Slide 1: Corporate Overview: Second Quarter 2025 Results and Updates
comstock Corporate Overview Second Quarter 2025 Results and Updates NYSE American: LODE August 14, 2025
Slide 2: Cautionary Notice Regarding Forward Looking Statements
Cautionary Notice Regarding Forward Looking Statements the Seautbes Exchange Act of 1954, a2 amenced All “sirens oe hon samen of Rstakal face ae ore losing sinemert The wee aden “scp “econ” «rae "aww pour and snsar expressions kay fore looking ates ak wero civ meas of ding so Farward olin srementssc
Slide 3: Company Dashboard
Company Dashboard comstock NYSE American: LODE Pre-Offering Post-Offering Post Offering Ww/ Over Allotment Outstanding Shares 35.9 49.2 Share Price 3.07 2.35 Market Capitalization 110.2 115.6 Cash 18.6 45.0 Debt 10.6 0.0" Investments 403 403 Mineral Rights and Properties 12.0 12.0 Corporate Offices
Slide 4: Leadership and Directors
metas [CORPORATE INVESTMENTS MINING rues co Leadership Directors Comstock h. Corrado De Gasperis Director, Executive Chairman & Chiet Executive Officer CEO, Bioleum oe President, Comstock Mining ee William J, McCarthy. Chef Operating Offer resident, Comstock Metals Pai ease Lead neependet Decor oer:
Slide 5: Metals: Solar Panel Recycling
comstock METAES Solar Panel Recycting (2) (CERTIFIED:
Slide 6: Electrification Drives Silver Demand
Electrification Drives Silver Demand comstoak : ; Demand for Silver Photovoltaics Leading Demand Growth inMilions of Ounces +9 Demand for silver is expected to reach near- record levels in 2025 and growing Driven by its industrial applications, particularly in photovoltaics and electronics > Convent
Slide 7: Global Silver Demand Has Exceeded Supply
Global Silver Demand Has Exceeded Supply (2) comstgex Market Balance. Long Term Industrial Demand Moz USS/oz Index 2021 =100 Lit ce aie i A 0 | =100 20 200 “a = +-200 Deer: 10 si é 2 seas — BEV & Hybrid Production emt Balance. —— Siver Price ‘Source: Metals Foeus Bloomberg ‘Source: GTM, Metals Focus
Slide 8: Why Do We Do It
Why Do We Do It © comstock Reduce Toxicity in Landfills Why Toss Scarce Commodities Help Partner Companies Decarbonize + The Alpaugh Project nt +6 10,000 Panel * 20 Grams - 0.64 Troy O2 Silver * Enhance thet brand reputation +1 Metric Ton Of Lead + 66 Pounds Aluminum + Future-proot thee business aga
Slide 9: Decommissioning to Offtake
Decommissioning to Offtake (©) comstock LOGISTICS RECYCLING SIZE REDUCTION, DELAMINATION, SEPARATION OFFTAKE RECOVERED DECOMMISSIONING DELAMINATION SEPARATION MATERIALS Delamination 3 Offtake Of Panels ‘Streams SHREDDING SHREDDING : END-OF-LIFE ~ e ( > ee PANELS & ey Red aterial Size ‘TRANSPORT flak
Slide 10: Process 100% Recoverable Material
Process 100% Recoverable Material (2) comstgex Glass Botte
Slide 11: Recycled Materials
Recycled Materials Glass Pearls
Slide 12: Electrification Product Recycling
Eleciiticadem Product Recycling © consti URBAN MINING 100% Full-Service End-of-Life Solar Waste Management Operating Today & Scaling Up to the Largest U.S. Industrial Facility Zero Landfill Solar Panel Recycling pe P Nevada (135,000 panets/year) since January 2024 > facility > Receiving upfront deco
Slide 13: Slide 13
Slide 14: The U.S. Market
The U.S. Market © consti > id UBIITED STATES ere | ° oe MEXICO.
Slide 15: Mexico and Canada Locations
Calgary onranio curse Mexico
Slide 16: High Growth U.S. Market Opportunity
High Growth U.S. Market Opportunity (2) comstgex Projected Comstock Metals Market Share and End-of-Life Solar Panels Waste Market - U.S. By 2050 Panel Market Comstock’s Per Year ‘Capacity by 2030 2030 Panel Market Each of Comatock’s 3 Industral Facilities 2025 Current Comstock Capacity Tons PANEL (T
Slide 17: Industry Scale Pro Forma Financials
Comstock Metals Corp q Industry Scale Pro Forma Financials {Pre forma ~ Ove 100,000 tons per yor Foy") Seren Hinre comstock = taco sot0 wETALS ieee Sean California End-of-Life Solar Recycling Market tau ioe usa cia 2025 100,000" 750,000 \ Arizona 7030 ‘tno arose 2050 sooner
Slide 18: Comstock Investments
Comstock Investments fcometock Investment Type (in millions) Cost Est.FMV Mineral Properties & Rights comstock $1198 $203.49 * Assets Held & Planned for Sale comstock $7.05 $40.00 Sierra Springs Opportunity Fund Inc. pis a $7.95 $35.00 Green Li-lon Qe $1.25 $18.20 Bioleum Corporation BIOLEUM $65.00
Slide 19: Contact Us
comstock Contact Us Corrado De Gasperis Judd B. Merrill Investor Relations Executive Chairman & CEO Chief Financial Officer (775) 413-6222 (775) 847-4755 (775) 413-6222 ir@comstockinc.com Comstock.Inc