Comstock Inc. Lytham Partners Fall 2026 Investor Conference

All right. Hello, everyone, and thank you all for continuing to join us throughout the day here at the Litham Partners Fall 2026 Investor Conference. All right. Hello, everyone, and thank you all for continuing to join us throughout the day here at the Litham Partners Fall 2026 Investor Conference. My name is Robert Bloom, Managing Partner at Litham Partners, and up next we have the Chief Executive Officer of Comstock, ticker symbol of LODE, Corrado De Gasperi, who is going to be walking through the company's slide presentation. Corrado, thanks so much for participation. The floor is all yours.

Robert, thank you. And Litham for having me. Appreciate it very, very well. Looking forward to giving everyone an update here on the progress and advancements—some of which are very meaningful—that Comstock has over the last 3 or 4 months. So before I start, I just would like to say that there is always a risk of making forward-looking statements. Please make sure that those—that information and that knowledge is treated appropriately, and, you know, in consistent with all legalities as it pertains to investment decisions. I'm presenting today by myself, but you'll see that Judd Merrill, our CFO, is also listed at the end of the presentation and both of us are always happy to engage in update and provide information for our investors. I guess I'd start off just by saying that, you know, for most intents and purposes, you know, our capital allocation, our focus, and our dedication is in renewable metals. You know, I think most people know by now that we started off as a hard rock mining silver and gold mining company. Those assets have been sold. The cash from those sales has gone into our treasury, and we are now advancing new technologies and accelerating the commercialization of these impactful technologies primarily in the category of renewable metals.

We also have investments in renewable fuels, and in a pretty remarkable powered land platform that is in an entity called Ceres Springs Opportunity Fund, Inc. So Comstock Metals' progress is the one that's broken through. We're going to be pleased to tell you today that we just recently announced that our industrial-scale solar panel recycling facility is operating. It's operating continuously. That means 24 hours a day, 7 days a week. And that puts us into this TRL8 category for innovative technologies getting from technology readiness level 3, 4, 5, even 6. You know, into 7 and 8 is considered a pretty significant achievement. You know, the term "dying" or "stalling," you know, in the valley of death, you know, really refers to people who can't quite get industrial-scale, can't quite get commercial-scale, and what's really wonderful is we're there. We're there. People have been waiting to hear this. We're telling you today we've communicated it publicly that we are up and running with a breakthrough technology that has remarkable, remarkable impact. We are also moving forward, you know, with our other investments and platforms to that same end, of which, as I mentioned, Ceres Springs Opportunity Fund will be part of this update.

But most importantly, metals. We really have deployed now a technology that we don't believe has been replicated. We do not see anybody even meaningfully attempting to replicate it, and it's got some powerful characteristics. The most important is that we can eliminate all contaminants very, very efficiently. That means an extremely low variable cost. That means complete elimination of the contaminants. That means the production of clean materials that can be resold. It also means that we're not generating hazardous waste, and we are eliminating the liability that comes with that hazardous material for our customers. So the ability to do it efficiently, low cost, effectively, meaning completely, and then expediently. The fact that we can process at very high speeds, floating a panel every 7 seconds or less, means that we can scale it. And since there's such a significant amount of panels deployed over a billion, the fact that they're rapidly coming to end of life, it positions us to be able to solve the problem for our customers and for our industries. So we will repeat: we're up and running. We're running 24/7. We're running at scale. And we're running in a way that we do not see any other company currently being able to do.

This is what that system looks like. And it's sophisticated. It's stable. It's operating. It's advanced. And you see in the center four lines, you know, four ovens as you see delineated there by the arrows. Those ovens literally represent each 25% of the system's overall capacity. The overall capacity is 3.3 million panels per year, and 25% of that comes from one of those ovens, 100%, of course, from all of those ovens. And we've already decided—started designing the second facility—you know, we are not deploying that capital yet. We have not pulled the trigger on doing that yet. But we are getting remarkable success with customers in the Mid-Atlantic, the Ohio, Pennsylvania, Indiana, area. And so we've already designed the second facility and the design of that facility is intended to scale up a little slower. What do you see here? You see one oven not four ovens. You know, but mark my words, it's exactly the same system. It's exactly the same process. And ultimately, we would want to scale it up to four ovens expediently. So we're positioning ourselves for intelligent capital deployment. We're positioning ourselves for rapid scale-up. And frankly, we're positioning ourselves to really be the leader and the winner in this market.

Once those recycling facilities are deployed, we will be producing across the country—we would be producing clean aluminum, clean glass, and these mineral-rich or silver-rich tailings. Now, we're already doing that in Nevada, so that's wonderful. And we look forward to doing it in multiple locations across the country, ultimately five. Would be ideal. But we're also concurrently working on our ability to recover metals. You know, from those tailings. That maximizes the value by not only being able to cleanly produce aluminum, cleanly produce glass, but ultimately extract from the tailings silver, copper, silicon metals, silica, and in some cases even rare materials. That really positions a double differentiation. Not only are we the fastest, highest scalest cleaning recycler of these solar panels and materials, but then we can become the only company that's taking those tailings and actually extracting the higher value and higher yielding metals, you know, from that outcome. We've completed a massive storage facility. Right next to our production facility, which is now operating, and this lower picture gives you the best bird's-eye view of where we would store panels in advance of processing them. Our goal, obviously, is to process them as soon as they arrive, but with the increasing market and the magnitude of what's coming, and because of some regulatory constraints about prohibiting the storage of panels in the exact location that you process them, we have a, you know, near-adjacent storage for super efficient material handling and logistics.

We also have the most advanced environmental controls. We really don't see our process generating anything more than CO2 and water vapors, but should there be particulates, should there be opacity, we capture it in our scrubber, which you see to the left. And then, of course, if you're loading a panel every 7 seconds, ultimately automating that is critical. So you see very sophisticated robotic arms that give us the ability not only to load a panel every 7 seconds, but sustain that continuously 24 hours a day, 7 days a week. And so you see we don't only have one. We have sort of a twin turbo notion here where we've got two robotic arms simultaneously feeding the system. We've showed videos of that happening when we were able to actually achieve the speed that was necessary for the scale that we've designed that was a remarkable relief. And then we spent quite a bit of time taking the raw glass that you see—that raw glass in the left-hand lower picture—is clean of contaminants. So that was our first success. But then some of our customers were like, saying, "Well, there's still some metals residual in those materials." So we took those clean—those raw glass extrusions—and we separated the metals.

You see, we still recover a small amount of metals. From those materials. But now we achieve the specifications that our largest customers are looking for in terms of reprocessing clean glass. This is the bird's-eye view of the entire facility. You see the big plant. You see the small plant. You see a lot of solar panels in the parking lot. We're now fixing the process those all out. Issue our customers certificates of destruction. And this is the best view of all that storage that you see in the triangular-shaped parking lot, you know, in this picture just above the facility. And lastly, with the facility running continuously, now the substantial majority of our efforts, you know, continues to and increases the focus on the market. You know, what you see here is a previous map of where we saw the largest opportunities. The bigger the bubbles, the older the panels. That we targeted hence, you know, California and Arizona and Nevada, you know, dictated a Nevada facility to be the best position logistics to capture that market. But we like Ohio. We like North Carolina. We like Florida. We like Texas. You know, in terms of where we see other panels coming to end of life.

And quite frankly, they've come to end of life in those jurisdictions sooner to some degree than we were even expecting. So we're currently shipping materials from across country to us. That tells us that there aren't a lot of good recycling alternatives. For our customers looking for that, you know, they're willing to ship across country. Sometimes there's a temporarily higher cost for us to do that. We're willing to do that if it means national accounts, key customers, and important market share. But when we look at what evolves, the deployments that are accelerating and occurring in Texas and in, frankly, throughout the country, you know, is really remarkable. So we not only have a very, very large amount of deployments today that are coming to end of life, we also have more and more deployments happening. So we really feel like getting this facility up and running was a huge achievement. We've talked about getting it up to about 25% operating rate. We want to run it at that rate for a number of months. You know, prove unequivocally not just its ability, its stability, but its unit economics. And then just grow that market, you know, through 2027, through 2028, and continue to deploy the solution across the country.

In terms of Sierra Springs just briefly, I want to highlight that, you know, we're sitting in a remarkable geography. The geography is remarkable not only because of Nevada economic advantages, tax advantages for being there, but also federal advantages of opportunity zones. So we're attracting a lot of interest in this area, both in terms of capital and company. It's remarkably safe. There's no coincidence here. That the companies that you see listed are operating in this jurisdiction because of the climate, environmentally, because of the climate economically, and because of the safety and the stability of deploying there. So we don't know of any major technology company that hasn't considered it. And most have chosen it. And so we like that very well. When the state built Connecting Highway, the effectively connected Reno down to Silver Springs, it really put us on the map infrastructurally. Everything became connected. We watched as every one of these major companies that are listed in and demonstrated here filled up the Tahoe-Reno Industrial Center. We're massive development continues. But now watching companies like Microsoft and like Tract show up at our doorstep in Silver Springs, breaking ground now. And with, you know, with a lot of the opposition that you're hearing across the country, about AI or about data centers, you know, it's really reassuring to us that we're in counties and states that are welcoming, you know, this kind of development.

And working very, very hard to bring them here in the best and most responsible ways. So that's really the short update. We are very much looking forward to the Lithium Conference. And answering questions one-on-one with all the interested investors. Thank you, Robert. Fantastic, Corrado.

Thank you so much for your participation here. And everybody, of course, watching. If there are additional questions or would like to schedule a meeting here with Comstock, send me an email. That's bloom@lithiumpartners.com. Of course, to learn more about Lithium, make sure you visit our website. Follow us on LinkedIn and subscribe to us on YouTube. To stay connected about future events. So again, Corrado, thanks so much. Have a great conference. You too.

Thank you very much. Pleasure to be