Comstock Inc. Q4 FY2025 earnings call

• CFO Judd Merrill noted 2025 was transformational, doubled asset base, strengthened and simplified balance sheet, eliminated legacy debt, cash and cash equivalents were ~$56 million at March 20, 2026, common shares outstanding were 74 million, completed oversubscribed equity offering raising ~$57.5 million gross proceeds. - CEO Corrado De Gasparis discussed metals progress: first industry-scale metals recycling facility in progress, permits secured, second site in final stages, design of engineered process for recovering metals from tailings, new independent directors added, monetization of non-core assets including mining, legacy real estate and Green Lion, strong engagement with customers and institutions for market share, 2026 to show large industrial system running, turning profitable, volumes increasing.

In 2025, Comstock had revenues for constructing metals of approximately $1.4 million compared to $4.4 million in 2024. In addition to reported revenue, there were additional billings of approximately $2.2 million in 2025, making total for 2025 about $3.5 million as guided. Revenue contribution details weren't explicitly broken down by product segment beyond metals construction revenue.

• 2026 expected to show large industrial system running, turning profitable, volumes increasing with revenue going from $100,000 a month to $2 million a month. - Expecting monetization of mining, non-core real estate in 2026. - Anticipating second recycling project in Clark County, outside of Vegas, with equipment ordering and lead times considerations. - Projecting capital requirements for recycling facilities as 12 - 15 million per facility, and central refinery hub capital around $30 million. - Hoping to complete monetization of SSLF assets in 2026 with certain prerequisites met.

Q: How do you allocate your time versus Judd's time versus the rest of the team's time?

A: Corrado said he'll spend 40% - 50% of his time on monetizing non-core assets, metals team will spend 110% on metals, ultimate goal is 80% metals, 20% corporate once assets monetized.

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

A: Signing master service agreements with e-recyclers and major utilities, revenue expected to go from $100,000 a month to $2 million a month, 2027 facility one running full, facility two in 20% - 30% capacity utilization.

Q: Where do we stand with the delivery of the first recycling facility in terms of timing and cost?

A: Received all equipment, ovens starting to arrive next week, sequence precise, fully buffered for slippage, up and running in Q2.

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

A: Second project in Clark County, outside of Vegas, in final stages of locking down terms, submitted permit, equipment lead times considered, initial revenue expected to grow.

Q: 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?

A: Recycling facility capital 12 - 15 million, central refinery hub capital about $30 million.

Q: Pivoting to SSLF, the values sound high. What are the prerequisites for monetizing these assets, and what's the timeline?

A: Prerequisites include closing land position, clean title, clean environmental reports, water rights certification, power commitment, timeline looking at 2026.

Q: Please provide an update on the biolium team.

A: Marathon Petroleum and large investor invested, strong core group of founders and professionals, leading lignocellulosic technology.

Q: 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?

A: Hopeful for sooner timing, in deep conversations, talking to people with credible and immediate capital access, 75 - 90 days timeline possible.

Q: Is there any intention for issuing additional shares in the near term? resulting in any more dilution?

A: No intention, see no reason to raise money looking forward.

Q: Please give us some final thoughts for the final week of Q1 and the rest of 2026.

A: Excited about new board members, work leading up to annual meeting, customer announcements, inflection point of hard work