Comstock Mining, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Production Results for the Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015
January 29, 2015 at 07:30 am EST
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Comstock Mining, Inc. reported earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported mining revenue of $24.7 million in 2014 as compared to $24.1 million in 2013, an increase of 3%, resulting primarily from higher gold ounces produced in 2014, as compared to 2013, somewhat offset by lower average gold price per ounce. Net loss for the fourth quarter of 2014, was $1.4 million or $0.02 loss per share, as compared to $5.5 million, or $0.09 loss per share, for the fourth quarter of 2013.
The company reported net loss for the year ended December 31, 2014, was $9.6 million or $0.17 loss per share, as compared to $21.3 million, or $0.42 loss per share, for 2013. Net cash used in operations was $2.4 million for fiscal year 2014, as compared to $10.3 million for fiscal 2013, an improvement of $7.9 million, or 76%. Capital asset purchases of $2.6 million.
For the full year, the company reported metal pours totaled 19,601 ounces of gold and 222,416 ounces of silver, during 2014, as compared to 17,739 ounces of gold and 186,482 in 2013, a 10% increase for gold ounces and a 19% increase for silver ounces. During 2014, the Company crushed and stacked 700,754 dry tons of mineralized material, delivering 21,243 estimated ounces of recoverable gold and 369,110 estimated ounces of recoverable silver to the leach pads with weighted average gold grades of 0.030 ounces per ton.
The company expects positive net income and positive cash flow from operations and investing activities during the first half of 2015, while also commencing expansion and mining activities to the east of the Lucerne mine, development of an underground Lucerne mine, finalizing a Dayton mine plan and commencing permitting for the Dayton Resource Area. For 2015, the Company plans on spending up to $2.8 million in capital expenditures, primarily infrastructure and development needs for the expansion of the Lucerne Mine and related heap leach processing capacity, including expansion for cell 9 of approximately $1.5 million and the at-grade crossing of $0.4 million for mining of the East Side of the Lucerne resource area.
Comstock Inc. commercializes technologies that enable systemic decarbonization and accelerate the energy transition by converting under-utilized natural resources into renewable energy products, and by leveraging physics based artificial intelligence for mineral and materials discovery. The Company's segments include Fuels, Metals, Mining, Strategic Investments and Corporate Services. The Fuels segment develops and commercializes technologies that extract and convert wasted and unused lignocellulosic biomass into intermediates for refining into advanced renewable fuels. The Metals segment includes its photovoltaic recycling facility. The Mining segment owns or controls twelve square miles of properties of patented mining claims, unpatented mining claims and surface parcels in northern Nevada, including six and a half miles of continuous mineralized strike length and has a measured and indicated mineral resources containing around 605,000 ounces of gold and 5,880,000 ounces of silver.
Comstock Mining, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Reports Production Results for the Full Year Ended December 31, 2014; Provides Earnings Guidance for the Year 2015
COMSTOCK INC. 
