Slide 1: Comstock Fuels Update
COMSTOCK FUELS UPDATE Q3 2023 Earnings Call William McCarthy October 26, 2023 Chief Operating Officer © 2023 COMSTOCK INC | NYSE American: LODE 1 FOR PUBLIC RELEASE
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: The New Supply Chain for Low-Carbon Advanced Biofuels
The New Supply Chain for Low-Carbon Advanced Biofuels © 2023 COMSTOCK INC | NYSE American: LODE 3 FOR PUBLIC RELEASE
Slide 4: Business Case: Why Bioleum?
Business Case WHY BIOLEUM? © 2023 COMSTOCK INC | NYSE American: LODE 4 FOR PUBLIC RELEASE
Slide 5: Low-Carbon Fuel Production Is Expanding to Capture the Energy Transition Opportunity
LOW-CARBON FUEL PRODUCTION IS EXPANDING TO CAPTURE THE ENERGY TRANSITION OPPORTUNITY 228 billion 3 billion 6 billion gallons of gallons of gallons of advanced transportation fuels advanced biofuels biofuels by 2025 consumed annually produced annually by capacity to double in the US1 hydro-processed
Slide 6: Low-Carbon Fuel Production Needs Scalable Solutions
LOW-CARBON FUEL PRODUCTION NEEDS SCALABLE SOLUTIONS TO CAPTURE THE ENERGY TRANSITION OPPORTUNITY 228 billion gallons of transportation fuels consumed today 6 billion gallons of advanced biofuel capacity planned by 2025 - 60% electrified Hypothetical scenario only 6.6% 91 billion gallons of transport
Slide 7: Emissions Reduction Performance Is Increasingly Important to the Biofuel Producer Value Equation
EMISSIONS REDUCTION PERFORMANCE IS INCREASINGLY IMPORTANT TO THE BIOFUEL PRODUCER VALUE EQUATION Cost Revenue Tax Credits CI Reduction CA-LCFS Production RFS Feedstock Energy Value © 2023 COMSTOCK INC | NYSE American: LODE 7 FOR PUBLIC RELEASE
Slide 8: Emissions Reduction Performance Is Increasingly Important to the Biofuel Producer Value Equation
EMISSIONS REDUCTION PERFORMANCE IS INCREASINGLY IMPORTANT TO THE BIOFUEL PRODUCER VALUE EQUATION Tax Tax Tax Tax Tax credit credit credit credit credit Cost Revenue value value value value value $1.00 $1.00 $1.54 $1.01 $3.00 LCFS LCFS LCFS LCFS LCFS LCFS value value value value value value Tax Credi
Slide 9: Emissions Reduction Performance Is Increasingly Important to the Biofuel Producer Value Equation
EMISSIONS REDUCTION PERFORMANCE IS INCREASINGLY IMPORTANT TO THE BIOFUEL PRODUCER VALUE EQUATION Tax Tax Tax Tax Tax credit credit credit credit credit Cost Revenue value value value value value $1.00 $1.00 $1.54 $1.01 $3.00 LCFS LCFS LCFS LCFS LCFS LCFS value value value value value value Tax Credi
Slide 10: Emissions Reduction Performance Is Increasingly Important to the Biofuel Producer Value Equation
EMISSIONS REDUCTION PERFORMANCE IS INCREASINGLY IMPORTANT TO THE BIOFUEL PRODUCER VALUE EQUATION Tax Tax Tax Tax Tax credit credit credit credit credit Cost Revenue value value value value value $1.00 $1.00 $1.54 $1.01 $3.00 LCFS LCFS LCFS LCFS LCFS LCFS value value value value value value Tax Credi
Slide 11: Emissions Reduction Performance Is Increasingly Important to the Biofuel Producer Value Equation
EMISSIONS REDUCTION PERFORMANCE IS INCREASINGLY IMPORTANT TO THE BIOFUEL PRODUCER VALUE EQUATION Tax Tax Tax Tax Tax credit credit credit credit credit Cost Revenue value value value value value $1.00 $1.00 $1.54 $1.01 $3.00 LCFS LCFS LCFS LCFS LCFS LCFS value value value value value value Tax Credi
Slide 12: The New Supply Chain for Low-Carbon Advanced Biofuels
The New Supply Chain for Low-Carbon Advanced Biofuels Forest Products Waste Advanced Biofuels Production © 2023 COMSTOCK INC | NYSE American: LODE 12 FOR PUBLIC RELEASE
Slide 13: The New Supply Chain for Low-Carbon Advanced Biofuels
The New Supply Chain for Low-Carbon Advanced Biofuels HUB Forest Products Waste Advanced Biofuels Production © 2023 COMSTOCK INC | NYSE American: LODE 13 FOR PUBLIC RELEASE
Slide 14: The New Supply Chain for Low-Carbon Advanced Biofuels
The New Supply Chain for Low-Carbon Advanced Biofuels HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HUB HU
Slide 15: Bioleum Carbon Intensity Is Class Leading
BIOLEUM™ CARBON INTENSITY IS CLASS LEADING average GREET CI scores (gCO2e/MJ) Bioleum™ Bioleum™ Bioleum™ Bioleum™ Gasoline Diesel Cellulosic Bioleum™ EtOH UCO Soybean 100 102 EtOH 15 SAF RD RD 16 Corn 26 27 32 EtOH Corn UCO 70 Soybean Sugarcane EtOH RD Soybean Oil EtOH w/CCS 30 RD 55 51 SAF 50 40 UC
Slide 16: Bioleum Carbon Intensity Is Class Leading
BIOLEUM™ CARBON INTENSITY IS CLASS LEADING average GREET CI scores (gCO2e/MJ) Bioleum™ Bioleum™ Bioleum™ Bioleum™ Gasoline Diesel Cellulosic Bioleum™ EtOH UCO Soybean 100 102 EtOH 15 SAF RD RD 16 Corn 26 27 32 EtOH Corn UCO 70 Soybean Sugarcane EtOH RD Soybean Oil EtOH w/CCS 30 RD 55 51 SAF 50 40 UC
Slide 17: Bioleum Carbon Intensity Is Class Leading
BIOLEUM™ CARBON INTENSITY IS CLASS LEADING average GREET CI scores (gCO2e/MJ) Bioleum™ Bioleum™ Bioleum™ Bioleum™ Gasoline Diesel Cellulosic Bioleum™ EtOH UCO Soybean 100 102 EtOH 15 SAF RD RD 16 Corn 26 27 32 EtOH Corn UCO 70 Soybean Sugarcane EtOH RD Soybean Oil EtOH w/CCS 30 RD 55 51 SAF 50 40 UC
Slide 18: Bioleum Carbon Intensity Is Class Leading
BIOLEUM™ CARBON INTENSITY IS CLASS LEADING average GREET CI scores (gCO2e/MJ) Bioleum™ Bioleum™ Bioleum™ Bioleum™ Gasoline Diesel Cellulosic Bioleum™ EtOH UCO Soybean 100 102 EtOH 15 SAF RD RD 16 Corn 26 27 32 EtOH Corn UCO 70 Soybean Sugarcane EtOH RD Soybean Oil EtOH w/CCS 30 RD 55 51 SAF 50 40 UC
Slide 19: Bioleum Carbon Intensity Is Class Leading
BIOLEUM™ CARBON INTENSITY IS CLASS LEADING average GREET CI scores (gCO2e/MJ) Bioleum™ Bioleum™ Bioleum™ Bioleum™ Gasoline Diesel Cellulosic Bioleum™ EtOH UCO Soybean 100 102 EtOH 15 SAF RD RD 16 Corn 26 27 32 EtOH Corn UCO 70 Soybean Sugarcane EtOH RD Soybean Oil EtOH w/CCS 30 RD 55 51 SAF 50 40 UC
Slide 20: Process: How Does It Work?
Process HOW DOES IT WORK? © 2023 COMSTOCK INC | NYSE American: LODE 20 FOR PUBLIC RELEASE
Slide 21: Supply Chain Flow
Supply Chain Flow Ethanol SAF ETJ Refinery Bioleum™ SAF & RD HBO Forest Products RD Waste HUB Refinery FOGs (Fats/Oils/Greases) Furfural Green & Glycerol Chemicals Hydrogen Chemical Manufacturing SAF = Sustainable Aviation Fuel RD = Renewable Diesel © 2023 COMSTOCK INC | NYSE American: LODE HBO-C =
Slide 22: Bioleum Hub Flow Sheet
Bioleum™ Hub Flow Sheet Pathways #1, #2, #3 Furfural C Ethanol Woody Biomass A Cellulose B Sugar G HUB FFA FOGs (Fats/Oils/Greases) D (Free Fatty Acid) Glycerol kraft lignin F Bioleum™ E Bioleum™ HBO Hydrogen © 2023 COMSTOCK INC | NYSE American: LODE 22 FOR PUBLIC RELEASE
Slide 23: Bioleum Hub Flow Sheet: Pathway #1 Commercial
Bioleum™ Hub Flow Sheet Pathway #1 - Commercial Furfural C Ethanol Woody Biomass A Cellulose B Sugar G HUB FFA FOGs (Fats/Oils/Greases) D (Free Fatty Acid) Glycerol kraft lignin F Bioleum™ E Bioleum™ HBO Hydrogen © 2023 COMSTOCK INC | NYSE American: LODE 23 FOR PUBLIC RELEASE
Slide 24: Bioleum Hub Flow Sheet: Pathway #2 Commercial
Bioleum™ Hub Flow Sheet Pathway #2 - Commercial Furfural C Ethanol Woody Biomass A Cellulose B Sugar G HUB FFA FOGs (Fats/Oils/Greases) D (Free Fatty Acid) Glycerol kraft lignin F Bioleum™ E Bioleum™ HBO Hydrogen © 2023 COMSTOCK INC | NYSE American: LODE 24 FOR PUBLIC RELEASE
Slide 25: Bioleum Hub Flow Sheet: Pathway #3 In Development
Bioleum™ Hub Flow Sheet Pathway #3 – In Development (TRL 5) with DOE Funding Furfural C Ethanol Woody Biomass A Cellulose B Sugar G HUB FFA FOGs (Fats/Oils/Greases) D (Free Fatty Acid) Glycerol kraft lignin F Bioleum™ E Bioleum™ HBO Hydrogen © 2023 COMSTOCK INC | NYSE American: LODE 25 FOR PUBLIC RE
Slide 26: Bioleum Hub Flow Sheet: Technology Sources
Bioleum™ Hub Flow Sheet Technology Sources Furfural C Ethanol Woody Biomass A Cellulose B Sugar (off the shelf) G HUB FFA FOGs (Fats/Oils/Greases) D (Free Fatty Acid) Glycerol Kraft lignin F Bioleum™ E Bioleum™ HBO Hydrogen © 2023 COMSTOCK INC | NYSE American: LODE 26 FOR PUBLIC RELEASE
Slide 27: Bioleum Hub Flow Sheet: Technology Sources and Integrations
Bioleum™ Hub Flow Sheet Sugar Tech Technology Sources and Integrations ETJ Tech Furfural C Ethanol Woody Biomass A Cellulose B Sugar (off the shelf) G FFA HUB FOGs (Fats/Oils/Greases) D (Free Fatty Acid) Glycerol Kraft F E Bioleum™ SAF/RD Tech Bioleum™ lignin HBO Hydrogen © 2023 COMSTOCK INC | NYSE
Slide 28: Business Plan: How Do We Build Bioleum Hubs?
Business Plan HOW DO WE BUILD 100 BIOLEUM HUBS? © 2023 COMSTOCK INC | NYSE American: LODE 28 FOR PUBLIC RELEASE
Slide 29: How We Build Bioleum Hubs: Build and Own Hub #1
HOW WE BUILD 100 BIOLEUM HUBS Build and Own Hub #1 100k dry metric tons per year capacity $40-50 million per year in projected income © 2023 COMSTOCK INC | NYSE American: LODE Source: management estimates 29 FOR PUBLIC RELEASE
Slide 30: How We Build Bioleum Hubs: Build and Own Hub #1
HOW WE BUILD 100 BIOLEUM HUBS Build and Own Hub #1 100k dry metric tons per year capacity $40-50 million per year in projected income ~$300 million Capital Cost Non-dilutive funding at project level for Hub #1 © 2023 COMSTOCK INC | NYSE American: LODE Source: management estimates 30 FOR PUBLIC RELEA
Slide 31: How We Build Bioleum Hubs: Develop and License
HOW WE BUILD 100 BIOLEUM HUBS Build and Own Hub #1 Develop and License Hubs 2 to 100 100k dry metric tons per year capacity 250k dry metric tons per year capacity $40-50 million per year in projected income ~$100 million per year in projected income for licensee ~$300 million Capital Cost Non-diluti
Slide 32: How We Build Bioleum Hubs: Royalty per Licensed Hub
HOW WE BUILD 100 BIOLEUM HUBS Build and Own Hub #1 Develop and License Hubs 2 to 100 100k dry metric tons per year capacity 250k dry metric tons per year capacity $40-50 million per year in projected income ~$100 million per year in projected income for licensee ~$300 million Capital Cost $15 millio
Slide 33: Supply Chain Flow
Supply Chain Flow Ethanol SAF ETJ Refinery Bioleum™ SAF & RD HBO Forest Products RD Waste HUB Refinery FOGs (Fats/Oils/Greases) Furfural Green & Glycerol Chemicals Hydrogen Chemical Manufacturing SAF = Sustainable Aviation Fuel RD = Renewable Diesel © 2023 COMSTOCK INC | NYSE American: LODE HBO-C =
Slide 34: Supply Chain Flow
Supply Chain Flow Ethanol SAF ETJ Refinery Bioleum™ SAF & RD HBO Forest Products RD Waste HUB Refinery FOGs (Fats/Oils/Greases) Furfural Green & Glycerol Chemicals Hydrogen Chemical Manufacturing SAF = Sustainable Aviation Fuel RD = Renewable Diesel © 2023 COMSTOCK INC | NYSE American: LODE HBO-C =
Slide 35: Supply Chain Flow
Supply Chain Flow Ethanol SAF ETJ Refinery Bioleum™ SAF & RD HBO Forest Products RD Waste HUB Refinery FOGs (Fats/Oils/Greases) Furfural Green & Glycerol Chemicals Hydrogen Chemical Manufacturing SAF = Sustainable Aviation Fuel RD = Renewable Diesel © 2023 COMSTOCK INC | NYSE American: LODE HBO-C =
Slide 36: Supply Chain Flow
Supply Chain Flow Ethanol SAF ETJ Refinery Bioleum™ SAF & RD HBO Forest Products RD Waste HUB Refinery FOGs (Fats/Oils/Greases) Furfural Green & Glycerol Chemicals Hydrogen Chemical Manufacturing SAF = Sustainable Aviation Fuel RD = Renewable Diesel © 2023 COMSTOCK INC | NYSE American: LODE HBO-C =
Slide 37: Supply Chain Flow
Supply Chain Flow Ethanol SAF ETJ Refinery Bioleum™ SAF & RD HBO Forest Products RD Waste HUB Refinery FOGs (Fats/Oils/Greases) Furfural Green & Glycerol Chemicals Hydrogen Chemical Manufacturing SAF = Sustainable Aviation Fuel RD = Renewable Diesel © 2023 COMSTOCK INC | NYSE American: LODE HBO-C =
Slide 38: The New Supply Chain for Low-Carbon Advanced Biofuels
The New Supply Chain for Low-Carbon Advanced Biofuels Forest Products Companies Advanced Biofuels Producers © 2023 COMSTOCK INC | NYSE American: LODE 38 FOR PUBLIC RELEASE
Slide 39: Upcoming Milestones – Bioleum Hub #1
UPCOMING MILESTONES – BIOLEUM™ HUB #1 2023 / 2024 Offtake Commitment Feedstock Commitment Development Funding Source © 2023 COMSTOCK INC | NYSE American: LODE 39 FOR PUBLIC RELEASE
Slide 40: Upcoming Milestones – Bioleum Hub #1
UPCOMING MILESTONES – BIOLEUM™ HUB #1 2023 / 2024 Offtake Commitment Feedstock Commitment Development Funding Source 2024 / 2025 Feasibility Study Complete / Site Selection EPC Selected Pathway Approval Construction Funding Source © 2023 COMSTOCK INC | NYSE American: LODE 40 FOR PUBLIC RELEASE
Slide 41: The New Supply Chain for Low-Carbon Advanced Biofuels
The New Supply Chain for Low-Carbon Advanced Biofuels fuels@comstockinc.com https://comstockfuels.com © 2023 COMSTOCK INC | NYSE American: LODE 41 FOR PUBLIC RELEASE