Comstock Raises $30mln, Eliminates Debt in Q2 2025.

• Comstock Inc. announces Q2 2025 results and corporate updates • Raises $30M from oversubscribed offering, eliminates debt and obligations • Fuels separated into Bioleum Corporation • Plans to commercialize solar panel recycling facilities • R2v3/RIOS certified facilities can recycle 3.3 million panels/year • Gross proceeds to fund facility acceleration and eliminate debt • Plans to accelerate commercialization of recycling facilities

Comstock Inc. (NYSE: LODE) has announced its second quarter 2025 results and corporate updates, highlighting significant milestones in its growth strategy. The company raised $30 million from an oversubscribed offering, eliminating debt and obligations, and announced the separation of its Fuels segment into a new entity, Bioleum Corporation.

Comstock Inc. reported that the gross proceeds from the offering will be used to fully fund and accelerate the commercialization of its R2v3/RIOS Responsible Recycling certified zero-landfill industry-scale solar panel recycling facilities. Each facility is capable of recycling over 3.3 million panels per year. The funds will also help eliminate existing debt and advance additional site selections and other key development initiatives.

The company has entered a final payoff agreement with Kips Bay, fully satisfying the Company’s convertible note obligation, and has paid down outstanding promissory notes by issuing 2,900,000 common shares to an existing shareholder, effectively eliminating $8,390,000 of debt obligations. Additionally, all liabilities associated with previous acquisitions of AST (Fuels), Northern Comstock (Mining), Haywood mineral properties and quarry (Mining), and LINICO (Metals) have been eliminated.

Comstock Metals, a division of Comstock Inc., has been operating its first commercial demonstration facility for over 18 months and has submitted permits for the first industry-scale photovoltaic recycling facility. The company plans to build up to 7 industry-scale U.S. based recycling facilities, with the first facility in Silver Springs, NV, expected to operate at a capacity of at least 100,000 tons of annual capacity.

Bioleum Corporation, the newly formed entity, has closed a strategic Series A investment from subsidiaries of Marathon Petroleum Corp. (MPC) and completed an initial $20 Series A preferred equity financing. The company has secured the first site and advanced site-specific engineering for its first planned Oklahoma-based refinery and has qualified for the second $1 million of the $3 million in incentive awards from Oklahoma’s Quick Action Closing Fund.

Comstock Inc. expects Bioleum to be fully deconsolidated from its consolidated financial statements by the end of 2025, with stand-alone, audited Bioleum Corporation financial statements. The company owns $65 million face value convertible preferred stock in Bioleum, convertible into 32.5 million common shares, positioning an exceptional value potential for Comstock’s shareholders.

Looking ahead, Comstock Inc. aims to monetize its legacy real estate and non-strategic investments for over $50 million, support the next phases of Metals growth, and finalize, communicate, and implement plans to unlock maximum value from the separation of Bioleum. The company expects to have two high-growth companies: a renewable metals and mining company headquartered in Nevada, and a renewable fuels company headquartered in Oklahoma with major operations already functioning in Wisconsin.

References:
[1] https://finance.yahoo.com/news/comstock-announces-second-quarter-2025-201500407.html