Financial Analysis

NOTE 2 ACQUISITION OF HEXAS BIOMASS INC. On December 4, 2025, the Company's majority-owned subsidiary, Bioleum, and the Hexas shareholders entered into a Stock Purchase Agreement to acquire 100% of the issued and outstanding equity and voting shares of Hexas. For the three and six -months ended June 30, 2026 , Hexas recognized no revenue and incurred a loss of $187,346 and $284,902, respectively. The pro forma financial information below represents the combined results of operations. For the three and six -months ended June 30, 2025 , as if the acquisition had occurred on January 1, 2025. The pro forma financial information is presented for informational purposes only and is neither indicative of the results of operations that would have occurred if the acquisition had taken place at the beginning of the period presented nor indicative of future operating results. Three-Months Ended Six-Months Ended June 30, 2025 June 30, 2025 Revenue $ 339,546 $ 1,125,361 Net loss $ (8,485,287 ) $ (17,809,395 )

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"NOTE 9 COMMITMENTS AND CONTINGENCIES GREAT BASIN PRECEDENT AGREEMENT On November 29, 2025, the Company and Great Basin Gas Transmission Company (Great Basin) entered into a Precedent Agreement for Great Basin to construct and install pipelines and appurtenant facilities (Expansion Facilities) to our properties in Silver Springs Nevada and anticipated to be completed by November 2028. Upon approval of the certificate of public convenience by the Federal Energy Regulatory Commission (FERC) authorizing the construction of the Expansion Facilities and prior to commencing construction, Great Basin will tender a Transportation Service Agreement consistent with tariff for rate schedule to the Company. The Transportation Service Agreement will be for a term of twenty years beginning on November 1, 2028 with a daily reserve capacity of 50,000 Dekatherm. Great Basin may terminate the Precedent Agreement at any time if ( 1 ) Great Basin determines that all or any portion of the Expansion Facilities would be operationally and/or economically infeasible; ( 2 ) the Company fails to perform its duties and obligations; and ( 3 ) Great Basin has not received and accepted a final certificate order from FERC. If the Precedent Agreement is terminated, the Company must reimburse Great Basin all project development and default costs. Under the Precedent Agreement and a related guaranty executed on March 31, 2026 ( the Great Basin Guaranty), the Company has guaranteed the performance of its obliga …

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NOTE 11 STOCK-BASED COMPENSATION On May 28, 2026, the Company adopted an Equity Incentive Plan (the 2026 EIP), which was approved by the Board of Directors of the Company and shareholders. The 2026 EIP is a long-term incentive plan that allows for the issuance of equity awards to key management, employees, directors, and consultants of the Company and its subsidiaries. The maximum aggregate number of shares of the Companys common stock approved and authorized for issuance under the 2026 EIP is 7,500,000 shares, plus the number of shares that become available for future issuance as a result of the forfeiture, cancellation, expiration or reacquisition of awards granted under the 2026 EIP, and Comstock Inc.'s 2022 and 2020 Equity Incentive Plans. As of June 30, 2026 , 4,745,606 shares remained available for issuance under the 2026 EIP. To date, the Company has granted RSUs and PSUs (together, the Awards) under the 2026 EIP. The RSUs generally vest based on continued service, while the PSUs contain service and market-performance-based vesting conditions, with vesting and payout dependent on the achievement of specified traded share price targets over the applicable performance period. The Company reflects the shares of common stock awarded as issued and outstanding shares when they have both vested and delivered to the individual. Restricted Stock Units Grants of the Company's RSUs consist of time-based awards that generally vest annually over a three -year service period. The Aw …

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NOTE 12 FAIR VALUE MEASUREMENTS The following table presents our assets and liabilities measured at fair value on a recurring basis at June 30, 2026 : Fair Value Measurements at June 30, 2026 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) Assets: Flux Photon derivative $ 2,006,187 $ $ 2,006,187 $ Total assets measured at fair value $ 2,006,187 $ $ 2,006,187 $ Liabilities: Marathon SAFE Note $ 10,900,000 $ $ $ 10,900,000 Total liabilities measured at fair value $ 10,900,000 $ $ $ 10,900,000 The following table presents our assets and liabilities measured at fair value on a recurring basis at December 31, 2025 : Fair Value Measurements at December 31, 2025 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) Assets: Georges Trust derivative $ 1,201,114 $ $ 1,201,114 $ Alvin Fund derivative 759,682 759,682 Total assets measured at fair value $ 1,960,796 $ $ 1,960,796 $ Liabilities: Marathon SAFE Note $ 12,000,000 $ $ $ 12,000,000 Total liabilities measured at fair value $ 12,000,000 $ $ $ 12,000,000 VALUATION METHODOLOGIES Following is a description of the valuation methodologies used for the Company's financial instruments measured at fair value on a recurring basis as well as the general classification of such instruments pursuant to the valuation hierarchy. Derivatives The Company has several derivatives as …

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NOTE 6 INTANGIBLE ASSETS AND GOODWILL The Companys intangible assets at June 30, 2026 and December 31, 2025 include the following: Estimated Economic Life Description (in years) June 30, 2026 December 31, 2025 Developed technologies 10 $ 13,669,402 $ 29,780,018 License agreements 10 499,952 499,952 Distribution agreements 8 19,733 Accumulated amortization (4,521,778 ) (5,356,315 ) Intangible assets, net $ 9,647,576 $ 24,943,388 Accumulated amortization as of June 30, 2026 and December 31, 2025 consisted of the following: June 30, 2026 December 31, 2025 Developed technologies $ 4,271,549 $ 5,116,765 License agreements 250,229 226,063 Distribution agreements 13,487 Accumulated amortization $ 4,521,778 $ 5,356,315 For the three -months ended June 30, 2026 and 2025 , amortization expense related to intangible assets was $667,376 and $393,775, respectively. For the six -months ended June 30, 2026 and 2025 , amortization expense related to intangible assets was $1,647,770 and $611,753, respectively. Future minimum amortization expense is as follows at June 30, 2026 : Remainder of 2026 $ 708,709 2027 1,417,418 2028 1,417,418 2029 1,417,418 2030 1,417,418 Thereafter 3,269,195 $ 9,647,576 Changes in the intangible assets and goodwill balances for the six -months ended June 30, 2026 and 2025 , are presented below: As of December 31, 2025 Additions Impairment Amortization As of June 30, 2026 Intangible assets $ 30,299,703 $ $ (16,130,349 ) $ $ 14,169,354 Accumulated amortization (5,356, …

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RECENTLY ISSUED ACCOUNTING STANDARDS In November 2024, the FASB issued ASU 2024 - 03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220 - 40 ): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on our consolidated financial statements and disclosures. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. …

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NOTE 16 RELATED PARTY TRANSACTIONS The following related party transactions occurred during the six -months ended June 30, 2026 and 2025 . TRANSACTIONS INVOLVING SIERRA SPRINGS OPPORTUNITY FUND INC. At December 31, 2025, the Company had advances to SSOF of $9,400,000. During the three -months ended March 31, 2026, the Company advanced an additional $5,750,000. On March 26, 2026, all advances, totaling $15,150,000 were contributed in exchange for 23,307,692 shares of SSOF common stock at $0.65 per share. On April 30, 2026, the Company converted accrued interest from advances of $237,415 to 365,255 additional shares of SSOF common stock at $0.65 per share. As of June 30, 2026 , the Company subscribed to and invested an additional $13,640,000 for 20,984,615 additional shares of SSOF common stock at $0.65 per share. These investments increased the Company's ownership to 47.63% (see Notes 3 and 4 ). At June 30, 2026 and December 31, 2025 , the Company owns 55,893,673 and 11,236,111, respectively, in SSOF shares of common stock, representing an ownership of 47.63% and 16.99%, respectively, on a fully diluted, if converted basis. SSOF is a qualified opportunity zone fund, which owns 100% of Sierra Springs Enterprises Inc. (SSE), a qualified opportunity zone business (see also Notes 3 and 4 ). SSE and its subsidiaries own or control approximately 2,200 acres of land, a manufacturing facility, significant junior and effluent water rights, sewer rights and also owns and operates Sierra …

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NOTE 15 SEGMENT REPORTING We have the following segments and reporting units: Fuels, Metals, Mining, Strategic Investments and Corporate. Summarized financial information relating to our reportable segments is provided below. For the Strategic Investments and Corporate Segments, our chief operating decision maker (CODM) is our chief executive officer. For our Bioleum (Fuels Segment), our CODM is the President of Bioleum. For the Metals segment, our CODM is the President of our Metals Segment (Metals President). For the Mining segment, our CODM is its President and our chief financial officer. The Company plans, executes and monitors each reporting segment and has dedicated personnel responsible for each reportable segment. Our Bioleum (Fuels Segment) represents our lignocellulosic biomass into biointermediates for refining into renewable fuels. Our Metals Segment represents our recycling of electrification products. Our Mining Segment includes our gold and silver mining assets and related real estate. Our Strategic Investments Segment includes our investments in Green Li-ion and SSOF and our Corporate Segment includes all other assets and general corporate costs. Mining revenue is from leasing mineral claims and other real estate. The Companys total revenue for the three -months ended June 30, 2026 , consisted of the following: Metals Mining Strategic Investments Corporate Bioleum Total Mining and Real Estate $ $ 33,250 $ $ 4,500 $ $ 37,750 Recycling 65,602 65,602 Decommissio …

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NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BUSINESS AND REFERENCES TO THE COMPANY Unless indicated, the terms we , us , our , Comstock , or the Company mean Comstock Inc., and its subsidiaries on a consolidated basis. ORGANIZATION AND NATURE OF OPERATIONS Comstock commercializes innovative technologies, systems and supply chains that extract, process, and convert under-utilized waste and natural resources into clean energy and clean energy supporting products, including truly sustainable solutions that produce renewed and repurposed electrification metals and minerals from end-of-life solar panels. Bioleum Corporation (Bioleum), the Company's subsidiary, seeks to commercialize technologies, systems and supply chains that produce renewable fuels, primarily from dedicated energy crops from Bioleum's wholly-owned Hexas Biomass Inc. (Hexas) and other forms of woody biomass. BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP) and include the accounts of Comstock Inc. and its wholly owned and majority owned subsidiaries. All intercompany transactions have been eliminated. The condensed consolidated financial statements do not include all disclosures required of annual consolidated financial statements and, accordingly, should be read in conjunction with our consolidated financial statements and notes thereto in our Annual Repo …

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NOTE 10 EQUITY Issuance of Registered Shares of Common Stock 2026 Issuances - For the six -months ended June 30, 2026 On May 15, 2026, the Company issued a total of 38,369 shares of common stock of the Company for the cashless exercise of 214,666 warrants held by an affiliate of Titan Partners Group LLC (Titan Partners). From April 6, 2026 through April 16, 2026, the Company issued a total of 63,944 shares of common stock of the Company with a fair value of $210,456 determined by the closing price per share of our common stock to our non-employee directors for annual director services for the period from April 1, 2026 and forward through June 30, 2026, pursuant to the shareholder approved Comstock Inc. 2020 and 2022 Equity Incentive Plans, for services rendered. On April 6, 2026, the Company issued Flux Photon 1,750,000 shares of common stock of the Company with a fair value of $6,055,000 determined by the closing price per share of our common stock of $3.46, to settle the remaining obligations of the Earn Out of $5,273,813 (see Notes 12 and 16 ). On January 28, 2026, the Company announced a Confidentially Marketed Public Offering (CMPO) with Titan Partners. The Company raised $50 million in gross proceeds before underwriting discounts and commissions and other offering expenses. On January 30, 2026, the Company issued 18,181,819 registered shares of its common stock at a price of $2.75 per share for $50,000,002 and received net proceeds of $46,140,002 pursuant to the equity …

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