Comstock’s LINICO Receives Main Operating Permit

Research, News, and Market Data on Comstock Mining

Nevada Facility Based on Advanced New
Lithium Extraction and Electrification Production Technologies

VIRGINIA CITY, NEVADA, AUGUST 31, 2022 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the issuance by Nevada Division of Environmental Protection (“NDEP”) of a Written Determination of Hazardous Waste Recycling (“Operating Permit”) to Comstock’s 90% owned subsidiary, LINICO Corporation (“LiNiCo”), authorizing LiNiCo to conduct lithium-ion battery (“LIB”) recycling and related operations at its 137,000 square foot battery metal recycling facility located in the Tahoe Reno Industrial (“TRI”) Center in Storey County, Nevada (“TRI Facility”).

Commencement of Construction and Operations

“We are pleased to receive this critical permit ahead of expectation,” said Corrado De Gasperis, Comstock’s and LiNiCo’s Executive Chairman and Chief Executive Officer. “The Operating Permit is based on the first phase of LiNiCo’s advanced new LIB recycling technologies, including crushing, separating, lithium extraction and precursor cathode active products, designed for leading yields at a fraction of the capital and operating cost of all known lithium extraction and recycling methods.”

LiNiCo is currently building a commercial scale pilot facility for installation at the TRI Facility, with an anticipated commissioning and onset of operations in mid-2023, with lithium extraction capacity planned for the third quarter of 2023.

“We will use our commercial scale pilot and early adopter client agreements to confirm all engineering and other requirements for the scale-up and full commercial deployment of our unique processes at the TRI Facility,” added De Gasperis. “Our goal is to commence construction and expand to scale at the TRI Facility immediately after our commercial pilot confirmation is complete. A key advantage of LiNiCo’s technologies is that they are highly scalable and capable of being right sized to match the evolving and dynamic needs of the rapidly growing lithium recycling industry.”

Electrification and continued advancements in energy storage are vitally necessary to reduce reliance on fossil fuels. According to International Energy Agency (“IEA”), there were more than 10 million electric vehicles (“EVs”) on the road in 2020, with new EV registrations increasing by 41% over 2019 and another 140% during the first quarter of 2021. Meeting the increased EV demand is estimated to require about five times more lithium carbonate equivalent (“LCE”) than the entire lithium mining industry produces today. Miners and manufacturers may eventually scale up to meet that demand, however, according to a January 2021 USGS mineral commodity summary, there are only about 
86 million tons of identified lithium reserves worldwide, and LIBs are typically landfilled after eight to ten years of use. In short, lithium demand is increasing globally, and a tsunami of lithium recycling demand is coming as new electrification products are deployed and age out of use.

De Gasperis concluded, “LiNiCo’s technologies are designed to meet the realities of that demand by enabling profitability at the earliest stages of production, thereby positioning LiNiCo to contribute billions to Comstock’s enterprise value based on existing valuations of comparable public companies. We are very pleased to receive our first major permit and we look forward to completing all remaining permitting requirements, including air quality, so we can commence recycling by mid-2023.”

About LiNiCo Corporation

LiNiCo Corporation (“LiNiCo”) holds the rights to a portfolio of innovative processes that efficiently crush and separate LIBs, extract lithium, nickel, cobalt, and graphite, and reuse the recovered metals to produce 99% pure cathode active precursor products. Collectively, these technologies give LiNiCo, and its existing 137,000 square foot battery metal recycling facility, differentiating competitive advantages, including the ability to process upwards of 100,000 tons of LIB and related feedstocks per year into an array of electrification products, including lithium, nickel, cobalt, graphite, and cathode materials.

About Comstock Inc.

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complementary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Forward-Looking Statements

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management considering 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, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because 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:
Comstock Inc. P.O. Box 1118 Virginia City, NV 89440 www.comstock.inc	Corrado De Gasperis Executive Chairman & CEO Tel (775) 847-4755 degasperis@comstockmining.com	Zach Spencer Director of External Relations Tel (775) 847-5272 Ext.151 questions@comstockmining.com

 

Endeavour Silver Appoints Rex McLennan as Chairman

Research, News, and Market Data on Endeavour Silver

VANCOUVER, British Columbia, Aug. 29, 2022 (GLOBE
NEWSWIRE) — Endeavour Silver Corp. (“Endeavour” or the “Company”) (NYSE:
EXK; TSX: EDR) announces that its Board of Directors (the “Board”) has appointed the Company’s Lead Director, Rex McLennan, as Chairman of the Board. Mr. McLennan steps into the Chairman position to replace former Executive Chairman, Bradford Cooke, who passed away suddenly and unexpectedly last week (see news releases dated August 18 and August 24, 2022).

Rex McLennan joined the Company as an Independent Director in June 2007, appointed as Chair of the Audit Committee. As an Independent Corporate Director, he has chaired the audit committees of a number of publicly traded companies, and was appointed Lead Director for Endeavour in May 2021; chairing the Corporate Governance and Nominating committee, as well as serving on the Audit and Safety & Sustainability committees. He is a past Director of Pinnacle Renewable Energy Inc, Boart Longyear Ltd, and the World Gold Council, London UK.

His professional and executive career spans over 40 years including C-level executive positions serving as Chief Financial Officer for Viterra, prior to its acquisition by Glencore PLC in 2012, and Placer Dome, a global mining company acquired by Barrick Gold in 2006; with an earlier career with Imperial Oil, a major subsidiary of Exxon.

Mr. McLennan holds a Master of Business Administration from McGill University in Finance/Accounting and a Bachelor of Science in Mathematics/Economics from the University of British Columbia. He also holds the ICD.D designation from the Institute of Corporate Directors.

“Rex has been a Director of Endeavour Silver for 15 years and we have benefitted tremendously from his guidance during this time,” said Dan Dickson, CEO of Endeavour Silver. “He has been instrumental in the evolution of the Company and exemplifies our vision in sustaining growth for all of our stakeholders.”

About Endeavour – Endeavour Silver Corp. is a mid-tier precious metals mining company that operates two high-grade underground silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal of becoming a premier senior silver producer.  Our philosophy of corporate social integrity creates value for all stakeholders.

SOURCE Endeavour Silver Corp.
Contact
Information
Galina Meleger, VP, Investor Relations
Email: gmeleger@edrsilver.com
Website: 
www.edrsilver.com 
Follow Endeavour Silver on Facebook, Twitter, Instagram and LinkedIn.

 

Monday, August 29, 2022

Aurania Resources (AUIAF)
Gaining Momentum

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

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

Anaconda-style mapping underway. Geological mapping at Aurania’s porphyry copper-gold Tatasham target is nearing completion. The second phase of mapping at the company’s porphyry copper-gold Awacha target is expected to begin soon. The geological mapping program, under the guidance of Dr. Steve Garwin, Senior Geological Consultant, employs the Anaconda mapping method to define drill targets at Tatasham and Awacha. The Anaconda method owes its name to Anaconda Copper where it was developed in the 1960s and 1970s and was instrumental in the discovery and resource expansion of several porphyry copper-gold deposits. In our view, the comprehensive mapping program should support a productive drilling program and enhance the probability of successful outcomes.

Concession renewal in Peru. In June, Aurania renewed certain concessions in Peru. Those selected are part of blocks with higher geological potential and where the application process has been completed with most of the concessions granted. Management contemplates a modest amount of field work in the coming months to prepare an initial technical report to support further work and/or a possible corporate transaction. A technical report would be required in advance of any potential corporate transaction. As of June 30, the company’s land position in Peru consists of 130 concession applications and concession titles covering 128,700 hectares….

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

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

Thursday, August 25, 2022

Newrange Gold (NRGOF)
The Plot Thickens

Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com .

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

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

Financing closed. Newrange Gold closed a private placement of 10 million units at a price of C$0.03 per unit for gross proceeds of C$300 thousand. Each unit consists of one common share and one share purchase warrant that entitles the holder to purchase one common share at an exercise price of C$0.05 until August 22, 2024. Insiders subscribed for a total of ~1.1 million units. Approximately 20% of the proceeds will fund field logistics at the North Birch and Argosy projects in Ontario, with the remainder to fund due diligence on a contemplated acquisition along with general working capital needs.

Anticipation builds. Newrange is contemplating an acquisition following its decision to terminate its option on the Pamlico project in Nevada. We think management is focused on securing a new flagship project to complement its 100% ownership of the North Birch and Argosy mine projects in the Red Lake area of Ontario, Canada. We think that an acquisition would likely be precious metals focused or polymetallic.…

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

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

Wednesday, August 24, 2022

Labrador Gold Corp. (NKOSF)
Sampling Program at Golden Glove Yields High-Grade Results

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

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

High-grade samples taken at Golden Glove. The company released assays from six samples taken from quartz veins containing visible gold collected during prospecting in the Golden Glove area of the company’s flagship Kingsway project. Sampling will help generate and upgrade targets for drilling along the 12-kilometer strike length of the Appleton Fault. Assays of the six samples ranged from 7.51 grams of gold per tonne to 479.51 grams of gold per tonne with the four highest grade samples containing visible gold. The results are comparable to assays from initial samples taken at Golden Glove that ranged from 2.99 grams of gold per tonne to 338.08 grams of gold per tonne.

Reaching the half-way point. Labrador Gold has four drill rigs operating, including two at the Big Vein target, one rig at the Golden Glove target, and one at the CSAMT target. To date, the company has completed roughly 50,000 meters of its 100,000-meter drilling program targeting the Appleton Fault Zone over a 12-kilometer strike length. While Big Vein lies on the west side of the fault, Golden Glove and CSAMT are on the east side of the fault….

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

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

Labrador Gold Announces Assays Up to 479.5G-T Au in Surface Samples From Golden Glove

News and Market Data on Labrador Gold Corp

 

Tuesday, August 23, 2022

Element79 Gold Corp. (ELMGF)
Contemplating Upcoming Catalysts

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting an Inferred resource of 3.71 million ounces of gold equivalent* “AuEq” at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)) with an effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold has signed a letter of intent to acquire the business and assets of Calipuy Resources Inc., which holds 100% interest in the past-producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru’s history, as well as the past-producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township.

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

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

Near-term catalysts. Upcoming catalysts include: 1) completion of a previously announced private placement to fund work programs through the balance of 2022, 2) potential monetization of properties within the Battle Mountain portfolio, and 3) commencement of work programs in Nevada and Peru. Additionally, we think the company could close on its planned acquisition of the Snowbird High-Grade Gold Project as early as September. Recall the project consists of 2,276 hectares across ten mineral claims in Central British Columbia and can be drilled year-round.

Financing. We expect proceeds of up to C$2 million from a private placement announced previously to help fund exploration through the balance of 2022. We have modeled a larger C$5 million equity financing during the quarter ending in November to accelerate progress into 2023. Partial or full monetization of properties within the Battle Mountain portfolio could allow investors to better value the remaining portfolio in addition to providing a source of funding….

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

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

Aurania Announces Marketing Services Agreement

Research, News, and Market Data on Aurania Resources

Toronto, Ontario, August 18,
2022 – Aurania Resources Ltd. (TSXV: ARU; OTCQB: AUIAF; Frankfurt: 20Q)
(“Aurania” or the “Company”) is pleased to announce an agreement with SRC Swiss Resource Capital AG of Herisau, Switzerland, (“SRC”) to provide investor relations services to the Company, subject to approval by the TSX Venture Exchange (the “TSX-V”).

SRC will provide investor relations services to increase exposure to and awareness of Aurania within the German-speaking financial community (“IR Services”), including, but not be limited to:

?          Translate information and press releases into German

?          Disseminate information and news about Aurania to existing and potential shareholders        through SRC’s own website and press agency and through other websites and media

?          Write and disseminate articles and editorials about Aurania

?          Respond directly to shareholder and interested party inquiries

?          Cause videos, pictures, and footage provided by Aurania to be broadcast on the Commodity-TV and Rohstoff-TV television channels

?          Publish audio-visual information about Aurania on YouTube and other social media such as Facebook, Twitter, and LinkedIn

The agreement with SRC has a term of approximately five months, for which they will be paid a fee of 5,000 CHF over a period of five months with any additional services for roadshows or events incurring separate fees on a case-by-case basis. The Company will also grant SRC 35,000 stock options with each stock option exercisable into one common share of the Company at a price of $0.84 CAD, vesting in quarters with ¼ vesting on the date of grant, ¼ vesting six months from the date of grant, ¼ vesting at the one-year anniversary from the date of grant, and ¼ vesting at the two-year anniversary from the date of grant. The options will expire on August 18, 2027.  SRC currently has beneficial ownership over approximately 100,000 common shares of the Company.

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.sedar.com, 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 Investor Relations Aurania Resources Ltd. (416) 367-3200 carolyn.muir@aurania.com

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) 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 statements about: Investor Relations Activities (as such term is defined in the policies of the TSX Venture Exchange) to be performed by SRC and the anticipated approval of the TSX-V for said activities, Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, the corporation’s portfolio, treasury, management team and enhanced capital markets profile, the estimation of mineral resources, exploration, timing of the commencement of operations 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, 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 and a weakening of market and industry reliance on precious metals and copper. Aurania cautions the reader that the above list of risk factors is not exhaustive.

 

Friday, August 19, 2022

Comstock Inc. (LODE)
Reaching a Critical Stage

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

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

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

Accelerated path to commercialization. Comstock Inc. is marketing its cellulosic ethanol production technology to existing first-generation corn ethanol facilities for upgrades to and construction of co-located commercial scale cellulosic ethanol production facilities to convert forestry waste and other forms of lignocellulosic biomass into cellulosic ethanol at improved yield and cost when compared to corn. Ethanol, made from corn starch from kernels is currently the most significant biofuel in the United States. Comstock’s first bio-intermediate is a purified form of cellulosic sugar which may be used as a chemically identical “drop-in” feedstock in corn ethanol facilities to produce about eighty gallons of advanced cellulosic ethanol per dry ton of woody biomass.

Economics expected to drive interest. Based on current market conditions and prices, Comstock estimates that a 100-million-gallon corn ethanol producer that upgrades its facility to produce an additional twenty million gallons of cellulosic ethanol could increase revenue by more than 30%. This is based on incentives available under the U.S. Environmental Protection Agency’s renewable fuels standards program which assigns renewable identification numbers (RINs) to each gallon of renewable fuel produced or imported into the United States, along with incentives provided by states like California that have enacted low carbon fuels standards….

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

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

Comstock Cellulosic Ethanol Technology Ready For Commercial Deployment

Research, News, and Market Data on Comstock Mining

Targets First Generation Corn Ethanol Facilities For
Commercialization

VIRGINIA
CITY, NEVADA, AUGUST 18, 2022 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that it is marketing its cellulosic ethanol production technology for construction of commercial scale facilities, with a focus on upgrading pre-existing first generation corn ethanol facilities to convert forestry residuals and other forms of lignocellulosic biomass into cellulosic ethanol at dramatically improved yield, efficiency, and cost when compared to corn.

Comstock’s technology efficiently fractionates wood into purified biointermediates that are uniquely isolated and free of the inhibitors and contaminants that have frustrated prior attempts at broadly commercializing cellulosic fuels technologies. Comstock’s first biointermediate is a purified form of cellulosic sugar that can be used as a chemically identical “drop-in” feedstock in corn ethanol facilities to produce about 80 gallons of advanced cellulosic ethanol per dry ton of woody biomass.

“Using cellulosic sugar as a feedstock will have extraordinary impacts for corn ethanol producers,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “Woody biomass is a dramatically less expensive and available feedstock and delivers substantial higher revenue from significantly higher lifecycle carbon gains, when compared to corn.” 

The U.S. Environmental Protection Agency (“EPA”) requires and incentivizes compliance with its renewable fuel standards (“RFS”) by assigning renewable identification numbers (“RINs”) to each gallon of renewable fuel produced or imported into the U.S. Different fuel types are assigned different classes of RINs with different market values based on the degree to which each fuel type reduces greenhouse gas (“GHG”) emissions over fossil petroleum sources. California and various other states have now also enacted low carbon fuels standards which provide significant additional incentives. In short, the greater the GHG reduction, the lower the carbon intensity (“CI”) score, the higher the selling price of the resulting fuel.

Under current market conditions, our cellulosic ethanol would have a market value in California of approximately $6.30 per gallon, as compared to just over $3.00 per gallon for corn ethanol. Under current market conditions and prices, a typical 100 million gallon corn ethanol producer that upgrades its facility to produce an additional 20 million gallons of cellulosic ethanol would increase revenue by more than 30%, or over $125 million per year.

“Our goal is to accelerate the commercialization of decarbonizing technologies,” concluded De Gasperis. “We are ready to enable dramatic improvements in GHG reductions and ethanol profitability today, with existing corn-based producers.”

Comstock is evaluating a number of existing first generation corn ethanol facilities for upgrades to and construction of co-located commercial scale cellulosic ethanol production. Additional information is available from Comstock’s business development group. Please see contact information below.  

About
Comstock

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complementary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Forward-Looking
Statements

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

Comstock Cellulosic Fuels business development contact information:

David Winsness President, Cellulosic Fuels winsness@comstockmining.com	Chad Michael Black Director-Business Development cmblack@comstockmining.com

Image Credit: Valentin Antonucci (Pexels)

Ignoring Bearish Fundamentals May Push Gold to New 2022 Lows

With commodities getting whacked on Aug. 15, gold, silver, and mining stocks materially underperformed the S&P 500. Moreover, with bond and commodities markets more attentive to Fed officials’ hawkish threats, the general stock market is the lone member pricing in a dovish pivot.

However, since hope often leads to disappointment when it’s built on a sloppy foundation, the bulls don’t realize that the Fed’s inflation fight will be one of the most challenging fundamental contests in decades. Therefore, while investors believe that the hard work is done once the Consumer Price Index (CPI) slows, the reality is that the difficult times have only just begun.

For example, the New York Fed released its Empire State Manufacturing Survey on Aug. 15. An excerpt read:

“Business activity declined sharply in New York State, according to firms responding to the August 2022 Empire State Manufacturing Survey. The headline general business conditions index plummeted forty-two points to -31.3. New orders and shipments plunged, and unfilled orders declined. Delivery times held steady for the first time in nearly two years, and inventories edged higher.”

Source: New York Fed

However, while output fell off a cliff, there was “a small increase in employment,” and the prices received index moved higher.

Source: New York Fed

Thus, while the sharp decline in output should have culminated in lower prices, the data highlights just how sticky inflation has become. Furthermore, if prices don’t decline when output craters in New York State, how can investors expect them to fall when S&P 500 companies still have resilient demand?

Furthermore, the report revealed:

“The delivery times index declined to around zero, indicating that delivery times held steady, the first month they have not lengthened in nearly two years.”

Source: New York Fed

To explain, the Fed and the consensus blamed supply-chain disruptions for the recent bout of inflation. In a nutshell: COVID-19 restrictions suffocated shipping activity, and suppliers didn’t have the inventory to meet demand. Therefore, order backlogs surged, and prices increased as manufacturers bid against one another to obtain the scarce inputs.

However, while the New York Fed’s delivery times index is back near pre-COVID-19 levels, its prices received index is not. As a result, the normalization of supply chains has done little to curb inflation, and investors materially underestimate the challenges that lie ahead.

1970s Here Were Come

While the GDXJ ETF diverged from the S&P 500 on Aug. 15, a sharp decline in the latter would spell immense trouble for the former. Therefore, the general stock market is an important component of our investment thesis. Moreover, while the S&P 500 continued its ascent and the bulls have their sights set on new all-time highs, I warned on Aug. 15 that the fundamental outlook signals the exact opposite. I wrote:

After the FFR peaked in July 1973, the Fed cut interest rates to help support a weakening U.S. economy. However, with inflation still unanchored, the policy mistake led to an even higher FFR during the depths of the recession (the gray area).

Please see below:

Likewise, the S&P 500 initially celebrated the dovish pivot. With uninformed investors assuming that cutting interest rates was the appropriate response, a sharp rally occurred in July 1973, followed by a sharp pullback and then another rally to a higher high. As a result, don’t you think the crowd was calling for a new bull market from July through October 1973? However, unanchored inflation forced the Fed to reverse course and the S&P 500 fell off a cliff.

Thus, we find ourselves in the same situation. With the consensus underestimating the destructive nature of inflation and overestimating the Fed’s ability, the bulls should suffer a crisis of confidence over the medium term.

Please see below:

To explain, the red line above tracks the year-over-year (YoY) percentage change in the headline CPI, while the green line above tracks the monthly change in U.S. nonfarm payrolls. For context, the consensus cites near-record job openings and robust payroll growth as evidence for why only a mild recession can occur (if one occurs at all).

However, the chart above highlights how unanchored inflation torpedoed that narrative in the 1970s. If you analyze the shaded gray areas (recessions), notice how the green line remained positive during the early stages of the recessions in 1970, 1974, and 1980. In a nutshell: monthly payroll growth stayed positive during the outset of all three recessions.

However, if you focus your attention on the sharp drops in the green line near the end of the 1970, 1974, and 1980 recessions (negative monthly payrolls prints), you can see that reality re-emerged and the U.S. labor market suffered mightily. Moreover, negative payroll growth was also present during the 1982 recession, but inflation was declining at that time.

As such, it’s important to remember that U.S. nonfarm payrolls growth has been positive in every month except one since May 2020. Furthermore, the U.S. unemployment rate declined to 3.5% in July – its lowest level in ~50 years – and its relationship with the CPI has similar implications.

Please see below:

To explain, the red line above tracks the YoY percentage change in the headline CPI, while the green line above tracks the U.S. unemployment rate. As you can see, the 1970, 1974, and 1980 recessions culminated with high inflation and delayed spikes in unemployment. Moreover, while the 1982 recession had a diverging relationship, Paul Volcker made it his mission to eradicate inflation at all costs. Therefore, he understood the severity of the problem and didn’t want a repeat of the outcomes from 1970, 1974, and 1980.

Furthermore, notice how the U.S. unemployment rate always bottoms before a recession? Remember, bear markets don’t end with the U.S. unemployment rate at a ~50-year low; they begin with the metric at a ~50-year low.

To that point, even modern history highlights the uninformed nature of the bulls’ thesis.

To explain, the recessions near 1990, 2000, and 2008 all began with cycle-low U.S. unemployment rates (the green line) and rising inflation (the red line). In addition, if you analyze the right side of the chart, you can see that the gap between the two is one for the ages. As such, can you guess where this story is headed next?

Finally, while I warned repeatedly that market participants underestimated the demand side of the inflation equation, the consensus still believes that supply-chain issues are the primary driver. However, with unanchored wage inflation poised to keep the pricing pressures uplifted for much longer than investors realize, the Fed will need to push the U.S. federal funds rate (FFR) much higher than 3%.

To explain, the red line above tracks the YoY percentage change in U.S. nonfarm unit labor costs from the late 1960s until today. For context, the metric combines wages and productivity to determine the labor costs incurred by U.S. businesses. In a nutshell: when the red line rises, labor is more expensive.

If you analyze the peaks, notice how unanchored labor costs were present during the 1970s and 1980s recessions. Furthermore, even modern history shows that spikes in labor costs occurred before/during the recessions near 1990, 2000, and 2008.

More importantly, the current reading is higher than 1970 and is only surpassed by 1974, 1980, and 1982. Thus, it may seem counterintuitive, but low unemployment, high wages, and high job openings (end-of-cycle metrics) are bearish, not bullish. As a result, the bulls are in la-la land, and the ‘this time is different crowd should suffer mightily when reality re-emerges.

The Bottom Line

While the PMs have rallied recently, they’re still underperforming the S&P 500 and the NASDAQ Composite. Moreover, with the latter ignoring the bearish fundamentals at their own peril, a sharp re-rating of the general stock market should help push gold, silver and mining stocks to new 2022 lows. Likewise, while the bulls want you to believe that all is well on Wall Street, their success hinges on outcomes materializing that haven’t occurred in 50+ years.

In conclusion, the PMs declined on Aug. 15, as most of the commodity complex was crushed. However, with little fear present in today’s financial markets, asset prices are far from their fundamental values. As such, the medium-term outlook is profoundly bearish, and it’s likely only a matter of time before sentiment reflects these realities.

About the Author: Przemyslaw Radomski, CFA  (PR) writes and publishes articles as Editor-in-Chief at Sunshine Profits. His work underscores his disposition of being passionately curious about market behavior. He uses his statistical and financial background to question the common views and profit from the misconceptions.

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Allegiant to Participate at the Precious Metals Summit Beaver Creek Conference

Research, News, and Market Data on Allegiant Gold

Reno, Nevada
/August 16, 2022 – Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU:
TSX-V) (AUXXF: OTCQX) is pleased to announce management’s participation in the Precious Metals Summit Conference hosted in Beaver Creek, CO from September 13-16, 2022. 

The Precious Metals Summit is one of the most comprehensive conferences for established producers, developers and exploration companies throughout the world.  Numerous institutional and corporate executives in the precious metals industry have historically attended this prestigious event.  Allegiant is proud to once again be one of the companies attending the event. 

ABOUT ALLEGIANT
Allegiant owns 100% of 10 highly-prospective gold projects in the United States, 7 of which are located in the mining-friendly jurisdiction of Nevada. Three of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

ON BEHALF OF THE BOARD
Peter Gianulis
CEO

For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364

ir@allegiantgold.com

Tuesday, August 16, 2022

Maple Gold Mines (MGMLF)
A Harbinger of Things to Come?

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

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

Phase II drilling at Eagle. Maple Gold reported initial assay results from the first hole of the Phase II drill program at its 100%-controlled Eagle Mine property in Quebec. The Phase II program consisted of four master diamond drill holes and one daughter drill hole totaling 4,700 meters to test extensions of mineralization along and beneath the past-producing Eagle-Telbel mine trend. To date, approximately 16,450 meters of the approximately 30,000 meters of drilling planned across the company’s Quebec project portfolio has been completed. Eagle assays have been reported for approximately 5,400 meters of drilling representing 59% of Eagle drilling completed.

Results from the first hole broaden the lens. Hole EM-22-009 intersected 11.4 grams of gold per tonne over three meters, including 24.4 grams of gold per tonne over one meter to the north of the Eagle-Telbel mine horizon in the hanging wall microgabbro. The results underscore the potential for additional styles of gold mineralization at Eagle and broader gold distribution and have implications for the company’s exploration targeting, including the Phase III drilling program later in the year. …

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

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