Comstock Inc 2025年度报告

2025 ANNUAL REPORT Dear Shareholders ~ŠċĚĺîŕIJūIJūƭƑūîƑēūIJ'ĿƑĚČƥūƑƙɈ/NJĚČƭƥĿDŽĚ~IJǶČĚƑƙɈîŠēƥĺĚĚŠƥĿƑĚƥĚîŞɈDžĚƥĺîŕŕūIJNjūƭɈūƭƑŠĚDžîŠēŕūŠijɠstanding 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,ƙƥîŠēîƑēɠƙĚƥƥĿŠijɈČĚƑƥĿǶĚēɈǕĚƑūɠŕîŠēǶŕŕƑĚŠĚDžîċŕĚŞĚƥîŕƙƙūŕƭƥĿūŠɍÞūƭƑƙƭƎƎūƑƥɈĚƙƎĚČĿîŕŕNjƥĺƑūƭijĺūƭƥȃȁȃȆîŠēearly 2026, has been integral, as we accelerate commercial deployment of our differentiated metal recycling solution. ūŞƙƥūČŒqĚƥîŕƙĺîƙēĚƎŕūNjĚēîŠēĿƙŠūDžƙČîŕĿŠijîƙƭƙƥîĿŠîċŕĚɈƎƑūƎƑĿĚƥîƑNjɈîŠēĺĿijĺŕNjĚIJǶČĿĚŠƥŞĚƥîŕƑĚČNjČŕĿŠijsolution that produces clean aluminum, silver, copper, and glass—critical to renewable energy supply chains—and weîƑĚŠūDžēĚDŽĚŕūƎĿŠijîēūŞĚƙƥĿČƑĚǶŠĿŠijƙūŕƭƥĿūŠēĚƙĿijŠĚēƥūŞîNJĿŞĿǕĚƥĺĚƑĚČūDŽĚƑNjūIJČƑĿƥĿČîŕŞĚƥîŕƙIJƑūŞîċƭŠēîŠƥɈrapidly 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-scaleproduction and has secured all prerequisite permits to now expand and scale its industrial operations. We havereceived substantially all of our industry-scale equipment, expanded our storage capacity, and secured world-classČƭƙƥūŞĚƑƙɍØĚĺîDŽĚēĚƙĿijŠĚēîǶƑƙƥɠūIJɠĿƥƙɠŒĿŠēɈĿŠēƭƙƥƑĿîŕƥîĿŕĿŠijƙƑĚǶŠĿŠijƙūŕƭƥĿūŠƥĺîƥĚŠîċŕĚƙîIJƭŕŕNjČŕūƙĚēɠŕūūƎprocess 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 andƑĚǶŠĿŠijɍ ~ƭƑ ČūƑĚ ūċŏĚČƥĿDŽĚƙ IJūƑ ȃȁȃȇɝȃȁȄȁ ĿŠČŕƭēĚ ČîƎƥƭƑĿŠij ŕĚîēĿŠij ŞîƑŒĚƥ ƙĺîƑĚƙ DžĿƥĺ ŕîƑijĚƑɈ ŞūƑĚ ƙƥƑîƥĚijĿČČƭƙƥūŞĚƑ ƥƑîŠƙîČƥĿūŠƙɈ ēĚƎŕūNjĿŠij îƥ ŕĚîƙƥ ǶDŽĚ ƙūŕîƑ ƎîŠĚŕ ƑĚČNjČŕĿŠij IJîČĿŕĿƥĿĚƙɜċĚijĿŠŠĿŠij DžĿƥĺ ƥĺĚ ǶƑƙƥ ƥDžū ĿŠsĚDŽîēîɜēĚƙĿijŠĿŠijɈ ƥĚƙƥĿŠij îŠē ēĚƎŕūNjĿŠij î ūŠĚɠƥūŠɠƎĚƑɠēîNj ēĚŞūŠƙƥƑîƥĿūŠ ƑĚǶŠĚƑNj ĿŠ sĚDŽîēîɈ îŠē ĿŠƥĚijƑîƥĿŠijstorage facilities across the country, including our initial storage and transfer locations in California, Nevada, and~ĺĿūɍTŠƥĚƑŠîƥĿūŠîŕĚNJƎîŠƙĿūŠDžĿŕŕIJūŕŕūDžîƙūƭƑēūŞĚƙƥĿČƑĚČNjČŕĿŠijîŠēƑĚǶŠĿŠijČîƎîČĿƥNjČūŞĚƙūŠŕĿŠĚîŠēijƑūDžƙɍ Monetizing our legacy Our legacy starts with our namesake, the Comstock Lode.We are in advance discussions with a select group ofČƑĚēĿċŕĚɈDžĚŕŕČîƎĿƥîŕĿǕĚēŞĿŠĿŠijČūŞƎîŠĿĚƙIJūƑƥĺĚƙîŕĚūIJūƭƑŞĿŠĿŠijîƙƙĚƥƙɍØĚċĚŕĿĚDŽĚƥĺîƥƥĺĚĚNJƎĚČƥĚēǶŠîŠČĿîŕreturns from recycling solar panels (also known as “urban mining”) far exceed the returns from hard-rock mining inboth speed, duration, and of course, absolute magnitude. Capital redeployed from our mining assets to our solarrecycling platform is expected to result in highly positive and sustainable value accretion for our stakeholders. Weexpect approximately $50 million in value with meaningful cash up front this year and cash over the next few years. Our legacy also includes prior investments in real estate, including the formation of Sierra Springs Opportunity FundInc. (“SSOF”) and the consolidation of thousands of acres of industrial, commercial, and residential real estate in SilverSprings, Nevada. This real estate includes the locations we are leasing for our metal recycling facilities. Our recentability to secure natural gas based power sources, in an area now leading in industrial manufacturing and data centerēĚDŽĚŕūƎŞĚŠƥɈƎūƙĿƥĿūŠƙƭƙƥūČîƎĿƥîŕĿǕĚūŠċūƥĺūƭƑĿŠDŽĚƙƥŞĚŠƥĿŠ¬¬~GîŠēūƭƑîēŏîČĚŠƥɈēĿƑĚČƥŕîŠēĺūŕēĿŠijƙɍØĺĿŕĚthis requires additional capital allocation to perfect and control, the results should enable an extremely valuable,ŞūŠĚƥĿǕîċŕĚŕîŠēƎūƑƥIJūŕĿūƥĺîƥDžĚĺîDŽĚƎƑĿūƑĿƥĿǕĚēƥūƙĚŕŕɍØĚĚNJƎĚČƥƥūēĚǶŠĚƥĺĚƙĚƥƑîŠƙîČƥĿūŠƙîŠēDŽîŕƭĚƙĿŠȃȁȃȇɍ We appreciate everyone’s support, including our new investors and directors, and look forward to executing in 2026. Kindest regards, Corrado De GasperisĺĿĚIJ/NJĚČƭƥĿDŽĚ~IJǶČĚƑComstock Inc. ,56(PSOR\HU,GHQWLILFDWLRQ1R 1HYDGD ,QGLFDWHE\FKHFNPDUNZKHWKHUWKHUHJLVWUDQW  KDVILOHGDOOUHSRUWVUHTXLUHGWREHILOHGE\6HFWLRQRU G RIWKH6HFXULWLHV([FKDQJH$FWRIGXULQJWKHSUHFHGLQJPRQWKV RUIRUVXFKVKRUWHUSHULRGWKDWWKHUHJLVWUDQWZDVUHTXLUHGWRILOHVXFKUHSRUWV DQG  KDVEHHQVXEMHFWWRVXFKILOLQJUHTXLUHPHQWVIRUWKHSDVWGD\V