Summary of Comstock Inc. Presentation at Lithium Partners Fall 2025 Investor Conference Company Overview - **Company Name**: Comstock Inc. - **Ticker Symbol**: LODE on NYSE American - **Industry Focus**: Renewable and sustainable metals, specifically solar panel recycling [1][2] Core Business Model - Comstock specializes in recycling end-of-life solar panels, which typically last 12 to 17 years instead of the intended 25+ years [3] - The company aims to prevent hazardous materials from entering landfills, thus addressing environmental concerns [3] - Key materials extracted from solar panels include: - 20 grams of silver per panel - 6.5 pounds of aluminum per panel - Other critical metals such as indium, iridium, manganese, gallium, and tellurium [3][4] Market Opportunity - There are over 1 billion solar panels currently deployed in the U.S., with demand for silver reaching record highs [4] - Silver demand has exceeded supply for the first time in four years, with prices rising from the teens to the low 40s [5] - The market for solar panel recycling is projected to grow significantly, with estimates of 33 million panels reaching end-of-life by 2030 [11][21] Operational Efficiency - Comstock has developed a proprietary recycling process that eliminates contaminants without harmful emissions and at a low variable cost of $35 per ton [5][6] - The company operates a facility capable of processing a panel every seven seconds, with plans to scale to millions of panels per year [6][10] - The facility is currently running three shifts, 24 hours a day, five days a week, and is expected to achieve cash profitability by Q2 of the following year [9][10] Financial Projections - At full capacity, Comstock anticipates generating $55 million in free cash flow from processing 100,000 tons of material [11] - The company has a significant hidden asset in net operating loss carryforwards, which could shelter over $250 million in profits [18] Expansion Plans - Comstock plans to establish seven facilities across the U.S. to capture more than 30% market share by 2028 [15][16] - The first three facilities are expected to come online between 2026 and 2028, with a focus on regions with high solar panel deployment [12][15] Additional Assets - Comstock holds mineral assets in Nevada with an NPV of over $200 million based on updated mine plans [16][17] - The company has investments in real estate and renewable fuels, with a significant stake in Violium Corp valued at over half a billion dollars [17][19] Recent Developments - Comstock successfully raised $30 million from institutional investors, enhancing its shareholder base and eliminating debt [20] - The company emphasizes the tremendous value potential in the solar panel recycling market, with a long-term business outlook driven by the increasing number of panels reaching end-of-life [21][22] Conclusion - Comstock Inc. is positioned as a leader in the solar panel recycling industry, with a robust business model, significant market opportunities, and plans for substantial growth in the coming years [22]

Core Viewpoint - Amcor plc is a significant player in the packaging solutions industry, with a focus on flexible and rigid packaging for various sectors, including food and healthcare [1]. Company Overview - Amcor is headquartered in Zurich, Switzerland, and operates globally in the packaging sector [1]. - The company has a market capitalization of $11.9 billion, categorizing it as a large-cap company [2]. - Amcor primarily targets customers through a direct sales network, which has bolstered its market presence [2]. Stock Performance - Amcor's shares are currently trading approximately 28.1% below their 52-week high of $11.48 [3]. - Over the past three months, the stock has decreased nearly 8%, underperforming compared to the Materials Select Sector SPDR Fund (XLB), which gained 4.6% [3]. - In the last 52 weeks, AMCR stock has declined by 24.3%, and year-to-date, it is down 12.3% [4]. - The stock has been in a prolonged downtrend, falling below its 200-day moving average since March and remaining under its 50-day moving average since mid-August [4]. Recent Financial Results - On August 14, Amcor reported its Q4 fiscal 2025 results, revealing a revenue increase of 43.8% year-over-year to $5.08 billion, although it fell short of the $5.17 billion expected by analysts [5]. - The adjusted EPS was $0.20, down 5.2% from the previous year and below the $0.21 forecasted by analysts [5]. - Despite the disappointing results, management reaffirmed confidence in achieving total pre-tax synergy benefits of $650 million by the end of fiscal 2028 from the acquisition of Berry Global [5]. - The company is on track to deliver $260 million of pre-tax synergy benefits in fiscal 2026, resulting in a 12% accretion from the integration [5]. Future Outlook - Amcor anticipates adjusted EPS of approximately $0.80 to $0.83 for fiscal 2026 [6]. - The company projects free cash flow to be between $1.8 billion and $1.9 billion, after accounting for nearly $220 million in net cash integration and transaction costs related to the Berry Global acquisition [6].

Company Announcement - Comstock Inc. will participate in a webcast presentation and host one-on-one meetings with investors at the Lytham Partners Fall 2025 Investor Conference on September 30, 2025 [1] - The webcast presentation is scheduled for 4:15 p.m. ET and will be accessible via the conference home page or directly through a provided link [2] - Management will engage in virtual one-on-one meetings throughout the event, with arrangements available through Lytham Partners [3] Company Overview - Comstock Inc. focuses on innovating and commercializing technologies that support clean energy systems by extracting and converting under-utilized natural resources into reusable electrification metals, including silver, aluminum, copper, and other critical minerals from end-of-life photovoltaics [4] Communication Strategy - Comstock Inc. utilizes its investor relations link and main website, along with social media platforms like X.com, LinkedIn, and YouTube, to disclose material non-public information and comply with disclosure obligations [5]

Core Viewpoint - Russel Metals Inc. is implementing initiatives to streamline operations in Western Canada, aiming to reduce excess capacity, lower invested capital, and enhance operational efficiencies [1][2]. Group 1: Operational Initiatives - The company plans to rationalize excess capacity and redundant locations, which will lead to a reduction in invested capital by approximately $100 million, achieving the upper end of its original goal [2]. - Specific initiatives include the permanent closure of the Delta location in British Columbia and the Saskatoon location in Saskatchewan, with expected cash proceeds from real estate sales exceeding $40 million [6]. Group 2: Financial Impact - Following the acquisition of seven service centers for $225 million, the company has already reduced invested capital by $58 million due to decreased working capital, with further reductions of $40-50 million anticipated from the new initiatives [2]. - A provision for restructuring of approximately $4 million will be recorded in Q3'25 related to the closure of the Delta location [6]. Group 3: Company Overview - Russel Metals is one of North America's largest metals distribution companies, operating in three segments: metals service centers, energy field stores, and steel distributors [3]. - The company offers a wide range of metal products, including carbon steel, stainless steel, aluminum, and other non-ferrous specialty metals, catering to various industries [3].

Summary of Alcoa's Conference Call Company Overview - **Company**: Alcoa - **Industry**: Metals and Mining, specifically focusing on alumina and aluminum production Key Points and Arguments Market Outlook - The alumina market is currently in surplus, with prices stabilizing around $360 to $370 per metric ton due to supply disruptions and capacity offline in China [3][4] - Expectations for alumina market surplus to continue into 2026, with new projects in Indonesia and China coming online [5] - Aluminum demand remains strong in North America and Europe, particularly in packaging and electrical markets, despite some weakness in the foundry sector [7][8] - Long-term demand for aluminum is expected to grow, driven by decarbonization goals [9][10] Tariffs and Regulatory Environment - Alcoa is advocating for a preferential tariff rate for Canadian aluminum imports into the U.S., as 70% of its Canadian production historically goes to the U.S. [11][12][14] - Current Midwest premium pricing is neutral for Alcoa, balancing out tariff impacts on Canadian and U.S. production [12] - The company is cautiously optimistic about easing tariff concerns following recent meetings between U.S. and Canadian trade officials [21][22] Mining Operations and Approvals - Alcoa is focused on securing mining approvals in Western Australia, with timelines for new mine operations pushed back to 2028 [23][26] - The company is utilizing AI tools to efficiently respond to public comments regarding mining plans, with a record number of submissions received [24][31] - Plans to transition to new mining regions are expected to improve alumina production efficiency and reduce costs [28][29] Financial Performance and Capital Allocation - Alcoa aims to reduce its adjusted net debt to between $1 billion and $1.5 billion, with a notable decrease from $2.1 billion to $1.7 billion in the second quarter [38][39] - The company has a $500 million authorization for share buybacks and is considering changes to shareholder returns as it approaches its debt target [41][44] - Cash generation is expected to be strong in the second half of the year, despite some lumpiness in working capital [42] Operational Improvements - Alcoa has successfully implemented a profitability improvement program, with ongoing efforts to enhance operational stability and cost control [49][50] - The Alumar smelter has recently moved into profitability, contributing positively to cash flow [67] Challenges and Future Considerations - The Spanish operations face challenges due to high energy prices, with a restart of the smelter delayed until 2026 [70][72] - Future aluminum supply constraints are anticipated due to power shortages and regulatory challenges, potentially leading to a persistent deficit in the market [55][57] Market Perception - Alcoa's fundamentals are strong, with stable operations and a focus on reducing debt, but the market may not fully recognize the operational upside and strategic improvements made [61][62][65] Additional Important Points - Alcoa employs over 4,000 people in Western Australia, contributing significantly to the local economy [34] - The company is exploring growth opportunities, including potential M&A, but remains cautious about entering unfamiliar areas like recycling [46][47] This summary encapsulates the key insights from Alcoa's conference call, highlighting the company's market position, operational strategies, and financial outlook.

Core Viewpoint - Friedman Industries has acquired Century Metals and Supplies, Inc., enhancing its market presence and product offerings in the southeastern U.S. and Latin American markets [1][2]. Group 1: Acquisition Details - The acquisition includes working capital, buildings, processing and other equipment, and related real estate [1]. - Century Metals has generated average annual revenues of approximately $111.0 million over the past three fiscal years [1]. - The transaction is an all-cash purchase and is expected to be immediately accretive [1]. Group 2: Strategic Implications - The acquisition broadens Friedman's reach into new regions and enhances its core hot-rolled steel business [2]. - It adds coil slitting capabilities and expands the product portfolio to include cold-rolled, coated, and stainless steels, as well as non-ferrous materials like aluminum, copper, and brass [2]. - The acquisition provides strategic access to growing residential and corrosion-resistant markets [2]. Group 3: Company Background - Friedman Industries is headquartered in Longview, Texas, and operates multiple manufacturing plants across the U.S. [4]. - The company has two reportable segments: flat-roll products and tubular products, processing both ferrous and non-ferrous coils [4].

Trade Policy - Expanded steel and aluminum tariffs are just the beginning [1] - New levies are likely for sectors such as semiconductors, heavy trucks, and commercial aircraft [1]

Trade Policy Impact - The logistics industry was surprised by the expansion of steel and aluminum tariffs to over 400 consumer goods containing these metals [1] - Affected consumer goods include items like motorcycles and tableware [1]

Core Viewpoint - Comstock Inc. has announced a public offering of 13,333,334 shares at $2.25 per share, aiming to raise approximately $30 million to fund its solar panel recycling facilities and other development initiatives [1][2]. Group 1: Offering Details - The offering consists of 13,333,334 shares priced at $2.25 each, with gross proceeds expected to be around $30 million before expenses [1]. - The company has granted the underwriter a 30-day option to purchase an additional 2,000,000 shares to cover over-allotments [3]. - The offering is expected to close on August 14, 2025, subject to customary closing conditions [2]. Group 2: Use of Proceeds - Net proceeds from the offering will be used for capital expenditures related to the commercialization of the first industry-scale facility for Comstock Metals, development expenses, and general corporate purposes, including debt repayment [2][7]. - The company aims to fully fund its commercialization efforts for its solar panel recycling facilities, each capable of recycling over 3 million panels annually [1]. Group 3: Company Positioning - Comstock has eliminated all outstanding debt and expects to have approximately $45 million in cash on hand, establishing a strong foundation for growth [2][7]. - The company believes its solar panel recycling business is well-positioned to accelerate the commercialization of its technologies and recycling facilities [2]. Group 4: Company Overview - Comstock Inc. focuses on innovating and commercializing technologies that support clean energy systems by extracting and converting under-utilized natural resources into reusable electrification metals from end-of-life photovoltaics [6].

Group 1 - Comstock Inc. has initiated an underwritten public offering for the sale of its common stock, with a potential 30-day option for the underwriter to purchase an additional 15% of the shares offered [1][2] - The net proceeds from the offering will be utilized for capital expenditures related to the commercialization of its first industry-scale facility for Comstock Metals, development expenses, and general corporate purposes, including paying off existing debt [1] - The offering is being conducted under an effective shelf registration statement previously filed with the SEC, and interested investors are encouraged to review the preliminary and final prospectus supplements for detailed information [3] Group 2 - Comstock Inc. focuses on innovating and commercializing technologies that support clean energy systems by extracting and converting under-utilized natural resources into reusable electrification metals, such as silver, aluminum, and copper [5] - The company aims to enhance its operational capabilities and financial position through this public offering, which is subject to market conditions [1][3]