On this page of StockholderLetter.com we present the latest annual shareholder letter from Comstock Inc. — ticker symbol LODE. Reading current and past LODE letters to shareholders can bring important insights into the investment thesis.

 •  4/10/2026 Letter Continued (Full PDF)
 •  4/14/2023 LODE Stockholder Letter
 •  4/15/2024 LODE Stockholder Letter
 •  4/9/2025 LODE Stockholder Letter
 •  More "Oil & Gas Refining & Marketing" Category Stockholder Letters
 •  LODE Benford's Law Stock Score = 100

LODE Shareholder/Stockholder Letter Transcript:

Setting the Global Standard
for Solar Panel Recycling
2025 ANNUAL REPORT

Dear Shareholders
standing shareholders, for supporting a remarkable transformation that has positioned us for global growth.
In 2021, we set out on an ambitious transformation   evolving from a traditional mining company into a global,
early 2026, has been integral, as we accelerate commercial deployment of our differentiated metal recycling solution.
               q                                                                                                                                                                                             
solution that produces clean aluminum, silver, copper, and glass   critical to renewable energy supply chains   and we
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
process for our mineral-rich tailings. Our team   s persistence has been unwavering, and we are now commercializing.
Building on that momentum, our goal is nothing short of establishing the global standard in solar recycling and

s                                                                                                                                                                    s                                             
storage facilities across the country, including our initial storage and transfer locations in California, Nevada, and
~         T                                                                                                                                                                                                    
Monetizing our legacy
Our legacy starts with our namesake, the Comstock Lode. We are in advance discussions with a select group of
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 with meaningful cash up front this year and 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
                                                                                                                              ~G                                                                                      
this requires additional capital allocation to perfect and control, the results should enable an extremely valuable,
We appreciate everyone   s support, including our new investors and directors, and look forward to executing in 2026.
Kindest regards,
Corrado De Gasperis
Comstock Inc.

4/10/2026 Letter Continued (Full PDF)

 

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.