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Comstock (LODE) investor relations material
Comstock Lytham Partners Fall 2025 Investor Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Business overview and market opportunity
Focused on recycling end-of-life solar panels, extracting valuable metals and preventing environmental hazards.
Proprietary process eliminates contaminants, enabling 100% material reuse with no landfill waste.
Addressable market exceeds 1 billion deployed panels in the U.S., with demand for silver and other metals at record highs.
Current facility processes all panel types and operates 24/5, with plans to scale to millions of panels annually.
Market for solar panel waste projected to grow 10x by 2030, reaching 33 million panels per year.
Expansion plans and financial outlook
Permits for industry-scale facility expected by November, enabling processing of 3.3 million panels annually.
Two Nevada facilities will cover over half the U.S. market, with plans for up to seven nationwide.
Three facilities targeted by 2028, aiming for more than 30% market share as the market grows.
At full capacity, three facilities could generate $165 million in free cash flow, supporting multi-billion dollar valuation.
Recent $30 million capital raise eliminated debt and fully funded expansion, with institutional investors now dominating the shareholder base.
Additional assets and strategic investments
Holds significant mineral assets in Nevada, including a mining district with updated mine plan showing $200 million NPV.
Owns real estate in a high-growth industrial region, seeking to monetize these properties.
Early investment in Green Li-ion now valued at $20 million, with plans to monetize.
76% stake in Bioleum Corp, valued at over $500 million after recent investments by Marathon Petroleum and others.
Over $250 million in net operating loss carryforwards to shelter future profits.
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