Comstock Delays Silver Springs Plant Start to August

The Tip Desk · July 24, 2026 · 3 min read

The company expects the recycling facility to generate about $5 million of revenue in the second half of 2026 after operating at least 25% of rated capacity from August.

Comstock Inc. (LODE), a Nevada-based solar-panel recycler, said commissioning of its first industry-scale plant in Silver Springs had slipped from the June start-up it had targeted in the first quarter. Four of six unit operations were complete, the company said, with the final two major units expected before the end of July and continuous operations in August 2026.

President of Comstock Metals Fortunato Villamagna said the company had installed and tested substantially all equipment, including front-end loading and upgrades for offtake products. The product-upgrading system, primarily for glass, was received, tested and ready to operate ahead of schedule. Panel flow into the facility continued to increase through the late second and early third quarters.

Chief Executive Officer Corrado De Gasperis said the solar recycling facility will operate at least 25% of rated capacity from August through year-end 2026, generating an expected $5 million in revenues in the second half of 2026. He described full commissioning, profitable unit economics and a ramp as three foundational milestones. The company said it does not plan to order equipment for subsequent facilities until the first plant is operating and production is ramped.

Cash and cash equivalents were $31.4 million at June 30, 2026, down from $53.0 million at March 31, 2026, after the company used capital to bring the recycling facility online, complete product-upgrade capital expenditures and invest in Sierra Springs Opportunity Fund. Common shares outstanding were 75.95 million at June 30, 2026.

On June 21, 2026, Comstock entered a securities purchase agreement to sell all of its rights in Comstock Mining LLC, Comstock Processing LLC, Comstock Exploration and Development LLC and Comstock Real Estate Inc. to Mackay Precious Metals Inc. and Mackay Gold & Silver Corp. Aggregate consideration was over $45.0 million, including over $30.0 million in cash and stock, assumption of reclamation obligations, a retained 1.5% NSR royalty and a $10.0 million contingent payment. The company said $20.0 million in immediate cash proceeds is expected in August 2026, with the transaction expected to close then subject to TSX-V clearance. The first-quarter release had said definitive agreements were expected in the third quarter.

The company increased its investment in Sierra Springs Opportunity Fund to 47.63% for $11.64 million, from 42.57% at the prior quarter, enabling SSOF to close on over 2,200 acres of land and nearly 2,000 acre-feet of water rights. De Gasperis said the company invested nearly $12.0 million to secure SSOF land and energy.

Bioleum recorded an approximately $16.4 million impairment of Flux Photon-related developed technology intangibles, capitalized engineering costs and related investments after concluding those technologies were no longer relevant to realigned plans for lignocellulosic biomass and other decarbonizing solutions. The company said the impairments are substantially all non-cash acquisition costs. De Gasperis said Bioleum is reorienting toward more immediate revenue and profit opportunities with existing technologies while retaining longer-term capabilities, including a proprietary Farm-to-Fuel platform.

Comstock issued 1,750,000 common shares to fully satisfy a remaining acquisition obligation of approximately $5.3 million tied to the Bioleum acquisition. It extinguished remaining promissory-note commitments, returning $1.7 million in cash, including $0.5 million in the second quarter. It also sold a note receivable from a prior property sale at a discount for $0.5 million in cash.

Comstock Metals commenced bench and pilot-scale testing for the first phase, silver recovery, of its industrial metal-recovery solution. The company received a JobsOhio grant for the previously announced Cambridge, Ohio facility and executed an OEM material-recycling services agreement with Illuminate USA LLC. 2026 metals objectives include commissioning the first commercial plant, securing larger and longer-term supply contracts, selecting and permitting sites two and three, ordering equipment for a second facility after the first ramps, extending a glass-upgrading line, finalizing downstream metal-recovery design and operating a one-ton-per-day silver pilot.