Comstock (NYSEAMERICAN:LODE) CEO Corrado De Gasperis said the company has undergone “almost a complete transformation,” shifting from its historical gold and silver mining roots into what he described as “urban mining” focused on recycling end-of-life solar panels and recovering renewable metals and critical minerals. De Gasperis made the comments during a fireside chat moderated by Robert Blum, managing partner at Lytham Partners.
From legacy mining district to “renewable metals”
De Gasperis said Comstock paused its historical mining activity in 2016 and pursued a new thesis that remains metals-based but centers on renewable sources. He framed solar panel recycling as an increasingly important part of the electrification economy, noting that photovoltaic systems consume “10% or more” of annual silver supply and arguing it is “incredibly wasteful” to dispose of panels in landfills.
A growing end-of-life problem for solar panels
De Gasperis described the coming wave of solar panel retirements as “monstrous,” citing estimates of roughly 1.2 billion to 1.4 billion panels already deployed in the U.S. and “10 billion-plus” worldwide. While panels were “supposed to last 25+ years,” he said early installations—particularly in hot desert regions—are being removed after 12 to 17 years due to environmental stress such as daily heat and cold swings.
He said utilities “didn’t have end-of-life solutions baked in at the front end,” and outlined what he sees as an evolving timeline for industry response:
- 2024: “getting their head around the problem” and aligning on the scope
- 2025: “starting to agree on the direction of the solution” and evaluating options
- 2026: budgets and resources being established, with “master service agreements and material flow starting to come to our plants”
Regulatory and policy backdrop
In discussing disposal economics, De Gasperis said landfills are often the first part of the system to feel the impact because solar panels can be considered hazardous under federal RCRA regulations. He said Comstock channel-checked disposal pricing and found landfill disposal to be expensive, and he indicated the company is not aware of “major institutional landfill companies” taking the materials at scale.
He also discussed perceived policy uncertainty around the change from the Biden administration to the Trump administration, saying Comstock was “pleasantly surprised” by early executive orders focused broadly on energy. He added that the government’s interest in critical minerals is tied to national security and domestic supply chains, referencing “funding opportunities” aimed at recovering critical minerals from waste streams, mine tailings and industrial tailings.
Competitive positioning: location, logistics and process
De Gasperis highlighted three areas he views as key advantages: geography and permitting, logistics, and technology. He said California, northern Arizona and Nevada are early adopters of solar and could represent more than half of the U.S. end-of-life market over the next five years. He emphasized Nevada’s regulatory framework and said the state held Comstock to a high standard in defining what qualifies as recycling.
De Gasperis said Comstock operates what he called a “zero waste solution,” asserting the company generates no wastewater, uses no chemicals, has no harmful emissions, and has not sent “one ounce of waste to a landfill.” He argued this would be difficult for competitors to replicate quickly. On technology, he contrasted Comstock’s approach with mechanical disassembly, saying the company works “at the molecular level” to remove polymers, plastics and laminates so metals and other outputs are contaminant-free. He credited President Dr. Villamagna—whom he said has multiple chemistry-based PhDs and decades of industrial plant experience—for helping build the process and scale it after years of data collection across “over 30” panel types. He also said the company’s equipment suppliers are restricted by agreement from manufacturing Comstock’s designs for competitors.
Plant rollout and business model economics
De Gasperis said Comstock’s northern Nevada facility near the California border has operated for more than two years as a “demonstration scale” operation and has been running three shifts. He said the company is commissioning an “industrial scale” facility designed to process up to 3.3 million panels per year, with panels loaded “every seven seconds.” He reiterated company guidance that the plant would be running in the second quarter, adding he would like it online in May, though it could be late May or early June due to equipment lead times.
He said Comstock is also advancing a second facility in southern Nevada with permits described as identical to the first; he said permits have been submitted and equipment could be ordered in May, targeting startup in early 2027. De Gasperis said Comstock has also secured a site in Ohio and is evaluating additional locations including Texas and the Southeast.
Blum asked De Gasperis to explain Comstock’s “two revenue engines.” De Gasperis said the company is paid upfront to take and “explicitly and absolutely” terminate customers’ environmental liabilities, and in some cases also earns fees for decommissioning services to help move panels into its facilities. On the back end, he said Comstock sells recovered aluminum, glass and tailings that contain valuable metals. He provided an example of unit economics, saying that at current silver prices intake could be “almost $500 a ton” and offtake “almost $500 a ton,” with fully utilized plants costing “less than $200 a ton” all-in.
Looking ahead, De Gasperis said investors should watch for commissioning and ramp-up progress in Q2, growth in revenues and customers, and potential strategic partnerships. He also said the company is “monetizing our mining assets” and other “real estate-based assets” to help fund faster expansion of its solar recycling footprint.
About Comstock (NYSEAMERICAN:LODE)
Comstock Mining, Inc (NYSE: LODE) is a growth-oriented mineral exploration and production company focused on the historic Comstock Lode in Virginia City, Nevada. The company’s primary business activities include the development, extraction and sale of gold and silver from its flagship Lucerne project. Comstock leverages modern mining techniques and infrastructure to access high-grade ore bodies in one of North America’s most renowned silver-gold districts.
In addition to its core precious metals operations, Comstock Mining maintains a commercial real estate division centered in Virginia City’s historic district.
