Comstock Signs Agreement to Sell Mining Assets to Mackay for Over $45M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 22 2026
0mins
Comstock announced that it has executed a Securities Purchase Agreement to sell 100% of its mineral, mining, processing and related mining district real estate entities to Mackay Precious Metals, a wholly owned subsidiary of Mackay Gold & Silver Corp., for an aggregate transaction value of over $45M, consisting of over $30M in cash and stock payments, a retained 1.5% NSR royalty, the assumption of all reclamation obligations and liabilities, and an additional contingent future payment of $10M. Mackay will acquire 100% of four Comstock subsidiaries: Comstock Mining LLC, Comstock Processing LLC, Comstock Exploration and Development LLC, and Comstock Real Estate Inc., including all patented and unpatented mining claims, town lots, processing facilities, operating permits and water rights. Upon closing, the company will have received $20M in cash, plus 2 million shares of Mackay Gold & Silver valued at over $3.5M at recent prices. A secured, second-tranche cash payment of $7M is due within 18 months. Mackay may elect to satisfy up to $2M of the second-tranche payment through the issuance of additional Mackay Gold & Silver Corp. shares, subject to the pricing thresholds and conditions set forth in the SPA. All reclamation obligations and liabilities will be assumed by the sold entities and all associated reclamation and surety bond deposits and collateral will also be assigned and remain with the sold entities. Comstock expects the divestiture to reduce ongoing costs associated with maintaining these mining assets, permits, environmental compliance obligations and related activities, resulting in over $1.5M in annualized savings. The company will also retain a 1.5% NSR royalty from sales of silver, gold, and all other valuable minerals and products extracted from these properties, subject to the terms of the Royalty Agreement. Mackay has the option to repurchase the royalty at any time for $3.5M in cash. Comstock will further share in the success of Mackay's exploration and development activities through a contingent payment of $10M if, within seven years following closing, (i) Mackay makes a decision to proceed with the construction of a mine on any of the properties, or (ii) Mackay is sold, merged, or otherwise participates in a change-of-control transaction with aggregate consideration of at least $500M. If the contingent payment does not occur, the value of the NSR buy-out doubles to $7M.
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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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- 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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- 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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- 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
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- 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
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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
