Slide 1: 2025 Annual Results and Business Update
comstock 2025 Annual Results and Business Update NYSE American: LODE March 24, 2026
Slide 2: Cautionary Notice Regarding Forward Looking Statements
Cautionary Notice Regarding Forward Looking Statements seers cntained ni resection ae oats oing ates win de esting ot Scien 27 ote Sari Act of 1933, anced and Scion 23 of {he Secuties Exhhonge het ef 1Ssa. ax sented A 5m satements of Rist oc, ate onwara-ooking stares: The words "baere “expec” rip’ e
Slide 3: Webinar Hosts
Webinar Hosts comstock CORPORATE et 4 Director, Chief Executive Officer Chief Financial Officer, Comstock Inc Fs Comstock Inc President, Comstock Mining
Slide 4: Company Dashboard
Company Dashboard comstock Outstanding Shares (3/23/2026) $ 74d ‘Share Price (3/23/2026) $282 ‘Market Capitalization (2/28/2026) $2089 Investments Tot Debt Cash (3/20/2026) Corporate Offices Comstock Inc. Corporate Offices Weaiser 117 American Flat Road Virginia City. NV 89440 www.comstock.ine COmet
Slide 5: Shares Outstanding
comstock Shares Outstanding Shares Outstanding (12/31/25) 51,853,490 Equity issuances (Mid Dec to Mid Jan) 872, 838 Director Compensation (3+ years) 463,721 Equity Issuance (Titan Partners) 18,181,819 Exercise of Over-allotment Option (Titan Partners) 2,727,272 Shares Outstanding (3/23/26)* 74,099,1
Slide 6: Extinguished All Debt Obligations (December 2025)
Extinguished All Debt Obligations (December 2025) ork December 31 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 Payabl
Slide 7: Extinguished Obligations (December 2025)
Extinguished Obligations (oecember 2025) comstock « 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 ob
Slide 8: Comstock 2025 Corporate Objectives
Comstock 2025 Corporate Objectives comstock (Completed + Completed a strongly oversubscribed equity financing of $57.5 million in gross proceeds and $53.0 million, net of offariig seperisen. diven by demand from laxding instore investors end further strenthening ourcapiinuioase DA to accelerate comm
Slide 9: 2026 Board of Directors
2026 Board of Directors comstock Walter “Del” Marting, Jr, Board Chair Kristin M. Slanina, Board Vice Chair Corrado De Gasperis, Executive Director Donald A. Colvin, Audit Committee Leo M. Drozdoff, Chair Environmental William J. Nance, Chair Nominating Steven Y. Pei, Audit & Environmental a Robert
Slide 10: 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-Ion. + Secure sufficient power source to enable hyper-scale data center monetiz
Slide 11: Comstock Metals 2025 Objectives
Comstock Metals 2025 Objectives (2) comstock + 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
Slide 12: Comstock Metals 2026 Objectives
Comstock Metals 2026 Objectives (©) comstock IinProgress Receive, deploy, assemble and commission 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 strategic, nationa
Slide 13: Comstock Metals Solar Panel Recycling
comstock METAES Solar Panel Recycling @) (CERTIFIED:
Slide 14: Electrification Drives Silver Demand
Electrification Drives Silver Demand Photovoltaics Leading Demand Growth Demand for in ilions of Ounce: > Demand for silver reached near-record levels in 2025 and continues growing > Driven by its industrial applications, particularly in photovoltaics and electronics > Conventional mine supply const
Slide 15: Decommissioning to Offtake
Decommissioning to Offtake & comstock = LOGISTICS RECYCLING SIZE REDUCTION, TREATMENT, SEPARATION OFFTAKE CURRENT ‘Treatment 3 Offtake Of Panels ‘Streams SHREDDING SHREDDING i cumin : exo or-ure BE mots a ai ma Baie ses as ‘TRANSPORT (1" flakes) aac % i Reduction > Eliminates Contaminants > Lowest V
Slide 16: Recycled Materials
Recycled Materials (©) comstock Aluminum Flakes * 1” in length, $125/ton d to make ingots and alloys pure aluminum, no dust, plastic-f Glass Pearls ¥4" in diameter, no fluorescence, dust free, plastic-free $20/ton sed to make tiles, v windows Metal : ize < 1,000 microns, contains silver, silicon, co
Slide 17: comstock
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Slide 18: Electrification Product Recycling
Electrification Product Recycling (©) comstgck , 7 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 > Currently operating commercial demonstration facility in Nevada (135,000 pan
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Slide 23: Refining Business
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Slide 24: Refining Delivers Maximum Value
Refining Delivers Maximum Value (©) comstock ee SE ‘sySio2 Residue J ¥y GU conto freee Glass ¥ G “Nol AI Metals Present in AK Panels. 24
Slide 25: High Growth U.S. Market Opportunity
High Growth U.S. Market Opportunity ©) comstges Projected End-of-Life Solar Panels Waste Market - U.S. By 2050 Panel Market Comstock’s Per Year Capacity by 2030 By 2030 Panel Market Each of Comstock’s Industral Faciiies® 2025 Current Comstock Capacity TONS PANEL (Total) EQUIVALENT 10,000,000 330,000
Slide 26: The U.S. Market
The U.S. Market ore : Be I! 22 USIITED STATES }-¢-29'« J a. |e PY 2
Slide 27: Comstock Metals LLC Industry Scale Pro Forma Financials
Comstock Metals LLC Industry Scale Pro Forma Financials forma ~ One 100,000 tens per yer Fasity® End-of-Life Solor Recycling Market (Esimotein tom) USA Global 100,000" 750,000 Scat may gered an sai mg he US (CARIN coms! tock METALS.
Slide 28: Comstock Investments
Comstock Investments comstock Investments Investment Type (in mi Cost Basis Est. FMV Mineral Properties & Rights, comstock $1198 $50-60 (0 Assets Held & Planned for Sale comstock $7.05 $75 Sierra Springs Opportunity Fund, nc ieee $39.60 @ $200 a Green Liton Q= $1.20 sis Bioleum Corporation bioleum $
Slide 29: Monetizing Comstock's Mineral Estate
Monetizing Comstock’s Mineral Estate cometeck + Mineral estate covers seven square miles, containing five miles of strike length over the historic Comstock and Silver City lodes. + Acquired 238 acres in Lyon County, for no additional consideration as part of the sale of the Northern properties to Ma
Slide 30: Dayton Mine Project
Dayton Mine Project
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Slide 32: Largest, Best Located Opportunity Zone Growth
Largest, Best Located Opportunity Zone Growth mer es ¥ z oe Logistics and Distribution 1-2 day trucking sevice from Nevada to major markets with mare than 60 carer services
Slide 33: Nevada recognized as Safest Area on U.S. Disaster Avoidance Map
Nevada recognized as Safest Area on U.S. Disaster Avoidance Map ‘The Most Prolific Tech Companies Build Data Centers in Nevada Google GH BE micosott shtich tract: amazon Nevadaishostto some ofthe most sophisticated and secure marary Sha private operation centers inthe world supporting secure data iT
Slide 34: Nevada State Route - USA Parkway Valuation Comps and Maps
Nevada State Route 439 - USA Parkway "VALUATION COMPS AND MAPS Connecting to Silver Springs and Entire Northern Nevada Quadrant ea 1 nay rd via 0a rare Tre Uk Pye nese gles te 10+ compares natin the 107200 ae sa park ro an ted oss the {ie fom 10 eter though ering on US Mis SOR and 35 heh arava mwa 8
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Slide 36: Nevada Data Center Site and Tech Investments
> wera Bye 30 Aer Nevada Ota CenterSite vee Ferd) > Muro purchases 78 resin iver pigs, Neva Google's Mase acti ng at Tatoe Ren nasal ener > Switch Tahoe eno Now Open: arget Mon Advance DataCenter Compute Word eats Goundon Second ad Thr Tahoe > Tea Gator: Where 60% ofthe We’ ithson Bates Wa be Made 2
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Slide 39: Land, Water, Sewer, Power, Fiber Data Transmission
Land, Water, Sewer, Mere) oa Power, Fiber Data Transmission = » E = x BEE gyurert
Slide 40: 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 (775) 413-6222 A F ee) A ir@comstockine.com degasperis@comstockinc.com jmerrilt@comstockinc.com @ Comstock.Inc