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Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Equity Bottom-Up

<div><ul><li>Comstock tightened the link between management pay and shareholder returns. </li><li>Three new directors joined in March, adding legal, financial, and capital markets expertise.</li><li>Stock-based compensation is performance based and tied directly to share price appreciation, creating the aligned foundation for building “a truly international global industrial enterprise.”</li></ul></div>

Comstock tightened the link between management pay and shareholder returns. Three new directors joined in March, adding legal, financial, and capital markets expertise.Stock-based compensation is performance based and tied directly to share price appreciation, creating the aligned foundation for building “a truly international global industrial enterprise.”

LODE: WTR Small-Cap Spotlight Recap - CEO Tackles Investors' Fireside Chat Questions

<div><ul><li>Comstock has been advancing key asset monetization and balance sheet initiatives. </li><li>The pending Mackay mining sale is expected to close in August, with proceeds directed toward funding additional recycling capacity.</li><li>Comstock also increased its ownership stake in Sierra Springs Opportunity Fund (SSOF) to 47.63%, advancing the planned monetization of its Silver Springs, Nevada land and power assets.</li></ul></div>

Comstock has been advancing key asset monetization and balance sheet initiatives. The pending Mackay mining sale is expected to close in August, with proceeds directed toward funding additional recycling capacity.Comstock also increased its ownership stake in Sierra Springs Opportunity Fund (SSOF) to 47.63%, advancing the planned monetization of its Silver Springs, Nevada land and power assets.

LODE: 2Q26 Results; Mackay Sale and Sierra Springs Advance as Ramp Timeline Extends

<div><ul><li>De Gasperis grounded the discussion in Comstock’s systems-based, constraint-focused strategy. </li><li>He explained that a system can only move as fast as its slowest part and the company’s management prioritizes solving the single largest unsolved bottleneck in each business line before moving to the next.</li><li>He described the philosophy as “minimum sufficiency”, meaning a complete, economically viable solution rather than a minimalist one.</li></ul></div>

De Gasperis grounded the discussion in Comstock’s systems-based, constraint-focused strategy. He explained that a system can only move as fast as its slowest part and the company’s management prioritizes solving the single largest unsolved bottleneck in each business line before moving to the next.He described the philosophy as “minimum sufficiency”, meaning a complete, economically viable solution rather than a minimalist one.

LODE: CEO on Asset Monetization, Silver Springs, and Renewable Metals Ramp

<ul><li>The scale of the solar waste problem is only beginning to register. </li><li>The US alone has more than 1.4 billion panels deployed, with 4 million reaching end of life last year and 34 million expected in 2030.</li><li>A single Comstock production line processes 3.3 million panels per year at a rate of one every seven seconds, meaning 10 lines would be needed just to absorb the 2030 wave.</li></ul>

The scale of the solar waste problem is only beginning to register. The US alone has more than 1.4 billion panels deployed, with 4 million reaching end of life last year and 34 million expected in 2030.A single Comstock production line processes 3.3 million panels per year at a rate of one every seven seconds, meaning 10 lines would be needed just to absorb the 2030 wave.

Comstock, Inc - Turning an End-Of-Life Solar Wave into a Critical Minerals Platform

<ul><li>LODE’s 1Q26 results reinforce our view that execution is accelerating across multiple strategic priorities. </li><li>We are encouraged by the company’s: (1) closing of the oversubscribed $57.5 million equity offering ($53.1 million net) and elimination of all legacy debt</li><li>(2) commissioning of the first industry-scale solar panel recycling facility for end-2Q26 operations</li></ul>

LODE’s 1Q26 results reinforce our view that execution is accelerating across multiple strategic priorities. We are encouraged by the company’s: (1) closing of the oversubscribed $57.5 million equity offering ($53.1 million net) and elimination of all legacy debt(2) commissioning of the first industry-scale solar panel recycling facility for end-2Q26 operations

LODE: 1Q26 Results; Plant #1 Ramp Meets a Tightening Silver Market Above $80/Oz

United States

Comstock Inc. produces fossil fuel alternatives and recycled battery products. The Company offers technologies to unlock and efficiently convert massive supplies of under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon.

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Comstock (LODE US)

LODE: WTR Small-Cap Spotlight Recap - CEO Tackles Investors' Fireside Chat Questions

Comstock tightened the link between management pay and shareholder returns. Three new directors joined in March, adding legal, financial, and...

Water Tower Research

LODE: 2Q26 Results; Mackay Sale and Sierra Springs Advance as Ramp Timeline Extends

Comstock also increased its ownership stake in Sierra Springs Opportunity Fund (SSOF) to 47.63%, advancing the planned monetization of its Silver...

Water Tower Research

LODE: CEO on Asset Monetization, Silver Springs, and Renewable Metals Ramp

De Gasperis grounded the discussion in Comstock’s systems-based, constraint-focused strategy. He explained that a system can only move as fast as...

Water Tower Research

Comstock, Inc - Turning an End-Of-Life Solar Wave into a Critical Minerals Platform

A single Comstock production line processes 3.3 million panels per year at a rate of one every seven seconds, meaning 10 lines would be needed just...

Water Tower Research

LODE: 1Q26 Results; Plant #1 Ramp Meets a Tightening Silver Market Above $80/Oz

We are encouraged by the company’s: (1) closing of the oversubscribed $57.5 million equity offering ($53.1 million net) and elimination of all...

Water Tower Research

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