Yahoo Finance Comstock’s LiNiCo Receives Main Operating Permit
Nevada Facility Based on Advanced New Lithium Extraction and Electrification Production Technologies
VIRGINIA CITY, Nev., Aug. 31, 2022 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the issuance by Nevada Division of Environmental Protection (“NDEP”) of a Written Determination of Hazardous Waste Recycling (“Operating Permit”) to Comstock’s 90% owned subsidiary, LINICO Corporation (“LiNiCo”), authorizing LiNiCo to conduct lithium-ion battery (“LIB”) recycling and related operations at its 137,000 square foot battery metal recycling facility located in the Tahoe Reno Industrial (“TRI”) Center in Storey County, Nevada (“TRI Facility”).
Commencement of Construction and Operations
“We are pleased to receive this critical permit ahead of expectation,” said Corrado De Gasperis, Comstock’s and LiNiCo’s Executive Chairman and Chief Executive Officer. “The Operating Permit is based on the first phase of LiNiCo’s advanced new LIB recycling technologies, including crushing, separating, lithium extraction and precursor cathode active products, designed for leading yields at a fraction of the capital and operating cost of all known lithium extraction and recycling methods.”
LiNiCo is currently building a commercial scale pilot facility for installation at the TRI Facility, with an anticipated commissioning and onset of operations in mid-2023, with lithium extraction capacity planned for the third quarter of 2023.
“We will use our commercial scale pilot and early adopter client agreements to confirm all engineering and other requirements for the scale-up and full commercial deployment of our unique processes at the TRI Facility,” added De Gasperis. “Our goal is to commence construction and expand to scale at the TRI Facility immediately after our commercial pilot confirmation is complete. A key advantage of LiNiCo’s technologies is that they are highly scalable and capable of being right sized to match the evolving and dynamic needs of the rapidly growing lithium recycling industry.”
Electrification and continued advancements in energy storage are vitally necessary to reduce reliance on fossil fuels. According to International Energy Agency (“IEA”), there were more than 10 million electric vehicles (“EVs”) on the road in 2020, with new EV registrations increasing by 41% over 2019 and another 140% during the first quarter of 2021. Meeting the increased EV demand is estimated to require about five times more lithium carbonate equivalent (“LCE”) than the entire lithium mining industry produces today. Miners and manufacturers may eventually scale up to meet that demand, however, according to a January 2021 USGS mineral commodity summary, there are only about 86 million tons of identified lithium reserves worldwide, and LIBs are typically landfilled after eight to ten years of use. In short, lithium demand is increasing globally, and a tsunami of lithium recycling demand is coming as new electrification products are deployed and age out of use.
De Gasperis concluded, “LiNiCo’s technologies are designed to meet the realities of that demand by enabling profitability at the earliest stages of production, thereby positioning LiNiCo to contribute billions to Comstock’s enterprise value based on existing valuations of comparable public companies. We are very pleased to receive our first major permit and we look forward to completing all remaining permitting requirements, including air quality, so we can commence recycling by mid-2023.”
About LiNiCo Corporation
LiNiCo Corporation (“LiNiCo”) holds the rights to a portfolio of innovative processes that efficiently crush and separate LIBs, extract lithium, nickel, cobalt, and graphite, and reuse the recovered metals to produce 99% pure cathode active precursor products. Collectively, these technologies give LiNiCo, and its existing 137,000 square foot battery metal recycling facility, differentiating competitive advantages, including the ability to process upwards of 100,000 tons of LIB and related feedstocks per year into an array of electrification products, including lithium, nickel, cobalt, graphite, and cathode materials.
About Comstock Inc.
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
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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.
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Comstock Inc. | Corrado De Gasperis | Zach Spencer |
