Comstock Inc. (NYSE AMERICAN: LODE), an industrial organic chemicals company, issued a statement on Tuesday to address and refute some parts of the information reported in an article by the Australian Financial Review.
The company said that the disputed article, which was not based on any information provided by Comstock Inc., made a series of false claims regarding the company's operations and financial plans.
It pointed out that the article in question incorrectly reported that Comstock Inc.'s subsidiary was seeking a $3.7 billion capital raise and that the company had an exclusive license for Asia Pacific operations. It also contained erroneous details about potential sites for refinery operations, capital expenditure requirements, raw material tonnage, and projected revenues, the firm said.
Comstock clarified that none of these statements are accurate and that no communication occurred between the company and the article's authors or the publisher prior to publication. Following the release of the article, Comstock contacted the authors and the publisher to demand a full retraction of the content.
In other recent news, Comstock, along with its subsidiary Comstock Fuels Corporation, has reported significant yields in the conversion of woody biomass into renewable fuels. This development is a result of the company's ongoing research and development efforts aimed at the decarbonization of global transportation.
The company's technology has been validated to produce up to 125 gallons per dry ton of renewable fuels, including ethanol, gasoline, renewable diesel, and sustainable aviation fuel.
InvestingPro Insights
In light of Comstock Inc.'s (NYSE AMERICAN: LODE) recent clarification of inaccuracies reported by the media, investors may find additional context in the company's financial data and market performance. According to InvestingPro, Comstock Inc. has seen a significant return over the last week with a 14.46% price total return, and an even more remarkable return over the last month at 71.05%. This suggests a recent upswing in investor confidence following the company's efforts to address the publicized inaccuracies.
Furthermore, while analysts do not anticipate the company will be profitable this year, the recent revenue growth is noteworthy. Comstock Inc.'s revenue has grown by 1413.92% over the last twelve months as of Q2 2024, which may be indicative of underlying business momentum despite the reported expectation of a net income drop this year. Additionally, the company's liquid assets exceed its short-term obligations, which can be a positive sign of financial stability in the face of operational challenges.
For investors seeking a deeper analysis, there are 9 additional InvestingPro Tips available, offering a comprehensive view of Comstock Inc.'s financial health and market performance. These insights can be accessed by visiting the InvestingPro platform.
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