Comstock receives final $1M from Mackay Precious Metal to complete agreement

Comstock announced it has received the final $1M from Mackay Precious Metals completing an agreement to sell its residual 1.5% net smelter returns, or NSR, royalty associated with the recently sold northern claim targets to for an aggregate purchase price of $1.1M in cash. This transaction increases the total cash proceeds from the sale of those properties, leasehold interests, and royalties to over $4M in cash. On June 30, 2023, Comstock executed a Mineral Exploration and Mining Lease Agreement with Mackay. The Mackay Lease was terminated on December 18, 2024, in favor of the MIPA. Since June 30, 2023, Comstock received approximately $3.8M in initial and ongoing lease payments and reimbursed expenses in addition to the over $4M from the sale of the claims and the residual NSR sale transaction. “Realizing nearly $8M in consideration from the previous lease and subsequent sale, plus an additional 240 acres of patented and unpatented mineral and other properties in Lyon County for no additional consideration, wraps up a series of extremely positive transactions for Comstock and Mackay,” said Corrado De Gasperis, Comstock’s executive chairman and CEO.