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Third Quarter 2026 Results and Business Update November 4, 2026 NYSE American: LODE
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE 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 than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “forecast,” “seek,” “target,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances and business combinations; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings of equity or debt securities; and future working capital needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company or any other issuer. Sep/26 Cautionary Notice Regarding Forward Looking Statements All brands – neutrals #1A1A1A #2D2D2D #515151 #808080 #BEBEBE #F2F2F2 Metals Green #548F67 Sand #F0CE85 Fuels Orange #E27C17 Sand #F0CE85 Mining Stone #696355 Sand #F0CE85 Light Blue #00ADEE Comstock Inc Navy #21223E Light Blue #00ADEE 2
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER Full profiles of leadership and independent directors available in the Leadership & Governance section of our website at https://comstock.inc/investors/leadership -governance/ Judd B. Merrill Chief Financial Officer Comstock Inc Corrado De Gasperis Director, Chief Executive Officer Comstock Inc © 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE Presenters
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER 1 $43.5M Total cash & restricted cash $39.5M unrestricted $33.3M Working capital At September 30, 2026 $0 Outstanding debt Debt-free balance sheet $140.8M Stockholders’ equity Versus $110.9M at year-end 2025 Legacy Mining Sale - Simplifying the Business • $20M in cash proceeds plus 2M Mackay shares and $7M deferred consideration • Approximately $14M accounting gain recognized in Q3 • Approximately $1.5M in annual operating costs eliminated • Common shares outstanding were 75,993,047 at September 30, 2026, and 76,056,705 shares at November 4, 2026 • Authorized a share repurchase program - Company may repurchase up to 15 million shares of its common stock Financial foundation strengthened; resources redirected toward solar recycling. Strong Financial Position | Q3 2026
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER 2 $4.6M Deferred recycling revenue Customer billings awaiting processing ~25% Year-end utilization target Expected operating cost coverage 2027 Positive operating cash flow Expected as production scales Operating and Investment Priorities Reported revenue will increasingly reflect processing activity as deferred revenue is earned. Commercial Recycling | From Startup to Scale • Commissioned our first solar panel recycling production plant at our flagship Silver Springs, Nevada facility • Designed, built, integrated, and commissioned our first glass upgrading system, ahead of schedule • Increased panel flow and total deferred revenue to $4.55 million for billed recycling services (not yet processed or recognized as revenue) and commenced issuing Certificates of Destruction for major customers • Completed bench-scale testing for the first phase of recovery of silver and other metals • Finalized the design, procurement, testing of our downstream one -ton-per day silver recovery process and plant • Secured larger supply contracts while continuing the revenue ramp to the initial run rate of 25% of rated capacity • Advanced site selection, design and preliminary permitting for our second recycling production facility
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER 3 Capital Allocation & Liquidity Forward-looking objectives subject to execution, financing and market risks. Capital Discipline | Path to Shareholder Value • Reduced recurring corporate overhead by approximately 15% annually • Prioritize Metals growth; limit funding exposure to Bioleum and other non-core investments • No current plans for an equity financing; ability to phase discretionary investments 2026 – 2027 Milestones 01 Secure larger, longer-term supply contracts and ramp solar recycling revenue and production beyond 25% as demand and performance warrant. Order long-lead equipment for the second industry-scale facility after stabilizing the first plant. 03 Operate a one-ton-per-day silver and metals recovery pilot; evaluate economics, payback and ROIC against other capital uses. 04 Complete design and, subject to favorable pilot economics, seek approval for a commercial metals' recovery demonstration unit in Silver Springs. 05 Advance the SSOF strategic process toward the monetization path that best serves Comstock. 06 Support Bioleum’s targeted Q1 2027 third-party financing to reduce reliance on Comstock while preserving shareholder value. 02
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER Solar Panel Recycling
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER Glass END-OF-LIFE PANELS & TRANSPORT Panel Size Reduction (1” flakes) THE COMSTOCK PROCESS Treated Material Size Reduction SHREDDING Treatment Of Panels SEPARATION 3 Offtake Streams CONVEYANCE SYSTEM LOGISTICS RECYCLING SIZE REDUCTION, TREATMENT, SEPARATION OFFTAKE DECOMMISSIONING SHREDDING Creating an Entirely New Supply Chain <1,000 µm & >1,000 µm 8 <1,000 µm & >1,000 µm OFFTAKE VALUE CRITICAL METAL RECOVERY FROM TAILINGS** MAX $$$ VALUE Extraction Separation Recovery CellsRecovery Recovery Cells Recovery Cells Recovery Cells Recovery Cells $$$ Si/SiO2 Residue Pozzolan Cement Additive **Not All Metals Present in All Panels
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER Industry-scale Recycling Production Facility (#001) Oven Lines 9
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER Metals Recovery and Clean Glass Raw Glass Clean Glass Recovered Metals Eddy Current Separator (ECS) 14
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTSOTHER Ohio Recycling Production Facility (#002) 17 SECONDARY SEPARATOR PRIMARY SEPAR ATOR
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTS OTHER Largest, Best Located Opportunity Zone Growth USA Pkwy Silver Springs TRIC Tahoe Reno Industrial Center NNIC Northern Nevada Industrial Corridor LOCATION DRIVES VALUE Logistics and Distribution 1-2 day trucking service from Nevada to major markets with more than 50 carrier services. 19
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTS OTHER 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 of companies. Technologies in operation & expanding in Nevada, $BB planned & invested locally Safest Zone 20
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTS OTHER USA Pkwy Nevada 439 USA Parkway Infrastructure Connectivity 21
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580 395 Reno January 2023 Carson City California Silver Springs USA Pkwy 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. Those are massive construction projects. Those are huge numbers of good, high paying jobs. And that's development that will occur over possibly 10 years. --Tract CEO Grant van Rooyen Yerington 22
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTS OTHER SSOF Industrial and Commercial Development Area Phase 1 - Core • Rezoning to Light Industrial, consistent w/ county master plan • Advanced manufacturing, compute, and data infrastructure will be a permitted use under the new county ordinance Phase 2 – Expansion • Zoned commercial, mixed use and residential • Will utilize a holistic Planned Unit Development (PUD) process for powered-light industrial land uses 419 acre core 556 acre expansion 159.61 acre Comstock 98.4 acre Comstock PUD can be comprehensive and concurrent for both phases 23
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE CORPORATEMETALSSSOF / INVESTMENTS OTHER Fiber Corridors Multi-carrier long-haul fiber corridors run adjacent to the Site, delivering low-latency routes to West Coast metros and major cloud on-ramps via the I-80 corridor. That connectivity is what created the Reno data center market, and it reaches Silver Springs on the same backbone that serves the TRIC cluster. 29 3.5 MS Latency Speed to CA Multi Carrier Long Haul Adjacent I-80 Backbone Route to Cloud On-Ramps
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© 2026 COMSTOCK INC | NYSE American: LODE PUBLIC RELEASE Investor Relations (775) 4 13-622 2 ir@comstockinc.com Judd B. Merrill Chief Financial Officer (775) 4 13-622 2 jmerrill@comstockinc.com Corrado De Gasperis Chief Executive Officer (775) 847-4755 degasperis@comstockinc.com Questions?