Comstock Inc. LODE and its subsidiary, Comstock Metals Corporation, have announced the first renewable metal shipments and sales . The company sold approximately 3,000 pounds of recycled, reusable aluminum and began regularly scheduled shipments. This initial sale exceeded LODE's expectations for secondary recovery, averaging more than 50 cents per pound for various aluminum scrap grades.
In the second quarter of 2024, Comstock Metals successfully demonstrated its ability to process clean, completely salable materials. This was in sync with the company's zero-landfill commitment.
Comstock Metals operates a commercial demonstration facility in Silver Springs, NV, which is well-placed to serve the rapidly increasing solar industry in the western United States.
The facility currently has permits for an industrial-scale expansion to store large volumes of solar panels. This enables the company to dominate in the solar panel recycling sector. It will help reduce landfilled electronic waste while recovering and reusing precious, crucial and other important components.
Comstock Metals is now working with large-scale suppliers to secure high-volume, long-term, revenue-generating supply commitments, and large-scale, off-take customers to sell quality materials.
In the second quarter of 2024, LODE incurred a loss of 6 cents per share, wider than the Zacks Consensus Estimate of a loss of 4 cents. This compares to a loss of 5 cents per share reported a year ago. The company posted revenues of $0.44 million for the quarter ended June 2024.
Price Performance
LODE shares have fallen 62.6% in the past year against the industry’s growth of 46%.
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Zacks Rank & Stocks to Consider
Comstock currently has a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, IAMGOLD Corporation IAG and Eldorado Gold Corporation EGO. CRS, IAG and EGO sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Carpenter Technology’s fiscal 2025 earnings is pegged at $6.06 per share. The consensus estimate for 2025 earnings has moved 17% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 15.9%. CRS shares have gained 155.9% in a year.
The Zacks Consensus Estimate for IAMGOLD’s 2024 earnings is pegged at 39 cents per share. The consensus estimate for 2024 earnings has moved 44% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 200%. IAG shares have gained 137% in a year.
The Zacks Consensus Estimate for Eldorado Gold’s 2024 earnings is pegged at $1.32 per share. The consensus estimate for 2024 earnings has moved 22% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 430%. EGO shares have gained 103% in a year.
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Iamgold Corporation (IAG) : Free Stock Analysis Report
Eldorado Gold Corporation (EGO) : Free Stock Analysis Report
Comstock Inc. (LODE) : Free Stock Analysis Report
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