Comstock (LODE) Announces Delivery and Assembly of Unit Operations For Industry-Scale Facility

Comstock Inc. (NYSE:LODE) is one of the 15 best NYSE penny stocks to buy according to hedge funds.

On June 29, Comstock Inc. (NYSE:LODE) and Comstock Metals LLC announced the completion of the delivery and assembly of all precision equipment and unit operations for their industry-scale facility. The companies revealed that three of the nine unit operations, i.e., the robotic loading arms, Eddy system, and a washing system, have undergone commissioning and testing processes and are now being integrated.

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This represents another milestone in the progression of achieving complete commissioning and operation of the solar panel recycling production line with a capacity of 100,000 tons per year.

President of Comstock Metals, Dr. Fortunato Villamagna, said that the startup of a facility is comparable to tuning an orchestra; all nine unit operations will receive their own individual performance tuning, retuning, and stress testing before starting full production.

Back on June 22, Comstock Inc. (NYSE:LODE) disclosed that it has signed a Securities Purchase Agreement to transfer 100% of its mining assets to Mackay Precious Metals Inc., for a total consideration of over $45 million. According to Comstock, the divestiture is anticipated to decrease ongoing costs, generating over $1.5 million in annual savings.

Comstock Inc. (NYSE:LODE) is involved in technologies and underlying processes for extraction and conversion of waste and under-utilized natural resources into clean energy and other clean-energy-related products for the U.S. market. It offers technology to extract lignocellulosic biomass, which is useful in producing intermediates for advanced biofuels.

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