Comstock Terminates Equity Purchase Agreement

Comstock Inc. (NYSE: LODE) has announced the termination of its existing Equity Purchase Agreement. The company has entered a securities purchase agreement with an investor involving an 8.0% Convertible Promissory Note, due October 31, 2025.

Details of the Convertible Promissory Note

The Convertible Note was issued with a principal amount of $2,717,500. This amount was purchased by the investor for $2,500,000, reflecting an 8% original issue discount. A portion of these proceeds will be used to redeem $500,000 of existing convertible debt, hence reducing the company’s outstanding obligations.

CEO’s Statement on Investment

“We are very pleased to receive this $2.5 million investment, which allows us to extend maturities, retire certain other debt obligations, and secure a solid bridge to our near-term asset sales,” said Corrado De Gasperis, Executive Chairman and CEO of Comstock Inc.

Terms of the Convertible Note

The Convertible Note accrues interest at an annual rate of 8% and is redeemable for cash 30 days after closing at 125% of the principal amount plus accrued interest. Additionally, it can be converted into common stock of the company at a price equal to the lower of 150% of the closing price on the closing date or 80% of the lowest volume-weighted average price (VWAP) of the 10 trading days prior to the conversion notice.

Comstock Metals’ Progress

Comstock Metals is currently operating its first commercial demonstration facility in Silver Springs, NV. The company has also begun preliminary design and engineering for its next three industry-scale facilities and related storage sites. With the first permit already secured, these facilities aim at zero-landfill solutions for recycling and reusing 100% of materials that would otherwise become waste.

Comstock Fuels’ Readiness

Comstock Fuels is commercially ready and demonstrating growth-enabling performance to prospective customers. The company is engaged in commercial discussions, including joint development and licensing agreements. Preliminary engineering for its first commercial demonstration-scale facility has been completed.

About Comstock Inc.

Comstock Inc. (NYSE: LODE) commercializes innovative technologies that contribute to global decarbonization by converting under-utilized natural resources into net zero renewable fuels, end-of-life metal extraction, and generative AI-enabled advanced materials synthesis and mineral discovery.

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