Comstock Announces 2020 Achievements; Updates Progress on MCU Ownership, Philippines Deployment and Strategic Objectives

VIRGINIA CITY, Nev., Jan. 07, 2021 (GLOBE NEWSWIRE) -- Comstock Mining Inc. (the “Company”) (NYSE American: LODE) announced 2020 business achievements, 2021-2023 strategic plan and the Company’s outlook for 2021:

Selected 2020 Strategic Achievements (unaudited)

• Completed corporate realignment, positioning Comstock for precious and strategic metal-based growth;
• Completed first phase of mercury remediation pilot, purchasing 15% of Mercury Clean Up LLC (“MCU”):
• Formed Philippine mercury remediation joint venture, receiving 50% of MCU Philippines Inc. (“MCU-P”);
• Acquired 25% of Pelen LLC, 100% owner of the Sutro Tunnel Company mineral properties and royalties;
• Formed Comstock Royalty LLC for aggregating a growing portfolio of gold and silver NSR royalties;
• Completed the sale of the Lucerne mine, recognizing a gain of $18.3 million;
• Completed an airborne geophysical survey over all of the Company’s Comstock District properties;
• Leased the Daney Ranch with an option to sell for $2.7 million;
• Reduced annual operating expenses by approximately $4 million per annum, as compared to 2017;
• Monetized $5.6 million in Tonogold common and preferred stock;
• Repaid the remaining $4.8 million portion of the Company’s former senior secured debenture;
• Ended 2020 with 34,980,766 shares outstanding, including 540,000 in restricted directors’ shares; and
• Ended 2020 with approximately $2.4 million in cash and cash equivalents.
  

Mr. Corrado De Gasperis, Executive Chairman and CEO stated, “We sustained all of our scheduled cost reductions and subsidies, repaid our senior secured debt and implemented our realignment objectives in 2020, positioning ourselves for new, high-growth, activities. The successful sale of Lucerne enabled the repayment of all of our senior secured debt and, together with monetizing non-strategic assets, funds the implementation of our strategic plan.”

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37ae2500-39b3-4a92 ...

Strategic Performance Objectives 2021-2023

The Company’s goal is to grow our equity value by commercializing environment-enhancing, precious and strategic-metal-based products and processes that generate a rate of predictable cash flow (throughput) from our metal processing operations and royalties and increase the long-term enterprise value of our mineral properties. The next three years are dedicated to delivering that value by achieving the performance objectives listed below: