"Last year marked a number of critical achievements that punctuated the turnaround from a junior mining opportunity into a validated, leading metals recovery company positioned for global growth, including final proof of our zero-landfill recycling concept from our demonstration facility, team-building, full permitting, final, first-of-its-kind engineered and tested designs, secured industrial scale facility and storage capacity and fully funded the facility and operations while also receiving direct investment from Marathon Petroleum Corp and another third party investor, directly into Bioleum Corp., validating our efforts," stated Corrado De Gasperis, the Company's Executive Chairman and Chief Executive Officer. "Comstock has now founded, developed and positioned two distinct, high-growth businesses: a Nevada-based metals recovery company and an Oklahoma-based renewable fuels company, each with sophisticated strategic and financial partners and clear paths toward commercialization and growth."
Recent Corporate Transactional and Liquidity and Capital Resources Highlights
Completed, in early 2026, an oversubscribed equity financing of $57.5 million in gross proceeds and $53.0 million, net of offering expenses, driven by demand from leading institutional investors and further strengthening our capital base to accelerate the commercialization and development of the Comstock Metals recycling and refining processes;
Eliminated all debt obligations, including convertible and promissory notes, and extinguished multiple other non-debt obligations, resulting in a strong financial position for accelerating growth and further monetizing non-core assets;
Separated Bioleum Corp. from Comstock based on $35 million in direct strategic investments from Marathon Petroleum Corp and another investor and secured our investment through a $65 million Convertible Preferred Stock.
Secured power equivalent to 250-300 MW supporting a high value monetization of Nevada real estate investments;
Expands Board with three outstanding, experienced, independent directors representing two of the Company's top four shareholders, reflecting support of the exceptional opportunity positioned for solar recycling and critical metals. Cash and cash Equivalents were $17.0 million at December 31, 2025, and of cash and cash equivalents, prior to the net proceeds from the 2026 financing; and $56.1 million at March 20, 2026.
Common shares outstanding were 51.9 million at December 31, 2025, and 74.1 million shares at March 20, 2026.
"The successful capitalization of our Company with aligned, long term investors positions and enables global industrial growth and further non-core asset and investment sales to become a highly focused, highly-profitable, multi-billion dollar valued corporation," stated Mr. De Gasperis. "This also positioned the interest and opportunity to further align, expand and enhance our board and governance with the competencies and capacities for governing a multi-billion-dollar global enterprise. Having two of our top four investors excited to support and participate this remarkable opportunity is highly gratifying, to say the least."
Selected Segment Highlights for Comstock Metals (for the year ended December 31, 2025)
"We have now received all permits for commissioning and operating our first industry-scale facility. Equipment is arriving daily with all equipment expected on site in early April, with commissioning underway, and operations start up, on plan, during the second quarter of this year just as our order pipeline grows," said Dr. Fortunato Villamagna, President of Comstock Metals.
Comstock Metals
Certified the R2v3/RIOS Responsible Recycling Standard by Sustainable Electronics Recycling International ("SERI"), authenticating the first zero-landfill recycling process that safely repurposes all recycled materials;
Received all operating and storage permits for our first-of-its-kind industry-scale facility in Nevada;
Receiving and installing major precision-manufactured equipment for the industrial production line, with commissioning ongoing and continuous operations on schedule for commencement in the second quarter of 2026;
Secured Master Service Agreements with multiple major utilities, developers, EPC firms, contractors, installers, and asset owners across the Southwest and multiple other regions of the United States;
Secured permits and received approval from California's Department of Toxic Substances Control ("DTSC"), becoming one of a select group of companies authorized and operating as a universal waste recycler in California;
Established an Ohio and California-based logistics and aggregation hubs supporting two of the largest end-of-life solar panel geographic markets in the United States;
Completed preliminary design and feasibility for a U.S.-based, industrial metal refining solution for our tailings; and
Selected and submitted state-level permit applications for a second industry-scale production facility in Nevada.
"We remain the only certified R2v3/RIOS Responsible Recycling Standard by SERI for solar panel recycling (100% of the entire panel) and, with permits secured, the only solution that can efficiently scale to meet our customers rapidly growing need for end-of-life panel disposal," said Dr. Villamagna. "Our sales and marketing teams are solely focused on expanding and capturing that market while our facility planning team simultaneously coordinating strategic site selections (processing and storage) across the whole country."
Selected Segment Highlights for Comstock Mining (for the year ended December 31, 2025)
Closed on the sale and monetization of the northern district claims for approximately $3.0 million in total proceeds, including the acquisition, for no additional consideration, of more than 238 acres of Lyon County mineral properties, further enhancing our portfolio of Lyon County mineral properties and directly supporting the Dayton resource mine plans;
Increased our internal economic mineralized material estimates based on significantly higher gold and silver prices;
Completed the purchase of the Haywood industrial mineral properties, a key location for processing Dayton materials, and further enhancing our Lyon County mineral holdings and directly supporting the Dayton resource plans; and
Engaged multiple, sophisticated mining companies about the sale and monetization of our mineral and mining assets.
"The rapidly rising industrial silver demand and ongoing geopolitical concerns created an unprecedented runup in gold and a possibly even greater set up for silver prices, benefitting both our recycling and mining businesses. Our historic, world-class Nevada mining assets are now very well positioned for monetization, and we are directly engaged with a number of sophisticated mining concerns," said Comstock's Chief Financial Officer and Comstock Mining President, Mr. Judd Merrill.
Selected Highlights for Bioleum Corporation ("Bioleum") (for the year ended December 31, 2025)
Separated our fuels portfolio and resources into the newly-created, Oklahoma-headquartered Bioleum Corporation:
Agreed on a $13.0 million strategic pre-Series A investment from subsidiaries of Marathon Petroleum Corp. ...
