Comstock Fuels and Gresham's Eastern Execute Definitive Agreements

Finalizes Commercial Licensing Agreement in Pakistan for SAF and Other Renewable Fuels

OKLAHOMA CITY, Feb. 13, 2025 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) today announced the execution of a definitive master license agreement between Comstock Fuels Corporation ("Comstock Fuels") and Gresham’s Eastern (Pvt) Ltd ("Gresham’s"), a leading sustainable energy engineering, equipment, and construction company based in Pakistan. Under the agreement, Comstock Fuels granted Gresham’s a license to develop and manage facilities based on Comstock Fuels’ advanced lignocellulosic biomass refining processes in Pakistan.

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Gresham’s plans to initially develop a commercial demonstration facility in Lahore, Pakistan, capable of processing 75,000 metric tons of biomass annually, marking Comstock Fuels’ fifth licensed refinery project under contract. The Lahore facility will generate the prerequisite operational and economic data for scaling up to a 1,000,000 metric tons per year (MTPY) commercial facility, aligning with the rapidly growing global demand for sustainable aviation fuel (SAF). Gresham’s plans to develop several similar facilities, utilizing locally available agricultural and forestry residuals, as well as sustainably grown energy crops, potentially unlocking billions of dollars in exports while positioning Gresham’s as a key contributor toward Pakistan’s commitment to 60% renewable energy by 2030.

Mian Suhail Husain, CEO of Gresham’s, commented, "We are focused on deploying truly scalable and sustainable energy solutions in Pakistan. We are on the doorstep of a globally significant opportunity where our combined competencies can generate significant economic growth for our nation and communities alike."

Pakistan’s abundant biomass resources provide an ideal foundation for developing a renewable fuel production ecosystem, fulfilling regional demand while targeting export markets across the Middle East and North Africa (MENA). Pakistan produces about 100 million metric tons of agricultural residue biomass per year, enough to produce 14 billion gallons of renewable fuels annually at Comstock Fuels’ proven yields of up to 140 gallons per dry metric ton on a gasoline gallon equivalent (GGE) basis.

David Winsness, President of Comstock Fuels, stated, "Gresham’s is well positioned to make a transformative contribution to Pakistan’s economic development and sustainable energy objectives. This partnership showcases the quality and speed of global adoption of our industry-leading solution, and we’re excited to get started in Lahore and well beyond."

Under the agreement, Gresham’s will lead the development, financing, construction, and management of facilities based on Comstock Fuels’ proprietary Bioleum refining technologies. Each Bioleum Refinery will operate under a site-specific license agreement to ensure compliance with Comstock Fuels’ performance and quality standards. Comstock Fuels will contribute site-specific technology rights in exchange for a:

• 20% equity stake in each Bioleum Refinery,
  
• 6% royalty fee on each refinery’s product revenues,
  
• 6% engineering fee equal to total capital and construction costs.
  

The agreement also grants Gresham’s exclusive rights to market projects based on Comstock Fuels’ technologies in Pakistan, subject to satisfying a series of commercialization milestones, including:

• Financing,
  
• Construction,
  
• Commissioning of Gresham’s planned Lahore facility and multiple subsequent commercial facilities.
  

About Gresham’s Eastern (Pvt) Ltd.

For the better part of six decades, Gresham's name has been synonymous with Quality and Innovation. Today, Pakistan-based Gresham’s is a premier project developer, engineering, equipment fabricator, and construction company focused on deploying technology-leading, sustainable energy solutions and initiatives across Pakistan. To learn more, visit www.gel1947.com.

About Comstock Fuels Corporation

Comstock Fuels Corporation (“Comstock Fuels”) delivers advanced lignocellulosic biomass refining solutions, setting industry benchmarks for the production of cellulosic ethanol, gasoline, renewable diesel, SAF, and other renewable Bioleum™ fuels with extremely low carbon intensity scores of 15 and market-leading yields of up to 140 gallons per dry metric ton of feedstock (GGE basis), depending on feedstock, site conditions, and process parameters.

Comstock Fuels additionally holds exclusive rights to intellectual properties developed by Hexas Biomass Inc. for the production of purpose-grown energy crops in liquid fuels applications, with proven yields exceeding 25 to 30 dry metric tons per acre per year. The combination of Comstock Fuels’ high-yield Bioleum refining platform and Hexas’ high-yield energy crops allows for the production of enough feedstock to generate upwards of 100 barrels of fuel per acre per year, effectively transforming marginal agricultural lands into regenerative ‘drop-in sedimentary oilfields’ that dramatically boost regional energy security and rural economies.

Comstock Fuels plans to contribute to domestic energy dominance by building, owning, and operating a network of Bioleum Refineries in the U.S. to produce 200 million barrels of renewable fuel per year by 2035. The company’s first 400,000-barrel-per-year commercial demonstration facility is planned for Oklahoma. Comstock Fuels also licenses its advanced feedstock and refining solutions to third parties for additional production in the U.S. and global markets, including several recently announced and pending projects. To learn more, visit www.comstockfuels.com.

About Comstock Inc.

Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that are deployable across entire industries to contribute to energy abundance by efficiently extracting and converting under-utilized natural resources such as waste and woody biomass into renewable fuels, and end-of-life electronics into recovered electrification metals. Comstock’s innovations group is also developing and using artificial intelligence technologies for advanced materials development and mineral discovery for sustainable mining. To learn more, visit www.comstock.inc.