secwatch.observer — SEC 8-K summary
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Issuer:     Comstock Inc. (LODE)
CIK:        0001120970
Form:       8-K
Filed at:   2023-07-06T23:59:59+00:00
Accession:  0001120970-23-000048
Event type: other_material
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1120970/000112097023000048/0001120970-23-000048-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1120970/000112097023000048/lode-20230630.htm
  HTML page:      https://secwatch.observer/filing/0001120970-23-000048

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