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Comstock Mining Inc.


Comstock Mining Inc. is a producing, Nevada-based, gold and silver mining company with extensive, contiguous property in the Comstock District. Its near-term goals are to deliver stockholder value by validating qualified resources (Measured and Indicated) and reserves (Proven and Probable) of at least 3,250,000 oz Au eq from its first two resource areas, Lucerne and Dayton, to achieve initial commercial mining and processing operations in the Lucerne mine with annual production rates of approximately 40 Koz Au eq and to significantly grow the commercial development of its operations through coordinated, district-wide plans that are economically feasible and socially responsible.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

H.C. Wainwright & Co. (11/20/14) "We are maintaining our Buy recommendation on Comstock Mining Inc. . .we highlight the company's relatively large land package and continue to believe the firm may continue to expand its footprint throughout the area, ultimately increasing production."

Jeff Wright, H.C. Wainwright & Co. (11/6/14) "Comstock Mining Inc. reported encouraging Q3/14 results, with year-to-date gold and silver pours increasing 15% and 33%, respectively. Further, the company expanded and amended its landmark Storey County special use permit, which allows the firm to expand its mining and processing capabilities, in addition to increasing the land holdings throughout Storey and Lyon counties to almost 8K acres."

Resource Investing News (11/2/14) "While Comstock Mining Inc. may be more known for its gold deposits, it has a rich history of silver deposits in Nevada as well. . .centered in the Comstock lode district. . .in two to three years, the company has mined almost 27 Moz silver. . .the company is looking to start drilling again at the end of the month to expand its project and is planning on expanding its development of the Dayton area next year."

Teresa Matich, Resource Investing News (10/28/14) "Comstock Mining Inc. has worked quickly and efficiently to consolidate land and historic data in Nevada, secure permits, build a mine and move into production in just a few years. The company was also granted a substantial, unprecedented permit expansion in early September, increasing its permitted land holdings by roughly seven fold. Comstock is now expanding its mine plans and ramping up production while continuing to reduce costs."

Heiko Ihle, H.C. Wainwright & Co. (10/3/14) "On September 30, 2014, and October 1, 2014, we visited the Comstock Mining Inc. properties in Virginia City, NV. During the visit, we were once again reminded of the large amount of historic activity at the Comstock. Given the long time that the site has been in production, we highlight the large amount of tailings and infrastructure that is already in place at the site. . .the area has substantial mine life left, which has been enhanced by additional land purchased by the company."

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The Gold Report Interview with Jeb Handwerger (8/11/14) A company in Nevada that is quite exciting is Comstock Mining Inc. The company is increasing production and lowering costs in the historic Comstock district. This year Comstock is putting some of that capital into drilling an area with some of the best exploration potential in Nevada. . .Comstock's started off at 10 Koz/year; now it's targeting 40 Koz/year. Comstock could likely make it to 100 Koz/year by 2016–2017. In the meantime, the company could make another discovery. Some drill results in the Chute Zone look promising. It could be onto something there." More >

The Gold Report Interview with Ralph Aldis (7/30/14) "A major holding is Comstock Mining Inc., which is a very interesting story. The man behind it is John Winfield, a self-made billionaire in the real estate market. He recognized the potential of the former Comstock mining district in Nevada and spent time getting all the property interests in the region locked up. Comstock started production over a year ago at about 10 Koz/year. It doubled that and now it's targeting a 40 Koz run rate in H2/14. In H1/14 the strip ratio was about 7:1. That ratio is going to drop in the second half of this year and with the expanded production volume I think Comstock is going to turn a profit. The company has permits to reach 4 Mt/year so Comstock should be a 100 Koz producer by 2016. It's a situation where people are creating value and John Winfield knows how to make money." More >

Heiko Ihle, H.C. Wainwright & Co. (7/23/14) "Comstock Mining Inc. reported Q2/14 revenues of $6M through the sale of 4,645 oz gold and 48,621 oz silver; this compares with Q1/14 sales of $5.6M through the sale of 4,546 oz gold and 49,292 oz silver, respectively. In our opinion, operational efficiencies employed by management seem to be taking hold at the site."

The Gold Report Interview with Chris Mancini (7/9/14) "We own Comstock Mining Inc. Comstock is primarily an exploration company, but it did a good job of bringing its Lucerne project into production so that it could weather this downturn relatively well. The company should be cash flow positive from Lucerne while it explores and defines the Dayton deposit in Nevada—still one of the most prolific gold and silver bearing regions in the world. We're waiting to understand the economics of the company's total mineral inventory in the region before taking a larger position. Last year Comstock mined around 20 Koz gold. It should increase to around 40 Kt this year, but the real key is the economics around the millions of ounces that Comstock has found in the district. Can Comstock become a 200 Koz heap-leach producer in a great jurisdiction with some underground exploration potential? This is the Comstock Trend in Virginia City, just south of Reno, that was mined in the 1800s. The city of San Francisco was essentially built from the cash that was generated from the Comstock mine." More >

Heiko Ihle, H.C. Wainwright & Co. (6/9/14) "We are initiating on Comstock Mining Inc. with a Buy rating and a $3/share price target. We believe the Dayton site coming online in 2017 will serve as a catalyst for potential upside while current mining at the site should commence at a good clip."

The Mining Report Interview with Jeb Handwerger (3/18/14) "There are very few producers that have the strength in the balance sheet that Comstock Mining Inc. has. It may be the gem of the entire mining industry. This balance sheet may begin to really start improving this quarter. Comstock recently announced it secured more than 300 acres of land, so there's expansion opportunity. The company has an expanded mine plan, which includes additional operations, such as the Spring Valley and the Dayton Project.

"What it's demonstrating to the institutional investors, who are increasing their holdings in this stock, is that it may be one of the fastest-growing producers in the entire industry on track to go from 20–200 Koz/year. The management of the company continues to seek guidance and build institutional shareholders. Now it's on the verge of generating free cash flow in the coming quarters because it's increasing production. It went from 20 Koz to 40 Koz. This brings its average costs down, generating greater profit. I've been to the property. This is a historic district, the Comstock district, which in the 1800s produced billions of dollars worth of gold and silver, largely underexplored by modern methods. It's one of the few companies that's actually able to generate cash flow, even in a lower cost environment, as most of the ounces are near surface and heap-leach amenable." More >

Jeb Handwerger, Gold Stock Trades (3/11/14) "Comstock Mining Inc. just released financial results for year-end 2013 that showed dramatic fundamental growth and increase in the intrinsic value of the company. Comstock recently completed a major expansion that could increase production by 100%. This could reduce unit costs and increase free cash flow. . .the company continues to outperform the senior gold miners and the junior gold miners and is in a significant uptrend during this recent correction in the sector."

Jeb Handwerger, Gold Stock Trades (2/4/14) "Comstock Mining Inc. may be the gem in the mining industry [as its] balance sheet is actually strengthening. . .the company just announced that it secured more than 300 acres of private land that allows for very valuable expansion opportunities. . .Comstock's expanded mine plan, which includes additional operations such as Spring Valley and Dayton with a centralized processing facility, could demonstrate to the institutional investment community that Comstock may be one of the fastest-growing producers, with a clear path to producing more than 200 Koz annually. . .the management of the company continues to impress me by overdelivering on promises."

The Mining Report Interview with Jeb Handwerger (12/10/13) "A success story that I have followed for about a year and a half is Comstock Mining Inc. The company is growing production, with the goal of building free cash flow and sustaining itself. The management and technical team is very impressive, with proven track records. . .the company is coming closer to creating earnings per share and free cash flow. It expanded its heap-leach pad. It is going up to 40 Koz/year, which will bring average costs down, generating greater profit. The company has the potential to grow production to possibly 200 Koz over the next few years. I visited the property and was very impressed by the experienced team that has been put together to advance such a high-quality producing operation.

Comstock is a junior that is actually producing, with good margins. The company could soon generate positive earnings per share possibly, in Q1/14. This cash flow and sustainability could allow Comstock to explore and add to its massive reserves without diluting current shareholders. Comstock is literally just scratching the surface right now. Its geological team is really excited about exploration, as there are numerous high-grade bonanza targets, most notably the Chute zone. The next few quarters could be huge for this company, as it should achieve positive earnings. Do not be surprised to see majors looking at the company's operations, should the gold price turn higher. Comstock has been flat for two years despite major fundamental progress. To me, this is a screaming buy. The stock is way undervalued and that is why some smart contrarian funds like Century Management have bought millions of shares. Follow the savvy value funds." More >

The Gold Report Interview with Mike Niehuser (12/4/13) "I recently visited the Grass Valley area of California and Virginia City, Nevada. I really like what Comstock Mining Inc. has done. The company has won over the community and local government, and brought the historic Comstock into production. Comstock should soon double the rate of production in 2014 to 40,000 ounces of gold annually, which should reduce the costs of production ahead of further declines in the price of gold. Should gold prices increase, the company should have cash for exploration. It appears to have a good geologic model with the potential to expand the resource. So there is both production and exploration upside." More >

The Gold Report Interview with Sean Brodrick (11/12/13) "I recently visited Comstock Mining Inc., which is trading near the low end of its range. However, it is ramping up its production and will be able to do incredibly well. . .there are some smart geologists on Comstock's team who have been doing excellent modeling. The drill results seem to be bearing this out. The company is going to be finding a lot more ore. It is already getting nice results—every time it drills, it comes up with something good. I expect we'll see more and better news. Comstock has the right geologists, knows that it's in the right place, has a plan for how it should unfold and is following that plan. It should work out great." More >

Jeb Handwerger, Gold Stock Trades (10/30/13) "Comstock Mining Inc. recently reported that for the three months ending Sept. 30, it shipped a record amount of gold and silver and is on track to deliver 20 Koz gold for 2013; this is a significant achievement during one of the worst bear markets in gold mining history in 2012 and 2013. . .amazingly, the price is still near lows but may not be for too long. To me the company is an excellent buying opportunity."

The Gold Report Interview with Marshall Berol (10/30/13) "I recently visited Comstock Mining Inc. It has put together a major land package in the Comstock Lode area south of Virginia City, Nevada. It has been in production for about one year, and projects doubling its production to 40,000 oz gold equivalent in 2014, from 20,000 oz gold equivalent in 2013. The key for Comstock will be continued production expansion, which should lead to a lower cost of production per ounce and increased cash flow and operating margins. Increased exploration, which is ongoing, is likely to increase production and cash flow over time." More >

Jeb Handwerger, Gold Stock Trades (10/10/13) "One excellent company that should be on everyone's radar is Comstock Mining Inc. . .it recently announced that it raised $8.6M for expansion of production and shows that major capital is supporting this operation. . .I have been to the property and Comstock has great infrastructure with lower capital costs than many of the majors."

The Gold Report Interview with Bob Moriarty (10/2/13) "There is Comstock Mining Inc., which continues to produce. The company is growing, adding to its resource. It produces 25 Koz of gold equivalent." More >

Jeb Handwerger, Gold Stock Trades (8/23/13) "Comstock Mining Inc. is well capitalized on the premier New York Stock Exchange and has increasing institutional support. . .this outperformance during the hard times may forecast its emerging leadership in the gold mining sector. . .the company has great potential to grow to 40 Koz gold, on its path to 150 Koz with the addition of the Dayton Mine. Not only should the company be able to produce a potential cash flow, but these funds could possibly sustain major resource growth without having to continue to dilute shareholders by relying solely on the capital markets."

The Gold Report Interview with Chris Mancini (8/19/13) "Comstock Mining Inc. built its Nevada mine in an unconventional way. In a typical Canadian model, a company would go out and spend a lot of money drilling a deposit, then trying to finance it into production or sell it. Comstock knew that it had gold: a very economic, small, oxidized, heap-leachable deposit. It decided to bring that into production while still exploring. So now it is cash-flow generative and will become more so as the mine scales up. As it explores, it will be able to show how big the deposit could be." More >

Jeb Handwerger, Gold Stock Trades (8/15/13) "High-quality emerging producers such as Comstock Mining Inc. should be accumulated now before the herd starts moving in. . .the company has outperformed during the decline in 2013 and should outperform on the upside. . .with a gold market just beginning to make a new leg higher, watch Comstock break out at $2.20 and make a move higher to $3."

Ben Kramer-Miller, Seeking Alpha (6/24/13) "Comstock Mining Inc. offers enormous upside for gold bulls. . .the company's management has the ability to create shareholder value in the face of serious headwinds, and this factor mitigates the risk of a depressed gold price."

Jeb Handwerger, Gold Stock Trades (5/31/13) "Comstock Mining Inc., in Nevada, recently announced Q1/13 financial results and a production update that showed over six weeks of producing 425 oz/week gold. This is ahead of schedule and a positive announcement. . .additionally in Q1/13, the company published its fourth NI 43-101 technical report, which validated over 3.2 Moz Au eq and the 'Chute zone' high-grade, bonanza discovery."

Jeb Handwerger, Gold Stock Trades (5/31/13) "Comstock Mining Inc.'s first quarter update showed over six weeks of producing 425 oz Au per week, which is ahead of schedule and a positive announcement. . .the company shipped 2,261 oz Au and 15,599 oz Ag in the first quarter. . .additionally, the company published its latest NI43-101 report that validated over 3.2Moz AuEq and the “Chute Zone” high grades, bonanza discovery. . .Comstock is one of the few junior gold miners exceeding production targets, paying down debt and showing excellent resource growth in a mining friendly jurisdiction."

Brian Post, ROTH Capital Partners (5/13/13) "Comstock Mining Inc.'s Q1/13 financial results were healthy. . .operational throughput has increased substantially now that the company is able to utilize more efficient off-highway ore transport, which is now running at permitted capacity, and cost savings have been realized. This increase has happened faster than we had anticipated. . .we are pleased with Comstock's progress and look forward to the next major catalyst. . .given the company's positive momentum and producer status, we believe Comstock shares are an attractive option for investors looking to take advantage of depressed valuations in the sector."

The Gold Report Interview with Jeb Handwerger (4/1/13) "I also like Comstock Mining Inc., which is a new Nevada producer that is expected to mine 20 Koz gold this year. Very few miners have the cash flow from production to sustain low-cost growth. Comstock Mining may have that ability to continue to grow resources at a low cost with cash flow from producing properties." More >

Jeff Wright, Global Hunter (2/8/13) "Comstock Mining Inc. provided a NI 43-101 resource update, which showed a total of 3.2 Moz gold equivalent between the Lucerne mine and the Dayton project. This was in line with the company's expectations. . .we view the modest increase positively."

Jeff Wright, Global Hunter Securities (2/7/13) "Comstock Mining Inc. provided an NI 43-101 resource update, which showed a total of 3.2 Moz Au eq. between the Lucerne mine and the Dayton project. This was in line with the company's expectations and reflects an increase at the Lucerne mine of 241 Koz since the previous update in November 2011. . .we continue to rate Comstock a Speculative Buy with a $3.75 price target."

Brian Post, ROTH Capital Partners (2/5/13) "We are initiating coverage on shares of Comstock Mining Inc. with a Buy rating and $4 price target. . .we believe the company is poised to ramp production at its newly commissioned Lucerne project and develop its remaining asset portfolio in the coming years. . .we expect production rates at [the] Lucerne project can reach 20 Koz Au eq annually once current operating assets reach full capacity. . .Comstock's potential to rapidly increase its precious metal production profile, along with the opportunity to develop additional producing assets, is undervalued, in our view."

The Gold Report Interview with Mike Niehuser (2/1/13) "I visited Comstock Mining Inc.'s project near historic Virginia City, Nevada. I was there when it commenced leaching gold and later for its first pour celebration. I was floored by the progress made since I visited the same project under different management about three years earlier. From a U.S. perspective, the historic Comstock district is the origin of modern mining techniques and technology. When mining met its limits, the area was closed until it was consolidated under the prior owner. The new management team brought in an entirely new approach, establishing credibility among local stakeholders and investors.

In a short period Comstock built a several million ounce gold equivalent resource. Its goal for 2013 is to produce about 20,000 oz gold. This requires only one quarter of the operations capacity. I was most pleased on the visit to see the exploration down the valley and the potential to build a much larger resource and quadruple production in the near future. Nevada is a great place to be, from a political perspective and as a jurisdiction friendly to mining." More >

Jeff Wright, Global Hunter Securities (1/31/13) "Comstock Mining Inc.'s guidance for 2013 of 18–20 Koz Au eq. of production was above our prior expectations of 16,600 oz Au eq. . .the company continues to increase production rates at the Lucerne mine, supporting our view of Comstock as a turnaround story with growth potential. We reiterate our Speculative Buy rating and $3.75 price target."

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