Comstock (LODE) Lytham Partners Fall 2026 Investor Conference summary

Strategic focus and capital allocation

• Transitioned from hard rock mining to renewable metals, investing proceeds from asset sales into new technologies.

• Main focus is on renewable metals, with additional investments in renewable fuels and a land platform via Sierra Springs Opportunity Fund.

• Emphasizes intelligent capital deployment and rapid scale-up to lead the solar panel recycling market.

Technology advancements and facility operations

• Achieved industrial-scale, 24/7 operation of a solar panel recycling facility, reaching TRL-8 status.

• Facility processes panels every seven seconds, eliminating contaminants efficiently and producing clean, resalable materials.

• No hazardous waste generated; advanced environmental controls capture particulates and emissions.

• Robotic automation enables continuous, high-speed panel loading and processing.

Market positioning and expansion plans

• Facility capacity is 3.3 million panels per year, with design for a second facility underway and plans for up to five nationwide.

• Currently serving customers nationwide, including regions like Ohio, Pennsylvania, Indiana, and shipping panels from across the country.

• Focused on proving unit economics at 25% operating rate before scaling further through 2027 and 2028.