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TSX-V: CSL, OTC: CMMMF CORPORATE PRESENTATION

January 2020

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DISCLAIMER

This presentation includes certain “forward-looking statements” within the meaning of Canadian securities legislation. All statements other than statements of historical fact included in this presentation, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Comstock Metals Ltd., are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Comstock Metals expectations include, among others, risks related to operations, the actual results of current exploration activities, conclusions of economic evaluations, and changes in project parameters as plans continue to be refined as well as future prices of gold and silver. Although Comstock Metals has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The information provided in this is not intended to be a comprehensive review of all matters and developments concerning the Company. It should be read in conjunction with all other disclosure documents of the Company and references where noted. The information contained herein is not a substitute for detailed investigation or analysis. No securities commission, stock exchange or regulatory authority has reviewed the accuracy or adequacy of the information presented. The Company undertakes no obligation to publicly update or revise any forward-looking statements other than as required under applicable law. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our property. Technical material disclosed in this presentation has been reviewed and approved Kristopher J. Raffle, P. Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB., a Qualified Person as defined by NI43-101.

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CORPORATE OVERVIEW

Vancouver-based Comstock Metals Ltd. (TSX-V: CSL, OTC: CMMMF) is a

mineral exploration company advancing a resource-stage gold project in

Saskatchewan that includes the Preview SW deposit (NI 43-101 Indicated

resources containing 158,300 ounces of gold (2.61 million tonnes grading

1.89 g/t Au) and Inferred resources containing 270,800 ounces of gold (5.70

million tonnes grading 1.48 g/t Au), both based on a 0.50 g/t Au cut-off

grade1). The company is also in the early stages of cobalt exploration at its

Rawhide Project in the historic Greater Cobalt Mining Camp of Northern

Ontario.

Comstock sold its Yukon QV project to White Gold Corp. (TSX-V: WGO, OTC:

WHGOF) in January 2019 for cash and WGO shares. The company is also

invested in a joint venture partnership with E3 Metals Corp. (TSX-V: ETMC,

OTC: EEMMF), a petro-lithium company advancing proprietary lithium

extraction technology. E3 Metals Corp. has recently partnered with Livent

Corp. (NYSE: LTHM) to scale-up to commercial production.

1 Preview SW Mineral Resources outlined in 2016 NI 43-101 Technical Report, Preview SW Gold Project, La Ronge, Saskatchewan; the

report can be found on Comstock’s website (www.comstock-metals.com) or on SEDAR (www.sedar.com)

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MANAGEMENT, DIRECTORS, ADVISORS

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Steven Goldman, B.A., J.D. | President, CEO & Director

• CEO (since 2018) and Director (since 2016)

• Senior partner in Goldman Hine, a Toronto law firm

• Extensive public board and private company experience

• Director of Select Sands Corp. (TSX.V: SNS)

Arnold Tenney | Chairman

• Previous Chairman of Select Sands Corp. (~2 years)

• Previous Chairman of Tribute Pharmaceuticals Inc. (12 years)

• Previous CEO of Arc International Corp. (22 years)

Darren Urquhart, CPA, CA | CFO

• CFO (since 2015) with over 15 years of experience in public and private practice,

including junior exploration companies

Robert D. Luffman, CPA, CMA | Director

• CFO of Gracetree Investments, LLC, and Gregory Pharma Holdings, Inc.

• 30 years of financial experience in a variety of businesses and charitable endeavors

Dr. K Sethu Raman | Advisor

• Proven gold explorer and successful

entrepreneur with ~50 years experience

Kristopher J. Raffle | APEX Geoscience Ltd.

• Geological Project Management

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Comstock Metals Shares

5

(TSX.V: CSL)

SUBSTANTIAL SHAREHOLERS

• Family Investment Fund (17 %)

• Select Sands Corp. (24.4 %)

• Board of Directors (3.1 %)

STOCK INFORMATION*

*as of January 14, 2020

Share Price: $0.020 Market Cap: $1,854,950.60 52 week high: 0.055, low: 0.015

OUTSTANDING SHARES • 92,747,530

WARRANTS (WAP: $0.10) • 12,253,400

OPTIONS (WAP: $0.14) • 6,235,000

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PREVIEW SW GOLD PROJECT

1

2

ASSETS

6

RAWHIDE COBALT-SILVER PROJECT 4

3

Early-stage exploration

Located in the Ontario’s historic Greater Cobalt Mining Camp, Rawhide is

adjacent to Canada Cobalt Works’ Castle project

1 Preview SW Mineral Resources outlined in 2016 NI 43-101 Technical Report, Preview SW Gold Project, La Ronge, Saskatchewan; the report can be found on Comstock’s website (www.comstock-metals.com) or on SEDAR (www.sedar.com) 2 Comstock Metals Ltd. News Release, March 1, 2019 (www.comstock-metals.com) 3 White Gold Corp. Corporate Overview, Q1 2020 (www.whitegoldcorp.ca) 4 White Gold Corp. News Release, November 26, 2019 (www.whitegoldcorp.ca) 5 Comstock Metals Ltd. News Release, August 21, 2018 (www.comstock-metals.com) 6 E3 Metals Corp. Corporate Presentation, Unlocking a New Source of Lithium in Alberta, October, 2019 (www.e3metalscorp.com) 7 Combined Inferred Mineral Resources outlined in NI 43-101 reports for Clearwater, Rocky and Exshaw Projects; the reports can be found on E3 Metals’ website (www.e3metalscorp.com) or SEDAR (www.sedar.com)

The Preview SW Gold Project is located 40 km north of La Ronge,

Saskatchewan and 80 km southwest of SSR Mining’s Seabee gold mine

Flagship project with NI 43-101 Indicated resources containing 158,300

ounces of gold (2.61 million tonnes grading 1.89 g/t Au) and Inferred

resources containing 270,800 ounces of gold (5.70 million tonnes grading

1.48 g/t Au), both based on a 0.50 g/t Au cut-off grade1

Sold QV Project in Yukon’s White Gold District to WGO for $375,000 CAD,

1,500,000 WGO common shares, and 375,000 warrants ($1.50 CAD exercise

price)2; WGO share price: $1.07 (January 10, 2020)

Emerging gold district with gold discoveries of ~7 million oz since 20073

Kinross Gold and Agnico Eagle each hold 17.1% of outstanding shares3

Recent high-grade discovery made at Titan target4

WHITE GOLD CORP. (TSX.V: WGO) INVESTMENT

Advancing 3 petro-lithium projects in Leduc Reservoir, Alberta

Comstock holds 1,000,000 common shares (~4%)5; ETMC share price:

$0.42 (January 10, 2020)

6th largest resource (global)6 with combined Inferred resources of

6.7M tonnes lithium carbonate equivalent (LCE)7

Advancing proprietary Li extraction and concentration technology

with Livent Corp. for commercialization scale-up6

E3 METALS CORP. (TSX.V: ETMC) INVESTMENT

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PREVIEW SW GOLD PROJECT

• Preview SW deposit hosts NI 43-101 Indicated resources containing 158,300 ounces of gold (2.61 million tonnes grading 1.89 g/t Au) and Inferred resources containing 270,800 ounces of gold (5.70 million tonnes grading 1.48 g/t Au), both based on a 0.50 g/t Au cut-off grade1

• October 23, 2019 the company entered into a non-binding letter of intent with MAS Gold Corp. (TSX.V:MAS) to consider strategic alternatives2

• Saskatchewan is 3rd out of 83 global mining jurisdictions in the Fraser Institute Investment Attractiveness Index and 7th in the Best Practices Mineral Potential Index3

• Preview SW Gold Project is located 40 km north of La Ronge and 80 km southwest of SSR Mining Inc.’s Seabee Gold Operation (>1.3 M oz produced since 1991)4

• Seabee was acquired in May 2016 via a takeover of Claude Resources Inc. in a deal valued at ~$337 million CDN5

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1 Preview SW Mineral Resources outlined in 2016 NI 43-101 Technical Report, Preview SW Gold Project, La Ronge, Saskatchewan; the report can be found on Comstock’s website (www.comstock-metals.com) or on SEDAR (www.sedar.com) 2 Comstock Metals Ltd. News Release, October 23, 2019 (www.comstock-metals.com) 3 Fraser Institute Annual Survey of Mining Companies, 2018 (www.fraserinstitute.org) 4 Production statistics 2017-2019 from SSR Mining Inc. Corporate Presentation, A Track Record of Creating Value, December 2019; historical production 1991-2016 from 2017 NI 43-101 Technical Report for the Seabee Gold Operation, Saskatchewan, Canada; the report can be found on SSR’s website (www.ssrmining.com) or on SEDAR (www.sedar.com) 5 Terms of acquisition outlined in Silver Standard Resources Inc. News Release, May 18, 2016 (www.ssrmining.com)

History of the Preview Gold Claims

1934-1938 Gold mineralization discovered at Preview North and other outcrops. In 1937, area staked by G. Gilles. Preview Mines Ltd. acquires claims in 1938.

1938-1975

Numerous companies and individuals explore the Preview land package. One brick of gold produced in 1941 from Preview North.

1975-2004

Saskatchewan Mining Development Corp. (precursor to Cameco) acquires Preview claims from V. Studer. Extensive exploration conducted.

2011-2016

La Ronge Gold Corp. (now Select Sands, TSX.V:SNS) acquires Preview claims. Conducts substantial exploration in 2012-13 and releases an updated NI 43-101 resource estimate in October 2013.

2016

Comstock Metals Ltd. acquires Preview claims from Select Sands.

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PREVIEW SW GOLD PROJECT

• 100% owned 853 ha property

• Structurally-controlled

mesothermal gold mineralization

hosted by metamorphosed volcanic

and diorite-felsic intrusive rocks

• 7 known gold zones along +3.5km

structural trend; most with

insufficient drill testing

Contact Lake Past Producer

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PREVIEW SW GOLD PROJECT

• Drilling completed since 2012 significantly increased strike length and depth of the Preview SW deposit

• Drilling in 2017 and 2018 defined gold mineralization extending 350 m along strike and up to 140 m below surface at the Preview North zone

• Drilling has focused on only 2 of the 7 gold bearing zones: the Preview SW deposit and Preview North (Adit) zone

• Significant portion of gold in the Preview SW deposit occurs as free gold, and can be recovered by gravity processes1,2

1 La Ronge Gold Corp. News Release, June 3, 2013 (www.selectsands.com)

2Metallurgical testing outlined in 2016 NI 43-101 Technical Report, Preview SW Gold Project, La Ronge, Saskatchewan; the report can be found on Comstock’s website (www.comstock-metals.com) or on SEDAR (www.sedar.com)

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Airborne geophysics conducted by La Ronge Gold Corp. during previous exploration.

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PREVIEW SW GOLD DEPOSIT

• The main Preview SW deposit is

comprised of several sub-parallel,

northeast-trending, gold-bearing quartz-

sulphide mineralized structural zones

collectively ~550 m in strike length, ~250

m in width and ~275 m down dip

• 104.8 m of 1.01 g/t gold drilled in 20171

• Preliminary metallurgical test work

indicates total gold recovery in

concentrates ranged from 90% to 93%2

1 Comstock Metals Ltd. News Release, June 7, 2017 (www.comstock-metals.com) 2 Metallurgical testing outlined in 2016 NI 43-101 Technical Report, Preview SW Gold Project, La Ronge, Saskatchewan; the report can be found on Comstock’s website (www.comstock-metals.com) or on SEDAR (www.sedar.com)

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PREVIEW SW DEPOSIT

2016 RESOURCE ESTIMATE

Notes to Accompany Mineral Resource Table:

Mineral Resources have an effective Date September 27, 2016; Ronald G. Simpson, P.Geo. is the

Qualified Person responsible for the Mineral Resource estimates.

Mineral resources that are not Mineral Reserves do not have demonstrated economic viability.

Mineral resources are amenable to open pit mining methods and have been constrained using a

Lerchs-Grossmann optimized pit.

Assumptions include US$1,300/oz Au, 90% Au recovery, $2.50/tonne mining cost, $15.50/tonne

process and G&A cost.

No allowances have been made for mining losses and dilution. Pit slope angle of 45°.

The base case gold cut-off (bolded) is greater than the conceptual marginal pit cut-off of 0.48 g/t.

Gold analyses are performed by fire assay/AA finish methods.

Totals may not sum due to rounding as required by reporting guidelines.

Category COG g/t Au Tonnes Au g/t Contained oz Au

Indicated 0.3 2,967,900 1.71 162,900

Inferred 0.3 7,343,800 1.24 291,800

Indicated 0.4 2,784,500 1.80 160,800

Inferred 0.4 6,473,400 1.36 282,000

Indicated 0.5 2,607,900 1.89 158,300

Inferred 0.5 5,697,100 1.48 270,800

Indicated 0.6 2,424,700 1.99 155,000

Inferred 0.6 4,999,600 1.61 258,500

Indicated 0.7 2,239,900 2.10 151,200

Inferred 0.7 4,396,800 1.74 246,000

1 Preview SW Mineral Resources outlined in 2016 NI 43-101 Technical Report, Preview SW Gold Project, La Ronge, Saskatchewan; the report can be found on

Comstock’s website (www.comstock-metals.com) or on SEDAR (www.sedar.com)

• 162 core holes, totaling 26,250 m,

drilled between 1985 and 2013

• 24 additional holes, totaling 4,700 m

drilled by Comstock in 2017 and 2018

• includes 7 drill holes on the north

and south flanks of the Preview SW

deposit

• 136 holes drilled at the Preview SW

deposit used for the 2016 NI 43-101

Mineral Resource Estimate1

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Visible Gold

Core from

PR12-122: 49 m

PREVIEW SW DEPOSIT DRILLING HIGHLIGHTS

• PR17-169: 1.01 g/t Au over 104.8 m1

- includes 6. 62 g/t over 3.5 m

- and 3.0 g/t over 4.06 m

• PR13-151: 633.61 g/t Au over 4.08 m2

- includes 1,123.25 g/t over 2.30 m

• PR12-137: 7.49 g/t Au over 12.80 m3

• PR12-123: 6.41 g/t Au over 33.00 m4

- includes 15.05 g/t over 13.25 m

- and 271 g/t over 0.70 m

• PR12-123: 8.26 g/t Au over 19.95 m4

- includes 11.74 g/t over 13.35 m

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1 Comstock Metals Ltd. News Release, June 7, 2017 (www.comstock-metals.com) 2 La Ronge Gold Corp. News Release, March 4, 2013 (www.selectsands.com) 3 La Ronge Gold Corp. News Release, August 15, 2012 (www.selectsands.com) 4 La Ronge Gold Corp. News Release, April 2, 2012 (www.selectsands.com)

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PREVIEW SW 2017 DRILLING AND SURFACE

SAMPLING

2,039.5 m in 12 DDH

1,849.0 m in 7 DDH

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PREVIEW SW 2017 DRILLING

PR17-1691

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1 Comstock Metals Ltd. News Release, June 7, 2017 (www.comstock-metals.com)

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PREVIEW SW 2017 DRILLING

PR17-1711

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1 Comstock Metals Ltd. News Release, June 7, 2017 (www.comstock-metals.com)

Exploration at Preview North

1940-1941 Preview Mines Ltd. sets up 5 ton mill at Preview North, and conducts small scale open pit mining. In 1941, one gold brick poured from 1000-2000 tons of high-grade ore.

1995

Cameco drills three boreholes on the Preview North zone, just outside of the property boundary. Five boreholes drilled at the Joe showing.

2013

La Ronge Gold Corp. intersects three near-surface gold zones in drill hole PR13-163. Two additional holes drilled to the NE do not intersect significant gold.

2017

Comstock Metals Ltd. conducts spring and summer drilling campaigns at Preview North. HELM geophysical survey completed to assist with drill targets. Drill program designed to follow up high-grade drill results of PR10-163.

2018

Small drill program to test extension of high grade gold zones identified in 2017 at Preview North.

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• PR13-1631: 17.98 g/t Au over 5.71 m (starting at 14.33 m depth)

- includes 50.62 g/t over 1.98 m

- and 5.96 g/t over 5.66 m (starting at 26.95 m depth)

- and 1.88 g/t over 21.26 m (starting at 41.91 m depth)

• PR17-1752 : 9.66 g/t Au over 4.20 m (starting at 20.5 m depth)

- and 87.16 g/t over 3.25 m (starting at 41.15 depth)

- includes 220.96 g/t Au over 1.25 m

• PR17-1762: 16.19 g/t over 5.0 m (starting at 51 m depth)

- includes 62 g/t Au over 1.28 m

• PR18-1853: 2.87 g/t Au over 21.50 m (starting at 23 m depth)

- includes 10.35 g/t over 3.25 m

• PR18-1873: 7.47 g/t Au over 8.00 m (starting at 31 m depth)

- includes 74.6 g/t Au over 0.75 m

- and 3.60 g/t Au over 23.60 m (starting at 50.4 m depth)

PREVIEW NORTH ZONE

DRILLING HIGHLIGHTS

18 1 La Ronge Gold Corp. News Release, April 8, 2013 (www.selectsands.com) 2 Comstock Metals Ltd. News Release, September 28, 2017 (www.comstock-metals.com) 3 Comstock Metals Ltd. News Release, January 31, 2019 (www.comstock-metals.com)

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PREVIEW NORTH ZONE: PR13-163

5.71 m @ 17.99 g/t

Including 1.98m

@ 50.62 g/t

5.66 m @ 5.96 g/t

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PREVIEW NORTH ZONE 2017 DRILLING PR17-175 AND PR17-1761

20 1 Comstock Metals Ltd. News Release, September 28, 2017 (www.comstock-metals.com)

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PREVIEW NORTH ZONE 2017 DRILLING

PR17-1781

21 1 Comstock Metals Ltd. News Release, September 28, 2017 (www.comstock-metals.com)

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PREVIEW NORTH

2018 DRILLING

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PREVIEW NORTH

2018 DRILLING1

• Drilling campaign consisted of five drill holes (total depth of 810 m)

• Program designed to test the interpreted down-plunge and down-dip continuity of gold mineralization identified during 2017 drilling

• Visible gold (VG) was identified in four of the five holes drilled

• Modelled mineralized zones are represented in plan and cross-section by grey shaded areas; orientation of cross-sections are shown by a solid blue line in plan view; gold grades are represented by histograms

23 1 Comstock Metals Ltd. News Release, January 31, 2019 (www.comstock-metals.com)

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PREVIEW NORTH

2018 DRILLING1

• Results from 2017 and 2018 drilling define three principal parallel structures/vein zones along which the main mineralized intercepts occur

• Gold mineralization extends 350 m along strike and up to 140 m below surface; higher grades occur within a core zone over a strike length of approximately 170 m (higher grades represented by red and pink histograms)

• PR18-185 drilled oblique to the interpreted strike direction of mineralized zones to test continuity of gold mineralization at shallow depth to the northeast, under a historical trench

24 1 Comstock Metals Ltd. News Release, January 31, 2019 (www.comstock-metals.com)

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PREVIEW NORTH

2018 DRILLING1

• PR18-187 drilled oblique to the interpreted strike direction of mineralized zones to test continuity of gold mineralization at shallow depth above previous drilling to the south

• The 2018 drilling program identified significant additional high-grade gold mineralization near surface, down-dip and along strike of previous drill holes

• The current structural interpretation suggests the presence of steeply plunging high-grade gold zones at Preview North; however, further drilling and interpretation is required to resolve the continuity of individual gold intercepts between holes

25 1 Comstock Metals Ltd. News Release, January 31, 2019 (www.comstock-metals.com)

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PREVIEW NORTH – HUMUS SAMPLING1 AND GROUND MAGNETICS

• Detailed ground magnetics carried out over northern portion of property

during spring and summer 2017

• Humus soil sampling “orientation” survey completed during summer 2017

exploration program over Preview North and the “C zone”

• Preview North and C zones associated with highly anomalous gold in soil

values, consistent with known mineralization

• 3 new gold in soil targets identified, not associated with any previously

known mineralization:

• 150 m by 30m NE trending zone of anomalous samples up to 0.86

ppm Au along west margin of magnetic and topographic high

parallel to Preview North zone

• 250 m by 30 m E-W anomaly coincides with magnetic low oblique

to NE-SW dominant structural trend

• C zone soil anomaly extends 250 m northeast of area previously

known to host mineralization

• No drilling completed to date between Preview North and C zone, and

only a single historical drill hole completed at C zone

26 1 Comstock Metals Ltd. News Release, November 9, 2017 (www.comstock-metals.com)

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Comstock Exploring Strategic Alternatives with MAS Gold Corp.1

1 Comstock Metals Ltd. News Release, October 23, 2019 (www.comstock-metals.com)

27

• Comstock announced on October 23, 2019 the company entered into a non-binding letter of intent with MAS Gold Corp.

(TSX.V:MAS) to consider strategic alternatives in respect of a proposed joint venture, joint marketing, or an alternative

transaction with respect to the Preview SW Gold Project and MAS Gold’s adjacent Preview Lake and North Lake Properties

located in the La Ronge Gold Belt of northern Saskatchewan.

• Steven Goldman, President & CEO of Comstock says: “On behalf of Comstock, we are delighted to be working with MAS

Gold and its team led by its President & CEO, Ron Netolitsky, P.Geo., to formally explore the various options that we have in

potentially combining our resources to jointly explore our properties in the La Ronge Gold Belt in Saskatchewan,

Canada. Comstock and MAS Gold believe that combining our efforts could potentially add substantial value to both

companies’ assets in the La Ronge Gold Belt.”

• Pursuant to the terms of the letter of intent, the parties will complete an initial due diligence period and thereafter

negotiate definitive agreements to govern the proposed relationship, unless an agreement is not reached.

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Comstock Exploring Strategic Alternatives with MAS Gold Corp.1

Comstock

Preview SW deposit hosts NI 43-101 Indicated resources containing 158,300 ounces of gold (2.61 million tonnes grading 1.89 g/t Au) and Inferred resources containing 270,800 ounces of gold (5.70 million tonnes grading 1.48 g/t Au), both based on a 0.50 g/t Au cut-off grade2

MAS Gold Corp.

Projects include the advanced-stage Greywacke deposit, which hosts high-grade gold mineralization with NI 43-101 Indicated resources containing 81,500 ounces of gold (255,500 tonnes grading 9.92 g/t Au) and Inferred resources containing 14,100 ounces of gold (59,130 tonnes grading 7.42 g/t Au), both based on a 5 g/t cut-off grade3

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1 Comstock Metals Ltd. News Release, October 23, 2019 (www.comstock-metals.com) 2 Preview SW Mineral Resources outlined in 2016 NI 43-101 Technical Report, Preview SW Gold Project, La Ronge, Saskatchewan; the report can be found on Comstock’s website (www.comstock-metals.com) or on SEDAR (www.sedar.com)

3 Greywacke Mineral Resources outlined in 2016 NI 43-101 Technical Report and Resource Update, Greywacke Lake Project, Saskatchewan, Canada; the report can be found on MAS Gold’s website (www.masgoldcorp.com) or on SEDAR (www.sedar.com)

INVESTMENT – WHITE GOLD CORP. (TSX.V: WGO)

• Comstock received $375,000 cash, 1,500,000 WGO shares, and 375,000 warrants ($1.50 exercise price) for sale of QV project1

• Comstock currently holds 1,387,210 WGO common shares and 350,625 warrants (expire Feb. 28, 2022)2, WGO share price: $1.07 (January 10, 2020)

• Yukon ranked 9th out of 83 global mining jurisdictions by the Fraser Institute in the Investment Attractiveness Index and 10th in the Best Practices Mineral Potential Index3

• White Gold’s claims make up 40% of the white gold district4

• $13 M funded in 2019, aggressive exploration campaign completed, with assay results pending4

• Backed by Kinross Gold (TSX: K) and Agnico Eagle Mines Ltd. (TSX:AEM), each holding 17.1 % of outstanding shares4

• New Gold Discovery Drill Highlights:

• Vertigo (22.47 g/t Au over 30.46 m)4

• Ryan’s Surprise (20.64 g/t Au over 6.096 m)4

• Golden Saddle West (1.92 g/t Au over 24.00 m)4

• Betty (1.08 g/t Au over 50.29 m)4

29 https://whitegoldcorp.ca/

1 Comstock Metals Ltd. News Release, March 1, 2019 (www.comstock-metals.com) 2 Comstock Metals Ltd. Financial Statements 2019 Q3, June 30, 2019 (www.comstock-metals.com) 3 Fraser Institute Annual Survey of Mining Companies, 2018 (www.fraserinstitute.org) 4 White Gold Corp. Corporate Overview, Q1 2020 (www.whitegoldcorp.ca)

INVESTMENT – E3 METALS CORP. (TSX.V: ETMC)

From E3 Metals corporate presentation: www.e3metalscorp.com

• Joint Venture Partnership: Comstock holds 1,000,000 E3 shares (~4%)1

• 25,073,985 shares outstanding2, ETMC share price: $0.42 (January 10, 2020)

• International Energy Agency (IEA) predicting 24% annual growth in electric vehicles (EV) to 20302

• The IEA forecasts global EV fleet to triple from 3.7 million (2017) to 13 million (2020)2

• 6th largest lithium resource globally3, with combined Inferred resources of 6.7M tonnes lithium carbonate equivalent (LCE)4

• E3 Metals developed proprietary process technology to extract lithium from Alberta brines3

• E3 Metals has successfully concentrated lithium from brine, and crystallized into lithium hydroxide using its proprietary ion-exchange process5

• Advancing proprietary Li extraction and concentration technology with industry leader Livent Corp. for commercialization production scale-up3 30

1 Comstock Metals Ltd. News Release, August 21, 2018 (www.comstock-metals.com) 2 Bloomberg Article, Electric Vehicles on the Road Are Set to Triple in Two Years, May 30, 2018 (www.bloomberg.com)

3 E3 Metals Corp. Corporate Presentation, Unlocking a New Source of Lithium in Alberta, October, 2019 (www.e3metalscorp.com)

4 Combined Inferred Mineral Resources outlined in NI 43-101 reports for Clearwater, Rocky and Exshaw Projects; the reports can be found on E3 Metals’ website (www.e3metalscorp.com) or SEDAR (www.sedar.com) 5 E3 Metals Corp. News Release, May 29, 2019 (www.e3metalscorp.com)

INVESTMENT – E3 METALS CORP. (TSX.V: ETMC)

• In November 2019, E3 Metals announced it had collected a large volume of lithium-enriched brine from the Leduc Reservoir in the Central Clearwater Resource Area (CCRA) of its Alberta Lithium Project. The 20,000 Li brine sample is the largest collected to date and is required to support the continued testing and scale up of E3 Metals’ proprietary direct lithium extraction (DLE) process over the next 12 months.1

• E3 Metals CEO, Chris Doornbos stated: “Leduc Formation brine is a by-product to the oil and gas industry in Alberta and E3 Metals sees tremendous value in this lithium-enriched brine through the planned commercialization of its proprietary DLE process. The brine will be utilized as part of our ongoing technology scale-up program under the Joint Development Agreement with Livent Corporation.”1

From E3 Metals corporate presentation: www.e3metalscorp.com 1 E3 Metals Corp. News Release, Novermber 14, 2019 (www.e3metalscorp.com)

31

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RAWHIDE COBALT-SILVER PROJECT,

ONTARIO

• Option agreement to earn 100% interest in five claims totaling 662 ha, announced April 5, 2018; agreement includes cash and share payments, and work commitments over two years1

• Located in the Gowganda area of the historic Greater Cobalt Mining Camp of Northern Ontario which produced >550 M ounces of silver and 25 M pounds of cobalt in the 1900s2

• One of the most prospective areas for cobalt-silver deposits in North America

• Road accessible, excellent access to infrastructure

• Property includes several documented historical mineral occurrences, including the Rawhide, McRae Lake, Becker and Bloom Lake occurrences; reported work includes prospecting, mapping, sampling, geophysics, pitting and trenching, limited diamond drilling and excavation of a number of shafts

• Reported historical assays include 1.81% cobalt at Rawhide, 46,000 g/t silver at McRae Lake, 4,500 g/t silver at Becker and 7.7% copper at Bloom Lake3,4

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1 Comstock Metals Ltd. News Release, April 5, 2018 (www.comstock-metals.com) 2 Ontario Geological Survey, Open File Report 6318, page 4-10 (http://www.geologyontario.mndm.gov.on.ca/mndmfiles/pub/data/imaging/OFR6318//OFR6318.pdf) 2 Ontario Geological Survey Report 175, Geology of the Gowganda-Miller Lake Silver Area (http://www.geologyontario.mndm.gov.on.ca/mndmfiles/pub/data/imaging/R175//R175.pdf)

4 Geology Ontario Mineral Deposit Inventory (https://www.geologyontario.mndm.gov.on.ca/MDI_Description.html)

HEAD OFFICE 310-850 West Hastings Street

Vancouver, BC Canada V6C 1E1

CONTACT +1 604 639 4533

info@comstock-metals.com

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HEAD OFFICE 310-850 West Hastings Street

Vancouver, BC Canada V6C 1E1

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Toronto, ON

(416) 867-9100 (office)

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