Comstock Reports $0.8 Million Q3 Loss Including $14 Million Mining-Sale Gain

The Tip Desk · November 4, 2026 · 3 min read

Third-quarter 2026 Metals Segment revenue rose 45.4% from the prior quarter to $341,751. The company closed the remaining mining sale for $30.2 million of consideration and posted a $0.8 million net loss, or $(0.01) a share, that included the $14.0 million gain.

Comstock Inc. (LODE) reported third-quarter 2026 Metals Segment revenue of $341,751, up 45.4% from the prior quarter, and a net loss of $0.8 million, or $(0.01) a share, including a $14.0 million mining-sale gain. The company completed the sale of its remaining mining and mining-related entities on August 21, 2026, and received $30.2 million of total consideration.

The consideration included $20.0 million in cash, two million shares of Mackay Gold & Silver Corporation, and relief of net reclamation liabilities. Mackay is scheduled to pay an additional $7.0 million by December 21, 2027, with an option to pay up to $2.0 million of that amount in Mackay shares. Mackay also assumed reclamation liabilities, associated surety bond obligations, and related collateral.

The company reported a net loss of $0.8 million, or $(0.01) a share, including the $14.0 million gain. Cash, cash equivalents, and restricted cash ended the quarter at $43.5 million, with $39.5 million unrestricted and $4.0 million restricted and no outstanding debt.

Comstock Metals commissioned its first industry-scale solar recycling plant at Silver Springs, Nevada, and began continuous operations in late September. In the second quarter, commissioning was still ongoing and continuous operations were expected in August.

Metals Segment revenue increased to $341,751 in the third quarter, or 45.4%, from $235,074 in the second quarter. Deferred revenue rose to $4.55 million, or 18.3%, from $3.85 million at the end of the second quarter. The company said it issued its first Certificates of Destruction from the new production facility, including to its top five key customer accounts, and commenced recognizing revenue from billed recycling services.

For the three months ended September 30, 2026, Comstock Metals billed $1.04 million in new billings, compared with $0.45 million for the three months ended September 30, 2025. Unprocessed panel feedstocks on hand were approximately 10,700 tons at September 30, 2026, up 2,271 tons, or 26.9%, since June 30, 2026.

Dr. Fortunato Villamagna, President of Comstock Metals, said the company is focused on consistent throughput and ramp-up, crew proficiency, recovered-product quality, and expanding customer deliveries. Comstock Metals has selected an Ohio site for its second recycling production facility and commenced permitting. Future facilities are expected to be phased, starting at approximately 25,000 tons per year and scaling to approximately 100,000 tons as local demand grows.

The company said it is on track for completing all its 2026 objectives, including securing larger supply contracts, continuing the recycling revenue and production ramp, ordering industry-scale equipment for the second facility after the first plant stabilizes, and operating a one-ton-per-day pilot that can recover silver and other metals. De Gasperis said the company is ramping up to operate at a rate of at least 25% of capacity, if not higher, during the fourth quarter.

Comstock currently owns 48.64% of Sierra Springs Opportunity Fund, which has amalgamated over 2,200 acres of developable land in Silver Springs, Nevada, plus a leased manufacturing facility, a leased quarry, the Silver Springs Regional Airport, water and sewer rights, and access to energy infrastructure. SSOF engaged Newmark Group Inc. to explore maximizing the value of its portfolio.

On November 2, 2026, the Board authorized a share repurchase program of up to 15 million shares. Common shares outstanding were 76.0 million at September 30, 2026. The company said it expects to fund repurchases from proceeds of future non-core asset sales, the remaining $7.0 million Mackay payment, the sale of its Mackay and Green Li-ion shareholdings, and/or any potential SSOF-related transactions, without reducing capital committed to Comstock Metals’ growth plan.