| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 426 | $3.22 | $1,372 | 0.06% | $3.49 | $-113 | -7.6% | — |
In short: The issue's longest company piece, and deliberately not about recycling: it is about the land. Comstock now owns 47.63% of Sierra Springs Opportunity Fund (aiming past 50%), which closed 150+ parcels — 2,000+ acres and nearly 2,000 acre-feet of water rights, taking holdings past 2,200 acres plus 258 adjoining acres Comstock owns outright, at ~$20m of scarce cash. A Great Basin Gas Transmission surety stepping from $22m to $54m by end-2027 secures power equivalent to 250–300 MW, with a follow-on potentially reaching 1.2 GW. Why firm gas reprices the dirt: unpowered land trades at $2,500–$10,000/acre while power-ready Texas sites have gone for ~$800,000 and Northern Virginia's median reaches $2.8m — "a 100x spread on physically similar ground." Corrado's comps put the powered-land thesis at $400–600m, so ~$240m attributable against a ~$250m market cap, leaving the recycling plant, the $45m Mackay asset sale and Bioleum "all in for about $10 million." Risks stated: nothing is signed, a small buyer pool, 90–150 days of diligence, no sale likely before year-end — and if it slips, those power payments are "potentially something I am worried about." Cost basis $2.36, 100% allocated.
Comstock is publicly known as a solar-panel recycler, but Mart argues the value right now sits in dirt. Through a 47.63%-owned vehicle (Sierra Springs Opportunity Fund) it controls over 2,200 acres in Lyon County, Nevada, plus nearly 2,000 acre-feet of water rights and 258 acres it owns outright next door.
The reason that matters is a pricing quirk in the data-centre land market. Land with no confirmed electricity trades for $2,500–$10,000 an acre. Land with power a buyer can actually underwrite has sold for ~$800,000 an acre in Texas and a median of $2.8m in Northern Virginia — a 100x spread on physically identical ground. Comstock has now guaranteed a gas-transmission arrangement securing the equivalent of 250–300 megawatts, which is what converts its acres from the cheap category to the expensive one.
Run the arithmetic he runs: if the package sells in the $400–600m range management points at, roughly $240m is attributable to Comstock — against a market value near $250m. That implies the recycling plant, a $45m asset sale and everything else are being valued at about $10m. The bear case he states himself: nothing is signed, the buyer pool at that size is small, diligence takes 90–150 days, and if no sale happens the escalating power commitments (rising to $54m by end-2027) become a liability rather than an asset.
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In short: Adding at $2.91 to an already "very overweight" position — the day's move is "frankly ridiculous" with "nothing fundamental that warrants this," and SSOF alone is worth 1.5–3x the current market cap on paper; he also layered in Dec-18-26 $5 calls at $0.20 as a "very speculative" bet on a higher second half. Risk stated plainly: first-of-a-kind facility, "if they don't deliver this is going a whole lot lower."
Comstock is a US company whose main business is recycling end-of-life solar panels — pulling the silver, silicon, aluminium and glass back out of panels that would otherwise be landfilled — with its first commercial plant, "SSOF," being built at Silver Springs, Nevada. The whole investment case rests on that one plant working: it is a first-of-a-kind facility, meaning nobody has run this exact process at this scale before, so there is no track record to point at when something goes wrong.
On this day the shares fell hard with no company news attached. Mart looked for a reason — and had other analysts who own the stock look too — found nothing fundamental, and concluded the move was the market, not the business. So he bought more at $2.91, on top of a position he already describes as "very overweight." His anchor for value is that the Silver Springs facility on paper is worth roughly 1.5 to 3 times what the entire company is currently priced at — but he is careful to say that is a paper number, not a floor: "if they don't deliver this is going a whole lot lower."
Separately, and flagged as a different animal entirely, he bought call options — Dec-18-2026 $5 calls at $0.20 each. In plain words: he paid 20 cents per share for the right (not the obligation) to buy the stock at $5 any time up to 18 December 2026. If Comstock is well above $5 by then, that 20 cents is worth many multiples of itself; if the stock is anywhere below $5 on that date, the option simply expires and the entire 20 cents is gone. It is a small-premium, high-leverage side bet on the second half of the year — his words: "very speculative … do not invest with money you are not absolutely fine with potentially going to 0" — and it should be read as an add-on to the equity position, not as the position itself.
In short: Lyon County approved the North Lyon County Power GID — a behind-the-meter gas microgrid that brings immediate power to Silver Springs years ahead of NV Energy's ~2032 timeline, de-risking the ~2,200-acre data-center land SSOF (Comstock >51%) wants to monetize in 2026; Microsoft's Nighthawk project is nearby.
The part of Comstock that matters here is its stake (now >51%) in SSOF, which owns ~2,200 acres of land in Silver Springs, Nevada that Comstock wants to sell in 2026 as a data-center site. For a hyperscaler to write a nine-figure cheque for land, three gates must be cleared — power, clear title, and water — and out here power has always been the binding constraint, because the utility (NV Energy) has said it can't energize that corridor until ~2032.
The news: Lyon County approved the North Lyon County Power GID — a district that lets a behind-the-meter gas microgrid bring power online now, routing around the utility's decade-long wait, with NV Energy's Greenlink West backbone arriving ~mid-2027 as the eventual redundant feed. That directly de-risks the hardest part of the sales pitch: a buyer no longer has to imagine how powered land comes together on a workable timeline. Mart cautions the approval is for a neighboring district, not a signed contract on Comstock's exact parcels — but with Microsoft's Nighthawk project already active nearby, the "powered land keeps appreciating" thesis just got a concrete data point.
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In short: Named alongside LibertyStream as very attractive on this weakness, but he is already overweight the industrial names, so no add here.
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In short: Vegas commissioning underway; each facility targets $75m revenue; Mackay deal adds $45m+; Ohio hub in development — the Comstock cellulosic-ethanol flywheel accelerating; cost basis $2.36, 100% allocated.
Comstock is a cellulosic ethanol company — it converts woody biomass (wood waste, agricultural residues, forestry slash) into fuel-grade ethanol and chemical feedstocks using a proprietary enzymatic process. The Las Vegas-area facility is in commissioning right now, and each plant is designed to generate approximately $75m in annual revenue at steady state. The business model is to build, commission, license the technology, and collect revenue-share from third-party operators — making this a potential royalty-style compounder if the licensing pipeline fills.
The Mackay deal ($45m+ in anticipated revenue) and the Ohio hub in development demonstrate the model is being replicated beyond the flagship facility. Mart holds at $2.36 cost basis, 100% allocated — a high-conviction bet that the commissioning timeline delivers. The key risk is that cellulosic biofuel projects have a long history of commissioning delays and cost overruns; Mart sizes this knowing that risk and notes commissioning execution is the primary near-term signal to watch.
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In short: His biggest position (shares + short puts + long calls). Three sleeves: solar-panel→metals recycling (hopefully profitable/high-margin from 2027), a Bioleum call option, and a hugely under-priced Silver Springs data-center land/power option. At ~$4 "you're virtually getting metals for free"; ~$3m insider buying + a governance clean-up de-risk it.
Comstock is really three businesses in one. The first recycles end-of-life solar panels into valuable metals (including silver) — a "trash-to-cash" operation Uzo hopes turns profitable and high-margin from 2027. The second, "Bioleum," is a high-risk fuels venture he treats as a separate lottery ticket. The third is a big piece of land at Silver Springs, Nevada, in the industrial corridor next to Tesla's Gigafactory, with Google and Microsoft data centers nearby.
His core point is value hiding in plain sight. The market treats Comstock as just a recycling story, but the land — especially now that Comstock has lined up electricity for it — is worth "hundreds of millions," likely more than the entire company's market value. Land you can power is priced per megawatt, far above raw flat land, and Comstock has secured roughly 300 megawatts for 2028 plus a larger ~900-megawatt gas slug going firm. So at around $4 a share, once you credit the assets they're about to sell, "you're virtually getting the metals business for free." Recent insider buying (over $3m) and a board/governance clean-up make him comfortable; this is his single biggest position (shares, sold puts, and some call options). The risk: it's a turnaround with a checkered history, so the metals economics still have to scale as promised.
In short: First insider buying in ~2 years: over $3m in common shares purchased since April including board members — management is clearly enthusiastic about near-term commissioning prospects; if they deliver on near-term goals the stock can easily double by year-end.
Comstock (ticker LODE) is building a facility to convert organic material — woody biomass and similar feedstocks — into renewable fuels and other products. The company has been in construction and commissioning mode for some time, and the stock has been frustrating to hold. But this issue flagged something Mart views as significant: for the first time in nearly two years, company insiders — including board members — started buying shares in the open market to the tune of over $3 million since April.
Insiders sell for a long list of reasons — taxes, personal expenses, portfolio diversification. But they almost always buy for one reason: they believe the stock is going higher. A pattern of multiple insiders including board members putting over $3 million of their own money into the shares suggests real conviction in something that is about to happen, whether commissioning of the facility, a sale of mining assets, or another corporate catalyst. Mart's stated view: if they deliver on near-term goals, the stock can easily double by year-end. That is a catalyst call, not a perpetual thesis — the key is watching whether the commissioning milestones actually land.
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In short: One of his five top 2026 picks — a certified, zero-landfill solar-panel recycler with a silver kicker plus a Silver Springs data-center land/power option and a Bioleum fuels kicker; a single 100k-ton facility at guided economics could support ~2× the current market cap, and the whole thing turns on the first plant proving out in 2H-2026.
Comstock is a solar-panel recycling company that spent years looking like a confused miner — it had legacy gold-mining assets, a recycling idea and a fuels side-project all mashed together, which made it nearly impossible for investors to categorise or want to own. That is changing. The mining assets are being sold off, and what is left is the interesting part: a factory in Silver Springs, Nevada that takes dead solar panels and separates out the glass, aluminium and silver inside them, then sells those recovered materials back into the market. The crucial point is that Comstock is the only company in North America certified to do this at industrial scale without sending anything to a landfill — and at a moment when regulators are nervous about the battery-recycling industry (genuinely hazardous work), they apparently hold Comstock's operation in high regard and have even asked whether it could process other waste materials.
Why does the timing matter? Because 100,000 tons of solar panels are reaching the end of their life in the US this year, growing to 1 million tons by 2030 and 8 million tons by 2050, and most of that is in Nevada and the surrounding southwest — right where Comstock is building. Panels are already arriving and stacking up outside the plant for free; buyers for the recovered glass are lined up and will take every ton Comstock can produce (AI data-centre construction is driving explosive glass demand). The economics on paper are striking: one 100,000-ton facility is projected to generate roughly $75 million of cash profit a year, more than paying off its ~$15 million build cost within months. Five of those facilities at a conservative valuation multiple would imply a company worth $1.5 billion or more against a market cap of about $315 million today.
There are two side bets attached on top of that. First, 2,200 acres of land next to the hottest industrial corridor in the western US with up to 1.2 gigawatts of gas-fired power lined up by 2030 — data-centre real estate is valued by the megawatt, not the acre, so this parcel could be worth $300 million to over $1 billion once the power commitment is formally bonded. Second, a renewable-fuels business (Bioleum) that Mart currently values at zero because it is burning through cash and needs to close its next funding round within months — a real option, but unpriced until the money arrives. The whole investment comes down to one thing: the first plant commissioning and running as advertised in the second half of 2026. If it does, the gap between the current stock price and what this business could eventually be worth starts closing fast.
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In short: Extensive live investor tour of facilities and land assets; Mart followed it all closely and is spending time analyzing the new information — a comprehensive written report is planned shortly after the weekend.
Comstock held an extensive live investor tour of their facilities and land assets this issue. Mart followed the entire event closely but describes it as a lot to go through, and he is spending time this weekend carefully analyzing all the new information and data along with commentary and photos from attendees. A comprehensive written report is coming shortly after the weekend — this newsletter entry is effectively a placeholder with the substantive analysis to follow.
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