Comstock (LODE)

• Comstock successfully closed an equity offering, raising $46.5 million net after fees, increasing its cash position to over $60 million.
• The offering and other share issuances (ATM, director compensation) resulted in 71.3 million shares outstanding, potentially increasing to over 74 million if bankers exercise their allotment.
• Proceeds from the offering are allocated to accelerate the metals business, including $13 million for facility #2, $5 million for site expansion, and $10 million for a domestic refining solution.
• The company's first industrial-scale facility in Silver Springs, Nevada, is on schedule to be commissioned in Q1 and operating in Q2 2026, having received all necessary permits.
• Comstock exceeded its 2024 metals business billings guidance, reaching $3.51 million, and projects significant revenue potential from its processing, with $750 per ton (tipping fees plus metal sales) against an all-in cost of $150 per ton, achieving profitability at 20% utilization.

• LODE successfully closed an equity offering, significantly boosting its cash position and achieving zero debt. The proceeds are earmarked for accelerating the second facility, expanding site selection for future sites, and developing a domestic refining solution.
• The company exceeded its 2024 billings guidance and its first industry-scale facility in Silver Springs, Nevada, is on schedule to be commissioned in Q1 and operational in Q2 2026. LODE reports profitability at 20% utilization.
• The acceleration of the second facility and the domestic refining solution is driven by the current high silver prices, which have substantially increased the value derived from metal tailings, promising significant additional revenue per facility.

Quantitative Information:

• Comstock successfully completed an equity offering, raising $46.5 million net after fees, increasing its cash position to over $60 million.
• The proceeds will fund $13 million for Facility #2, $5 million for future site selections and permitting, and $10 million for developing a domestic refining solution for critical metals.
• The company exceeded its 2024 billing guidance, achieving $3.51 million.
• Facility #1 is on schedule to be commissioned in Q1 and operational in Q2 2026, while Facility #2's permit will be filed next week with equipment ordered in March.
• Current silver prices at $85 an ounce are significantly higher than previous economic models, potentially increasing revenue from tailings to $375 a ton, representing an additional $20 million-$25 million per facility.

• Comstock Inc. announced an upsized and oversubscribed public offering of 18,181,819 shares of common stock, with expected gross proceeds of approximately $50 million.
• The company granted the underwriter a 30-day option to purchase up to an additional 2,727,272 shares to cover over-allotments and agreed to issue Underwriter Warrants to purchase 7% of the total shares sold at an exercise price of $3.1625 per share.
• The net proceeds from the offering will primarily 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.
• The offering closed on January 30, 2026, and the company's directors and executive officers are subject to a 30-day lock-up period.

• Comstock Inc. has priced an underwritten public offering of 18,181,819 shares of its common stock.
• The offering is expected to generate approximately $50 million in gross proceeds for the company before deducting underwriting discounts and commissions and other offering expenses.
• The net proceeds are intended to fund capital expenditure requirements for Comstock Metals LLC related to its second industry-scale facility, the development of a refining process and solution, accelerated site selections, and Metals market growth.
• The offering is expected to close on January 30, 2026.

• Comstock Inc. has commenced an underwritten public offering for the sale of its common stock.
• The company intends to use the net proceeds to fund capital expenditure requirements for Comstock Metals LLC's second industry-scale facility, develop a refining process, accelerate site selections, and support Metals market growth.
• The offering includes a 30-day option for the underwriter to purchase up to 15% additional common stock to cover over-allotments.
• Titan Partners, a division of American Capital Partners, is acting as the sole bookrunner for the offering.

• Comstock Inc. announced it received the final $1 million payment from Mackay Precious Metals Inc., completing the sale of its residual 1.5% net smelter returns (NSR) royalty for an aggregate purchase price of $1.1 million in cash.
• This transaction increases the total cash proceeds from the sale of properties, leasehold interests, and royalties to over $4 million.
• Including initial and ongoing lease payments and reimbursed expenses from the previous Mackay Lease, Comstock has realized nearly $8 million in consideration from these transactions.
• Comstock also acquired an additional 240 acres of patented and unpatented mineral and other properties in Lyon County for no additional consideration.

• Comstock Inc. received the final $1 million from Mackay Precious Metals Inc., completing the sale of its residual 1.5% net smelter returns (NSR) royalty for an aggregate purchase price of $1.1 million in cash.
• This transaction increases the total cash proceeds from the sale of properties, leasehold interests, and royalties to over $4 million in cash.
• Including initial and ongoing lease payments and reimbursed expenses from the previously terminated Mackay Lease, Comstock has realized nearly $8 million in consideration.
• The company also acquired an additional 240 acres of patented and unpatented mineral and other properties in Lyon County at no extra cost.
• Comstock plans to use these transactions to advance its S-K 1300 compliant Dayton and permitted Lucerne resources.

• Comstock Inc. and its subsidiary, Comstock Metals LLC, have secured an additional site in Ohio for storage, which is expandable into an industry-scale recycling and processing facility for end-of-life solar panels.
• This new Ohio facility will serve as a centralized hub for the collection, preparation, storage, and aggregation of decommissioned photovoltaic (PV) solar panels, strategically located to support the Midwest's growing solar market.
• The company's zero-landfill solution aims to recover valuable materials from retired solar panels, reducing waste and supporting long-term sustainability in the solar industry.
• Comstock is also finalizing plans for a second industry-scale Nevada location, with site selection anticipated later this year, further expanding its national recycling network.

• Comstock Metals has received its Written Determination Permit from the Nevada Division of Environmental Protection – Bureau of Sustainable Materials Management (NDEP-BSMM) for processing waste solar panels and photovoltaics.
• This permit, along with an associated Air Quality control permit received on January 5, 2026, means the Silver Springs, NV facility is now fully permitted for operation.
• The facility is designed to process more than 3 million panels per year, representing up to 100,000 tons per year of waste materials.
• Equipment deliveries were received in Q4 2025, and the commissioning of this industry-scale facility is scheduled for the first quarter of 2026.