Ladies and gentlemen, welcome to the Comstock 2021, Year-End Financial Results and Business Update Webcast. Now, here's Comstock's Executive Chairman and CEO, Corrado De Gasperis.

Good morning everyone. And welcome to our quarterly update. As you may have already seen, the annual report filed last night, a new website launched last week, and the shareholder letter published earlier this month reflect clearly new content for our renewable energy businesses and our mission of enabling systemic decarbonization. In 2017, we began restructuring the company and monetizing certain non-productive assets. Frankly, assets with value, but they are just for doing or going to do the job for our shareholders. I'll provide a good substance to update on our recent total goal transaction and other non-strategic assets that we're monetizing on the call today. In 2020, with the restructuring completing and with the senior secured debt eliminated, we'd meaningfully shift our focus onto new investments in renewable technologies. Where we would have meaningfully differentiated businesses that would enable rapid growth, robust cash flows, all our persistently monetizing realizing the value or rather non-strategic assets for our shareholders. 2021, proved to be a pivotal year in this regard, where three key acquisitions completely transformed us into a renewable energy company. And re-positioned us for rapid growth starting now here in 2022. I'll provide an overview of these transactions, our resulting lines as businesses, our organization and our outlook for this growth. including the information in our press release from this morning and from our annual report filed on Form 10-K last night. If you don't have a copy of today's press release, you'll find a copy on our new website, www. comstock.inc at either the bottom of the new homepage or the top of the Investor page in the Newsroom section. Our Form 10-K is also available on the website, on the Investor page under SEC filings. And of course, also via EDGAR on www.sec.gov. Please let me remind…

Thanks, Corrado. We have had quite a few questions submitted during your presentation. And I know you have addressed all of these different lines of business. So the first one is, with respect to GenMat and to the extent possible. Can you provide some further details about GenMat? And also there was an NDA discussed a few months ago, when does that end? They want to know if it's a timetable work that's based on the completion of some milestone.

Thank you Zach. So yes, we appreciate the question very well. So I think, as we evolve here, and as we are making it clear, we are prioritizing -- we our prioriti -- priorities are. Especially, our mission of enabling systemic decarbonization. It's going to become clearer and clearer to everyone how GenMat has aligned with our goals. Having said that, right. Having said that, and you know that GenMat 's core business objective is to generate new materials. New materials, where for us, we're prioritizing carbon capture, decarbonization of the energy infrastructure, and as well as batteries and battery science. So GenMat is working on those objectives. As a policy, as a rule, we won't talk about the research and development activities until the achievements are made and are communicated to everyone at the same time. So I'd like to leave it by saying that, the schedule of GenMat work stands the next 18-24 months. That's the timeframe, where they're going to be dedicated to the general material science work that they're doing, and as those results come out, not only will they be meaningful, but you'll see clearly how they are aligned with everything else that Comstock Inc. is now focusing on as a priority.

Thank you Corrado. We have had a few questions about MCU. Would you please detail the MCU revenues and projections? Thank you.

Thanks, Zach. So I mentioned that we were disappointed by the results in the river in the Philippines. Let me put context there. When we went into Philippine project, let me say in Columbia River, we were expecting to be taking large fines of mercury amalgam out of that river with average grades representing at least a gram per tonne. Some of you have heard me say that at a gram per tonne, we can be generating million dollars a month. We're sampling now with results that two-tenths of a gram, even less so it's not sufficient for the system being profitable. If those results were higher, in other words, if the grades were higher, then we would have the ability to generate the cash that we were looking forward to. What we're going to do is we're going to complete the testing that we want to be thorough. We're working incredibly well with the local environmental regulators, cannot be going better. Credibly roll with our local joint venture partner. None of that dismisses the depths of disappointment, that we're having with the results not being there. So after that work is done, we will assess the current situation and we will decide what the best next steps are, in terms of deploying these assets. I also want to emphasize; we own 25& of MCU. We are not deployed with our human resources, we are not deploy with our cash working this business. So we're focused with substantially all of our resources, it's substantially all of our dedication to the renewable energy businesses now. So it's disappointing for me as I think it is for everyone, it's not finished. But we will have meaningfully specific results, in terms of the Philippines, shortly and as we go forward.

Corrado, we have an overall question. When will our investments lead to visible revenues?

Thank you, Zack. So I've alluded to it in the shareholder letter, I've alluded to in the press release this morning that, we will be communicating in the nearer term. I'm not going to put dates on it. We're going to deliver, when it's ready to be delivered. But in the near term coming soon, a meaningful engagement that will result in meaningful revenues 2022 and 2023, relating to our cellulosic fuels technology and equipment. So that's something we're very excited about. It validates in a number of ways, what we're doing and what others can do with our technology. In no way that limits what we're going to do and what I just described we're doing with that same technology. In other words, there are other applications of this technology using woody biomass that go into other markets that we are thrilled to help enable others to do internationally.

Okay, Corrado. Now, we have a question about mining. What is the status of the Dayton Consolidated and Spring Valley? Are we close to publishing a report on these profits?

Geological work is finally complete, the digitization and integration of that work into the model is near complete. The consultative audit work that [Indiscernible] has to do is deeply in progress. Once the final models are completed and audited, we will look towards publishing net report, hopefully in next couple of months. I think it will be pretty well synchronized coincidentally, not by design with Tonogold publishing their Escape 1300, as we said, and I'm very satisfied to say there will be two technical reports with mineral resources measured, indicated, and inferred mineral resources promulgated and communicated in both of those reports in the very near future. And when it comes to our mining assets, let me be clear, we're allocating our capacity, we're allocating our capital. So you [Indiscernible] fuels, were [Indiscernible] hitting our capacity, we're dedicating our resources to lithium-ion battery recycling, putting lithium first, and we are partnering with others to deploy capital and to monetize these assets and to unlock the value for our shareholders. But you won't be seeing Kevin newly, David Rowel, Leo, or any of our management team building, commercializing the businesses, you will be seeing Larry Mike boarding the ability for others to do effectively.

Throughout a week, we received several questions about an update on LiNiCo. l know you provided one during your presentation. A lot of listeners are asking about, when will we commence the battery recycling? And when can we expect revenue?

So thank you for the question, Zach. So I mentioned on the call that, we expect it to be up and running by the end of the year. Let me just give you a little bit of color. We've engineered and designed a system that we think is novel in a number of regards. First, we have a very diverse ability to accept diverse feedstocks from the largest of EV batteries to the smallest of power tool batteries. We literally, can feed the system with the diverse array of feedback. This is important because EV batteries, which is the tsunami that people see coming and we see coming, right. Still have some time before the wave crests and crashes the market with all these EV batteries coming off market. But in terms of electronic devices, the way it though already crested, right. The ocean is already out there. And so the ability to take diverse feed stocks as a differentiator that we're very proud of, the ability to take diverse feed stocks and even charged batteries into our system safely, is something we're very proud of. The ability to extract lithium, and I mentioned it on the call and it's worth reemphasizing, our core competency is extraction. Extraction of minerals from natural resources, from waste resources. When I say core competency, I mean, we have decades of experience doing this with other materials and other applications. We have decades of experience doing this directly with cellulose and cellulosic sugars and ethanol. And the same technologies that we have patents and intellectual property around is being used to extract lithium for from the black masses. So this is a synergy that is hard to quantify the value of it's remarkable. And so all of that is being commissioned, put into process and from infraction perspective being developed right in our R&D facility. Once we have the permits, were going to move that prototype, which is not small. Six tons per day, is not small. It's not 100 tons per day, like the main unit, but it's not small. And we'll be able to receive crush appears to black mass and sell those materials. That's coming very soon. Then we'll be able to extract lithium thereafter. And that's coming and when we'll profitable very low levels of volumes, these are the differentiators that we see when we compare ourselves to others. We don't see anybody extracting lithium. I mean, actually, we see that they're not extracting lithium. We see that they are selling black mass and getting zero for the lithium, yet they're highly valued. So we feel we're right behind them and once we prove it, once we demonstrate it, then the value will be clear to everybody else as well.

Thank you, Corrado. The next question is, please provide us with an update on our non mining assets such as our land and real estate in Silver Springs?

Sure. There's really two buckets, the Glenn Silver Springs and the Daily ranch. The Daily ranch we have full expectation to be closing on the sale of Daily ranch, $2.5 million before the end of the Summer. That's an active transaction that seems nearly certain to close. We have a great counter party who's reached the property. The two year lease with the option to buy. They've indicated they are ready to exercise the option they are going through the process that seems to be going extremely well in terms of the Silver Springs assets, right? There has been delays in that context. We understand that the fund that has contracted to and put a deposit. On those assets, the agreements to close them by the end of June, that funds actively raising money, it successfully raising money is raising money at much higher values than when it started two years ago. It's been a little slower than was anticipated we expect that to close all-in-all you're talking about $15 million of non - dilutive proceeds coming into the company within the next 5, 6 months.

Corrado, people would like to hear more about Biolium and how it is produced. And also, our expected revenue generation from it.

Once this gets traction, once people actually understand what we now understand, it's going to be a remarkable realization. The ability to take from waste effectively, the carbon neutral equivalent to petroleum and turn it into diesel fuel that can drop into existing vehicles. Turning it to sustainable Aviation fuel that can drop into existing planes. Marine fuels that can drop into ocean bearing -- freight bearing liners. From waste and any other derivative that comes out of petroleum, the carbon neutral replacement, things are going to get excited. How is that realization going to occur? First, by us telling people what we have. Secondly, by us demonstrating it to the world. And so, we are building -- we are designing and building a prototype to do just that, in exactly the same fashion that we do with the lithium ion battery crushing and separating system. When that comes online, we will be able to demonstrate, not only our ability to produce pulp cellulosic sugar and ethanol, which we can do today in our facility. We can do today in our facility. Already done from the same material, liquefying extract carbon-neutral equivalent to petroleum, which we're calling by Biolium. There's going to be an incredible amount of excitement outside the company. I can tell you guys right now, there's an incredible amount of excitement inside the company. This is one of the single largest discoveries and variables in our decision to move so hard and so singularly focused to renewable energy. We acquired Plain Sight Innovations now, Comstock Innovations, because we knew they can take woody biomass and convert it into cellulosic ethanol. Cellulosic ethanol, which is superior in every single way to corn ethanol. It's identical molecularly, but which when you're taking waste material at a fraction of the…

Thank you, Corrado. And just a reminder to everyone, you can register for the annual meeting on our new website. And Corrado, that takes us to our next question and statement. Thank you for all of your hard work. The new logo and website look really good. When will the new hats be available?

So they're already in progress. I'll tell you guys. I know maybe we're being funny, but they will be available for the annual meeting that for sure. So there was some -- there nice thought put into the logo, the similarity, especially. I think everyone can see regardless of how you feel about climate change that there's a global share in sentiment. That's nice -- Global shifts in sentiment are nice. People are paying attention, capital is seeking in solution. But what's really [Indiscernible] is when you have the technology that's profitable, when you have the technology that's impactful. And you can synchronize the rate at which you decarbonization and make money with no conflict. That's what we've been working on for seven or eight months here and we have the solution out. When I say we have the solution l don't want to come across the wrong way. There's going to be developments that advance the yields on the usual, there's going to be developments on breakthrough and advancing the yields on Aviation fuel we're going to be working our buss off, right for the next 24 months just making it better. I don't it's like we're not going to finish line. Like we're at a starting line. And the line starts with profitable solution so we can start building these solutions now, we can start generating throughput with these facilities. We're moving forward now. We've cleared the day on minimum sufficiency. They're highly profitable, we're going to continue to develop and expand. How many things can you do with oil, right? The same exact thing that's what we're talking about.

Corrado, you stated in your recent letter to shareholders and also in the 10-K that there are announcements coming about near term revenue. Can you please share more information on this?

Really it's the similar question than I answered previously. We have a great situation with an international company, with a huge woody biomass footprint that's going to use our exact technology not to produce cellulosic sugars, not to produce fuels, but to produce intermediary, that's extremely profitable. It validates our tech, brings in revenue this year, brings in revenue next year, which is really frankly a nice bridge to getting our first facility online. People should not expect the first facility online to be online until 2025. But you can expect frequent updates to our achievements, our processes, our prototypes, you can expect demonstrations of our ability to deliver these solutions. And I mean, physically demonstrate. What we're saying we can do. That prototype scales that prove the viability that's what we're hustling to do, right. We're hustling to show quickly. Fast as we can, that we can do it. And we're doing it, we're excited about it. It's going to take a little bit of time, but we're going to do it. And when we can do it, we're going to show everybody in the same time. We're securing the first site in the same time we're looking for the next nine sites at the same time, we're building plans. The question that people will ask. And I'll just preempt it is having finances well, when you see the robustness of the cash flows, you finance it at the project level and we're already directly engaged we've already incredibly strong feedback on that point, so we will look to regionalize these operations and it all ties for the feedstock. We know where the feedstock is that's where the facilities are going to be its not a secret and that's where we'll go back.

Excellent. So yes, that was good for the near term, as well as financing at the project level. People like to know, how much capital we will need to hit the $16 billion mark in 2030? And if you could provide a little more clarity on, how we get it to that amount?

I just alluded to it. Let me just say this. Facilities [Indiscernible] a few hundreds of millions of capital's worth. They're not small facilities. They produce a 100 million gallons of fuel per annum. And what I just said, and I want to reiterate, is that we are getting interest to finance, both equity and projects finance, and at the project left off. So we're going to do everything in our power. And we're getting great reception. I'm not even feeling like this is a lot of wood to chop here, to ensure that we minimize dilution of low shareholder and we maximize the value. I would like to make a point; all the technology resides at low. Our goal is to accelerate the commercialization of these technologies at the low level. Comstock Inc. holds the technology, Comstock Inc., holds all the growth prospects. Comstock Inc holds the growth in that value. The subsidiaries thinking on this is just operating cash machines. By the way, the Comstock owns substantial majority of those two, willing to [Indiscernible] at that local level means maybe minority will come in as equity and debt financing and projects in the unsafe. And that's a cash machine that's a cash machine that returns cash to Comstock. That's a cash machine that returns cash to the financial capital at the subsidiary level. Comp. The cash Comstock that the growth that comes with the existing technologies and with the new technologies that will be rolling out from year, that's the model.

With the new lines of businesses, do you expect to be able to receive any grants from the government moment for these new businesses?

Yes, the answer. We've dedicated senior resources and quite frankly, Billy, Kevin and David have spent a lot of time with our other senior resources. Tracy, to identify the available alternative sources of funds. The list is big. I mean, the dollars are big. And in terms of high level, we qualify across a broad spectrum. So we're rolling up our sleeves now, and we're looking to bring in some of that and I'm sure some of that will be there. I don't have any specifics though, to discuss that. When we get grants, federal, or otherwise, we will communicate that.

In addition to the 10-K being filed, there was an S-3 filed today, could you please provide some more details about that filing?

Yes, absolutely. Ever since 2012, we've always had and we always will have a Form S3, which is essentially a registration statement, "on -the - shelf ". It's only our future responsibility to ensure as a public company, we have efficient access to the capital markets. The shelf is identical to the one that was there three weeks ago, it's identical to the one that was there three years ago. It's identical to the one that was there 10 years ago. Having said that, it doesn't mean we have any plans to use the shelf, but we will as we need it, to ensure liquidity and ensure our stability. We're very excited about the valuation potential of this company. If you're talking about $16 billion in revenue, which I'm going to say is a safe number. We're talking about $16 billion in revenue. When you start thinking about multiples of that number, that's when you should start thinking about our valuation. Will there be more shares in $67 million outstanding? There will be, but it pay off in relative comparison to the value that's going to be created. So I'm sitting in the best possible situation right now with a very tight shareholder base, with 67 million shares outstanding, with the cleanest capital structure you'll find anywhere for growth of that value. And look, it's not a one man show here. We've got five senior managers that were and are capable of being CEOs. This is a big endeavor and we're dedicating in the serious resources. And so that's the shelves.

Okay and moving back to LiNiCo. Can you speak about the feed stock that you have there? Specifically, the relationship that we have with Aqua Metals.

Absolutely. To two questions, right? So in terms of feed stock, we've been very happy today with sort of the round lows of feed stock work that we've done. But it's been limited in scope intentionally to receiving as much of a variety of different feed stock as we could for development -- for research and development. If you want to think of it that our prototype 6 tonne per day prototype, it's not small and what it's designed to do not only produced the pure black masses and by the way, our prototype is nearly identical to the full-scale system. Not only produce pure black masses but evaluate the variety of feed stocks that come in, that has nickel, mainly these cobalt that have lithium carbonate. There are at least five major types of these LIBs and plus all the different types that come from all the other devices. We're not only able to produce and sell black mass with the system, but we're going to use it primarily for putting through the most diverse array of feed stocks, that we can get our hands on. And to that end, we're getting a lot of diverse array to feed stocks. Of course, we don't want more [Indiscernible] of diverse array of feed stock. We want very small quantities to do all this testing. That's what we're doing. Secondly, we have secured a storage site, and if you look at the other companies appear in northern Nevada that are delving into lithium-ion battery recycling, everyone's done the same thing, I think we've done it best. We've secured a site for processing. In our case, we have state-of-the-art 137,000 square-foot battery metal recycling facility, ready to go. What does ready to go mean? Just as an update, all of the facility…

Corrado, that concludes our question and answer session. I would like to thank everyone who attended the webcast today and submitted their questions. And I would like to turn it back to our Executive Chairman and CEO, and Corrado De Gasperis for his closing remarks.

Sam, my only closing remark is that we really worked hard tirelessly. Our teams internally to get a [Indiscernible] and 10-K that most accurately -- most completely reflects our company today. To put out a website, admittedly, you just a few pages that accurately reflects our business today, and set ourselves up so that as we now engage the markets, meaning in our battery providers, meeting off-takers, meaning investors, when they go and look at who is Comstock, Inc, they can read in the 10-K, they can read on the website, they can read it in the shareholder letter, they can see consistency of purpose and just please, if you can in-person, we'd love to see you on May 26 at the Annual Meeting. And certainly, we'll be communicating with you between now and then with our first quarter and the results that we've talked about. Thank you all for your interest and consideration.