Comstock Inc 10-Q for FY2022 Q1

Comstock Inc. (LODE)

10-Q 2022-05-02 For: 2022-03-31

Added on April 10, 2026

About this 10-Q

Comstock Inc filed this 10-Q on May 2, 2022, covering the quarter ended March 31, 2022 (FY2022 Q1).

Headline figures

Quarter ended March 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $54.63K; up 12.6% from $48.5K a year earlier
Net loss: $6.55M; compared with net income of $8.19M a year earlier
Diluted EPS: -$0.09; compared with $0.22 a year earlier

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Nevada		65-0955118
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

117 American Flat Road, Virginia City, NV		89440
(Address of principal executive offices)		(Zip Code)
	(775) 847-5272
	(Registrant’s telephone number)

	Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.000666 per share	LODE	NYSE American


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.
CONDENSED CONSOLIDATED BALANCE SHEETS			6
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS			7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY			8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS			9
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS			11
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.			36
Item 3. Quantitative and Qualitative Disclosures About Market Risk			56
Item 4. Controls and Procedures.			56

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.			57
Item 1A. Risk Factors.			57
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.			57
Item 3. Defaults Upon Senior Securities.			57
Item 4. Mine Safety Disclosures.			57
Item 5. Other Information.			57
Item 6. Exhibits.			57
Signatures			59


	03/31/22		12/31/21
ASSETS

Current Assets:
Cash and cash equivalents	$	2,249,007	$	5,912,188
Investments in equity securities	1,107,742		925,819
Notes receivable and advances, net - current portion	4,962,043		4,964,545
Derivative assets	—		342,000
Deposits, current portion	288,606		347,454
Prepaid expenses and other current assets	1,576,962		1,336,983
Total current assets	10,184,360		13,828,989

Noncurrent Assets:
Investments	18,901,056		25,850,879
Mineral rights and properties	13,513,585		6,669,111
Properties, plant and equipment, net	15,208,357		14,563,672
Construction in progress	4,020,473		3,219,607
Reclamation bond deposit	2,696,008		2,695,944
Notes receivable and advances, net	—		8,853,841
Intangible assets, net	22,756,992		23,175,301
Goodwill	12,788,671		12,788,671
Finance lease - right of use asset, net	14,907,725		15,033,000
Other assets	142,166		275,617
Total noncurrent assets	104,935,033		113,125,643

TOTAL ASSETS	$	115,119,393	$	126,954,632

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:
Accounts payable	$	1,243,341	$	633,223
Accrued expenses and other liabilities	986,400		939,443
Deposits	420,183		420,183
Derivative liabilities	6,403,162		8,873,162
Finance lease - right of use lease liability	13,035,110		13,043,499
Total current liabilities	22,088,196		23,909,510

Long-term Liabilities:
Reclamation liability	6,470,156		5,445,672
Debt, net	4,529,068		4,486,256
Other liabilities	177,154		142,672
Total long-term liabilities	11,176,378		10,074,600

Total liabilities	33,264,574		33,984,110

COMMITMENTS AND CONTINGENCIES (Note 10)

Stockholders' Equity
Preferred Stock $.000666 par value, 50,000,000 shares authorized, no shares outstanding	—		—
Common stock, $.000666 par value, 158,000,000 shares authorized, 67,707,832 and 71,207,832 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	44,853		47,065
Treasury stock 2,998,515 and 3,000,000 shares, at cost, at March 31, 2022 and December 31, 2021, respectively	(3,868,084)		(3,870,000)
Additional paid-in capital	333,867,761		338,936,145
Accumulated deficit	(251,921,243)		(245,542,688)
Total equity - Comstock Mining Inc.	78,123,287		89,570,522
Non-controlling interest	3,731,532		3,400,000
Total stockholders' equity	81,854,819		92,970,522
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	115,119,393	$	126,954,632


	03/31/22		03/31/21

Revenue	$	54,625	$	48,500

Operating expenses:
Selling, general and administrative expenses	2,402,766		(465,226)
Research and development	1,195,418		—
Depreciation and amortization	844,529		115,968
Total operating expenses	4,442,713		(349,258)

Income (loss) from operations	(4,388,088)		397,758

Other Income (Expense)
Gain (loss) on investments	351,624		(706,911)
Interest expense	(324,724)		(144,829)
Interest income	356,861		155,473
Change in fair value of derivative instruments	3,065,000		7,487,249
Impairment of investments and intangible assets	(4,476,889)		—
Other income (expense)	(1,130,807)		999,491
Total other income (expense), net	(2,158,935)		7,790,473





Net income (loss)	(6,547,023)		8,188,231

Net income (loss) attributable to noncontrolling interest	(168,468)		—

Net income (loss) available to Comstock Mining Inc,	$	(6,378,555)	$	8,188,231

Weighted average common shares outstanding, basic	67,351,776		37,740,011
Weighted average common shares outstanding, diluted	67,351,776		37,814,652

Earnings per Share - Basic:
Net income (loss) per share - basic	$	(0.09)	$	0.22

Earnings per Share - Diluted:
Net income (loss) per share - diluted	$	(0.09)	$	0.22


	Common Stock			Additional		Accumulated		Treasury Stock		Non-Controlling
	Shares	Amount		Paid in Capital		Deficit		Amount		Interest		Total
BALANCE - January 1, 2021	34,980,766	$	22,937	$	252,715,337	$	(220,959,068)	—		$	—	$	31,779,206

Investment in LINICO Corporation	3,000,000	1,998		6,748,002		—		—		—		6,750,000
Issuance of common stock for cash	4,423,842	2,946		18,017,054		—		—		—		18,020,000
Non-cash issuance of common stock	50,907	35		249,968		—		—		—		250,003
Common stock issuance costs	—	—		(1,248,002)		—		—		—		(1,248,002)
Employee share-based compensation	—	—		97,010		—		—		—		97,010
Repurchase of employee stock options	—	—		(194,581)		—		—		—		(194,581)
Net income	—	—		—		8,188,231		—		—		8,188,231
BALANCE - March 31, 2021	42,455,515	$	27,916	$	276,384,788	$	(212,770,837)	$	—	$	—	$	63,641,867

BALANCE - January 1, 2022	71,207,832	47,065		338,936,145		(245,542,688)		(3,870,000)		3,400,000		92,970,522

Common stock received and cancelled in the rescission of the LPB transaction	(3,500,000)	(2,331)		(5,107,669)		—		—		—		(5,110,000)
Common stock issuance costs	—	—		(70,000)		—		—		—		(70,000)
Investment in LINICO by Aqua Metals	—	—		—		—		—		500,000		500,000
Employee and director share-based compensation	—	119		108,480		—		—		—		108,599
Sales of treasury shares	—	—		805		—		1,916		—		2,721
Net loss	—	—		—		(6,378,555)		—		(168,468)		(6,547,023)
BALANCE - March 31, 2022	67,707,832	$	44,853	$	333,867,761	$	(251,921,243)	$	(3,868,084)	$	3,731,532	$	81,854,819


	03/31/22		03/31/21
CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss)	$	(6,547,023)	$	8,188,231
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	264,257		114,906
Amortization of intangibles	580,274		—
Accretion (reduction) of reclamation liability	82,316		(790,950)
Accretion of discount on MCU Philippines, Inc. note receivable	(30,093)		(20,267)
Amortization of debt discount and other debt-related items	42,812		(45,791)
Employee and director share based compensation	108,599		97,010
Change in fair value of derivative instruments	(3,065,000)		(7,487,249)
Gain (loss) on investments in securities	(407,393)		900,575
Loss from equity method investments	266,903		31,454
Impairment of MCU-P and MCU note receivable and investments	4,084,268		—
Impairment of Flux Photon deposit	338,034		—
Realized gains (losses) on sales of Tonogold Resources, Inc. common shares	55,769		(193,664)
Change in fair value of Tonogold Resources, Inc. note receivable	605,000		(1,008,000)
Impairment of LPB investment	54,587		—
Gain on reimbursements of mining costs	—		(812,500)

Changes in operating assets and liabilities:
Prepaid expenses	(139,979)		(194,019)
Deposits	58,848		—
Other assets	33,451		(8,073)
Accounts payable	(327,140)		(91,883)
Accrued expenses, other liabilities and deposits	80,272		(887,078)
Net cash used in operating activities	(3,861,238)		(2,207,298)

CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of intangible asset	(500,000)		—
Proceeds from Mercury Clean Up, LLC derivative asset settlement	—		762,377
Addition to MCU Philippines, Inc. note receivable	—		(820,000)
Cash commitment payments to LINICO Corporation	—		(1,500,000)
Proceeds from Lucerne's mineral properties option	750,000		—
Advances to Sierra Springs Opportunity Fund, Inc.	(1,300,000)		(2,150,000)
Proceeds from repayment by Sierra Springs Opportunity Fund, Inc.	1,300,000		—
Purchase of mineral rights and properties, plant and equipment	(553,200)		(40,750)
Purchases related to construction in progress	(95,214)		—
Proceeds from principal payment on note receivable	2,502		144
Proceeds from sale of Tonogold Resources, Inc. common shares	169,701		502,951
Change in reclamation bond deposit	(64)		(65)
Net cash used in investing activities	(226,275)		(3,245,343)


	03/31/22		03/31/21
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on debt principal and financing lease	(8,389)		(3,511,914)
Proceeds from the issuance of common stock	—		18,020,000
Sale of treasury stock	2,721		—
Investment in LINICO by Aqua Metals	500,000		—
Common stock issuance costs	(70,000)		(997,999)
Repurchase of employee stock options	—		(194,581)
Net cash provided by (used) in financing activities	424,332		13,315,506
Net increase (decrease) in cash	(3,663,181)		7,862,865
Cash at beginning of period	5,912,188		2,431,944
Cash at end of period	$	2,249,007	$	10,294,809


NON-CASH INVESTING AND FINANCING ACTIVITIES:
Common stock received in the rescission of the LPB transaction	5,110,000	—
Note receivable exchanged for investment in Comstock Mining LLC	(6,650,000)	—
Issuance of common shares for stock issuance costs	—	250,003
Issuance of common shares for investment in LINICO Corporation	—	6,250,000
Initial value of common shares for derivative asset related to investment in LINICO Corporation	—	500,000


	March 31, 2022			December 31, 2021
	Investment		Ownership %	Investment		Ownership %
LP Biosciences LLC	$	—	—%	$	4,227,587	48.19%
Quantum Generative Materials LLC	13,440,541		48.19%	13,645,946		48.19%
Green Li-ion	4,517,710		20.22%	4,577,000		20.22%
Mercury Clean Up, LLC	—		25.00%	1,975,026		25.00%
MCU Philippines, Inc.	—		50.00%	499,269		50.00%
Pelen Limited Liability Company	607,805		25.00%	591,051		25.00%
Total equity method investments	18,566,056			25,515,879
Sierra Springs Opportunity Fund, Inc., at cost	335,000			335,000
Total Investments	$	18,901,056		$	25,850,879


	2022*		2021
Current assets	$	8,897,693	$	8,218,932
Non-current assets	13,873,703		11,585,338
Current liabilities	2,530,296		3,101,523
Non-current liabilities	2,000,000		2,000,000

	Three Months Ended		Three Months Ended
	March 31, 2022		March 31, 2021
Revenues	89,714		19,700
Gross Profit	76,892		19,700

Net income (loss) and net income (loss) attributable to the entity	$	(901,502)	$	(354,852)


Fair value of consideration transferred:
Tonogold note receivable	$	6,650,000
Direct costs of acquisition	2,306
Less option payment received from Tonogold	(750,000)
Total fair value of consideration	5,902,306

Recognized amounts of identifiable assets acquired and liabilities assumed:
Mineral properties	6,844,474
Asset retirement obligation	(942,168)
Total identifiable net assets	$	5,902,306


	03/31/22		12/31/21
Current portion
Sierra Springs advances receivable	$	4,935,000	$	4,935,000
Other notes receivable	27,043		29,545
Total notes receivable and advances, current portion	$	4,962,043	$	4,964,545

Non-current portion
Tonogold note receivable, face value	—		6,650,000
Unrealized gain	—		605,000
Tonogold note receivable, fair value	—		7,255,000
MCU-P note receivable, face value	—		2,000,000
Unamortized discount for implied interest	—		(401,159)
MCU-Philippines note receivable, non-current portion, net	—		1,598,841
Total notes receivable and advances, net	$	4,962,043	$	13,818,386


	03/31/22		12/31/21
Land	$	6,328,338	$	6,328,338
Real property leased to third parties	3,298,312		3,298,311
Property, plant and equipment for mineral processing	27,644,745		27,644,745
Other property and equipment	5,221,158		4,438,657
Accumulated depreciation	(27,284,196)		(27,146,379)
Total property, plant and equipment, net	$	15,208,357	$	14,563,672


	03/31/22		12/31/21
Comstock Mineral Estate	$	6,261,706	$	6,261,706
Lucerne mineral properties	6,844,474		—
Other mineral properties	317,405		317,405
Water rights	90,000		90,000
Total mineral rights and properties	$	13,513,585	$	6,669,111


	03/31/22		12/31/21
Lexon surety bond cash collateral	2,589,072		2,589,008
Other cash reclamation bond deposits	106,936		106,936
Total reclamation bond deposit	$	2,696,008	$	2,695,944


Description	Estimated Economic Life	March 31, 2022		December 31, 2021

Developed technologies	10 years	$	19,382,401	$	18,882,401
Lease intangible	30 years	3,621,488		3,621,488
License agreements	10 years	510,752		510,752
In-process research and development	10 years	—		350,000
Customer agreements	1 year	122,885		122,885
Distribution agreements	8 years	19,733		19,733
Trademarks	10 years	7,000		7,000
Accumulated amortization		(907,267)		(338,958)
Intangible assets, net		$	22,756,992	$	23,175,301


	March 31, 2022		December 31, 2021
Developed technologies	$	691,042	$	231,920
Lease intangible	30,325		—
License agreements	60,981		20,625
In-process research and development	—		2,991
Customer agreements	122,613		81,923
Distribution agreements	2,130		1,499
Trademarks	176		—
Accumulated amortization	$	907,267	$	338,958


Remainder of 2022	$	1,592,316
2023	2,118,936
2024	2,114,784
2025	2,114,784
2026	2,114,784
Thereafter	12,701,388
	$	22,756,992


	Three Months Ended
	03/31/22			03/31/21
Finance lease cost:
Amortization of right-of-use assets	$	125,275		$	—
Interest on lease liabilities	195,611			—
Operating lease cost	2,525			2,525
Total lease cost	$	323,411		$	2,525

Other information
Operating cash flows from operating leases	$	9,350		$	9,050
Financing cash flows from finance leases	$	8,389		$	—
Weighted-average remaining lease term - finance leases	0.50			—
Weighted-average remaining lease term - operating leases	6.50			6.75
Weighted-average discount rate - finance leases	6		%	6		%
Weighted-average discount rate - operating leases	11		%	11		%


	As of December 31, 2021	Additions	Impairment	Amortization	As of March 31, 2022
Intangible assets	23,514,259	500,000	(350,000)		23,664,259
Accumulated amortization	(338,958)		—	(568,309)	(907,267)
Goodwill	12,788,671	—	—	—	12,788,671
Total intangible assets and goodwill	35,963,972	500,000	(350,000)	(568,309)	35,545,663


Lease Assets and Liabilities	Classification	March 31, 2022		December 31, 2021
Finance lease right-of-use asset, net	Right of use asset	$	14,907,725	$	15,033,000
Operating lease right-of-use asset, net	Other assets	45,732		46,897
Total right of use assets		$	14,953,457	$	15,079,897

Operating lease liability - current	Accrued expenses and other liabilities	$	4,585	$	4,388
Operating lease liability - long-term	Other liabilities	44,166		45,403
Finance lease liability	Lease liability	13,035,110		$	13,043,499
Total lease liabilities		$	13,083,861	$	13,093,290


For the remainder of 2022	7,250
2023	9,950
2024	10,250
2025	10,550
2026	10,850
Thereafter	20,650
Total lease payments	69,500
Less: Imputed interest at 11%	(20,749)
Present value of operating lease liabilities	$	48,751


For the remainder of 2022	$	139,450
2023	166,325
2024	22,725
2025	96,000
2026	96,000
Thereafter	288,000
Total Minimum Lease Income	$	808,500


	03/31/22		12/31/21
GHF Secured Promissory Note – 6% interest, due December 15, 2024	$	5,000,000	$	5,000,000
Less: debt discounts and issuance costs	(470,932)		(513,744)
Total debt, net of discounts and issuance costs	4,529,068		4,486,256


	March 31, 2022		December 31, 2021
Long-term reclamation liability — beginning of period	$	5,445,672	$	6,054,919
Addition associated with the Lucerne mine	942,168		—
Reduction of obligation due to extension of time			(926,434)
Accretion of reclamation liability	82,316		317,187
Long-term reclamation liability — end of period	$	6,470,156	$	5,445,672


Year	Leases
Remainder of 2022	$	72,000
2023	114,000
2024	108,000
2025	110,000
2026	150,000
Thereafter	1,662,250
Total minimum annual lease payments	$	2,216,250


			Fair Value Measurements at
			March 31, 2022
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Tonogold common shares	$	1,100,293	$	1,100,293	$	—	$	—
Other equity securities	7,449		7,449		—		—
Total assets measured at fair value	$	1,107,742	$	1,107,742	$	—	$	—

Liabilities:
LINICO acquisition derivative liability	$	(1,413,162)	$	—	$	(1,413,162)	$	—
GenMat derivative liability	(4,990,000)		—		(4,990,000)		—
Total liabilities measured at fair value	$	(6,403,162)	$	—	$	(6,403,162)	$	—


	03/31/22		12/31/21
Beginning Balance	$	7,255,000	$	5,498,500
Total change in fair value recognized in earnings
Tonogold note receivable	(605,000)		(418,500)
Additions
Tonogold note receivable	—		2,175,000
Deductions
Exchange of note receivable associated with Tonogold agreement	(6,650,000)		—
Ending balance	$	—	$	7,255,000


	January 4, 2021			June 8, 2021			July 12, 2021			August 30, 2021			March 28, 2022
Total shares granted	1,055,000			60,000			25,000			30,000			40,000
Performance condition valuation inputs:
Performance condition shares	527,500			30,000			12,500			15,000			20,000
Stock price at grant date	$	1.10		$	3.51		$	3.17		$	3.04		$	1.68
Market condition valuation inputs:
Market condition shares	527,500			30,000			12,500			15,000			20,000
Beginning stock price	$	1.10		$	3.51		$	3.17		$	3.04		$	1.68
Volatility	77		%	93		%	93		%	95		%	95		%
Risk-free rate	0.36		%	0.79		%	0.71		%	0.65		%	2.51		%
Number of iterations	100,000			100,000			100,000			100,000			100,000
Fair value per share	$	0.41		$	2.71		$	2.38		$	2.26		$	0.91
Term (in years)	3.2			1.7			1.8			1.8			2.2


	03/31/22		03/31/21
Change in fair value Tonogold note receivable	(605,000)		745,500
Tonogold amendment fee and charges	14,652		262,500
LPB settlement and related expenses	(250,000)		—
Equity loss in affiliates	(266,903)		(31,454)
All other	(23,556)		22,945
Total other income (expense)	$	(1,130,807)	$	999,491


	March 31, 2022		March 31, 2021
Numerator:
Net income (loss) attributable to Comstock Mining Inc.	$	(6,378,555)	$	8,188,231

Denominator:
Basic weighted average shares outstanding	67,351,776		37,740,011
Incremental shares - stock options	—		74,641
Diluted weighted average shares outstanding	67,351,776		37,814,652

Net income (loss) per common share:
Basic EPS	$	(0.09)	$	0.22
Diluted EPS	$	(0.09)	$	0.22


For the Three Month Period Ended March 31, 2022:	Renewable Energy Products:		Strategic and Other Investments		Inter-segment Elimination		Total
Revenue:

Revenue from external customers	$	—	54,625		$	—	$	54,625
Inter-segment revenue	877,974		—		(877,974)		—
Total segment revenue	877,974		54,625		(877,974)		54,625

Gross Profit	205,543		54,625		(205,543)		54,625

Operating expenses
Depreciation and amortization	400,083		444,446		—		844,529
Operating expenses	1,871,893		1,931,834		(205,543)		3,598,184
Total operating expenses	2,271,976		2,376,280		(205,543)		4,442,713

Loss from Operations	(2,066,433)		(2,321,655)		—		(4,388,088)

Other income (expense)
Gain (loss) on investments	—		351,624		—		351,624
Interest expense	(265,407)		(129,113)		69,796		(324,724)
Interest income	1,616		425,041		(69,796)		356,861
Change in fair value of derivative instruments	—		3,065,000		—		3,065,000
Equity loss in affiliates	—		(266,903)		—		(266,903)
Impairment of investment and assets	(54,587)		(4,422,302)		—		(4,476,889)
Other expenses	(56,889)		(807,015)		—		(863,904)
Total other expense, net	(375,267)		(1,783,668)		—		(2,158,935)

Net loss	(2,441,700)		(4,105,323)		—		(6,547,023)


Capital expenditures for three months ended March 31, 2022	$	—	$	782,500	$	—	$	782,500

Total assets at March 31, 2022	$	43,096,560	$	72,022,833	$	—	$	115,119,393

Investments, non-current at March 31, 2022	$	4,517,710	$	14,383,346	$	—	$	18,901,056

Goodwill at March 31, 2022	$	12,788,671	$	—	$	—	$	12,788,671

Construction in progress at March 31, 2022	$	4,020,473	$	—	$	—	$	4,020,473


-			building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities;

-			selling an array of complimentary process solutions and related services, and

-			licensing selected technologies to qualified strategic partners.


-			reduce reliance on long cycle fossil fuels;

-			shift supply chains that terminate in combustion to short cycle renewable fuels; and



-			lead and support the adoption and growth of a highly profitable, balanced worldwide short cycle ecosystem that continuously offsets, recycles, and contributes to neutralizing global carbon emissions by rapidly growing and replenishing vast quantities of feedstock for renewable circular fuels


	3/31/2022			3/31/2021		Change
Revenue	$	54,625		$	48,500	$	6,125

Cost of goods sold	—			—		—
Gross profit	54,625			48,500		6,125

Selling, general and administrative expenses	2,402,766			(465,226)		2,867,992
Research and development	1,195,418			—		1,195,418
Depreciation and amortization	844,529			115,968		728,561
Total operating expenses	4,442,713		4442713	(349,258)		4,791,971

Loss from operations	(4,388,088)			397,758		(4,785,846)

Other Income (Expense)
Gain (loss) on investments	351,624			(706,911)		1,058,535
Interest expense	(324,724)			(144,829)		(179,895)
Interest income	356,861			155,473		201,388
Change in fair value of derivative instruments	3,065,000			7,487,249		(4,422,249)
Impairment of investments and intangible assets	(4,476,889)			—		(4,476,889)
Other income (expense)	(1,130,807)			999,491		(2,130,298)
Total other income (expense), net	(2,158,935)			7,790,473		(9,949,408)

Net income (loss)	$	(6,547,023)		$	8,188,231	(14,735,254)

Net income (loss) attributable to noncontrolling interest	$	(168,468)		$	—	(168,468)

Net income (loss) available to Comstock Mining Inc,	$	(6,378,555)		$	8,188,231	$	(14,566,786)


Exhibit Number						Exhibit

3.1						Articles of Incorporation (previously filed with Securities and Exchange Commission on February 20, 2018 as exhibit 3.1 to the Company's Form 10-K (file number 001-35200/film number 18622935) and incorporated herein by reference)

3.2						Amended and Restated Bylaws (previously filed with Securities and Exchange Commission on June 8, 2011 as exhibit 3.2 to the Company’s Current Report on Form 8-K (file number 001-35200/film number 11901161) and incorporated herein by reference)

10.1						Form S-3 Registration Statement (previously filed with the Securities and Exchange Commission on March 29, 2022 (file number 333-263930/film number 22777797) and incorporated herein by reference)

10.2						Form of Indenture (previously filed with the Securities and Exchange Commission on April 6, 2022 as exhibit 4.1 to the Company's Form S-3 Registration Statement (file number 333-263930/film number 22810514) and incorporated herein by reference)

10.3						Amended Form S-3 Registration Statement (previously filed with the Securities and Exchange Commission on April 6, 2022 (file number 333-263930/film number 22810514) and incorporated herein by reference)

31.1*						Certification of Principal Executive Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended. pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended.

31.2*						Certification of Principal Executive Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended. pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities Exchange Act of 1934, as amended.

32.1*						Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2*						Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

95*						Mine Safety Disclosures

101*						Interactive Data File (Quarterly Report on Form 10-Q, for the periods ended March 31, 2022, furnished in XBRL (eXtensible Business Reporting Language)). Attached as Exhibit 101 to this report are the following documents formatted in XBRL: (i) the Condensed Consolidated Balance Sheets at March 31, 2022 and December 31, 2021, (ii) the Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021, (iii) the Condensed Consolidated Statements of Changes in Equity for the three months ended March 31, 2022 and 2021, (iv) the Condensed Consolidated Statements of Cash Flows for three months ended March 31, 2022 and 2021 and (v) the Notes to Condensed Consolidated Financial Statements, tagged as blocks of text. Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.


COMSTOCK INC.

By: /s/ CORRADO DE GASPERIS
CORRADO DE GASPERIS
Executive Chairman
Chief Executive Officer
Principal Executive
Principal Accounting Officer
Date: May 2, 2022

By: /s/ KEVIN KREISLER
KEVIN KREISLER
President and Chief Financial Officer
Principal Financial Officer
Date: May 2, 2022


1.	I have reviewed this Annual Report on Form 10-Q of Comstock Mining Inc.;


2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and,

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.