Comstock Mining Inc. (LODE:NYSE) announced on June 22, 2026, that it has entered a Securities Purchase Agreement (SPA) to sell its mineral, mining, processing, and related mining district real estate to Mackay Precious Metals Inc., a subsidiary of Mackay Gold and Silver Corp. (MACK:TSXV; MKGSF:OTCMKTS). The transaction will have an aggregate value of over US$45 million, consisting of:
- US$30 million in cash and stock payments
- A retained 1.5% NSR royalty
- The assumption of all reclamation obligations and liabilities
- An additional contingent future payment of US$10 million
It is important to note that "If the contingent payment does not occur, the value of the NSR buy-out doubles to US$7 million."
All subsidiaries of Comstock — Comstock Mining LLC., Comstock Processing LLC., Comstock Exploration and Development LLC., and Comstock Real Estate Inc. — will be part of the transaction. This agreement comes after Mackay successfully leased Comstock's Northern targets in 2023, followed by the purchase of those properties in December 2024.
Upon closing, Comstock will receive US$20 million in cash and two million shares of Mackay Gold & Silver, which are currently valued at US$3.5 million. A second-tranche payment of US$7 million will be due within 18 months.
"This transaction achieves a critical milestone in our transformation from a hard rock, junior mining company to our growing, global, renewable metals and materials company, that potentially unlocks high value for our shareholders, delivers and reallocates non-dilutive capital to fund that growth, simplifies our business model and reduces costs while retaining real upside through both equity in MACK and potential future NSR royalties," said Corrado De Gasperis, Comstock's CEO, in the release. “Mackay has now assembled a historic, world-class district with highly sophisticated capital partners, board members, and management, coupled with a geological development plan that we support and remain vested in, to potentially unlock the discovery of millions of gold and silver ounces and the associated potential share value across the entirety of the historic mining district. We support all of Darwin's and the Mackay team's plans."
Comstock's future now lies in the solar panel recycling portion of its business, and the company describes itself as one that "innovates and commercializes technologies, systems and supply chains that enable, support and sustain clean energy systems by efficiently, effectively, and expediently extracting and converting under-utilized natural resources into reusable metals, like silver, aluminum, gold, and other critical minerals, primarily from end-of-life photovoltaics."
Extracting Metals, Not Mining Them
In a world increasingly affected by climate change, finding sources of renewable energy — and cutting waste wherever possible — has become a top priority. Solar energy has been heavily studied as one potential alternative to petroleum-based fuels, with BloombergNEF claiming that "solar will become the world's largest generator of electricity by 2032, driven by massive overcapacity and falling prices." Solar energy has become so efficient that it is fast becoming one of the most affordable forms of energy available.
Panels break, however, and technology is continuously outpaced by new discoveries, so it has become important to find ways to recycle solar panels and extract the precious minerals within them for reuse. Markets&Markets said that the solar panel recycling sector is expected to grow from US$0.46 billion in 2025 to US$1.12 billion by 2030 — representing a CAGR of 19.5%.
Streetwise Ownership Overview*
Comstock Mining Inc. (LODE:NYSE)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 07/21/26 | GSPG | 1 | LODE | 1 |
| 04/23/26 | SCAL | 1 | SCALE | 1 |
| 11/29/19 | LODE | 5 | LODE | 1 |
| 11/10/17 | LODE | 5 | LODE | 1 |
| 07/08/10 | GSPGD | 1 | GSPG | 1 |
| 06/07/10 | GSPG | 200 | GSPGD | 1 |
| 03/18/03 | VSTR | 1 | GSPG | 1 |
| 01/09/03 | SCAO | 1 | VSTR | 1 |
| 12/17/02 | SCAL | 1 | SCAO | 1 |
| 08/29/02 | SCALE | 1 | SCAL | 1 |
| 08/27/02 | SCAL | 1 | SCALE | 1 |
| 05/02/02 | SCALE | 1 | SCAL | 1 |
Recycling solar panels is a multi-step, multi-company process that's divided into four categories: solar panel collectors, recyclers, end users, and recycled material manufacturers. Each is necessary to the process to ensure maximum waste reduction. And waste reduction, along with profit, has become the major driver behind this sector. "The shift from 'bulk recycling' to 'high value recovery' in solar panel recycling is about moving beyond simply removing frames/junction boxes, and crushing panels mainly for glass and aluminum towards processes that also recover higher value, lower mass materials, especially silver and silicon in high purity," according to a June 8, 2026, article by Fortune Business Insights.
Analysts Optimistic About Comstock's Future
On June 25, 2026, Dominic Frisby commented on the pending sale and the future of the company, saying: "Comstock... badly needs to simplify and focus, and divesting itself of mining is a much-needed step in that direction. For years, Comstock owned a collection of mining assets that were costing money and generating little value. This transaction largely removes that criticism. Comstock now has its bioleum business, its recycling, and its real estate."
Bioleum is a venture into sustainable aviation fuel that investors seemed excited about last year, but a series of missteps has landed the company in uncertain waters surrounding this asset. Frisby expects the company's future to hinge mostly on solar power and its recycling of solar panels. "If Comstock can prove it can recycle end-of-life solar panels economically and at scale, the upside is enormous," Frisby wrote.
MarketBeat cited UBS Group, however, who are not so optimistic. On June 22, 2026, UBS Group gave the company a "Reduce" rating, with no price target.
A Green Future
Comstock's portfolio will now focus on recycling solar panels, which are rich with multiple critical minerals. On June 24, 2026, the company announced a collaboration with JobsOhio and OhioSE to choose Cambridge, Ohio, as a new location for one of its recycling plants.
The project is supported by a US$75,000 grant from JobsOhio and is expected to create 20 full-time jobs upon completion. The Globe and Mail also confirmed UBS's rating, saying it was a Sell rating.
Ownership & Share Information1
Comstock Inc. has a market cap of US$312.00 million, with 79.51 million shares outstanding. The company's 52-week range is US$2.24-US$4.98.
Institutions own 47.21% of shares, while Management & Insiders own 3.12%. The remaining 49.67% of shares are held by Retail.
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Important Disclosures:
- Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
