Tag: Decarbonization

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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*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) – Accelerating Commercialization Across Multiple Business Lines

Posted on by cpereira@noblefcm.com


Monday, April 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.

First quarter 2024 perception report. RB Milestone, Comstock’s investor relations firm, released its first quarter 2024 stakeholder perception report which provides insight into Comstock’s operational milestones and strengths and weaknesses as perceived by stakeholders. The accompanying presentation highlighted the achievement of significant company milestones, notably in its Metals and Fuels segments. An underreported point made during the presentation is that Comstock has approximately $225 million of net operating loss tax carry-forward that may be used to offset gains from sales of non-core assets and future profits.

Growing customer commitments. During the first quarter, Comstock Metals received all permits for its solar panel recycling facility and began commissioning the plant. Comstock Metals has received over 60 tons of end-of-life solar panels for which it has received cash and expects to begin recognizing revenue in the second quarter as the panels are processed. Supplier commitments have exceeded expectations and Comstock is preparing permits for its first industry-scale 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 Commences Material Recovery Facility Commissioning; UPLODE 24 on February 28

Posted on by cpereira@noblefcm.com


Thursday, February 15, 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.

Receipt of Final Permit. Comstock Metals received conditional approval from the Nevada Division of Environmental Protection for the processing of waste solar panels and photovoltaics in its new materials recovery facility in Silver Springs, Nevada. With the receipt of all required permits, Comstock Metals may now complete the installation of the process equipment, and test, commission, and start up the material recovery facility. The facility includes proprietary technologies for efficiently crushing, conditioning, extracting, and recycling metal concentrates from photovoltaics.

Supplier Commitments. Comstock Metals is receiving waste panels for processing and has commenced commissioning activities. Comstock Metals continues to secure supplier commitments and is experiencing greater than initially expected inquiries from many different sources of waste panels. Decommissioning end-of-life solar panels is accelerating in the southwest region of the United States where solar panels were adopted early. Because Comstock Metals will receive an upfront disposal fee for handling the end-of-life solar panels, Comstock Metals could begin generating cash flow with revenue recognized once the waste is processed and recycled.


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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-1: We Have Lift-Off

Posted on by cpereira@noblefcm.com


Thursday, November 16, 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.

Fostering advanced exploration technologies. Comstock is collaborating with its strategic investee Quantum Generative Materials (GenMat) to develop and expand the next generation geostatistical digital model of its most strategic mining development areas, including the November launch of a space-based hyperspectral imager that will extract relevant chemical and physical information for high precision mineral prospecting. The goal is to incorporate innovative technology within its exploration activities to increase mineral resources to two million gold equivalent ounces.

Successful launch of satellite and imager. GENMAT-1 was launched via Maverick Space Systems aboard a SpaceX Falcon 9 Transporter rocket from Vandenberg Space Force Base in Lompoc, California on November 11. At an altitude of 500 kilometers, the satellite will continuously capture and transmit hyperspectral image data of minerals and surface matter. The initial mission is to capture hyperspectral data of the Comstock Lode.


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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) – All Pieces Are In Place To Commercialize Full Fuels Product Suite

Posted on by cpereira@noblefcm.com


Wednesday, October 18, 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.

Innovative products for producing renewable fuels. Comstock Fuels, a wholly owned subsidiary, converts lignocellulosic biomass into cellulosic ethanol and proprietary Bioleum bio-intermediate blends at yields exceeding 100 gallons per dry tonne of biomass on a gasoline gallon equivalent (GGE) basis with low market-leading carbon intensity scores.

Hydro-deoxygenated Bioleum Oil (HBO). The innovative break throughs are achieved in part by using catalytic esterification and hydro-deoxygenation to process Bioleum into Hydro-deoxygenated Bioleum Oil (HBO). HBO is a proprietary drop-in bio-intermediate that can be sold to advanced biofuel refineries for use in blending with fat-based feedstocks to produce sustainable aviation and renewable diesel fuels.


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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. 

CoreCivic, Inc. (CXW) – Amended Credit Facility Provides More Flexibility

Posted on by cpereira@noblefcm.com


Monday, October 16, 2023

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Amended Facility. Late last week, CoreCivic announced it had amended its credit agreement. The new facility effectively replaces CoreCivic’s Third Amended and Restated Credit Agreement dated May 12, 2022. The new facility is in the aggregate principal amount of $400 million, consisting of a $125 million term loan and a $275 million revolving credit facility. The new facility provides greater flexibility, in our view. 

Details. The new facility increases in size from $350 million to $400 million. In addition, the Company has an option to increase the availability under the revolving credit facility and to request term loans from the lenders in an aggregate amount not to exceed the greater of (a) $200 million and (b) 50% of consolidated EBITDA for the most recently ended four-quarter period. Maturity has been extended until October 11, 2028 from May 12, 2026.


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Comstock Inc. (LODE) – Innovating Leading Technologies for a Low Carbon Future

Posted on by cpereira@noblefcm.com


Friday, October 06, 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.

Market leading yields coupled with low carbon intensities. Comstock recently achieved two significant milestones within its cellulosic fuels business. These include biofuel production yields of more than 100 gallons per dry tonne of woody biomass on a gasoline gallon equivalent (GGE) basis and market-leading low carbon intensity (CI) scores of 16 or below for cellulosic ethanol and 15 for the company’s proprietary hydro-deoxygenated Bioleum oil (HBO). The CI score is measured in grams of carbon dioxide equivalent per megajoule of energy.

Differentiation provides a key competitive advantage. HBO is a proprietary drop-in bio-intermediate used in the production of sustainable aviation and renewable diesel fuels. It increases the diversity of hydro-processed, fat-based feedstock and significantly reduces carbon intensity scores from what is currently commercially achievable. For example, the carbon intensity of fossil fuels is industry-benchmarked between 80 and 95. Moreover, yields of over 100 GGE exceed the U.S. Department of Energy’s production goals of less than 75 GGE per tonne. While the higher yields are a key selling point in that they surpass existing cellulosic-derived biofuel production yields, leading biofuel refiners have indicated that lower CI scores are what significantly reduce the carbon footprint of their overall portfolios.


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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) – Non-Core Asset Sales Provide Funds for Reinvestment in Growth Businesses

Posted on by cpereira@noblefcm.com


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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*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) – Looking Ahead to a Catalyst-Rich Second Half 2023

Posted on by cpereira@noblefcm.com


Monday, August 14, 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.

Innovative feedstocks for renewable fuel producers. Comstock Fuels demonstrated the production of lignocellulosic bio-intermediates suitable for use in existing renewable fuel refineries at pilot scale and the capability for ongoing operations. A baseline lifecycle carbon analysis (LCA) model has also been developed with a third-party to validate industry-leading carbon intensity scores for fuel produced through its pathways. Management is engaged with multiple potential customers and partners for early adopter commercial agreements and expects one or more agreements to be completed this year.

Advancing toward commercialization. Comstock Metals has leased an operating facility in Silver Springs, Nevada and submitted all permits for operating its proprietary metal processing and recycling system. Comstock anticipates full deployment of its entire production system by the end of 2023 with operations commencing upon receipt of the permits. Comstock Metals has engaged suppliers to secure photovoltaic feedstocks and expects initial supply-revenue agreements in advance of production.


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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) – Optimizing the Value of Comstock’s Mining Asset Portfolio

Posted on by cpereira@noblefcm.com


Friday, July 07, 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.

Lease agreement with Mackay Precious Metals. Comstock’s wholly owned subsidiary, Comstock Northern Exploration, entered into a mineral exploration and mining lease agreement, dated June 30, 2023, with Mackay Precious Metals. The lease encompasses Comstock’s northernmost mining claims, mineral exploration rights, and town lots referred to as the Northern Targets, including the Gold Hill and northern Occidental Lode claim groups in the Comstock Mining District.

Primary lease term is 20 years. Mackay is expected to explore the properties through geophysical surveys, geochemical sampling, exploration drilling, and other means of exploration. The mineral lease has a term of 20 years and will continue once mine feasibility is established and for so long as Mackay is engaged in mining operations and is in compliance with the lease.


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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.