Slide 1: Corporate Overview Q3 2025 Business Update
Corporate Overview Q3 2025 Business Update October 30, 2025
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: Webinar Hosts
Webinar Hosts CORPORATE METALS MINING REAL ESTATE Corrado De Gasperis Judd B. Merrill Director, Executive Chairman & Chief Financial Officer, Comstock Inc Chief Executive Officer, Comstock Inc President, Comstock Mining FUELS Full prof iles o f leadership and independent directors available in the L
Slide 4: Company Dashboard
Company Dashboard CORPORATE NYSE American: LODE Outstanding Shares (10/29/25) 51.3 million Share Price (10/29/25) 3.00 $ METALS Market Capitalization (10/29/25) 153.9 $ million Companies Comstock As of 9/30/25 Cash 31.7 $ million REAL ESTATE MINING Investments 40.5 $ million Total Assets 176.3 $ mil
Slide 5: 2025 Quarter and Year-to-Date Highlights
2025 Quarter and Year-to-Date Highlights CORPORATE • We completed an oversubscribed equity raise of $34.5 million in gross proceeds ($31.8 million net), expanding our institutional shareholder base by 30+ investors. These funds fully finance and accelerate commercialization of our R2v3/RIOS-certifie
Slide 6: 2025 Balance Sheet Enhancements
2025 Balance Sheet Enhancements CORPORATE Obligation Action Purpose Segment Kips Bay Convertible Debt Extinguish Debt Corporate METALS Promissory Notes Extinguish Debt Corporate Northern Comstock LLC Extinguish Land & Minerals Mining MINING Decommissioning Services Inc. Extinguish Land & Minerals Mi
Slide 7: Debt Obligations
Debt Obligations CORPORATE September 30 December 31 2025 2024 GHF Secured Promissory Note - 12% interest, due April 15, 2026 $ -0- $ 4,290,000 METALS Alvin Fund LLC 2022 Note - 16% interest, due April 15, 2026 -0- 2,000,000 Alvin Fund LLC 2023 Note - 12% interest, due April 15, 2026 -0- 2,100,000 MI
Slide 8: Solar Panel Recycling
CORPORATE METALS MINING REAL ESTATE Solar Panel Recycling FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE
Slide 9: Electrification Drives Silver Demand
Electrification Drives Silver Demand CORPORATE Photovoltaics Leading Demand Growth ➢ Demand for silver is expected to reach near- METALS record levels in 2025 and growing ➢ Driven by its industrial applications, particularly in MINING photovoltaics and electronics ➢ Conventional mine supply constrai
Slide 10: Global Silver Demand Has Exceeded Supply
Global Silver Demand Has Exceeded Supply CORPORATE Market Balance Long Term Industrial Demand METALS MINING REAL ESTATE FUELS Source: Metals Focus, Bloomberg Source: GTM, Metals Focus, LMC Automotive, A GlobalDataCompany © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 10
Slide 11: Decommissioning to Offtake
Decommissioning to Offtake CORPORATE LOGISTICS RECYCLING SIZE REDUCTION, TREATMENT, SEPARATION OFFTAKE RECOVERED DECOMMISSIONING THE COMSTOCK PROCESS SEPARATION MATERIALS METALS Treatment 3 Offtake Of Panels Streams SHREDDING SHREDDING MINING CONVEYANCE END-OF-LIFE SYSTEM Panel Size Treated PANELS &
Slide 12: Recycled Materials
Recycled Materials CORPORATE METALS MINING REAL ESTATE Aluminum Flakes Glass Pearls Metal Tailings FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 12
Slide 13: Permits Secured & Final Issuance Process
Permits Secured & Final Issuance Process CORPORATE METALS Bureau of Sustainable Materials Management Bureau of Air Pollution Control 10/30/25 - Draft Written Determination - Expected Completion 11/14/25 – Draft Air Quality Permit – Expected Completion MINING 11/05/25 – Receive Final Comments on Writ
Slide 14: 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 METALS Silver Springs, Nevada MINING Zero Landfill Solar Panel Recycling Operating Commercial Demonstration Facility ➢ Cu
Slide 15: Massive Storage Expansion
Massive Storage Expansion 800, 700, and 600 Lake Avenue displaying full operation CORPORATE METALS MINING REAL ESTATE FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 15
Slide 16: Massive Storage Expansion
Massive Storage Expansion CORPORATE 800 and 700 Lake Avenue displaying storage layouts METALS MINING REAL ESTATE FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 16
Slide 17: Industry Scale Pro Forma Financials
Comstock Metals Corp 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 $ 50,000 Reno METALS Costs (all in) $ 150 $ 15,000 Cash Profit $ 350 $ 35,000 Plus, Mineral & Metal Recoveries $ 200 $ 55,000 *
Slide 18: High Growth U.S. Market Opportunity
High Growth U.S. Market Opportunity CORPORATE Projected Comstock Metals Market Share and End-of-Life Solar Panels Waste Market - U.S. PANEL (Total) TONS EQUIVALENT METALS By 2050 Panel Market 10,000,000 330,000,000 MINING Comstock’s Per Year Capacity by 2030 300,000+ 10,000,000 By 2030 1,000,000 33,
Slide 19: The U.S. Market
The U.S. Market CORPORATE METALS MINING REAL ESTATE FUELS * Substantial majority of end-of-life solar panels generating from southwest region of the U.S. (CA, NV, AZ) Source: Comstock Management Compilation © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 19
Slide 20: Existing Customer Engagements
Existing Customer Engagements CORPORATE METALS MINING REAL ESTATE FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 20
Slide 21: Corporate
CORPORATE METALS MINING REAL ESTATE FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 21
Slide 22: Corporate
CORPORATE METALS MINING REAL ESTATE FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 22
Slide 23: Corporate
CORPORATE METALS MINING REAL ESTATE FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 23
Slide 24: Comstock Investments
Comstock Investments REAL ESTATE CORPORATE Investments METALS Investment Type (in millions) Book Value Est. FMV Mineral Properties & Rights $11.98 $203.49 * INVESTMENTS Assets Held & Planned for Sale REAL ESTATE $7.05 $50.00 Sierra Springs Opportunity Fund Inc. $20.23 $50.00 MINING Green Li-Ion $18.
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Slide 26: Comstock Mineral Estate
Comstock Mineral Estate CORPORATE • The Comstock Lode District historically produced 192 million ounces of silver and 8 million ounces of gold. METALS • Comstock consolidated twelve square miles, covering 6.5 miles of strike length over the historic Comstock Lode District. MINING • We have a fully p
Slide 27: Recent Acquisitions in Lyon County Portfolio
Recent Acquisitions in Lyon County Portfolio CORPORATE • The Mackay acquisition contributed over 238 acres of new mineral claims & lands. METALS • The Haywood acquisition contributed over 190 acres of new mineral claims & lands. MINING REAL ESTATE Both transactions further enhance our portfolio of L
Slide 28: Dayton Consolidated Project (S-K 1300)
Dayton Consolidated Project (S-K 1300) ➢ High grades – gold assays up to 2.95 ounces per ton and silver assays up CORPORATE 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 METALS 46.0% for
Slide 29: Rapidly Becoming Prime Data Infrastructure Hub
Rapidly Becoming Prime Data Infrastructure Hub REAL ESTATE CORPORATE LOCATION DRIVES VALUE METALS MINING Logistics and Distribution 2 1–2-day trucking service from Nevada to major markets with D ay more than 50 carrier services. Tru REAL ESTATE 1 TRIC ckin Tahoe Reno Industrial Center NNIC Da g Nort
Slide 30: Corporate
REAL ESTATE CORPORATE METALS MINING REAL ESTATE FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 30
Slide 31: Corporate
REAL ESTATE CORPORATE METALS MINING REAL ESTATE FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 31
Slide 32: Fuels Separation / Spin Out of Bioleum Corp
Fuels Separation / Spin Out of Bioleum Corp CORPORATE $65 million Convertible Preferred Stock METALS Series 1 MINING REAL ESTATE FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 32
Slide 33: bioleum
bioleum
Slide 34: Highest Yields - Lowest CI Scores
Highest Yields - Lowest CI Scores The Richest Source of Renewable Carbon, Hidden in Plain Sight CORPORATE METALS MINING 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’ REAL ESTATE We invented
Slide 35: Bioleum's Processing Solution | Fractionate and Convert
Bioleum’s Processing Solution | Fractionate and Convert Our technology platform separates the pulp and lignin: enabling conversion of the pulp to sugars CORPORATE or cellulosic ethanol and lignin to fuels and fuel blend components Pulp METALS Hydrolysis & ** SAF and Fermentation Cellulosic Blendstoc
Slide 36: Hydroprocessing Demo System - Madison, WI
Hydroprocessing Demo System - Madison, WI CORPORATE METALS MINING REAL ESTATE Falcon System Targeting pilot production of Bioleum-derived fuels up to 2 barrels per week FUELS Eagle System © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 36
Slide 37: Creating a New Standard in Oil
Creating a New Standard in Oil CORPORATE Fuel Farms Farm to Fuel Ecosystem METALS 100 100 Barrels per Acre per Year 80 MINING 60 40 REAL ESTATE 20 10 0 2 Soybeans Corn Comstock Fuels + Energy Crops FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 37
Slide 38: Lowest Carbon Impact
Lowest Carbon Impact CORPORATE Average GREET CI Scores (gCO2e/MJ) Bioleum Bioleum Bioleum Bioleum Soybean Gasoline Diesel Cellulosic Bioleum UCO 102 METALS 100 EtOH RD RD EtOH 15 SAF… 27 32 16 Corn EtOH Corn Soybean 70 Soybean MINING Sugarcane EtOH UCO RD Oil EtOH w/CCS RD 50 55 51 SAF 30 40 REAL ES
Slide 39: Oklahoma Ideally Suited for Production
Oklahoma Ideally Suited for Production CORPORATE Major U.S. Pipelines carrying Jet Fuel METALS MINING • $3 million Incentive Grant • $152 million volume cap Oklahoma allocation of tax-free REAL ESTATE municipal bonds • Site Selection Serial #001 • Negotiating Additional Site Incentives !!! FUELS Map
Slide 40: Integrating Solutions Across Industries
Integrating Solutions Across Industries CORPORATE Cane Ethanol Corn Ethanol Pulp and Paper METALS MINING Agriculture Petroleum REAL ESTATE FUELS © 2025 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 40
Slide 41: Bioleum's Strategic Partners / Stakeholders
Bioleum’s Strategic Partners / Stakeholders CORPORATE NREL / DOE & MIT Cooperative Research & Development Agreement METALS with NREL & MIT to convert biomass into sustainable aviation fuel (SAF). MINING “An integrated process based on Comstock’s and NREL’s REAL ESTATE technologies has remarkable pot
Slide 42: Experienced Management Team
Experienced Management Team CORPORATE ▪ Deep experience in diverse array of industries including graphite, steel, renewable fuels, agriproducts, hazardous waste, and intellectual property development METALS ▪ Built 23 advanced biofuel refineries ▪ Invented and commercialized technologies in use by >
Slide 43: Contact Us
Contact Us Corrado De Gasperis Judd B. Merrill Investor Relations Executive Chairman & CEO Chief Financial Officer (775) 4 13 -6222 (775) 847-4755 (775) 4 13 -6222 ir@comstockinc.com degasperis@comstockinc.com jmerrill@comstockinc.com Comstock.Inc