Comstock Shares Surge Pre-Market After Agreement With Gresham’s Eastern: Retail Chatter Shows Extreme Confidence
By Stocktwits Inc | First Published Dec 31, 2024, 5:21 PM ISTComstock shares have gained over 139% in the last five days. However, its year-to-date gains are capped at just over 54%.
Shares of Comstock Inc. (LODE) surged nearly 17% in Tuesday’s pre-market session after the company announced the execution of a binding agreement with sustainable energy engineering, equipment, and construction company Gresham’s Eastern.
Subsidiary Comstock Fuels agreed to grant Gresham’s exclusive project and site development rights in Pakistan to enable Gresham’s to deploy Comstock Fuels’ proprietary and patented lignocellulosic biomass refining technologies to produce sustainable aviation fuel and other renewable fuels.
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Gresham’s will develop an initial demonstration facility capable of processing 75,000 metric tons of biomass annually.
It is designed to generate the prerequisite operational and economic data for scaling up to a 1,000,000 metric tons per year commercial facility, aligning with rapid global market demand for increased SAF production.
Meanwhile, recent retail chatter on Stocktwits indicated a positive take on the stock.
Comstock has been in the news lately after it sold 100% of the northernmost patented and unpatented mining claims, mineral exploration rights, and town lots owned by its wholly-owned subsidiary, Comstock Northern Exploration, LLC., along with all of the 25% issued and outstanding membership interest that Comstock owns in Pelen LLC, to Mackay Precious Metals Inc.
The transaction was conducted for an aggregate purchase price of $2.75 million and a 1.5% NSR production royalty from selling silver, gold, and all other valuable minerals and products extracted from these properties in perpetuity.
Comstock shares have gained over 139% in the last five days. However, its year-to-date gains are capped at just over 54%.
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