Noble Capital downgraded Comstock Mining Inc. (NYSE: LODE) to Market Perform from Outperform, citing ongoing near-term funding requirements and execution uncertainties despite recent share price strength.

The firm said that while it had upgraded Comstock to Outperform on November 4 and the stock had since risen roughly 33%, the timing of that upgrade appeared premature. Noble Capital noted that Comstock continued to face significant capital needs in the near term, prompting the firm to step back and reassess valuation once the company's commercial-scale recycling facility becomes operational and its mining asset plans are more clearly defined.

The analyst also expressed frustration with management's repeated commitments to monetize non-core assets, including properties in Silver Springs, Nevada, which have yet to materialize. In addition, Noble Capital characterized Comstock's investment in Bioleum Corporation as effectively a call option on Bioleum's growth trajectory, emphasizing that this investment carries substantial execution and business risks.