Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today
announced the achievement of two significant milestones, including
biofuel production yields of more than 100 gallons per dry tonne of
woody biomass as measured on a gasoline gallon equivalent basis
(“GGE”), and market-leading, extremely low carbon intensity (“CI”)
scores of 15 for Cellulosic Ethanol and the Company’s proprietary
Hydrodeoxygenated Bioleum™ Oil (“HBO”).
HBO is a unique, compliant, drop-in
biointermediate that is used in the production of Sustainable
Aviation Fuel and Renewable Diesel Fuel. It has been verified to
increase the diversity of hydroprocessed, fat-based feedstock and
significantly reduce CI scores beyond what is commercially
achievable today. The carbon intensity of fossil fuels is
industry-benchmarked at between 80 and 95. A score of 15
demonstrates carbon reductions in excess of 80%. The Company will
continue to publicly report these milestone achievements in 2024
and beyond as each new advancement is verified.
These advancements are continuing proof points
of the Company’s commercial progress. They surpass existing
cellulosic-derived biofuel production yields and CI performance
scores that biofuel and petroleum refineries can achieve today.
They do so by utilizing Comstock’s proprietary pathways and by
blending HBO within their existing hydroprocessed, fat-based
feedstock streams to cost-effectively meet increasing renewable
fuels capacity and accelerating demand for extremely low CI
biofuels within the rapidly growing 3 billion gallon annual
renewable fuel segment of the 228 billion gallon annual
transportation fuel market in the U.S.
The Company projects rapid growth to ultimately
provide over 5% hydro-processed fat-based feedstock market
representing advanced biofuels produced at more than double the
yield of currently approved pathways. Comstock will produce and
deliver this new, very low carbon and flexible lignocellulosic
feedstock directly to biofuel refining customers through Bioleum™
hubs, where the Company is connecting existing upstream waste wood,
Kraft lignin, and forestry residue biomass suppliers to downstream
hydro-processing refinery customers. The Company anticipates an
announcement regarding the first hub this year.
Extremely Low Caron Intensities and Very
High Yields
The Company’s Cellulosic Ethanol and HBO yields
have been successfully verified at the Company’s demonstration
facilities, confirming process yields of more than 100 GGE, with
validated carbon intensity scores at or below 16 for Cellulosic
Ethanol and 15 for HBO. To put this into perspective, Comstock
Fuels’ yields of over 100 GGE exceeds the U.S. Department of
Energy’s production goals of less than 75 GGE per tonne, most
recently published in the department’s “2019 R&D State of
Technology” report. The Company is currently working with leading
biofuel refiners who confirm that 100 GGE is an exceptional
commercial milestone and economically beneficial, but it is the CI
scores that significantly reduce the carbon footprint of their
overall fuel portfolios.
“This achievement
significantly raises the bar for cellulosic fuel yields while
meaningfully enhancing diversity of feedstocks for producers
today,” said Corrado De Gasperis, Comstock’s Executive Chairman and
Chief Executive Officer. “What’s truly groundbreaking is that
leading refiners are confirming that this magnitude of
decarbonization coupled with such high yields is a major
competitive differentiator. We look forward to sharing these new
supply chain announcements in the near future and to continuing the
advancements in our yields and CI scores as they are achieved.”
Carbon intensity modeling is conducted using a
custom implementation of the GREET model developed by the Company
in conjunction with the Company’s third-party engineering
consultants. This model, compliant with regulatory requirements,
determines the carbon intensity scores of Comstock’s pathways based
on the Greenhouse Gases, Regulation Emissions, and Energy Use in
Technologies (GREET) Model, the system of carbon lifecycle
measurement established by Argonne National Laboratory and readily
recognized by the U.S. Department of Energy’s Office of Energy
Efficiency and Renewable Energy, and by the Environmental
Protection Agency’s Renewable Fuel Standard program.
About Comstock Inc.
Comstock (NYSE: LODE) commercializes
technologies that enable systemic decarbonization and accelerate
the energy transition by efficiently converting under-utilized
natural resources into renewable energy products, and by leveraging
physics based artificial intelligence for more efficient and
effective mineral and materials discovery. To learn more, please
visit www.comstock.inc.
Comstock Fuels produces proprietary
lignocellulosic feedstock made from cellulosic biomass as
compliant, drop-in biointermediate blends to diversify fat-based
feedstock portfolios for advanced biofuel refineries. To learn
more, please visit www.comstockfuels.com. Comstock Fuels is a
wholly owned subsidiary of Comstock Inc.
Forward-Looking Statements
This press release and any related calls or
discussions may include forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical facts, are
forward-looking statements. The words “believe,” “expect,”
“anticipate,” “estimate,” “project,” “plan,” “should,” “intend,”
“may,” “will,” “would,” “potential” and similar expressions
identify forward-looking statements but are not the exclusive means
of doing so. Forward-looking statements include statements about
matters such as: future market conditions; future explorations or
acquisitions; future changes in our research, development and
exploration activities; future financial, natural, and social
gains; future prices and sales of, and demand for, our products and
services; land entitlements and uses; permits; production capacity
and operations; operating and overhead costs; future capital
expenditures and their impact on us; operational and management
changes (including changes in the Board of Directors); changes in
business strategies, planning and tactics; future employment and
contributions of personnel, including consultants; future land and
asset sales; investments, acquisitions, joint ventures, strategic
alliances, business combinations, operational, tax, financial and
restructuring initiatives, including the nature, timing and
accounting for restructuring charges, derivative assets and
liabilities and the impact thereof; contingencies; litigation,
administrative or arbitration proceedings; environmental compliance
and changes in the regulatory environment; offerings, limitations
on sales or offering of equity or debt securities, including asset
sales and associated costs; business opportunities, growth rates,
future working capital, needs, revenues, variable costs, throughput
rates, operating expenses, debt levels, cash flows, margins, taxes
and earnings. These statements are based on assumptions and
assessments made by our management in light of their experience and
their perception of historical and current trends, current
conditions, possible future developments and other factors they
believe to be appropriate. Forward-looking statements are not
guarantees, representations or warranties and are subject to risks
and uncertainties, many of which are unforeseeable and beyond our
control and could cause actual results, developments, and business
decisions to differ materially from those contemplated by such
forward-looking statements. Some of those risks and uncertainties
include the risk factors set forth in our filings with the SEC and
the following: adverse effects of climate changes or natural
disasters; adverse effects of global or regional pandemic disease
spread or other crises; global economic and capital market
uncertainties; the speculative nature of gold or mineral
exploration, and lithium, nickel and cobalt recycling, including
risks of diminishing quantities or grades of qualified resources;
operational or technical difficulties in connection with
exploration, metal recycling, processing or mining activities;
costs, hazards and uncertainties associated with precious and other
metal based activities, including environmentally friendly and
economically enhancing clean mining and processing technologies,
precious metal exploration, resource development, economic
feasibility assessment and cash generating mineral production;
costs, hazards and uncertainties associated with metal recycling,
processing or mining activities; contests over our title to
properties; potential dilution to our stockholders from our stock
issuances, recapitalization and balance sheet restructuring
activities; potential inability to comply with applicable
government regulations or law; adoption of or changes in
legislation or regulations adversely affecting our businesses;
permitting constraints or delays; challenges to, or potential
inability to, achieve the benefits of business opportunities that
may be presented to, or pursued by, us, including those involving
battery technology and efficacy, quantum computing and generative
artificial intelligence supported advanced materials development,
development of cellulosic technology in bio-fuels and related
material production; commercialization of cellulosic technology in
bio-fuels and generative artificial intelligence development
services; ability to successfully identify, finance, complete and
integrate acquisitions, joint ventures, strategic alliances,
business combinations, asset sales, and investments that we may be
party to in the future; changes in the United States or other
monetary or fiscal policies or regulations; interruptions in our
production capabilities due to capital constraints; equipment
failures; fluctuation of prices for gold or certain other
commodities (such as silver, zinc, lithium, nickel, cobalt,
cyanide, water, diesel, gasoline and alternative fuels and
electricity); changes in generally accepted accounting principles;
adverse effects of war, mass shooting, terrorism and geopolitical
events; potential inability to implement our business strategies;
potential inability to grow revenues; potential inability to
attract and retain key personnel; interruptions in delivery of
critical supplies, equipment and raw materials due to credit or
other limitations imposed by vendors; assertion of claims, lawsuits
and proceedings against us; potential inability to satisfy debt and
lease obligations; potential inability to maintain an effective
system of internal controls over financial reporting; potential
inability or failure to timely file periodic reports with the
Securities and Exchange Commission; potential inability to list our
securities on any securities exchange or market or maintain the
listing of our securities; and work stoppages or other labor
difficulties. Occurrence of such events or circumstances could have
a material adverse effect on our business, financial condition,
results of operations or cash flows, or the market price of our
securities. All subsequent written and oral forward-looking
statements by or attributable to us or persons acting on our behalf
are expressly qualified in their entirety by these factors. Except
as may be required by securities or other law, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise. Neither this press release nor any related calls or
discussions constitutes an offer to sell, the solicitation of an
offer to buy or a recommendation with respect to any securities of
the Company, the fund, or any other issuer.
Contact Information:For investor inquiries,
contactRB Milestone GroupTel (203) 487-2759ir@comstockinc.com
For press inquiries or questions, contactZach SpencerComstock
Inc.Tel (775) 847-7532questions@comstockinc.com
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