Comstock Mining Inc. (NYSE: LODE) (“Comstock” or the “Company”)
today announced its execution of agreements to purchase an
additional 5% of its 45%-owned technology development partner,
Quantum Generative Materials LLC (“GenMat”), in exchange for $50
million.
The Company will provide an initial $15 million
in cash and stock over the next six months, and an additional $35
million upon GenMat’s realization of key development milestones.
The proceeds will be used to expand on the development efforts of
GenMat’s founders, with the primary goal of commercializing new
quantum computing technologies to accelerate material science
discovery and development.
Quantum Computing
Classical computing relies on binary states in
order to complete logical operations and that state is either on or
off. True or false. One or zero. In contrast, quantum computing is
based on physical systems that can be in multiple states
simultaneously, with each state having a probability of occurring
after measurement. To a quantum computer, that state can
simultaneously be black, white, and every shade of grey in between.
The distinction is powerful, and it gives quantum computers the
potential to process exponentially more operations far more
efficiently than classical computers. GenMat is developing a
proprietary quantum operating system to exploit that potential and
harness emerging quantum computing technologies to develop
breakthrough new materials for use in high-impact applications,
including batteries, mining and carbon capture and utilization.
“Quantum computing has the profound potential to
resolve urgent challenges of our time, such as global resource
scarcity and climate change,” said Corrado De Gasperis, Comstock’s
Executive Chairman and Chief Executive Officer. “We have been
working for some time on the frontier of new materials development
with GenMat’s world-class team and network of quantum computing
professionals and material scientists. We believe that their work
will make many positive and disruptive contributions, especially in
our existing and planned industries. We are honored to participate
and provide funding and commercialization support to such an
exceptional and growing team of transformational
professionals.”
Strategic to Existing Lines of
Business
While GenMat’s intended offerings will be
industry agnostic when it emerges from stealth mode, Comstock is
laser focused on applications that accelerate the development of
new clean technologies to address resource scarcity by facilitating
climate smart mining, electrification, and decarbonization.
Consequently, in addition to its investment, Comstock also secured
exclusive rights to use GenMat’s quantum technologies to complement
and enhance its existing operations and planned technological and
new business developments.
“Comstock’s lithium-ion battery operations
provide an excellent example of the application potential of
GenMat’s work,” continued De Gasperis. World-wide lithium-ion
battery (“LIB”) production capacity has increased
tenfold in the past decade. According to a recent
report from the International Energy Agency (“IEA”), demand
for lithium is expected to increase to about 155 kilotons per year
by 2030, in part to fill global demand for electric vehicles
(“EVs”). ARK Invest recently concluded that EV sales will
increase from about 2 million EVs per year to about 40% of global
auto sales within five to six years. Tesla CEO Elon Musk provided a
similar estimate, tweeting his view that the industry
could produce 30 million EVs per year by 2027. Hitting that output
will require about 1.8 million tons per year of lithium carbonate
equivalent (“LCE”), or about five times more than the
entire lithium mining industry produces today, and more than
fifteen times the total LCE used in producing new EVs in 2020. The
mining and battery manufacturing industries can scale up to meet
that demand, however, there are only about 80 million
tons of identified lithium resources worldwide, and EV
batteries are typically rated for eight to ten years of
use.
Mr. De Gasperis concluded, “Among other
applications, we plan to use GenMat’s platform to enhance our
extraction and refining of lithium and other scarce electrification
metals, and then to design and produce dramatically improved
battery components with those and other metals. Even then, we would
be barely scratching the surface of the potential that quantum
computing technologies offer. We’re looking forward to supporting
GenMat’s development, and using our license rights to systemically
maximize financial, natural and social impact for all of our
stakeholders.”
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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