Comstock Inc 2024年度报告

Dear Shareholders On behalf of our Board of Directors, employees, and partners, I extend my sincere appreciation for your tremendoussupport. We are now commercializing globally impactful, environmentally salvaging systems enabled by leadingƥĚČĺŠūŕūijNjƙūŕƭƥĿūŠƙɍTIJĿƥĿƙŠɫƥîŕƑĚîēNjūċDŽĿūƭƙɈDžĚîƑĚƎƑūIJĚƙƙĿūŠîŕŕNjēƑĿDŽĚŠċNjēĚƙĿijŠĿŠijɈƙƥîIJǶŠijɈƥƑîĿŠĿŠijɈēĚƎŕūNjĿŠijɈenabling, and coaching high performing systems. These systems transcend the conventional designs and notions thatŞūƙƥČūŞƎîŠĿĚƙūƎĚƑîƥĚƭŠēĚƑɍ/ŠîċŕĿŠijɈĿŠƥĺĿƙČūŠƥĚNJƥɈĿŠČŕƭēĚƙČūŠƥĿŠƭūƭƙŕNjƑĚƙūŕDŽĿŠijČūŠǷĿČƥƙƥĺîƥċŕūČŒūƑƙŕūDžƥĺĚsystem from achieving its goal and continuously improving, extending, and enabling exponential growth. Our goal remains clear:Accelerate the Commercialization of Hard Technologies for Energy Markets. We’re pushingtechnical boundaries with our team’s ingenuity, a world-class technology portfolio, and a leading innovation network todeliver breakthroughs that impact and sustain entire industries, economies, and communities. Last year we achieved every objective we set for both our Metals and Fuels businesses and positioned them both forexponential revenue growth, starting in 2025, for at least the next decade (or two). We have achieved technologicalîŠēĚČūŠūŞĿČƙƭIJǶČĿĚŠČNjɚîDŽĚƑNjċĿijēĚîŕɛɈîŠēDžĚîƑĚŠūDžČîƎĿƥîŕĿǕĿŠijIJūƑƑîƎĿēɈƙČîŕîċŕĚɈîŠēĚNJƎūŠĚŠƥĿîŕijƑūDžƥĺɍqĚƥîŕƙîŠēGƭĚŕƙċūƥĺēĚŕĿDŽĚƑDŽĚƑNjĺĿijĺƥĺƑūƭijĺƎƭƥŞūēĚŕƙDžĿƥĺîČŕĚîƑƎîƥĺƥūƎƑūǶƥîċĿŕĿƥNjɍ Comstock Metalsturned solar waste into a silver mine that never depletes and that we intend will never stopƎƑūēƭČĿŠijɍØĚČūŞŞĿƙƙĿūŠĚēūƭƑǶƑƙƥČūŞŞĚƑČĿîŕIJîČĿŕĿƥNjĿŠƭŠēĚƑîNjĚîƑɈĺĿƥƥĿŠij¹ĚČĺŠūŕūijNj¤ĚîēĿŠĚƙƙgĚDŽĚŕȈDžĿƥĺ100% recovery of metals, glass, and silver-rich tailings. Revenue grew from zero to over $400,000 from solar panelƑĚČNjČŕĿŠijîŠēƑĚŕîƥĚēƙĚƑDŽĿČĚƙɍGūƑȃȁȃȆɈDžĚîƑĚƎƑūŏĚČƥĿŠijƥūƥîŕċĿŕŕĿŠijƙūIJūDŽĚƑɷȃɍȆŞĿŕŕĿūŠɜĚîƙĿŕNjǶDŽĚƥĿŞĚƙijƑĚîƥĚƑthan 2024, as we continue securing the largest and most sophisticated customers, starting in the southwestern United¬ƥîƥĚƙîŠēƙƎĿŠijŠūDžIJƑūŞGŕūƑĿēîƥūŕċĚƑƥîɈîŠîēîɈîŠēƑĚČĚĿDŽĿŠijƎîŠĚŕƙDžĚĚŒŕNjɍ~ƭƑǶƑƙƥĿŠēƭƙƥƑNjɠƙČîŕĚIJîČĿŕĿƥNjin Silver Springs, Nevada, backed by $6 million in 2025 capex, will initially process up to 50,000 tons annually by 2026,ijĚŠĚƑîƥĿŠijƎūƙĿƥĿDŽĚČîƙĺǷūDžɈîŠēƥĺĚŠƙČîŕĚƥūȂȁȁɈȁȁȁƥūŠƙƭîŕŕNjɍØĚĚNJƎĚČƥƎūƙĿƥĿDŽĚŠĚƥČîƙĺIJƑūŞūƎĚƑîƥĿūŠƙthis year and plan on quickly becoming the largest silver producer in Nevada and ultimately the largest U.S. silverproducer and beyond. Comstock Fuelsis turning waste wood into an oil well that never depletes and that we intend will never stopƎƑūēƭČĿŠijɍØĚĺîDŽĚƑĚēĚǶŠĚēƥĺĚƙƥîŠēîƑēIJūƑċĿūIJƭĚŕƙɈîČĺĿĚDŽĿŠijNjĿĚŕēƙūIJȂȅȁijîƙūŕĿŠĚijîŕŕūŠĚƐƭĿDŽîŕĚŠƥƙƎĚƑƥūŠɜdouble any aspiring technologies—by using both waste wood and purpose-grown fuel crops. During the past twoyears, we have secured technologies, forged and integrated alliances, with companies from Marathon Petroleum toHexas Biomass and created an unprecedented… sustainable global biofuels system… effectively creating an endlessoilwell. Our 2035 goal of over 200 million barrels (over 8 billion gallons), is now in plain sight. We have secured grantsîŠēƥîNJɠIJƑĚĚċūŠēîŕŕūČîƥĿūŠIJƑūŞ~ŒŕîĺūŞîɈĚƙƥîċŕĿƙĺĚēîŠĚDžĺĚîēƐƭîƑƥĚƑƙîŠēîƑĚČŕūƙĿŠijūƭƑǶƑƙƥ¬ĚƑĿĚƙēĿƑĚČƥcash investment into Fuels in Q2 2025. Comstock Miningcontinued to self-fund and bolstered its cash position by monetizing northern claims for $6 millionand posting a $1.6 million net income in 2024. With gold now over $3,000/oz, the Dayton resource estimates a six yearŞĿŠĚŕĿIJĚîŠēČîƙĺǷūDžƎūƥĚŠƥĿîŕūIJūDŽĚƑɷȄȈȆŞĿŕŕĿūŠɍ¹ĺĚƙĚĺĿƙƥūƑĿČɈDžūƑŕēɠČŕîƙƙsĚDŽîēîŞĿŠĿŠijîƙƙĚƥƙîƑĚƎūƙĿƥĿūŠĚēfor expansion and monetization, one way or another, and we remain very bullish on silver. Looking Ahead, 2025 is about capitalization and commercialization. Fuels’ Series A placement and the subsequentspin-off will facilitate two high-growth public companies: a Nevada-based precious metals innovator and producerand an Oklahoma-based global biofuels innovator, producer, licensor, and integrator. We will also secure project-ŕĚDŽĚŕǶŠîŠČĿŠijIJūƑqĚƥîŕƙîŠēGƭĚŕƙîŠēČūŠƥĿŠƭĚĚNJƎîŠēĿŠijijŕūċîŕŕNjDžĿƥĺūƭƑƎîƑƥŠĚƑƙɍqĚƥîŕƙƑĚDŽĚŠƭĚƙîƑĚijƑūDžĿŠijexponentially, as we continue to win the largest and best industry accounts. Fuels is securing strategic capital,technology, and integration partners. ØĚîƎƎƑĚČĿîƥĚîŕŕūIJNjūƭƑĿŠČƑĚēĿċŕĚƙƭƎƎūƑƥîŠēŕūūŒIJūƑDžîƑēƥūŞĚîŠĿŠijIJƭŕƭƎēîƥĚƙɈĿŠČŕƭēĿŠijƥĺĚČūŠǶƑŞîƥĿūŠūIJƥĺĚFuels spin out ratio at our AGM on May 22, 2025. Kindest regards, Corrado De GasperisExecutive Chairman & CEOComstock Inc. ,56(PSOR\HU,GHQWLILFDWLRQ1R 1HYDGD 6WDWHRURWKHUMXULVGLFWLRQRILQFRUSRUDWLRQRURUJDQL]DWLRQ ,QGLFDWHE\FKHFNPDUNZKHWKHUWKHUHJLVWUDQW  KDVILOHGDOOUHSRUWVUHTXLUHGWREHILOHGE\6HFWLRQRU G RIWKH6HFXULWLHV([FKDQJH$FWRIGXULQJWKHSUHFHGLQJPRQWKV RUIRUVXFKVKRUWHUSHULRGWKDWWKHUHJLVWUDQWZDV