Slide 1: Corporate Overview
Corporate Overview Presented by Judd B. Merrill, CFO June 17, 2026 NYSE American: LODE © 2026 COMSTO CK INC | NYSE Am erican: LO DE 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 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: Comstock Inc's Executive Team
Comstock Inc’s Executive Team Corrado De Gasperis Judd B. Merrill Director & Chief Executive Officer, Chief Financial Officer, Comstock Inc Comstock Inc & President, Comstock Mining Full profiles of leadership and independent directors available in the Leadership & Governance © 2026 COMSTO CK INC |
Slide 4: 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 MINI
Slide 5: Company Dashboard
Company Dashboard CORPORATE NYSE American: LODE (USD millions except share price) Outstanding Shares (6/12/2026) $ 75.9 Share Price (6/12/2026) $ 4.10 METALS Market Capitalization (6/12/2026) $ 311.4 Companies Comstock As of 3/31/2026 (except for cash) Investments $ 56.4 INVESTMENTS Total Assets $ 2
Slide 6: 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 7: 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 8: Comstock Investments
Comstock Investments INVESTMENTS CORPORATE Investments Investment Type (in millions) Cost Basis Est. FMV METALS Mineral Properties & Rights $11.15 $45 (1) Assets Held & Planned for Sale REAL ESTATE $7.05 $80 INVESTMENTS Sierra Springs Opportunity Fund, Inc. $48.85 $225 (2) Green Li-Ion $1.20 $18 Bio
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: Investments
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 12
Slide 13: U.S. & Global Solar Panel Recycling - Capability Comparison
U.S. & Global Solar Panel Recycling - Capability Comparison Capability Attribute Comstock Metals Verified via IEA PVPS T12 · TCEQ · SERI Silver Springs, NV SolarCycle SPR We Recycle Solar First Solar evTerra / Igneo OnePlanet Solar ROSI · operator disclosures Odessa, TX (US) NC / TX / GA (US) Yuma,
Slide 14: 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 15: 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 16: 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 17: 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 18: 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 19: Investments
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE
Slide 20: Investments
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 20
Slide 21: Investments
CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 21
Slide 22: Certified
CERTIFIED
Slide 23: 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 23
Slide 24: 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)) 24
Slide 25: 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 25
Slide 26: Comstock Metals LLC 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 27: 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 28: 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 29: Silver Market Deficits Persist
Silver Market Deficits Persist CORPORATE METALS INVESTMENTS MINING FUELS © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 29
Slide 30: Nevada recognized as Safest Area for Data Centers
INVESTMENTS Nevada recognized as Safest Area Data Centers in operation and CORPORATE on U.S. Disaster Avoidance Map expanding in northern Nevada, $BB planned & invested locally Safest Zone METALS INVESTMENTS MINING Nevada is host to some of the most sophisticated and secure military and private oper
Slide 31: 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 31 31
Slide 32: 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 © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE