Comstock Inc. · AMEX:LODE
Comstock — Planet MicroCap Las Vegas (April 2025)
33 slides from Comstock's conference presentation, Apr 23, 2025
Slide 1: Comstock Inc. Corporate Overview
Comstock Inc. Corporate Overview Planet MicroCap – Las Vegas Presented by Corrado De Gasperis April 23, 2025 NYSE American: LODE
Slide 2: Cautionary Notice Regarding Forward Looking Statements
Cautionary Notice Regarding Forward Looking Statements Certain statements contained in this presentation are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, oth
Slide 3: Company Dashboard
Company Dashboard CORPORATE NYSE American: LODE Outstanding Shares (3/25/25) 26.9 million Companies Comstock Share Price (4/18/25) 2.04 $ FUELS Market Capitalization (4/18/25) 54.88 $ million As of 12/31/24 Cash 0.95 $ million METALS Debt 8.5 $ million Innovations Investments 38.9 $ million Operatin
Slide 4: Leadership and Independent Directors
LEADERSHIP INDEPENDENT DIRECTORS CORPORATE William J. Nance Independent Director Chair: Nominating, Executive, and Strategic Planning Member: Audit & Finance, and Compensation & Organization Leo M. Drozdoff Independent Director FUELS Chair: Compensation & Organization Member: Nominating, Executive,
Slide 5: Extracting and Converting Underutilized, Natural Resources into Clean Energy
Extracting and Converting Underutilized, Natural Resources into Clean Energy 5
Slide 6: Explosive Energy Demand
Explosive Energy Demand CORPORATE ➢ New renewable materials are the leading sources of new energy The demand for electricity is forecast to rise at 2.4% CAGR between 2022-2030 FUELS solutions that must meet the massive demand for more energy ➢ Trillions in new investment dollars will METALS flow int
Slide 7: Advanced Low-Carbon Fuel Biomass Processing Solutions
Advanced Low-Carbon Fuel Biomass Processing Solutions © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 7
Slide 8: U.S. Fuel Consumption is Increasing
U.S. Fuel Consumption is Increasing CORPORATE 228 billion 4.3 billion 6 billion gallons of gallons of gallons of advanced FUELS transportation fuels advanced biofuels biofuels by 2025 METALS consumed annually produced annually by capacity to increase in the US1 hydro-processed fats2 50% next year3 M
Slide 9: Unlocking Massive Future SAF Opportunity
Unlocking Massive Future SAF Opportunity CORPORATE Demand for low-carbon sustainable aviation fuel (SAF) fuel production is driving the energy transition opportunity, but it is constrained by feedstock and economics. Until now. Aviation Fuel Consumption SAF Demand Opportunity FUELS 100 billion 25 bi
Slide 10: Bioleum | Enabling Energy Dominance
Bioleum | Enabling Energy Dominance CORPORATE Breakthrough technology uses proven processes to yield 140 GGE per ton and Cracking the Code 100 barrels per acre per year – farmers can turn their land into oilwell-scale FUELS energy production. Less than 10% of America's timberlands and marginal agric
Slide 11: Bioleum | Highest Yields - Lowest CI Scores
Bioleum | Highest Yields - Lowest CI Scores CORPORATE The Richest Source of Renewable Carbon, Hidden in Plain Sight FUELS METALS A Kernel of Corn Lignocellulosic Biomass The richest source of carbon in a kernel of corn is ‘Corn Oil’ The richest source of carbon in biomass is ‘Lignin’ MINING We inven
Slide 12: Hydroprocessing Demonstration System in Madison, WI
Hydroprocessing Demonstration System in Madison, WI CORPORATE FUELS METALS MINING Falcon System Targeting pilot production of INNOVATIONS Bioleum-derived fuels up to 2 barrels per week Eagle System © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 12
Slide 13: Bioleum | Creating a New Standard in Oil
Bioleum | Creating a New Standard in Oil CORPORATE Fuel Farms Farm to Fuel Ecosystem FUELS 100 100 Barrels per Acre per Year 80 METALS 60 40 10 MINING 20 0 2 Soybeans Corn Comstock Fuels + Energy Crops INNOVATIONS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 13
Slide 14: Bioleum | Lowest Carbon Impact
Bioleum | Lowest Carbon Impact CORPORATE Average GREET CI Scores (gCO2e/MJ) Bioleum Bioleum Bioleum Bioleum Soybean Gasoline Diesel Cellulosic Bioleum UCO 102 FUELS 100 EtOH RD RD EtOH 15 SAF… 27 32 16 Corn EtOH Corn Soybean 70 METALS Soybean Sugarcane EtOH UCO RD Oil EtOH w/CCS RD 50 55 51 SAF 30 4
Slide 15: Fuel Industry Pricing by Category
Fuel Industry Pricing by Category CORPORATE FUELS METALS MINING This is the category that we target. INNOVATIONS The D3 cellulosic fuels category remains untapped, offering a high-volume opportunity with maximum value potential. © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE
Slide 16: Low-Carbon Processing Solution Process
Low-Carbon Processing Solution Process CORPORATE 1 Break down plant materials SEPARATION CONVERSION FUELS 2 Convert cellulose into cellulosic ethanol into fuel Turn lignin and other byproducts METALS 3 into Bioleum Oil Remove oxygen from Bioleum Oil 4 to create Hydro-deoxygenated Bioleum Oil (HBO) M
Slide 17: New Supply Chains
New Supply Chains CORPORATE Production - Licensing - Integrations Ethanol SAF Purpose ETJ Refinery Grown Crops FUELS Bioleum SAF & RD HBO METALS RD Refinery Forest Products Waste HUB Ethanol, MINING Integrations SAF & RD Corn, Sugar FOGs Cane & Pulp (Fats/Oils/Greases) INNOVATIONS Hydrogen Furfural
Slide 18: Integrating Solutions Into and Across Industries
Integrating Solutions Into and Across Industries CORPORATE Cane Ethanol Corn Ethanol Pulp and Paper FUELS METALS Agriculture Petroleum MINING INNOVATIONS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 18
Slide 19: Oklahoma Ideally Suited for First Production
Oklahoma Ideally Suited for First Production CORPORATE Major U.S. Pipelines carrying Jet Fuel FUELS METALS • $3 million Incentive Grant • $152 million allocation of Oklahoma tax-free municipal bonds MINING • Site Selection Serial #001 INNOVATIONS Map Source: Airlines.org of Aug 2021 © 2025 COMSTOCK
Slide 20: Massive Project Pipeline in Development
Massive Project Pipeline in Development CORPORATE 2024 (completed) Sweden ▪ Secure Feedstocks ▪ Offtake Agreements FUELS ▪ Site Selection ▪ EPC Selected United ▪ Licensing Agreements States METALS Pakistan 2025 (in progress) Vietnam ▪ Licensing Agreements ▪ Direct Strategic Investments into Comstock
Slide 21: R&D EcoSystem Delivers Impact and Speed
R&D EcoSystem Delivers Impact and Speed CORPORATE Our global network of research and business development relationships and collaborations FUELS NREL / DOE & MIT RenFuel K2B AB METALS Cooperative Research and Collaborative joint venture to Development Agreement support commercialization of with NREL
Slide 22: Urban Mining
Electrification Waste Recycling & Material Recovery Urban Mining 22
Slide 23: Precious Metals
Precious Metals CORPORATE Global Silver Demand Has Exceeded Supply by ~200 million ounces ➢ Federal Reserve rate cuts, combined SILVER / GOLD with a weak U.S. dollar, will support higher gold prices FUELS ➢ The demand for silver is expected to reach near-record levels in 2024, driven METALS by its i
Slide 24: Electrification Product Recycling
Electrification Product Recycling CORPORATE URBAN MINING 100% Full-Service End-of-Life Solar Waste Management Operating Today & Scaling Up to the Largest U.S. Industrial Facility FUELS Silver Springs, Nevada METALS Zero Landfill Solar Panel Recycling ➢ Currently operating commercial demonstration fa
Slide 25: High Growth U.S. Market Opportunity
High Growth U.S. Market Opportunity CORPORATE Projected Comstock Metals Market Share (by Capacity) and End-of-Life Solar Panels Waste Market - U.S. Increasing Waste Streams PANEL (Total) TONS FUELS EQUIVALENT ➢ There are ~33 panels per ton (average By 2050 10,000,000 330,000,000 panel weight) Panel
Slide 26: Process 100% Recoverable Material
Process 100% Recoverable Material CORPORATE FUELS METALS MINING 100% INNOVATIONS 1 2 3 4 Aluminum Can Glass Bottle Recyclers Recyclers Mineral Recovery Processors © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 26
Slide 27: Comstock Metals Corp
Comstock Metals Corp CORPORATE Industry Scale Pro Forma Financials (Pro forma – One 100,000 tpy Facility) $ per Ton $ in 000’s Nevada Revenue (tipping fee) $ 500 $ 50,000 Reno FUELS Costs $ 150 $ 15,000 Cash Profit $ 350 $ 35,000 Plus Mineral & Metal Recoveries $ 200 $ 55,000 METALS California End-o
Slide 28: Innovations
CORPORATE FUELS METALS MINING INNOVATIONS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 28
Slide 29: Nevada - Strong Political and Regulatory Support
Nevada - Strong Political and Regulatory Support CORPORATE FUELS METALS MINING INNOVATIONS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 29
Slide 30: Electrification Drives Silver Demand
Electrification Drives Silver Demand 30
Slide 31: Junior Gold Miners Set to Breakout
Junior Gold Miners Set to Breakout CORPORATE FUELS METALS MINING INNOVATIONS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 31
Slide 32: Dayton Consolidated Project (S-K 1300)
Dayton Consolidated Project (S-K 1300) CORPORATE ➢ High grades – gold assays up to 2.95 ounces per ton and silver assays up to 6.68 ounces per ton • Red over ½ ounce per ton • Pink stars over one ounce per ton ➢ Third-party column tests found average recoveries of 81.1% for gold and FUELS 46.0% for
Slide 33: Thank You
THANK YOU Investor Relations (775) 4 1 3 - 6 22 2 ir@comstockinc.com Comstock.Inc