LODE

Comstock is a concept, not a business. FY2025 revenue was just $1.55M — and it *fell* 48.5% year-over-year, from $3.02M in FY2024 — against a $43.1M net loss and a -$24.4M operating cash outflow. The market is paying $310M for that $1.55M of sales, a P/S of 199.8x, which is not a valuation you can defend with any fundamentals; it is pricing a solar-panel-recycling and renewable-fuels vision (Comstock Metals, Bioleum) that is still in the installing/testing/commissioning phase. Management's own MD&A confirms the flagship industry-scale recycling plant only began equipment installation in Q1 2026 — revenue at scale is a future, uncertain event.

The filing removes any ambiguity about risk. Management states outright it 'need[s] additional capital... to continue as a going concern' and warns there is 'substantial risk that the Company would be unable to continue as a going concern.' The Risk Factors call the stock 'highly speculative,' say it 'should be purchased only by persons who can afford to lose the entire amount invested,' and note the company 'has yet to generate positive operating income.' With only $17.0M of cash against a $24.4M annual burn, the runway is under a year — meaning more of the dilution that already ballooned shares outstanding 205.7% in a single year (even after a 1:10 reverse split in Feb 2025 that flatters the optics). Retained-earnings deficit sits at -$379M.