LODE: $45 million Mackay mining deal awaits TSX-V sign-off, Silver Springs facility on track for August start

The near-term catalyst for Comstock Inc. (NYSE: LODE) is a Securities Purchase Agreement dated June 21, 2026 with Mackay Precious Metals Inc. that carries total deal consideration of over $45 million. TSX Venture Exchange clearance is the sole remaining condition before close. If that clears on schedule, $20 million in immediate cash reaches Comstock in August 2026.

Mining exit: the structure behind the $45 million headline

The transaction transfers 100% of Comstock's mineral rights, mining operations, processing entities, and mining district real estate, including Comstock Mining LLC, Comstock Processing LLC, Comstock Exploration and Development LLC, and Comstock Real Estate Inc., whose primary asset is the Gold Hill Hotel within the Comstock mining district. Consideration breaks down as over $30 million in combined cash and Mackay stock, assumption of all reclamation liabilities, a retained 1.5% net smelter return royalty on future mineral production (subject to Mackay's repurchase rights), and a contingent $10 million payment. CEO Corrado De Gasperis described the sale as a capital redeployment event, directing proceeds toward the company's recycling buildout.

Silver Springs: four units running, two remaining

At Comstock Metals, four of the six unit operations at the Silver Springs, Nevada facility are installed and tested. Dr. Fortunato Villamagna, President of Comstock Metals, said the final two major units are expected to complete before July month end, with continuous panel flow beginning in August. The product upgrading system, primarily serving glass, was received, installed, and tested ahead of schedule. Bench and pilot-scale testing has also begun for the first phase of the company's metals recovery process, targeting silver extraction from industrial tailings.

On the origination side, Comstock Metals executed a material recycling services agreement with Illuminate USA LLC, an Ohio-based manufacturer, and received a JobsOhio Grant for a planned facility in Cambridge, Ohio, positioned to serve one of the country's largest end-of-life solar panel markets by geography.

Bioleum impairment and the SSOF land position

The quarter absorbed an approximately $16.4 million impairment charge at Bioleum Corporation, substantially non-cash, after management concluded the Flux Photon technology and related assets are no longer part of the company's renewable fuels direction. Bioleum is now focused on a "Farm-to-Fuel" platform built around Hexas Biomass XanoFiber feedstock.

Separately, Comstock increased its stake in Sierra Springs Opportunity Fund Inc. to 47.63%, paying $11.64 million. SSOF closed on more than 150 parcels covering over 2,000 acres and nearly 2,000 acre-feet of Nevada water rights, bringing its total land holdings to over 2,200 acres. Common shares outstanding stood at 75.95 million at June 30, 2026.

What to watch: TSX-V clearance on the Mackay transaction, which releases the $20 million August cash payment.