Comstock Mining (LODE)
XASE:LODE
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Comstock Mining
(NYSE MKT:LODE)
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Rating:57Neutral
Price Target:
$4.50
▲(38.89% Upside)
Action:Reiterated
Date:06/05/26
LODE scores as mixed: the largest drag is weak financial performance marked by shrinking revenue, large losses, and ongoing cash burn. Offsetting this, technicals show strong upward momentum with price above key moving averages, and the earnings call indicates improved liquidity and a clearer commercialization path—though execution and feedstock visibility risks remain high. Valuation provides limited support due to negative earnings and no stated dividend yield.
Positive Factors
Recapitalization / Liquidity
An oversubscribed $57.5M equity raise leaving about $53M cash materially reduces near-term refinancing risk and funds the initial commercialization stage. This capital gives management runway to complete commissioning, cover early operating losses and invest in the pilot metal‑recovery program, supporting execution over the next several quarters.
Negative Factors
Deep Negative Profitability
Sustained negative gross margins and a roughly -40% net margin indicate core operations are not currently profitable and have eroded returns. Until throughput and downstream recovery scale, internal earnings cannot fund growth, pressuring capital needs and making long-term shareholder returns contingent on successful ramp‑up.
Read all positive and negative factors
Positive Factors
Negative Factors
Recapitalization / Liquidity
An oversubscribed $57.5M equity raise leaving about $53M cash materially reduces near-term refinancing risk and funds the initial commercialization stage. This capital gives management runway to complete commissioning, cover early operating losses and invest in the pilot metal‑recovery program, supporting execution over the next several quarters.
Read all positive factors
Comstock Mining (LODE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$330.98M
Dividend YieldN/A
Average Volume (3M)1.40M
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue Growth-67.97%
EPS Growth64.51%
CountryUS
Employees46
SectorBasic Materials
Sector Strength58
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-0.98
Shares Outstanding75,913,086
10 Day Avg. Volume1,409,393
30 Day Avg. Volume1,397,234
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)1.28
Price to Sales (P/S)88.83
P/FCF Ratio-5.16
Enterprise Value/Market Cap0.40
Enterprise Value/Revenue122.08
Enterprise Value/Gross Profit-21.14
Enterprise Value/Ebitda-3.68
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.38
Revenue Forecast (FY)$19.19M
Comstock Mining Business Overview & Revenue Model
Company Description
Comstock Inc. engages in the exploration, development, and production of mineral properties in Nevada. The company explores for gold, silver, lithium, nickel, cobalt, and mercury ores. It operates in two segments, Mining and Real Estate. The Minin...
How the Company Makes Money
Comstock Mining’s historical and stated monetization pathways have centered on (a) mineral-resource development on its property positions and (b) monetizing its land and surface rights holdings through sales, leases, or other real-estate type tran...
Comstock Mining Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call communicated strong progress on recapitalization, liquidity, completion and commissioning of the first industry-scale facility, solid customer engagement and concrete monetization plans (SSOF investment, sale of mining assets, powered land at Silver Springs). Management provided clear profitability thresholds (20% facility, 50% corporate) and outlined focused capital deployment toward metal recovery. Key risks discussed include ongoing net losses, higher operating and R&D spend, limited near-term feedstock visibility (3–5 months), execution/scale-up risk as the equipment ramps, and reliance on third-party monetization and Bioleum securing outside funding. On balance, the company appears positioned to execute the next stage of commercialization with meaningful liquidity and strategic optionality, while still facing execution and timing risks.Positive Updates
Successful Recapitalization and Strong Liquidity
Completed an oversubscribed equity financing of $57.5M in gross proceeds ($53.0M net after ~$4.5M of offering expenses, ≈7.8%). Cash balance at March 31, 2026 was just over $53M. Legacy debt largely eliminated and interest expense declined significantly year-over-year with no interest expense projected going forward.
Negative Updates
Net Loss and Increased Operating Expenses
Reported net loss of approximately $9.4M for the quarter (largely in line with prior year). Total operating expenses increased by approximately $1.7M in the quarter due to higher headcount supporting metals operations, increased facility costs (including Silver Springs), and higher professional, legal and commercialization spend.
Read all updates
Q1-2026 Updates
Positive
Negative
Successful Recapitalization and Strong Liquidity
Completed an oversubscribed equity financing of $57.5M in gross proceeds ($53.0M net after ~$4.5M of offering expenses, ≈7.8%). Cash balance at March 31, 2026 was just over $53M. Legacy debt largely eliminated and interest expense declined significantly year-over-year with no interest expense projected going forward.
Read all positive updates
Company Guidance
Management guided that Comstock is funded after an oversubscribed equity raise of $57.5M (≈$53M net) with cash of just over $53M at 3/31/26, has already deployed $14M toward its first industry‑scale facility (including $6.8M in Q1), and has spent roughly $11M on facility equipment plus ~$1.1M for power generation, ~$2.0M leasehold improvements (reimbursable), and ~$1.1M for storage; they plan ~ $1.5M more for glass/product upgrades (about half already spent) and an estimated $10M for a 1‑ton/day metal‑recovery pilot, while a second facility is estimated at $13M but won’t be purchased until the first is scaling; the plant is to be fully assembled by end‑May, operating in June and continuously by July, with the facility expected profitable at 20% utilization (≈2,000 tons/month) and the corporation profitable at 50% utilization, a shift from project‑based to throughput‑driven revenue with rising revenue/deferred revenue as commercialization proceeds; other metrics: Q1 operating expense rose ≈$1.7M, net loss ≈$9.4M, interest expense largely eliminated (no interest expense projected going forward), derivative impacts expected low-to‑zero, a $1.4M cash gain on royalty sales was recognized, $7.75M was invested in SSOF, and management expects to announce a definitive sale of remaining mining assets in Q3 that could cut cash spending by up to $1.5M annually.Comstock Mining Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
56
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.08M | 1.55M | 3.02M | 1.27M | 178.15K | 862.16K |
| Gross Profit | -6.24M | -4.92M | 2.56M | 1.27M | 178.15K | 590.08K |
| EBITDA | -35.84M | -33.56M | -47.72M | 15.07M | -41.76M | -28.81M |
| Net Income | -43.37M | -43.08M | -53.32M | 9.16M | -45.95M | -24.58M |
Balance Sheet | ||||||
| Total Assets | 218.13M | 182.64M | 91.31M | 106.47M | 100.05M | 126.95M |
| Cash, Cash Equivalents and Short-Term Investments | 52.97M | 16.95M | 954.27K | 22.70M | 2.52M | 6.84M |
| Total Debt | 31.46M | 30.71M | 13.80M | 10.93M | 8.73M | 17.53M |
| Total Liabilities | 58.38M | 71.74M | 31.54M | 28.19M | 43.69M | 33.98M |
| Stockholders Equity | 156.43M | 107.58M | 59.77M | 78.28M | 53.60M | 89.57M |
Cash Flow | ||||||
| Free Cash Flow | -40.71M | -26.72M | -14.88M | -15.64M | -15.30M | -7.57M |
| Operating Cash Flow | -25.25M | -24.39M | -13.94M | -13.63M | -12.11M | -7.49M |
| Investing Cash Flow | -34.69M | -21.98M | -6.48M | 3.63M | -3.73M | -16.10M |
| Financing Cash Flow | 109.00M | 62.36M | 17.59M | 11.26M | 12.45M | 27.07M |
Comstock Mining Technical Analysis
Positive
3.24
Price Trends
3.40
Positive
3.31
Positive
3.28
Positive
Market Momentum
0.25
Negative
68.02
Neutral
62.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LODE, the sentiment is Positive. The current price of 3.24 is below the 20-day moving average (MA) of 3.71, below the 50-day MA of 3.40, and below the 200-day MA of 3.28, indicating a bullish trend. The MACD of 0.25 indicates Negative momentum. The RSI at 68.02 is Neutral, neither overbought nor oversold. The STOCH value of 62.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LODE.
Comstock Mining Risk Analysis
Comstock Mining disclosed 88 risk factors in its most recent earnings report. Comstock Mining reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Comstock Mining Peers Comparison
UnderperformOutperform
Sector (61)
LODE
Comstock Mining
3.93
0.41
11.65%
GYRO
Gyrodyne Company Of America
6.25
-2.36
-27.42%
MAYS
JW Mays
42.81
4.36
11.34%
GBR
New Concept Energy
0.75
-0.18
-19.35%
TCI
Transcontinental Realty Investors
37.01
-0.28
-0.75%
UK
Ucommune International
2.78
-8.12
-74.50%
Comstock Mining Corporate Events
Executive/Board ChangesShareholder Meetings
Comstock Mining Shareholders Back Board, Pay and Incentive Plan
Positive
Jun 1, 2026
On May 28, 2026, Comstock Inc. held its Annual General Meeting of Stockholders, with 49,067,531 of 74,099,140 eligible common shares represented, and shareholders elected all eight board nominees to serve until the 2027 meeting. Investors also rat...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Comstock Highlights Q1 Results, Transformation and Capital Raise
Positive
May 8, 2026
On May 7, 2026, Comstock Inc. reported its first‑quarter 2026 results and outlined a broader corporate transformation, highlighting an oversubscribed $57.5 million equity raise, expanded board, and strengthened liquidity, with cash of $53.0 ...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Comstock Mining Extends Promissory Note Maturity to July 2026
Positive
Apr 1, 2026
On August 8, 2025, Comstock Inc. entered into a first amendment to a $4.29 million promissory note due April 15, 2026, issuing 1.5 million common shares to Georges Trust to help satisfy the debt, and later registered those shares for resale on a F...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Comstock Mining, MAK Capital Forge Board Cooperation Agreement
Positive
Mar 25, 2026
On March 23, 2026, Comstock Inc. entered into a cooperation agreement with major shareholder MAK Capital Fund LP, which owns roughly 5.8 million shares, to expand and reshape its board as the company accelerates growth in solar recycling and criti...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing
Comstock Highlights Solar Recycling Pivot and Debt-Free Balance Sheet
Positive
Mar 25, 2026
On March 24, 2026, Comstock reported its full-year 2025 achievements and outlined its 2026 outlook, highlighting a strategic shift toward solar recycling and critical metals recovery alongside its Nevada mining assets and Bioleum renewable fuels a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.