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Li-Cycle for mining waste remediation

A specialized Waste Management for legacy mining sites

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• Precious Metals (Gold & Silver): Exploration and development of gold and silver resources within the historic Comstock Mining District in Nevada.
• Critical Minerals: Exploration and development of strategic metals, such as lithium and rare earth elements, vital for clean energy and high-tech applications.
• Geothermal Energy: Development of renewable geothermal power generation projects leveraging the natural heat resources on their extensive land holdings.

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Comstock (symbol: LODE) sells primarily to other companies (B2B). While Comstock's public filings, such as their 10-K and 10-Q reports, indicate that a very small number of customers account for nearly all of their revenue (e.g., two customers accounted for 100% of revenue in 2022 and the first nine months of 2023, with one customer representing approximately 83% and another approximately 17%), the company does not publicly disclose the specific names of these major customers.

Based on Comstock's business as a gold and silver mining company, its major customers are typically:

• Precious Metals Refiners: Companies that process raw gold and silver ore, concentrates, or dore bars into refined bullion. These refiners then sell to a variety of end-users or investors.
• Bullion Dealers and Banks: Large financial institutions or specialized dealers that purchase significant quantities of refined precious metals for investment purposes, vaulting, or distribution to industrial users and other buyers.

As the specific names of these customer companies are not disclosed by Comstock in their public filings, their corresponding stock symbols cannot be provided.

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Corrado De Gasperis, Executive Chairman & CEO

Mr. De Gasperis has served as Comstock's Chief Executive Officer since April 2010 and Executive Chairman since 2015. He brings over 35 years of experience in industrial manufacturing, financial, governance, operational, and project management across the metals, mining, and recycling industries. From 2006 to 2009, he was the Chief Executive Officer of Barzel Industries Inc., which operated a network of 15 steel-based manufacturing, processing, and distribution facilities. Mr. De Gasperis resigned from Barzel in September 2009 after the company agreed to sell substantially all of its assets in a planned transaction, which was consummated through a Section 363 sale under the U.S. Bankruptcy Code for $65 million in cash. Prior to Barzel, he served as Chief Financial Officer of GrafTech International Ltd., a global manufacturer of graphite and carbon products, from 2001 to 2006. He also held roles as Vice President, Chief Information Officer, and Controller at GrafTech. Mr. De Gasperis began his career as a Certified Public Accountant with KPMG LLP. He is also the President, CEO, and a Director of Sierra Springs Opportunity Fund, Inc., a strategic investee of Comstock, and serves as a director and chairman of LiNiCo Corporation, which Comstock acquired in 2021.

Judd B. Merrill, Chief Financial Officer

Mr. Merrill was appointed Chief Financial Officer of Comstock and President of Comstock Mining LLC, effective May 19, 2025. He has over 15 years of experience in the mining sector and clean mineral technology. Before rejoining Comstock, Mr. Merrill served as CFO at Aqua Metals, Inc. from 2018 to 2025. His financial management experience also includes roles at Klondex Mines Ltd., Fronteer Gold, and Newmont Mining. Mr. Merrill previously spent more than six years with Comstock, holding various financial leadership positions, including CFO and Corporate Secretary. He is a licensed Certified Public Accountant (CPA).

William McCarthy, Chief Operating Officer

Mr. McCarthy serves as the Chief Operating Officer of Comstock.

David Winsness, President, Comstock Fuels

Mr. Winsness is the President of Comstock Fuels. Comstock Fuels focuses on accelerating the production and use of lignocellulosic biomass derived fuels.

Dr. Fortunato Villamagna, President, Comstock Metals

Dr. Villamagna is the President of Comstock Metals. Comstock Metals is involved in the company's metal recycling business, particularly in solar panel recycling.

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1. Lack of Sustained Profitability and Reliance on Unproven Business Models

Comstock has shifted its focus from mining to developing and commercializing unproven clean energy projects, including solar panel recycling and biofuels. The company currently generates minimal revenue compared to its high operating expenses, and there is no clear path to profitability across its experimental business lines. Comstock reported a net loss of $30.5 million for the nine months ended September 30, 2024, highlighting the ongoing financial challenges in achieving sustainable positive cash flow from these new ventures. The company’s ability to successfully scale these capital-intensive projects and generate meaningful revenue remains a significant risk.

2. Shareholder Dilution and Challenges in Securing Non-Dilutive Financing

The company's financial stability has largely depended on significant shareholder dilution, with outstanding shares increasing 25-fold since 2020 to fund operations. Future operations and the expansion of its metals and biofuel facilities are expected to require substantial capital investment. While Comstock aims to secure funding at the subsidiary level to minimize dilution at the parent company, there are inherent execution risks, including potential delays in securing sufficient non-dilutive financing. This continued reliance on equity raises or the inability to secure adequate funding could further dilute existing shareholders and impact the stock's value.

3. Execution Risks in Commercializing New Technologies and Managing Strategic Partnerships

Comstock is engaged in developing complex and unrelated clean energy projects, such as solar panel recycling and biofuels production. There are significant execution risks associated with bringing these new technologies to commercial viability and achieving profitability. Additionally, the company's business model relies on current and future licensing arrangements and strategic partnerships with third-party companies. These partnerships expose Comstock to risks such as partners failing to fulfill their obligations, having conflicting business interests, or facing their own financial and operational challenges, all of which could negatively impact Comstock's revenue and competitive position.

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The rapid emergence of numerous well-funded and technologically advanced competitors in the lithium-ion battery recycling and broader sustainable materials sector. As Comstock diversifies into this space through its Comstock Sustainable Technologies (CST) subsidiary, it faces established and new players who are rapidly scaling operations and innovating, potentially outpacing Comstock's technological development or market capture capabilities.

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Comstock (LODE) is a diversified company with a strategic focus on sustainable technologies and resource development. The addressable markets for its main products and services are primarily in the clean energy and materials sectors.

• Solar Panel Recycling: Comstock's zero-landfill solar panel recycling model addresses a global market opportunity projected to reach $30 billion by 2030. This growth is driven by an anticipated 2 million metric tons of solar panel waste annually by that time. The company plans to build three industry-scale recycling facilities by 2029, with the first 50,000-ton annual capacity facility planned for 2025 in Nevada, expanding to 100,000 tons.
• Renewable Fuels: Comstock is invested in clean energy solutions, developing technologies to convert biomass into renewable fuels like ethanol and biodiesel. The company aims to produce 200 million barrels of renewable fuel annually by 2035. The global renewable energy market was valued at approximately $1.15 trillion in 2023 and is projected to grow to about $2.74 trillion by 2032.
• Lithium-Ion Battery Recycling: Comstock has entered the lithium-ion battery recycling market, focusing on recovering critical materials such as lithium, cobalt, and nickel from used batteries. The global lithium-ion battery recycling market was valued at approximately $6.4 billion in 2022 and is estimated to reach around $44.3 billion by 2032.
• Mercury Remediation Services: Comstock offers environmental remediation services, including mercury remediation and gold extraction, through a joint venture in the Philippines. Mercury pollution is a global issue. While a specific global market size for mercury remediation wasn't identified, the global environmental remediation market was valued at $121.78 billion in 2022 and is projected to reach $246.39 billion by 2030.

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Comstock (LODE) is poised for future revenue growth over the next 2-3 years, driven by its strategic focus on renewable metals and fuels, underpinned by technological innovation and strategic partnerships. Key drivers include:

1. Expansion of Solar Panel Recycling Operations (Comstock Metals): Comstock is significantly expanding its solar panel recycling capabilities. The company plans to commission its first large-scale recycling facility by Q1 2026 and aims for it to be operational and profitable by Q2 2026, projecting potential revenues of $55 to $75 million per 100,000-ton facility. This includes a facility in Silver Springs, Nevada, designed to process approximately 100,000 tons or over 3.3 million solar panels annually. The metals segment is expected to see its 2025 revenues exceed $3 million, a substantial increase from previous years, supported by growing demand for solar panel recycling and the recovery of valuable materials like silver. A master services agreement with RWE is a major contributor to this growth.
2. Commercialization and Spin-off of Renewable Fuels Business (Comstock Fuels / Bioleum Corporation): Comstock is advancing its renewable fuels business, with plans to finalize the spin-off of Comstock Fuels into a separate public entity, Bioleum Corporation, following a Series A funding round targeting at least $50 million. Bioleum has secured strategic investments and progressed its biofuel production capabilities through partnerships with entities such as NREL and Marathon Petroleum Corp. The company intends to integrate its two Wisconsin facilities to achieve TRL 7 for fuels, aiming to increase production to two barrels per week. Site selection for the initial biorefinery in Oklahoma is anticipated in Q2 2025, with over $200 million in project financing targeted for later in 2025.
3. Strategic Partnerships and Market Penetration: Collaborations and new market entries are crucial for Comstock's growth. The company is actively pursuing strategic partnerships, such as those with RWE and Marathon, to enhance technological capabilities and expand market reach for its renewable energy and sustainable technology solutions. These partnerships are expected to facilitate the commercialization of its cleantech offerings and drive new revenue streams.
4. Technological Innovation in Cleantech: Comstock's focus on proprietary and innovative technologies is a key driver. This includes its zero-waste solar panel recycling process, which has achieved R2v3/RIOS certification, a first for the industry. Additionally, ongoing research and development in high-yield biofuel production aim to enhance efficiency and competitive advantage in the renewable fuels market. These technological advancements are expected to improve product offerings and attract more customers.

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Share Issuance

• In August 2025, Comstock priced an upsized public offering of 13,333,334 shares of common stock at $2.25 per share, expecting to raise approximately $30 million in gross proceeds.
• An oversubscribed equity raise in Q3 2025 generated $34.5 million gross ($31.8 million net), which was also used to eliminate debt.
• Since 2020, shares outstanding have multiplied by 25 times, leading to significant shareholder dilution.

Inbound Investments

• In August 2024, Comstock secured a funding package totaling $325 million from SBC Commerce LLC, including $275 million directed into Comstock's subsidiaries and a $3 million direct equity investment into Comstock itself.
• Comstock's fuels segment, Bioleum Corporation, closed an initial $20 million Series A investment in Q2 2025 and further strategic pre-Series A and Series A financings of $13 million and $20 million, respectively, in Q3 2025.

Outbound Investments

• In October 2025, Comstock completed the purchase of the Haywood quarry industrial and mineral properties for $2.2 million, paid in cash and stock, to support its Dayton gold and silver resource and future industrial use.
• In October 2024, Comstock announced the acquisition of the majority of GenMat's AI assets.
• Comstock holds a 76% stake in Bioleum Corp..

Capital Expenditures

• Comstock is investing approximately $12.5 million in its first industry-scale solar panel recycling facility in Silver Springs, Nevada, with $5.1 million in equipment deposits paid by September 30, 2025, and an additional $2-3 million expected in Q1 2026.
• Proceeds from the August 2025 public offering and the SBC Commerce funding package are allocated for capital expenditures related to the solar panel recycling facility, development expenses, and debt repayment.
• The company plans to expand to seven industry-scale solar recycling facilities across the U.S., with the first expected to be operational by Q2 2026.