Comstock Inc. · AMEX:LODE
Comstock — Shareholder Meeting (May 2026)
46 slides from Comstock's shareholder meeting presentation, May 28, 2026
Slide 1: Annual General Meeting of Shareholders
Annual General Meeting of Shareholders Presented by Corrado De Gasperis Chief Executive Officer May 28, 2026 NYSE American: LODE
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 27 A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, ot
Slide 3: Annual General Meeting of Shareholders Agenda
Comstock Inc. Annual General Meeting of Shareholders Agenda 8:00 - 9:00 am Breakfast Naples 6, 7 9:00 am Call to Order Naples 6, 7 Introductions and Announcements Secretary’s Report Business of Meeting Report of Inspector of Election Adjournment 10:30 am Company Overview with Q&A followed by Lunch N
Slide 4: Comstock Metals Leadership Team
Comstock Metals Leadership Team CORPORATE METALS Corrado De Gasperis Dr. Fortunato Villamagna Judd B. Merrill Director, Executive Chairman & Chief Financial Officer, President, Comstock Metals Chief Executive Officer President, Comstock Mining INVESTMENTS MINING Paul Harshbarger Isaac Nichelson Kayl
Slide 5: 2026 Board of Directors
2026 Board of Directors CORPORATE • Walter “Del” Marting, Jr., Board Chair • Kristin M. Slanina, Board Vice Chair METALS • Corrado De Gasperis, Executive Director INVESTMENTS • Donald A. Colvin, Chair, Audit Committee • Leo M. Drozdoff, Chair Environmental • William J. Nance, Chair Nominating MINING
Slide 6: Company Dashboard
Company Dashboard CORPORATE NYSE American: LODE (USD millions except share price) Outstanding Shares (5/27/2026) 75.9 Share Price (5/27/2026) $ 4.09 METALS Market Capitalization (5/27/2026) $ 310.4 Companies Comstock As of 3/31/2026 (except for cash) Investments $ 56.4 INVESTMENTS Total Assets $ 218
Slide 7: Transformational Effort Leads to Robust Capital Base
Transformational Effort Leads to Robust Capital Base CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE
Slide 8: Extinguished All Debt Obligations (August 2025)
Extinguished All Debt Obligations (August 2025) CORPORATE March 31 December 31 2026 2024 Promissory Note 1 - 12% interest, due April 15, 2026 $ -0- $ 4,290,000 METALS 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
Slide 9: Comstock Inc. 2026 Corporate Objectives
Comstock Inc. 2026 Corporate Objectives CORPORATE In Progress METALS • Monetize our non-core, legacy mining assets. • Monetize our non-core, legacy real estate in Silver Springs, NV. INVESTMENTS • Secure sufficient power source to enable hyper-scale data center monetization in Silver Springs, NV. •
Slide 10: Solar Panel Recycling
CORPORATE METALS INVESTMENTS MINING Solar Panel Recycling FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE
Slide 11: Comstock Metals 2025 Objectives
Comstock Metals 2025 Objectives CORPORATE Completed METALS • Receive final permits for our FOAK industry-scale facility in Silver Springs, NV. • Secure Master Service Agreements (MSA) with national and regional customers . INVESTMENTS • Complete site selection for two additional solar panel recyclin
Slide 12: Comstock Metals 2026 Objectives
Comstock Metals 2026 Objectives CORPORATE In Progress • Receive, deploy, assemble and commission and showcase our first industry-scale facility in Silver Springs, NV. METALS • Operate our first industry-scale facility in Silver Springs profitably. • Secure additional Master Service Agreements (MSA)
Slide 13: Decommissioning to Offtake
Decommissioning to Offtake CORPORATE LOGISTICS RECYCLING SIZE REDUCTION, TREATMENT, SEPARATION OFFTAKE CURRENT RECOVERED DECOMMISSIONING THE COMSTOCK PROCESS SEPARATION MATERIALS METALS Treatment 3 Offtake Of Panels Streams INVESTMENTS SHREDDING SHREDDING CONVEYANCE END-OF-LIFE SYSTEM Panel Size Tre
Slide 14: Comstock Metals Capital Expenditures
Comstock Metals Capital Expenditures CORPORATE Capital Expenditures (in $US millions) Recycling Production Facility (Serial #001) $11.01 Power Generating Systems $1.10 METALS Building Leasehold Improvements $2.09 (1) INVESTMENTS Storage Facilities (NV/OH/CA) $1.10 (2) Total Capital Expenditures $15.
Slide 15: Recycled Materials
Recycled Materials Recycled Materials CORPORATE Aluminum Flakes • 1” in length, 99.999% pure aluminum, no dust, plastic-free $125/ton • Used to make ingots and alloys METALS Glass INVESTMENTS Pearls • ¼” in diameter, no fluorescence, dust free, plastic-free $20/ton • Used to make tiles, vases, windo
Slide 16: Upgrading Glass Products for Multiple Segments
Upgrading Glass Products for Multiple Segments Upgrading Glass Products for Multiple Segments CORPORATE Glass • ¼” in diameter, no fluorescence, dust free, plastic-free Pearls $20++/ton • Used to make fiber optics, cements, tiles, vases, windows METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC |
Slide 17: INVESTMENTS
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE
Slide 18: INVESTMENTS
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 55
Slide 19: mm i
9 i. a ET mm i 5%
Slide 20: INVESTMENTS
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 57
Slide 21: INVESTMENTS
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 58
Slide 22: INVESTMENTS
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 59
Slide 23: INVESTMENTS
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 60
Slide 24: INVESTMENTS
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 61
Slide 25: Comstock Metals
‘2) comstock METALS. CERTIFIED
Slide 26: Slide 26
Slide 27: High Growth U.S. Market Opportunity
High Growth U.S. Market Opportunity CORPORATE METALS INVESTMENTS MINING FUELS * Substantial majority of end-of-life solar panels generating from southwest region of the U.S. (CA, NV, AZ) Source: Comstock Management Compilation © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 64
Slide 28: Expanded Deployments Across Most of the USA
Expanded Deployments Across Most of the USA CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE Bubble size = Recycle Readiness Index (MW x K(Age)) 65
Slide 29: Under Development
Under Development CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE Bubble size = MW Pipeline Capacity 66
Slide 30: Industry Scale Pro Forma Financials
Comstock Metals LLC 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 $ 45,000 METALS Reno Mineral & Metal Recoveries** $ 500 $ 45,000 Costs (all in) $ 150 $ 15,000 Cash Profit*** $ 750 $ 75,000
Slide 31: Refining Delivers Maximum Value
Refining Delivers Maximum Value CORPORATE OFFTAKE VALUE CRITICAL METAL RECOVERY FROM TAILINGS** MAX $$$ VALUE $$$ Recovery Cells <1,000 µm Extraction Separation Recovery Recovery Cells & METALS Recovery Cells >1,000 µm Recovery Cells Recovery Cells INVESTMENTS Recovery Cells Recovery Cells Si/SiO2 R
Slide 32: Electrification Drives Silver Demand
Electrification Drives Silver Demand CORPORATE Photovoltaics Leading Demand Growth METALS ➢ Demand for silver reached near-record levels in 2025 and continues growing ➢ Driven by its industrial applications, particularly in INVESTMENTS photovoltaics and electronics ➢ Conventional mine supply constra
Slide 33: Silver Market Deficits Persist
Silver Market Deficits Persist CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 70
Slide 34: INVESTMENTS
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 71
Slide 35: Sierra Springs Opportunity Fund
SITERRA SPRINGS OPPORTUNITY FUND comstock REAL ESTATE Acres Under Control Federal Tax Incentive Power by 2030 Transaction Mandate
Slide 36: Largest, Best Located Opportunity Zone Growth
Largest, Best Located Opportunity Zone Growth LOCATION DRIVES VALUE Logistics and Distribution 1-2 day trucking service from Nevada to major markets with more than 50 carrier services. TRIC Tahoe Reno Industrial Center NNIC Northern Nevada USA Pkwy Industrial Co rridor Silver Springs 73 73
Slide 37: The Most Prolific Tech Companies Build Data Centers in Nevada
The Most Prolific Tech Companies Build Data Centers in Nevada Nevada recognized as Safest Area on U.S. Disaster Avoidance Map Nevada is host to some of the most sophisticated and secure military and private operation centers in the world supporting secure data transactions for thousands companies. M
Slide 38: Hyperscale data centers anchored alongside innovation and a live-work community
Hyperscale data centers anchored alongside cutting-edge innovation, circular industrial development, and a developing live-work community
Slide 39: Location Drives Value
Norther Nevada Indust Conor yer Springs portunity Zone
Slide 40: Land, Water, Sewer - Positioned for Major Development
Land, Water, Sewer - Positioned for Major Development 77
Slide 41: Proposed Primary Data Center Site
PRIMARY DATA CENTER SITE Proposed: >1007AC /1+GW campus SITE 1 — 1,007 AC Hyperscaler Contiguous campus, DC-ready Additional 375 AC available for DC’s Residential — 244 AC Residential zoned, the Silver Springs live-work community SIERRA SPRINGS BICSI-002 Easement // TA942 Easement Airport @ Parcels
Slide 42: Power Opportunity
POWER OPPORTUNITY 1+ GW natural gas 1+ GW natural gas proposed to site
Slide 43: Fleet Data Center building its own natural gas plant
Comstock obtains access to gas transmission and delivery. ~160 AC sold. 2,600 AC · Fleet Data Center building its own natural gas plant
Slide 44: TDP Telecom Advisors Wide Area Fiber Map
TDP TELECOM ADVISORS Wide Area Fiber Map: Reno, Las Vegas, Santa Clara, Los Angeles 3405 Citrus St | Silver Springs, NV 89429 Fiber Infrastructure Inteligence: CARRIER LATENCY MATRIX Carrier Destination Arelion eno, NV lumen Reno, NV . Las Vegas, NV Aralion Nv Zayo Arelion s 6-75 | -BO/LS Lumen Sant
Slide 45: Full Portfolio Overview
FULL PORTFOLIO OVERVIEW Six asset categories - 3,000+ acres - Multiple monetization pathways =| DATA CENTER POWER AIRPORT + MIXED * On-site natural gas + 1 GW gas transmission opportunity * Silver Springs Airport * Site 1 — 1,007 AC contiguous ge . PP y ~P 9 . P on G 9 * Future grid connection avail
Slide 46: Contact Us
Contact Us Corrado De Gasperis Judd B. Merrill Investor Relations Chief Executive Officer Chief Financial Officer (775) 41 3-6222 (775) 847-4755 (775) 41 3-6222 ir@comstockinc.com degasperis@comstockinc.com jmerrill@comstockinc.com Comstock.Inc