Comstock Files for Cellulose Fuels Grant

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Comstock Mining Inc.

VIRGINIA CITY, Nev., Sept. 15, 2022 (GLOBE NEWSWIRE) — Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced that it has filed a grant application with the U.S. Department of Energy (“DOE”) to build a pre-pilot scale system to demonstrate one of Comstock’s unique new pathways to produce renewable diesel, sustainable aviation fuel, gasoline and marine fuel from forest residues and other forms of lignocellulosic biomass with significantly improved yield, efficiency and effectiveness. cost compared to known methods.

Comstock has developed a breakthrough process that effectively deconstructs woody biomass and residues into uniquely isolated biointermediates free of the contaminants that have frustrated previous attempts to commercialize cellulosic fuels on a large scale. Comstock’s biointermediates include cellulose sugar produced from a purified form of cellulose that has been stripped of bioconversion inhibitors, and a unique blend of hydrocarbons that Comstock calls Bioleum.

Cellulose sugar can be used as a fermentation feedstock to produce ethanol, lipids and many other products. Bioleum is a form of biocrude with approximately 75% of the energy content of fossil crude. While Comstock’s biointermediates can be used in several renewable fuel pathways, Comstock’s grant application is based on the fermentation of cellulosic sugar into lipids, the reaction of lipids with Bioleum to produce a single homogeneous feedstock, and the conversion of this homogeneous feedstock into renewable fuels, at yields in excess of 80 gallons per dry ton of feedstock (on a gasoline gallon equivalent basis).

Comstock’s grant application is supported by a team of collaborators, including Topsoe Inc., Marathon Petroleum Company LP, Novozymes, Xylome Corporation, RenFuel K2B AB, Emerging Fuels Technology Inc., University of Nevada Reno, University of Minnesota Duluth’s Natural Resources Research Institute, and the State University of New York College of Environmental Science and Forestry.

“We are grateful to have the opportunity to collaborate with such an exceptional team of industry leaders,” said Corrado De Gasperis, Executive Chairman and Chief Executive Officer of Comstock. “The combined team enables an extremely valuable ecosystem to advance a new, highly scalable and rapidly replenishable feedstock source for renewable fuels. This ecosystem is capable of making material contributions to neutralizing emissions from mobility in the United States. United and to the goal of net zero emissions by 2050.”

About Comstock Inc.
Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting underutilized natural resources into renewable fuels and electrification products that help balance global carbon uses and emissions . The Company intends to achieve exponential growth and extraordinary financial, natural and social gains by building, owning and operating a fleet of advanced carbon-neutral mining and refining facilities, selling a range of complementary processes and related services, and licensing certain technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

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Some of these risks and uncertainties include the risk factors set forth in our SEC filings and the following: adverse effects of climate change or natural disasters; the adverse effects of the spread of a global or regional pandemic or other crises; uncertainties in the global economy and financial markets; the speculative nature of gold or mineral exploration, mercury remediation and lithium, nickel and cobalt recycling, including the risks of diminishing quantities or qualities of qualified resources; operational or technical difficulties related to mercury exploration or remediation, metal recycling, processing or mining activities; the costs, risks and uncertainties associated with precious metals-based activities, including environmentally friendly and economically beneficial clean mining and processing technologies, precious metals exploration, resource development, l assessment of economic feasibility and production of cash-generating minerals; the costs, risks and uncertainties associated with mercury remediation, metal recycling, processing or mining activities; contests over our title; the potential dilution to our shareholders from our share issuance, recapitalization and balance sheet restructuring activities; the potential inability to comply with applicable governmental regulations or laws; the adoption or changes of legislation or regulation adversely affecting our business; allow coercion or delay; ability to take advantage of business opportunities that may be presented or pursued to us, including those involving battery technology, mercury remediation technology and efficiency, quantum computing and advanced materials development, and the development of cellulosic technology in biofuels and related products production of carbon-based materials; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales and investments in which we may participate in the future; changes in US or other monetary or tax policies or regulations; disruptions to our production capabilities due to capital constraints; equipment failures; fluctuating prices of gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and fuels alternatives and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shootings, terrorism and geopolitical events; the potential inability to implement our business strategies; the potential inability to increase revenues; the potential inability to attract and retain key personnel; interruptions in the delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by suppliers; claims, suits and suits against us; the potential inability to meet debt and lease obligations; the potential inability to maintain an effective system of internal controls over financial reporting; the inability or potential failure to timely file periodic reports with the Securities and Exchange Commission; the potential inability to list our securities on a stock exchange or securities market or to maintain the listing of our securities; and work stoppages or other work difficulties. The occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or on the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither this press release nor any related call or discussion constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any security of the Company, the fund or any other issuer.

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