Comstock leases Northern Targets to Mackay for $1.25M upfront plus annual fees and 1.5% NSR royalty

Comstock Inc.

Comstock subsidiary signed 20-year Mineral Lease with Mackay Precious Metals Inc. for Gold Hill and northern Occidental Lode claim groups.
Lease initiation fee of $1.25M paid at signing; annual fees of $1.5M for first 4 years, then $1M thereafter.
Comstock retains 1.5% net smelter return royalty on all future precious metal production from the claims.
Mackay must reimburse ~$200k/year in carrying costs; non-compete and mutual ROFR provisions included.
Lease automatically extends after feasibility if mining operations continue and all terms are met.

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. entered into Mineral Lease with Mackay Precious Metals Inc. valued at $1.25 million lease initiation fee (effective 2023-06-30).

Action: entry
Agreement: lease
Counterparty: Mackay Precious Metals Inc.
Value: $1.25 million lease initiation fee
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, Comstock Inc. and its wholly-owned subsidiary Comstock Northern Exploration, LLC (together, “Comstock”), entered into a Mineral Exploration and Mining Lease Agreement (the “Mineral Lease”) with Mackay Precious Metals Inc. (“Mackay”)

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Comstock Inc. filing history →

Source: SEC EDGAR

accession 0001120970-23-000048

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