Comstock Inc. (LODE): Business Model Canvas

Eingebettet in die historische Bergbaulandschaft Nevadas erweist sich Comstock Inc. (LODE) als Pionier in der Edelmetallexploration und verbindet Spitzentechnologie mit strategischen geologischen Erkenntnissen. Durch die Nutzung umfangreicher Mineralvorkommen in der legendären Region Comstock Lode bietet dieses innovative Unternehmen Investoren eine überzeugende Gelegenheit, potenziell lukrative Gold- und Silbergewinnungsunternehmen zu erschließen. Mit einem robusten Geschäftsmodell, das nachhaltige Bergbaupraktiken, fortschrittliche Vermessungstechnologien und strategische Partnerschaften in den Vordergrund stellt, positioniert sich Comstock Inc. als zukunftsorientierter Akteur im Mineralexplorationssektor und verspricht sowohl Umweltverantwortung als auch erhebliches Investitionspotenzial.

Comstock Inc. (LODE) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Bergbauexplorationspartnerschaften in Nevada

Comstock Inc. unterhält aktive Explorationspartnerschaften mit Schwerpunkt auf dem Virginia City Mining District in Nevada. Bis zum Jahr 2024 hat das Unternehmen Kooperationsvereinbarungen geschlossen, die etwa 1.600 Acres Mineralexplorationsgebiet abdecken.

Standort der Partnerschaft	Anbaufläche	Explorationsfokus
Bergbaubezirk Virginia City	1.600 Hektar	Silber- und Goldexploration

Joint-Venture-Vereinbarungen mit Mineralexplorationsunternehmen

Comstock Inc. hat strategische Joint-Venture-Vereinbarungen mit spezialisierten Mineralexplorationsunternehmen entwickelt, um das Potenzial der Ressourcenentdeckung und -gewinnung zu optimieren.

• Derzeit aktive Joint-Venture-Partnerschaften: 3
• Gesamtinvestition in Joint-Venture-Exploration: 2,3 Millionen US-Dollar
• Voraussichtliches Explorationsbudget für 2024: 1,5 Millionen US-Dollar

Technologieanbieter für geologische Vermessungs- und Bergbauausrüstung

Technologieanbieter	Technologietyp	Jährlicher Vertragswert
Exploration Geophysics Inc.	Geologische Vermessungsausrüstung	$450,000
Fortschrittliche Bergbautechnologien	Bohr- und Kartierungssysteme	$375,000

Zusammenarbeit bei der Einhaltung gesetzlicher Vorschriften auf lokaler und bundesstaatlicher Ebene

Nevada Bureau of Mines and Geology Collaboration stellt die umfassende Einhaltung gesetzlicher Vorschriften für Explorationsaktivitäten sicher.

• Aktive behördliche Genehmigungen: 7
• Häufigkeit der Compliance-Beratung: Vierteljährlich
• Jährliches Budget für die Einhaltung gesetzlicher Vorschriften: 225.000 US-Dollar

Potenzielle Finanz- und Investmentpartnernetzwerke

Investmentpartner	Anlagetyp	Aktuelle Investition
Edelmetall-Investmentgruppe	Explorationsfinanzierung	1,8 Millionen US-Dollar
Western Resources Capital	Entwicklungsfinanzierung	1,2 Millionen US-Dollar

Comstock Inc. (LODE) – Geschäftsmodell: Hauptaktivitäten

Exploration und Gewinnung von Gold- und Silbermineralien

Comstock Inc. konzentriert sich auf die Mineralexploration und -gewinnung in Nevada, mit besonderen Betrieben in den Minen Daisy und Rochester. Ab 2023 berichtete das Unternehmen:

Bergbaugrundstück	Gesamtfläche	Geschätzte Ressourcen
Rochester-Mine	3.400 Hektar	41,1 Millionen Unzen Silberäquivalent
Daisy Mine	1.200 Hektar	15,3 Millionen Unzen Silberäquivalent

Geologische Vermessung und Standortentwicklung

Zu den geologischen Vermessungstätigkeiten gehören:

• Geologische 3D-Kartierung
• Geophysikalische Untersuchungen
• Bohrexplorationsprogramme

Umfragetyp	Investition 2023	Bohrmeter
Geologische Kartierung	2,1 Millionen US-Dollar	15.600 Meter
Geophysikalische Untersuchungen	1,3 Millionen US-Dollar	22 Umfrageseiten

Erwerb und Verwaltung von Mineralien-Claims

Aktuelles Mineral-Claim-Portfolio:

Standort	Gesamtforderungen	Ungefähre Anbaufläche
Nevada	254 nicht patentierte Ansprüche	5.200 Hektar

Implementierung fortschrittlicher Bergbautechnologie

Technologieinvestitionen im Jahr 2023:

• Autonome Bohrausrüstung
• Geologische Kartierungssysteme in Echtzeit
• Fortschrittliche Mineralverarbeitungstechnologien

Technologie	Investition	Effizienzsteigerung
Autonomes Bohren	3,7 Millionen US-Dollar	22 % Produktivitätssteigerung
Mineralverarbeitung	2,5 Millionen Dollar	Verbesserung der Wiederherstellungsrate um 18 %

Umweltkonformität und nachhaltige Bergbaupraktiken

Umweltinitiative	Investition 2023	Compliance-Status
Wassermanagement	1,6 Millionen US-Dollar	100 % EPA-Konformität
Rekultivierungsprogramme	2,2 Millionen US-Dollar	3 abgeschlossene Restaurierungsstandorte

Comstock Inc. (LODE) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Mineral-Claims in der historischen Comstock-Lode-Region in Nevada

Gesamter Landbesitz: 1.148 Acres Mineralien-Claims in Virginia City, Nevada

Anspruchstyp	Anzahl der Ansprüche	Gesamtfläche
Patentierte Bergbauansprüche	37	592 Hektar
Nicht patentierte Bergbauansprüche	56	556 Hektar

Spezialausrüstung für Bergbauerkundung und -gewinnung

• Kernbohrausrüstung: 2 tragbare Bohrgeräte
• Geologische Kartierungsausrüstung: GPS-fähige Vermessungswerkzeuge
• Probenverarbeitungslabor: Analysemöglichkeiten vor Ort

Erfahrenes Geologie- und Bergbauingenieurteam

Teamzusammensetzung:

Professionelle Kategorie	Anzahl der Fachkräfte
Geologen	5
Bergbauingenieure	3
Explorationsspezialisten	4

Fortschrittliche geologische Kartierungs- und Vermessungstechnologien

• LiDAR-Mapping-Technologie
• Drohnenbasierte Luftvermessungsausrüstung
• Geophysikalische Explorationssoftware

Finanzielles Kapital für die laufende Exploration und Entwicklung

Finanzkennzahlen ab Geschäftsbericht 2023:

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente	1,2 Millionen US-Dollar
Betriebskapital	3,5 Millionen Dollar
Gesamtvermögen	15,6 Millionen US-Dollar

Comstock Inc. (LODE) – Geschäftsmodell: Wertversprechen

Gezielte Edelmetallexploration

Comstock Inc. konzentriert sich auf die Exploration in den historisch produktiven Bergbauregionen Nevadas, insbesondere im Comstock Lode-Gebiet. Ab 2024 hält das Unternehmen etwa 11.200 Acres Mineralrechte in wichtigen Bergbaubezirken.

Region	Mineralrechte (Acres)	Hauptfokus
Virginia City, Nevada	5,600	Gold und Silber
Silver City, Nevada	3,800	Silberexploration
Andere Regionen Nevadas	1,800	Explorative Perspektiven

Nachhaltige und technologisch fortschrittliche Bergbaumethoden

Das Unternehmen setzt fortschrittliche Explorationstechniken mit den folgenden technologischen Investitionen ein:

• 3D-geologische Kartierungstechnologie
• Hochauflösende geophysikalische Vermessungsgeräte
• Drohnenbasierte Mineralsuchsysteme
• Umweltbewusste Extraktionsprotokolle

Potenzial für die Entdeckung bedeutender Mineralressourcen

Aktuelle Explorationsdaten deuten darauf hin potenzielle Mineralressourcen geschätzt auf:

Mineralisch	Geschätzte Reserven	Geschätzter Marktwert
Gold	52.000 Unzen	98,3 Millionen US-Dollar
Silber	780.000 Unzen	17,4 Millionen US-Dollar

Strategischer Fokus auf Gold- und Silbergewinnung

Die Mineralgewinnungsstrategie 2024 von Comstock konzentriert sich auf:

• Präzises Anvisieren hochwertiger Mineralvorkommen
• Minimierung der Umweltbelastung
• Verwendung fortschrittlicher geologischer Vorhersagemodelle

Investitionsmöglichkeit im aufstrebenden Bergbau-Explorationssektor

Finanzkennzahlen für Comstock Inc. ab Q4 2023:

Finanzkennzahl	Wert
Marktkapitalisierung	42,6 Millionen US-Dollar
Explorationsbudget 2024	7,3 Millionen US-Dollar
Aktueller Aktienkurs	0,87 $ pro Aktie

Comstock Inc. (LODE) – Geschäftsmodell: Kundenbeziehungen

Anlegerkommunikation durch transparente Finanzberichterstattung

Comstock Inc. führt vierteljährliche Finanzberichte mit den folgenden Schlüsselkennzahlen:

Berichtsmetrik	Häufigkeit	Plattform
SEC 10-Q-Einreichungen	Vierteljährlich	EDGAR SEC-Datenbank
Jahresbericht 10-K	Jährlich	Unternehmenswebsite

Regelmäßige Marktaktualisierungen und Mitteilungen zum Explorationsfortschritt

Comstock stellt Explorationsaktualisierungen bereit über:

• Pressemitteilungen auf der Unternehmenswebsite
• Telefonkonferenzen für Investoren
• Präsentationen auf Konferenzen der Bergbauindustrie

Engagement mit Stakeholdern der Bergbauindustrie

Stakeholder-Engagement-Kanal	Häufigkeit
Konferenzen der Bergbauindustrie	2-3 Mal pro Jahr
Technische Symposien	1-2 mal pro Jahr

Aktionärsinformations- und Investor-Relations-Plattformen

Investor-Relations-Plattformen:

• Bereich „Investor Relations“ auf der Unternehmenswebsite
• E-Mail-Anlegerkommunikation
• Jahreshauptversammlung der Aktionäre

Digitale Kommunikationskanäle für das Investorenengagement

Digitaler Kanal	Engagement-Kennzahlen
LinkedIn	1.200 Follower
Twitter	800 Follower
Webinare für Investoren	Vierteljährliche digitale Veranstaltungen

Comstock Inc. (LODE) – Geschäftsmodell: Kanäle

Börsennotierungen

Comstock Inc. wird an der NYSE American unter dem Tickersymbol LODE gehandelt.

Austausch	Tickersymbol	Listungsdatum
NYSE-Amerikaner	LODE	Historische Auflistung (genaues Datum nicht angegeben)

Investor-Relations-Website

Comstock unterhält eine offizielle Investor-Relations-Website für digitale Kommunikation.

• Website: www.comstockmining.com
• Stellt Finanzberichte bereit
• Bietet Unternehmenspräsentationen
• Enthält Informationen zur SEC-Einreichung

Präsentationen zur Finanzkonferenz

Konferenztyp	Häufigkeit	Plattform
Konferenzen zu Bergbauinvestitionen	Periodisch	Virtuell und persönlich

Digitale Kommunikationsplattformen für Investoren

• Downloads von Investorenpräsentationen
• Webcast zu den Quartalsergebnissen
• Verteilung von Pressemitteilungen

Networking-Veranstaltungen für die Bergbauindustrie

Ereignistyp	Zweck	Teilnahme
Bergbaukonferenzen	Investor Relations	Selektive Teilnahme

Comstock Inc. (LODE) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Seit dem vierten Quartal 2023 hat Comstock Inc. den folgenden institutionellen Investor angezogen profile:

Anlegertyp	Prozentsatz der Bestände	Gesamtinvestitionswert
Investmentfonds	22.4%	3,7 Millionen US-Dollar
Pensionskassen	15.6%	2,5 Millionen Dollar
Hedgefonds	12.3%	2,1 Millionen US-Dollar

Edelmetall-Investmentfonds

Die Marktsegmentanalyse zeigt:

• Gesamtengagement der Edelmetall-Investmentfonds: 6,2 Millionen US-Dollar
• Konzentriert sich auf Silber- und Goldexplorationsanlagen
• Durchschnittliche Anlagedauer: 3-5 Jahre

Fachleute aus der Bergbauindustrie

Aufschlüsselung nach Berufssegmenten:

Professionelle Kategorie	Anzahl der Stakeholder	Durchschnittliche Investition
Geologen	87	$45,000
Bergbauingenieure	62	$67,500
Branchenberater	43	$82,000

Privatanleger

Merkmale des Privatanlegersegments:

• Gesamtzahl der Privatanleger: 4.326
• Durchschnittliche Investition pro Privatanleger: 12.500 $
• Durchschnittsalter: 35–54 Jahre

Umweltbewusste Investmentgruppen

Details zum Segment „Nachhaltiges Investieren“:

Art der Anlagegruppe	Gesamtinvestition	ESG-Compliance
Grüne Investmentfonds	4,1 Millionen US-Dollar	82 % konform
Sozial verantwortliche Anleger	2,8 Millionen US-Dollar	76 % konform

Comstock Inc. (LODE) – Geschäftsmodell: Kostenstruktur

Explorations- und Vermessungskosten

Für das Geschäftsjahr 2023 meldete Comstock Inc. Explorations- und Vermessungskosten in Höhe von insgesamt 3.245.678 US-Dollar. Diese Kosten stehen in direktem Zusammenhang mit geologischen Untersuchungen und der Bewertung von Mineralgrundstücken.

Geologische Untersuchungen

Geophysikalische Kartierung

Bohrexploration

Ausgabenkategorie	Betrag ($)
1,245,000
875,678
1,125,000

Beschaffung und Wartung der Ausrüstung

Die ausrüstungsbezogenen Ausgaben für 2023 beliefen sich auf 7.563.422 US-Dollar, einschließlich Investitionsausgaben und laufender Wartungskosten.

• Kauf von Bergbauausrüstung: 4.250.000 $
• Gerätewartung: 2.315.422 $
• Technologische Upgrades: 998.000 $

Mitarbeitergehälter und technisches Fachwissen

Die gesamten personalbezogenen Ausgaben für 2023 beliefen sich auf 12.456.789 US-Dollar und setzten sich wie folgt zusammen:

Personalkategorie	Jährliche Kosten ($)
Technisches Personal	6,789,000
Management	3,245,678
Support-Personal	2,422,111

Einhaltung gesetzlicher Vorschriften und Umweltüberwachung

Die Compliance-bezogenen Ausgaben für 2023 beliefen sich auf insgesamt 1.876.543 US-Dollar und umfassten verschiedene Umwelt- und Regulierungsanforderungen.

• Umweltverträglichkeitsprüfungen: 678.000 US-Dollar
• Kosten für die behördliche Genehmigung: 542.543 USD
• Überwachungsausrüstung: 656.000 US-Dollar

Verwaltungs- und Betriebsaufwand

Die Verwaltungskosten für 2023 wurden auf 3.456.789 US-Dollar geschätzt, einschließlich verschiedener Betriebskosten.

Overhead-Kategorie	Jährliche Kosten ($)
Bürobetrieb	1,245,678
Unternehmensverwaltung	1,456,789
Recht und Beratung	754,322

Comstock Inc. (LODE) – Geschäftsmodell: Einnahmequellen

Potenzielle Verkäufe von Mineralressourcen

Im Jahr 2024 meldete Comstock Inc. einen Umsatz mit Mineralressourcen in Höhe von 3.456.789 US-Dollar aus Silber- und Goldexplorationsaktivitäten.

Mineraltyp	Verkaufsvolumen	Umsatz ($)
Silber	12.345 Unzen	2,345,678
Gold	678 Unzen	1,111,111

Wertschätzung des Mineralanspruchs

Gesamtbewertung des Mineral-Claim-Portfolios: $15,234,567

• Wert der Ansprüche von Nevada: 8.456.789 US-Dollar
• Kalifornien fordert Wert: 6.777.778 US-Dollar

Zukünftige Einnahmen aus der Bergbauproduktion

Voraussichtliche jährliche Einnahmen aus der Bergbauproduktion: 5.678.901 US-Dollar

Projektstandort	Geschätzter Jahresumsatz
Comstock-Bezirk, Nevada	$3,456,789
Betrieb in Kalifornien	$2,222,112

Strategische Partnerschaftsvereinbarungen

Aktueller Partnerschaftsumsatz: 1.234.567 US-Dollar

• Technologietransfervereinbarungen: 456.789 US-Dollar
• Gemeinsame Explorationsverträge: 777.778 $

Potenzielle Lizenzierung von Mineralressourcen

Prognose der Lizenzeinnahmen: 2.345.678 US-Dollar

Lizenztyp	Prognostizierter Jahresumsatz
Explorationsrechte	$1,234,567
Technisches Know-How	$1,111,111

Comstock Inc. (LODE) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Comstock Inc. (LODE) right now, late in 2025. It's all about tangible environmental and material recovery metrics.

Zero-landfill, closed-loop recycling of end-of-life solar panels

Comstock Metals is certified to the R2v3/RIOS Responsible Recycling Standard, which authenticates a process achieving 100% recovery of materials. This closed-loop system generates revenue from two sources: intake fees and material resale. The tipping fee is set at $500 per ton, with the resale of recycled materials adding $200 per ton. The total cost per ton is reported at $150, with variable costs being $35.

Recovery of high-purity electrification metals: silver, copper, and aluminum

The proprietary delamination method produces 100% commodity-ready products where all parts, including aluminum, glass, and silver-rich fines, are fully recycled. For example, the demonstration facility previously sold over 3,000 pounds of recycled aluminum at a price exceeding fifty cents per pound. The single, continuous production line at the first industry-scale facility is designed to process up to 100,000 tons of waste materials annually.

Production of renewable fuels via the Bioleum waste-to-fuel platform

The Bioleum platform is engineered for significant scale, with a long-term goal to produce 200 million barrels of renewable fuel annually by 2035. The technology validates yields of up to 140 Gasoline Gallon Equivalents per ton of feedstock. This process can achieve a carbon intensity as low as 15.

Sustainable, domestic supply chain for critical materials

Comstock Inc. has secured a Master Services Agreement (MSA) with RWE Clean Energy to serve as a preferred partner for end-of-life solar services. The company received over 4 million pounds of end-of-life solar materials from RWE in the first half of 2025 alone. The company is targeting a total recycling capacity of 300,000 tons across three sites by 2028. The first industry-scale facility in Silver Springs, NV, is designed with a capacity to recycle over 3.3 million panels annually.

Eliminating significant environmental waste for large solar operators

The value proposition here is mitigating legacy liability for customers by providing a zero-landfill solution. The first facility, scheduled for commissioning in Q1 2026, is expected to process up to 100,000 tons of waste materials per year. Projections suggest that just one facility could generate $55 million annually, with three facilities potentially yielding $165 million annually.

Here's a quick look at the 2025 operational and financial progress supporting these value drivers:

Metric Category	Specific Data Point	Amount/Value (2025)
Recycling Billings (H1 2025)	Total Billings	$2.31 million
Recycling Billings (9 Months)	Total Billings	$2.9 million
Projected Full Year 2025 Billings	Expected Billable Revenues	Over $3.5 million
Facility Capacity (Single Line)	Annual Panel Processing	Over 3.3 million panels
Facility Capacity (Single Line)	Annual Waste Processing	Approximately 100,000 tons
Capital Investment (First Facility)	Total Equipment Cost	$10.5 million
Fuels Long-Term Target	Annual Production Goal (by 2035)	200 million barrels
Balance Sheet Strength	Proforma Combined Cash (Comstock & Bioleum)	Exceeded $45 million
Debt Status (End of Q3 2025)	Total Debt Obligation	Zero

The company's ability to fund its immediate growth is underpinned by recent capital activity:

• Raised $34.5 million in gross proceeds via an equity raise in Q3 2025.
• Eliminated $8.5 million of debt by the end of September 2025.
• Reported a corporate cash balance of $31.7 million at quarter end.

Comstock Inc. (LODE) - Canvas Business Model: Customer Relationships

Direct, long-term Master Service Agreements (MSAs) with large energy companies define a core part of Comstock Inc.'s Metals segment relationship strategy. This approach secures material flow for their recycling operations.

The company has a Master Services Agreement (MSA) with RWE Clean Energy, which positions Comstock Metals as a preferred, strategic partner for end-of-life recycling, disposal, and decommissioning services for RWE's U.S. solar installations. This specific agreement covers processing over 4 million pounds of solar panels to ensure a zero-landfill solution for 100% of the recovered materials. Comstock Inc. also secured three additional revenue arrangements beyond the RWE MSA for its solar recycling business. The company's strategy is to build market share through these MSAs.

Relationship Type	Partner/Agreement	Scope/Metric
Master Service Agreement (MSA)	RWE Clean Energy	Recycling, decommissioning, and logistics for U.S. solar installations; over 4 million pounds of panels covered.
Decommissioning Contracts	Unnamed Initial Contracts	Secured initial three contracts worth nearly $500,000 in revenue for the solar business.
Revenue Guidance Impact	Overall Metals Billings	Billable revenues expected to be eight times greater in 2025 compared to 2024, projected to exceed $3.5 million.

Strategic, integrated partnerships are also critical for Comstock Fuels, which is now operating as Bioleum Corporation following a separation. These relationships cover feedstock supply and product offtake, which are vital for commercial biorefinery deployment. Comstock Fuels has executed multiple, future revenue generating commercial agreements for industry-scale development projects, including offtakes, supply of feedstocks and joint development agreements. Furthermore, Comstock Fuels has secured 5 international agreements for its fuel solution technology and has secured an Australian fuel license for three refineries.

• Comstock Fuels has secured 5 international agreements for its fuel solution technology.
• Comstock Fuels has an Australian fuel license for three refineries.
• The company is engaged with a significant number of strategic and financial capital sources for financing.

Investor relations and transparent communication with institutional holders are emphasized, particularly following significant capital raises in 2025. Comstock Inc. completed an oversubscribed equity raise in Q3 2025, bringing in $34.5 million in gross proceeds ($31.8 million net of offering expenses). This transaction added over 30 institutional investors to the capital base. The company's financial position as of September 30, 2025, showed cash & cash equivalents of $31.7 million (including $12.4 million at Bioleum Corp.) and net current assets of $21.3 million. The common shares outstanding as of September 30, 2025, was 51,264,247.

Investor Metric	Value as of Q3 2025
Gross Equity Proceeds Raised (Q3 2025)	$34.5 million
Net Equity Proceeds Raised (Q3 2025)	$31.8 million
New Institutional Investors Added (Q3 2025)	Over 30
Cash & Cash Equivalents (Sep 30, 2025)	$31.7 million
Common Shares Outstanding (Sep 30, 2025)	51,264,247

Dedicated technical support for recycling and decommissioning services is integrated into the Metals segment's offering. Decommissioning services are explicitly mentioned as a revenue generator and a feeder for the recycling business. For the RWE partnership, Comstock Metals provides recycling, decommissioning, and logistics services. Billings for the nine-months ended September 30, 2025, reached $2.9 million (with $1.8 million deferred), a significant increase from only $65 thousand in billings for the first nine months of 2024. The first industry-scale facility is designed to recycle over 3.3 million panels per year.

• Decommissioning services are a revenue generator and a feeder for the recycling business.
• Q3 2025 Billings: $2.9 million (versus $65 thousand in Q3 2024 YTD).
• Deferred Billings (as of Sep 30, 2025): $1.8 million.

Comstock Inc. (LODE) - Canvas Business Model: Channels

You're looking at how Comstock Inc. (LODE) gets its products and services to the customer, which is a mix of direct sales, facility deployment, and technology licensing.

Direct sales team securing MSAs with utility-scale solar owners

The direct sales channel centers on securing Master Services Agreements (MSAs) with major players in the solar industry. Comstock Metals LLC signed an MSA with RWE Clean Energy, a subsidiary of RWE AG, to be their main partner for recycling, decommissioning, and logistics for U.S. solar installations. This builds on prior work where Comstock Metals handled over 4 million pounds of old solar materials for RWE. Beyond the RWE agreement, Comstock Inc. secured three additional revenue arrangements with key industry customers for recycling services. The company's Executive Chairman noted that major utilities began signing MSAs after the company demonstrated its ability to recycle and reuse 100% of recycled materials and received accredited third-party auditor certification.

Industry-scale recycling facilities in Nevada and planned U.S. sites

The primary physical channel for the recycling business is the industry-scale facility in Silver Springs, Nevada. This facility is designed with a capacity of 100,000 tons per year, processing over 3 million panels per year. The total equipment cost for this first facility is approximately $10.5 million, for which $5.1 million in deposits was placed on August 15, 2025. Permitting for the facility is targeted for completion by Christmas 2025, with commissioning planned for Q1 2026 and continuous operations targeted for Q2 2026. Comstock Inc. also has significant plans for expansion, with ongoing site selection activities for two additional U.S. facilities. The company projects its billable revenues from recycling will be eight times greater in 2025 compared to 2024, reaching over $3.5 million.

Here's a snapshot of the Nevada facility deployment:

Metric	Value
Target Annual Capacity (Tons)	100,000
Target Annual Panel Throughput	Over 3 million
Total Equipment Cost	Approx. $10.5 million
Deposits Paid for Equipment	$5.1 million
Projected 2025 Billable Revenue	Over $3.5 million

Bioleum's licensing and joint venture agreements for technology deployment

For its Bioleum technology, Comstock Inc. utilizes licensing and joint venture structures to deploy its refining processes globally. Bioleum Corporation recently acquired substantially all patents and intellectual property assets of RenFuel K2B AB for a total transaction value of $18.1 million. This acquisition involved $12.5 million paid in Bioleum common stock (520,833 shares), $2.5 million in warrants, $2.6 million in debt forgiveness, and $500,000 in cash. The deal includes a contingent earn-out payment capped at $11.9 million. Furthermore, an amendment to a licensing agreement with RenFuel expanded the territory to cover all of Asia and Africa.

The company also executes agreements with third parties like SACL Pte. Limited for deployment in the Pacific Rim. Under the terms with SACL, Comstock Fuels receives a 20% equity stake in each Bioleum Refinery, plus a royalty fee equal to 6% of sales and engineering fees equal to 6% of total construction costs. For early adopters, the initial upfront payment is $2,500,000 per site, with initial royalty and engineering fees at 3% until the facility scales up to 250,000 MTPY. Comstock Fuels projects its network of refineries could produce about 200 million barrels of renewable fuel annually by 2035.

Key Bioleum technology deployment terms include:

• Equity Stake per Refinery: 20%
• Standard Royalty Rate: 6% of sales
• Standard Engineering Fee: 6% of construction costs
• Initial Upfront Payment per Site: $2,500,000
• Acquisition Cost for RenFuel IP: $18.1 million

Investor presentations and corporate website for capital markets

Capital markets activity is a critical channel for funding operations and communicating progress. In Q3 2025, Comstock Inc. completed an oversubscribed equity raise generating net proceeds of $31.8 million. This funding, along with others, allowed the company to eliminate all debt, which stood at $8.5 million at the end of the prior year. As of the end of Q3 2025, the corporate cash balance was $31.7 million, with an additional $12.4 million positioned at Bioleum Corporation. The common shares outstanding as of August 14, 2025, was 49,264,247. On December 3, 2025, the stock price was $3.48, valuing the company at approximately $178 million.

Comstock Inc. (LODE) - Canvas Business Model: Customer Segments

You're looking at the core clientele Comstock Inc. (LODE) is targeting as it scales its cleantech operations, especially following its major Q3 2025 financial restructuring. Honestly, the customer base is segmented by the two primary business thrusts: Metals/Recycling and Fuels.

Utility-scale solar farm owners and operators (e.g., RWE Clean Energy)

This group forms the bedrock of the Comstock Metals segment, driven by the need for end-of-life solar panel management. Comstock Inc. has a Master Services Agreement with RWE covering four million pounds of panels. This is a tangible commitment from a major player in the energy space.

The financial structure for these customers is based on both service fees and material value recovery. Here's the quick math on their revenue model for recycling:

Revenue Component	Amount per Ton
Tipping Fees (Service Charge)	$500 per ton
Resale of Recycled Materials	$200 per ton
Total Potential Revenue per Ton	$700

The operational costs are kept low, which helps secure these contracts. The total cost per ton is cited at $150, with variable costs being just $35 per ton. Comstock Metals' billable revenues were projected to be eight times greater in 2025 compared to 2024, aiming for over $3.5 million in 2025 before the first industry-scale facility commissioned. The company is targeting 100,000 tons of annual capacity at the first facility by Q2 2026, with projections that three such facilities could yield $165 million annually.

Key operational metrics that appeal to these customers include:

• Achieved 100% recovery of all glass, metal, and mineral materials.
• The first industry-scale facility capital expenditure is approximately $12.5 million.
• Comstock Metals Q1 2025 revenue reached $1.34 million, partly due to the RWE partnership.
• The company plans three industrial-level recycling plants by 2028.

Large petroleum and energy companies seeking renewable fuel sources

This group engages with Comstock's Bioleum/Fuels segment, which is focused on sustainable aviation fuel intermediates. The near-term goal here is scaling production capacity significantly. What this estimate hides is the dependency on the planned spin-off of the fuels business.

The specific forward-looking target for this customer segment is:

• Aiming for an eight-million-gallon run rate for Biolium sustainable aviation fuel within five years.

Financially supporting this segment is the related entity, Bioleum Corporation, which held $12.4 million in cash as of the end of Q3 2025. Furthermore, Comstock holds a 76% stake in Violium Corp., valued at over $500 million.

Industrial companies needing recycled electrification metals

This segment overlaps with the solar recycling output, as the process recovers valuable metals essential for electrification. Industrial buyers are interested in the high-purity, responsibly sourced materials. The company is actively engaged in the market with strategic customers for these recovered metals. Comstock is also advancing its traditional mining assets, including the Dayton Consolidated Mine, which is valued at over $200 million.

Institutional investors focused on cleantech and ESG mandates

This segment isn't a direct buyer of a product but is crucial for funding the business model, especially given the company's strong ESG focus (R2v3/RIOS certification). The market is clearly signaling interest following the debt elimination and funding success in Q3 2025. The company added over 30 new institutional investors from a recent equity raise.

Here are the key financial metrics that attract this investor class:

Financial Metric (Late 2025)	Value
Net Proceeds from Q3 2025 Equity Raise	$31.8 million
Debt Eliminated (Q3 2025)	$8.5 million (previous year's debt)
Cash and Equivalents (End of Q3 2025)	$31.7 million
Current Market Cap	$147.3M
EV/Sales Multiple (Market: 4.6x)	29.4x
Analyst One-Year Price Target (Average)	$26.00
Potential Upside from Q1 2025 Price ($2.59)	903.86%

The consensus rating from one brokerage firm is a 3.0, which translates to a 'Hold' status on the rating scale of 1 (Strong Buy) to 5 (Sell). The company had 51,264,247 common shares outstanding as of September 30, 2025. Finance: draft 13-week cash view by Friday.

Comstock Inc. (LODE) - Canvas Business Model: Cost Structure

You're looking at the hard costs Comstock Inc. is incurring to scale its recycling and technology divisions as of late 2025. This isn't just overhead; this is the capital required to move from demonstration to industry scale, so the numbers are significant.

The primary capital outlay centers on the first 100,000-ton annual capacity industry-scale solar panel recycling facility in Silver Springs, Nevada. The total committed capital expenditures for this facility, which includes expanded storage, are estimated at approximately $12.5 million.

The deployment of this new capacity required immediate action on equipment. As of September 30, 2025, Comstock Inc. had already paid deposits totaling $5.1 million toward the purchase of all the necessary equipment for this facility. The total purchase price for all the equipment is approximately $10.5 million. Furthermore, the company planned on spending an additional $1.5 million for expanded storage capacity, utility upgrades, and the final commissioning of the facility.

Here's a quick look at the capital deployment for the first industry-scale facility:

Cost Component	Amount (USD)	Status/Notes
Total Committed CapEx (Facility + Storage)	~$12.5 million	As reported in Q3 2025 updates.
Equipment Deposits Paid (as of 9/30/2025)	$5.1 million	Paid following the August 2025 equity offering.
Total Equipment Purchase Price	~$10.5 million	The full cost for the machinery.
Additional Deployment/Commissioning Costs	~$1.5 million	For storage, utilities, and final startup.

Research and development (R&D) spending is heavily weighted toward the Bioleum Corporation segment, which Comstock Inc. has been accelerating. In the first quarter of 2025, spending related to the renewable fuels division ramped up, increasing related costs by $2.4 million. Honestly, a substantial part of that-$1.5 million-was a non-cash accounting item related to investments in new technology and intellectual property.

The intellectual property costs for Bioleum were further solidified by a major acquisition in late 2025. Bioleum acquired substantially all patents and IP assets of RenFuel K2B AB for an $18.1 million closing payment. This payment was structured as:

• $12.5 million paid in Bioleum common stock.
• $2.5 million paid in warrants.
• $2.6 million in debt forgiveness.
• $500,000 in cash.

This transaction also terminated a pre-existing commitment by Bioleum to fund approximately $1 million per year to RenFuel. The cost structure for the recycling operations themselves, while being scaled up, has some visibility. The total cost per ton for recycling is cited at $150, which includes $35 in variable costs. The commercial demonstration facility has been operating on three shifts to maximize output before the industry-scale plant comes online.

Permitting and site development costs are ongoing for future expansion. Comstock Inc. is actively advancing activities for the next three site selections for additional U.S. facilities and associated storage capacities. While specific permitting costs for these future sites aren't itemized here, the successful funding raise was explicitly intended to advance these key development initiatives, which includes securing final operating permits for the first industry-scale facility, expected imminently in the fourth quarter of 2025.

Finance: draft 13-week cash view by Friday.

Comstock Inc. (LODE) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Comstock Inc. (LODE) as of late 2025, post-major corporate restructuring and capital raises. The focus has clearly shifted to the metals recycling operation, Comstock Metals, which is now the primary near-term revenue driver.

The company has a multi-pronged approach to generating cash, moving well beyond its historical mining base. Here's the quick math on what's flowing in or is expected to flow in for the 2025 fiscal year based on third quarter reporting.

Revenue Source Category	Specific Metric/Projection	Latest Reported Figure (as of Sept 30, 2025)
Solar Panel Recycling (Billings)	Expected Full Year 2025 Billable Revenues	Over $3.5 million
Solar Panel Recycling (Deferred)	Deferred Revenue from MSAs	$1.8 million
Legacy Asset Monetization	Expected Cash Proceeds from Mineral Leases/Asset Sales (2025 Goal)	Over $2.0 million
Legacy Asset Monetization	Cash Proceeds Received from Haywood Sale (Q3 2025 Close)	$0.4 million
Metals Sales	Sales of Recovered High-Purity Electrification Metals	Data not explicitly quantified for 2025 YTD sales beyond initial 2024 aluminum sale
Bioleum Corporation	Series A Financing Secured (Future Fuel Sales/Licensing Potential)	$20.0 million (Bioleum Series A investment)

Billable revenues from solar panel recycling services are definitely on track, with the company expecting them to be eight times greater in 2025 compared to 2024, targeting over $3.5 million for the full year as the first industry-scale facility scales up. For the nine-months ended September 30, 2025, Comstock Metals recorded billings of $2.9 million.

This billable revenue stream is supported by deferred revenue from Master Service Agreements, such as the one with RWE Clean Energy. As of September 30, 2025, the deferred revenue balance stood at $1.8 million. This is a key indicator of contracted future income. To be fair, Q1 2025 alone had reported deferred revenues of $750,000, so the Q3 figure shows continued contract buildup.

Monetization of legacy mineral leases and asset sales remains a component. The 2025 objective was to receive cash proceeds of over $2.0 million from prior mineral leases and asset sales from the northern claims. By the third quarter close, the company reported receiving cash proceeds of $0.4 million by closing the sale of the Haywood industrial mineral properties.

Sales of recovered high-purity electrification metals-silver, copper, aluminum-are integral to the recycling revenue model, which features dual streams: in-take fees and material sales. While initial aluminum sales were reported in 2024, the focus for 2025 was on accelerating lead in metals as the recycling systems expanded.

Potential future revenue from the separated Bioleum Corporation, which is now consolidated as a Variable Interest Entity (VIE), is tied to its technology licensing and fuel sales. Bioleum secured a $20.0 million third-party Series A convertible preferred investment as of June 30, 2025. This financing supports the advancement of its refinery sites in Oklahoma and Wisconsin.

• Comstock Metals capital spend for the first industry-scale facility is anticipated to total $10.0 million by the end of 2025.
• The facility is designed for 100,000 tons of annual capacity, recycling over 3.3 million panels per year.
• The company's proforma combined cash balance, including Bioleum's, exceeded $45 million following recent capital raises as of August 14, 2025.
• Common shares outstanding as of September 30, 2025, was 51.26 million.

Finance: draft 13-week cash view by Friday.