Dear Shareholders:

On behalf of our Board of Directors, Executive Officers, and the entire team, we thank all of you, our new and long-standing shareholders, for supporting a remarkable transformation that has positioned us for global growth and impact.

In 2021, we set out on an ambitious transformation - evolving from a traditional mining company into a global, standard-setting, certified, zero-landfill renewable metals solution. Your support, especially throughout 2025 and early 2026, has been integral, as we continue accelerating the commercial deployment of our differentiated metal recycling solution.

Comstock Metals has deployed and is now scaling a sustainable, proprietary, and highly efficient metal recycling solution that produces clean aluminum, silver, copper, and glass - critical to renewable energy supply chains - and we are now developing a domestic refining solution designed to maximize the recovery of these and other critical metals from abundant, rapidly expiring, photovoltaic waste resources - we can now envision a silver mine that never stops producing.

Comstock Metals has proven its process with all types of solar panels through multi-year, demonstration-scale production and has secured all prerequisite permits to now expand and scale its industrial operations. We have received substantially all of our industry-scale equipment, expanded our storage capacity, and secured world-class customers. We have designed a first-of-its-kind, industrial tailings refining solution that enables a fully closed-loop process for our mineral-rich tailings. Our team's persistence has been unwavering, and we are now commercializing with full focus and speed.

Building on that momentum, our goal is nothing short of establishing the global standard in solar recycling and refining. Our core objectives for 2026-2030 include capturing leading market shares with larger, more strategic customer transactions, deploying at least five solar panel recycling facilities; beginning with the first two in Nevada, designing, testing and deploying a one-ton-per-day demonstration refinery in Nevada, and integrating storage facilities across the country, including our initial storage and transfer locations in California, Nevada, and Ohio. International expansion will follow as our domestic recycling and refining capacity comes online and our market share continues to grow and grow.

Monetizing our legacy

Our legacy starts with our namesake, the Comstock Lode. We are in advance discussions with a select group of credible, well capitalized mining companies for the sale of our mining assets. We believe that the expected financial returns from recycling solar panels (also known as "urban mining") far exceed the returns from hard-rock mining in both speed, duration, and of course, absolute magnitude. Capital redeployed from our mining assets to our solar recycling platform is expected to result in highly positive and sustainable value accretion for our stakeholders. We expect approximately $50 million in value from this transaction with meaningful cash up front this year and more cash over the next few years.

Our legacy also includes prior investments in real estate, including the formation of Sierra Springs Opportunity Fund Inc. ("SSOF") and the consolidation of thousands of acres of industrial, commercial, and residential real estate in Silver Springs, Nevada. This real estate includes the locations we are leasing for our metal recycling facilities. Our recent ability to secure natural gas-based power sources, in an area now leading in industrial manufacturing and data center development, positions us to capitalize on both our investment in SSOF and our adjacent, direct land holdings. While this requires additional capital allocation to perfect and control, the results should enable an extremely valuable, monetizable land portfolio that we have prioritized to sell. We expect to define these transactions and values in 2026.

We appreciate everyone's support, including our new investors and directors, and look forward to executing in 2026.

Kindest regards, 

Corrado De Gasperis 

Chief Executive Officer