Comstock Inc. closed its previously announced transaction to sell 100% of its mineral, mining, processing, and real estate entities to Mackay Precious Metals Inc., a subsidiary of Mackay Gold & Silver Corp. The aggregate transaction value exceeds $45 million. Comstock received $20 million in cash and 2 million common shares of Mackay Gold & Silver Corp., valued at approximately $4.5 million, expecting to record a gain of $10 million to $12 million. A secured second-tranche payment of $7 million is due within 18 months. Comstock retains a 1.5% NSR royalty and has a contingent right to $10 million if Mackay constructs a mine or undergoes a change-of-control with consideration of at least $500 million. The divestiture reduces annual operational costs by an estimated $1.5 million. Comstock Inc. innovates technologies for extracting and converting under-utilized natural resources into reusable metals, primarily from end-of-life photovoltaics.
