Good morning, and thank you for joining Comstock Inc.' s full year 2025 results and business outlook.

I'm Zach Spencer, Director of External Relations. Today is Tuesday, March 24th, 2026.

We are streaming live, and this session is being recorded. A recording will be posted shortly after we adjourn in the Investor Relations section of our website.

Today, we filed our Form 10-K for the year ended December 31st, 2025, and issued a press release summarizing year-end results. Both documents are available on our website.

As a reminder, Comstock is listed on NYSE American with the ticker LODE, L-O-D-E. Joining me today are Corrado De Gasperis, Comstock's Chief Executive Officer, and Judd Merrill, Comstock's Chief Financial Officer.

After their prepared remarks, we will take questions. We received more than 35 questions in advance of the call.

If you have additional questions during the call, please use the Zoom Q&A window, and we will address as many as time allows. Today's discussion will include forward-looking statements.

Actual results may differ materially due to risks and uncertainties detailed in our SEC filings. Full risk disclosures can be found in our filings on the Investor Relations page and on the SEC website.

With that, it is my pleasure to introduce our Chief Financial Officer, Judd Merrill. Judd, you may begin.

Thanks, Zach, and thanks for everyone being on this call. I have a few remarks, and then we'll turn it over to Corrado.

Just want to look at the company dashboard here and just announce, from a CFO's perspective, 2025 was really a transformational year for Comstock. We really doubled our asset base, we strengthened and simplified our balance sheet, we eliminated legacy debt and other legacy obligations, and we fully positioned the company for its next phase of growth.

Our balance sheet really is the strongest that it has been, and it's positioned to be even stronger as we monetize non-core assets, and it's given us kind of a speed advantage on our recycling competitors. Our capital structure is also very clean, and our shareholder base continues to strengthen.

We continue our targeting and our outreach for what is still relatively a less-known metal story, less-known financial execution and monetization priorities. At the same time, we're beginning to see the early results of that investment, particularly in metals.

Our commercialization efforts are moving us into a second, more sophisticated phase. Here are some specifics that I'll bring up.

Cash and cash equivalents stood at 56. Or 50 approximately $56 million at March 20th, 2026, and our common shares outstanding are 74 million shares at March 20th, 2026, and this is reflecting the recent offering, which ended up being really outstanding, if not transformational.

A change in our shareholder base was significant. Hood River, Grazia, MAK Capital, all those are just three that represent some of the top investors that we have, and the engagement with them and support has been amazing, including what we just recently announced enhancements to our board.

Really, all this is critical part of our foundation for building a global multibillion potential company and a testament of the capabilities that we've positioned. We did complete that second oversubscribed equity offering earlier this year, which brought in about $57.5 million gross proceeds, which was approximately $53 million net of offerings expenses.

Again, this was really driven by the demand from leading institutional investors, and what it does is it removes the largest single risk to the spend needed to capture the solar market. These funds allow us to deploy our first industry-scale metals recycling facility without distraction, secure and permit and fund facility number two, which positions us to corner the entire Southwest market right here from Nevada.

We announce and build additional permitted storage sites like California, Ohio, Texas, and others, accelerate our refining solution and capability, including strategic partners, and really position us for the best, fastest monetization of SSOLF and our other non-core assets. When we look back and we started 2025, it was with huge developed potential, but really no capital resources and many, many counterparty obligations that we required to able to develop our platforms.

We have effectively eliminated those obligations from our balance sheet. We did have revenues, too, and Comstock Metals had revenues for 2025 that was approximately $1.4 million compared to 2024, which was about $4.4 million.

In addition to reported revenue, we did generate additional billings, approximately $2.2 million in 2025, we called deferred revenue, and that's associated with our early operations. About $3.5 million for all of 2025, just as we've guided to.

It's also important to note that our 2025 results included several nonrecurring items associated with the transformation of our balance sheet. These costs include debt conversion and extinguishments as well as non-cash impacts from changes in the fair value of derivative instruments, which is all now behind us.

Last year was a deliberate effort to simplify our capital structure and eliminate legacy obligations, and these actions, we believe, significantly strengthen the company going forward. From a liquidity standpoint, we are in a strong position.

We believe our current cash combined with expected revenues from metals recycling later this year and priority asset sales and monetization, all that keeps us strong and in a leading position as we execute on the metals plan. Lastly, we are lining up and diligence-ing and positioning more traditional non-dilutive sources, which includes grants and industrial bonds, which we will qualify for and will have access to once our first facility is up and running this year.

Those are my remarks. I'll turn it over now to Corrado to dive deeper into our metals progress and monetization.

Thanks, Judd. Thanks everyone for being here.

We probably have a record attendance for this call. I'm excited about the update.

Let me start with the announcement that we made just after the market closed today, which for us is incredibly exciting and encouraging. As Judd mentioned, at the end of January, we had a robustly oversubscribed offering.

We had tremendous quality of institutional investors. He named a few: Hood River, MAK Capital, Grazia.

The list continues on down to solid 25, 30 institutions that joined. What was even more encouraging was Steve Pei at Grazia, Craig and Mike Koffman.

The interest that was taken in the company is very, very high, including site visits, including reviews and tours of all of our assets and, quite frankly, a extremely constructive engagement about support and help for how do we position this company to be a truly global, truly dominant metal recycling company. I think that reflects a view that our technology is differentiated.

I think it reflects a view that we have a really, really early adopter head start. I think it reflects a view that we did make good progress with this balance sheet.

If you go back to the shareholder letter from last January, it was a tough letter, but the message was we need to clean things up, we need to get recapitalized, and we need to fund these growth businesses. If people go back and look at that letter, we could say, wow, we made huge progress.

Now we have that posture. The hard work is now the execution.

How do you take a platform that's regional—sure, half of the end-of-life market is in the Southwest region of United States, absolutely, Nevada, and these Nevada permits and platform positions us to capture it, but it's much bigger than that. The United States has over a billion 3 panels deployed.

They're coming end-of-life rapidly, and that's only 1/8 of the world. The world has just as big of a dilemma, 8x relative to the US.

The conversation was around expanding governance, expanding international business competency, accessing capital markets competency. We're thrilled to announce the addition of three new independent directors, Donald Colvin, who has extensive and, frankly, complex financial management background, but a very, very strong solar industry experience being the chair and a board member of a public solar manufacturer of global footprint, and just the global public company governance posture, from chairing boards to chairing audit committees.

Then Steve Pei, as I mentioned, with extensive, quite remarkable capital markets background, entrepreneurial. What was intriguing was the notion of investing in smaller, early-stage companies and watching them become national or international successes and watching those values increase dramatically.

Then Bob Spentz, who has an exceptional background in refining and in recycling and electrification recycling to boot, including international operations, 30-plus international sites in public and international governance experience, both from audit, from acquisition, from oversight. We really could have spent a couple of years working on the searching and recruiting and aligning and onboarding of our board.

We really jump-started that. I think, from a perspective of really, really strong platform that can really handle all of the things that are coming, sweeping across the US, we've got a really good plan for that.

This won't stop there. This market is just extraordinary.

We're welcoming of our expanded board. I guess the final takeaway is, when two of your top four investors are represented on your board, that screams a lot.

We couldn't be more thankful to Steve Pei at Grazia, Michael Koffman at MAK, Craig, and the rest of the team that just worked so, diligently to make all this happen for us. We thank you very, very much.

For 2026, that team, that governance structure, that capital base is aligned, right? We're aligned on these objectives, which is very, very much, first and foremost, to monetize our non-core legacy mining assets.

We've gone from a few years ago talking to less than credible people, to talking to marginally capable people, to now being engaged with very, very serious mining counterparties that absolutely like what we have here, what we've maintained here, which is a great mining district, great resources. If there's any question about this decision, let me put everybody's mind at rest.

Every dollar that we take from the mining assets and put into the recycling assets multiplies exponentially. Let's be clear: if we were going to mine these assets, it would take $30, $40, maybe $50 million of capital to put a mine into production.

That's with an existing resource and a permitted platform. There would still be a lot to do.

In that context, it's money that doesn't go to solar recycling. That's a nonstarter for us.

It never was a starter for us, frankly. Every dollar that we can then pull out of that nonproductive asset and put into the recycling business—I think a few of you heard me say, our mining assets, which we believe have good value and are very attractive, have about 2.5 million ounces of silver in situ, just in the Dayton resource alone.

That would take six or seven years to mine once the mine got up and running. Two of our facilities in Nevada, which we now know where they're going to be and they're up and getting up and running, would produce that much silver annually.

That's just two, not seven. You can see the difference in throughput and in cash generation from what you could call two different silver mines.

We also want to monetize our non-core legacy real estate. I'm going to give you more transparency on that today, simply because we finally came to sufficient progress both with Sierra Springs' board and company and with third parties that are very, very interested in these assets.

The value is higher, the ownership is higher, the amount that we're going to monetize here hopefully will be pleasantly higher than anyone might have been expecting. We're going to do both of those things.

Green Lithium, we also want to monetize. It's less within our control.

The company is making extraordinary progress, truly exceeded my expectations in terms of their journey to profitability. They have operating facility in Oklahoma.

We own 13% of the company, and they've announced that they are going to move into a public listing in Australia sometime later this year. Once Green Lithium is successful in its endeavor to becoming a public company, then we'll have a much easier and clearer exit strategy for that investment.

We've worked very, very hard on all these monetization items. This is the crux of the corporate objectives.

We've had to put more capital into Sierra Springs, but at great gain. That wasn't clear before because the deals weren't structured, and they weren't announced, but they are now structured.

We've already taken effectively what was just under 17% of Sierra Springs to well over 36%, 37%. That number could end up easily well over 50% for something that we think has hundreds of millions of dollars of value.

We don't think that based on conjecture. There is monster engagement in Northern Nevada right now because if you're able to secure sufficient power to the land, it's in immediate demand.

If you're not able to secure sufficient power to the land, there's no interest. We're on the verge of something very meaningful here.

I think 2026 credibly now will see monetization of mining, monetization of non-core real estate, and, frankly, timing couldn't be better. We're really all about supporting the exponential growth of the metals business not just for national dominance, really for setting the global standard in this recycling business.

We crushed it in '25, and when I say "we," I mean the metals team: Fortunato, Paul, Kayla. They got the permits, first of its kind.

Leo was absolutely instrumental in supporting us, one of our board members, in navigating through that regulatory regime. We didn't only get first-of-its-kind permits.

We were held to what we originally thought was a ridiculously high standard, but now with hindsight, it looks like it will be very difficult for any existing competitor that we know of to even set foot in Nevada and even get permits within two years. To the extent Nevada sits on 50% of the end-of-life market, certainly between now and in 2030, now and 2035, wow, we're literally on the beachhead of a battle that doesn't see any competitors anywhere near what we've positioned here.

We don't want to stop in the Southwest region, because that's only half the market. We want to get to the rest of the US, and that will come, as Judd said, with less resistance and much more rapidly.

We also have designed the engineered process for recovering the metals from our tailings. I'll give you a little bit more color on that, but we did that with leveraging a handful of partners between universities and companies that have existing assets and existing infrastructure that allows us to take Fortunato's engineered design and very efficiently test up to a demo, which we hope to have here by the end of this year.

All that work in 2025 really positioned us to move fast, right? What do we want to do?

We want to get this facility up and running. Substantially all of the equipment has arrived.

The ovens are arriving now, and the ovens literally represent I just looked at the final truck schedules—represents 24 18-wheelers. You start to get a sense of the magnitude of this process and these systems.

Some of you have come and visited, and I'll show some pictures of some of the equipment as it's getting assembled here. It's all coming in.

We're on schedule. It wouldn't be right to say that three or four weeks of slippage hasn't occurred, but that was already buffered in our schedule.

Commissioning in Q1, operating in Q2 holds. We're very happy about that, bringing the thing online.

Another thing that's happening is that we're starting to see it's almost like if you're in the fourth quarter of a football game, you're starting to see some of our competition take a knee or move aside. Really, that's an analogy to say that our customers, the true utility-scale companies that are now very seriously engaged in a very big end-of-life problem, they're certainly not talking to the two or three people that we previously talked about as showing up most often.

There's a really good trend there. Something even more strategic is happening.

Some of these institutions are either very, very large or part of even larger organizations, and they've engaged us for more strategic things. You've heard me talk about co-locating on one of the sites or venturing into a third or fourth site.

This all ties to getting market share, right? We want to dominate the market share.

We're very happy with how those underlying conversations are going. We've identified the second site.

We're pinning it down, final stages. The permits actually have already been submitted.

We're excited about it. It will be in Clark County.

It will be just outside of Las Vegas, exactly where we wanted to position the second site for this Southwest region. California is permitted, up and running.

Ohio is coming up online. Those right now are primarily either storage and/or transition activities, prep activities, logistics activities.

There's no processing. There's no processing that we're planning at all for California, but certainly Ohio would evolve into that.

We're looking as well at a specific site in Texas. That side of things are moving very, very quickly, and we're continuing all of those efforts.

2026 is going to be, as foundational as '25 was, '26 is going to show the light. '26 is going to show the large industrial system running.

It's going to show it turning profitable. It's going to show volumes increasing, and you're going to see revenue go from $100,000 a month to $200,000 a month to a million a month to $2 million a month.

That's our profile for 2026, and we don't see any reason why that isn't going to come together just like that. We don't need to talk that much about silver demand.

Every one of you that I've talked to seems to understand the supply and demand equation for silver and is very bullish on it, even with some pull back, we're sitting at $70 silver, which is above anything that we've modeled in our process. As I mentioned previously, even at $60 silver, our offtake revenue isn't $125 a ton, it's $375 a ton, we already have an enhanced profile, given the current realities.

You see the inside of 600 Lake in this picture. That was seven months ago.

Now when you look at the inside of 600 Lake, it's assembling equipment. That shine that you see on the floor there is an epoxy that we had to lay down that outlines perfectly the footprint of the large system.

You can't see the ends of the footprint. It's extremely large: 80, 90, 100 feet of processing, fully integrated, fully automated.

We are testing the robotic arms. We are assembling the front-end crushers.

We are pulling together all of the equipment. We're heavily finalizing the grading and the preparation.

Fencing is going to go up next week for the storage. It just gives you some context here, if you're looking at this picture, hopefully, that building there in the background is where our demo facility sits, okay?

I kept saying this enormous expansion or massive expansion for storage. You're starting to get a sense of it.

I was annoyed earlier, one of our investors posted four beautiful pictures. They must have been circling the site or something.

I criticized my team and said these guys are getting better pictures than I'm getting. If you're on Twitter or X, you can see some even more elaborate pictures of this development that's happening real time.

The holy grail is not getting $125 a ton for tailings or $375 a ton for tailings. Those numbers reflect us capturing 50% or 60% of the silver value and leaving the silicon metal and leaving the copper, and depending on the types of panel, leaving the gallium or the tellurium or the iridium behind.

What we've applied for a grant on and what we've already started the development work on is being able to capture the substantial majority—we'd love to say substantially all—of the value from those critical metal recoveries from the tailings. We've been ridiculously busy site-preparing.

We've been ridiculously busy receiving equipment. We've been busy expanding the market.

That would be satisfactory, but it's been exceptional that the team has made and forced the capacity in to design this refining solution. When we say we feel like we're a couple of years ahead in recycling, we're humble about that.

We're not arrogant about it. We want to expand it.

We want to assume we're one day ahead. We don't want to assume we're two years ahead.

We're talking about recycling. We're not talking about refining.

We don't see anybody even talking about these types of refining solutions. The reason this is so important, and I think the reason our capital base is so interested is 3.5 million panels last year would load one of our production lines.

In four years, that number is going to be 33 million. We would need 10 production lines to do that.

I'm not sure if people appreciate it: one production line, that $13 million of one production line can do 3.3 million panels a year. That facility that you just saw, it was permitted for 2.5 production lines, really three production lines with the capacity of doing 250,000.

If this Southwest region does anything close to what we think it's going to do, doubling the capacity, 2.5x-ing the capacity of that facility will have literally zero permitting lead time, zero permitting lead time. It's already permitted.

What it will require, of course, is equipment ordering lead time, which we can let the market tell us when to trigger that. This is the old map that most of you have seen, but for any of you that haven't, here's Arizona, Nevada, California.

These are the 1.3 billion, 1.4 billion panels that are deployed in the US. The fatter the circle, the older the panel.

That's why these two facilities in Nevada are so critical, why we're going after this half of the market so diligently, vigorously. At an enhanced metal value, you're not talking about $55 or $60 million of cash flow from one facility running full.

You're talking about $75 to $80 million for one facility running full, and that doesn't consider the enhancement that would come with a refining solution. Now, let me just spend a little bit more time on this monetizing of non-core assets.

Some of you may have seen previously a higher NPV that we calculated for our mining assets. That number was correct.

It stays correct. As I said earlier, these assets take some capital to put into production.

As I said earlier, we're engaged with some very, very serious counterparties. They have capital.

That's, I guess, the litmus test for me on are they serious? They have capital.

They have capital to deploy, and we're talking about a range of value of, let's say $50 or $60 million. We're not necessarily talking about all cash upfront, but we are talking about full monetization.

What we would like to do is sell it for all cash, or we'll sell it for cash with some very relevant or meaningful milestones. Any dollar that we pull out of nonproductive assets to put in our solar business, we believe, is a home run.

With the Sierra Springs, we have been allocating capital to that. You'll see that it increased, but we have agreement now to convert that into ownership at extraordinary values.

I'm going to talk about that a little bit more. I'm going to give you a little bit more color, but I've been busy with this because it's super active.

All right. Nevada went through a monstrous hyperscale data center expansion.

It's listed right now as fifth or sixth in the US with projects under construction, with 29 projects under construction, and it's every big name. We have an industrial park very, very close to us, not the Tahoe Reno Industrial Park—everybody knows about that—another one that's very close to us in Silver Springs that is out soliciting industrial lands for this purpose, and they secured access to power other than the grid.

The grid's tapped out. The grid's not available until God knows when.

We secured similarly access to that power. Required some small financial commitment initially, small bond, a million, million and a half dollars of posting, which was easy.

It opened up the whole world for us. Now I'll be very frank, I'm behind in being responsive to them.

If that's annoying to you, it should be, because it's annoying to me. The dollars that we're talking about are not $45 million or $50 million like we talked about before; it's a couple hundred million.

That doesn't include our properties that we own 100% and directly. As you can see, it's in everybody's interest for us to prioritize and monetize these assets.

The mining assets, last year, we acquired the Haywood quarry. You see it right here, this Haywood target on the map.

We also sold some of the northern properties, which are now taken off of this map. In selling those northern properties, there's about 240 acres that we added that fully support and surround both the mining of the Dayton asset and the processing for the Dayton asset.

We got those 230 acres at no additional consideration. Between the Haywood property, which is ideal for processing Dayton, and those other properties, which fully support the mining and the processing of Dayton, we've made this much more salable, much more monetizable, and as I said earlier, we're fully engaged.

When we first announced that Haywood purchase, some people were like, "I thought we weren't interested in mining. I thought we were trying to monetize the mining."

I just want to make it clear, that's exactly what those moves were designed to position us for. These properties, they're flat, they're expansive, and they're very, very attractive to real miners.

We're really having productive conversations. Jud's getting very, very close, and I really appreciate that help and that support.

Now, just more transparency on Sierra Springs because there's approval on the Sierra Springs side, right? There is approval for Comstock to take the lead, for Comstock to drive this thing to the finish line, for Comstock to enable this bigger monetization.

Of course, Comstock needs to benefit dramatically from that capacity. Where we are is we're sitting in the largest opportunity zone, if not the largest, one of by far the largest opportunity zones in United States.

It's not only an expansive amount of land sitting right by Lake Tahoe, the fact that it's 10 miles from the California border and, maybe more importantly, one truck-day away from seven different states and 75 million people is one of the biggest reasons that all of these data centers and all of these manufacturing companies are locating here. The other reason is that the environmental climate is almost perfect for optimal cooling of these data centers.

It's even more than that. It's literally Northern Nevada is literally one of the safest places in the country when it comes to the hazard map or the disaster avoidance map.

We don't have hurricanes, we don't have hailstorms, we don't have all of these impediments. It's not coincidence that Google, Apple, Microsoft, Switch, Tract, and at least two dozen more are locating here for mega hyperscaling.

For us, it was when USA Parkway was built, from a nonexistent road to a dirt road to a four-lane superhighway connecting Reno right down into Silver Springs, where my "better lucky than good" comment keeps coming out. We were sitting right there, ready to receive that ball.

It's still somewhat pioneering two years ago. Everything was happening in the Tahoe Reno Industrial Center, everything is happening up in Fernley, and people kept saying, "Well, what about Silver Springs?

What about Silver Springs?" If you look at the map this way, you see this connecting highway.

Tesla's Gigafactory is really what put us on the map, but the data centers are really what exploded the map. It comes right down to our properties.

You see the Comstock LODE here, just 30 minutes down the road, Highway 50, and then you see the congregation of this asset here. I haven't spoken about this much because Fortunato and the team spend 110% of their time on Comstock Metals.

I'd like to think I spend 50% of my time supporting Comstock Metals; I want that to be 90% of my time. Jud's handling the monetization of the mining assets, I'm handling the monetization of Sierra Springs.

I think it's also important to say I've never took a penny from Silver Springs, I've never gotten any compensation from Sierra Springs. I only own stock there because I bought it with my own money, and I've agreed to rectify that.

We are going to align my interest only and solely with LODE. There is no even debate or discussion about it.

I've already committed to it. Right?

What you're going to see with hopefully some foresight, but certainly soon with hindsight, is that LODE investors own something very, very valuable here. As exciting as monetizing something that's worth a couple hundred million potentially would be, what can be done with that money in solar recycling is a whole nother level of excitement.

You can read up all the articles about what's happening in Northern Nevada. It's very easy to see them.

What's really important to see is that when I talk about these values, I'm not pulling them out of the air. When we first started this thing, we were getting these properties for dirt, literally dirt cheap with almost like water rights coming for free.

Industrial park was at $2 to $3, $4 a square foot. Then it was $4 to $5 a square foot.

Then it was $6 to $8 a square foot. Then Microsoft lands and starts pushing $10 a square foot.

Those are incredible numbers. If we're even close to those types of numbers, my numbers will be understated.

When Tract's CEO came out and said that they're going to invest $100 billion in the next 10 years in Northern Nevada, and that means from the Peru shelf right up here by Switch to right across the street from our properties in Silver Springs. There's three major developments that they're breaking ground on right now.

If you don't understand it or if you'd like to see it, it'll only take you 20 minutes from Reno to see monster Tract platforms being built and positioned. That only enhances the value of everything in this area.

If you look at this map, the airport being the blue center, everything else in color around us is part of our portfolio that I want to monetize for us, except the top of number 11 here. That's where Microsoft came in, and then right alongside of it, Tract is coming in.

You go from literally being out in the middle of nowhere on the loneliest highway in America, to USA Parkway plugging into us, to Tract and Microsoft coming in across the street. It's extraordinarily exciting.

None of it would mean anything if the Great Basin Natural Gas Transmission Company didn't show up four months ago and say, "We're going to spend a couple billion dollars, and we're going to expand gas into this area, into Fernley, into TRI Center, literally right into Silver Springs." If they didn't come out and say that, we'd still be talking about why can't we sell these properties?

With that power commitment, the game has changed dramatically, and we're going to see something really exciting happen. Took a little bit longer than I was expecting.

I apologize. Zach, please, let's just jump into Q&A.

All right. Thank you, Corrado.

As I mentioned at the beginning of the call, we received more than 35 questions prior to the call, and I can see that we have a number of additional questions coming through Zoom. Corrado, you did touch on a lot of these questions that we have, perhaps you can just provide a little more color.

Pardon me if I do repeat

No worries. Just go ahead, Zach.

questions.

Go ahead.

Okay. The first question is, how do you allocate your time versus Jud's time versus the rest of the team's time?

Yeah. I think right now, in fairness, Jud's spending, obviously, you can see the time we spent from a corporate perspective, on recapitalizing and funding.

Now, over the last month or so, on the governance, so that's really positive and took a little bit more of our time, critically constructive and needed. I think probably I will spend 40% to 50% of my time, and I expect Judd the same, on monetizing these non-core assets.

Okay? It's a priority, and thank God, the metals team is full, and they'll spend 110% of their time.

They do nothing but metals all day long and all night long. I do feel like if we were directly just a solar panel recycling company, just a metal company, we would go from having a strong, capable, sufficient management team to overwhelming force.

I think ultimately we'd like to see 80% metals, 20% corporate. That'll only happen once we monetize the assets.

So 50% metals, 50% corporate, but that 50% is heavily dedicated to monetizing these assets and the things, the prerequisites needed to monetize those assets.

All right, Corrado. Thank you for that.

What is the pipeline of solar panels that will be available to recycle through the Silver Springs facility once it is open? The that's

that's one of the most major fronts of our efforts. We're signing master service agreements.

We're signing master service agreements all the time right now. We we're we we've signed a couple extraordinary ones with e-recyclers, the folks that have already established recycling businesses.

That's about 10% to 15% of the market. We generally think about the major utilities as being 80% of the market.

What's happening right now is we're signing up, we're we're we I don't I can't think of a major utility that we've had a setback on, you know. That that includes, NextEra, Florida Light and Power.

Everyone's pretty familiar with RWE, Nevada Energy, which is a Berkshire Hathaway, Berkshire energy company, Brookfield, we're, Edison. We're we're we're really making hay with signing these folks up, right?

The the question the second point is, we're signing up, I think we we may have just signed up, we're not yet allowed to release it specifically, but one of the largest, if not the largest, e-recyclers, in the country, right? Those are the people we want to engage.

We've also signed up, our first actual solar manufacturing company, which, I was talking to Don about this, as we were going through the board process, but, the solar manufacturers are not really our customers. They do have some amount of breakage and waste, they're steady eddy, they they ship us a truck or two a week.

They're a very, very small part of the end-of-life market, of course; they're the beginning-of-life market. They also point us to their customers, and they also integrate us with their returns.

That's all coming along. To answer your question, locking in the customer is the most critical prerequisite, making sure that we're qualified through their audits and their certification processes.

It's a it's not a super long lead-time process, but it's a pretty meaningful lead-time process. We we've been doing that steadily for the last two years.

As I I think I mentioned earlier, and and there is there is a breakthrough, too. There's there's a number of customers who, they their attitude is, well, you're certified, you're qualified, you're wonderful, when the big machine's up and running, we'll start sending more panels because we want our certificate of destruction pretty rapidly, okay?

The profile should be a couple hundred thousand dollars a month to half a million dollars a month to a million dollars a month to to to a, to $2 million a month. $2 million a month is $25 million, $24, $25 million run rate of revenue.

That's will will be will be remarkably profitable, and then we just grow it from there. We still believe that by the end of 2027, facility number one will be running full, facility number two should be in the 20% to 30% capacity utilization range.

Those are really rough estimates, right, because we don't see a smooth linear up project progression here. We see a lot of spiking.

We see a lot of deferred maintenance, we see a lot of deferred recycling, you know. Once we click in, then the spikes will be bumpier.

We have the capacity to handle it, and then we have the storage to handle it. Now, one critical point here: we are now being engaged, by not just the largest utilities, but the owners of the largest utilities.

Very strategic discussions, there is a recognition here that they need to lock up some capacity. Right?

It's it's finally coming through, and those hope to have some, very meaningful discussions, this year, I what I mean to say is we're having very meaningful discussions now, very meaningful outcomes this year, in terms of what specifically that will mean, right, to forward volumes. It It's coming, right?

It's just it's lower than anyone would ever hope, but the foundation setting the foundation is the critical thing. One one of the ways I've described this to people is if our business this year, was, 20 or 30,000 tons, the same exact customer flow in 2030 would be 300,000 tons, right?

These are the customers who are going to see a 10x increase in their end of life. They they may even be higher because they're going to lead that increase in end of life, the 3.5 million from last year to 33 million in 2030.

We're positioning for great great, almost almost organic growth. It's kind of a a perverse or backwards way of thinking about it, but locking in the customers that really have the biggest installations means locking in the biggest end-of-life replacements scheme.

Sorry for that. It was a little long-winded, but

This might be a short one for you. Where do we stand with the delivery of the first recycling facility in terms of timing and cost?

I think we've received all of our equipment and started to receive the components for the oven. I mentioned it earlier, I just looked at the shipping schedules for the ovens, it's literally like 20 monster 18-wheel truckload containers.

I was surprised at the magnitude of the logistics, right, to get those ovens to us. The schedule says they start coming next week, they stop coming within two weeks, then we have everything.

Then we've already started installation, we've already started testing and commissioning the equipment. If those ovens had arrived four weeks ago, they would be sitting around because the sequence is pretty precise in terms of what needs to be installed and tested and processed.

In that regard, we feel, again, maybe three or four weeks of slippage, that was fully buffered in our plans, right? We'll be up and running in Q2, and I think that's going to be a huge milestone.

Speaking of sequence, please review the timetable for the second recycling project, its initial revenue, and probable location.

Yeah. Yep, it's going to be outside of Vegas, Clark County, for sure.

That's where all the infrastructure is. There's more infrastructure in Clark County in Vegas than there is in Silver Springs, frankly.

We have a site, we're in final stages of locking down the terms. We've already submitted the permit because we know where the site is.

I think the question is when do we order the equipment? Last time I asked Fortunato, he said as soon as we possibly can because the equipment lead times when we raised the money in August, we ordered the equipment the next day, we were looking at a 5-to-6-month lead time, it turned out to be 7 to 8.

Okay? If 7 to 8 is the real lead time, although I think there's some arguments now that we've gone through this process that it would be shorter, then we probably want to order the equipment sooner rather than later.

If you're ordering equipment in May, you could have it arriving in December. The process should look and feel maybe three months faster from a calendar perspective than the first facility, or it could mirror it very closely, right?

Commissioning in Q1, operating in Q2. I'd love to see commissioning in Q4, operating in Q1, and as soon as we order the equipment, we'll be able to communicate that.

Sticking with Comstock Metals, you've outlined a seven-facility national model with a central refinery hub. What is the capital requirement per facility at the scale you're targeting?

We've always said, recycling facility $12 to $15, okay, and really that range is tied to if we're leasing a facility, it's $13 million, that's where we're ending up, right, with facility number one. If we had to buy a facility, you might have to put a deposit down, it might be 15, maybe 16 at the most.

It's a nice tight range, it's not a lot. $12 to $15 million we'll stick with, maybe 13 to 16 is buffered, that's a good number.

That's for each facility. As you heard earlier, $75 million-plus in cash flow when they're running full, so that profile is beautiful.

The central refinery, though, is still conceptual, we're certainly not going to build seven refineries. Ideally, there could be one maybe very centrally located.

The math on that is if a recycling facility is taking in 100,000 tons and 10% to 15% are tailings, you're going to get midpoint 12,500 tons of tailings per year per facility. If you have seven facilities, that's 100,000 tons of tailings.

That's a pretty good sized refining operation. You could start with one in Nevada, and that would be, if you did that, you'd probably either have one big one there or you might have one on the West Coast, Nevada-based, one on the East Coast, then you'd have two.

We don't know the answer to that yet. We still need to get to FID on the engineering, but we're projecting the capital for one large refining operation like that 100,000-ton of intake level to be about $30 million, right?

In the universe of refining capital, it's low, right? When people talk about aluminum refineries and pyrolytic refineries and smelters, they think in the billions.

No, not in our scenario, we're very precise, very fine industrial tailing. That's more of what we're looking like.

I hope that answers your question.

Corrado, pivoting to SSOLF, the values sound high. What are the prerequisites for monetizing these assets, and what's the timeline?

Yep, I think look, there's probably five prerequisites. Let's just think them through.

Industrially zoned land, check. Flat, developable land, super check.

Water rights, check. Fiber, check.

Electricity, [makes buzzer sound], right? That's that fifth one is where we sort of hit the wall.

If I could give people context, right, the Great Basin Transmission Company came out with an open bid. This is a FERC-regulated utility bid.

We committed to like 50,000 dekatherms a day. I think they got bids for 800,000 dekatherms.

If our numbers 300 megawatts, their numbers 15 times that, 13 times that. That's real.

That's certified. That tells you what's happening in Northern Nevada in terms of people needing, wanting, and committing capital to power.

What we need to do is close out on the land position. There's still some capital required to do that.

Close out on the land position, have clean title, clean and final environmental reports. We already done phase one previously, super clean, no issues, just need to be updated, right?

Water rights certification with thousands of acre-feet of water rights that allows for a lot of flexibility with the data centers. Some there was a phase of all-electric cooling, then the grids ran out of electricity.

Now everybody's hell-bent on the technologies that reduce water in data cooling, but you got to have water rights, right? If we do those three things, right, just perfect the land, perfect the power, I feel there's a little capital there, but there is also administrative work, like probably 60 days worth of work.

That timing would be perfect, data room would open up, and then, 60-to-90-day process. We're absolute looking at 2026, getting this done in 2026.

Thank you, Corrado. We do have a question on Bioleum management.

Please provide an update on the Bioleum team.

Absolutely. I think most people appreciate that in March of last year, Marathon Petroleum invested directly into what was previously known as Comstock Fuels, and then in May, a large investor came in with another direct investment.

It's about $35 million in total of call it Series A investment directly into the newly reestablished Bioleum corporation. There's a really strong core group of founders, I say 10 people, David Winsness, Rahul Bobbili, but there's Chad Michael Black, there's a strong group of founders there, but there's an even bigger group.

There's probably 40 professionals. Let me just say this: their whole claim to fame, their equivalent of Fortunato's zero landfill, highly efficient thermal solution is their ability to unlock lignin in woody biomass.

We call it lignocellulosic technology. That company's roster includes Dr.

Christian Culstrom from Sweden, Dr. Marcus Hjort from Sweden, Dr.

Colin Anson from Madison, George [unclear] from Warsaw, Dr. Elvis Esebamen from New York, originally from Nigeria, Dana Hatch, Bob Rosmier, Andrew Held, these are all chemists and chemical engineers, and then you have Dr.

Greg Beckham at the National Laboratory of the Rockies, previously known as NREL, Dr. Yuri Roman at MIT.

You're literally talking about the top 10 lignocellulosic professionals in the world, and what they're coming out with here is the highest yielding, lowest carbon ability to take waste into low carbon fuels. That's the management answer, right?

Chad Michael Black is the president. Chad is leading this incredible group of primarily engineers and material scientists to final investment decision that allows them to move into biorefining.

We haven't gone stealth per se with Bioleum, but there was a concerted effort for them to be independent, for them to have their own capital source, for them to ultimately go Series B and IPO. As you hear me talk about [coughs] monetizing assets, I'm happy to be supportive, I'm happy to be helpful, and I am intimate with what they're doing, but their success will be our success, right?

We want to put our calories into growing a literally international, dominant metal recycling business.

Thank you, Corrado. Looking at our mining assets, what is the timing on the potential monetization of the mining assets?

Would it be a JV deal or something different?

I'm hopeful that the timing is sooner. We are in pretty deep conversations, we are pretty specific around terms, and we're only talking to people that have credible and not immediate, but credible and almost immediate access to capital.

We're not talking about people who are blue-skying possibilities here. The people that we're talking to have done quite a bit of diligence, I would say tremendous amount, but just from a legal, administrative, final processes, you're probably looking at 75 to 90 days.

Is it guaranteed? Could something bust?

For sure. We're feeling pretty good about it.

Thank you for that. Pivoting again, is there any intention for issuing additional shares in the near term resulting in any more dilution?

No. I would like to repeat though what I had said earlier, we had seven or eight years of excruciatingly poor access to the capital markets, bad structures, bad efforts, probably with hindsight, using a junior mining penny stock structure to capitalize two high-growth, innovative technologies was not the smartest thing in the world, but at the same time, we did it, right?

We created an incredible opportunity, and I think our investors that stuck with us and our new investors that came in are really, really, really going to profit from that scenario. If there's a perception that we enjoyed raising the capital that way or the dilution that resulted and, even more painfully, the low valuation that comes from having other than intermediate and longer-term capital partners, we hated it.

Just in case anybody is curious, we hated it. We did get this business launched, and we're running now, but what's more important is we have capital partners.

We have capitalized and funded, and I think if we had no non-core assets, the positive of that would be that we would be more fully dedicated to metals, but the positive of having them is, as I said earlier, if we monetize those assets and redeploy them, then we have a bonanza on our hands here. We are derisked from distraction, we are derisked from having to slow down, we see some of our recycling competitors struggling to raise capital, we've seen some take capital from very bad sources and do a 180-degree turnaround on their strategy, we're just going to keep flying forward, and we don't see any reason looking forward, right, that we would have to raise money.

If something unknown happened and we could talk about it, but we don't see it. Unequivocal, no.

Thank you, Corrado. We're coming up on time, and I think we've covered several important questions.

If we did not get to your question, please send it to [email protected], and we'll do our best to respond either directly, or we'll post the response on X. For anyone who is not following us on X, our main account is @ComstockInc.

Please follow us. Corrado, before we wrap up, please give us some final thoughts for the final week of Q1

and

the rest of 2026.

I'm super excited about our new board members. They've already reached out, wanting to start engaging and coming back out to visit.

I'm super excited about the work leading up to the annual meeting in May. I think that if you can come to the meeting in person, we're going to take a bus down to Silver Springs, and on the way to Silver Springs, we'll go through the Tahoe Reno Industrial Center, and you'll see about 10 million square feet under construction on the way to it.

It's probably relevant to point out that 600 Lake Avenue, this incredibly ideal location for solar panel recycling, and 800 Lake Avenue, the monstrous storage facility right next door, are Sierra Springs properties. Sierra Springs owning those properties allowed us to pivot very, very quickly into the solar recycling business, and I think with hindsight, speed is the winner in all fronts here.

Then stay tuned for customer announcements, stay tuned. We'll be more active next week, the week after, the week after, and the week after with pictures of the ovens, the assemblies, the commissioning, and then panels starting to go through the machine.

We're really at the inflection point here of 3.5, 4 years of incredibly hard work, pretty exciting.

Thank you very much, Corrado. That concludes Comstock's year-end 2025 earnings call and business update.

Thank you all for joining us.

Thank you, all.