Comstock Inc. (LODE): Business Model Canvas [Dec-2025 Updated]

You're trying to map out a company in the middle of a major strategic shift, and honestly, that's where the real money is made or lost. Comstock Inc. is defintely executing a massive pivot, moving from its old mining roots straight into cleantech, focusing on R2v3/RIOS certified zero-landfill solar panel recycling and the Bioleum renewable fuels platform. This isn't just theory; they backed this move with an oversubscribed $34.5 million equity raise, holding $31.7 million in cash and equivalents as of September 30, 2025, to build out their first facility in Nevada. We are already seeing early revenue, with billable recycling services expected over $3.5 million in 2025, alongside over $2.0 million from monetizing legacy assets. Dive into the nine building blocks below to see the precise structure Comstock Inc. is using to capture value from this domestic supply chain opportunity.

Comstock Inc. (LODE) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Comstock Inc. has locked in to drive its dual-focus strategy across renewable metals and biofuels as of late 2025. These aren't just handshake agreements; they involve significant capital deployment and operational commitments shaping the near-term trajectory for both Comstock Metals and Bioleum Corporation.

RWE Clean Energy for solar panel recycling Master Service Agreements

Comstock Metals LLC, your subsidiary focused on zero-landfill solar panel recycling, secured a Master Services Agreement (MSA) with RWE Clean Energy, the U.S. arm of RWE AG. This positions Comstock Metals as a preferred, strategic partner for recycling, decommissioning, and logistics across RWE's expansive U.S. solar installations. This relationship is already proven; Comstock Metals has successfully handled over 4 million pounds of end-of-life solar materials for RWE from projects in Nevada and California alone. The commitment is clear: a zero-landfill solution for 100% of the recovered materials.

Marathon Petroleum Corp. for strategic investment in Bioleum Corporation

The Bioleum renewable fuels platform gained serious backing through a strategic collaboration with subsidiaries of Marathon Petroleum Corporation. This involved a $14,000,000 investment into Comstock Fuels equity (now Bioleum). Here's the breakdown of that investment, which helps advance the lignocellulosic biomass refining solutions:

• Cash portion of the investment: $1,000,000.
• Payment-in-Kind Assets value: $13,000,000, comprised of equipment and related intellectual properties from a Marathon demonstration facility in Madison, Wisconsin.

This deal is defintely a vote of confidence in the Bioleum technology, giving them access to a key demonstration facility.

Institutional investors from the oversubscribed $34.5 million equity raise

To fund the acceleration of the R2v3/RIOS certified solar panel recycling business and eliminate debt, Comstock closed a major financing event in Q3 2025. This was an oversubscribed public offering that brought in $34.5 million in gross proceeds. After accounting for offering expenses, the net proceeds were $31.8 million. What's important here is the quality of the new capital base: this raise added over 30 new institutional investors to Comstock's shareholder base. This move also allowed the company to eliminate all convertible and promissory debt obligations.

Technology and feedstock partners for the Bioleum renewable fuels platform

The Bioleum platform relies on key technology licensing and feedstock supply arrangements to scale its proprietary refining process. You need to track these relationships closely:

• RenFuel K2B AB: Comstock Fuels executed an amendment to its exclusive license agreement, expanding the territory for RenFuel's patented catalytic esterification process to include all of Asia and Africa. More recently, on December 3, 2025, Bioleum acquired substantially all of RenFuel's assets for a closing consideration totaling $18.1 million, which included $2.5 million in warrants and a contingent earn-out capped at $11.9 million.
• Hexas: This partner is crucial for feedstock supply, with proven yields exceeding 25 to 30 dry metric tons per acre per year for energy crops, which, when combined with Bioleum's process, can yield upwards of 100 barrels of fuel per acre per year.

These technology partnerships are foundational to Bioleum's goal of producing up to 200 million barrels of sustainable fuel annually by 2035.

Decommissioning Services LLC for Haywood industrial mineral property

Comstock solidified its Lyon County, Nevada, mineral portfolio by completing the purchase of the Haywood quarry industrial and mineral properties from Decommissioning Services LLC in October 2025. The total cost for this strategic, approximately 190-acre property was $2.2 million in cash and stock. This site is important because it can host activities supporting the Dayton gold and silver resource development and serve as post-mining industrial property.

Here is a quick look at the key financial and operational metrics tied to these major partnerships and capital events as of late 2025:

Finance: draft 13-week cash view by Friday.

Comstock Inc. (LODE) - Canvas Business Model: Key Activities

You're looking at the core actions Comstock Inc. (LODE) is taking right now to shift from its historical focus to commercializing its cleantech platforms. Honestly, the numbers show a company aggressively deploying capital into two distinct, high-growth areas. Here's the breakdown of what they are actively doing as of late 2025.

Commercializing R2v3/RIOS certified zero-landfill solar panel recycling

The primary activity here is moving the certified recycling process from demonstration to industrial scale. Comstock Inc. (LODE) achieved the R2v3/RIOS certification, which is a big deal for this sector. They secured a Master Services Agreement (MSA) with RWE Clean Energy, which immediately provided material flow, including over 4 million pounds of solar panels in the first quarter alone.

The financial results from this segment are starting to show. For the nine months ending September 30, 2025, Comstock Metals recorded billings of $2.9 million, with $1.8 million of that being deferred revenue. Management has a strong revenue expectation, projecting billable revenues for the full year 2025 to exceed $3.5 million, which is an eight-fold increase compared to 2024.

The unit economics they are pushing are key to the value proposition:

• Tipping fees: $500 per ton for solar panels.
• Resale of recycled materials: $200 per ton.
• Total cost per ton: $150, with only $35 being variable costs.

If the first facility hits its target operating level, the projected annual free cash flow is $55 million. They are aiming for 300,000 tons of recycling capacity across three sites by 2028.

Deploying the first industry-scale recycling facility in Silver Springs, Nevada

This is the physical manifestation of the commercialization effort. Comstock Inc. (LODE) is deploying its first industry-scale facility in Silver Springs, Nevada, designed to process approximately 100,000 tons per year, or over 3.3 million panels per year. They have been aggressive on the procurement side, paying $5.1 million in equipment deposits as of September 30, 2025, toward the total equipment cost.

The total capital commitment for this initial 100,000-ton capacity, including expanded storage, is pegged at approximately $12.5 million. Full commissioning is targeted for Q1 2026, with continuous, profitable operations expected to start in Q2 2026. That's a tight timeline, so you'll want to watch those Q4 2025 and Q1 2026 capital expenditures closely. It's a big lift.

Research and development for the Bioleum renewable fuels technology

The fuels segment, operating under Bioleum Corporation, is focused on R&D and scaling its proprietary technology. In Q1 2025, R&D spending increased by $2.4 million, which included a $1.5 million non-cash accounting item related to new technology investments. Comstock Inc. (LODE) maintains a significant stake in this subsidiary, holding a $65 million face value convertible preferred stock in Bioleum, convertible into 32.5 million common shares.

Bioleum has been active in securing its own capital and technology base. They closed $13 million in strategic pre-Series A funding and $20 million in Series A financing. Furthermore, they recently acquired substantially all patents and IP from RenFuel K2B IPCO AB for $18.1 million, which included $12.5 million paid in Bioleum common stock and terminated a prior commitment to fund RenFuel of about $1 million per year. As of September 30, 2025, Bioleum held $12.4 million in cash and cash equivalents.

Securing permits and advancing site selection for future U.S. facilities

Beyond the Nevada facility, Comstock Inc. (LODE) is actively planning national expansion for both its metals and fuels platforms. For the Nevada metals facility, they received notice for imminent permit issuance, with all public comment periods expected to be completed by Christmas 2025. The company is advancing site selection activities for the next two industry-scale recycling facilities and associated storage sites. The overall plan is to have three industry-scale recycling facilities by 2029. On the fuels side, they are planning for four commercial renewable fuel refineries by 2029.

Monetizing legacy gold and silver mineral interests and real estate assets

This activity is focused on generating non-core cash flow to support the primary cleantech build-out. The overarching corporate objective for 2025 is to monetize legacy real estate and non-strategic investments for over $50 million. In the first nine months of 2025, they closed the sale and monetization of the northern district claims, realizing approximately $3 million in proceeds. They also received $0.4 million in cash proceeds from a sale closing in Q3 2025. Separately, they completed the purchase of the Haywood industrial mineral properties for a previously paid $2.2 million in cash and stock. One conference presentation valued the Dayton Consolidated Mine asset at over $200 million.

Here's a snapshot of the key financial and operational figures driving these activities:

The company's cash position reflects these activities, with $31.7 million in cash and cash equivalents as of September 30, 2025, following a $34.5 million gross proceeds equity raise. Plus, they successfully eliminated all debt instruments, moving from $8.5 million in debt at the end of the prior year to being completely debt-free.

Comstock Inc. (LODE) - Canvas Business Model: Key Resources

You're looking at the core assets Comstock Inc. (LODE) is relying on to drive its next phase of growth, particularly in the metals recycling space. These aren't just abstract concepts; they are tangible items and certified capabilities that back up their business claims.

The foundation of the recycling business is its proprietary zero-landfill solar panel recycling technology. This isn't just a claim; Comstock Metals, a subsidiary, became the first solar panel recycling company in North America to earn the R2v3/RIOS Responsible Recycling Standard certification as of May 2025. This certification validates a process that achieves 100% landfill-free recycling. The first industry-scale facility, located in Silver Springs, Nevada, is designed with a capacity to process approximately 100,000 tons per year, which translates to over 3.3 million panels annually. To get this facility moving, Comstock Inc. placed equipment deposits totaling $5.1 million.

Financially, Comstock Inc. bolstered its position significantly in late 2025. They completed an equity raise that brought in $34.5 million in gross proceeds, netting $31.8 million. This strengthened their balance sheet, allowing them to eliminate all convertible and promissory debt instruments. As of September 30, 2025, the company reported holding $31.7 million in cash and equivalents.

Here's a quick look at the key financial and investment holdings as of that late-2025 reporting period:

The $65 million face value convertible preferred stock in Bioleum Corporation represents a substantial, though indirect, asset, positioning Comstock Inc. to benefit from the fuels segment's future success. To be fair, the conversion into common shares suggests potential future dilution, but it secures a significant stake.

On the mining side, Comstock Inc. holds valuable Nevada land and mineral rights from the Comstock Lode mining district. A concrete example of this asset base includes the recent closing of the Haywood industrial mineral properties purchase, which involved a prior payment of $2.2 million in cash and stock.

The certified status of their recycling operations is a key intangible resource that unlocks commercial activity. You can see the operational progress reflected in their metals segment billings:

• Billings for the nine months ended September 30, 2025: $2.9 million.
• Of that amount, $1.8 million was deferred revenue.
• This compares to only $65k in billings for the same period in 2024.

The R2v3/RIOS certification, specifically Appendix G, confirms the zero-waste process for all components, including glass, aluminum, and fines, turning 100% of the input into commodity-ready products. This is a defintely critical resource for securing contracts in an environment increasingly focused on Extended Producer Responsibility (EPR) frameworks.

Finance: draft 13-week cash view by Friday.

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:

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.

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.

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:

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:

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:

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:

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.

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.