Comstock Agrees to $45M Deal with Mackay Gold & Silver
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 22 2026
0mins
Source: seekingalpha
- Deal Overview: Comstock has agreed to sell its Nevada mineral, mining, processing, and related real estate entities to Mackay Gold & Silver for over $45 million, including more than $30 million in cash and stock, indicating a strategic shift in the company's mining operations.
- Cash and Stock Structure: Upon closing, Comstock will receive $20 million in cash and 2 million shares of Mackay, currently valued at over $3.5 million, along with a secured second-tranche cash payment of $7 million due within 18 months, enhancing the company's liquidity position.
- Retained Rights and Obligations: Comstock will retain a 1.5% net smelter royalty (NSR) on sales of silver, gold, and other valuable minerals extracted from the properties, with Mackay having the option to repurchase the royalty for $3.5 million in cash, ensuring potential future revenue growth.
- Land Expansion Impact: This acquisition will expand Mackay's land position in the Comstock District by 70% to 4,343 hectares, creating the largest consolidated mining claim package in the district's 167-year history, significantly enhancing the company's competitive position and resource acquisition capabilities.
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Analyst Views on LODE
About LODE
Comstock Inc. commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics. The Company's segments include Bioleum, Metals, Mining, Strategic Investments and Corporate. Its Bioleum Segment represents its lignocellulosic biomass into biointermediates for refining into renewable fuels. The Company's Metals Segment represents its recycling of electrification products. Its Mining Segment includes its gold and silver mining assets and related real estate. The Company's Mining Segment owns, controls, or retains royalty interest in 12 square miles of properties of patented mining claims, unpatented mining claims and surface parcels in northern Nevada. Its Strategic Investments Segment includes its investments in Green Li-ion and Sierra Springs Opportunity Fund Inc.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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- Cash and Stock Structure: Upon closing, Comstock will receive $20 million in cash and 2 million shares of Mackay, currently valued at over $3.5 million, along with a secured second-tranche cash payment of $7 million due within 18 months, enhancing the company's liquidity position.
- Retained Rights and Obligations: Comstock will retain a 1.5% net smelter royalty (NSR) on sales of silver, gold, and other valuable minerals extracted from the properties, with Mackay having the option to repurchase the royalty for $3.5 million in cash, ensuring potential future revenue growth.
- Land Expansion Impact: This acquisition will expand Mackay's land position in the Comstock District by 70% to 4,343 hectares, creating the largest consolidated mining claim package in the district's 167-year history, significantly enhancing the company's competitive position and resource acquisition capabilities.
See More
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- Production Line Progress: Comstock Metals has successfully integrated and tested the robotic loading and initial conveyance system at its first industry-scale solar recycling facility, with an expected annual recycling capacity of 100,000 tons, marking a significant advancement in the front-end stages of the production process and enhancing the company's competitiveness in renewable energy recycling.
- Exceeding Design Capacity: According to CEO Corrado De Gasperis, the loading system's capacity test exceeded the estimated design maximum by 10%, which not only improves production efficiency but also lays a solid foundation for the upcoming stress testing of the particle size reduction stage, expected to be completed in the next two weeks.
- Modular Start-Up Strategy: The company is leveraging a modular start-up process to transition operational shifts from 24/5 to 24/7 on a 12-hour rotating basis, significantly increasing production capacity to meet the growing market demand.
- Market Expansion Potential: As the recycling process progresses, Comstock is also stress-testing secondary upgrading processes to ensure compliance with customer specifications, thereby expanding its addressable markets and further solidifying its leadership position in the solar recycling industry.
See More
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- Executive Participation: Comstock CEO Corrado De Gasperis will participate in the Water Tower Research Fireside Chat on July 9, 2026, discussing the company's systems-based strategies and solutions to industry-wide challenges, which is expected to enhance investor understanding of the company's strategic direction.
- Financial Position Overview: During the event, De Gasperis will elaborate on the company's financial position, liquidity, and transformation of non-dilutive capital resources, emphasizing the importance of capital redeployment for future growth, which may bolster investor confidence.
- Innovation Opportunities Discussion: The discussion will include innovations in solar panel recycling and critical minerals extraction, showcasing Comstock's leadership in the clean energy sector, potentially attracting investors interested in sustainable investments.
- Business Expansion Plans: The event will also highlight the progress of the Cambridge, Ohio facility and the strategic vision for a seven-plant network, emphasizing the company's efforts to expand production capacity and market share, which may lay the groundwork for future growth.
See More
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- Equipment Arrival: Comstock Inc. announced that all industry-scale equipment for its solar panel recycling production line has arrived and been assembled, marking significant progress toward the 100,000-ton annual recycling capacity, which is expected to enhance the company's market share in the renewable energy sector.
- Successful System Tuning: The company has successfully tuned and tested the Eddy system for glass upgrading, exceeding customer quality and capacity requirements, ensuring that the produced clean glass meets market standards, thereby enhancing customer trust and potential future orders.
- Gradual Start-Up: Currently, three unit operations have been commissioned and are undergoing integration, with two others undergoing stress testing, and continuous operations are expected to commence by late July 2026, which will provide the company with a stable revenue stream.
- Market Demand Response: The start-up sequence is influenced by engineering requirements and customer demand, with Comstock actively responding to the growing needs of potential customers, ensuring its products can adapt to rapid market changes, thus enhancing the company's competitiveness and market adaptability.
See More
Comstock to Establish Solar Panel Recycling Facility in Ohio
- Facility Construction: Comstock's subsidiary Comstock Metals will establish a 21,570-square-foot industrial-scale solar panel recycling, production, and logistics facility in Cambridge, Ohio, aimed at serving customers across the Midwest and Eastern U.S., thereby enhancing market coverage.
- Cost Reduction: The new facility is expected to reduce transportation costs, which typically account for 30% to 50% of total recycling expenses, significantly improving operational efficiency and profitability by providing closer service to clients.
- Capacity Expansion: This facility will expand Comstock's recycling capacity, producing aluminum, silver, and glass bead outputs for resale into regional industrial supply chains, thereby strengthening the company's market position in the renewable energy sector.
- Strategic Investment: This investment not only reflects a commitment to sustainability but also positions Comstock as a key player in the green economy transition, expected to drive robust business growth in the future.
See More
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- New Facility Location: Comstock Metals LLC has announced the establishment of an industrial-scale solar panel recycling and production facility in Cambridge, Ohio, expected to create 20 full-time positions, demonstrating the company's commitment to expansion in sustainable practices.
- Funding Support: The project is backed by a $75,000 grant from JobsOhio, aimed at promoting economic development and business expansion, indicating strong local government support for the renewable energy sector.
- Increased Recycling Capacity: The new facility will enhance Comstock's initial recycling capacity in Nevada, with an anticipated annual processing of 100,000 tons of solar panels and achieving 100% material recovery, further solidifying its market leadership.
- Reduced Logistics Costs: The central location in Cambridge will help Comstock lower long-distance transportation costs, which can account for 30% to 50% of total recycling expenses, thereby enhancing the company's competitiveness in the Midwest and Eastern markets.
See More
Comstock Agrees to $45M Deal with Mackay Gold & Silver
- Deal Overview: Comstock has agreed to sell its Nevada mineral, mining, processing, and related real estate entities to Mackay Gold & Silver for over $45 million, including more than $30 million in cash and stock, indicating a strategic shift in the company's mining operations.
- Cash and Stock Structure: Upon closing, Comstock will receive $20 million in cash and 2 million shares of Mackay, currently valued at over $3.5 million, along with a secured second-tranche cash payment of $7 million due within 18 months, enhancing the company's liquidity position.
- Retained Rights and Obligations: Comstock will retain a 1.5% net smelter royalty (NSR) on sales of silver, gold, and other valuable minerals extracted from the properties, with Mackay having the option to repurchase the royalty for $3.5 million in cash, ensuring potential future revenue growth.
- Land Expansion Impact: This acquisition will expand Mackay's land position in the Comstock District by 70% to 4,343 hectares, creating the largest consolidated mining claim package in the district's 167-year history, significantly enhancing the company's competitive position and resource acquisition capabilities.
See More
