Comstock Inc. (NYSE AMERICAN:LODE), an industrial organic chemicals company whose stock has surged 322% over the past six months according to InvestingPro data, has announced an extension to a key project development deadline. On Monday, Comstock Fuels, a subsidiary of Comstock Inc., and SACL Pte. Ltd., a Singapore-based project development firm, agreed to extend the timeframe for finalizing definitive agreements for a renewable energy project.
Originally, the non-binding term sheet, which included essential economic terms, was set to be solidified by December 31, 2024. However, the parties have now agreed to extend this deadline to January 31, 2025. This extension will allow additional time for the completion and delivery of mutually acceptable definitive documents.
The collaboration between Comstock Fuels and SACL aims to develop renewable energy projects in Australia, New Zealand, and, following an amendment on November 18, 2024, now also in Vietnam. The amendment was made to expand SACL’s territory and support the financing, construction, and operation of its first planned site in Vietnam.
The details of the project and the terms of the agreement remain confidential until definitive agreements are executed. Comstock Inc. is headquartered in Virginia City, Nevada, and has undergone several name changes in its history, previously known as Comstock Mining Inc (NYSE:LODE)., Goldspring Inc., and Goldspring, reflecting its evolving business focus. With analysts setting a $2.50 price target and the stock showing significant momentum, investors seeking deeper insights can access comprehensive analysis and 12 additional ProTips through InvestingPro's detailed research reports.
This report is based on a press release statement.
In other recent news, Comstock has reported significant growth across its business segments, particularly in fuels and mining. The company's Q3 2024 Earnings Call highlighted the full acquisition of GenMat's material science business, which is expected to enhance its AI capabilities and strengthen its position in sustainable aviation fuels and urban mining. Comstock's partnerships with the Department of Energy and the National Renewable Energy Lab have also been noted as key to bolstering its material science capabilities.
Further developments include a significant increase in silver demand, particularly for solar panel production, with Comstock poised to capitalize on this through traditional and urban mining. The company's Dayton Consolidated project estimates resources of 293,000 ounces of gold and 2.1 million ounces of silver, with an aggressive growth plan for 2024 targeting production from resources in Dayton, Spring Valley, Lucerne, and satellite claims.
Comstock anticipates nearly $400 million in free cash flow due to rising gold and silver prices. The company's fuels subsidiary has earmarked $200 million, with anticipated revenue of about $150 million from a binding contract with SACL over the next three to five years.
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