Comstock (LODE) Lytham Partners 2026 Industrials & Basic Materials Summit summary

Business transformation and industry context

• Transitioned from traditional mining to urban mining, focusing on renewable metals and solar panel recycling, addressing the growing issue of solar panel waste and critical mineral recovery.

• Solar panel waste is accelerating, with panels reaching end-of-life a decade earlier than expected, creating a massive supply of recyclable materials.

• U.S. solar panel deployments exceed 1.2 billion, with global numbers over 10 billion, highlighting the scale of the recycling opportunity.

• Regulatory and landfill pressures are driving demand for compliant, sustainable recycling solutions, with government support for critical mineral recovery.

• Electrification trends in energy, AI, and defense are increasing the need for domestic critical minerals, reinforcing the strategic importance of recycling.

Competitive advantages and technology

• Strategic locations in Nevada and the Southwest provide access to over 50% of the U.S. end-of-life solar panel market, supported by advanced permitting and regulatory compliance.

• Proprietary zero-waste technology operates at the molecular level, eliminating hazardous waste and producing clean, reusable materials.

• Head start in regulatory compliance and logistics, with unique equipment designs protected by exclusive supplier agreements.

• Deep expertise in material science and industrial plant operations, with a team experienced in global hazardous material management.

• Ability to fully terminate customer liability by ensuring no waste is sent to landfills or left on site.

Expansion plans and operational milestones

• Northern Nevada demonstration facility has operated for over two years; industrial-scale plant with 3.3 million panel annual capacity is being commissioned, targeted to be operational in Q2.

• Second facility in southern Nevada is in permitting, with plans to order equipment in May and bring it online in early 2027.

• Plans to expand nationally with additional sites in Texas, Ohio, Georgia/Florida, and North Carolina, aiming to secure locations and permits rapidly.

• Storage hubs, such as in Ohio, enable intake and storage of panels before processing, supporting national rollout.

• Speed in securing sites and permits is seen as the key de-risker and market share driver, with a goal to run multiple facilities at full capacity by 2030.