Comstock Sells NSR Royalty To Mackay Precious Metals Inc.
Comstock Inc. (NYSE: LODE) announced it has received the final $1 million from Mackay Precious Metals Inc. completing an agreement to sell its residual 1.5% net smelter returns royalty associated with the recently sold northern claim targets to for an aggregate purchase price of $1.1 million in cash. This transaction increases the total cash proceeds from the sale of those properties, leasehold interests, and royalties to over $4 million in cash.
On June 30, 2023, Comstock executed a Mineral Exploration and Mining Lease Agreement with Mackay. The Mackay Lease was terminated on December 18, 2024, in favor of the MIPA. Since June 30, 2023, Comstock received approximately $3.8 million in initial and ongoing lease payments and reimbursed expenses in addition to the over $4 million from the sale of the claims and the residual NSR sale transaction.
“Realizing nearly $8 million in consideration from the previous lease and subsequent sale, plus an additional 240 acres of patented and unpatented mineral and other properties in Lyon County for no additional consideration, wraps up a series of extremely positive transactions for Comstock and Mackay,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “The transaction is especially timely, as we actively entertain multiple options for advancing our S-K 1300 compliant Dayton and permitted Lucerne resources.”
Comstock is committed to become a major U.S. silver producer from both the millions of ounces of resources already quantified in our technical reports and our ever-growing solar recycling silver resources.
About Comstock Inc.
Comstock Inc. innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics.
