Comstock Inc. (NYSE:LODE) Executes Sale of Membership Interests and Termination of Lease Agreement

Comstock Inc. (the “Company”) recently announced the execution of a binding membership interest purchase agreement with Mackay Precious Metals Inc. (“Mackay”). The agreement entails the sale of all of Comstock’s right, title, and interest in Comstock Northern Exploration LLC and the Company’s 25% interest in Pelen Limited-Liability Company to Mackay for a total purchase price of $2,750,000. The transaction involved $1,300,000 in cash, with an additional $450,000 due by February 15, 2025, and $1,000,000 to be paid in either cash or stock. Additionally, a 1.5% royalty of Net Smelter Returns was agreed upon as part of the NSR Royalty Agreement signed on December 18, 2024.

The detailed terms of the Purchase Agreement and Royalty Agreement can be found in the attached Exhibits 10.1 and 10.2 to the Form 8-K filing. Furthermore, a press release has been included as Exhibit 99.1 to disclose the transactions involving these agreements.

Simultaneously, the Company announced the termination of a previous Mineral Exploration and Mining Lease Agreement with Mackay, which had been entered into on June 30, 2023. Both parties mutually agreed to terminate the agreement, outlining their respective rights, duties, and obligations under the Lease Agreement. An additional $500,000 in pro-rata lease expenses is expected to be settled on or before February 15, 2025.

These significant corporate actions by Comstock Inc. are aimed at reshaping its operational focus and optimizing its asset portfolio. For more information and complete details regarding these transactions, interested parties are encouraged to refer to the official filings on the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Comstock’s 8K filing here.

About Comstock

Comstock Inc engages in the systemic decarbonization business in Nevada and internationally. It operates through Renewable Energy, Mining, and Strategic and Other Investments segments. It will develop technology for the deploying of extraction and refining facilities that convert wasted and unused biomass and other natural resources; and a demonstration system to extract black mass containing lithium, graphite, nickel, cobalt, manganese, copper, aluminum, and other metals from up to lithium-ion batteries.