Comstock Mining Inc. (NYSE:LODE) Q2 2022 Earnings Conference Call August 9, 2022 4:15 PM ET Company Participants Corrado De Gasperis - Executive Chairman & CEO Zach Spencer - Director-External Relations, Treasurer and Secretary Conference Call Participants Operator Ladies and gentlemen, welcome to Comstock's 2022 Second quarter Business Results Webcast. Here is Comstock's Executive Chairman and CEO, Mr. Corrado De Gasperis. Corrado De Gasperis Good morning, everyone, and welcome to the Comstock second quart ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ FORM 10-Q _______________________________________________________________________ ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2022 COMMISSION FILE NO.: 001-35200 COMSTOCK INC. (Exact name of registrant as specified in its charter) Nevada 65-0955118 (State or other jurisdiction of incorpo ...

Comstock Mining Inc. (NYSE:LODE) Q1 2022 Earnings Conference Call May 3, 2022 11:00 AM ET Company Participants Zach Spencer - Director-External Relations, Treasurer and Secretary Corrado De Gasperis - Executive Chairman & CEO Conference Call Participants Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted outp ...

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements.) The company reported a **$6.5 million net loss** for Q1 2022, a significant decline from prior year's net income, driven by increased expenses and impairment charges as it pivots to decarbonization technologies [Condensed Consolidated Balance Sheets](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets decreased to **$115.1 million** by March 31, 2022, primarily due to reduced cash and investments, leading to a decline in stockholders' equity Condensed Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,249,007 | $5,912,188 | | Total current assets | $10,184,360 | $13,828,989 | | Total Assets | $115,119,393 | $126,954,632 | | Total current liabilities | $22,088,196 | $23,909,510 | | Total Liabilities | $33,264,574 | $33,984,110 | | Total Stockholders' Equity | $81,854,819 | $92,970,522 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The company reported a **$6.5 million net loss** for Q1 2022, a reversal from prior year's net income, primarily due to increased operating expenses and significant impairment charges Statement of Operations Summary (Unaudited) | Metric | Three Months Ended 03/31/22 | Three Months Ended 03/31/21 | | :--- | :--- | :--- | | Revenue | $54,625 | $48,500 | | Total operating expenses | $4,442,713 | $(349,258) | | Income (loss) from operations | $(4,388,088) | $397,758 | | Impairment of investments and intangible assets | $(4,476,889) | $— | | Net income (loss) | $(6,547,023) | $8,188,231 | | Net income (loss) per share - diluted | $(0.09) | $0.22 | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20STOCKHOLDERS%27%20EQUITY) Stockholders' equity decreased to **$81.9 million** by March 31, 2022, primarily due to the **$6.5 million net loss** and the cancellation of 3.5 million common shares - A significant event during the quarter was the rescission of the LP Biosciences (LPB) transaction, which resulted in **3,500,000 shares of common stock** being returned to the company and cancelled[16](index=16&type=chunk) - The net loss for the quarter of **$6.5 million** directly reduced the accumulated deficit and total stockholders' equity[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) The company experienced a **$3.7 million net decrease in cash** during Q1 2022, ending with **$2.2 million** cash, primarily due to cash used in operating activities Cash Flow Summary (Unaudited) | Cash Flow Activity | Three Months Ended 03/31/22 | Three Months Ended 03/31/21 | | :--- | :--- | :--- | | Net cash used in operating activities | $(3,861,238) | $(2,207,298) | | Net cash used in investing activities | $(226,275) | $(3,245,343) | | Net cash provided by financing activities | $424,332 | $13,315,506 | | **Net increase (decrease) in cash** | **$(3,663,181)** | **$7,862,865** | | **Cash at end of period** | **$2,249,007** | **$10,294,809** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes detail the company's strategic pivot to decarbonization technologies, significant investment impairments, the rescission of the LP Biosciences transaction, and the reacquisition of Comstock Mining LLC - The company has transformed its business to focus on technologies for decarbonization and circularity, converting waste and renewable resources into fuels and electrification products[22](index=22&type=chunk)[25](index=25&type=chunk) - Management noted that recurring net losses and a decrease in cash raise substantial doubt about the company's ability to continue as a going concern, though they believe they have sufficient funds for the next 12 months through planned asset sales and equity offerings[29](index=29&type=chunk) - During Q1 2022, the company fully impaired its investments in Mercury Clean Up LLC (**$1.96 million**) and MCU Philippines, Inc. (**$0.49 million**), along with a related note receivable (**$1.63 million**), after determining future cash flows were not recoverable[73](index=73&type=chunk)[76](index=76&type=chunk) - On March 31, 2022, the company reacquired Comstock Mining LLC from Tonogold by extinguishing a **$6.65 million** note receivable, with Tonogold retaining an option to repurchase the entity[69](index=69&type=chunk)[71](index=71&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the company's strategic pivot to renewable energy, attributing the **$6.5 million net loss** in Q1 2022 to increased expenses, impairments, and changes in derivative values, while outlining plans to address liquidity - The company has transformed its business to focus on commercializing technologies that convert under-utilized natural resources into renewable fuels and electrification products, with a goal of generating over **$16 billion** in annualized revenue by 2030[158](index=158&type=chunk)[166](index=166&type=chunk)[167](index=167&type=chunk) Key Operational Changes (Q1 2022 vs Q1 2021) | Item | Q1 2022 | Q1 2021 | Change Explanation | | :--- | :--- | :--- | :--- | | **Net Income (Loss)** | **($6.5M)** | **$8.2M** | Driven by higher expenses, impairments, and lower derivative gains | | SG&A Expense | $2.4M | ($0.5M) | Increase from new employee costs from acquisitions and absence of prior year positive adjustments | | R&D Expense | $1.2M | $0 | New costs related to developing pilot systems for biomass and battery recycling | | Impairment Losses | $4.5M | $0 | Impairment of MCU, MCU-P, and FPC investments | - The company ended Q1 2022 with a working capital deficit of **$14.2 million** (net of cash) and plans to fund operations through existing cash, technology sales, asset sales, and a new **$10 million** equity purchase agreement with Leviston Resources LLC[188](index=188&type=chunk)[190](index=190&type=chunk)[192](index=192&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=45&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risks were reported since the 2021 Annual Report, with interest rate risk considered limited due to the repayment of all long-term debt - The company's risk from fluctuating interest rates is limited because it repaid all outstanding long-term debt in March 2021[198](index=198&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[199](index=199&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[200](index=200&type=chunk) [PART II – OTHER INFORMATION](index=46&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings.) The company is subject to environmental laws and regulations, with other legal proceedings detailed in Note 10 to the financial statements - Details on legal proceedings, including the settlement of a wrongful termination lawsuit, are disclosed in Note 10 of the financial statements[117](index=117&type=chunk)[204](index=204&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors.) No new risk factors were identified beyond those disclosed in the company's 2021 Annual Report on Form 10-K - There are no new risk factors reported for the quarter[205](index=205&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) The company reported no unregistered sales of equity securities during the period - None[206](index=206&type=chunk) [Defaults Upon Senior Securities](index=46&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities.) The company reported no defaults upon senior securities - None[207](index=207&type=chunk) [Mine Safety Disclosures](index=46&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) Required mine safety disclosures, as per the Dodd-Frank Act, are included in Exhibit 95 of this report - Required mine safety disclosures are provided in Exhibit 95[208](index=208&type=chunk) [Other Information](index=46&type=section&id=Item%205.%20Other%20Information.) The company reported no other information for this item - None[209](index=209&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits.) This section lists the exhibits filed with the Form 10-Q, including officer certifications, mine safety disclosures, and the interactive data file - The report includes required exhibits such as CEO/CFO certifications (Exhibits 31.1, 31.2, 32.1, 32.2), Mine Safety Disclosures (Exhibit 95), and the Interactive Data File (Exhibit 101)[210](index=210&type=chunk)[212](index=212&type=chunk)

Comstock Mining Inc. (NYSE:LODE) Q4 2021 Earnings Conference Call March 29, 2022 11:00 AM ET Company Participants Corrado De Gasperis – Executive Chairman and Chief Executive Officer Zach Spencer – Director-External Relations, Treasurer and Secretary Conference Call Participants Operator Ladies and gentlemen, welcome to the Comstock 2021, Year-End Financial Results and Business Update Webcast. Now, here's Comstock's Executive Chairman and CEO, Corrado De Gasperis. Corrado De Gasperis Good morning everyone. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________ FORM 10-K _______________________________________________________________________ ☒ ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2021 COMMISSION FILE NO.: 001-35200 COMSTOCK MINING INC. (Exact name of registrant as specified in its charter) Nevada 65-0955118 (State or other jurisdiction of inco ...

Comstock Mining Inc. (NYSE:LODE) Q3 2021 Earnings Conference Call November 10, 2021 11:00 AM ET Company Participants Corrado De Gasperis - Chief Executive Officer Zach Spencer - Director-External Relations, Treasurer & Secretary Conference Call Participants Corrado De Gasperis Good morning everyone and welcome to our Zoom call today. I'm actually very excited about this update. There's been a tremendous amount of activity over the last six months for sure and I'll provide a brief summary of the information ...

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements.) The financial statements for the period ended September 30, 2021, reflect significant asset and equity growth from strategic acquisitions and renewable energy investments, with a net loss primarily due to the absence of prior-year one-time gains [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of September 30, 2021, total assets significantly increased to **$107.4 million** driven by acquisitions and investments, while total equity rose substantially to **$97.8 million** due to stock issuances Condensed Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | Sep 30, 2021 ($) | Dec 31, 2020 ($) | Change ($) | | :--- | :--- | :--- | :--- | | **Total Current Assets** | 35,465,911 | 20,834,710 | 14,631,201 | | Investments | 27,099,280 | 3,272,597 | 23,826,683 | | Intangible assets | 7,475,912 | — | 7,475,912 | | Goodwill | 17,737,226 | — | 17,737,226 | | **Total Assets** | **107,402,544** | **43,123,562** | **64,278,982** | | Total Current Liabilities | 4,158,835 | 4,825,690 | (666,855) | | **Total Liabilities** | **9,570,000** | **11,344,356** | **(1,774,356)** | | **Total Equity** | **97,832,544** | **31,779,206** | **66,053,338** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For the nine months ended September 30, 2021, revenue increased to **$465,838**, but the company reported a net loss of **$7.6 million**, primarily due to the absence of a significant one-time gain recognized in the prior year Key Operational Results (Unaudited) | Metric | Q3 2021 ($) | Q3 2020 ($) | Nine Months 2021 ($) | Nine Months 2020 ($) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 362,713 | 49,425 | 465,838 | 146,225 | | Loss from Operations | (1,719,917) | (1,481,572) | (3,031,876) | (3,914,390) | | Gain on sale of membership interests | — | 18,275,846 | — | 18,275,846 | | **Net Income (Loss)** | **(9,494,506)** | **17,330,062** | **(7,627,267)** | **18,342,836** | | Basic EPS | (0.17) | 0.54 | (0.17) | 0.63 | [Condensed Consolidated Statements of Changes in Equity](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20EQUITY) Total equity increased by **$66.1 million** to **$97.8 million** during the first nine months of 2021, primarily driven by **$22 million** in cash proceeds from stock issuances and non-cash issuances for strategic acquisitions and investments - Equity increased from **$31.8 million** at the start of 2021 to **$97.8 million** at September 30, 2021[24](index=24&type=chunk) - Key equity increases in 2021 included stock issuances for the investment in LINICO (**$6.75 million**), acquisition of RPS (**$2.39 million**), investment in GenMat (**$10.53 million**), investment in LP Biosciences (**$10.8 million**), acquisition of MANA (**$6.8 million**), and acquisition of Plain Sight Innovations (**$15.0 million**)[24](index=24&type=chunk) - The company raised approximately **$22.0 million** in gross proceeds from the issuance of common stock for cash during the first nine months of 2021[24](index=24&type=chunk)[28](index=28&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the nine months ended September 30, 2021, net cash used in operating activities was **$5.0 million**, while financing activities provided **$17.1 million**, leading to a **$1.0 million** increase in cash and equivalents Cash Flow Summary (Nine Months Ended Sep 30) | Cash Flow Category | 2021 ($) | 2020 ($) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (4,989,020) | (2,409,947) | | Net Cash (Used in) Provided by Investing Activities | (11,145,269) | (141,851) | | Net Cash Provided by Financing Activities | 17,120,130 | 3,213,174 | - Significant non-cash investing and financing activities in 2021 included the issuance of common stock for the acquisitions of RPS (**$2.3 million**), MANA (**$6.8 million**), and PSI (**$15.0 million**), and for investments in LINICO (**$6.25 million**), GenMat (**$10.0 million**), and LP Biosciences (**$4.17 million**)[31](index=31&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) [Note 1: Summary of Significant Accounting Policies](index=12&type=section&id=1.%20Summary%20of%20Significant%20Accounting%20Policies) The company has strategically shifted its focus to sustainable extraction and production of materials for clean energy and carbon-neutrality, despite recurring net losses and a significant accumulated deficit - The company's business focus is on sustainable extraction, valorization, and production of scarce natural resources essential for clean energy and carbon-neutrality, including cellulosic bio-fuels, lithium-ion battery recycling, and gold from mercury remediation[34](index=34&type=chunk) - The company has recurring net losses and an accumulated deficit of **$228.6 million** as of September 30, 2021, but management believes it has sufficient funds for the next 12 months from existing cash, planned sales of Tonogold shares, repayment of notes, and the sale of its Silver Springs Properties[43](index=43&type=chunk)[44](index=44&type=chunk) - The company has determined its investments in Quantum Generative Materials (GenMat), LP Biosciences (LPB), LINICO Corporation, and Sierra Springs Opportunity Fund (SSOF) are Variable Interest Entities (VIEs) but it is not the primary beneficiary, so they are not consolidated[42](index=42&type=chunk) [Note 2: Acquisitions and Investments](index=16&type=section&id=2.%20Acquisitions%20and%20Investments) In 2021, the company made several strategic acquisitions including PSI, MANA, and RPS, and significant equity method investments in LP Biosciences, GenMat, and LINICO Corporation 2021 Acquisitions Summary | Acquired Company | Date | Consideration (Fair Value) | Business Focus | | :--- | :--- | :--- | :--- | | Plain Sight Innovations (PSI) | Sep 2021 | $15.0M in stock | Cellulosic fuels and biographite | | MANA Corporation | Jul 2021 | $6.8M in stock | Industrial hemp technology | | Renewable Process Solutions (RPS) | Jun 2021 | $2.3M in stock | Process engineering | Key 2021 Investments (Equity Method) | Investee | Ownership % (Voting) | Investment Focus | | :--- | :--- | :--- | | LP Biosciences LLC (LPB) | 50.00% | Industrial hemp processing | | Quantum Generative Materials LLC (GenMat) | 37.50% | Quantum computing for material science | | LINICO Corporation | 48.78% | Lithium-ion battery recycling | [Note 3: Tonogold Resources, Inc.](index=22&type=section&id=3.%20Tonogold%20Resources,%20Inc.) The company holds a **$6.65 million** note receivable from Tonogold, with its maturity extended to March 31, 2022, and also holds **8.9 million** shares of Tonogold common stock - The note receivable from Tonogold was amended and its principal increased to **$6,650,000** as of June 2021[123](index=123&type=chunk) - The maturity date of the Tonogold note was extended to March 31, 2022[121](index=121&type=chunk) - As of September 30, 2021, the company held **8.9 million** shares of Tonogold common stock with a fair value of **$1.0 million**[120](index=120&type=chunk) [Note 9: Intangible Assets and Goodwill](index=27&type=section&id=9.%20Intangible%20Assets%20and%20Goodwill) As a result of 2021 acquisitions, the company recorded **$7.5 million** in net intangible assets and **$17.7 million** in goodwill, primarily allocated to the new Natural Resource Renewal segment Goodwill by Acquisition (as of Sep 30, 2021) | Acquisition | Goodwill ($) | | :--- | :--- | | RPS | 2,168,835 | | MANA | 6,365,938 | | PSI | 9,202,453 | | **Total Goodwill** | **17,737,226** | - Net intangible assets of **$7,475,912** were recorded as of September 30, 2021, arising from the acquisitions of RPS, MANA, and PSI, including technology-related assets and customer contracts[137](index=137&type=chunk) [Note 13: Long-Term Debt](index=30&type=section&id=13.%20Long-Term%20Debt) The company fully retired its long-term debt during the first quarter of 2021, including **$3.1 million** in unsecured promissory notes and a **$296,171** Caterpillar loan, resulting in no outstanding long-term debt as of September 30, 2021 - On March 4, 2021, the company retired its unsecured promissory notes by paying the remaining principal balance of **$3.1 million**[151](index=151&type=chunk) - On March 4, 2021, the company retired the Caterpillar Financial Services loan by paying the remaining principal balance of **$296,171**[153](index=153&type=chunk) - As of September 30, 2021, the company had no long-term debt[150](index=150&type=chunk) [Note 15: Commitments and Contingencies](index=32&type=section&id=15.%20Commitments%20and%20Contingencies) The company has future minimum lease payments of **$2.2 million** and unrecorded contingent payment obligations up to **$26.6 million**, and is involved in litigation including a wrongful termination lawsuit for which **$84,166** has been accrued - The company has contingent payment obligations of up to **$8.6 million** to Red Wolf Agro LLC and up to **$18 million** to FLUX Photon Corporation, based on future net cash flows of MANA and Comstock, respectively[159](index=159&type=chunk)[160](index=160&type=chunk) - Three former employees filed a lawsuit for wrongful termination, and the company believes the terminations were lawful and has accrued **$84,166** in connection with this matter[170](index=170&type=chunk)[171](index=171&type=chunk) [Note 17: Fair Value Measurements](index=35&type=section&id=17.%20Fair%20Value%20Measurements) The company holds significant derivative assets and liabilities measured at fair value, including those related to LINICO, LPB, and GenMat, which caused volatility in 'Other income (expense)' due to fair value changes Fair Value of Key Assets & Liabilities (Recurring, Sep 30, 2021) | Item | Fair Value ($) | Level | | :--- | :--- | :--- | | Tonogold note receivable | 7,056,000 | 3 | | LINICO derivative asset | 6,260,000 | 2 | | LPB derivative asset | 5,172,000 | 2 | | GenMat derivative liability | (1,990,000) | 2 | - For the nine months ended Sep 30, 2021, the company recorded a **$1.26 million** unrealized gain on the LINICO derivative, a **$2.52 million** unrealized loss on the GenMat derivative, and a **$1.47 million** unrealized loss on the LPB derivative[188](index=188&type=chunk)[189](index=189&type=chunk)[190](index=190&type=chunk) [Note 22: Segment Reporting](index=43&type=section&id=22.%20Segment%20Reporting) The company realigned its operations into Mining, Real Estate, and a new Natural Resource Renewal segment, with the latter holding **$65.7 million** in assets and generating **$306,338** in revenue for the first nine months of 2021 - The company is organized into three operating segments: Mining, Real Estate, and Natural Resource Renewal[223](index=223&type=chunk) Assets by Segment (as of Sep 30, 2021) | Segment | Total Assets ($) | Goodwill ($) | | :--- | :--- | :--- | | Mining | 27,951,114 | — | | Real estate | 13,724,621 | — | | Natural resource renewal | 65,726,809 | 17,737,226 | | **Total** | **107,402,544** | **17,737,226** | - The new Natural Resource Renewal segment reflects the growth in ESG initiatives and includes investments in MCU, LINICO, GenMat, LPB, and the RPS, MANA, and PSI subsidiaries[223](index=223&type=chunk)[226](index=226&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) Management discusses the company's strategic pivot to high-value strategic materials for clean energy, with plans to fund growth through over **$25 million** in non-strategic asset sales, including the **$10.1 million** sale of Silver Springs Properties - The company is focused on commercializing four renewable businesses: cellulosic fuels (PSI), lithium-ion battery recycling (LINICO), mercury remediation (MCU), and industrial hemp processing (MANA)[236](index=236&type=chunk) - A three-year strategic plan aims to monetize over **$25.0 million** in non-strategic assets to fund investments and growth[263](index=263&type=chunk) - The sale of the Silver Springs Properties for **$10.1 million** is expected to close in the first half of 2022[265](index=265&type=chunk) - The Q3 2021 net loss of **$9.5 million** was primarily driven by a **$7.2 million** decrease in the fair value of derivative assets related to LINICO, GenMat, and LPB, and a **$0.3 million** loss from affiliate companies[283](index=283&type=chunk)[285](index=285&type=chunk) - Management believes existing cash, planned sales of Tonogold shares, repayment of notes, and the sale of the Silver Springs Properties will provide sufficient funds for operations over the next twelve months[307](index=307&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=56&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's exposure to interest rate risk is limited as all outstanding long-term debt was repaid in March 2021, with no material changes in market risks since the 2020 Annual Report - Interest rate risk is limited because all outstanding long-term debt was repaid in March 2021[311](index=311&type=chunk) [Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures.) The Principal Executive and Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2021, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of September 30, 2021, supported by the implementation of additional reviews and expert consultations for complex transactions[312](index=312&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended September 30, 2021, that materially affected, or are reasonably likely to materially affect, internal controls[314](index=314&type=chunk) [PART II – OTHER INFORMATION](index=57&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings.) The company states its operations are in material compliance with environmental laws and regulations, with other legal proceedings detailed in Note 15 of the financial statements - The company believes its operations comply with applicable environmental laws and regulations in all material respects[317](index=317&type=chunk) - Details on legal proceedings are provided in Note 15, Commitments and Contingencies[318](index=318&type=chunk) [Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors.) No new risk factors have been identified beyond those previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - No new risk factors have been identified in addition to those previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2020[319](index=319&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds.) During Q3 2021, the company issued significant unregistered restricted common shares for strategic transactions, including **8.5 million** for PSI, **4.2 million** for MANA, and **3.5 million** for LPB - Issued **8.5 million** unregistered shares for the acquisition of Plain Sight Innovations Corporation (PSI)[320](index=320&type=chunk) - Issued **4.2 million** unregistered shares for the acquisition of MANA Corporation[321](index=321&type=chunk) - Issued **3.5 million** unregistered shares as part of the investment in LP Biosciences LLC (LPB)[322](index=322&type=chunk) [Other Information](index=57&type=section&id=Item%205.%20Other%20Information.) On August 2, 2021, the Compensation Committee approved a special monetary award of **$193,299** to the Executive Chairman and CEO, Corrado De Gasperis, and reinstated his base salary to **$360,000** - The Compensation Committee approved a special monetary award of **$193,299** to CEO Corrado De Gasperis to compensate for a prior voluntary salary reduction[325](index=325&type=chunk) - The CEO's base salary was reinstated to **$360,000**, effective retroactively from July 1, 2021[325](index=325&type=chunk)

Comstock Mining Inc. (NYSE:LODE) Q2 2021 Earnings Conference Call August 10, 2021 11:00 AM ET Company Participants Corrado De Gasperis - Chief Executive Officer Zach Spencer - Director-External Relations, Treasurer and Secretary Conference Call Participants Corrado De Gasperis Good morning, everyone. This is Corrado De Gasperis and welcome to our Quarterly Zoom Call. I’ll provide a brief summary of the information included in our press release from this morning and from our quarterly report on Form 10-Q tha ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File No. 001-35200 COMSTOCK MINING INC. (Exact name of registrant as specified in its charter) (Primary Standard In ...