Comstock (LODE) can be described with the following analogies:

• Like a junior Rio Tinto that's focused on finding both precious metals (gold, silver) and critical battery minerals (lithium, nickel) in Nevada's historic mining regions.
• Imagine a smaller Barrick Gold that also develops specialized technology to clean up mercury pollution from historical mining sites.

• Minerals: Exploration, development, and production of precious and base metals including gold, silver, lithium, nickel, cobalt, and mercury.
• Real Estate Rental: Rental of land and various real estate properties.
• Hospitality Services: Operation of the Gold Hill Hotel.
• Mercury Remediation Systems and Services: Manufacture and deployment of proprietary systems to reclaim and remediate mercury from soils, waste, and tailings.

Comstock (LODE) operates in two distinct segments, Mining and Real Estate, serving different categories of customers. Based on the company's name and the primary description of its activities, it is inferred that its mining segment's sales to other companies constitute its primary customer base, although specific names are not provided.

For its **Mining segment**, Comstock Mining Inc. engages in the exploration, development, and production of various mineral properties, including gold, silver, lithium, nickel, cobalt, and mercury ores. The output of these operations is typically sold as raw materials to other companies for further processing, refining, or industrial use. These customers would primarily be:

• Mineral refiners and smelters.
• Manufacturers requiring specific metals or minerals.
• Commodity trading firms.

The provided company description does not list the specific names of these customer companies.

For its **Real Estate segment**, the company operates land and real estate rental properties, as well as the Gold Hill Hotel and Daney Ranch properties. The customers for this segment are primarily individuals and businesses, categorized as:

1. Hotel guests (e.g., tourists and travelers staying at the Gold Hill Hotel).
2. Property renters (e.g., individuals or businesses leasing land or real estate properties).

Corrado De Gasperis, Executive Chairman and Chief Executive Officer

Mr. De Gasperis has over 35 years of industrial manufacturing, financial, governance, operational, and project management experience in the metals, mining, and recycling industries. He has served as Comstock's Chief Executive Officer since 2010 and Executive Chairman since 2015. Previously, he was the Chief Executive Officer of Barzel Industries Inc. from 2006 to 2009. Before that, he served as the Chief Financial Officer of GrafTech International Ltd., a global manufacturer of industrial graphite and carbon-based materials, from 1998 to 2006. Mr. De Gasperis was also a Certified Public Accountant with KPMG LLP, where he was admitted as a Partner in 1998. He is also a co-founder, CEO, and director of Sierra Springs Opportunity Fund Inc., a strategic investee of Comstock, since 2019.

Judd B. Merrill, Chief Financial Officer and President of Comstock Mining

Mr. Merrill serves as the Chief Financial Officer and President of Comstock Mining. He brings an extensive background in mining to his role, leading the company's mining portfolio.

William J. McCarthy, Chief Operating Officer

Mr. McCarthy holds the position of Chief Operating Officer at Comstock Inc.

David J. Winsness, President, Comstock Fuels Corporation and Chief Technology Officer, Bioleum

Mr. Winsness is the President of Comstock Fuels Corporation and also serves as the Chief Technology Officer for Bioleum.

Matthew J. Bieberly, Chief Accounting Officer

Mr. Bieberly is the Chief Accounting Officer for Comstock Inc.

1. Commodity Price Volatility: Comstock Mining Inc. is engaged in the exploration, development, and production of various minerals, including gold, silver, lithium, nickel, cobalt, and mercury. The revenue and profitability of the company are highly dependent on the market prices of these commodities, which are subject to significant fluctuations due to global supply and demand, economic conditions, and geopolitical factors.
2. Exploration, Development, and Production Risks: The success of Comstock's mining segment relies on its ability to successfully explore for, develop, and produce mineral properties. There is inherent uncertainty in exploration, and there is no guarantee that discovered deposits will be economically viable or that development efforts will lead to profitable production. Mining operations also face technical challenges, operational disruptions, and geological risks that can impact production levels and costs.
3. Environmental and Regulatory Compliance: Comstock's mining and remediation activities are subject to extensive and evolving environmental laws, regulations, and permitting requirements in Nevada. Compliance with these regulations, including those related to mercury remediation through its collaboration agreements, can be costly and time-consuming. Failure to comply could result in significant fines, penalties, operational shutdowns, or increased remediation expenses.

Comstock (LODE) is strategically repositioning itself, with several key initiatives expected to drive future revenue growth over the next 2-3 years, shifting focus beyond its historical mining operations to embrace emerging clean energy sectors.

1. Expansion of Solar Panel Recycling (Comstock Metals): Comstock's primary revenue growth driver is the aggressive expansion of its solar panel recycling business, Comstock Metals. The company plans to commission its first large-scale recycling facility by Q1 2026, aiming for operational profitability by Q2 2026. This facility is projected to generate $55 million to $75 million in revenue per 100,000-ton capacity. Comstock intends to establish multiple facilities across the U.S., with plans for up to seven facilities, targeting a substantial market share in the rapidly expanding solar panel recycling market by 2028. In 2025, revenue billings for Comstock Metals surged by eight times compared to the previous year.
2. Growth and Commercialization of Renewable Fuels (Bioleum Corporation): Comstock has spun off its renewable fuels business into Bioleum Corporation, retaining a significant stake. Bioleum is actively engaged in developing and producing sustainable aviation fuel, with a target of 8 million gallons, and plans for a public listing within the next 5-6 years. This segment is progressing with acquisitions to enhance its portfolio and is positioned for exponential revenue growth.
3. Monetization and Strategic Development of Mining Assets: While the company has diversified, it continues to hold significant gold and silver mining assets in Nevada. The strategy for these assets includes commercializing agreements to either monetize them or enable resource expansion of central claims. Comstock is applying economic analysis to its existing gold and silver resources to advance towards preliminary economic feasibility for the southern part of its district. Higher gold and silver prices are expected to enhance the intrinsic value of these resources.

Share Issuance

• In October 2025, Comstock completed an oversubscribed equity raise of $34.5 million in gross proceeds ($31.8 million net), which enabled the full funding and acceleration of its solar panel recycling business and eliminated debt.
• In August 2025, the company priced an underwritten public offering of 13,333,334 shares at $2.25 per share, generating approximately $30 million in gross proceeds. This offering increased the number of outstanding shares from just over 35.5 million to 49.2 million.
• In January 2026, Comstock announced a proposed underwritten public offering of 18,181,819 shares, expecting to raise approximately $50 million in gross proceeds, with an option for the underwriter to purchase up to an additional 2,727,272 shares.

Inbound Investments

• In May 2025, Bioleum Corporation, Comstock's fuels division, secured a $13 million strategic pre-Series A investment from subsidiaries of Marathon Petroleum Corp.
• Bioleum Corporation subsequently closed on an initial $20 million Series A investment in August 2025, followed by another $20 million Series A preferred equity financing in October 2025.
• In July 2024, Comstock received a $2.5 million investment through an 8.0% Convertible Promissory Note, with a portion of the proceeds used to redeem $500,000 of existing convertible debt.

Outbound Investments

• Comstock's Strategic Investments Segment includes minority equity investments in Quantum Generative Materials LLC (physics-based artificial intelligence), Green Li-ion Pte Limited (lithium-ion battery recycling and cathode production), and Sierra Springs Opportunity Fund (strategic direct investment in northern Nevada real estate).
• In October 2025, Comstock restructured its five-year, $65 million investment in Bioleum Corporation into a Series 1 Convertible Preferred Stock, convertible into 32.5 million common shares of Bioleum.
• In the first quarter of 2025, Comstock made strategic investments in early-stage technologies through companies such as Hexas and RenFuel.

Capital Expenditures

• In August 2025, capital expenditures for the first industry-scale solar panel recycling facility, designed for 100,000 tons of annual capacity, were estimated at approximately $12 million. Approximately $10 million was planned for 2025, with an additional $2 million expected in early 2026.
• As of September 30, 2025, Comstock had paid $5.1 million in deposits for property, plant, and equipment for its first industry-scale solar recycling facility in Silver Springs, Nevada.
• The net proceeds from the proposed $50 million public offering in January 2026 are intended to fund capital expenditure requirements for Comstock Metals LLC's second industry-scale facility, the development of a refining process, accelerated site selections, and Metals market growth.