Tonogold fails to exercise option; Comstock consolidates district, doubles gold, triples silver resources

Comstock Inc.

Tonogold did not exercise its Option to purchase Comstock Mining LLC by Dec 31, 2022; Lucerne properties and processing facility revert to Comstock.
Total owned resources now include M&I 605,000 oz gold and 5,880,000 oz silver, plus Inferred 297,000 oz gold and 2,572,000 oz silver.
Dayton resource (Behre Dolbear S-K 1300) reports M&I 293,000 oz gold, 2,120,000 oz silver; Inferred 90,000 oz gold, 480,000 oz silver.
Lucerne resource (Respec S-K 1300) reports Indicated 312,000 oz gold, 3,759,600 oz silver; Inferred 206,900 oz gold, 2,092,300 oz silver.
Company now controls 12 sq miles of mining claims covering 6.5 miles of strike; plans phased drilling and engineering studies.

item 1.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Comstock Inc. terminated Option Agreement (the "Lucerne Option") with Tonogold Resources, Inc..

Action: termination
Counterparty: Tonogold Resources, Inc.

Exact text from the filing

(the “Company”) entered into an Option Agreement (the “Lucerne Option”) with Tonogold Resources, Inc. (“Tonogold”). Subject to certain conditions under the Lucerne Option (including the obligation to complete certain capital raising thresholds and technical reports), Tonogold re-conveyed 100% of the previously sold membership interests of Comstock Mining LLC, the entity that owns the Lucerne mine, to the Company, in exchange for the Company forgiving Tonogold’s payment obligations under secured note in the principal amount of $6,650,000 then owed by Tonogold to the Company.

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Comstock Inc. filing history →

Source: SEC EDGAR

accession 0001120970-23-000002

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