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 on the sale of mining assets.
• Ended the quarter with $43.5 million in cash, cash equivalents, and restricted cash, comprising $39.5 million unrestricted and $4.0 million restricted.
• Recorded zero outstanding debt at quarter end.
• Metals Segment revenue increased to $341,751 in Q3 2026, a 45.4% increase 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 from 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.
• New billings for Comstock Metals increased 20.2% to $3.30 million for the nine months ended September 30, 2026, compared to $2.75 million for the same period in 2025.
• New billings for Comstock Metals increased 131.1% to $1.04 million for the three months ended September 30, 2026, compared to $0.45 million for the same period in 2025.
• Unprocessed panel feedstocks increased 131.1% to approximately 10,700 tons at September 30, 2026, compared to December 31, 2025, and increased 26.9% since June 30, 2026.

Guidance and Future Outlook

• Comstock Metals expects to ramp up operations to at least 25% of capacity, potentially higher, during the fourth quarter of 2026.
• The company plans to operate a one-ton-per-day pilot for silver and metal extraction during the fourth quarter of 2026.
• Future revenue growth is expected to depend on operating performance, the pace of new repowering and replacement contracts, pricing, and recovery economics.
• Second recycling production facility is planned to start at approximately 25,000 tons per year, scaling to 100,000 tons as local demand grows.
• The company remains on track to complete all 2026 objectives, including securing larger supply contracts and ordering industry-scale equipment for the second facility post-stabilization.
• 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 assets, liabilities, and reclamation obligations.
• Comstock Metals: Commissioned the first industry-scale solar panel recycling production plant at the Silver Springs, Nevada facility in late September 2026.
• Comstock Metals: Designed, built, 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 for a downstream one-ton-per-day silver recovery process.
• Comstock Metals: Issued the first Certificates of Destruction to top 5 key customer accounts, marking the commencement of recycling operations.
• Comstock Metals: Advanced site selection, design, and preliminary permitting for a second recycling production facility in Ohio.
• SSOF: Engaged Newmark Group Inc. to explore maximizing the value of the 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

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

Risks and Challenges

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

Management Commentary and Tone

• CEO Corrado De Gasperis stated the company is focused on consistent throughput, crew proficiency, and improving recovered-product quality while ramping up the Metals line.
• President Dr. Fortunato Villamagna noted that the one-ton-per-day pilot is ahead of original plans and represents a critical milestone in certifying the extinguishment of environmental liabilities for customers.
• Management expressed confidence in completing all 2026 objectives and views the current share price as not reflecting the value of assets, including cash, SSOF interest, and the solar recycling platform.

Other Key Points

• The Board of Directors authorized a share repurchase program of up to 15 million shares of common stock on November 2, 2026.
• The share repurchase program is expected to be funded by proceeds from future non-core asset sales, the remaining Mackay payment, the sale of Mackay and Green Li-ion shareholdings, and/or potential 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.
• A conference call and Q&A session regarding the results was scheduled for November 4, 2026, at 4:30 p.m. ET.