Comstock (LODE) Status update summary

Financial position and capital raise

• Raised $50 million in an upsized equity offering, netting $46.5 million after fees, resulting in over $60 million cash on hand.

• Fully funded for the first facility, eliminated all debt and non-debt obligations, and increased shares outstanding to 71.7 million.

• Strong participation from existing institutional investors, with 65%-70% reinvesting.

Operational progress and facility expansion

• All permits received for the first large-scale solar panel recycling facility in Nevada, with commissioning and operations on schedule for Q1 and Q2.

• Facility #2 site identified near Las Vegas, with permits to be filed and equipment ordered imminently.

• Plans to secure and prepare additional sites (up to seven) across key U.S. regions, focusing on rapid scaling.

Business model and market position

• Offers a zero landfill, fully compliant recycling solution, processing all panel types and recovering all materials.

• Achieved $3.51 million in billings for 2024, exceeding guidance, with profitability at 20% utilization.

• Master service agreements in place with major utilities nationwide, providing a robust and growing customer pipeline.