Tag: Decarbonization

Comstock (LODE) – Investment Rating Lowered to Market Perform

Posted on by cpereira@noblefcm.com


Wednesday, December 18, 2024

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.

Reassessing the path to commercialization. We are lowering our investment rating to a Market Perform from Outperform. While Comstock has made significant progress advancing its business unit plans, we think the path toward commercializing its Fuels and Metals businesses could take longer than we previously expected and is subject to a number of risk factors, including execution and financing. Based on the company’s liquidity, anticipated capital requirements, risk and reward profile, and lead time associated with commercializing its businesses, we think a Market Perform is appropriate.

SBC Commerce transaction. In August, Comstock announced a significant and promising transaction with SBC Commerce LLC (SBCC), a U.S. based private equity group, to directly invest in each of Comstock’s businesses and acquire Comstock’s properties in Silver Springs, Nevada. Our previous valuation and price target were based in part on the implied value of the transaction. To date, no definitive agreement has been announced with SBC Commerce, and it is unclear to us whether the transaction will close as contemplated. We look forward to an update and will wait to assess any final agreement(s).


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*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 Inc. (LODE) – Making Significant Progress on Multiple Fronts

Posted on by cpereira@noblefcm.com


Wednesday, October 23, 2024

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.

Pending transaction with SBC Commerce. Comstock recently executed an indicative term sheet for $325 million, or $315 million net of transaction fees, in funding through SBC Commerce LLC (SBCC), a U.S. based private equity group. The transaction is contingent on final due diligence and applicable regulatory approvals and is expected to close in tranches over the next several months. When the transaction was announced, it contemplated SBCC taking equity ownership positions in each business unit commensurate with the amount of its investment. Increasingly, it appears that a portion of the transactions could include debt which could have implications for our valuation which is currently based on the terms summarized in the original release. 

Third quarter 2024 achievements. Comstock achieved significant milestones during the third quarter, including executing an exclusive license and cooperative research and development agreement with the Department of Energy’s National Renewable Energy Laboratory, executing an international license agreement for three industry scale fuel hubs, recording first revenues from the sale of recycled aluminum and announcing new contracts with new customers for the decommissioning and disposal of solar panels.


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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 Inc. (LODE) – GenMat Acquisition Positions Comstock to Leverage the Power of AI

Posted on by cpereira@noblefcm.com


Tuesday, October 08, 2024

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.

Acquisition of Quantum Generative Materials (GenMat). Comstock executed an agreement to acquire Quantum Generative Materials, including GenMat’s artificial intelligence materials discovery platform, along with retaining most of the associated technical team. A holding company controlled by Mr. Deep Prasad, GenMat’s founder, will assume control of GenMat’s space-oriented business. GenMat will become a 100%-owned subsidiary of Comstock Inc. and will continue development and commercialization of its physics-based artificial intelligence products and services.

Transaction terms. GenMat will pay $1 million to Mr. Prasad in exchange for the assignment of the rights and related intellectual property. Comstock will make the following payments: 1) $250,000 on the closing date, 2) $250,000 on November 15, 2024, and 3) $500,000 on March 31, 2025. Under terms of the agreement, Mr. Prasad is entitled to a contingent earn-out payment equal to 3% of either the consideration paid in connection with a liquidation of GenMat in excess of $100 million or funds raised by GenMat upon completion of an initial public offering valuing GenMat in excess of $100 million.


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*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 Inc. (LODE) – Collaborative Agreements with the Department of Energy’s National Renewable Energy Laboratory

Posted on by cpereira@noblefcm.com


Thursday, October 03, 2024

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.

Laying the groundwork for a successful moonshot. Comstock IP Holdings, a wholly owned subsidiary, executed an Exclusive License Agreement (ELA) and Cooperative Research and Development Agreement (CRADA) with the Alliance for Sustainable Energy, the managing and operating contractor of the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL). The agreements provide access to technologies developed by NREL and the Massachusetts Institute of Technology (MIT) to convert lignocellulosic biomass into aromatic sustainable aviation fuel (SAF). The goal is to produce the world’s first 100% renewable SAF at costs approaching parity with fossil fuels by integrating Comstock and NREL technologies.

Cooperative Research and Development Agreement. Terms include a three-year scope of work to jointly develop an integrated process based on Comstock and NREL processes and technologies to refine woody biomass into aromatic SAF and other renewable fuels. Comstock will fund the research and contribute staff, equipment, and use of its pilot facility in Wisconsin. The CRADA is expected to result in the construction of a pre-commercial pilot system to affirm requirements needed to scale-up and incorporate the resulting process into Comstock’s planned 50,000 metric ton per year commercial demonstration facility.


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*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 Inc. (LODE) – Comstock Fuels Executes its First International License Agreement

Posted on by cpereira@noblefcm.com


Thursday, September 19, 2024

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.

International license agreement.Comstock Fuels executed a non-binding term sheet to grant SACL Pte. Limited, a Singapore-based renewable fuel project developer, an exclusive marketing agreement for Comstock Fuels’ advanced lignocellulosic biomass refining processes in Australia and New Zealand. The term sheet includes a master non-exclusive intellectual property license for the sole purpose of developing, financing, constructing, and managing renewable fuels production facilities. SACL has identified initial sites for the construction of three refineries in Australia. 

Terms of the agreement. Comstock Fuels will contribute site specific technology rights in exchange for a 20% equity stake in each refinery. Comstock will provide each producer with engineering support in exchange for 3% of each facilities’ capital and construction costs, increasing to 6% at and above a capacity of 250,000 metric tons per year (MTPY), including an upfront payment of $2.5 million payable upon execution of a site license agreement. Comstock Fuels will earn a royalty fee equal to 3% of the total sales of licensed products by each facility, increasing to 6% at and above a capacity of 250,000 metric tons per year.


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*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 Inc. (LODE) – End to End Solar Panel Recycling Solutions

Posted on by cpereira@noblefcm.com


Wednesday, September 11, 2024

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.

Deinstallation services. In direct response to customer needs, Comstock Metals now provides and manages deinstallation services for customers. Comstock Metals receives a tipping fee for the receipt and storage of end-of-life solar panels and now may receive additional fees for decommissioning and transporting the panels in addition to revenue earned from the recovery of high value minerals and metals from the recycled panels. The company has completed several deinstallations with several others being negotiated or under bid.

Well positioned to grow the customer base. We think the expansion of the company’s product suite to include decommissioning services better positions the company to more rapidly win new business from a broader range of customers. Comstock Metals coordinates and enables the decommissioning of the end-of-life panels from their customer facilities and coordinates the transportation of these panels to Comstock’s facility in Silver Springs where the materials will be processed and recycled. Comstock is engaged with various, nationally recognized commercial customers to decommission, transport, and process end-of-life solar panels installed at their facilities.


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*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 Inc. (LODE) – Upgrading Our Investment Rating to Outperform from Market Perform

Posted on by cpereira@noblefcm.com


Monday, August 12, 2024

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.

Proposed transaction with SBC Commerce. Comstock executed an indicative term sheet for $325 million, or $315 million net of transaction fees, in funding through SBC Commerce LLC (SBCC), a U.S. based private equity group. The transaction is contingent on final due diligence and applicable regulatory approvals and is expected to close in tranches over the next two to three months. At this point, we assume the transaction will close successfully within the contemplated time frame.

Infusion of growth capital to accelerate commercialization. The transaction provides a clear valuation marker for each of the company’s fuels, metals, and mining businesses and secures growth capital to accelerate commercialization efforts. SBCC will acquire Comstock’s industrial and commercial real estate and water rights in Nevada for $50 million, or $47 million net of transaction expenses.


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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 Inc. (LODE) – Comstock Metals Prepares to Scale Up

Posted on by cpereira@noblefcm.com


Tuesday, July 16, 2024

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.

Industry-scale facility. Comstock Metals secured a long-term lease on a 100,000 square foot building in Silver Springs, Nevada. The facility, located on the same campus as Comstock’s operating demonstration plant, will be able to process up to 100,000 tons per year of end-of-life solar panels. Comstock Metals recently received approval for a conditional use permit from the Lyon County, Nevada Board of County Commissioners for the operation and material storage of solar panels at this facility. 

On or ahead of schedule. Comstock’s demonstration facility is operating two shifts and expects to add a third shift during the third quarter. The company is advancing the full design and remaining permitting of its first industry-scale facility. Having fully secured the site lease and the county permit, the company has started to work on pre-engineering and state permitting processes so the remaining permit applications can be submitted. The company remains on or ahead of schedule relative to its 2024 objectives.


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*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 Inc. (LODE) – Comstock Metals Receives Conditional Use Permit for its First Planned Industry Scale Facility

Posted on by cpereira@noblefcm.com


Tuesday, June 25, 2024

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.

Taking the next step. The company’s demonstration facility has enabled the acceleration of the design and permitting of the first industry scale facility targeting 100 thousand tons per year of waste solar panel processing capacity. Comstock Metals is engaged with major, large-scale customers for high-volume, longer-term commitments that will be able to be serviced with expanded storage capacity and a planned industry-scale site.

Conditional use permit. The Lyon County, Nevada Board of County Commissioners unanimously approved a conditional use permit for the operations and material storage of solar panels at Comstock Metals first planned industrial scale facility in Silver Springs, Nevada. The facility will serve the expanding solar industry in the western United States. Once the company demonstrated its ability to recycle and reuse 100% of the recycled materials, it accelerated permitting for the expansion, both for storage and industry-scale operations.


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*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 Inc. (LODE) – Subsidiary-Level Financing to Fund Growth

Posted on by cpereira@noblefcm.com


Thursday, June 20, 2024

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.

Shareholder update. In a letter to shareholders, Comstock provided additional details regarding how the company expects to finance its growth initiatives across its business segments. Comstock intends to minimize the issuance of equity by using alternative sources of funding at the subsidiary level. Additionally, Comstock expects to commence sales of its real estate holdings in Silver Springs, Nevada and its interest in the Sierra Springs Opportunity Fund in the coming months. Proceeds from the asset sales will fund, among other things, advancing mine development plans for the company’s Dayton-Spring Valley resource areas.

Comstock Metals. Comstock intends to secure debt and equity capital at the subsidiary level to fund the construction of Comstock Metals’ first two industry-scale facilities. Discussions are ongoing with multiple counterparties interested in participating in primarily debt financing with agreements expected in the third quarter of 2024. Comstock Metals recently commissioned its first demonstration-scale photovoltaic recycling facility in Silver Springs, Nevada, secured revenue generating contracts, and began receiving end-of-life solar panels. 


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*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 Inc. (LODE) – Comstock Expands the Scope of its Partnership with RenFuel in Europe

Posted on by cpereira@noblefcm.com


Tuesday, June 11, 2024

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.

Amending agreements with RenFuel. Comstock Inc. is amending agreements with RenFuel K2B AB pertaining to the development of RenFuel’s planned biorefinery project at a pulp and paper mill in Sweden. RenFuel is liquidating a subsidiary originally formed to administer its previously planned Swedish biorefinery as part of a joint venture with Preem. While not having any impact on Comstock other than Comstock declining its option to enter the joint venture, the amendments are expected to broaden the scope of Comstock’s partnership with RenFuel in Europe.

A powerful combination. Comstock utilizes RenFuel’s patented catalytic esterification technology to refine its proprietary Bioleum derivatives into hydro-deoxygenated bioleum oil (HBO). Advanced biofuel refineries use HBO for blending with, diversifying, and extending conventional hydro-processed fat, oil, and grease feedstocks to produce sustainable aviation fuel and renewable diesel fuel. Comstock holds the exclusive license to RenFuel’s refining technologies in North America, Central America, and South America.


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*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 Inc. (LODE) – Concerns About Near-Term Liquidity; Rating Lowered to Market Perform

Posted on by cpereira@noblefcm.com


Thursday, May 02, 2024

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.

Rating changed to a Market Perform. We have lowered our investment rating to Market Perform from Outperform pending significant improvement in the company’s liquidity position and a visible path toward net income and cash flow growth from operations. Outside of its mining assets, the company operates much as a start-up within its Fuels and Metals businesses. We think those segments may require significant capital investment and we would like to see a clearer funding path. Additionally, we would like more details such as the components that drive the economics of the business models for each segment (i.e. terms of licensing agreements, royalties, and fees for engineering services).

First quarter 2024 achievements. Comstock achieved significant milestones during the first quarter, including securing all required operating permits and the commencement of production at its photovoltaic recycling facility in Nevada. Comstock Fuels commenced sample production of commercially available hydro-deoxygenated bioleum oil (HBO) and executed agreements for up to a $3 million investment in RenFuel K2B AB. Lastly, Comstock Mining updated its internal Dayton-Spring Valley economic assessment and expects to complete a mine plan by year-end 2024.


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*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 Inc. (LODE) – Comstock Fuels Gains Commercial Momentum

Posted on by cpereira@noblefcm.com


Thursday, April 25, 2024

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.

Agreement executed with RenFuel K2B AB. Comstock completed agreements to invest up to $3 million in RenFuel K2B AB over a three-year period. The investment will support commercialization of joint development applications and renewable fuel technologies, along with the development of a 100 thousand tonnes per year (TPY) biorefinery joint venture project in Sweden. The agreements call for the purchase of up to $3 million in 7% senior secured convertible notes funded in quarterly installments of $250 thousand for three years.

The power of partnership. Comstock’s partnership with RenFuel has accelerated the commercialization of its technologies. The companies’ joint venture project is strategic to Comstock’s plan to commercialize its proprietary Bioleum product. Comstock uses RenFuel’s patented catalytic esterification technology to refine Bioleum derivatives into Hydro-deoxygenated Bioleum Oil (HBO) for use by advanced biofuel refineries to produce sustainable aviation and renewable diesel fuel.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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.