DivestmentJun 22, 2026, 06:16 AM
Comstock Sells Mining Assets for Over $45M; Transforms Business
AI Summary
Comstock Inc. announced the sale of its mineral, mining, processing, and related real estate entities to Mackay Precious Metals Inc. for an aggregate transaction value exceeding $45 million. The deal includes over $30 million in cash and stock, a retained 1.5% NSR royalty, and a contingent future payment of $10 million. This divestment is a critical step in Comstock's transformation from a junior mining company to a renewable metals and materials company, expected to reduce annual costs by over $1.5 million.
Key Highlights
- Comstock divests mining assets to Mackay Precious Metals for over $45 million.
- Transaction includes over $30 million in cash and stock payments.
- Comstock retains a 1.5% Net Smelter Return (NSR) royalty.
- Mackay assumes all reclamation obligations and liabilities.
- Initial payment includes $20 million cash and 2 million Mackay shares (>$3.5M).
- A secured $7 million cash payment is due within 18 months.
- Comstock expects over $1.5 million in annualized cost savings.
- Contingent future payment of $10 million under specific conditions.
Price Impact
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