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Comstock Cellulosic Ethanol Technology Ready For Commercial Deployment

Comstock Mining Inc.
Comstock Mining Inc.

Targets First Generation Corn Ethanol Facilities For Commercialization

VIRGINIA CITY, Nev., Aug. 18, 2022 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that it is marketing its cellulosic ethanol production technology for construction of commercial scale facilities, with a focus on upgrading pre-existing first generation corn ethanol facilities to convert forestry residuals and other forms of lignocellulosic biomass into cellulosic ethanol at dramatically improved yield, efficiency, and cost when compared to corn.

Comstock’s technology efficiently fractionates wood into purified biointermediates that are uniquely isolated and free of the inhibitors and contaminants that have frustrated prior attempts at broadly commercializing cellulosic fuels technologies. Comstock’s first biointermediate is a purified form of cellulosic sugar that can be used as a chemically identical “drop-in” feedstock in corn ethanol facilities to produce about 80 gallons of advanced cellulosic ethanol per dry ton of woody biomass.

“Using cellulosic sugar as a feedstock will have extraordinary impacts for corn ethanol producers,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “Woody biomass is a dramatically less expensive and available feedstock and delivers substantial higher revenue from significantly higher lifecycle carbon gains, when compared to corn.”

The U.S. Environmental Protection Agency (“EPA”) requires and incentivizes compliance with its renewable fuel standards (“RFS”) by assigning renewable identification numbers (“RINs”) to each gallon of renewable fuel produced or imported into the U.S. Different fuel types are assigned different classes of RINs with different market values based on the degree to which each fuel type reduces greenhouse gas (“GHG”) emissions over fossil petroleum sources. California and various other states have now also enacted low carbon fuels standards which provide significant additional incentives. In short, the greater the GHG reduction, the lower the carbon intensity (“CI”) score, the higher the selling price of the resulting fuel.

Under current market conditions, our cellulosic ethanol would have a market value in California of approximately $6.30 per gallon, as compared to just over $3.00 per gallon for corn ethanol. Under current market conditions and prices, a typical 100 million gallon corn ethanol producer that upgrades its facility to produce an additional 20 million gallons of cellulosic ethanol would increase revenue by more than 30%, or over $125 million per year.

“Our goal is to accelerate the commercialization of decarbonizing technologies,” concluded De Gasperis. “We are ready to enable dramatic improvements in GHG reductions and ethanol profitability today, with existing corn-based producers.”

Comstock is evaluating a number of existing first generation corn ethanol facilities for upgrades to and construction of co-located commercial scale cellulosic ethanol production. Additional information is available from Comstock’s business development group. Please see contact information below.

About Comstock
Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complementary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.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 industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; 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 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; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management considering 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, mercury remediation and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration or mercury remediation, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious 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 mercury remediation, 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; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, mercury remediation technology and efficacy, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; 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 because 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.

Comstock Cellulosic Fuels business development contact information:

David Winsness
President, Cellulosic Fuels
winsness@comstockmining.com

Chad Michael Black
Director-Business Development
cmblack@comstockmining.com