|Over a week ago|
Comstock Mining initiated with an Outperform at Noble Capital » 09:2407/2207/22/20
Noble Capital analyst…
Noble Capital analyst Mark Reichman initiated coverage of Comstock Mining with an Outperform rating and $4.50 price target. Comstock offers investors significant upside potential as the company executes on its recent corporate realignment to focus on mining related activities in the Nevada Comstock and Silver City mining districts, the analyst tells investors.
Comstock Mining reports Q2 selected financial highlights » 06:5807/2107/21/20
Comstock Mining reported…
Comstock Mining reported selected financial highlights including: recorded a gain of $1.6M on the increased value of equity investment in Tonogold, now valued at over $10.4M at June 30, as compared to $8.8M at March 31; recorded positive net income for the three months ended June 30, primarily driven by the gains resulting from the increased value of Tonogold assets owned by us; received a $500.000 million early payment in June, on obligations owed from Tonogold and reduced our Senior Debt principal down to $4.1M in mid-July, down from $4.5M, at June 30; raised $1.25M for the initial mercury remediation growth investment in the Philippines; and cash and cash equivalents at June 30, were approximately $1.0M.The Company has enacted its Board-approved transformational strategic plan, focused on high-value, cash-generating, precious metal-based activities including, but not limited to, environmentally friendly, and economically enhancing mining technologies, like mercury remediation. The goal is to deliver over $500M of value from our existing assets and the commercialization of these environmental mining technologies, partnerships and ventures. Non-mining assets are now valued at over $25M, net of debt. Company has agreements to sell the Industrial and Commercial lands plus the senior water rights in Silver Springs, for over $10M, and now expect those sales to close in Q3. These proceeds will extinguish approximately $5.2M in debt obligations. A $6.1 investment in Tonogold Convertible Preferred Stock, or CPS, is now valued at $10.4Mbased on shares that have already been converted and Tonogold's current share price. The company is also owed approximately $4.9M from Tonogold through a 12%, cash interest paying debt instrument, with principal payments of $400,000 still due this October 2020, and $4.475M due September 2021.
Comstock Mining reports investments in Mercury Clean Up increased to $1.75M » 06:5607/2107/21/20
Comstock Mining announced…
Comstock Mining announced selected strategic and financial updates, unaudited, for the Q2 and year to date: Investments in Mercury Clean Up increased to $1.75M in cash and stock to date with the Comstock mercury remediation system completed and shipping this week; committed to investing in MCU Philippines after MCU agreed to a definitive joint venture agreement with Clean Ore Solutions OPC, to partner in a landmark mercury remediation project in the Philippines; Committed up to $3M in debt and equity investments, for 62.5% of the newly created MCU Philippines, with the new mercury remediation system ready for shipment; and consummated the April acquisition of 25% of PELEN, owner of the historic Sutro Tunnel Company.
Comstock Mining reports selected Q2 strategic and financial highlights » 06:5007/0707/07/20
Comstock Mining announced…
Comstock Mining announced selected strategic and financial highlights, unaudited, for the Q2. Q2 selected strategic highlights include: Investments in Mercury Clean Up increased to $1.75M in cash and stock with the Comstock mercury remediation system completed and ready for shipment; Committed to Investment in MCU Philippines after MCU signed a definitive joint venture agreement with Clean Ore Solutions OPC, to partner and lead in a major mercury remediation project in the Philippines; Advanced permitting of Tonogold Resources exploration drill plans for July, 2020; and consummated the April acquisition of 25% of Pelen LLC, the owner of the historic Sutro Tunnel Company. Q2 selected financial highlights, unaudited, include: Received a $500,000 early payment from Tonogold against obligations due October 15, with the remaining payments due totaling $4.9M at June 30; Valued equity investment in Tonogold at over $10.4M at June 30; Reduced Senior Debt principal to $4.5M at June 30; Cash and cash equivalents at June 30 were approximately $1.0M; and Common shares outstanding at June 30, 2020, were 28,815,000 shares.
|Over a quarter ago|
Comstock Mining provides 2020 outlook » 06:5903/1903/19/20
Comstock Mining expects…
Comstock Mining expects to close on the agreed upon sale of certain non-mining assets located in Silver Springs, NV, to Sierra Springs Enterprises during the first half of 2020, for total net proceeds of $10.1M. The agreements were signed during 2019, with $0.3M of non-refundable deposits made and released to the company from escrow. The company will use the remaining $9.8M of proceeds to extinguish the entirety of its outstanding Senior Secured Debenture obligation, principal and make-whole of approximately $4.9M, plus accrued interest of approximately $0.3M. During 2020, the company expects to receive a total of approximately $2.3M in cash for expense reimbursements required under the various Tonogold agreements. The company's annual operating expenses, including other income and expenses and excluding depreciation, are planned to be $4.9M for fiscal year 2020, with approximately $2.3M of that amount currently being reimbursed under the various Tonogold agreements, resulting in 2020 net operating expenses of $2.6M.
Comstock Mining reports 2019 results » 06:5703/1903/19/20
Comstock Mining reported…
Comstock Mining reported 2019 net loss of (20c) per share for 2019 vs. (79c) for 2018, with improvement from the cost reduction efforts and Tonogold subsidies. The company experienced record low operating costs and expenses during 2019, of $5.5M, including $1.8M for depreciation and amortization, or a 26.8% reduction from 2018, and a 38.5% reduction when compared to 2017. These 2019 reductions include approximately $2.2M in cash reimbursements from Tonogold Resources. The company anticipates a 10% reduction in 2020, from lower administrative costs. The company has not sold any equity during 2020. As of December 31, 2019, the company had cash and cash equivalents of $1.0M, current assets of $13.3M and current liabilities of $4.4M. The company had total assets of $39.6M and total liabilities of $16.1M at December 31, 2019. Total assets increased 38.3% over 2018, and total liabilities decreased 16.4% and the company reduced its Senior Secured Debenture debt by 44.4% to $4.9M. The company expects to extinguish its debt when the $10.1M sale of its Silver Springs properties closes during Q2.
Comstock provides outlook and updates on key components of its FY20 strategy » 06:5003/0303/03/20
Comstock Mining provided…
Comstock Mining provided updates on key components of its strategic objectives, including with Mercury Clean Up, Tonogold Resources, and Sierra Springs Opportunity Fund. The company sees 2020 annual operating expenses $3.9M, with approximately $2.0M of that amount currently being reimbursed from Tonogold resulting in net operating expenses for 2020, of less than $2M, excluding any discretionary exploration and development expenses that would not occur until assets are sold. During Q1 and Q2 the Company expects to receive an additional $5.2M in cash from Tonogold toward their purchase of 100% of the membership interest in Comstock Mining, the entity that owns the Lucerne properties. The CPS has a fair market value at December 31, 2019, of $9.2M, and we plan on monetizing a portion of the CPS during the second half of 2020, depending on price performance and liquidity. During the Q1, the Company expects to close on the agreed upon sale of the non-mining assets located in Silver Springs, NV, for total net proceeds of $10.1M. The agreements were signed in September, with $400,000 of non-refundable deposits made into escrow. The Company will use the remaining $9.7M of proceeds to extinguish the entirety of our outstanding Senior Secured Debenture principal and make-whole obligations of approximately $4.9M, plus accrued interest of $100,000. Tonogold is currently planning and permitting a drilling program for the northern exploration targets and expects to begin drilling in the second quarter of 2020. Under the Mineral Exploration and Mining Lease, Tonogold must spend at least $1.0M per year on exploration with 2020, being the first year of the mineral leases. The Company's 2020 plans also include obtaining the local permits for Dayton in 2019, expanding Dayton's current resource with incremental exploration programs. MCU plans to commence trial operations in March 2020.
Comstock Mining updated on MCU and SSOF » 06:5102/1102/11/20
Comstock Mining provided…
Comstock Mining provided updates on key components of the Company's strategic objectives, including updates on its strategic investees, Mercury Clean Up, or MCU, and Sierra Springs Opportunity Fund, or SSOF. During 2019, the Comstock Board of Directors approved a transformational strategy focused on high-value, cash-generating, precious metal-based activities. On February 7 MCU signed a definitive joint venture agreement with Clean Ore Solutions OPC, to partner and lead in a major mercury remediation project located in the Philippines. The joint venture will be named Clean Mineral Recovery Technologies, or CMRT, and be between COS, 60%, and MCU, 40%, with the goal of removing mercury in accordance with government sponsored mercury remediation plans. Comstock and MCU have also secured the necessary Nevada permits and approvals and are beginning to mobilize equipment to commence sampling this week. The sequipment is also scheduled to begin arriving on site this week. SSOF was formed to capitalize on the extraordinary, explosive growth of high-tech industries in northern Nevada, and its qualified opportunity zones. During 2019, SSOF raised over $11M and acquired Silver Springs Regional Airport and an adjacent, 180,000 plus square foot manufacturing complex, both as qualifying opportunity zone businesses. The Company has definitive agreements to sell its two properties in Silver Springs, and over 200 acre-feet of senior water rights for just over $10M and has received an additional $100,000 deposit toward the purchase of these properties. The closing dates for these sales is February 28. The Company has reduced its debenture down to approximately $4.8M, and upon completion of the non-mining asset sales, the Company's remaining debt will be eliminated, plus initial funding for the Company's growth.
Comstock Mining jumps after company reports sale of two Silver Springs assets » 13:4801/0801/08/20
Earlier today, Comstock…
Earlier today, Comstock Mining reported that it has agreed to sell and escrowed its two properties in Silver Springs, and over 200 acre-feet of senior water rights for just over $10 million and has received an additional $300,000 deposit toward the purchase of these non-mining properties. The closing dates for these sales is now January 31, 2020. The Company has already reduced its debenture down to approximately $4.9 million, and upon completion of the non-mining asset sales, the Company's remaining debt will be eliminated, plus initial funding for the Company's planned growth initiatives. Shares of Comstock are up over 14% or 7c to 56c per share in afternoon trading.
Alvin Fund reports 6.53% passive stake in Comstock Mining » 16:3412/2312/23/19
Alvin Fund disclosed a…
Alvin Fund disclosed a 6.53% stake in Comstock Mining, which represents over 1.74M shares. The filing does not allow for activism.