Comstock Mining (LODE) AI Stock Analysis

• Market Cap: $121.19M
• Dividend Yield: N/A
• Average Volume (3M): 769.81K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.34
• Revenue Growth: 58.56%
• EPS Growth: -482.56%
• Country: US
• Employees: 46
• Sector: Basic Materials
• Sector Strength: 65
• Industry: Real Estate - Services
• EPS (TTM): -0.27
• Shares Outstanding: 49,264,248
• 10 Day Avg. Volume: 1,519,236
• 30 Day Avg. Volume: 769,810
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.04
• Enterprise Value/Revenue: 37.48
• Enterprise Value/Gross Profit: 100.03
• Enterprise Value/Ebitda: -2.50
• 1Y Price Target: $3.00
• Price Target Upside: 22.95% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 3

• Rating: 45 Neutral
• Price Target: $2.00 ▼(-18.03% Downside)

Comstock Mining's overall stock score is primarily impacted by its weak financial performance and valuation, which are significant concerns. Despite positive developments in the earnings call, including funding achievements and strategic expansions, the company's financial health and technical indicators remain weak, leading to a low overall score.

Comstock Mining Business Overview & Revenue Model

Company Description

Comstock Mining Inc. (LODE) is a Nevada-based mining company primarily engaged in the exploration, development, and production of precious metals, particularly gold and silver. The company focuses on its operations in the Comstock District located in Storey County, Nevada, which is historically significant for its mineral wealth. Comstock Mining aims to leverage its extensive land holdings and mining operations to capitalize on rising metal prices, while also exploring opportunities for sustainable mining practices.

How the Company Makes Money

Comstock Mining generates revenue primarily through the sale of gold and silver extracted from its mining operations. The company utilizes a combination of traditional mining methods and innovative processing techniques to maximize the recovery of precious metals from its ore. Key revenue streams include the direct sale of gold and silver bullion, as well as potential partnerships with other mining or exploration companies for joint ventures and exploration projects. Additionally, fluctuations in precious metal prices significantly impact the company's earnings, making it sensitive to market trends. The company may also seek to monetize its land assets through leasing agreements or collaborations with other firms interested in mineral exploration.

Comstock Mining Financial Statement Overview

Summary

Comstock Mining is facing significant financial challenges across all aspects of its financial statements. The income statement highlights severe profitability issues and unstable revenue trends. The balance sheet is burdened with high leverage, raising concerns about financial flexibility and risk. Cash flow difficulties further exacerbate the company's financial health, indicating liquidity challenges. Overall, the company's financial position appears precarious and requires strategic interventions to stabilize and improve its financial outlook.

Income Statement

The income statement reveals significant challenges for Comstock Mining, with persistent negative net income and declining revenues. The gross profit margin is negative in the TTM (Trailing-Twelve-Months) period, indicating cost structure issues. The net profit margin is also deeply negative, reflecting ongoing unprofitability. Revenue growth has been volatile, with a significant drop in TTM revenue compared to the previous annual report, highlighting an unstable revenue trajectory. Overall, the financial health from the income statement perspective is concerning.

Balance Sheet

The balance sheet shows a highly leveraged position, with a debt-to-equity ratio that is uncomfortably high, primarily due to substantial total debt compared to equity. The company's equity ratio is moderate, indicating some level of asset backing by equity, but the high liabilities remain a risk. The return on equity is negative, reflecting poor profitability against the shareholders’ investment. Overall, the balance sheet is weak, with significant leverage posing a risk to financial stability.

Cash Flow

Cash flow analysis indicates negative free cash flow, suggesting the company is not generating sufficient cash from operations to cover its capital expenditures. The operating cash flow to net income ratio is less relevant due to the negative net income. The company has struggled with cash flow generation, and the free cash flow growth rate is negative, further reflecting cash flow challenges. This signals potential liquidity issues and an inability to self-fund operations efficiently.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.38M	3.02M	1.27M	178.15K	862.16K	201.70K
Gross Profit	1.26M	2.56M	1.27M	-3.55M	590.08K	-818.86K
EBITDA	-50.69M	-47.72M	15.07M	-41.36M	-28.81M	16.58M
Net Income	-55.51M	-53.32M	9.16M	-45.95M	-24.58M	14.93M
Balance Sheet
Total Assets	111.33M	91.31M	106.47M	100.05M	126.95M	43.12M
Cash, Cash Equivalents and Short-Term Investments	3.91M	954.27K	22.70M	2.52M	6.84M	6.41M
Total Debt	8.32T	13.80M	10.93M	8.73M	17.53M	3.56M
Total Liabilities	51.78M	31.54M	28.19M	43.69M	33.98M	11.34M
Stockholders Equity	59.55M	59.77M	78.28M	53.60M	89.57M	31.78M
Cash Flow
Free Cash Flow	-16.36M	-14.88M	-27.64M	-15.30M	-7.57M	-3.90M
Operating Cash Flow	-15.07M	-13.94M	-13.63M	-12.11M	-7.49M	-3.76M
Investing Cash Flow	-1.82T	-6.48M	3.63M	-3.73M	-16.10M	3.21M
Financing Cash Flow	24.19M	17.59M	11.26M	12.45M	27.07M	1.97M

Comstock Mining Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.44
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LODE, the sentiment is Negative. The current price of 2.44 is below the 20-day moving average (MA) of 2.77, below the 50-day MA of 3.30, and below the 200-day MA of 3.28, indicating a bearish trend. The MACD of -0.27 indicates Positive momentum. The RSI at 33.24 is Neutral, neither overbought nor oversold. The STOCH value of 51.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LODE.

Comstock Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.31B	6.18	0.76%	2.94%	3.30%	-36.34%
LODE	45 Neutral	$121.19M	―	-66.94%	―	58.56%	-482.56%
GYRO	―	$23.27M	―		―	―	―
MAYS	―	$77.56M	―	-0.14%	―	―	―
RMAX	71 Outperform	$302.76M	19.73	2.21%	―	-5.21%	―
TCI	55 Neutral	$409.59M	62.04	0.79%	―	-4.20%	11.20%
GBR	40 Neutral	$4.40M	―	-1.35%	―	4.14%	-124.53%

Comstock Mining Corporate Events

Comstock Mining Reports Strong Q2 Results and Growth

On August 14, 2025, Comstock Inc. announced its second quarter results, highlighting significant financial and operational achievements. The company raised $30 million to fund solar panel recycling facilities and eliminate debt, while also completing the separation of its fuels segment into Bioleum Corporation. Comstock Metals, a leader in zero-waste solar panel recycling, recorded $2.31 million in billings and expanded its operations. Meanwhile, Bioleum secured strategic investments and advanced its biofuel production capabilities. These developments position Comstock and Bioleum for accelerated growth and enhanced industry positioning.

Comstock Mining Completes Stock Offering for $27.6 Million

On August 12, 2025, Comstock Inc. entered into an Underwriting Agreement with Titan Partners Group LLC to sell 13,333,334 shares of its common stock, with the option for the underwriter to purchase an additional 2,000,000 shares. The offering closed on August 14, 2025, resulting in net proceeds of approximately $27.6 million, which the company plans to use for general corporate purposes, including debt repayment and development expenses for its first industry-scale facility. This strategic move is expected to bolster Comstock’s financial position and support its commercialization efforts in the clean energy sector.

Comstock Mining Settles Convertible Note with Kips Bay

On August 8, 2025, Comstock Inc. amended its promissory notes with Georges Trust and Alvin Fund, issuing 2,900,000 shares of restricted Common Stock as partial consideration for the $8,390,000 debt. The company also extended the expiration date of certain stock purchase warrants to December 31, 2027. Additionally, on August 12, 2025, Comstock entered into a payoff agreement with Kips Bay Select, settling a $10,638,298 convertible promissory note with a $2,500,000 cash payment and 447,724 shares of Common Stock. These financial maneuvers aim to optimize Comstock’s debt management and improve its financial standing.

Comstock Mining Amends Land Purchase Agreement Again

Comstock Exploration and Development LLC, a subsidiary of Comstock Inc., has been actively involved in a series of amendments to a purchase agreement with Decommissioning Services LLC for acquiring 190 industrial acres in Lyon County, Nevada. The agreement, initially set in April 2022, has undergone several amendments, including changes in purchase price, stock issuance, and payment terms, with the latest amendment extending the closing date to December 31, 2025. These strategic adjustments aim to secure the land acquisition while managing financial obligations effectively.

Comstock Mining Amends Purchase Agreement with Mackay

On June 6, 2025, Comstock Inc. amended its purchase agreement with Mackay Precious Metals Inc., increasing the cash purchase price to $2.95 million for its Northern Targets and 25% interest in Pelen LLC. The amendment also includes Mackay’s acquisition of 300 acres in Lyon County, expanding Comstock’s mineral claims, and grants Mackay exclusive negotiation rights for the Lucerne resource area. This transaction, along with previous lease revenues, totals over $6.7 million, supporting Comstock’s strategic focus on its central and southern district resources.

Comstock Mining Completes Separation of Renewable Fuels Segment

On May 22, 2025, Comstock Inc. announced the completion of the separation of its renewable fuels segment into Bioleum Corporation, alongside a $20 million Series A equity investment. This strategic move positions Comstock with two high-growth entities, each with distinct business profiles, enabling them to thrive independently. Bioleum, focusing on lignocellulosic biomass conversion, aims to accelerate its development with the new capital, while Comstock Metals continues to expand its sustainable metal recycling operations. The separation allows both companies to pursue tailored growth strategies, enhancing capital efficiency and value creation for stakeholders.

Comstock Mining Holds Annual General Meeting 2025

On May 22, 2025, Comstock Inc. held its Annual General Meeting of Stockholders where three key proposals were voted on. The stockholders elected seven directors to serve until the 2026 AGM, ratified Assure CPA, LLC as the independent public accounting firm for 2025, and approved a non-binding advisory resolution on executive compensation.