LODE

Jud Merrill mentioned first quarter marks beginning of execution at scale. Transition from decline to operational development. Completed equity financing, spent $14 million on first facility, $7.75 million on SSOF. Recognized cash gain on sale of royalty rights. Revenue from pilot plant and solar panel deferred revenue. Operating expenses increased due to higher headcount, facility costs, etc. Corrado DeGasparis discussed Metals segment progress: assembling and commissioning facility, customers gaining traction, upgrading downstream production line, submitted permits for second facility. Sierra Springs: in diligence and close mode for mining asset sale, deploying capital, securing power for land with high value potential.

Expect shift from project-based revenue to throughput-driven revenue. Facility expected to be profitable at 20% utilization, corporation at 50% utilization. Expect to announce mining transaction in third quarter. Expect news on Sierra Springs in third quarter. Plan to ramp up Metals segment, start operating commercial plant by June, continuous operation by July.

First quarter of 2026 reflects continuation of transformation. Completed oversubscribed equity financing of $57.5 million gross proceeds. Cash balance at end of first quarter was just over $53 million. Recognized revenue from pilot plant and deferred revenue from solar panel collections. Total operating expenses increased ~$1.7 million. Interest expense declined significantly, interest income increased, derivative-related impacts less significant. Loss for the quarter was approx. $9.4 million. Metals segment: pilot plant revenue, commercial plant to come online in June. Mining assets: agreed on preliminary terms for sale, expected to simplify balance sheet and reduce costs. SSOF: invested $7.75 million, positioned for higher value monetization.

Q: What are future plans for mineral and mining properties?

A: Selling them for cash, potential upside with equity and royalties.

Q: How much silver is Comstock Metals extracting per panel?

A: Consistently seeing ~16 - 18 grams per panel for majority panels, objective to recover over 90%.

Q: How much solar panel feedstock supply is secured?

A: Number one least certain item, but signing master service agreements, expecting to process couple thousand tons per month initially.

Q: Confidence in new equipment running without problems?

A: Feel good, each stage uses same engineers, manufacturer as demo facility, expect hiccups but not derailment.

Q: Fiscal year revenue guidance?

A: Not provided specific guidance yet, expect better guidance once commercial plant operating.

Q: Valuation of Silver Springs properties?

A: Prices per square foot of land in single digits, market for powered land in double digits.

Q: Use of capital from land sales?

A: To fund growth of metals business.

Q: Update on Biolium?

A: Bottleneck in renewable fuel industry is feedstock, Biolium converts woody biomass to oils, need to attract right investors, route is Series A, B, IPO.

Q: Capital spending for 2026?

A: $1.5 million for downstream upgrade, $10 million for one-ton-per-day metal recovery system, wait to pull trigger on facility number two until facility one ramped up.

Q: Final thoughts for remainder of Q2 and 2026 objectives?

A: Annual general meeting in 21 days, tour facility, focus on execution, panel flow and product sales.