Comstock Inc. Enters and Terminates Material Agreements

TL;DR

Comstock Inc. just signed and broke a big deal. Details TBD.

AI Summary

On December 18, 2024, Comstock Inc. entered into a Material Definitive Agreement and also terminated a Material Definitive Agreement. The filing does not provide specific details on the nature of these agreements or any associated dollar amounts.

Why It Matters

The company's execution and termination of significant contracts can impact its operational direction, financial obligations, and future business relationships.

Risk Assessment

Risk Level: medium — The entry into and termination of material definitive agreements can signal significant shifts in business strategy or financial commitments, carrying inherent risks.

Key Players & Entities

• Comstock Inc. (company) — Registrant
• Nevada (jurisdiction) — State of Incorporation
• December 18, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.000666 — ch registered Common Stock , par value $0.000666 per share LODE NYSE AMERICAN Indica
• $2,750,000 — kay, for an aggregate purchase price of $2,750,000, of which $1,300,000 was paid in cash,
• $1,300,000 — purchase price of $2,750,000, of which $1,300,000 was paid in cash, with another $450,000
• $450,000 — ,300,000 was paid in cash, with another $450,000 due on or before February 15, 2025 and
• $1,000,000 — due on or before February 15, 2025 and $1,000,000 to be paid in either cash or stock; plu
• $500,000 — se termination agreement. An additional $500,000 in pro-rata lease expenses are also due

Filing Documents

• lode20241108_8k.htm (8-K) — 27KB
• ex_755030.htm (EX-10.1) — 992KB
• ex_755031.htm (EX-10.2) — 739KB
• ex_755343.htm (EX-99.1) — 16KB
• logo.jpg (GRAPHIC) — 3KB
• pic1.jpg (GRAPHIC) — 192KB
• pic2.jpg (GRAPHIC) — 189KB
• pic3.jpg (GRAPHIC) — 194KB
• 0001437749-24-038022.txt ( ) — 2823KB
• lode-20241218.xsd (EX-101.SCH) — 3KB
• lode-20241218_def.xml (EX-101.DEF) — 11KB
• lode-20241218_lab.xml (EX-101.LAB) — 15KB
• lode-20241218_pre.xml (EX-101.PRE) — 11KB
• lode20241108_8k_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On December 18, 2024, Comstock Inc. (the "Company") executed a binding membership interest purchase agreement (the "Purchase Agreement") with Mackay Precious Metals Inc. ("Mackay") pursuant to which the Company sold all of Comstock's right, title, and interest in and to Comstock Northern Exploration LLC, a Nevada limited liability company, and the Company's 25% interest in and to Pelen Limited-Liability Company, a Nevada limited liability company, to Mackay, for an aggregate purchase price of $2,750,000, of which $1,300,000 was paid in cash, with another $450,000 due on or before February 15, 2025 and $1,000,000 to be paid in either cash or stock; plus a 1.5% royalty of Net Smelter Returns, pursuant to and as defined in the NSR Royalty Agreement by and between the Company and Mackay, also dated December 18, 2024 (the "Royalty Agreement"). The foregoing summary of the terms of the Purchase Agreement and Royalty Agreement are not intended to be exhaustive and are qualified in their entirety by the terms of the Purchase Agreement and Royalty Agreement, as applicable, copies of which are attached hereto as Exhibits 10.1 and 10.2 respectively and are incorporated by reference herein. A copy of the press release announcing the transactions contemplated by the Purchase Agreement and Royalty Agreement is attached as Exhibit 99.1 to the Form 8-K.

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement. As previously disclosed, on June 30, 2023, the Company entered into a binding Mineral Exploration and Mining Lease Agreement (the "Lease Agreement"), with Mackay for certain owned or controlled fee tracts, patented mining claims, and unpatented mining claims located in Nevada and described in the Lease. On December 18, 2024, the Company and Mackay mutually agreed to terminate the Lease Agreement subject to the terms of a lease termination agreement establishing their relative rights, duties, and obligation under the Lease Agreement up through and including the effective date of the lease termination agreement; and establishing their relative rights, duties, and obligations following the effective date of the lease termination agreement. An additional $500,000 in pro-rata lease expenses are also due on or before February 15, 2025.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. d) Exhibits . 10.1 Purchase Agreement 10.2 Royalty Agreement 99.1 Press Release 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. COMSTOCK INC. Date: December 20, 2024 By: /s/ Corrado De Gasperis Corrado De Gasperis Executive Chairman and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR