Comstock Nets $53.1M for Metals Recycling, Plants to Start by End-Q2
Comstock completed an oversubscribed $57.5 million equity financing, netting $53.1 million, and held $53.0 million in cash at March 31, 2026 to fund its metals recycling commercialization. Major equipment is installed at Silver Springs, Nevada with commissioning under way for end-Q2 2026 operations and legacy mining asset sale agreements expected in Q3.
1. Financing and Capital Resources
Comstock completed an oversubscribed $57.5 million equity offering that generated $53.1 million net to strengthen its capital base. Cash and cash equivalents totaled $53.0 million at March 31, 2026, and $44.3 million by May 5, funding commercialization of recycling processes.
2. Plant Equipment Installation and Commissioning
Major precision-manufactured equipment was received and installed at the first industry-scale facility in Silver Springs, Nevada. Commissioning is ongoing ahead of expected operations by end of Q2 2026, with first unit operations already tested.
3. Board Expansion and Governance
Three independent directors representing top shareholders were added to the board to support global growth and enhanced corporate governance. The expanded board aligns management with the transformation into a multi-billion-dollar industrial materials enterprise.
4. Asset Monetization and Outlook
Definitive agreements to monetize legacy mining assets are expected in Q3 2026, while the company plans to sell mining assets and unlock value from over 2,200 acres of data-centric real estate. A $22 million power guaranty rising to $54 million by 2027 secures 250–300 MW to support real estate monetization.