Slide 1: Q2 2026 Earnings Call and Business Update
Q2 2026 Earnings Call and Business Update July 23, 2026 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other
Slide 3: Webinar Hosts
Webinar Hosts CORPORATE METALS INVESTMENTS MINING Corrado De Gasperis Judd B. Merrill Director, Chief Executive Officer Chief Financial Officer, Comstock Inc FUELS Comstock Inc President, Comstock Mining Full profiles of leadership and independent directors available in the Leadership & Governance ©
Slide 4: Transformational Effort Leads to Robust Capital Base
Transformational Effort Leads to Robust Capital Base CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE
Slide 5: 2026 Board of Directors
2026 Board of Directors CORPORATE • Walter “Del” Marting, Jr., Board Chair • Kristin M. Slanina, Board Vice Chair METALS • Corrado De Gasperis, Executive Director INVESTMENTS • Donald A. Colvin, Chair, Audit Committee • Leo M. Drozdoff, Chair, Environmental • William J. Nance, Chair, Nominating MINI
Slide 6: Company Dashboard
Company Dashboard CORPORATE NYSE American: LODE (USD millions except share price) Outstanding Shares (7/23/2026) $ 75.9 Share Price (7/23/2026) $ 3.95 METALS Market Capitalization (7/23/2026) $ 300.2 Companies Comstock As of 6/30/2026 (except for cash) Investments $ 67.2 INVESTMENTS Total Assets $ 1
Slide 7: Comstock Inc. 2026 Corporate Objectives
Comstock Inc. 2026 Corporate Objectives CORPORATE In Progress METALS • Monetize our legacy mineral and mining properties, plants and equipment • Secured sufficient power sources for hyper-scale data center developments on SSOF lands INVESTMENTS • Realign, consolidate and position our ownership in SS
Slide 8: Solar Panel Recycling
CORPORATE METALS INVESTMENTS MINING Solar Panel Recycling FUELS © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE
Slide 9: Decommissioning to Offtake
Decommissioning to Offtake CORPORATE LOGISTICS RECYCLING SIZE REDUCTION, TREATMENT, SEPARATION OFFTAKE CURRENT RECOVERED DECOMMISSIONING THE COMSTOCK PROCESS SEPARATION MATERIALS METALS Treatment 3 Offtake Of Panels Streams INVESTMENTS SHREDDING SHREDDING CONVEYANCE END-OF-LIFE SYSTEM Panel Size Tre
Slide 10: Industry-scale Recycling Production Facility (#001)
Industry-scale Recycling Production Facility (#001) CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE
Slide 11: Comstock Metals CapEx and R&D Expenditures
Comstock Metals CapEx and R&D Expenditures 2) comstock CERTIFIED Capital Expenditures (in $US mittions) CORPORATE Aer Recycling Production Facility (Serial #001) $12.25 Z Power Generating Systems and Scrubbers $1.60 tf ; ; } Plant Rolling Stock and Related $0.56 Total Recycling Platform - Capital Ex
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Slide 14: INVESTMENTS
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE
Slide 15: INVESTMENTS
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE
Slide 16: Autonomous loading - a panel every seconds
Autonomous loading - a panel every 7 seconds CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE
Slide 17: Metals Recovery and Clean Glass
Metals Recovery and Clean Glass CORPORATE Industrial Uses tiles, ceramics, cements, vases, windows, fiberglass, etc. METALS INVESTMENTS Eddy Current Separator (ECS) MINING FUELS Raw Glass Clean Glass Recovered Metals © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE
Slide 18: Comstock Inc
Comstock Inc Fuels Navy #21223E Orange #E27C17 Light Blue #00ADEE Sand #F0CE85 Mining Metals Stone #696355 All brands – neutrals Sand #F0CE85 #1A1A1A Green #548F67 Sand #F0CE85 Light Blue #00ADEE #2D2D2D #515151 #808080 #BEBEBE #F2F2F2
Slide 19: Southwest Region Leads U.S. Market
Southwest Region Leads U.S. Market CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE * Substantial majority of end-of-life solar panels generating from southwest region of the U.S. (CA, NV, AZ, & TX) Source: Comstock Management Compilation
Slide 20: Expanded Deployments Across Most of the USA
Expanded Deployments Across Most of the USA CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE Bubble size = Recycle Readiness Index (MW x K(Age))
Slide 21: Texas Overwhelmingly Leads Pervasive New Developments
Texas Overwhelmingly Leads Pervasive New Developments CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE Bubble size = MW Pipeline Capacity
Slide 22: Industry Scale Pro Forma Financials
Comstock Metals LLC CORPORATE Industry Scale Pro Forma Financials (Pro forma – One 100,000 tons per year Facility* $ per Ton $ in 000’s *** Nevada Revenue (tipping fee) $ 500 $ 45,000 METALS Mineral & Metal Recoveries** $ 250 $ 22,500 Reno Costs (all in) $ 150 $ 15,000 Cash Profit*** $ 600 $ 52,500
Slide 23: Comstock Metals 2026 Objectives
Comstock Metals 2026 Objectives CORPORATE In Progress • Commissioning of the Industry-scale commercial plant. • Extending and operating an upgrading line capable of making high specification glass materials METALS • Finalizingthe design for downstream recovery of the solar tailings. • Select site nu
Slide 24: Sierra Springs Opportunity Fund
SIERRA SPRINGS OPPORTUNITY FUND
Slide 25: Largest, Best Located Opportunity Zone Growth
Largest, Best Located Opportunity Zone Growth LOCATION DRIVES VALUE INVESTMENTS CORPORATE METALS INVESTMENTS Logistics and Distribution 1-2 day trucking service from Nevada to major markets with more than 50 carrier services. TRIC Tahoe Reno Industrial Center NNIC Northern Nevada USA Pkwy Industrial
Slide 26: USA Parkway Infrastructure Connectivity
USA Parkway Infrastructure Connectivity INVESTMENTS CORPORATE METALS INVESTMENTS MINING USA Pkwy Nevada 439 FUELS © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 26
Slide 27: Silver Springs development value quote
Reno USA Pkwy California The total development value or the capital involved in bringing that to life will be be approximately $100 billion. I'll say that again…100 billion dollars. $25 billion of that will be concrete, steel, mechanical, electrical infrastructure that constitutes the buildings. Tho
Slide 28: Lake Lahontan Silver Springs, Nevada
INVESTMENTS CORPORATE METALS Lake Lahontan Silver Springs, Nevada 39.393643, -119.259185 INVESTMENTS MINING SIERRA SPRINGS OPPORTUNITY FUND 2,200+ QOZ ~1++ GW 2026/2027 FUELS Developable Acres Under Control Federal Tax Incentive Power by 2028/2030 Transaction Mandate © 2026 COMSTOCK INC | NYSE Ameri
Slide 29: Nevada recognized as Safest Area for Data Centers
INVESTMENTS Nevada recognized as Safest Area Data Centers in operation and CORPORATE on U.S. Disaster Avoidance Map expanding in northern Nevada, $BB planned & invested locally Safest Zone METALS INVESTMENTS MINING Nevada is host to some of the most sophisticated and secure military and private oper
Slide 30: The Platform
The Platform INVESTMENTS CORPORATE Industrial Power-Data-Compute & Community Development A county-supported proposal for sustainable development — hyperscale data centers anchored alongside cutting-edge innovation, circular industrial development, and an integrated live-work community. METALS INDUST
Slide 31: Power Supply Overview
Power Supply Overview INVESTMENTS CORPORATE Energy profile and future mix — behind the meter, redundant, phased toward renewables GAS TRANSMISSION COMMITMENT NV ENERGY GREENLINK — Future Grid (est. 2032) Great Basin Gas — 50,000 DKT/day (300 MW) by late 2028- initial commitment Greenlink 345kV trans
Slide 32: NV Greenlink – Future Grid Power
NV Greenlink – Future Grid Power INVESTMENTS CORPORATE 345kV transmission reaching TRI / Comstock Meadows — 12 miles NW of Silver Springs INFRASTRUCTURE METALS • $4.3B project — 700+ miles of new 525kV and 345kV Nevada transmission • Greenlink West (525kV): Las Vegas → Fort Churchill Hub (Walker Riv
Slide 33: Greenlink Transmission - Regional Map
Greenlink Transmission - Regional Map INVESTMENTS CORPORATE TIMELINE Oct 2025 Walker River Sub (120kV) — in service METALS Mid-2027 Greenlink West 525kV online — 4,000 MW activated INVESTMENTS Mid-2027 345kV lines to TRI (×2) and Reno online Early 2029 Greenlink North 525kV — statewide triangle MINI
Slide 34: Full Portfolio Overview
Full Portfolio Overview INVESTMENTS CORPORATE Six asset categories · 2,700+ acres · Multiple monetization pathways DATA CENTER POWER AIRPORT DISTRICT 1,008 + 375 AC On-Site Natural Gas 450 AC METALS • Phase 1 — 431 AC contiguous • 1+++ GW gas transmission • Silver Springs Airport Area • Phase 2 — 57
Slide 35: Scaling Energy Through a Proprietary Farm-To-Fuels Platform
Scaling Energy Through a Proprietary Farm-To-Fuels Platform
Slide 36: A vertically integrated Farm-to-Fuel platform
SOLUTION A vertically integrated Farm-to-Fuel platform Grow | Hexas Biomass Convert | Bioleum Technology Control | Vertical Integration ▪ Bioleum owns the highest yielding 2nd ▪ Yields ~100 gasoline gallons equivalent ▪ Proprietary Farm-to-Fuel value chain — utilizes generation energy crop technolog
Slide 37: Average Dry Tons/Acre/Year
PROPRIETARY FEEDSTOCK Production Yields of Dedicated Energy Crops ▪ Sterile, perennial crop – 20+ year production XanoGrass Average Dry Tons/Acre/Year ▪ Highest tonnage/acre biomass yield – scale to millions of acres 25* Napier Grass ▪ High yield + Low inputs = Low Cost/Ton Miscanthus 16 15 ▪ Regula
Slide 38: Operational Locations: Significant Infrastructure to Support Development
OPERATIONS Operational Locations: Significant Infrastructure to Support Development Madison, WI: R&D pilots, analytical, catalytic conversion & hydroprocessing facility Sweden Bioleum Lab – Europe United States Uppsala Bioleum Oklahoma City, OK (HQ) Madison, WI Uppsala, Sweden: Focus on developing B
Slide 39: XanoFiber comes from XanoGrass
PROPRIETARY FEEDSTOCK XanoFiber comes from XanoGrass Barrels/Acre/Year Gasoline Energy Value Its biochemical and physical properties 60 make it a drop-in replacement, or supplement for wood, ag residues, and petroleum-based raw materials. Applications include: ▪ Biofuels ▪ Bio-based chemicals ▪ Pape
Slide 40: Bioleum Genealogy
BIOLEUM GENEALOGY Comstock Fuels amalgamation Mining claim Decarbonization (RPS, Mana, PSI, AST) consolidation New CEO strategic pivot $33M Series A; Marathon Contribution; Bioleum Spin-out Eagle Commissioning & Tesoro > Marathon Petroleum Patagonia Jackets & Founded Series A Series C 1st 100% SAF F
Slide 41: Strategic Ecosystem
ECOSYSTEM Strategic Ecosystem HEXAS (Acquired) MARATHON NLR (Formerly NREL) OKLAHOMA Proprietary biomass subsidiary Downstream strategic partner Active CRADA with NLR & MIT $160M+ municipal bond enabling vertical feedstock developing Reductive Catalytic allocation for commercial integration Fraction
Slide 42: Business Model – Near Term
BUSINESS MODEL – NEAR TERM Multi-track revenue generation capabilities from Hexas Fiber Sales, Madison Facility Production, and non-dilutive funding HEXAS FIBER SALES ▪ XanoFiber sales to industrial offtakers Expected Revenue (USD Million) ▪ Commercial — first revenue 2027, active pipeline $8 $7 ▪ T
Slide 43: Comstock Investments
Comstock Investments INVESTMENTS CORPORATE Investments Investment Type (in millions) Book Basis Est. FMV Mineral Properties & Rights $11.15 $45 (1) METALS Assets Held & Planned for Sale $7.05 REAL ESTATE ~$300 (3) INVESTMENTS Sierra Springs Opportunity Fund, Inc. $49.01 (2) Green Li-Ion $1.20 $18 Bi
Slide 44: Contact Us
Contact Us Corrado De Gasperis Judd B. Merrill Investor Relations Chief Executive Officer Chief Financial Officer (775) 4 13 -6222 (775) 847-4755 (775) 4 13 -6222 ir@comstockinc.com degasperis@comstockinc.com jmerrill@comstockinc.com © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE