Mackay Gold & Silver Corp. has completed its acquisition of 100% of Comstock Inc.’s mining assets in Storey County and Lyon County, Nevada, expanding its land holdings by 70% to 4,343 hectares. The transaction consolidates the largest claim package held by a single operator in the history of the Comstock District.

Under the terms of the agreement, the buyer paid US$20,000,000 in cash and issued 2,000,000 common shares at closing. A second-tranche payment of US$7,000,000 is due on or before December 21, 2027, with up to US$2,000,000 payable in common shares subject to exchange approval. The agreement also includes a conditional payment of US$10,000,000 payable if a construction decision is reached or a change of control occurs above US$500,000,000 within seven years. Comstock retains a 1.5% net smelter returns royalty, which Mackay can repurchase for US$3,500,000. On closing, Comstock assigned approximately US$4,000,000 in cash collateral for reclamation surety bonds covering the American Flats processing facility and Lucerne Mine.

“The historic Comstock District hosted some of the most productive mining ground in nineteenth century America, and we believe there is a lot more gold and silver to be found, ” stated Darwin Green, CEO of Mackay. “ Since the Company's inception, Mackay has been intently focused on consolidation of the patchwork of mining properties that make up the district, which we view as a prerequisite to applying the type of modern, large-scale, systematic exploration the district deserves. The close of this acquisition is a pivotal advancement in this goal, uniting the district's three major vein systems, the Silver City Lode, Occidental-Brunswick Lode and Comstock Lode, under single ownership for the first time. The acquisition adds two oxide gold-silver deposits supported by recent S-K 1300 historical estimates*, plus a permitted heap-leach and Merrill-Crowe processing facility providing future development optionality. Mackay is well funded, and with two drill rigs already turning, our team is eager to unlock the Comstock's potential. ”

— Darwin Green, CEO of Mackay

The acquisition unites the Comstock District’s three major vein systems—the Silver City Lode, the Occidental-Brunswick Lode, and the Comstock Lode—under single ownership for the first time. The portfolio addition includes two oxide gold-silver deposits supported by historical S-K 1300 estimates and a permitted heap-leach and Merrill-Crowe processing facility.

The completion follows a definitive agreement announced on June 22, 2026. Mackay is advancing exploration across the district backed by approximately US$62 million in cash held as of May 2026. The company has two drill rigs operating on site and expects first assay results from 25 completed reverse circulation holes totaling approximately 4,000 metres at the Occidental South zone within the coming weeks.

Regional activity across the surrounding area includes final drill results released at the Hercules Gold Project by StrikePoint Gold Inc., where hole H26005 intersected 67.06 metres grading 0.53 g/t gold and 11.69 g/t silver, including a higher-grade core of 7.62 metres at 2.93 g/t gold and 54.48 g/t silver.

Read the full announcement: Mackay Gold & Silver Completes Acquisition of Comstock Inc.'s Nevada Mining Assets to Further Consolidate the Comstock District