Note 5 - Properties, Plant and Equipment, Net and Mineral Rights

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Property, Plant, and Equipment [Text Block]

NOTE 5                 PROPERTIES, PLANT AND EQUIPMENT, NET AND MINERAL RIGHTS

Properties, plant and equipment at March 31, 2026 and  December 31, 2025 include the following:

	March 31, 2026			December 31, 2025
Land	$	6,329,338		$	8,529,338
Real property leased to third parties		79,030			1,037,049
Property, plant and equipment for mineral processing		—			27,241,814
Property, plant and equipment for renewable fuels processing		13,724,303			12,881,458
Property, plant and equipment for solar panel recycling		3,123,974			3,123,974
Construction in process		14,712,022			1,588,214
Other property and equipment		4,032,150			4,429,933
Accumulated depreciation		(5,904,437	)		(28,945,571	)
Total properties, plant and equipment, net	$	36,096,380		$	29,886,209

During the three-months ended March 31, 2026 and 2025, the Company recognized depreciation expense of $402,766 and $147,680, respectively. At March 31, 2026 and  December 31, 2025, the Company had $14,712,022 and $1,817,503, respectively, primarily for construction work in process that were not yet placed in service and have not yet begun depreciating.

The Company entered into purchase order commitments with third party vendors for equipment to be used in our industry-scale solar panel recycling facility to recycle and process end-of-life solar panels. As of March 31, 2026 and  December 31, 2025, the Company recorded $2.1 million and $7.6 million, respectively, in advances to vendors for equipment purchases within deposits on our condensed consolidated balance sheet.

Mineral Rights and Properties 

Our mineral rights and properties at March 31, 2026 and  December 31, 2025 consisted of the following: 

	March 31, 2026		December 31, 2025
Comstock Mineral Estate	$	—	$	10,842,716
Other mineral properties		—		317,405
Water rights		730,597		820,595
Total mineral rights and properties	$	730,597	$	11,980,716

The Comstock Mineral Estate includes all of the Company's resource areas and exploration targets. During the three-months ended March 31, 2026 and 2025, we did not record any depletion expense, as none of the mineral properties are currently in production. Our mineral exploration and mining lease payments are classified as selling, general and administrative expenses in the condensed consolidated statements of operations.

On December 18, 2024 and amended on June 6, 2025, the Company executed a membership interest purchase agreement (the “Mackay MIPA”) with Mackay Precious Metals Inc. (“Mackay”) pursuant to which the Company sold all of its right, title, and interest in its wholly owned subsidiary Comstock Northern Exploration LLC, and the Company's 25% interest in Pelen Limited Liability Company (“Pelen”), for an aggregate purchase price of $2,950,000. Pursuant to a royalty agreement between the Company and Mackay, dated December 18, 2024 (the “Mackay Royalty Agreement”) the Company was to receive a 1.5% royalty of Net Smelter Returns (as such term is defined in the Mackay Royalty Agreement). On January 9, 2026, the Company and Mackay entered into a Royalty Purchase and Sale Agreement, wherein the Company sold to Mackay 100% of the Company’s right, title, and interest in and to a 1.5% net smelter returns royalty covering certain patented and unpatented mining claims and leased properties located in Storey County, Nevada, for an aggregate purchase price of $1,100,000, all of which was received on or before January 20, 2026. On February 22, 2026, the Company agreed to a minor modification to the non-compete language associated with the prior purchase of properties by Mackay and received an additional $300,000 in consideration from Mackay. During the three-months ended March 31, 2026, the Company recognized a total gain on sale of royalty rights of $1,400,010 in the condensed consolidated statements of operations. 

Assets and Liabilities Held for Sale 

In the first quarter of 2026, the Company committed a plan to sell the mining assets and related mining entities. The related assets and liabilities were classified as Held for Sale and $22,732,293 was classified as Assets Held for Sale and $6,651,319 was classified as Liabilities Held for Sale on the condensed consolidated balance sheet as of March 31, 2026. 

The Company’s assets and liabilities held for sale at March 31, 2026, include the following:

Assets held for sale	March 31, 2026
Mineral properties	$	11,160,121
Water rights		90,000
Buildings, land and equipment, net		7,353,714
Reclamation bond deposit		4,105,585
Other		22,873
Total assets held for sale	$	22,732,293

Liabilities held for sale	March 31, 2026
Reclamation liability	$	6,591,724
Other		59,595
Total liabilities held for sale	$	6,651,319