Comstock Mining Inc. (NYSE: LODE) (“Comstock” or the “Company”)
today announced the acquisition of 100% of the equity of Renewable
Process Solutions, Inc. (“RPS”), an advanced process engineering
and renewable technology development company, in exchange for
1,000,000 restricted shares in the Company’s common stock, valuing
the transaction at approximately $3.5 million.
RPS and/or Mr. Bobbili have designed and built 21 advanced
renewable fuels production facilities since 2006, and RPS currently
provides engineering, procurement, and construction (“EPC”)
services for the renewable metals, mining, petrochemical, and fuels
industries. RPS also provides advanced equipment manufacturing
services through its affiliated manufacturing facilities in the
United States and India, at consistently superior qualities and
rates. LINICO Corporation (“LiNiCo”), Comstock’s investment in
lithium-ion battery (“LIB”) recycling, has currently engaged RPS
for the design and construction of critical renewable processes,
including crushing, separating and lithium extraction technologies
for LiNiCo’s new, state-of-the-art LIB recycling manufacturing
facility at 2500 Peru Drive, in the Tahoe Reno Industrial Center,
in Storey County, Nevada. “Almost instantaneously, RPS President
& CEO Rahul Bobbili and his network of engineering and advanced
manufacturing experts integrated themselves into the LiNiCo team,
enhancing designs, ensuring quality, reducing capital requirements
and shortening lead times,” stated Corrado De Gasperis, Comstock’s
Executive Chairman and Chief Executive Officer. “As the RPS
engineers began developing breakthrough lithium extraction and
recycling processes for us in real time, with their existing
know-how, we also recognized compelling applications and synergies
across our existing and planned new lines of business.”In addition
to the acquisition, Mr. Bobbili, as Chief Process Engineer, will
oversee and direct all EPC processes for LiNiCo. LiNiCo has
commenced ordering crushing and separation equipment, for
deliveries during the fourth quarter of 2021 and the first quarter
of 2022, on plan, for commencement of production of black mass and
lithium carbonate in the first and second quarters of 2022,
respectively. LiNiCo’s main processing permit application is
expected to be filed this month. “We see LIBs as a potent source of
industrial ore, and as with any ore, we need the right team,
technology, and infrastructure to mine and process it,” continued
Mr. De Gasperis. “We are very excited to complete this transaction,
expand our capacity and add both the new recycling technologies
that RPS has and is developing, and most especially, adding Rahul
to our senior team.” About 500,000 tons of expired LIBs with
upwards of $921 million in strategic metals are landfilled annually
today. A recent report by Yole Développement estimated annual
growth to more than 9 million tons and $26 billion by 2040.Mr. De
Gasperis concluded, “Rahul’s capacity for designing, procuring and
commissioning innovative, environmentally and economically-focused
engineering solutions, with exceptional environmental, health and
safety track records, places him and his teams at the forefront of
our senior ESG leadership team.”
About Comstock Mining Inc.
Comstock (NYSE: LODE) is an emerging leader in
the sustainable extraction, valorization, and production of
innovation-based, clean, renewable natural resources, with a focus
on high-value, cash-generating, strategic materials that are
essential to meeting the rapidly increasing global demand for clean
energy, carbon-neutrality, and natural products. To learn more,
please visit www.comstockmining.com.
Comstock is also set to join the Russell Microcap Index at the
conclusion of the 2021 Russell indexes annual reconstitution,
effective after the US market opens on June 28, according to a
preliminary list of additions posted June 4, 2021. Membership in
the Russell Microcap® Index, which remains in place for one year,
means automatic inclusion in the appropriate growth and value style
indexes. FTSE Russell determines membership for its Russell indexes
primarily by objective, market-capitalization rankings and style
attributes.
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: consummation of all pending transactions;
project, asset or Company valuations; future industry market
conditions; future explorations, acquisitions, investments and
asset sales; future performance of and closings under various
agreements; future changes in our exploration activities; future
estimated mineral resources; future prices and sales of, and demand
for, our products; future impacts of land entitlements and uses;
future permitting activities and needs therefor; future production
capacity and operations; future operating and overhead costs;
future capital expenditures and their impact on us; future impacts
of operational and management changes (including changes in the
board of directors); future changes in business strategies,
planning and tactics and impacts of recent or future changes;
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; the nature and timing
of and accounting for restructuring charges and derivative
liabilities and the impact thereof; contingencies; future
environmental compliance and changes in the regulatory environment;
future offerings of equity or debt securities; asset sales and
associated costs; future working capital, costs, revenues, business
opportunities, debt levels, cash flows, margins, earnings and
growth. 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: counterparty risks; capital markets’ valuation and
pricing risks; adverse effects of climate changes or natural
disasters; global economic and capital market uncertainties; the
speculative nature of gold or mineral exploration, including risks
of diminishing quantities or grades of qualified resources;
operational or technical difficulties in connection with
exploration or mining activities; contests over title to
properties; potential dilution to our stockholders from our stock
issuances and 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 businesses;
permitting constraints or delays; decisions regarding business
opportunities that may be presented to, or pursued by, us or
others; the impact of, or the non-performance by parties under
agreements relating to, acquisitions, joint ventures, strategic
alliances, business combinations, asset sales, leases, options and
investments to which we may be party; changes in the United States
or other monetary or fiscal policies or regulations; interruptions
in production capabilities due to capital constraints; equipment
failures; fluctuation of prices for gold or certain other
commodities (such as silver, zinc, cyanide, water, diesel fuel and
electricity); changes in generally accepted accounting principles;
adverse effects of terrorism and geopolitical events; potential
inability to implement 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 or others; assertion of claims, lawsuits and
proceedings; 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 SEC; potential
inability to list our securities on any securities exchange or
market; inability to 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: |
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Comstock Mining Inc.P.O. Box
1118 Virginia City, NV 89440ComstockMining.com |
Corrado De GasperisExecutive
Chairman & CEOTel (775)
847-4755degasperis@comstockmining.com |
Zach SpencerDirector of
External RelationsTel (775) 847-5272
Ext.151questions@comstockmining.com |
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