Comstock Inc. (LODE) | Investment Case

1. Company Snapshot

1.a. Company Description

Comstock Inc.engages in the exploration, development, and production of mineral properties in Nevada.The company explores for gold, silver, lithium, nickel, cobalt, and mercury ores.

It operates in two segments, Mining and Real Estate.The Mining segment owns and controls approximately 9,358 acres of mining claims and parcels, including approximately 2,396 acres of patented claims and surface parcels; and approximately 6,962 acres of unpatented mining claims in the Comstock and Silver City districts, as well as focuses on exploring and developing properties in the Lucerne and Dayton resource areas; and Occidental and Gold Hill mineral properties.The Real Estate segment comprises land and real estate rental properties, as well as the Gold Hill Hotel and Daney Ranch properties.

It has collaboration agreements with Oro Industries Inc.and Mercury Clean Up, LLC for the manufacture and deployment of mercury remediation systems with proprietary mechanical, hydro, electro-chemical, and oxidation processes to reclaim and remediate mercury from soils, waste, and tailings.The company was formerly known as Comstock Mining Inc.

and changed its name to Comstock Inc.in May 2022.Comstock Inc.

was incorporated in 2008 and is based in Virginia City, Nevada.

Show Full description

1.b. Last Insights on LODE

Comstock Inc.'s recent performance was driven by strong Q1 2025 earnings, with a year-over-year increase in revenue growth, particularly in the ParkX Management subsidiary. The company's effective cost management and robust leasing activity contributed to its financial results. Additionally, the successful settlement of prior outstanding strategic commitments and the elimination of regular cash payments have reinforced Comstock's financial position. The company's Western Haynesville acreage, with its strategic location and access to export facilities, offers significant growth potential.

1.c. Company Highlights

Last Price	3.39
Change Percentage	-9.60%
Open	3.65
Previous Close	3.75
Market Cap ( Millions)	122
Volume	715851
Year High	10.1
Year Low	1.67
M A 50	3.34
M A 200	2.99

FCF Yield	-20.31%
Dividend Yield	0.00%
ROE	-64.52%
Debt / Equity	23.51%
Net Debt / EBIDTA	8.17%
Price To Book	1.19
Price Earnings Ratio	-2.68
Price To FCF	-4.92
Price To sales	43.87
EV / EBITDA	-2.48

2. Comstock Inc.'s Q3 2025 Earnings: A Transformative Quarter

Comstock Inc. reported a decline in revenue for Q3 2025, primarily due to the leasing of mining assets to Mackay, with actual EPS coming in at '-0.21' relative to estimates at '-0.18'. The company's cash position is strong, with $31.7 million in corporate cash and $12.4 million at Bioleum. The financial performance was impacted by higher SG&A and R&D expenses attributed to scaling the business.

Publication Date: Nov -30

                                    📋 Highlights
                                    Fundraising & Debt Elimination:
                                                Raised $34.5M gross proceeds, netting $31.8M, and eliminated all debt by paying $2.2M for Haywood properties.
Solar Recycling Facility:
                                                Deposited $5.1M for a 100,000-ton/year (3.3M panels/year) facility in Nevada, with commissioning in Q1 2026 and full capacity by 2027.
Silver Market Potential:
                                                Silver demand surged due to solar, EVs, and tech, with 3.5M panels retiring in 2025 and 33M by 2030, offering $350–400M/year FCF potential.
Cash Position & Expansion:
                                                $31.7M corporate cash and $12.4M at Bioleum, funding 7 recycling facilities targeting 200,000-ton/year throughput by 2028.
Partnership & Industrial Growth:
                                                Leveraging Tesla’s Nevada factory and hyperscale data centers, with 258 acres and water rights near Tahoe Reno Industrial Center.

                                

Financial Highlights

The company's metals business saw a decline in revenue, but Comstock is expecting to inflect revenue in the coming quarters. The solar panel recycling business is gaining traction, with the company having signed three Master Service Agreements (MSAs) with major utilities, recyclers, and OEMs. As Corrado De Gasperis mentioned, "We've got a lot of questions on Bioleum, and we'll address those in Q&A."

Operational Progress

Comstock's solar panel recycling facilities are designed to be optimal, with the Silver Springs facility expected to be commissioned in Q1 2026 and ramp up production in Q2 2026. The company is forecasting throughput of 20,000-30,000 tons in 2026, with the potential to reach 200,000 tons by the end of 2028. The valuation metrics indicate a P/S Ratio of 46.33, suggesting high growth expectations.

Valuation and Growth Expectations

The company's growth prospects are promising, with analysts estimating revenue growth of 1798.3% next year. The current valuation metrics, including a P/E Ratio of -2.83 and an EV/EBITDA of -2.63, indicate that the market is pricing in significant growth. Comstock's strategy to focus on large-scale projects and establish itself as a leader in the sector is expected to drive growth.

Future Outlook

In the remainder of Q4 and 2025, Comstock expects exciting developments, including the issuance of permits, new customers, and commissioning. The company is well-positioned to capitalize on the growing demand for solar panel recycling, and its strong cash position and robust pipeline are expected to drive growth in the coming quarters.

3. NewsRoom

Bioleum Corporation Acquires RenFuel's Intellectual Property Portfolio

Dec -03

Source: globenewswire.com

Comstock Metals Receives Notification of Eligibility For Final Permit

Nov -24

Source: globenewswire.com

Comstock Holding Remains Attractively Valued, Despite Its Spectacular Rally

Nov -20

Source: seekingalpha.com

Comstock's Q3 Earnings Decrease Y/Y on ParkX Expansion Costs

Nov -19

Source: zacks.com

Comstock Inc. (LODE) Discusses Systems-Based Strategy and Commercialization of Sustainable Technologies Transcript

Nov -18

Source: seekingalpha.com

Comstock Inc. to Participate in Water Tower Research Fireside Chat on Tuesday, November 18, 2025

Nov -17

Source: globenewswire.com

Comstock Reports Third Quarter 2025 Results

Nov -13

Source: businesswire.com

Comstock Q3 Earnings Beat Estimates on Higher Price Realizations

Nov -12

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.00%)

6. Segments

Mining

Expected Growth: 12%

Comstock Inc.'s 12% growth in mining is driven by increasing gold prices, strategic acquisitions, and efficient operations. Rising demand for gold jewelry and coins, particularly in Asia, fuels revenue growth. Additionally, Comstock's focus on cost reduction and exploration of new mining sites contributes to its impressive growth rate.

Strategic Investments

Expected Growth: 10%

Comstock Inc.'s strategic investments are driven by a combination of factors, including increasing demand for sustainable infrastructure, growing government incentives for eco-friendly projects, and the company's successful diversification into high-growth markets such as renewable energy and green technology.

Corporate/Other

Expected Growth: 8%

Comstock Inc.'s Corporate/Other segment growth of 8% is driven by strategic investments in digital transformation, cost savings initiatives, and expansion into new markets. Additionally, the company's focus on innovation and R&D has led to the development of new products and services, contributing to the segment's growth.

7. Detailed Products

Homebuilding

Comstock Inc. offers a range of homebuilding services, including land development, construction, and sales of single-family homes, townhomes, and condominiums.

Asset Management

Comstock's asset management services focus on the acquisition, management, and disposition of commercial and residential properties.

Real Estate Services

Comstock offers a range of real estate services, including brokerage, property management, and title insurance.

Entitlement and Development

Comstock's entitlement and development services focus on the entitlement, development, and construction of commercial and residential projects.

Investment and Fund Management

Comstock's investment and fund management services focus on the creation and management of investment funds for real estate and other asset classes.

8. Comstock Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Comstock Inc. is moderate due to the availability of alternative products in the market.

Bargaining Power Of Customers

The bargaining power of customers is high for Comstock Inc. due to the presence of a large number of customers who can easily switch to competitors.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low for Comstock Inc. due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for Comstock Inc. is moderate due to the presence of barriers to entry, such as high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry for Comstock Inc. is high due to the presence of several established competitors in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	12.05%
Debt Cost	14.19%
Equity Weight	87.95%
Equity Cost	14.19%
WACC	14.19%
Leverage	13.70%

11. Quality Control: Comstock Inc. passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Douglas Elliman

A-Score: 4.4/10

Value: 9.0

Growth: 1.0

Quality: 4.9

Yield: 1.0

Momentum: 9.5

Volatility: 1.0

1-Year Total Return ->

Redfin

A-Score: 4.2/10

Value: 7.5

Growth: 4.0

Quality: 5.1

Yield: 0.0

Momentum: 5.0

Volatility: 3.7

1-Year Total Return ->

Transcontinental Realty Investors

A-Score: 4.2/10

Value: 2.0

Growth: 4.7

Quality: 3.4

Yield: 0.0

Momentum: 9.5

Volatility: 5.7

1-Year Total Return ->

eXp World Holdings

A-Score: 4.1/10

Value: 5.1

Growth: 5.2

Quality: 4.5

Yield: 3.0

Momentum: 3.0

Volatility: 3.7

1-Year Total Return ->

Anywhere Real Estate

A-Score: 3.9/10

Value: 8.1

Growth: 1.8

Quality: 2.9

Yield: 0.0

Momentum: 9.5

Volatility: 1.3

1-Year Total Return ->

Comstock

A-Score: 3.3/10

Value: 7.4

Growth: 4.9

Quality: 4.8

Yield: 0.0

Momentum: 2.5

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

27.20%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

14.19%

Comstock Inc. - US2057503003

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on LODE

1.c. Company Highlights

More Volatile

Lower Yield

Weak Momentum

Earnings Miss

Revenues Miss

Revenues Beats

Fairly Valued

Cheaper

Lower Quality

Strong Momentum

2. Comstock Inc.'s Q3 2025 Earnings: A Transformative Quarter

Financial Highlights

Operational Progress

Valuation and Growth Expectations

Future Outlook

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.00%)

6. Segments

Mining

Expected Growth: 12%

Strategic Investments

Expected Growth: 10%

Corporate/Other

Expected Growth: 8%

7. Detailed Products

Homebuilding

Asset Management

Real Estate Services

Entitlement and Development

Investment and Fund Management

8. Comstock Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Comstock Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.39$

Current Price

3.39$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA