Why Comstock Shares Are Skyrocketing

Comstock Inc LODE shares are trading higher by 20.06% to $0.37 Tuesday morning after the company announced its metals recycling subsidiary will sell a facility for gross proceeds of $27 million.

Comstock says the company expects to receive net proceeds of approximately $12.5 million from the sale of the LiNiCo facility, plus any remaining proceeds from a $1.5 million hold-back deposited in escrow, for up to 18 months, to cover the cost of any potential environmental remediation items subsequently identified by the buyer.

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"The sale of this asset was both opportunistic and strategic since we secured our permitted 200-acre battery metal storage facility in Mound House, Nevada, and recently freed up our existing Storey County operating platform and facilities with the termination of the lease with Tonogold," stated Mr. Corrado De Gasperis, Comstock's executive chairman and CEO.

According to data from Benzinga Pro, LODE has a 52-week high of $2.12 and a 52-week low of $0.24.