Comstock Completes RenFuel Investment

Proceeds Support Renewable Breakthrough Technology and Biorefinery Development Project

VIRGINIA CITY, Nev., April 24, 2024 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the execution of agreements with RenFuel K2B AB (“RenFuel”) wherein Comstock is investing up to $3,000,000 over three years to support commercialization of joint development applications for RenFuel and Comstock complementary renewable fuel technologies, and the continued development of the 100,000 metric ton per year (“TPY”) biorefinery joint venture project in Sweden.

The applicable investment agreements require the purchase of up to $3,000,000 in 7% senior secured convertible notes funded in quarterly installments of $250,000 for three years. The notes are convertible at pre-money per share valuation equal to the lower of $30,000,000 USD or the post-money valuation used for RenFuel’s then most recent offering at the time of conversion. Comstock has already invested the first $350,000 of this investment.

“RenFuel’s team, technologies, and our now collaborative production joint venture project are highly strategic to our Bioleum commercialization plans,” said Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “RenFuel’s highly specialized chemical and process development expertise strongly adds to the breadth and depth of our own technical team and their patent portfolio complements our own extensive portfolio.”

Best-in-Class Yield and Carbon Intensity
Comstock’s proprietary technologies are proven to convert lignocellulosic biomass into Cellulosic Ethanol and proprietary Bioleum biointermediate blends at extraordinary yields exceeding 100 gallons per dry tonne of biomass on a gasoline gallon equivalent basis (“GGE”), and market-leading, extremely low carbon intensity (“CI”) scores of 15. Comstock is already using RenFuel’s patented catalytic esterification technology to refine its proprietary Bioleum derivatives into Hydrodeoxygenated Bioleum Oil (“HBO”), for use by advanced biofuel refineries in blending with, diversifying, and extending conventional hydroprocessed fat, oil, and grease feedstocks that can simultaneously produce SAF and Renewable Diesel Fuel. Comstock holds the exclusive license to RenFuel’s refining technologies in North America, Central America, and South America and available for global distribution.