Friday, September 15, 2023
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, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Sale of battery recycling facility. Comstock’s LINICO subsidiary sold its battery recycling facility in the Tahoe Reno Industrial Center and associated assets to American Battery Technology Company (OTCQX: ABML) for $27 million comprised of cash and ABML shares. LINICO had leased the facility with an option to purchase for $15.25 million, of which $3.25 million was paid. Comstock made the remaining $12.0 million payment to Aqua Metals, Inc. (Nasdaq: AQMS) to purchase the facility prior to closing its transaction with ABML. American Battery Technology Company initiated a 1-for-15 reverse split of its common stock effective at 9:00 am ET on September 11, 2023.
Sale of American Battery Technology Company shares. Comstock recently sold its 9,076,923 ABML common shares for approximately $5.5 million. Related to the sale of the battery recycling business, Comstock has now generated total and net cash proceeds of $26.5 million and $14.5 million, respectively, representing a net gain on the sale of ~$7 million that will be reflected in the company’s third quarter financial statements. American Battery Technology Company will make a final payment of $0.5 million in cash during the fourth quarter of 2023.
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