Comstock Metals Achieves First Renewable Metal Sales
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Comstock Metals Achieves First Renewable Metal Sales
Comstock Inc. (NYSE: LODE) and its subsidiary, Comstock Metals Corporation, a leader in recycling end-of-life solar panels into reusable materials, recently announced their first shipments and revenues. The company successfully sold over 3,000 pounds of recycled aluminum, marking the beginning of regular shipments. The aluminum recovery process expects to achieve around 10 to 15 percent of the input weight of solar panels, with initial sales exceeding fifty cents per pound for these aluminum scrap grades.
CEO Comments on Initial Success
Corrado De Gasperis, Executive Chairman and CEO, stated, "Last quarter, we recognized our first in-take revenue from processing end-of-life solar panels. Our team has successfully proven our ability to process clean, fully salable materials while upholding our zero-landfill commitment. We've established partnerships with various customer groups for these recovered materials, recently shipping our first order and closing the loop on our efforts to earn revenue on both ends."
Expansion of Operations
Comstock Metals operates a demonstration facility in Silver Springs and is in the process of permitting an expansion tailored to meet the demands of the solar industry. With the recently permitted capacity to store substantial volumes of solar panels, Comstock Metals is well-positioned to lead the sector in recycling solar panels. This strategy aims to reduce electronic waste and enhance the recovery and reuse of vital materials.
Creating a Renewable Supply Chain
Dr. Fortunato Villamagna, President of Comstock Metals, mentioned, "Our demonstration facility has initiated a renewable supply chain that generates primary revenues through the environmental service of processing waste panels while fully recycling the materials for reuse. This setup fosters a secondary revenue stream that benefits our operations greatly." The company currently collaborates with suppliers and off-take customers to secure high-volume, long-term supply agreements.
About Comstock
Comstock Inc. commercializes innovative technologies that contribute to global decarbonization by efficiently converting underutilized natural resources, primarily focusing on biomass, metal recycling, and advanced materials synthesis. To know more about the company, please visit www.comstock.inc.
Contact Information
For investor inquiries:
RB Milestone Group LLC
Tel (203) 487-2759
ir@comstockinc.com
For media inquiries or questions:
Comstock Inc., Zach Spencer
Tel (775) 847-7532
questions@comstockinc.com
Frequently Asked Questions
What is Comstock Metals' recent achievement?
Comstock Metals has announced its first shipments and sales of recycled aluminum from solar panels.
What materials does Comstock recycle?
Comstock recycles aluminum, copper, silver, glass, and other minerals from end-of-life solar panels.
How does the recycling process benefit the environment?
The process contributes to a zero-landfill solution, reducing electronic waste and aiding the recovery of critical materials.
Where is Comstock's demonstration facility located?
The facility is located in Silver Springs, which supports the solar industry's recycling needs.
How is Comstock expanding its operations?
Comstock is currently permitting a facility expansion to increase capacity for processing solar panels, aiming to lead the recycling sector.
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