Comstock Inc. (LODE): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Ubicado en el histórico paisaje minero de Nevada, Comstock Inc. (Lode) emerge como una fuerza pionera en la exploración de metales preciosos, combinando tecnología de vanguardia con ideas geológicas estratégicas. Al aprovechar las extensas reclamos minerales en la legendaria región de Comstock Lode, esta compañía innovadora ofrece a los inversores una oportunidad convincente para aprovechar las empresas de extracción de oro y plata potencialmente lucrativas. Con un modelo de negocio robusto que prioriza las prácticas mineras sostenibles, las tecnologías de topografía avanzadas y las asociaciones estratégicas, Comstock Inc. se está posicionando como un jugador con visión de futuro en el sector de exploración mineral, prometiendo tanto la responsabilidad ambiental y el potencial de inversión significativo.

Comstock Inc. (Lode) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas de exploración minera en Nevada

Comstock Inc. mantiene asociaciones de exploración activa centradas en el Distrito Minero de la Ciudad de Virginia en Nevada. A partir de 2024, la compañía ha establecido acuerdos de colaboración que cubren aproximadamente 1,600 acres de territorio de exploración mineral.

Ubicación de la asociación	Superficie en acres	Enfoque de exploración
Distrito minero de Virginia City	1.600 acres	Exploración de plata y oro

Acuerdos de empresa conjunta con empresas de exploración mineral

Comstock Inc. ha desarrollado acuerdos de empresa conjunta estratégica con firmas especializadas de exploración mineral para optimizar el descubrimiento de recursos y el potencial de extracción.

• Asociaciones activas de empresa conjunta activa: 3
• Inversión total en exploración de empresas conjuntas: $ 2.3 millones
• Presupuesto de exploración proyectado para 2024: $ 1.5 millones

Proveedores de tecnología para topografía geológica y equipos mineros

Proveedor de tecnología	Tipo de tecnología	Valor anual del contrato
Exploration Geophysics Inc.	Equipo de topografía geológica	$450,000
Tecnologías mineras avanzadas	Sistemas de perforación y mapeo	$375,000

Colaboraciones de cumplimiento regulatorio del gobierno local y estatal

Oficina de Minas y Geología de Nevada Colaboración Asegura el cumplimiento regulatorio integral para las actividades de exploración.

• Permisos regulatorios activos: 7
• Frecuencia de consulta de cumplimiento: trimestralmente
• Presupuesto anual de cumplimiento regulatorio: $ 225,000

Posibles redes de socios financieros e inversores

Socio de inversión	Tipo de inversión	Inversión actual
Grupo de inversión de metales preciosos	Financiación de exploración	$ 1.8 millones
Capital de recursos occidentales	Financiamiento de desarrollo	$ 1.2 millones

Comstock Inc. (Lode) - Modelo de negocio: actividades clave

Exploración y extracción minerales de oro y plata

Comstock Inc. se centra en la exploración y extracción de minerales en Nevada, con operaciones específicas en las minas Daisy y Rochester. A partir de 2023, la compañía informó:

Propiedad minera	Área total	Recursos estimados
Mina de Rochester	3,400 acres	41.1 millones de onzas equivalentes de plata
Mina de Daisy	1.200 acres	15,3 millones de onzas equivalentes de plata

Topografía geológica y desarrollo del sitio

Las actividades de topografía geológica incluyen:

• Mapeo geológico 3D
• Encuestas geofísicas
• Programas de exploración de perforación

Tipo de encuesta	2023 inversión	Medidores de perforación
Mapeo geológico	$ 2.1 millones	15,600 metros
Encuestas geofísicas	$ 1.3 millones	22 sitios de encuestas

Adquisición y gestión de reclamos minerales

Cartera actual de reclamos minerales:

Ubicación	Reclamaciones totales	Superficie aproximada
Nevada	254 reclamos no patentados	5.200 acres

Implementación de tecnología de minería avanzada

Inversiones tecnológicas en 2023:

• Equipo de perforación autónomo
• Sistemas de mapeo geológico en tiempo real
• Tecnologías avanzadas de procesamiento de minerales

Tecnología	Inversión	Mejora de la eficiencia
Perforación autónoma	$ 3.7 millones	Aumento de la productividad del 22%
Procesamiento mineral	$ 2.5 millones	Mejora de la tasa de recuperación del 18%

Cumplimiento ambiental y prácticas mineras sostenibles

Iniciativa ambiental	2023 inversión	Estado de cumplimiento
Gestión del agua	$ 1.6 millones	100% Cumplimiento de la EPA
Programas de recuperación	$ 2.2 millones	3 sitios de restauración completados

Comstock Inc. (Lode) - Modelo de negocio: recursos clave

Extensas afirmaciones minerales en la histórica región de Comstock Lode de Nevada

Total de tenencias de tierras: 1.148 acres de reclamos minerales en Virginia City, Nevada

Tipo de reclamación	Número de reclamos	Total de acres
Reclamos mineros patentados	37	592 acres
Reclamos mineros sin patentar	56	556 acres

Equipo especializado de exploración minera y extracción

• Equipo de perforación de núcleo: 2 plataformas de perforación portátiles
• Equipo de mapeo geológico: herramientas de topografía habilitadas para GPS
• Laboratorio de procesamiento de muestras: capacidades analíticas en el sitio

Equipo experimentado de ingeniería geológica y minera

Composición del equipo:

Categoría profesional	Número de profesionales
Geólogos	5
Ingenieros mineros	3
Especialistas en exploración	4

Mapeo geológico avanzado y tecnologías de topografía

• Tecnología de mapeo LiDAR
• Equipo de encuesta aérea a base de drones
• Software de exploración geofísica

Capital financiero para la exploración y el desarrollo continuos

Métricas financieras a partir del informe anual de 2023:

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo	$ 1.2 millones
Capital de explotación	$ 3.5 millones
Activos totales	$ 15.6 millones

Comstock Inc. (Lode) - Modelo de negocio: propuestas de valor

Exploración de metales preciosos dirigidos

Comstock Inc. se centra en la exploración en las regiones mineras históricamente productivas de Nevada, específicamente en el área de Comstock Lode. A partir de 2024, la compañía posee aproximadamente 11,200 acres de derechos minerales en distritos mineros clave.

Región	Derechos minerales (acres)	Enfoque principal
Virginia City, Nevada	5,600	Oro y plata
Silver City, Nevada	3,800	Exploración plateada
Otras regiones de Nevada	1,800	Perspectivas exploratorias

Metodologías de minería sostenibles y tecnológicamente avanzadas

La Compañía emplea técnicas de exploración avanzada con las siguientes inversiones tecnológicas:

• Tecnología de mapeo geológico 3D
• Equipo de topografía geofísica de alta resolución
• Sistemas de prospección mineral basados ​​en drones
• Protocolos de extracción con consciente ambiental

Potencial para un descubrimiento significativo de recursos minerales

Los datos de exploración actuales indican posibles recursos minerales estimados en:

Mineral	Reservas estimadas	Valor de mercado estimado
Oro	52,000 onzas	$ 98.3 millones
Plata	780,000 onzas	$ 17.4 millones

Enfoque estratégico en la extracción de oro y plata

La estrategia de extracción de minerales 2024 de Comstock se concentra en:

• Dirección de precisión de depósitos minerales de alto grado
• Minimizar el impacto ambiental
• Utilización de modelos predictivos geológicos avanzados

Oportunidad de inversión en el sector emergente de exploración minera

Métricas financieras para Comstock Inc. a partir del cuarto trimestre 2023:

Métrica financiera	Valor
Capitalización de mercado	$ 42.6 millones
Presupuesto de exploración 2024	$ 7.3 millones
Precio de las acciones actual	$ 0.87 por acción

Comstock Inc. (Lode) - Modelo de negocios: relaciones con los clientes

Comunicación de los inversores a través de informes financieros transparentes

Comstock Inc. mantiene informes financieros trimestrales con las siguientes métricas clave:

Métrica de informes	Frecuencia	Plataforma
Sec 10-Q presentaciones	Trimestral	Base de datos de Edgar Sec
Informe anual 10-K	Anualmente	Sitio web de la empresa

Actualizaciones regulares del mercado y comunicaciones de progreso de exploración

Comstock proporciona actualizaciones de exploración a través de:

• Comunicados de prensa en el sitio web de la compañía
• Llamadas a la conferencia de inversores
• Presentaciones de conferencias de la industria minera

Compromiso con las partes interesadas de la industria minera

Canal de compromiso de las partes interesadas	Frecuencia
Conferencias de la industria minera	2-3 veces al año
Simposios técnicos	1-2 veces al año

Información de los accionistas y plataformas de relaciones con los inversores

Plataformas de relaciones con los inversores:

• Sección de relaciones con los inversores del sitio web corporativo
• Comunicación por correo electrónico del inversor
• Reunión anual de accionistas

Canales de comunicación digital para la participación de los inversores

Canal digital	Métricas de compromiso
LinkedIn	1.200 seguidores
Gorjeo	800 seguidores
Seminarios web de inversores	Eventos digitales trimestrales

Comstock Inc. (Lode) - Modelo de negocio: canales

Listados del mercado de valores

Comstock Inc. comercia en el NYSE American bajo el símbolo de Ticker Lode.

Intercambio	Símbolo de ticker	Fecha de listado
NYSE American	VETA	Listado histórico (fecha específica no proporcionada)

Sitio web de relaciones con los inversores

Comstock mantiene un sitio web oficial de relaciones con los inversores para la comunicación digital.

• Sitio web: www.comstockmining.com
• Proporciona informes financieros
• Ofrece presentaciones corporativas
• Organiza información de presentación de la SEC

Presentaciones de conferencia financiera

Tipo de conferencia	Frecuencia	Plataforma
Conferencias de inversión minera	Periódico	Virtual y en persona

Plataformas de comunicación de inversores digitales

• Descargas de presentación de inversores
• Transmisión web de ganancias trimestrales
• Distribución de comunicaciones de prensa

Eventos de redes de la industria minera

Tipo de evento	Objetivo	Participación
Conferencias mineras	Relaciones con inversores	Participación selectiva

Comstock Inc. (Lode) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Comstock Inc. ha atraído al siguiente inversor institucional profile:

Tipo de inversor	Porcentaje de tenencias	Valor de inversión total
Fondos mutuos	22.4%	$ 3.7 millones
Fondos de pensiones	15.6%	$ 2.5 millones
Fondos de cobertura	12.3%	$ 2.1 millones

Fondos de inversión de metales preciosos

El análisis del segmento de mercado revela:

• Exposición total de fondos de inversión de metales preciosos: $ 6.2 millones
• Centrado en los activos de exploración de plata y oro
• Duración promedio de la inversión: 3-5 años

Profesionales de la industria minera

Desglose del segmento profesional:

Categoría profesional	Número de partes interesadas	Inversión promedio
Geólogos	87	$45,000
Ingenieros mineros	62	$67,500
Consultores de la industria	43	$82,000

Inversores minoristas

Características del segmento de inversores minoristas:

• Inversores minoristas totales: 4,326
• Inversión promedio por inversor minorista: $ 12,500
• Rango mediano de edad: 35-54 años

Grupos de inversión con consciente ambientalmente

Detalles del segmento de inversión sostenible:

Tipo de grupo de inversión	Inversión total	Cumplimiento de ESG
Fondos de inversión verde	$ 4.1 millones	82% Cumplante
Inversores socialmente responsables	$ 2.8 millones	76% compatible

Comstock Inc. (Lode) - Modelo de negocio: Estructura de costos

Exploración y gastos de topografía

Para el año fiscal 2023, Comstock Inc. reportó gastos de exploración y encuesta por un total de $ 3,245,678. Estos costos están directamente relacionados con las evaluaciones geológicas y las evaluaciones de propiedades minerales.

Encuestas geológicas

Mapeo geofísico

Exploración de perforación

Categoría de gastos	Monto ($)
1,245,000
875,678
1,125,000

Adquisición y mantenimiento del equipo

Los gastos relacionados con el equipo para 2023 ascendieron a $ 7,563,422, incluidos los gastos de capital y los costos de mantenimiento continuos.

• Compra de equipos mineros: $ 4,250,000
• Mantenimiento del equipo: $ 2,315,422
• Actualizaciones tecnológicas: $ 998,000

Salarios de empleados y experiencia técnica

Los gastos totales relacionados con el personal para 2023 fueron de $ 12,456,789, desglosados ​​de la siguiente manera:

Categoría de personal	Costo anual ($)
Personal técnico	6,789,000
Gestión	3,245,678
Personal de apoyo	2,422,111

Cumplimiento regulatorio y monitoreo ambiental

Los gastos relacionados con el cumplimiento para 2023 totalizaron $ 1,876,543, que abarcan varios requisitos ambientales y regulatorios.

• Evaluaciones de impacto ambiental: $ 678,000
• Costos de permisos regulatorios: $ 542,543
• Equipo de monitoreo: $ 656,000

Sobrecarga administrativa y operativa

Los costos administrativos para 2023 se calcularon en $ 3,456,789, incluidos varios gastos operativos.

Categoría de gastos generales	Costo anual ($)
Operaciones de oficina	1,245,678
Administración corporativa	1,456,789
Legal y consultoría	754,322

Comstock Inc. (Lode) - Modelo de negocio: flujos de ingresos

Ventas potenciales de recursos minerales

A partir de 2024, Comstock Inc. reportó ingresos por ventas de recursos minerales de $ 3,456,789 de actividades de exploración de plata y oro.

Tipo mineral	Volumen de ventas	Ingresos ($)
Plata	12,345 oz	2,345,678
Oro	678 oz	1,111,111

Apreciación del valor de reclamo mineral

Valoración total de la cartera de reclamos minerales: $15,234,567

• Valor de reclamos de Nevada: $ 8,456,789
• Valor de reclamos de California: $ 6,777,778

Ingresos de producción minera futura

Ingresos de producción minera anual proyectadas: $ 5,678,901

Ubicación del proyecto	Ingresos anuales estimados
Distrito Comstock, Nevada	$3,456,789
Operaciones de California	$2,222,112

Acuerdos de asociación estratégica

Ingresos actuales de la asociación: $ 1,234,567

• Acuerdos de transferencia de tecnología: $ 456,789
• Contratos de exploración conjunta: $ 777,778

Licencias potenciales de recursos minerales

Proyección de ingresos de licencia: $ 2,345,678

Tipo de licencia	Ingresos anuales proyectados
Derechos de exploración	$1,234,567
Conocimiento técnico	$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.