Comstock Receives $20 Million and Closes Sale of Legacy Mining Assets to Mackay Precious Metals Inc.
Comstock Inc. announced it has closed the sale of its legacy mining, mineral, processing, and mining-district real estate entities to Mackay Precious Metals Inc., a subsidiary of Mackay Gold & Silver Corp. The transaction was valued at more than $45 million, with Comstock receiving $20 million in cash plus 2 million common shares of Mackay Gold & Silver worth approximately $4.5 million. The company expects to record a non-cash-taxable gain of roughly $10 million to $12 million from the sale.
Why it matters — The completed divestment provides Comstock with substantial cash and shares while generating an expected tax-free gain, marking a shift away from its legacy mining operations.