Comstock Inc. LODE announced that its subsidiary Comstock Fuels Corporation signed a binding agreement with Gresham’s Eastern Pvt. Ltd. (Gresham’s) to grant Gresham’s an exclusive project and site development rights in Pakistan. This move will help Comstock bring renewable fuel production to Pakistan with sustainable biomass refining technology.
Details on Comstock-Gresham’s Deal
Based in Pakistan, Gresham’s is a sustainable energy engineering, equipment and construction company.
Under the agreement, Gresham’s will build an initial demonstration facility in Lahore, Pakistan, using Comstock Fuels’ proprietary and patented Bioleum refining technologies to produce sustainable aviation fuel (“SAF”) and other renewable fuels. The facility is expected to process 75,000 metric tons of biomass annually.
Pakistan's abundant biomass resources make it an ideal hub for renewable fuel production. This facility will position Pakistan as an emerging leader in the renewable fuels sector, aided by the rapidglobal marketdemand for increased SAF production.
Gresham's will look after the development, financing, construction and management of renewable fuel production facilities. Each Bioleum Refinery will operate under a site-specific agreement, ensuring adherence to Comstock Fuels' performance and quality standards.
Comstock Fuels will receive a 20% equity stake in each refinery. Moreover, it will earn royalties of 6% on licensed product sales, as well as engineering fees equal to 6% of total capital and construction expenditure.
LODE Posts Weak Q3 Results
In the third quarter of 2024, LODE incurred a loss of 6 cents per share, in line with the Zacks Consensus Estimate. This compares to the loss of 11 cents per share reported a year ago. The company posted revenues of $0.56 million for the quarter ended in September 2024.
Comstock Stock Price Performance
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LODE shares have gained 45.5% in the past year compared with the industry’s growth of 13.3%.
LODE’s Zacks Rank & Stocks to Consider
Comstock currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, Equinox Gold Corp. EQX and Methanex Corporation MEOH. CRS sports a Zacks Rank #1 (Strong Buy) at present, and EQX and MEOH carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology has an average trailing four-quarter earnings surprise of 14.1%. The Zacks Consensus Estimate for CRS’s fiscal 2025 earnings is pegged at $6.61 per share. Its shares skyrocketed 162.7% last year.
Equinox Gold has an average trailing four-quarter earnings surprise of 39.2%. The Zacks Consensus Estimate for EQX’s 2024 earnings is pegged at 43 cents per share. EQX’s shares gained 9.6% last year.
Methanex has an average trailing four-quarter earnings surprise of 101%. The Zacks Consensus Estimate for MEOH’s 2024 earnings is pegged at $3.19 per share. Its shares gained 8% last year.
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