Comstock Shareholder Update

Strategic Investments and Growth - Comstock Metals plans to secure debt and equity capital at the subsidiary level to fund the accelerated construction of its first two industry-scale facilities, which are expected to generate positive cash flow in a few years [1] - The business model has been proven, and discussions are ongoing with multiple counterparties for primarily debt financing, reducing the need for equity dilution at the parent company level [1][3] - The company expects to announce further details in the third quarter [1] Progress in Real Estate and Asset Sales - Comstock is making steady progress in selling its real estate holdings in Silver Springs, NV, and interests held by the Sierra Springs Opportunity Fund, with strong engagement from potential buyers [2] - Multiple term sheets are being deliberated, and the company remains optimistic about commencing these sales in the coming months [2] Commitment to Financial Stability - The company acknowledges current market conditions may cause concern but expresses confidence in its plans and significant progress made over the past two years [3] - The strategy is designed to achieve positive cash flow in the coming years, ensuring long-term viability and success [3] Advancements in Comstock Fuels - Comstock Fuels is set for significant growth with plans for a commercial demonstration scale facility and full-scale renewable fuel production facilities, requiring substantial capital investment [7] - The company is actively engaged with strategic and financial partners to secure funding at the subsidiary level, with announcements expected in the second half of the year [7] Development Plans for Dayton - Spring Valley - Plans for developing the Dayton - Spring Valley resource areas into a cash-producing mine have advanced significantly, with confidence in delivering strong returns from silver and gold extraction [8] - Operations will be funded using proceeds from asset sales, ensuring financial resources are not overextended [8] Shareholder Commitment - The management team, including the executive chairman, holds over 13 million shares, demonstrating a strong commitment to creating and delivering value to shareholders [24]