Comstock Inc. Awarded $3 Million for Economic Development Initiative

Comstock Inc. (NYSE: LODE) recently announced that its subsidiary, Comstock Fuels Corporation, has been granted an award of $3,000,000. This award, referred to as the “Award,” was received in accordance with a specific Contract between Comstock Fuels Corporation and the Oklahoma Department of Commerce. The Account will be disbursed in three separate installments of $1,000,000 each. These disbursements will be actioned within 45 days of Comstock Fuels meeting certain specified conditions as outlined in the contract.

The conditions necessitate Comstock Fuels to complete the following: publicly declare the relocation of its headquarters to Oklahoma, secure a site in Oklahoma for the creation and operation of a next-generation renewable fuel refinery, and invest a minimum of five million dollars ($5,000,000) towards the necessary machinery, engineering, equipment, and materials for the Oklahoma facility.

The purpose of the awarded funds revolves around economic development endeavors and the associated infrastructure advancement in the region. Comstock Fuels has reported its compliance with the initial condition concerning the relocation of its headquarters.

Continued disbursement of the Award is contingent upon Comstock Fuels meeting ongoing obligations, including but not limited to: bringing 45 job opportunities with an average salary of $80,000 per position, making total investments reaching $160 million, maintaining the headquarters by March 31, 2026, ensuring the existence of at least ten jobs for ten consecutive quarters by December 31, 2030, and operations of a commercial demonstration biorefinery latest by December 31, 2031. Failure to adhere to these conditions would necessitate the repayment of the granted funds received.

The details discussed above are a condensed version of the terms of the Contract and are supplemented by the complete terms outlined in the Contract itself, which can be found as Exhibit 10.1 attached to the Form 8-K filing.

Additionally, a press release detailing the transactions associated with the Contract is included as Exhibit 99.1 alongside the Form 8-K filing.

As required, the company also disclosed the following Exhibits:

– 10.1 Contract
– 99.1 Press Release
– 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

The report, in accordance with the Securities Exchange Act of 1934, was signed by Corrado De Gasperis, the Executive Chairman and CEO of Comstock Inc., on December 17, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Comstock’s 8K filing here.

About Comstock

Comstock Inc engages in the systemic decarbonization business in Nevada and internationally. It operates through Renewable Energy, Mining, and Strategic and Other Investments segments. It will develop technology for the deploying of extraction and refining facilities that convert wasted and unused biomass and other natural resources; and a demonstration system to extract black mass containing lithium, graphite, nickel, cobalt, manganese, copper, aluminum, and other metals from up to lithium-ion batteries.