. The final report from GexplOre is pending and as soon as the final report is received, Aurania’s geologists will work to complete their review and interpretation of the data. Key findings are expected to be published next month (February).

About Aurania

Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes mountain range of southeastern Ecuador.

Information on Aurania and technical reports are available at www.aurania.com and www.sedarplus.ca, as well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd, and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.

For further information, please contact:

Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

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 release.

Forward-Looking Statements

This news release contains forward-looking information as such term is defined in applicable securities laws, which relate to future events or future performance and reflect management’s current expectations and assumptions. The forward-looking information includes Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the tonnage and grade of mineralization which has the potential for economic extraction and processing, the merits and effectiveness of known process and recovery methods, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations, the Company’s teams being on track ahead of any drill program, the commencement of any drill program and estimates of market conditions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to Aurania, including the assumption that, there will be no material adverse change in metal prices, all necessary consents, licenses, permits and approvals will be obtained, including various local government licenses and the market. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. Risk factors that could cause actual results to differ materially from the results expressed or implied by the forward-looking information include, among other things: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; the inability to recover and process mineralization using known mining methods; the presence of deleterious mineralization or the inability to process mineralization in an environmentally acceptable manner; commodity prices, supply chain disruptions, restrictions on labour and workplace attendance and local and international travel; a failure to obtain or delays in obtaining the required regulatory licenses, permits, approvals and consents; an inability to access financing as needed; a general economic downturn, a volatile stock price, labour strikes, political unrest, changes in the mining regulatory regime governing Aurania; a failure to comply with environmental regulations; a weakening of market and industry reliance on precious metals and base metals; and those risks set out in the Company’s public documents filed on SEDAR+. Aurania cautions the reader that the above list of risk factors is not exhaustive. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

SOURCE: Aurania Resources Ltd.

Release – LODE: Comstock Fuels and the BDO Zone Initiative Align to Accelerate Sustainable Fuel Development

Posted on January 28, 2025January 28, 2025 by dburczyk@noblecapitalmarkets.com

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OKLAHOMA CITY, OKLAHOMA – JANUARY 28, 2025 – Comstock Inc. (NYSE American: LODE) today announced that its subsidiary, Comstock Fuels Corporation (“Comstock Fuels”), has joined the BDO Zone Strategic Partners Network, a group of leading companies in the bioenergy sector that help accelerate and de-risk biobased project development in BDO Zones. The BDO Zone Initiative is an internationally recognized standards-based assessment which certifies “regional readiness for bio-manufacturing,” creates global connections, and ignites an influx of clean energy opportunities.

This groundbreaking collaboration combines the BDO Zone Initiative’s proven expertise and dedication in certifying “regional readiness for biomanufacturing” in biomass-rich regions with Comstock Fuels’ innovative renewable fuel solutions. This partnership will accelerate the identification, pre-certification and deployment of qualified feedstocks and investment-grade sustainable fuel production sites, with proven conversion technology.

“Ecostrat’s BDO Zone Initiative has frankly revolutionized how we identify, validate and enable prime locations for sustainable biomass production,” said David Winsness, president of Comstock Fuels. “By integrating Comstock Fuels as a strategic partner for these pre-vetted regions, we’re accelerating commercialization by adding high competencies while eliminating critical barriers and redundancies to site selection and project deployment.”

The BDO Zone Initiative’s rigorous standards-based regional readiness assessments provide project developers and investors with sophisticated technical and financial analysis of biomass feedstock availability, infrastructure readiness, and operational feasibility. This systematic approach aligns perfectly with Comstock Fuels’ technology deployment prerequisites, positioning a standardized, turnkey solution for site and sustainable fuel project development.

“Comstock Fuels’ expertise and innovative technologies are positioned to unlock a substantial amount of carbon-neutral, lignocellulosic feedstock production, representing a natural and strong addition to the BDO Zone Strategic Partners Network,” stated Jordan Solomon, chairman of the BDO Zone Initiative. “This partnership will materially increase the speed and development of advanced biofuel projects and aligns with our mission to accelerate sustainable, low-carbon initiatives within BDO Zones.”

This partnership is expected to significantly reduce project development timelines and risks, while increasing the success rate of new sustainable fuel facilities. The combined strengths of both companies in one, repeatable, effective, systemic process will help meet the growing North America demand for renewable fuel solutions.

About The BDO Zone Initiative

The BDO Zone Initiative certifies regional readiness for bio-based manufacturing, creates global connections with project developers, and ignites an influx of clean energy opportunities. A BDO Zone rating is an internationally recognized standards-based technical risk assessment of biomass feedstock, supply chain, and infrastructure risk with respect to the development potential of new biofuel, renewable chemical, biogas, and bioproduct plants. Investment grade ratings attract new bio-based manufacturing plants to the areas where they are most likely to succeed and create jobs. For more information on the BDO Zone Initiative, contact info@bdozone.org. To view all BDO Zone ratings, visit www.bdozone.org.

About Ecostrat Inc.

Ecostrat is the North American leader in biomass due diligence for biofuels, renewable chemicals, biogas, and bio-product project development and finance. Ecostrat led the USDOE/BETO funded project to develop the new investment Standards and Ratings for Biomass Supply Chain Risk. To learn more, please visit www.ecostrat.com.

About Comstock Fuels Corporation

About Comstock Inc.

Comstock Social Media Policy

Comstock has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its Twitter, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

Forward-Looking Statements

Release – LODE: Comstock Fuels Establishes Headquarters in Oklahoma

Posted on January 23, 2025January 23, 2025 by dburczyk@noblecapitalmarkets.com

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Secures First $1 Million Incentive from Oklahoma’s Quick Action Closing Fund

OKLAHOMA CITY, OKLAHOMA – JANUARY 23, 2025 – Comstock Inc. (NYSE American: LODE) today announced that its subsidiary, Comstock Fuels Corporation (the “Company”), a leader in advanced lignocellulosic biomass refining solutions, has established its corporate headquarters in Oklahoma City, Oklahoma. The completion of this strategic milestone triggers the first of three $1 million awards from the Oklahoma Department of Commerce’s Quick Action Closing Fund, highlighting Oklahoma’s commitment to fostering energy development.

Comstock Fuels’ new headquarters will be located in Northwest Oklahoma City, providing a central hub for its expanding operations. “We’re excited to establish our headquarters and rapidly expand our presence in Oklahoma, a state with a strong pedigree for energy and a wealth of resources for supporting our industry,” said David Winsness, President of Comstock Fuels. “This accelerates our growth and supports domestic energy dominance as we begin to build a network of Bioleum Refineries across the U.S., starting right here in Oklahoma.”

The relocation was incentivized by a $3 million grant award, from the Oklahoma Department of Commerce’s Quick Action Closing Fund, which supports economic development and infrastructure projects throughout the state. This initiative is anticipated to generate new employment opportunities and stimulate economic growth within Oklahoma’s energy sector as Comstock Fuels builds its first planned 75,000 metric ton per year (“MTPY”) commercial demonstration facility in Oklahoma, where it will produce cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel (“SAF”), and other renewable fuels with Comstock’s proprietary biomass refining solutions.

“We’re thrilled to welcome Comstock Fuels to Oklahoma and congratulate them on their success,” said Evan Brown, Executive Director of EDGE. “Oklahoma’s rich history of energy innovation and business-friendly environment makes our state the perfect choice for this type of investment.”

Comstock Fuels is currently assessing multiple, qualified locations in Oklahoma for the construction of its initial commercial demonstration facility, that once secured, triggers the second of the three $1 million grant payments.

About Comstock Fuels Corporation

Comstock Fuels delivers advanced lignocellulosic biomass refining solutions that set industry benchmarks for production of cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel (“SAF”), and other renewable fuels, with extremely low carbon intensity scores of 15 and market-leading yields of up to 140 gallons per dry metric ton of feedstock (on a gasoline gallon equivalent basis, or “GGE”), depending on feedstock, lignin content, site conditions, and other process parameters. Comstock Fuels plans to directly build, own, and operate a network of Bioleum Refineries in the U.S. to refine 50 million tons of biomass annually into 8 billion gallons of renewable fuel by 2035, starting with its first 75,000 TPY commercial demonstration facility in Oklahoma. Comstock Fuels also licenses its advanced refining solutions to third parties for additional production in the U.S. and global markets, including several recently announced and other pending projects. To learn more, please visit www.comstockfuels.com.

About Comstock Inc.

Comstock Social Media Policy

Contacts

For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

For media inquiries:
Comstock Inc., Tracy Saville
Tel (775) 847-7573
media@comstockinc.com

Forward-Looking Statements

Release – LODE: Comstock Fuels Executes Agreement with Hexas Biomass

Posted on January 21, 2025January 21, 2025 by dburczyk@noblecapitalmarkets.com

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Combines Pioneering Bioleum Refining Process with High Yield Energy Crops to Create Perpetual “Drop-In Permian Basins” with the Capacity for Domestic Energy Dominance

OKLAHOMA CITY, OKLAHOMA – JANUARY 21, 2025 – Comstock Inc. (NYSE American: LODE) today announced that its subsidiary, Comstock Fuels Corporation (“Comstock Fuels”), a leader in advanced lignocellulosic technologies, has executed an agreement with Hexas Biomass Inc. (“Hexas”), securing exclusive rights to Hexas’ intellectual properties in liquid fuels applications, subject to certain pre-existing agreements and relationships.

Domestic Energy Dominance

Comstock Fuels delivers advanced lignocellulosic biomass refining solutions that set industry benchmarks for production of renewable Bioleum^TM fuels at market-leading yields of up to 140 gallons per dry metric ton of feedstock (on a gasoline gallon equivalent basis, or “GGE”), depending on feedstock, site conditions, and other process parameters.

Hexas has developed a suite of proprietary intellectual properties for the propagation, production, harvesting, and processing of purpose grown energy crops with proven yields exceeding 25 to 30 dry metric tons per acre per year, or about 4 to 7 times the yields of traditional forestry species. Hexas crops are specifically designed to thrive in diverse environments, including marginal or underutilized lands, that complement and enhance the current agricultural ecosystem without disrupting or competing with food production.

The combination of Comstock Fuels’ high yield Bioleum refining platform and Hexas’ high yield energy crops allows for the production of enough feedstock to produce upwards of 100 barrels of fuel per acre per year, effectively transforming marginal agricultural lands into perpetual “drop-in sedimentary oilfields” with the potential to dramatically boost domestic energy independence and expand and elevate rural economies while using regenerative agricultural practices. For comparison, producers of soy and corn only net about 2 and 10 barrels of biofuel per acre per year, respectively.

The New Standard in Oil

“The U.S. DOE has previously estimated that America can produce upwards of one billion tons per year of biomass for conversion into transportation fuels,” said Kevin Kreisler, Comstock Fuels’ chief technology officer. “That’s enough to produce more than 3 billion barrels of fuel per year with our refining solutions. Converting just 5% of America’s agricultural lands, or about 40 million acres, into profitable fuel farms with Hexas’ high yield energy crops would double that output with Bioleum fuels, thereby filling America’s entire annual oil demand for energy and transportation while contributing to extraordinary prosperity across rural American industrial and farming communities.”

Comstock Fuels plans to partner with oil producers and enable domestic energy dominance by directly building, owning, and operating a network of U.S. Bioleum Refineries. Comstock Fuels plans to demonstrate the remarkable economic and other incentives of its solutions at scale with a 75,000 metric ton per year commercial demonstration facility in Oklahoma, which is now also planned to include a local 5,000-acre fuel farm based on the Hexas energy crop technologies.

Transformative Development Opportunity

“At Hexas, we believe in making the highest and best use of natural resources,” added Wendy Owens, Hexas’ chief executive officer. “This includes providing industries with access to abundant, carbon negative, and ecologically positive feedstocks. Our philosophical and strategic alignment with Comstock leverages two quality-minded systems capable of sustainable, global, natural, social and financial impact. We are ready to integrate and deploy our capacity and solutions into what should quickly prove out to be a truly carbon negative impact in liquid fuels.”

“Including an embedded feedstock model in our system provides unprecedented benefits to our renewable fuel solutions, supply chains and partners,” added David Winsness, Comstock Fuels’ president. “While our solutions are designed to process most known forms of lignocellulosic biomass, the Hexas technologies now allow us to “anchor” each of our owned and licensed Bioleum Refineries with a captive, perpetual feedstock supply, ensuring the reliability, consistency, scale, and pricing needed to mitigate risk and maximize profitability. Existing project developers and producers should consider this announcement as an open call to partner with us to change their process technologies and elevate their solutions.”

Kreisler concluded, “Our ultimate ambition is to build shareholder value by systemically empowering agricultural, forestry, pulp and paper, renewable fuels, petroleum, energy, and mobility stakeholders to license and deploy our solutions across their respective industries at speeds that are far greater than any single company could ever achieve. We are laser focused on enabling that system, and we couldn’t be more excited to partner with Hexas and its remarkable team.”

The new agreement also calls for a $500,000 strategic investment into Hexas from Comstock Fuels and for the two companies to execute a joint development agreement to collaborate on site development activities for planned Bioleum Refineries and further innovations for Comstock Fuels.

About Hexas Biomass Inc.

Hexas Biomass Inc. (“Hexas”) produces purpose grown plant-based feedstock solutions from proprietary varieties of a giant perennial grasses, including XanoGrass™ to produce XanoFiber™. XanoGrass™ is a perennial, fast growing, extremely high yielding biomass that is pest resistant, with remarkably wide climate and soil type adaptions that supplements traditional feedstocks at equal or better performances and lowers costs while leveraging existing infrastructures.

About Comstock Fuels Corporation

Comstock Fuels Corporation (“Comstock”) delivers advanced lignocellulosic biomass refining solutions that set industry benchmarks for production of cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel (“SAF”), and other renewable fuels, with extremely low carbon intensity scores of 15 and market-leading yields of up to 140 gallons per dry metric ton of feedstock (on a gasoline gallon equivalent basis, or “GGE”), depending on feedstock, lignin content, site conditions, and other process parameters. Comstock plans to contribute to domestic energy dominance by directly building, owning, and operating a network of Bioleum Refineries in the U.S. to refine 50 million tons of biomass annually into 8 billion gallons of renewable fuel by 2035, starting with its first 75,000 TPY commercial demonstration facility in Oklahoma. Comstock also licenses its advanced refining solutions to third parties for additional production in the U.S. and global markets, including several recently announced and other pending projects. To learn more, please visit www.comstockfuels.com.

About Comstock Inc.

Comstock Social Media Policy

Contacts

For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

For media inquiries or questions:
Comstock Inc., Tracy Saville
Tel (775) 847-7573
media@comstockinc.com

Forward-Looking Statements

Release – MustGrow Announces Closing of Private Placement of Units for $2,585,000

Posted on January 17, 2025January 17, 2025 by dburczyk@noblecapitalmarkets.com

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SASKATOON, Saskatchewan, Canada, January 16, 2025 – MustGrow Biologics Corp. (TSXV:MGRO) (OTC:MGROF) (FRA:0C0) (the “Company” or “MustGrow“) is pleased to announce the closing of the previously announced non-brokered private placement of units (each, a “Unit“) at a price per Unit of $1,000 for aggregate gross proceeds to the Company of $2,585,000 (the “Private Placement“) on January 16, 2025 (the “Closing Date“).

Each Unit is comprised of: (i) $1,000 principal amount of unsecured convertible debentures (the “Debentures“); and (ii) 666 common share purchase warrants (the “Unit Warrants“). Each Debenture may, at the option of the holder: (i) be converted into common shares in the capital of the Company (the “Common Shares“) at price of $1.50 per Common Share (the “Principal Conversion Price“) at any time; or (ii) paid in cash 60 months following the Closing Date (subject to certain acceleration rights). Each Unit Warrant is exercisable by the holder thereof to acquire one Common Share at a price of $1.90 per Common Share for a period of 60 months following the Closing Date. The Debentures accrue interest at a rate of 8% per annum, payable semi-annually in cash.

If, at any time following the date that is 12 months from the Closing Date, the daily volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSXV“) is greater than $3.00 for the preceding 30 consecutive trading days, the Company shall have the option to immediately accelerate the conversion of the Debentures at the Principal Conversion Price.

In connection with the Private Placement, certain finders received an aggregate cash fee of $67,200. In addition, the Company issued to certain finders an aggregate of 44,800 non-transferable finder’s warrants (the “Finder Warrants“). Each Finder Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of $1.90 per Common Share for a period of 24 months following the Closing Date.

The Company intends to use the proceeds from the Private Placement for inventory production for TerraSante^TM, working capital and general corporate purposes.

The Debentures, the Unit Warrants, the Finder Warrants, and any underlying Common Shares issued pursuant to those securities are subject to a four month plus one day hold period from the Closing Date. The Private Placement remains subject to final approval of the TSX Venture Exchange (the “TSXV“).

Certain insiders of the Company have subscribed for 300 Units under the Private Placement for aggregate gross proceeds of $300,000. Each subscription by an “insider” is considered to be a “related party transaction” for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company did not file a material change report more than 21 days before the Closing Date as the details of the Private Placement and the participation therein by each “related party” of the Company were not settled until shortly prior to the closing of the Private Placement, and the Company wished to close the Private Placement on an expedited basis for sound business reasons. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Company is exempt from the formal valuation requirement in section 5.4 of MI 61-101 in reliance on section 5.5(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company’s market capitalization. Additionally, the Company is exempt from minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on section 5.7(b) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company’s market capitalization.

This press release does not constitute, and shall not be construed as, an offer to sell or a solicitation of an offer to buy any Units within the United States.

About MustGrow

MustGrow Biologics Corp. is a fully-integrated provider of innovative biological and regenerative agriculture solutions designed to support sustainable farming. The Company’s proprietary and third-party product lines offer eco-friendly alternatives to restricted or banned synthetic chemicals and fertilizers. In North America, MustGrow offers a portfolio of third-party crop nutrition solutions, including micronutrients, nitrogen stabilizers, biostimulants, and foliar products. These products are synergistically distributed alongside MustGrow’s wholly-owned proprietary products and technologies that are derived from mustard and developed into organic biocontrol and biofertility products to help replace banned or restricted synthetic chemicals and fertilizers. Outside of North America, MustGrow is focused on collaborating with agriculture companies, such as Bayer AG in Europe, the Middle East and Africa, to commercialize MustGrow’s wholly-owned proprietary products and technologies. The Company is dedicated to driving shareholder value through on the commercialization and expansion of its intellectual property portfolio of approximately 112 patents that are currently issued and pending, and the sales and distribution of its proprietary and third-party product lines through NexusBioAg. MustGrow is a public traded company (TSXV-MGRO) and has approximately 51.6 million common shares issued and outstanding and 59.2 million shares fully diluted. For further details, please visit www.mustgrow.ca.

Contact Information

Corey Giasson
Director & CEO
Phone: +1-306-668-2652
info@mustgrow.ca

MustGrow Forward-Looking Statements

Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Examples of forward-looking statements in this news release include, among others, statements MustGrow makes regarding: the receipt of final approval of the TSXV; and the use of proceeds from the Private Placement. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of MustGrow to differ materially from those discussed in such forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, MustGrow. Important factors that could cause MustGrow’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include: the receipt of final approval by the TSXV and those risks described in more detail in MustGrow’s Annual Information Form for the year ended December 31, 2023 and other continuous disclosure documents filed by MustGrow with the applicable securities regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Readers are referred to such documents for more detailed information about MustGrow, which is subject to the qualifications, assumptions and notes set forth therein.

Neither the TSXV, nor their Regulation Services Provider (as that term is defined in the policies of the TSXV), nor the OTC Markets has approved the contents of this release or accepts responsibility for the adequacy or accuracy of this release.

Release – Aurania Directors Receive Stock Options in Lieu of Fees

Posted on January 2, 2025January 2, 2025 by dburczyk@noblecapitalmarkets.com

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Toronto, Ontario–(Newsfile Corp. – January 2, 2025) – Aurania Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces that its directors received their quarterly director fees in the form of stock options in lieu of cash for the period ended December 31, 2024.

Directors (the “Optionees“) of the Company have agreed to receive their quarterly director fees for 2024 in the form of stock options in lieu of cash. On December 31, 2024, each director was granted 13,500 stock options at an exercise price of C$0.425. An aggregate of 54,000 stock options were granted to directors in lieu of their director fees for the fourth financial quarter of 2024.

All such options will be exercisable for a period of three years from the date of grant and vested immediately upon grant. In the event an Optionee intends to exercise such Options, such Optionee shall be solely responsible for paying the entirety of the exercise price.

About Aurania

For further information, please contact:

Carolyn Muir
VP Corporate Development & Investor Relations
Aurania Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

SOURCE: Aurania Resources Ltd.

Release – MustGrow Biologics Completes Acquisition of NexusBioAg

Posted on January 2, 2025January 2, 2025 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on MGROF

SASKATOON, Saskatchewan, Canada, January 2, 2025 – MustGrow Biologics Corp. (TSXV:MGRO) (OTC:MGROF) (FRA:0C0) (the “Company” or “MustGrow“) is pleased to announce the execution and closing of an Asset Purchase Agreement (the “APA“) dated December 31, 2024 with Univar Solutions Canada Ltd. (“Univar Solutions“) for the acquisition of certain assets that represent NexusBioAg (“NexusBioAg“).

MustGrow’s acquisition of NexusBioAg positions the Company as a fully integrated provider of biological and regenerative agriculture solutions with a sales, marketing and distribution division in Canada and the opportunity to expand the division’s operations into the U.S. The consideration payable to Univar Solutions pursuant to the APA is (i) a deferred cash payment of approximately $1,662,000.00, subject to adjustment in accordance with the terms of the APA; and (ii) earn-out payments equal to a specified percentage amount of gross margin on certain itemized products sold by MGRO in 2025 and 2026. There are no finder fees payable in connection with the acquisition and the parties are acting at arm’s length. The TSX Venture Exchange has conditionally approved the acquisition, subject to customary post-closing requirements.

Under MustGrow, this division will market and sell the existing NexusBioAg product lines, MustGrow’s owned products and technology, and potentially other third-party products. The NexusBioAg sales and marketing team brings extensive experience in the biological and regenerative agriculture sector to MustGrow’s operations, supported by a broad industry network that is uniquely positioned to drive growth and innovation. The NexusBioAg team has well-established relationships with growers, channel partners, and industry influencers. They are adept at commercialization of new biological and regenerative products as well as at leveraging a proven business model. The Company expects significant sales synergies from the acquisition driven by enhanced market access and reduced distribution costs for MustGrow’s owned products and technology.

“This synergistic acquisition solidifies MustGrow’s position as a fully integrated biological and regenerative agriculture company with an established sales, marketing and distribution division offering the existing NexusBioAg product lines and supporting the commercialization of MustGrow’s own innovative products and technologies. Just like MustGrow’s own products and technologies, we are committed to growing the NexusBioAg division and we welcome the new team to MustGrow,” said Corey Giasson, President & CEO of MustGrow.

About NexusBioAg

NexusBioAg, a division of MustGrow, provides an expanded portfolio of crop nutrition solutions, including micronutrients, nitrogen stabilizers, biostimulants, and foliar products. With a diverse collection of inventory and logistics experts, procurement, customer service, agronomists, and sales and marketing experts, NexusBioAg strives to help meet increasingly unique agricultural businesses’ needs. Through these strong capabilities, a collaborative team-oriented approach, and a commitment to agricultural integrity, NexusBioAg is helping customers innovate and grow. Learn more at www.nexusbioag.com.

About MustGrow

MustGrow Biologics Corp. is a fully-integrated provider of innovative biological and regenerative agriculture solutions designed to support sustainable farming. The Company’s proprietary and third-party product lines offer eco-friendly alternatives to restricted or banned synthetic chemicals and fertilizers. In North America, MustGrow offers a portfolio of third-party crop nutrition solutions, including micronutrients, nitrogen stabilizers, biostimulants, and foliar products. These products are synergistically distributed alongside MustGrow’s wholly-owned proprietary products and technologies that are derived from mustard and developed into organic biocontrol and biofertility products to help replace banned or restricted synthetic chemicals and fertilizers. Outside of North America, MustGrow is focused on collaborating with agriculture companies, such as Bayer AG in Europe, the Middle East and Africa, to commercialize MustGrow’s wholly-owned proprietary products and technologies. The Company is dedicated to driving shareholder value through on the commercialization and expansion of its intellectual property portfolio of approximately 112 patents that are currently issued and pending, and the sales and distribution of its proprietary and third-party product lines through NexusBioAg. MustGrow is a public traded company (TSXV-MGRO) and has approximately 51.6 million common shares issued and outstanding and 55.7 million shares fully diluted. For further details, please visit www.mustgrow.ca.

Contact Information

Corey Giasson
Director & CEO
Phone: +1-306-668-2652
info@mustgrow.ca

MustGrow Forward-Looking Statements

Certain statements included in this news release constitute “forward-looking statements” which involve known and unknown risks, uncertainties and other factors that may affect the results, performance or achievements of MustGrow. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Examples of forward-looking statements in this news release include, among others, statements MustGrow makes regarding: the potential expansion of the NexusBioAg division’s operations in the U.S.; the precise quantum of the consideration payable to Univar Solutions pursuant to the APA; whether the NexusBioAg division will market and sell the existing NexusBioAg product lines, MustGrow’s owned products and technology, and potentially other third-party products; and the expected significant sales synergies from the acquisition driven by enhanced market access and reduced distribution costs for MustGrow’s owned products and technology. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of MustGrow to differ materially from those discussed in such forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will occur at all or have the expected consequences to, or effects on, MustGrow. Important factors that could cause MustGrow’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include: any required adjustments to the consideration payable to Univar Solutions pursuant to the APA (in accordance with the terms of the APA); the successful integration of the NexusBioAg division into MustGrow’s existing operations; changes to market conditions as a result of lower farm revenues due to lower yield because of weather events or lower crop prices, delayed planting due to weather impacting the application of additional technologies, reduced farm gate cash flow or credit ratings, higher farm input costs due to inflation, supply chain issues in production and shipping, increased competition from new products or lower prices for competing products, retail consolidation in the agribusiness sector, labour market issues, and third party product supply issues; and the risks described in MustGrow’s Annual Information Form for the year ended December 31, 2023 and other continuous disclosure documents filed by MustGrow with the applicable securities regulatory authorities which are available on SEDAR+ at www.sedarplus.ca. Readers are referred to such documents for more detailed information about MustGrow, which is subject to the qualifications, assumptions and notes set forth therein.

Release – LODE: Comstock Fuels Executes License Agreement with Gresham’s Eastern LTD

Posted on December 31, 2024December 31, 2024 by dburczyk@noblecapitalmarkets.com

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Bringing Renewable Fuel Production to Pakistan with Sustainable Biomass Refining Solutions

VIRGINIA CITY, NEVADA, December 30, 2024 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the execution of a binding agreement between Comstock Fuels Corporation (“Comstock Fuels”) and Gresham’s Eastern (Pvt) Ltd (“Gresham’s”), a leading sustainable energy engineering, equipment and construction company based in Pakistan, under which Comstock Fuels agreed to grant Gresham’s exclusive project and site development rights in Pakistan to enable Gresham’s to deploy Comstock Fuels’ proprietary and patented lignocellulosic biomass refining technologies to produce sustainable aviation fuel (“SAF”) and other renewable fuels in Pakistan.

Global Market Impact

Gresham’s will develop an initial demonstration facility in Lahore, Pakistan, capable of processing 75,000 metric tons of biomass annually. This facility is designed to generate the prerequisite operational and economic data for scaling up to a 1,000,000 metric tons per year commercial facility, aligning with rapid global market demand for increased SAF production, thereby positioning Pakistan as an emerging leader in the renewable fuels sector. Gresham’s plans on utilizing abundant, locally available agricultural and forestry residuals, as well as sustainably grown energy crops, unlocking billions of dollars in export potential, becoming a leading contributor of Pakistan’s commitment to producing 60% renewable energy by 2030.

Mian Suhall Husain, CEO of Gresham’s, commented, “This partnership exemplifies Gresham’s commitment to deploying both quality systems and cutting-edge technologies for truly sustainable energy solutions in Pakistan. We are on the doorstep of a globally significant opportunity where our combined competencies can create wealth for nations and communities alike.”

Under the agreement, Gresham’s will lead the development, financing, construction, and management of renewable fuel production facilities based on Comstock Fuels’ proprietary Bioleum refining technologies. Each Bioleum Refinery will operate under a site-specific license agreement to ensure compliance with Comstock Fuels’ performance and quality standards. Comstock Fuels will contribute site specific technology rights in exchange for a 20% equity stake in each Bioleum Refinery, plus a royalty fee equal to 6% of each refinery’s sales of licensed products, and engineering fees equal to 6% of total capital and construction costs.

The inclusion of cellulosic ethanol production using Comstock Fuels’ advanced lignocellulosic refining process adds significant value to Pakistan’s existing renewable energy sector, where most of the domestically produced ethanol is exported. This process positions the partnership to capitalize on the country’s widely available agricultural residue biomass, currently representing over 100 million metric tons annually, enabling a sustainable, societal and economically impactful use for these resources. That amount of feedstock has the potential to yield upwards of 14 billion gallons of renewable fuels per year at Comstock Fuels’ proven yields exceeding about 140 gallons per dry metric ton of biomass (on a gasoline gallon equivalent basis, or “GGE”).

Wide Open Market Hidden in Plain Sight

Pakistan’s abundance of renewable biomass resources provides an ideal foundation for developing a robust renewable fuel production ecosystem. The Gresham’s projects will prioritize fulfilling regional demand while targeting export markets across the Middle East and North Africa (MENA). The combination of Gresham’s engineering, equipment fabrication, construction and extensive quality-systems operating and supply chain network, positions for strong market leadership.

“Mian’s extraordinary track record and commitment to both quality systems and societal impact align perfectly with Comstock’s mission and approach,” stated David Winsness, President of Comstock Fuels. “Gresham has positioned itself as a leading integrator in Pakistan’s economic development and sustainable energy goals. We believe this partnership will be transformative to Pakistan’s leadership in SAF and renewable fuel production and showcases the quality and speed of the global adoption of our industry-leading solution. We are excited to get started in Lahore and well beyond.”

About Gresham’s Eastern (Pvt) Ltd.

For the better part of six decades, Gresham’s name has been synonymous with Quality and Innovation. Today, Pakistan-based Gresham’s is a premier project developer, engineering, equipment fabricator and construction company focused on deploying technology-leading, sustainable energy solutions and initiatives across Pakistan. To learn more, visit www.gel1947.com.

About Comstock Fuels Corporation

Comstock Fuels delivers advanced lignocellulosic biomass refining solutions that set industry benchmarks for production of cellulosic ethanol, gasoline, renewable diesel, sustainable aviation fuel (“SAF”), and other renewable fuels, with extremely low carbon intensity scores of 15 and market-leading yields of up to 140 gallons per dry metric ton of feedstock (on a gasoline gallon equivalent basis, or “GGE”), depending on feedstock, lignin content, site conditions, and other process parameters. Comstock Fuels plans to directly build, own, and operate a network of Bioleum Refineries in the U.S. to refine 50 million tons of biomass annually into 8 billion gallons of renewable fuel by 2035, corresponding to 50% of the U.S. renewable fuel mandate. Comstock Fuels is currently evaluating several U.S. sites for construction of its Demonstration Scale Facility to validate its fully integrated process at 75,000 tons per year, paving the way for rapid full-scale commercialization. Comstock Fuels also licenses its advanced refining solutions to third parties for additional production in the U.S. and global markets, including several recently announced and other pending projects. To learn more, please visit www.comstockfuels.com.

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that are deployable across entire industries to contribute to global decarbonization and the clean energy transition by efficiently extracting and converting under-utilized natural resources, such as waste and other forms of woody biomass into renewable fuels, and end-of-life electronics into recovered electrification metals. Comstock’s innovations group is also developing and using artificial intelligence technologies for advanced materials development and mineral discovery for sustainable mining. To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Contacts

For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

For media inquiries or questions:
Comstock Inc., Tracy Saville
Tel (775) 847-7532
media@comstockinc.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 market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future financial, natural, and social gains; 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 and asset 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; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. 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: 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, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other 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 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; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; 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 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.

Release – LODE: Comstock Sells Northern Mining Targets to Mackay Precious Metals

Posted on December 20, 2024December 20, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on LODE

VIRGINIA CITY, NEVADA, December 20, 2024 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced it has executed a Membership Interest Purchase Agreement (the “MIPA”) to sell 100% of the northernmost patented and unpatented mining claims, mineral exploration rights and town lots (the “Northern Targets”) currently owned by Comstock’s wholly-owned subsidiary Comstock Northern Exploration, LLC., plus all of the 25% issued and outstanding membership interest that Comstock owns in Pelen LLC (“Pelen”) to Mackay Precious Metals Inc. (“Mackay”) for an aggregate purchase price of $2.75 million (the “Purchase Price”) and a 1.5% NSR production royalty from the sales of silver, gold, and all other valuable minerals and products extracted from these properties, in perpetuity.

The Company was paid $1.3 million in cash with another $0.45 million due before February 15, 2025, plus an additional $1.0 million that will be paid within 45 days of the completion of Mackay’s public listing, at the election of Mackay, in either cash or their publicly registered common shares. The monetized value of $1.0 million from the public listed shares is guaranteed by the value date of October 31, 2025.

On June 30, 2023, Comstock executed a Mineral Exploration and Mining Lease Agreement (“Mackay Lease”) with Mackay. Since June 30, 2023, Comstock has received cash of $3.2 million in initial and ongoing lease payments and will also receive an additional, final pro-rata lease payment associated with these properties of $0.5 million before February 15, 2025. The $3.7 million in total lease payments are in addition to the $2.75 million sale price. The parties terminated the Mackay Lease on December 18, 2024.

The Northern Targets encompass both the Gold Hill and Occidental Lode claim groups in Storey County, Nevada. Pelen owns certain claims adjacent to and/or relevant to these northern claim groups.

“Our Northern Targets were never an effective part of our district-wide development plans, so realizing nearly $6.5 million in consideration from this lease and subsequent sale, plus the retention of royalties in perpetuity, is extremely positive for Comstock, especially as we activate our plans for advancing the S-K 1300 compliant Dayton Consolidated and permitted Lucerne resources, and more aggressively expand the gold and silver potential in the southern part of the district,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “We are bullish on our gold and silver resources, especially as both our hard rock and metal recycling activities aggressively expand into this silver cycle.”

About Comstock Inc.

Comstock Inc. (NYSE: LODE) commercializes innovative technologies that contribute to global decarbonization and the clean energy transition by efficiently converting under-utilized natural resources, primarily, woody biomass into low-carbon renewable fuels, end-of-life metal extraction and renewal, and generative AI-enabled advanced materials synthesis and mineral discovery for sustainable mining. To learn more, please visit www.comstock.inc.

Comstock Social Media Policy

Contacts

For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

For media inquiries:
Comstock Inc., Tracy Saville
Tel (775) 847-7573
media@comstockinc.com

Forward-Looking Statements

Release – LODE: Comstock Fuels Awarded $3 Million Fuel Incentive From Oklahoma

Posted on December 17, 2024December 17, 2024 by dburczyk@noblecapitalmarkets.com

Research News and Market Data on LODE

VIRGINIA CITY, NEVADA, December 17, 2024 – Comstock Inc. (NYSE: LODE) (“Comstock” or the “Company”) today announced that Comstock Fuels Corporation, (“Comstock Fuels”), an industry leader in extremely high yielding advanced lignocellulosic biomass refining solutions, including sustainable aviation fuel (“SAF”), renewable diesel, and other fuels, has been approved for a $3,000,000 incentive award from the Oklahoma Department of Commerce’s Quick Action Closing Fund. Under the terms of the agreement, Comstock Fuels will establish its headquarters and an initial site for the construction and operation of a next-generation renewable fuel refinery in Oklahoma.

“Oklahoma is a long-established leader in the oil and gas sector, pioneering innovations and contributing significantly to the nation’s energy independence,” said David Winsness, President of Comstock Fuels. “Our development team has been rigorously assessing feedstocks, sites, offtakes and incentives across the country and Oklahoma’s economic development teams have been exceptional.”

Comstock Fuels is currently assessing multiple locations throughout Oklahoma for the construction of an initial Demonstration Scale Facility capable of processing 75,000 metric tons of biomass per year for renewable fuel production. Following the successful launch and operation of that facility, Comstock Fuels plans to expand its processing capacity to 1,000,000 metric tons per year for production of sustainable aviation fuel and other renewable fuels.

“Oklahoma’s vast supplies of previously untapped feedstock sources have positioned the state to lead the country in new sources of sustainable oil production from woody biomass,” said Chad Michael Black, Director of Business Development for Comstock Fuels. “We’re proud to call Oklahoma home, excited for what this enables and very thankful to Governor Stitt and the Oklahoma Department of Commerce for the cash incentive granted under this agreement.”

“We are thrilled that Comstock Fuels has chosen Oklahoma to establish its headquarters,” said Evan Brown, Executive Director of EDGE, a division of Oklahoma Department of Commerce. “Oklahoma is a proud oil and gas state with a history of energy innovation, and Comstock’s sustainable aviation fuel technology, which blends with petroleum, fits perfectly with our approach to energy. Our goal is to be the most business-friendly state in the country, and I look forward to working with David, Chad and the entire Comstock team and supporting their efforts to relocate and bring high-paying jobs to Oklahoma.”

About Comstock Fuels Corporation

Comstock Fuels delivers advanced lignocellulosic biomass refining solutions that set industry benchmarks for production of SAF, renewable diesel, gasoline, cellulosic ethanol and other renewable fuels, with extremely low carbon intensity scores of 15 and market-leading yields of up to 125 gallons per dry metric ton of feedstock (on a gasoline gallon equivalent basis, or “GGE”), depending on feedstock, lignin content, site conditions, and other process parameters. Comstock Fuels plans to directly build, own, and operate a network of Bioleum Refineries in the U.S., including an initial Demonstration Scale Facility to validate its fully integrated process at 75,000 tons per year, paving the way for rapid full-scale commercialization. Comstock Fuels also licenses its advanced refining solutions to third parties for additional production in the U.S. and global markets, including several recently announced and other pending projects. To learn more, please visit www.comstockfuels.com.

About Comstock Inc.

Comstock Social Media Policy

Contacts

For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com

For media inquiries:
Comstock Inc., Tracy Saville
Tel (775) 847-7573
media@comstockinc.com

Forward-Looking Statements