Recycling service revenue is deferred upon receipt of the photovoltaic panels from the customers and recognized upon completion of the services and the issuance of a certificate of destruction. The price for services is separately identifiable within each contract. Comstock Metals bills for recycling fees of which represents fees for recycling services that have not yet been completed and are recognized as deferred revenue.

Comstock Metals deferred revenue activity for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 is as follows:

	*June 30, 2026*			*December 31, 2025*
Deferred revenue, beginning of period	$	2,099,851		$	151,939
Comstock Metals deferred revenue billed during the period		1,852,514			2,811,984
Comstock Metals revenue recognized during the period		(105,858	)		(864,072	)
Deferred revenue, end of period	$	3,846,507		$	2,099,851

Oklahoma Grant

On December 11, 2024, the Company was granted an award of $3,000,000 (the “OKL Award”), pursuant to that Contract between the Oklahoma Department of Commerce and the Company for a contractual award from the Oklahoma Quick Action Closing Fund (the “Contract”). The OKL Award funds in three tranches of $1,000,000 each within 45 days of Comstock Fuels Corporation (“Comstock Fuels”), a wholly owned subsidiary of the Company, meeting these three conditions:

•	publicly announcing the relocation of the Comstock Fuels headquarters to Oklahoma, which was completed in the first quarter of 2025;

•	identifying an Oklahoma site for the construction of a next-generation renewable fuel refinery and securing that site; and

•	invests at least $5,000,000 towards engineering, machinery, and/or materials associated with that Oklahoma site/facility.

The OKL Award must be used for purposes of economic development and related infrastructure development. The Award requires certain ongoing conditions to be met, including without limitation, creation of 45 jobs, with an average salary of $80,000 per person, $160 million of total investments, maintenance of headquarters by March 31, 2026, with at least ten jobs for a period of at least ten consecutive quarters no later than December 31, 2030, and operation of a commercial demonstration biorefinery no later than December 31, 2031, otherwise the granted monies received would have to be repaid. In 2025, the Company met the first and second conditions of the OKL Award. On January 20, 2026, the Company received $1,000,000 from the Oklahoma Department of Commerce for the second condition of the OKL Award.

Balances of Deferred Revenue at June 30, 2026 and December 31, 2025 are comprised of the following:

		*June 30, 2026*		*December 31, 2025*
Comstock Metals deferred revenue - current	$	3,846,507	$	2,099,851
OKL Award deferred revenue - current		66,666		66,666
Total deferred revenue - current	$	3,913,173	$	2,166,517

OKL Award deferred revenue - noncurrent	$	1,854,158	$	1,887,500

For the three-months ended June 30, 2026 and June 30, 2025, the Company recognized grant income of $16,672 and $8,333, respectively, in other income (expense) in the condensed consolidated statement of operations. For the six-months ended June 30, 2026 and 2025, the Company recognized grant income of $33,342 and $16,666, respectively. As of June 30, 2026 and December 31, 2025, the Company recorded $0 and $1,000,000, respectively, in accounts receivable on the condensed consolidated financial statements.