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Comstock Stock Jumps On Buying Majority Ownership In LiNiCo

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  • Comstock Mining Inc (NYSE: LODE) has acquired an additional ~3.13 million shares of LINICO Corporation (LiNiCo), from LiNiCo's founder, Michael Vogel, in exchange for 3.5 million restricted Comstock shares.

  • Comstock also acquired an additional 4,075 Series A Preferred shares of LiNiCo, increasing its overall ownership to ~90%.

  • The remaining 10% of LiNiCo is owned by Aqua Metals Inc. (NASDAQ: AQMS).

  • LiNiCo produces electrification products, including lithium carbonate and graphite from recycled lithium-ion batteries.

  • LiNiCo's first state-of-the-art production facility is currently being retrofitted and scheduled to begin initial production with a feedstock crushing capacity of over 35,000 tons per year during the 2H 2022, with the ultimate facility capacity of over 100,000 tons per year.

  • "Increasing our investment in LiNiCo was a natural extension of our plan to build high-cash generating processes that tap into massive markets and decarbonize the supply chains of increasingly scarce natural resources," said Corrado De Gasperis, Comstock's Executive Chairman and CEO.

  • Price Action: LODE shares are trading higher by 27.3% at $1.66 and AQMS lower by 6.34% at $1.26 on the last check Wednesday.

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