Comstock Inc. · AMEX:LODE
Comstock — Q3 2026 Earnings Presentation
30 slides from Comstock's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Results and Business Update
Third Quarter 2026 Results and Business Update November 4, 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other
Slide 3: Presenters
Presenters CORPORATE METALS SSOF / INVESTMENTS Corrado De Gasperis Judd B. Merrill Director, Chief Executive Officer Chief Financial Officer OTHER Comstock Inc Comstock Inc Full profiles of leadership and independent directors available in the Leadership & Governance © 2026 COMSTO CK INC | NYSE Am e
Slide 4: Strong Financial Position | Q3 2026
Strong Financial Position | Q3 2026 CORPORATE $43.5M $33.3M $0 $140.8M Total cash & restricted cash Working capital Outstanding debt Stockholders’ equity $39.5M unrestricted At September 30, 2026 Debt-free balance sheet Versus $110.9M at year-end 2025 Legacy Mining Sale - Simplifying the Business ME
Slide 5: Commercial Recycling | From Startup to Scale
Commercial Recycling | From Startup to Scale $4.6M ~25% 2027 CORPORATE Deferred recycling revenue Year-end utilization target Positive operating cash flow Customer billings awaiting processing Expected operating cost coverage Expected as production scales Operating and Investment Priorities METALS •
Slide 6: Capital Discipline | Path to Shareholder Value
Capital Discipline | Path to Shareholder Value Capital Allocation & Liquidity CORPORATE • Reduced recurring corporate overhead by approximately 15% annually • Prioritize Metals growth; limit funding exposure to Bioleum and other non-core investments METALS • No current plans for an equity financing;
Slide 7: Solar Panel Recycling
CORPORATE METALS SSOF / INVESTMENTS Solar Panel Recycling OTHER © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE
Slide 8: Creating an Entirely New Supply Chain
Creating an Entirely New Supply Chain LOGISTICS RECYCLING SIZE REDUCTION, TREATMENT, SEPARATION OFFTAKE CORPORATE DECOMMISSIONING THE COMSTOCK PROCESS SEPARATION Treatment 3 Offtake Of Panels Streams END-OF-LIFE SHREDDING SHREDDING METALS PANELS & CONVEYANCE SYSTEM TRANSPORT Panel Size Treated Reduc
Slide 9: Industry-scale Recycling Production Facility (#001)
Industry-scale Recycling Production Facility (#001) CORPORATE Oven Lines METALS SSOF / INVESTMENTS OTHER © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 9
Slide 10: cock
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Slide 11: SSOF / INVESTMENTS
CORPORATE METALS SSOF / INVESTMENTS OTHER © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE
Slide 12: SSOF / INVESTMENTS
CORPORATE METALS SSOF / INVESTMENTS OTHER © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE
Slide 13: SSOF / INVESTMENTS
CORPORATE METALS SSOF / INVESTMENTS OTHER © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE
Slide 14: Metals Recovery and Clean Glass
Metals Recovery and Clean Glass CORPORATE METALS SSOF / INVESTMENTS Eddy Current Separator (ECS) OTHER Raw Glass Clean Glass Recovered Metals © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 14
Slide 15: ., )comstock
a ., )comstock METALS. — iG CERTIFIED
Slide 16: SSOF / INVESTMENTS
CORPORATE METALS SSOF / INVESTMENTS OTHER © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE
Slide 17: Ohio Recycling Production Facility (#002)
Ohio Recycling Production Facility (#002) CORPORATE METALS PRIMARY SEPAR ATOR SSOF / INVESTMENTS SECONDARY SEPARATOR OTHER © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 17
Slide 18: Sierra Springs Opportunity Fund
SIERRA SPRINGS OPPORTUNITY FUND
Slide 19: Largest, Best Located Opportunity Zone Growth
Largest, Best Located Opportunity Zone Growth LOCATION DRIVES VALUE CORPORATE METALS Logistics and Distribution 1-2 day trucking service from Nevada to major SSOF / INVESTMENTS markets with more than 50 carrier services. TRIC Tahoe Reno Industrial Center NNIC Northern Nevada USA Pkwy Industrial Co r
Slide 20: Nevada recognized as Safest Area on U.S. Disaster Avoidance Map
Nevada recognized as Safest Area on U.S. Disaster Avoidance Map Technologies in operation & expanding in Nevada, $BB planned & invested locally CORPORATE Safest Zone METALS SSOF / INVESTMENTS Nevada is host to some of the most sophisticated and secure military and private operation centers in the wo
Slide 21: USA Parkway Infrastructure Connectivity
USA Parkway Infrastructure Connectivity CORPORATE METALS SSOF / INVESTMENTS USA Pkwy Nevada 439 OTHER © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE 21
Slide 22: California
Reno USA Pkwy California The total development value or the capital involved in bringing that to life will be be approximately $100 billion. I'll say that again…100 billion dollars. $25 billion of that will be concrete, steel, mechanical, electrical infrastructure that constitutes the buildings. Tho
Slide 23: SSOF Industrial and Commercial Development Area
SSOF Industrial and Commercial Development Area Phase 1 - Core • Rezoning to Light Industrial, CORPORATE consistent w/ county master plan • Advanced manufacturing, compute, and data infrastructure 98.4 acre Comstock will be a permitted use under the new county ordinance METALS 419 acre core Phase 2
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Slide 29: Fiber Corridors
Fiber Corridors CORPORATE 3.5 MS Latency Speed to CA Multi Carrier METALS Long Haul Adjacent I-80 SSOF / INVESTMENTS Backbone Route to Cloud On-Ramps Multi-carrier long-haul fiber corridors run adjacent to the Site, delivering low-latency routes to West OTHER Coast metros and major cloud on-ramps vi
Slide 30: Questions?
Questions? Corrado De Gasperis Judd B. Merrill Investor Relations Chief Executive Officer Chief Financial Officer (775) 4 13 - 622 2 (775) 847-4755 (775) 4 13 - 622 2 [email protected] [email protected] [email protected] © 2026 COMSTO CK INC | NYSE Am erican: LO DE PUBLIC RELEASE