Slide 1: Q1 2026 Earnings Call and Business Update
comstock Q1 2026 Earnings Call and Business Update May 7, 2026 NYSE American: LODE
Slide 2: Cautionary Notice Regarding Forward Looking Statements
Cautionary Notice Regarding Forward Looking Statements eens contained ni reseraton ae oats olin ates win te meaning ot Scion 27 ot he Sari Act of 1933, arene and Scion 23 of {he Secuties Exthange Act of 1Ssa, a0 ren statements of sta oc, ate forward-looking steers: The words "bere “expec” ‘int va “w
Slide 3: Webinar Hosts
CORPORATE INVESTMENTS METALS MINING rusts Webinar Hosts comstock Director, Chief Executive Officer Chief Financial Officer, Comstock Inc Comstock Inc President, Comstock Mining
Slide 4: Company Dashboard
Company Dashboard comstock Outstanding Shares (7/2025 S759 ‘Share Price (e/2026 saa Market Capitalization (5/7/2026) $ 248.2 pS ee Investments 8 56.4 Tal $_maa | Debt “$00 Cash 636 Saas Corporate Offices Comstock Inc. Corporate Offices 117 American Flat Road Virginia City. NV 89440 COmetats COminine
Slide 5: Comstock 2026 Corporate Objectives
Comstock 2026 Corporate Objectives comstock InProgress + Monetize our non-core, legacy mining assets. + Monetize our non-core, legacy real estate in Silver Springs, NV. + Monetize our non-strategic investment in Green Li-lon. + Secure sufficient power source to enable hyper-scale data center monetiz
Slide 6: Comstock Metals: Solar Panel Recycling
comstock METAES Solar Panel Recycling 2) (CERTIFIED:
Slide 7: Comstock Metals 2026 Objectives
Comstock Metals 2026 Objectives (©) comstock linProgress Receive, deploy, assemble and commission and showcase our first industry-scale facility in Silver Springs, NV. Operate our first industry-scale facility in Silver Springs profitably. ‘Secure additional Master Service Agreements (MSA) with stra
Slide 8: Electrification Drives Silver Demand
Electrification Drives Silver Demand halla Photovoltaics Leading Demand Growth Demand for Silver in ilions of Ounce: iim > Demand for silver reached near-record levels in 2025 and continues growing > Driven by its industrial applications, particularly in photovoltaics and electronics > Conventional
Slide 9: Silver Market Deficits Persist
Silver Market Deficits Persist ©) comstiges Silver Market in Deficit for 6 Consecutive Years 2 my q = = 5 os go A 84 180 4138 -200 2s 254 -200 2018 2019 +2020» «2021 «2022-2023 2028 ©2025 2026E
Slide 10: China Imports Most Silver Ever in March
China Imports Most Silver Ever in March (2) comstock Investment and industrial demand drove inflows from the world / 2026 / 2025 2024 += 2023-«= 2022-2021 += 2020 2019-2018 2017 = 2016 4,000 tons 800 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Slide 11: Decommissioning to Offtake
& comstock Decommissioning to Offtake oh RECYCLING SIZE REDUCTION, TREATMENT, SEPARATION ‘CURRENT DECOMMISSIONING ‘THE COMSTOCK PROCESS SeARATION RECOVERED ‘Treatment 3 Offtake Of Panels Streams SHREDDING SHREDDING “ END-OF-LIFE BERING Pencl Size a it amass mee Be Material Size a ‘TRANSPORT (1" flak
Slide 12: Comstock Metals Capital Expenditures
Comstock Metals Capital Expenditures (©) com Capital Expenditures Recycling Production Facility (Serial #001) YA Power Generating Systems $1.10 Building Leasehold Improvements $2.09 w Storage Facilities (NV/OH/CA) $1.10 @ Total Capital Expenditures $15.30 Offtake Product Upgrades $1.58 o Metals Reco
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Slide 17: Investments, Metals, Corporate
investments [METALS] CORPORATE Mans Fuels PN SAAN LR a s S SS S
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Slide 20: Recycled Materials
Recycled Materials (©) comstogk Aluminum Flakes * 1” in length, aluminum, no dust, plastic-fi $125/ton Used to make ingots and allo Pearls $20/ton sed to make tiles, ve windows Glass 2% ayy f: ¥," in diameter, no fluorescence, dust free, < 1,000 microns, contains silver, silicon, copper, lead, and h
Slide 21: Upgrading Glass Products for Multiple Segments
Upgrading Glass Products for Multiple Segments comsbock Glass Pearls $20++/ton
Slide 22: Refining Delivers Maximum Value
Refining Delivers Maximum Value (©) comstock CRITICAL METAL RECOVERY FROM TAILINGS" @. $85 VALUE Extraction gh Sepaaten =O oy rs . cement ative Gad) “Nol AI Metals Present in AI Panels. 22
Slide 23: High Growth U.S. Market Opportunity
High Growth U.S. Market Opportunity (©) comstock my 2 Be ri f p Py
Slide 24: Expanded Deployments Across Most of the USA
Expanded Deployments Across Most of the USA (©) comstock Bubble size = Recycle Readiness Index (MW x K(Age))_*
Slide 25: Under Development
Under Development Motic=169 gee . 2 Bubble size = MW Pipoine Capscty
Slide 26: Comstock Metals LLC Industry Scale Pro Forma Financials
Comstock Metals LLC Industry Scale Pro Forma Financials (Proforma ~ Ore 100,000 tons per yor Fosiy* fe Solar Recycling Market (Eaimotein tore) USA Global 100,000" 750,000 2,000 80,000,000 ‘Sunl mojry genre an sai mgr d He US (CARES comstock y Y
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Slide 28: Largest, Best Located Opportunity Zone Growth
largest, Best Located Opportunity Zone Growth e Logistics and Distribution 1-2 day trucking service from Nevada to major markets wth mare than 60 carer services
Slide 29: Nevada Recognized as Safest Area on U.S. Disaster Avoidance Map
Nevada recognized as Safest Area on U.S. Disaster Avoidance Map +ritined ‘The Most Prolific Tech Companies Build Data Centers in Nevada Google BE micosott sfich tract amazon Nevada ishost to some ofthe most sophisticated and secure maary and private operation centers in the world supporting secure d
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Slide 31: Better Positioned for Major Growth
er Positioned for Major ng
Slide 32: Powered Land Drives Valuation Per MegaWatt
Powered Land Di Drive: es Valuation Per MegaWatt
Slide 33: Contact Us
comstock Contact Us Corrado De Gasperis Judd B. Merrill Investor Relations Chief Executive Officer Chief Financial Officer (775) 413-6222 (775) 847-4755 (ihe) ONS ene ir@comstockine.com degasperis@comstockinc.com jmerrilt@comstockinc.com Comstock.Inc