Comstock Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $0.8 million, or $(0.01) per share, for Q3 2026, which included a $14.0 million gain from the sale of mining assets.
• Ended the quarter with cash, cash equivalents, and restricted cash totaling $43.5 million, comprising $39.5 million in unrestricted cash and $4.0 million in restricted cash.
• Held no outstanding debt at quarter end.
• Metals Segment revenue increased to $341,751 in Q3 2026, a 45.4% rise from $235,074 in Q2 2026.
• Metals Segment deferred revenue increased to $4.55 million in Q3 2026, an 18.3% increase from $3.85 million in Q2 2026.
• Received total consideration of $30.2 million for the sale of remaining mining segment assets, including $20.0 million in cash, 2 million shares of Mackay common stock, and relief of net reclamation liabilities.
• Recorded a $14.0 million gain associated with the divestiture of the remaining mining segment assets.
• Billed $1.04 million in new revenue for the three months ended September 30, 2026, compared to $0.45 million for the same period in 2025, representing a 131.1% increase.
• Billed $3.30 million in new revenue for the nine months ended September 30, 2026, compared to $2.75 million for the same period in 2025, representing a 20.2% increase.
• Unprocessed panel feedstocks on hand reached approximately 10,700 tons at September 30, 2026, a 131.1% increase from December 31, 2025, and a 26.9% increase from June 30, 2026.

Guidance and Future Outlook:

• The company expects to operate its one-ton-per-day silver recovery pilot plant during the fourth quarter of 2026.
• Comstock Metals plans to ramp up operations to at least 25% of rated capacity, potentially higher, during the fourth quarter.
• Future facilities are expected to be phased, starting at approximately 25,000 tons per year and scaling to approximately 100,000 tons as local demand grows.
• The company believes it is on track to complete all 2026 objectives.
• Future revenue growth is projected to depend on operating performance during production scaling, the pace of new repowering and replacement contracts, pricing, and ultimate recovery economics.
• Mackay is scheduled to pay an additional $7.0 million by December 21, 2027, with an option to pay up to $2.0 million of that amount in Mackay common stock.

Business Segments and Product Lines:

• Corporate and Legacy Mining: Completed the sale of all remaining mining and mining-related entities on August 21, 2026, divesting all legacy mining assets, liabilities, and related costs. Mackay assumed all reclamation liabilities and associated surety bond obligations.
• Comstock Metals: Commissioned the first industry-scale solar panel recycling production plant at the Silver Springs, Nevada facility, which began continuous operations in late September 2026.
• Comstock Metals: Designed, built, integrated, and commissioned a glass upgrading system ahead of schedule.
• Comstock Metals: Completed bench-scale testing for the first phase of silver and metal recovery and finalized the design, procurement, and testing of the downstream one-ton-per-day silver recovery process.
• Comstock Metals: Issued the first Certificates of Destruction to top key customer accounts, certifying the extinguishment of environmental liabilities.
• Comstock Metals: Advanced site selection, design, and preliminary permitting for a second recycling production facility, with an Ohio site selected.
• Bioleum: Continued restructuring, cost reductions, and a Board-level strategic assessment of the business.
• Sierra Springs Opportunity Fund (SSOF): Engaged Newmark Group Inc. to explore maximizing the value of the SSOF portfolio, which includes over 2,200 acres of developable land, a leased manufacturing facility, a leased quarry, the Silver Springs Regional Airport, and significant water, sewer, and energy infrastructure rights.

Market and Competitive Landscape:

• SSOF's land position is described as unique due to its location, connectivity, and proximity to established energy, data infrastructure, advanced manufacturing, and computing centers in Northern Nevada.
• Comstock Metals has signed Master Service Agreements (MSAs) with multiple major utility and electronics-recycling aggregators across the Southwest, Midwest, Southeast, and Texas.
• The company is ramping up to receive greater inventories from major customers.

Risks and Challenges:

• Completion of any development partnership or transaction regarding SSOF is not guaranteed.
• Future revenue growth depends on successful scaling of production, securing new contracts, pricing, and recovery economics.
• Forward-looking statements regarding future market conditions, production capacity, costs, and financial results are subject to risks and uncertainties that could cause actual results to differ materially from expectations.

Management Commentary and Tone:

• CEO Corrado De Gasperis stated the company received cash from the mining asset sale, completed recycling operations commissioning, and began ramping up the Metals line while receiving greater inventories.
• Dr. Fortunato Villamagna, President of Comstock Metals, noted that the silver recovery solution process is ahead of original plans and that issuing Certificates of Destruction represents a critical milestone for customer peace of mind.
• Management expressed confidence in the company's financial position and liquidity, noting the share repurchase program is available as the financial position evolves.
• The tone indicates a strategic pivot from legacy mining to solar recycling and land monetization, emphasizing the completion of foundational milestones such as full commissioning and demonstration of profitable unit economics.

Other Key Points:

• Authorized a share repurchase program of up to 15 million shares of common stock, to be funded from proceeds of future non-core asset sales, the remaining Mackay payment, sale of Mackay and Green Li-ion shareholdings, or SSOF-related transactions without reducing capital committed to Comstock Metals' growth plan.
• Common shares outstanding were 76.0 million at September 30, 2026, and 76.1 million shares at November 4, 2026.
• The company is currently in the process of unlocking and monetizing SSOF.
• A conference call to discuss results and outlook was scheduled for November 4, 2026, at 4:30 p.m. ET.