Comstock Inc. · AMEX:LODE
Comstock — Investor Presentation (February 2026)
28 slides from Comstock's investor presentation, Feb 3, 2026
Slide 1: Corporate Overview
comstock Corporate Overview NYSE American: LODE February 2026
Slide 2: Cautionary Notice Regarding Forward Looking Statements
cog Cautionary Notice Regarding Forward Looking Statements Get eens crane ni resentation re fone ooking samen wi the meaning of Scion 27 of the Sale Act of 1933, os amended, anc Seton 2 of the Stcnes Exchange Act of 1434.86 gnanaes All steers ther than Statement of Rural fact ae ferwarooking sara Th
Slide 3: Leadership
Leadership Independent Directors comstock e é 2 8 2 o HI * | Corrado De Gasperis d Dr. Fortunato Villamaana Director, Executive Charman & President, Comstock Metals | Chir Exeeive ofeer g 5 Zz 2 ES | William. McCarthy. Paul Harshbarger a Chief Operating Officer Director, Strategic Planning & 2 ‘Supp
Slide 4: Company Dashboard
Company Dashboard NYSE American: LODE | Outstanding Shares (1/30/2026) 71.3 mittion | Share Price (1/30/2026) 295 $ Market Capitalization (1/30/2026) 2103 $ million Cash* 317 Investments _ ; 40.5 Total Assets ; 1763 Debt 00 §million Corporate Offices Investor Relations Comstock Inc. Corporate Office
Slide 5: Shares Outstanding
Shares Outstanding comsvook Shares Outstanding - 10/27/25 51,264,247 Equity Offering (Net Proceeds of $46.2 million) 18,181,819 ATM (Mid Dec to Mid Jan) 1,462,081 Director Compensation (3+ years) 463,721 Shares Outstanding - 2/3/26 71,371,868 Over-allotment Option © 2,727,272 Potential Future Shares
Slide 6: Extinguished Obligations
Extinguished Obligations eomstiock * Extinguishment of Northern Comstock obligations * Extinguishment of AST obligations « Extinguishment of LINICO obligations « Extinguishment of AQMS obligations * Extinguishment of Haywood obligations * Extinguishment of Kips Bay Convertible Debt obligations * Rep
Slide 7: Extinguished All Debt Obligations
Extinguished All Debt Obligations (ausust2025) comstork September 30 December 31 2025 2024 Promissory Note 1 - 12% interest, due April 15, 2026 $ -0- $ 4,290,000 Promissory Note 2 - 16% interest, due April 15, 2026 0. 2,000,000 Promissory Note 3 - 12% interest, due April 15, 2026 -0- 2,100,000 Note
Slide 8: Comstock Metals 2025 Objectives
Comstock Metals 2025 Objectives (constr * Receive final permits for our FOAK industry-scale facility in Silver Springs, NV * Secure Master Service Agreements (MSA) with national and regional customers + Complete site selection for two additional solar panel recycling locations + Advance R&D efforts
Slide 9: Comstock Metals Solar Panel Recycling
comstock METALS Solar Panel Recycling (2) (CERTIFIED.
Slide 10: Electrification Drives Silver Demand
Electrification Drives Silver Demand Photovoltaics Leading Demand Growth Demand in Millions of Oun » Demand for silver reached near-record levels in 2025 and continues growing > Driven by its industrial applications, particularly in hi i e ronit > Conventional mine supply constraints persist » Incre
Slide 11: Global Silver Demand Has Exceeded Supply
comstock Global Silver Demand Has Exceeded Supply Silver Supply & Demand 1.200 *$103 $100 - 1.100 8 $80 8 § 1.000 8 Z sso 5 2 800 ry = sso B 600 $20 800 * = 2023 2024 2025 2026 2028 2030 | Long-Term Outlook (2030): Projections suggest that by 2030, silver supply may only satisfy 62-70% of total dema
Slide 12: Why Do We Do It
Why Do We Do lt (3 comstock Reduce Toxicity in Landfills * The Alpaugh Project + 80,000 Panels #1 Metric Ton Of Lead Why Toss Scarce Commodities Each Standard Panel Contains * 15-20 Grams = 0.50-0.64 Troy Oz Silver * 6.6 Pounds Aluminum * 15 Pounds Elemental Siticon * 15Grams Of Lead * Also: Indium,
Slide 13: Decommissioning to Offtake
2) comstock Decommissioning to Offtake w 7) coms RECYCLING SIZE REDUCTION, TREATMENT, SEPARATION CURRENT RECOVERED DECOMMISSIONING ‘THE COMSTOCK PROCESS SEPARATION MATERIALS Treatment 3 Offtake Of Panels Streams SHREDDING SHREDDING = END-OF-LIFE Relive Panel Siz aie PANELS & Pe Reduction stents TRAN
Slide 14: All Permits Secured & Issued
All Permits Secured & Issued (2) comstock comm Pb. | ENVIRONMENTAL PROTECTION 10/30/25 - Draft Written Determination - Expected Completion 11/14/25 — Draft Air Quality Permit - Expected Completion 11/05/25 ~ Receive Final Comments on Written Determination 11/19/25 — Receive Final Comments on Air Qua
Slide 15: Electrification Product Recycling
Electrification Product Recycling (2) comstock cnn URBAN MINING 100% Full-Service End-of-Life Solar Waste Management Operating Today & Scaling Up to the Largest U.S. Industrial Facility Sliver Springs, Nevada Zero Landfill Solar Panel Recycling > Currently operating commercial demonstration facility
Slide 16: Corporate
comstock CORPORATE
Slide 17: Process 100% Recoverable Material
Process 100% Recoverable Material (2) comstock ‘Aluminum Can Glass Bottle Mineral Recovery, Processors Recyclers, Recyclers
Slide 18: Recycled Materials
Recycled Materials (2) comstock Aluminum Flakes $125/ton Glass Pearls $20/ton Metal Tailings $125/ton* eseden Hole ape ce 1" in length, 99.999% pure aluminum, no dust, plastic-free Used to make ingots and alloys ¥," in diameter, no fluorescence, dust free, plastic-free Used to make tiles, vases, win
Slide 19: Comstock Metals LLC Industry Scale Pro Forma Financials
Comstock Metals LLC w eed | Industry Scale Pro Forma Financials comstock > METALS al & Metal Recover Costs atin) Cosh Profit * Reqrescpital expenitres of opprosinaely $12 i End-of-Life Solar Recycling Market a 7 usa Global F 2005 voo000" 750,000 Arizona 1,000,000 8,000,000 8,000,000 80,000,000
Slide 20: High Growth U.S. Market Opportunity
High Growth U.S. Market Opportunity (2) comstock Projected End-of-Life Solar Panels Waste Market - U.S. Tons EQUIVALENT y 2050 Pane Morkat Capa by 2030 300,000+ 10,000,000 Panel Market 1,000,000 33,000,000 Each of Comstoc’s Industrial Facilities” 2025 Current Comstock Capacity * Represents one produ
Slide 21: The U.S. Market
The U.S. Market (2) comstock «oy U®ITED STATES = ike > Sj a |e oe * e 2 e On $ ° MEXICO. * Substotol mojoiy of end-ofiile solar panel: generating from soutweet region of he U.S (CA, NV, AZ)
Slide 22: Existing Customer Engagements
Existing Customer Engagements (2) comstock Mexico
Slide 23: Processing Facility Evolution
Processing Facility Evolution (3 comstock Match Resources To Task am ———— a ey ‘] ‘] I ! i! 1 Northern Nevada ! 1! North carolina I ‘ . Southern Nevada Texas I Florida I Silver Springs H I 1 I I I ! i! I a Lowe <<< I i! i! 1 ! i! i! 1 ; Arizona TH Georgia 1 1 Ohio I I I I I if I I I ! i! if 1 ee | a
Slide 24: Refining Delivers Maximum Value
Refining Delivers Maximum Value (2) comstigek Extraction Separation = | ee | idue <i 4 Lm “Not All Metals Present in Al Panels 24 “besedon Hole shat ee
Slide 25: Comstock Metals LLC Industry Scale Pro Forma Financials
-ORPORATE Comstock Metals LLC Industry Scale Pro Forma Financials (Pre forma ~ One 100,000 tens per yeorFacilty* Looe comstock Revenue ‘Mineral & Metal Recoveries®® $500 Regier aac alia prAD STA 1 Assimes approx. 860 per once of ver and 923% recovery. 12 Agua aeity operat of 90% yeoton End-of-Life S
Slide 26: comstock
comstock auytiodtiod
Slide 27: Comstock Investments
Comstock Investments comstock INVESTMENTS. Investments Investment Type (in millions) Book Value Est. FMV Mineral Properties & Rights comstock $1198 $200.00 * Assets Held & Planned for Sale comstock $7.05 $45.00 Sierra Springs Opportunity Fund, Ine. i $18.00 $50.00 Green Li-lon Qs $1.20 $18.00 Bioleu
Slide 28: 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 ; ‘ GiseREa eelemsivatcenm fine Geomerccanecarm ir@comstockinc.com Comstock.Inc