ElUltimo10

I sat down with Corrado De Gasperis @CDe_Gasperis , CEO of Comstock ( $LODE ), for a 90-minute deep dive into where the company stands today, and where it’s going next. The story now centers on two core pillars: Solar recycling and powered land - alongside legacy assets being monetized to help fund the next phase of growth. 1.⁠ ⁠Solar panel recycling Comstock is building an industrial-scale solar panel recycling business with 100% material recovery and zero landfill. Its first commercial line came online today, with additional facilities planned in regions where large volumes of end-of-life solar panels concentrate. 2.⁠ ⁠Sierra Springs Opportunity Fund (SSOF) Comstock owns ~47.63% of SSOF. Roughly 2,500 acres of powered land in Northern Nevada, which is being positioned for monetization as demand from data centers continues to grow. SSOF has secured 250-300MW of natural-gas transportation capacity with Great Basin Gas Transmission Company. This would allow behind the meter generation, with no utility (NV Energy) queue dependency. (Potential expansion to ~1.2GW. Still in the works.) Other investments: Alongside these two core pillars, Comstock still holds other investments. The largest is Bioleum, its renewable fuels platform focused on converting biomass into oil. Monetizing the legacy mining assets: Comstock is also selling its historic mining assets, with proceeds intended to help fund the growth of the broader platform. The value is roughly $45M in total, with approximately $20M of cash proceeds expected in the coming weeks. Corrado and I went through each part of the story in depth: •⁠ ⁠Unit economics •⁠ ⁠Competitive positioning •⁠ ⁠Moats and barriers to entry •⁠ ⁠Capital requirements •⁠ ⁠Capital allocation across the platform I hope the conversation gives viewers a clearer picture of both the opportunity ahead and what Comstock still needs to execute on. Timeline: 00:00 Introduction & disclosures 01:10 Comstock overview: metals, mining sale & SSOF 04:00 Solar recycling unit economics & market size 10:56 Scaling 20x: expansion pace & de-risking the first industrial facility 17:25 Beyond tipping fees: glass upgrading & metal extraction 27:47 Theory of Constraints: today's real bottleneck 30:59 Policy, competition & the Illuminate USA win 42:52 Sierra Springs (SSOF): powered land for data centers 53:31 Bioleum: funding, unit economics & scenarios 1:18:41 Capital allocation, dilution & per-share compounding 1:30:07 Scorecard: 3 facts to judge execution by year-end The full 90-minute interview is also available on YouTube. Link in the comment section. Disclaimer: Opinions expressed are our own and are provided for informational purposes only. Nothing herein constitutes investment advice or a recommendation to buy or sell any security. Valora Investment Group LLC and accounts advised by the firm hold positions in Comstock.