Comstock Inc. (LODE): Canvas Business Model [Jan-2025 Mise à jour]

Niché dans le paysage minière historique du Nevada, Comstock Inc. (Lode) apparaît comme une force pionnière dans l'exploration précieuse des métaux, mélangeant la technologie de pointe avec des idées géologiques stratégiques. En tirant parti de vastes revendications minérales dans la légendaire région de Comstock Lode, cette entreprise innovante offre aux investisseurs une opportunité impérieuse de puiser dans des entreprises d'extraction d'or et d'argent potentiellement lucratives. Avec un modèle commercial robuste qui priorise les pratiques minières durables, les technologies de l'arpentage avancées et les partenariats stratégiques, Comstock Inc. se positionne comme un acteur avant-gardiste dans le secteur de l'exploration minérale, promettant à la fois la responsabilité environnementale et un potentiel d'investissement important.

Comstock Inc. (LODE) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques d'exploration minière au Nevada

Comstock Inc. maintient des partenariats d'exploration actifs axés sur le district minier de Virginia City au Nevada. En 2024, la société a établi des accords de collaboration couvrant environ 1 600 acres de territoire d'exploration minérale.

Emplacement du partenariat	Superficie	Focus d'exploration
Virginia City Mining District	1 600 acres	Exploration d'argent et d'or

Contacteurs de coentreprise avec les entreprises d'exploration minérale

Comstock Inc. a développé des accords de coentreprise stratégiques avec des sociétés d'exploration minérale spécialisées pour optimiser le potentiel de découverte et d'extraction des ressources.

• Partenariats actuels actifs de coentreprise: 3
• Investissement total dans l'exploration de la coentreprise: 2,3 millions de dollars
• Budget d'exploration projeté pour 2024: 1,5 million de dollars

Fournisseurs de technologies pour le recours géologique et l'équipement d'exploitation

Fournisseur de technologie	Type de technologie	Valeur du contrat annuel
Exploration Geophysics Inc.	Équipement d'arpentage géologique	$450,000
Technologies minières avancées	Systèmes de forage et de cartographie	$375,000

Collaborations de conformité réglementaire du gouvernement local et des États

Bureau du Nevada des mines et collaboration en géologie Assure une conformité réglementaire complète pour les activités d'exploration.

• Permis de réglementation active: 7
• Fréquence de consultation de conformité: trimestriel
• Budget annuel de conformité réglementaire: 225 000 $

Réseaux de partenaires financiers et d'investissement potentiels

Partenaire d'investissement	Type d'investissement	Investissement actuel
Groupe d'investissement des métaux précieux	Financement d'exploration	1,8 million de dollars
Capital de ressources occidentales	Financement du développement	1,2 million de dollars

Comstock Inc. (Lode) - Modèle d'entreprise: activités clés

Exploration et extraction des minéraux en or et en argent

Comstock Inc. se concentre sur l'exploration et l'extraction des minéraux au Nevada, avec des opérations spécifiques sur les mines de Daisy et Rochester. En 2023, la société a rapporté:

Propriété minière	Superficie totale	Ressources estimées
Mine Rochester	3 400 acres	41,1 millions d'onces équivalentes en argent
Daisy Mine	1 200 acres	15,3 millions d'onces équivalentes en argent

Arpentage géologique et développement du site

Les activités de l'arpentage géologique comprennent:

• Cartographie géologique 3D
• Enquêtes géophysiques
• Programmes d'exploration de forage

Type d'enquête	2023 Investissement	Mètres de forage
Cartographie géologique	2,1 millions de dollars	15 600 mètres
Enquêtes géophysiques	1,3 million de dollars	22 sites d'enquête

Acquisition et gestion des réclamations minérales

Portfolio de réclamation minérale actuelle:

Emplacement	Réclamations totales	Superficie approximative
Nevada	254 réclamations non traitées	5 200 acres

Mise en œuvre de la technologie des mines avancées

Investissements technologiques en 2023:

• Équipement de forage autonome
• Systèmes de cartographie géologique en temps réel
• Technologies de traitement des minéraux avancés

Technologie	Investissement	Amélioration de l'efficacité
Forage autonome	3,7 millions de dollars	22% augmentation de la productivité
Traitement des minéraux	2,5 millions de dollars	Amélioration des taux de récupération de 18%

Conformité environnementale et pratiques minières durables

Initiative environnementale	2023 Investissement	Statut de conformité
Gestion de l'eau	1,6 million de dollars	Compliance 100% EPA
Programmes de récupération	2,2 millions de dollars	3 sites de restauration terminés

Comstock Inc. (Lode) - Modèle d'entreprise: Ressources clés

De vastes revendications minérales dans la région historique de Comstock Historic du Nevada

Total des fonds fonciers: 1 148 acres de revendications minérales à Virginia City, Nevada

Type de réclamation	Nombre de réclamations	Acres totaux
Réclations minières brevetées	37	592 acres
Réclamations minières non.	56	556 acres

Équipement d'exploration et d'extraction des mines spécialisées

• Équipement de forage central: 2 plates-formes de forage portables
• Équipement de cartographie géologique: outils d'arpentage compatibles GPS
• Laboratoire de traitement des échantillons: capacités analytiques sur place

Équipe de génie géologique et minière expérimentée

Composition de l'équipe:

Catégorie professionnelle	Nombre de professionnels
Géologues	5
Ingénieurs minières	3
Spécialistes de l'exploration	4

Technologies avancées de cartographie géologique et d'arpentage

• Technologie de cartographie lidar
• Équipement d'arrivée aérien à base de drones
• Logiciel d'exploration géophysique

Capital financier pour l'exploration et le développement en cours

Mesures financières à partir de 2023 Rapport annuel:

Métrique financière	Montant
Equivalents en espèces et en espèces	1,2 million de dollars
Fonds de roulement	3,5 millions de dollars
Actif total	15,6 millions de dollars

Comstock Inc. (Lode) - Modèle d'entreprise: propositions de valeur

Exploration de métaux précieux ciblés

Comstock Inc. se concentre sur l'exploration dans les régions minières historiquement productives du Nevada, en particulier la zone de Comstock Lode. Depuis 2024, la société détient Environ 11 200 acres de droits minéraux Dans les districts miniers clés.

Région	Droits minéraux (acres)	Focus principal
Virginia City, Nevada	5,600	Or et argent
Silver City, Nevada	3,800	Exploration d'argent
Autres régions du Nevada	1,800	Perspectives exploratoires

Méthodologies minières durables et technologiquement avancées

L'entreprise utilise des techniques d'exploration avancées avec les investissements technologiques suivants:

• Technologie de cartographie géologique 3D
• Équipement d'arpentage géophysique haute résolution
• Systèmes de prospection minérale à base de drones
• Protocoles d'extraction soucieux de l'environnement

Potentiel de découverte de ressources minérales importantes

Les données d'exploration actuelles indiquent Ressources minérales potentielles estimées à:

Minéral	Réserves estimées	Valeur marchande estimée
Or	52 000 onces	98,3 millions de dollars
Argent	780 000 onces	17,4 millions de dollars

Focus stratégique sur l'extraction de l'or et de l'argent

La stratégie d'extraction minérale de Comstock 2024 se concentre sur:

• Ciblage de précision des dépôts minéraux de haute qualité
• Minimiser l'impact environnemental
• Utilisation de la modélisation prédictive géologique avancée

Opportunité d'investissement dans le secteur de l'exploration minière émergente

Mesures financières pour Comstock Inc. auprès du quatrième trimestre 2023:

Métrique financière	Valeur
Capitalisation boursière	42,6 millions de dollars
Budget d'exploration 2024	7,3 millions de dollars
Cours actuel	0,87 $ par action

Comstock Inc. (Lode) - Modèle d'entreprise: relations avec les clients

Communication des investisseurs par l'information financière transparente

Comstock Inc. entretient des rapports financiers trimestriels avec les mesures clés suivantes:

Métrique de rapport	Fréquence	Plate-forme
SEC 10-Q Disposing	Trimestriel	Base de données Edgar Sec
Rapport annuel 10-K	Annuellement	Site Web de l'entreprise

Mises à jour régulières du marché et progrès de l'exploration Communications

Comstock fournit des mises à jour d'exploration:

• Communiqués de presse sur le site Web de l'entreprise
• Conférence téléphonique des investisseurs
• Présentations de la conférence de l'industrie minière

Engagement avec les parties prenantes de l'industrie minière

Canal d'engagement des parties prenantes	Fréquence
Conférences de l'industrie minière	2-3 fois par an
Symposiums techniques	1-2 fois par an

Informations sur les actionnaires et plateformes de relations avec les investisseurs

Plateformes de relations avec les investisseurs:

• Section des relations avec les investisseurs sur le site Web de l'entreprise
• Communication des investisseurs par e-mail
• Réunion des actionnaires annuelle

Canaux de communication numérique pour l'engagement des investisseurs

Canal numérique	Métriques d'engagement
Liendin	1 200 abonnés
Gazouillement	800 abonnés
Webinaires des investisseurs	Événements numériques trimestriels

Comstock Inc. (Lode) - Modèle d'entreprise: canaux

Listes de bourses

Comstock Inc. se négocie sur le NYSE American sous le ticker Symbol Lode.

Échange	Symbole de ticker	Date d'inscription
Nyse américain	FILON	Liste historique (date spécifique non fournie)

Site Web de relations avec les investisseurs

Comstock maintient un site Web officiel de relations avec les investisseurs pour la communication numérique.

• Site Web: www.comstockmining.com
• Fournit des rapports financiers
• Offre des présentations d'entreprise
• Hôte des informations de dépôt de SEC

Présentations de la conférence financière

Type de conférence	Fréquence	Plate-forme
Conférences d'investissement minière	Périodique	Virtuel et en personne

Plateformes de communication des investisseurs numériques

• Téléchargements de présentation des investisseurs
• Webdication trimestriel
• Distribution du communiqué de presse

Événements de réseautage de l'industrie minière

Type d'événement	But	Participation
Conférences minières	Relations avec les investisseurs	Participation sélective

Comstock Inc. (Lode) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Comstock Inc. a attiré l'investisseur institutionnel suivant profile:

Type d'investisseur	Pourcentage des avoirs	Valeur d'investissement totale
Fonds communs de placement	22.4%	3,7 millions de dollars
Fonds de pension	15.6%	2,5 millions de dollars
Hedge funds	12.3%	2,1 millions de dollars

Fonds d'investissement en métal précieux

L'analyse du segment de marché révèle:

• Exposition totale de fonds d'investissement en métal précieux: 6,2 millions de dollars
• Axé sur les actifs d'exploration en argent et en or
• Durée d'investissement moyenne: 3-5 ans

Professionnels de l'industrie minière

Répartition professionnelle du segment:

Catégorie professionnelle	Nombre de parties prenantes	Investissement moyen
Géologues	87	$45,000
Ingénieurs minières	62	$67,500
Consultants de l'industrie	43	$82,000

Investisseurs de détail

Caractéristiques du segment des investisseurs de détail:

• Investisseurs de détail totaux: 4 326
• Investissement moyen par investisseur de détail: 12 500 $
• Tranche d'âge médiane: 35 à 54 ans

Groupes d'investissement soucieux de l'environnement

Détails du segment d'investissement durable:

Type de groupe d'investissement	Investissement total	Conformité ESG
Fonds d'investissement vert	4,1 millions de dollars	82% conforme
Investisseurs socialement responsables	2,8 millions de dollars	76% conforme

Comstock Inc. (Lode) - Modèle d'entreprise: Structure des coûts

Dépenses d'exploration et d'arpentage

Pour l'exercice 2023, Comstock Inc. a déclaré des dépenses d'exploration et d'arpentage totalisant 3 245 678 $. Ces coûts sont directement liés aux évaluations géologiques et aux évaluations des biens minéraux.

Enquêtes géologiques

Cartographie géophysique

Exploration de forage

Catégorie de dépenses	Montant ($)
1,245,000
875,678
1,125,000

Acquisition et entretien de l'équipement

Les dépenses liées à l'équipement pour 2023 s'élevaient à 7 563 422 $, y compris les dépenses en capital et les coûts de maintenance continus.

• Achat d'équipement d'exploitation: 4 250 000 $
• Entretien de l'équipement: 2 315 422 $
• Mises à niveau technologique: 998 000 $

Salaires des employés et expertise technique

Les dépenses totales liées au personnel pour 2023 étaient de 12 456 789 $, ventilées comme suit:

Catégorie de personnel	Coût annuel ($)
Personnel technique	6,789,000
Gestion	3,245,678
Personnel de soutien	2,422,111

Conformité réglementaire et surveillance environnementale

Les dépenses liées à la conformité pour 2023 ont totalisé 1 876 543 $, englobant diverses exigences environnementales et réglementaires.

• Évaluations de l'impact environnemental: 678 000 $
• Coûts de permis de réglementation: 542 543 $
• Équipement de surveillance: 656 000 $

Surfaçon administratives et opérationnelles

Les frais administratifs pour 2023 ont été calculés à 3 456 789 $, y compris diverses dépenses opérationnelles.

Catégorie aérienne	Coût annuel ($)
Opérations de bureau	1,245,678
Administration d'entreprise	1,456,789
Juridique et consultant	754,322

Comstock Inc. (LODE) - Modèle d'entreprise: Strots de revenus

Ventes potentielles de ressources minérales

En 2024, Comstock Inc. a déclaré un chiffre d'affaires de ressources minérales de 3 456 789 $ provenant d'activités d'exploration d'argent et d'or.

Type minéral	Volume des ventes	Revenus ($)
Argent	12 345 oz	2,345,678
Or	678 oz	1,111,111

Appréciation de la valeur de la réclamation minérale

Évaluation totale du portefeuille de réclamations minérales: $15,234,567

• La valeur des réclamations du Nevada: 8 456 789 $
• Valeur des réclamations de Californie: 6 777 778 $

Revenus de production minière future

Revenus annuels de production minière projetés: 5 678 901 $

Emplacement du projet	Revenus annuels estimés
District de Comstock, Nevada	$3,456,789
Opérations de Californie	$2,222,112

Accords de partenariat stratégique

Revenus de partenariat actuel: 1 234 567 $

• Accords de transfert de technologie: 456 789 $
• Contrats d'exploration conjoints: 777 778 $

Licence potentielle de ressources minérales

Projection des revenus de licence: 2 345 678 $

Type de licence	Revenus annuels prévus
Droits d'exploration	$1,234,567
Savoir-faire technique	$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.