Comstock Mining (NYSE: LODE) reported Q1 EPS of $0.22, $0.25 better than the analyst estimate of ($0.03).

Unaudited First Quarter 2021 Selected Financial Highlights

• Total operating costs were a $0.3 million credit in Q1 2021, a $1.6 million, or 127%, decrease from the prior year quarter, due to lower mining and mine claim costs driven by a $0.8 million reduction in our reclamation liability estimate of and an accelerated $0.8 million Tonogold reimbursement benefit;
• Other income was $7.8 million in Q1 2021, a $6.8 million, or 676%, increase from the prior year quarter, principally resulting from a new derivative asset related to the investment in LINICO;
• Net income was $8.2 million, or $0.22 per common share, for the quarter ended March 31, 2021, as compared to a net loss of $0.3 million, or $(0.01) per common share, for the quarter ended March 31, 2020;
• Total assets increased to $70.0 million in Q1 2021, a 63% increase from year end 2020, driven by $17.0 million in equity raises, new investments in LINICO, and increases in notes receivable and advances;
• Total debt decreased to $0, a 100% decrease from year end 2020, as all debt obligations were extinguished;
• Cash and cash equivalents at March 31, 2021, were $10.3 million; and
• Common shares outstanding at March 31, 2021, were 42,455,515.

Mr. De Gasperis stated, “We have completed a remarkable transformation of our balance sheet, begun increasing our engineering and technical competencies, completely repositioned into growth assets, with more to come, and aligned compensation organizationally with our shareholders. If we do not deliver, we do not vest, it’s that simple.”

For earnings history and earnings-related data on Comstock Mining (LODE) click here.