Comstock Expands Board with Three Directors, Raises $57.5M and Eliminates Debt
Comstock Inc. appointed Donald A. Colvin, Steven Y. Pei and Robert M. Spence as independent directors and announced a Non-Executive Chair rotation through its 2027 shareholder meeting. It raised $57.5 million gross ($53.0 million net), eliminated all debt and held $56.1 million cash as of March 20, 2026.
1. Board Expansion Strengthens Oversight
Comstock appointed Donald A. Colvin, Steven Y. Pei and Robert M. Spence as independent directors effective immediately, with Colvin slated for Audit and Finance Committee membership and planned Non-Executive Chair rotation through the 2027 meeting, reflecting major shareholder support.
2. Debt-Free Capital Structure
In early 2026 the company raised $57.5 million gross ($53.0 million net) in equity financing, extinguished all debt obligations, and reported $56.1 million in cash and cash equivalents as of March 20, 2026, bolstering its balance sheet for growth.
3. Operational Milestones and Outlook
Comstock holds R2v3/RIOS certification for its zero-landfill solar panel recycling process, secured permits and installed major equipment for its Nevada facility with Q2 2026 commissioning on track, and separated Bioleum Corp. with a $35 million strategic investment from Marathon Petroleum.