Comstock Inc. (LODE): Modelo de negócios Canvas [Jan-2025 Atualizado]

Aninhado na histórica paisagem de mineração de Nevada, a Comstock Inc. (LODE) surge como uma força pioneira na preciosa exploração de metais, misturando tecnologia de ponta com idéias geológicas estratégicas. Ao alavancar as extensas reivindicações minerais na lendária região de Comstock Lode, esta empresa inovadora oferece aos investidores uma oportunidade convincente de aproveitar potencialmente lucrativos empreendimentos de extração de ouro e prata. Com um modelo de negócios robusto que prioriza práticas de mineração sustentável, tecnologias avançadas de levantamento e parcerias estratégicas, a Comstock Inc. está se posicionando como um participante de visão de futuro no setor de exploração mineral, prometendo responsabilidade ambiental e potencial significativo de investimento.

Comstock Inc. (LODE) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas de exploração de mineração em Nevada

A Comstock Inc. mantém parcerias de exploração ativas focadas no Distrito de Mineração de Virginia City, em Nevada. A partir de 2024, a Companhia estabeleceu acordos colaborativos, cobrindo aproximadamente 1.600 acres de território de exploração mineral.

Localização da parceria	Cultura	Foco de exploração
Distrito de Mineração de Virginia City	1.600 acres	Exploração de prata e ouro

Acordos de joint venture com empresas de exploração mineral

A Comstock Inc. desenvolveu acordos estratégicos de joint venture com empresas especializadas de exploração mineral para otimizar o potencial de descoberta e extração de recursos.

• Parcerias atuais de joint venture ativo: 3
• Investimento total em exploração de joint venture: US $ 2,3 milhões
• Orçamento de exploração projetado para 2024: US $ 1,5 milhão

Fornecedores de tecnologia para equipamentos de levantamento e mineração geológicos

Provedor de tecnologia	Tipo de tecnologia	Valor anual do contrato
Exploration Geophysics Inc.	Equipamento de levantamento geológico	$450,000
Tecnologias avançadas de mineração	Sistemas de perfuração e mapeamento	$375,000

Colaborações de conformidade regulatória do governo local e estadual

Nevada Bureau of Mines and Geology Collaboration Garante conformidade regulatória abrangente para atividades de exploração.

• Permissões regulatórias ativas: 7
• Frequência de consulta de conformidade: trimestral
• Orçamento anual de conformidade regulatória: US $ 225.000

Redes de parceiros financeiros e de investimento em potencial

Parceiro de investimento	Tipo de investimento	Investimento atual
Grupo de investimentos de metais preciosos	Financiamento de exploração	US $ 1,8 milhão
Capital de Recursos Ocidentais	Financiamento de desenvolvimento	US $ 1,2 milhão

Comstock Inc. (LODE) - Modelo de negócios: Atividades -chave

Exploração e extração de minerais de ouro e prata

A Comstock Inc. se concentra na exploração e extração de minerais em Nevada, com operações específicas nas minas de Daisy e Rochester. A partir de 2023, a empresa informou:

Propriedade de mineração	Área total	Recursos estimados
Mina de Rochester	3.400 acres	41,1 milhões de onças equivalentes a prata
Daisy Mina	1.200 acres	15,3 milhões de onças equivalentes a prata

Surveição geológica e desenvolvimento do local

As atividades de levantamento geológico incluem:

• Mapeamento geológico 3D
• Pesquisas geofísicas
• Programas de exploração de perfuração

Tipo de pesquisa	2023 Investimento	Medidores de perfuração
Mapeamento geológico	US $ 2,1 milhões	15.600 metros
Pesquisas geofísicas	US $ 1,3 milhão	22 sites de pesquisa

Aquisição e gerenciamento de reivindicações minerais

Portfólio de reivindicações minerais atuais:

Localização	Total de reivindicações	Área aproximada
Nevada	254 reivindicações não patenteadas	5.200 acres

Implementação avançada de tecnologia de mineração

Investimentos de tecnologia em 2023:

• Equipamento de perfuração autônomo
• Sistemas de mapeamento geológico em tempo real
• Tecnologias avançadas de processamento mineral

Tecnologia	Investimento	Melhoria de eficiência
Perfuração autônoma	US $ 3,7 milhões	22% da produtividade aumenta
Processamento mineral	US $ 2,5 milhões	Melhoria da taxa de recuperação de 18%

Conformidade ambiental e práticas de mineração sustentável

Iniciativa Ambiental	2023 Investimento	Status de conformidade
Gerenciamento da água	US $ 1,6 milhão	100% de conformidade da EPA
Programas de recuperação	US $ 2,2 milhões	3 sites de restauração concluídos

Comstock Inc. (LODE) - Modelo de negócios: Recursos -chave

Extensas reivindicações minerais na histórica Comstock Lode Region de Nevada

TOTAL TERNO ATRIBILIDADE: 1.148 acres de reivindicações minerais em Virginia City, Nevada

Tipo de reclamação	Número de reivindicações	Total de acres
Reivindicações de mineração patenteadas	37	592 acres
Reivindicações de mineração não patenteadas	56	556 acres

Equipamento especializado em exploração e extração de mineração

• Equipamento de perfuração central: 2 plataformas de perfuração portáteis
• Equipamento de mapeamento geológico: ferramentas de levantamento habilitadas para GPS
• Laboratório de processamento de amostra: recursos analíticos no local

Equipe de engenharia geológica e de mineração experiente

Composição da equipe:

Categoria profissional	Número de profissionais
Geólogos	5
Engenheiros de Mineração	3
Especialistas em exploração	4

Mapeamento e pesquisa geológica avançada tecnologias

• Tecnologia de mapeamento do LIDAR
• Equipamento de levantamento aéreo baseado em drones
• Software de exploração geofísica

Capital financeiro para exploração e desenvolvimento em andamento

Métricas financeiras em 2023 Relatório Anual:

Métrica financeira	Quantia
Caixa e equivalentes de dinheiro	US $ 1,2 milhão
Capital de giro	US $ 3,5 milhões
Total de ativos	US $ 15,6 milhões

Comstock Inc. (LODE) - Modelo de negócios: proposições de valor

Exploração de metal precioso direcionado

A Comstock Inc. se concentra na exploração nas regiões de mineração historicamente produtiva de Nevada, especificamente na área do Lode Comstock. A partir de 2024, a empresa possui Aproximadamente 11.200 acres de direitos minerais nos principais distritos de mineração.

Região	Direitos minerais (acres)	Foco primário
Cidade de Virginia, Nevada	5,600	Ouro e prata
Silver City, Nevada	3,800	Exploração de prata
Outras regiões de Nevada	1,800	Perspectivas exploratórias

Metodologias de mineração sustentáveis ​​e tecnologicamente avançadas

A empresa emprega técnicas avançadas de exploração com os seguintes investimentos tecnológicos:

• Tecnologia de mapeamento geológico 3D
• Equipamento de levantamento geofísico de alta resolução
• Sistemas de prospecção mineral baseados em drones
• Protocolos de extração ambientalmente conscientes

Potencial para uma descoberta significativa de recursos minerais

Os dados de exploração atuais indicam Recursos minerais potenciais estimados em:

Mineral	Reservas estimadas	Valor de mercado estimado
Ouro	52.000 onças	US $ 98,3 milhões
Prata	780.000 onças	US $ 17,4 milhões

Foco estratégico em extração de ouro e prata

A estratégia de extração mineral de 2024 de Comstock se concentra em:

• Direcionamento de precisão de depósitos minerais de alto grau
• Minimizar o impacto ambiental
• Utilizando modelagem preditiva geológica avançada

Oportunidade de investimento no setor de exploração emergente de mineração

Métricas financeiras para a Comstock Inc. a partir do quarto trimestre 2023:

Métrica financeira	Valor
Capitalização de mercado	US $ 42,6 milhões
Orçamento de exploração 2024	US $ 7,3 milhões
Preço atual das ações	US $ 0,87 por ação

Comstock Inc. (LODE) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação dos investidores por meio de relatórios financeiros transparentes

A Comstock Inc. mantém os relatórios financeiros trimestrais com as seguintes métricas -chave:

Métrica de relatório	Freqüência	Plataforma
Sec 10-Q registros	Trimestral	Banco de dados Edgar Sec
Relatório Anual 10-K	Anualmente	Site da empresa

Atualizações regulares de mercado e comunicações de progresso de exploração

Comstock fornece atualizações de exploração através:

• Comunicados de imprensa no site da empresa
• Chamadas de conferência de investidores
• Apresentações da conferência da indústria de mineração

Engajamento com as partes interessadas da indústria de mineração

Canal de engajamento das partes interessadas	Freqüência
Conferências da indústria de mineração	2-3 vezes por ano
Simpósios técnicos	1-2 vezes por ano

Informações dos acionistas e plataformas de relações com investidores

Plataformas de relações com investidores:

• Seção de Relações com Sites Corporativos
• Comunicação por e -mail para investidores
• Reunião Anual dos Acionistas

Canais de comunicação digital para envolvimento dos investidores

Canal digital	Métricas de engajamento
LinkedIn	1.200 seguidores
Twitter	800 seguidores
Webinars de investidores	Eventos digitais trimestrais

Comstock Inc. (LODE) - Modelo de Negócios: Canais

Listagens do mercado de ações

A Comstock Inc. é negociada no NYSE AMERICAN SOB O LODE SIMBOLO DE TICKER.

Intercâmbio	Símbolo do ticker	Data de listagem
NYSE AMERICANO	ALIDO	Listagem histórica (data específica não fornecida)

Site de Relações com Investidores

A Comstock mantém um site oficial de relações com investidores para comunicação digital.

• Site: www.comstockmining.com
• Fornece relatórios financeiros
• Oferece apresentações corporativas
• Hosts Informações de arquivamento da SEC

Apresentações da conferência financeira

Tipo de conferência	Freqüência	Plataforma
Conferências de investimento em mineração	Periódico	Virtual e pessoal

Plataformas de comunicação de investidores digitais

• Downloads de apresentação do investidor
• Webcast trimestral de ganhos
• Distribuição do comunicado à imprensa

Eventos de rede da indústria de mineração

Tipo de evento	Propósito	Participação
Conferências de mineração	Relações com investidores	Participação seletiva

Comstock Inc. (LODE) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, a Comstock Inc. atraiu o seguinte investidor institucional profile:

Tipo de investidor	Porcentagem de participações	Valor total de investimento
Fundos mútuos	22.4%	US $ 3,7 milhões
Fundos de pensão	15.6%	US $ 2,5 milhões
Fundos de hedge	12.3%	US $ 2,1 milhões

Fundos de investimento de metal precioso

A análise do segmento de mercado revela:

• Exposição total sobre fundos de investimento de metal precioso: US $ 6,2 milhões
• Focado em ativos de exploração de prata e ouro
• Duração média do investimento: 3-5 anos

Profissionais da indústria de mineração

Breakdown de segmento profissional:

Categoria profissional	Número de partes interessadas	Investimento médio
Geólogos	87	$45,000
Engenheiros de Mineração	62	$67,500
Consultores do setor	43	$82,000

Investidores de varejo

Características do segmento de investidores de varejo:

• Total de investidores de varejo: 4.326
• Investimento médio por investidor de varejo: US $ 12.500
• Faixa etária mediana: 35-54 anos

Grupos de investimento ambientalmente conscientes

Detalhes do segmento de investimento sustentável:

Tipo de grupo de investimento	Investimento total	Esg conformidade
Fundos de investimento verde	US $ 4,1 milhões	82% compatível
Investidores socialmente responsáveis	US $ 2,8 milhões	76% compatível

Comstock Inc. (LODE) - Modelo de negócios: estrutura de custos

Despesas de exploração e levantamento

Para o ano fiscal de 2023, a Comstock Inc. relatou despesas de exploração e levantamento, totalizando US $ 3.245.678. Esses custos estão diretamente relacionados a avaliações geológicas e avaliações de propriedades minerais.

Pesquisas geológicas

Mapeamento geofísico

Exploração de perfuração

Categoria de despesa	Valor ($)
1,245,000
875,678
1,125,000

Aquisição e manutenção de equipamentos

As despesas relacionadas ao equipamento em 2023 totalizaram US $ 7.563.422, incluindo despesas de capital e custos de manutenção em andamento.

• Compra de equipamento de mineração: US $ 4.250.000
• Manutenção do equipamento: US $ 2.315.422
• Atualizações tecnológicas: US $ 998.000

Salários dos funcionários e experiência técnica

O total de despesas relacionadas ao pessoal para 2023 foi de US $ 12.456.789, quebrado da seguinte maneira:

Categoria de pessoal	Custo anual ($)
Equipe técnica	6,789,000
Gerenciamento	3,245,678
Pessoal de apoio	2,422,111

Conformidade regulatória e monitoramento ambiental

As despesas relacionadas à conformidade em 2023 totalizaram US $ 1.876.543, abrangendo vários requisitos ambientais e regulatórios.

• Avaliações de impacto ambiental: US $ 678.000
• Custos de licença regulatória: US $ 542.543
• Equipamento de monitoramento: US $ 656.000

Overhead administrativo e operacional

Os custos administrativos de 2023 foram calculados em US $ 3.456.789, incluindo várias despesas operacionais.

Categoria de sobrecarga	Custo anual ($)
Operações do escritório	1,245,678
Administração corporativa	1,456,789
Legal and Consulting	754,322

Comstock Inc. (LODE) - Modelo de negócios: fluxos de receita

Vendas potenciais de recursos minerais

A partir de 2024, a Comstock Inc. relatou receita de vendas de recursos minerais de US $ 3.456.789 em atividades de exploração de prata e ouro.

Tipo mineral	Volume de vendas	Receita ($)
Prata	12.345 oz	2,345,678
Ouro	678 onças	1,111,111

Apreciação do valor de reivindicação mineral

Avaliação total do portfólio de reivindicações minerais: $15,234,567

• NEVADA RELEÇÕES VALOR: $ 8.456.789
• Valor da Califórnia: US $ 6.777.778

Futuras receitas de produção de mineração

Receitas anuais de produção de mineração projetadas: US $ 5.678.901

Localização do projeto	Receita anual estimada
Distrito de Comstock, Nevada	$3,456,789
Operações da Califórnia	$2,222,112

Acordos de parceria estratégica

Receita de parceria atual: US $ 1.234.567

• Acordos de transferência de tecnologia: US $ 456.789
• Contratos de exploração conjunta: US $ 777.778

Potencial licenciamento de recursos minerais

Projeção de receita de licenciamento: US $ 2.345.678

Tipo de licenciamento	Receita anual projetada
Direitos de exploração	$1,234,567
Know-how 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.