# EDGAR Filing Document

**Accession Number:** 0001120970
**File Stem:** 0001437749-25-026275
**Filing Date:** 2025-8
**Character Count:** 66680
**Document Hash:** 5e938365af8b6eabdffb9788f0d09188
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-026275.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001437749-25-026275

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250808

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Comstock Inc.
- **CENTRAL INDEX KEY:** 0001120970
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL ORGANIC CHEMICALS [2860]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 650955118
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35200
- **FILM NUMBER:** 251207855

**BUSINESS ADDRESS:**
- **STREET 1:** 117 AMERICAN FLAT ROAD
- **STREET 2:** PO BOX 1118
- **CITY:** VIRGINIA CITY,
- **STATE:** NV
- **ZIP:** 89440
- **BUSINESS PHONE:** 775-847-5272

**MAIL ADDRESS:**
- **STREET 1:** 117 AMERICAN FLAT ROAD
- **STREET 2:** PO BOX 1118
- **CITY:** VIRGINIA CITY,
- **STATE:** NV
- **ZIP:** 89440

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Comstock Mining Inc.
- **DATE OF NAME CHANGE:** 20100720

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDSPRING INC
- **DATE OF NAME CHANGE:** 20040730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDSPRING
- **DATE OF NAME CHANGE:** 20030821

?xml version='1.0' encoding='ASCII'? lode20250808c_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): August 8, 2025

**COMSTOCK INC.**

(Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Nevada** | **001-35200** | **65-0955118** |
| (State or Other<br> Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

**117 American Flat Road, Virginia City, Nevada 89440**

(Address of Principal Executive Offices, including Zip Code)

Registrant's Telephone Number, including Area Code: (**775) 847-5272**

**Not Applicable**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.000666 per share | LODE | NYSE AMERICAN |

---

**Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).**

**Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp; ☐**

**If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp; ☐**

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**Item 1.01 Entry into a Material Definitive Agreement.**

<u>Amendments to Georges Trust and Alvin Fund Promissory Notes</u>

On August 8, 2025, Comstock Inc. (the "Company" or "Comstock") amended its outstanding promissory notes with its creditors, Georges Trust and Alvin Fund LLC ("Alvin Fund"), to address the procedures for the repayment of an aggregate of $8,390,000 in principal owed to such creditors pursuant to such promissory notes (together, the "Promissory Note Amendments"). Pursuant to the Promissory Note Amendments, the Company issued an aggregate of 2,900,000 shares of Common Stock to such creditors as partial consideration to enter into such amendments (the "Debt Exchange"). The shares of Common Stock issued in connection with the Debt Exchange were issued as "restricted securities" as defined in Rule 144 under the Securities Act of 1933, as amended. The Company shall file a registration statement with respect to such shares for the benefit of the creditors as soon as practicable after, but in no event later than 90 days from the date of the Debt Exchange. To the extent a creditor is unable to sell the shares issued to it in connection with the Debt Exchange, or such shares have not otherwise been sold, in each case to generate net cash proceeds in an amount that would have been sufficient to repay the applicable promissory note in full, on or before April 15, 2026 (the "True-Up Date"), the Company is required to pay such creditors on the True-Up Date an amount equal to the total principal amounts payable for each respective promissory note upon maturity on the True-Up Date, minus (i) the net cash proceeds received by the applicable creditor from the sale of the shares of Common Stock by such creditor up to the True-Up Date, minus (ii) any and all cash payments made by the Company pursuant to the applicable promissory note up until the True-Up Date, plus (iii) any accrued interest on the principal amount underlying each promissory note at a rate of 12% per annum, calculated in accordance with the terms of the amendment. In the event the net cash proceeds received by the applicable creditor for the sale of their issued shares of Common Stock plus any cash payments made by the Company as of the True-Up Date exceeds the total amount payable to such creditor, the creditor must return all of such excess shares of Common Stock and cash, as applicable, to the Company.

<u>Amendment to Warrants</u>

On August 8, 2025, the Company amended certain outstanding common stock purchase warrants held by Georges Trust and Alvin Fund (the "Warrant Amendments"), whereby the Company agreed to extend the expiration date from December 31, 2025 to December 31, 2027 for (i) Georges Trust's aggregate 100,000 warrants to purchase common stock, exercisable at $4.56 per share, issued pursuant to that certain (A) Common Stock Purchase Warrant, dated as of December 15, 2022, as amended on April 22, 2024, (B) Common Stock Purchase Warrant, dated as of December 15, 2022, as amended on April 22, 2024, and (C) Common Stock Purchase Warrant, dated as of August 22, 2022, as amended on April 22, 2024, and (ii) Alvin Fund's 120,000 warrants to purchase common stock, exercisable at $4.56 per share, issued pursuant that certain Common Stock Purchase Warrant, dated as of November 12, 2023, as amended on April 22, 2024.

<u>Kips Bay Select Payoff Agreement</u>

On August 12, 2025, the Company entered into a payoff letter agreement (the "Payoff Agreement"), with Kips Bay Select, LP ("Kips Bay"), related to the Company's obligations under its 6.0% Convertible Promissory Note due April 10, 2026, in the original aggregate principal amount of $10,638,298 (the "Note"). Pursuant to the Payoff Agreement, Kips Bay agreed to accept the payment of $2,500,000 in cash from the proceeds (the "Cash Payment Amount") and the issuance of 447,724 shares of Common Stock, previously reserved and approved for issuance upon conversion of the Note (the "Payoff Shares"), in full satisfaction of the Company's obligations under the Note (the satisfaction of the Note, the payment of the Cash Payment Amount and the issuance of the Payoff Shares are collectively referred to herein as the "Note Payoff"). In addition, Kips Bay agreed not to sell or trade any of the Payoff Shares on or prior to October 31, 2025.

The foregoing descriptions of the Promissory Note Amendments, Warrant Amendments and Payoff Agreement are qualified in their entirety by reference to the full text of the respective agreements, copies of which are filed as Exhibits 10.1, 10.2, 10.3, 10.4, 10.5 and 10.6 respectively, to this Current Report on Form 8-K and incorporated herein by reference.

**Item 2.02 Results of Operations and Financial Condition.**

On August 12, 2025, the Company disclosed preliminary financial results for the three- and six-month periods ended June 30, 2025.

The financial results described below are preliminary and subject to customary period end closing procedures, and, accordingly, could be subject to change wherein actual results may differ from the preliminary results described below.

• &nbsp;&nbsp;&nbsp;&nbsp; As of and for the three and six-months ended June 30, 2025, the Company reported cash and cash equivalents of approximately $18.6 million, demonstrating the Company's continued liquidity and ability to support its operational and strategic objectives.

• &nbsp;&nbsp;&nbsp;&nbsp; During the three and six-months ended June 30, 2025, the Company recognized revenue of $0.3 million and $1.1 million, respectively.

• &nbsp;&nbsp;&nbsp;&nbsp; During the three and six-months ended June 30, 2025, the Company had recurring net losses of $7.8 million and $16.9 million, respectively.

The information provided in Item 2.02 of this Current Report on Form 8-K, is being furnished and shall not be deemed "filed" with for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. Such information shall not be deemed incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as otherwise expressly set forth by specific reference in such filing.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.**

The information provided in Item 1.01 under the heading "Kip's Bay Select Payoff Agreement" is incorporated herein by reference.

**Item 3.02 Unregistered Sales of Equity Securities.**

The information included in Item 1.01 under the headings "Amendments to Georges Trust and Alvin Fund Promissory Notes" and "Kips Bay Select Payoff Agreement" is incorporated herein by reference.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** 

David Winsness and Rahul Bobbili have each resigned as an officer, director and/or manager of Comstock entities to each join Bioleum Corporation.

**Cautionary Note Regarding Forward-Looking Statements**

This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Any statements about the Company's expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but are not always, made through the use of words or phrases such as "may," "will," "could," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "potential," "continue," and similar expressions, or the negative of these terms. These forward-looking statements include statements about the Company's preliminary financial results. Accordingly, these statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in them. Any forward-looking statements are qualified in their entirety by reference to the risk factors detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and in any of the Company's subsequent filings with the Securities and Exchange Commission. Any forward-looking statements contained in Current Report on Form 8-K speak only as of the date hereof, and the Company disclaims any obligation or undertaking to update or revise any forward-looking statements contained in Current Report on Form 8-K, other than to the extent required by law.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Exhibits*

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Note Amendment Agreement, dated as of August 8, 2025, between the Company and Georges Trust](ex_851656.htm) |
| 10.2 | [Note Amendment Agreement, dated as of August 8, 2025, between the Company and Alvin Fund LLC](ex_851141.htm) |
| 10.3 | [Note Amendment Agreement, dated as of August 8, 2025, between the Company and Alvin Fund LLC](ex_851142.htm) |
| 10.4 | [Omnibus Common Stock Purchase Second Warrant Amendment, dated as of August 8, 2025, between the Company and Georges Trust](ex_851657.htm) |
| 10.5 | [Common Stock Purchase Warrant Second Amendment, dated as of August 8, 2025, between the Company and Alvin Fund LLC](ex_851658.htm) |
| 10.6 | [Payoff Letter Agreement, dated as of August 12, 2025, between the Company and Kips Bay Select, LP](ex_852075.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **COMSTOCK INC.** | **COMSTOCK INC.** |
| Date: August 12, 2025 | By: | /s/ Corrado De Gasperis |
|  |  | Corrado De Gasperis<br> Executive Chairman and Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**NOTE AMENDMENT AGREEMENT**

This Note Amendment Agreement (this "Agreement"), dated August 8, 2025, between Comstock Inc. (the "Company") and Gestrust SA as trustees of Georges Trust (the "Noteholder"), to that certain remaining $4,290,000 principal amount (the "Principal Amount") of the promissory note issued by the Company and due April 15, 2026 (the "Note").

RECITALS:

A. The Company and the Noteholder wish to modify the form of payment and conditions for the payment of the Note, as described herein.

B. The Noteholder and the Company have agreed for the Company to issue 1,500,000 shares of common stock of the Company (the "LODE Shares") in the name of the Noteholder or in the name of a custodian or nominee of the Noteholder as requested by the Noteholder, the proceeds of which will be used to repay the Principal Amount of the Note plus any accrued but unpaid interest, if any, on the Principal Amount as of the date hereof (the "Accrued Interest") plus the amount of interest that accrues on any remaining principal amount outstanding and not otherwise reduced from Net Cash Proceeds from the LODE Shares (it being understood that "Net Cash Proceeds" means the LODE Shares' sales price minus all sales costs related to the sale of such Shares) from the date hereof until the date that the Note is paid in full (the "Future Interest," and together with the Principal Amount and the Accrued Interest, the "Total Amount Payable") for, on the terms and conditions contained in this Agreement. For the sake of clarity, in accordance with the Note, Future Interest is simple interest that shall continue to be payable at the rate of 12% per annum on any unpaid principal balance, calculated on the basis of a 365-day year and number of days lapsed and it is also understood that the Note and the security interest on the note shall remain in place until the Total Amount Payable is fully extinguished.

AGREEMENTS:

In consideration of these recitals and the mutual covenants, representations, warranties and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

1. Notwithstanding anything to the contrary in the Note, the Total Amount Payable shall hereafter be replaced with the following consideration to paid by the Company in the manner described below.

2. Within five (5) business days from the date hereof, the Company shall issue the LODE Shares, on a non-refundable basis.

3. Pursuant to a resale registration statement filed by the Company on behalf of the Noteholder, the Noteholder shall be permitted to sell the LODE Shares commencing on the date that such resale registration statement is declared effective.

4. The Company will not be required to make monthly cash interest payments on the Note to the Noteholder for the period August 1- April 15, 2026, in any month during which the proceeds from the sale of Shares ("Monthly Proceeds") exceed $43,000. If Monthly Proceeds in any month are less than $43,000, the Company will make a cash interest payment to the Noteholder equal to $43,000 minus the Monthly Proceeds. Any accrued interest not paid in cash will be added to the Principal Amount of the Note and compounded on a monthly basis.

5. On or before April 15, 2026 (the "True Up Date"), the Company shall pay cash to Noteholder in an amount equal to (i) $4,290,000 minus the Net Cash Proceeds from the sale of the LODE Shares (it being understood that "Net Cash Proceeds" means the LODE Shares' sales price minus all sales costs related to the sale of such Shares) received by the Noteholder with respect to the sale of the LODE Shares, (ii) minus any and all cash interest payments made by the Company from the date hereof until the True Up Date, plus (iii) any accrued interest on the principal amount of the Note at a rate of 12% per annum, calculated in the manner described below.

------

6. Interest shall be calculated and accrued on a daily basis on the remaining principal amount of the Note during all the time from August 1, 2025, until the LODE Shares are sold and Noteholder has received the Net Cash Proceeds from the sales of the LODE Shares (but not paid other than from those Net Cash Proceeds until the True Up Date). After the Noteholder receives any Net Cash Proceeds from selling the LODE Shares, interest shall be calculated on a daily basis and further accrued on the principal amount of the Note minus the Net Cash Proceeds received by the Noteholder as a result of selling the LODE Shares. For example, if the Noteholder receives Net Cash Proceeds from selling the LODE Shares of approximately $0.525 million, and accrued but unpaid interest equaled $25,000, then the Noteholder shall apply the first $25,000 in Net Cash Proceeds to interest payable and the remaining $500,000 in Net Cash Proceeds to principal such that future accrued interest will be calculated on the lower principal balance, that is, in the amount equal to $4,290,000 - $500,000, or $3,790,000, \* 12% per annum from the date that the Noteholder receives the Net Cash Proceeds from the sales of such LODE Shares.

7. On the True Up Date, if the Net Cash Proceeds received by the Noteholder with respect to the sale of the LODE Shares plus any cash interest payments made by the Company, exceeds the Total Amounts Payable, then the Noteholder must return all of such excess LODE Shares and/or cash to the Company.

8. The Noteholder shall notify the Company weekly of the Net Cash Proceeds received by the Noteholder from the sale of the LODE Shares.

9. As soon as practicable after the date hereof but no later than 90 days after the date hereof, the Company hereby covenants and agrees to file a resale registration statement by October 15, 2025, with respect to the Securities Exchange Commission and cause such resale registration statement to be declared effective as soon as practical. If by October 30, 2025, for any reasons beyond the Noteholder's control, Lafferty on behalf of the Noteholder cannot start set ling the LODE Shares, then the Company shall start making cash payments of $40,000 each month against the Total Amounts Payable balance until Lafferty issues a Confirmation Notice to the Noteholder that indicates completion of the first selling transaction of the LODE Shares. The Company shall continue to pay accrued interest on a monthly basis until the LODE Shares can be sold pursuant to the resale registration statement.

10. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute only one instrument. Counterpart signature pages may be delivered by fax or e-mail.

11. Notwithstanding anything to the contrary in Section 3 or elsewhere in the Note, the Company and the Noteholder hereby agree that the Company shall not be required to pay any premium or penalty to the Noteholder.

12. Except as amended herein, the Note and the collateral securing payment of the Note is hereby ratified and shall remain in full force and effect.

------

IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date hereof.

<u>**COMPANY:**</u><br> COMSTOCK INC.<br>By: <u>/s/ Corrado DeGasperis</u> <br> Corrado DeGasperis, Executive Chairman and CEO<br>Address: 117 American Flat Road<br> P.O. Box 1118<br> Virginia City, Nevada 89440<br> <u>degasperis@comstockinc.com</u><br><u>**NOTEHOLDER:**</u><br> GEORGES TRUST<br>By: <u>/s/ Gestrust SA</u> <br> Gestrust SA as Trustees of Georges Trust<br>

## Exhibit 10.2

**Exhibit 10.2**

**NOTE AMENDMENT AGREEMENT**

This Note Amendment Agreement (this "Agreement"), dated August 8, 2025, between Comstock Inc. (the "Company") and Alvin Fund LLC (the "Noteholder"), to that certain $2,000,000 principal amount (the "Principal Amount") of the promissory note issued by the Company and due April 15, 2026 (the "Note").

RECITALS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company and the Noteholder wish to modify the form of payment and conditions for the payment of the Note, as described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Noteholder and the Company have agreed for the Company to issue 700,000 shares of common stock of the Company (the "LODE Shares") in the name of the Noteholder or in the name of a custodian or nominee of the Noteholder as requested by the Noteholder, the proceeds of which will be used to repay the Principal Amount of the Note plus any accrued but unpaid interest, if any, on the Principal Amount as of the date hereof(the "Accrued Interest") plus the amount of interest that accrues on any remaining principal amount outstanding and not otherwise reduced from Net Cash Proceeds from the LODE Shares (it being understood that "Net Cash Proceeds" means the LODE Shares' sales price minus all sales costs related to the sale of such Shares) from the date hereof until the date that the Note is paid in full (the "Future Interest," and together with the Principal Amount and the Accrued Interest, the "Total Amount Payable") for, on the terms and conditions contained in this Agreement. For the sake of clarity, in accordance with the Note, Future Interest is simple interest that shall continue to be payable at the rate of 16% per annum on any unpaid principal balance, calculated on the basis of a 365-day year and number of days lapsed and it is also understood that the Note and the security interest on the note shall remain in place until the Total Amount Payable is fully extinguished.

AGREEMENTS:

In consideration of these recitals and the mutual covenants, representations, warranties and agreements; hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Notwithstanding anything to the contrary in the Note, the Total Amount Payable shall hereafter be replaced with the following consideration to paid by the Company in the manner described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Within five (5) business days from the date hereof, the Company shall issue the LODE Shares, on a non-refundable basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pursuant to a resale registration statement filed by the Company on behalf of the Noteholder, the Noteholder shall be permitted to sell the LODE Shares commencing on the date that such resale registration statement is declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On or before April 15, 2026 (the "True Up Date"), the Company shall pay cash to Noteholder in an amount equal to (i) $2,000,000 minus the Net Cash Proceeds from the sale of the LODE Shares received by the Noteholder with respect to the sale of the LODE Shares, (ii) minus any and all cash interest payments made by the Company from the date hereof until the True Up Date, plus (iii) any accrued interest on the principal amount of the Note at a rate of 16% per annum, calculated in the manner described below.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Interest shall be calculated and accrued on a daily basis on the remaining principal amount of the Note during all the time from August 1, 2025, until the LODE Shares are sold and Noteholder has received the Net Cash Proceeds from the sales of the LODE Shares (but not paid other than from those Net Cash Proceeds until the True Up Date). After the Noteholder receives any Net Cash Proceeds from selling the LODE Shares, interest shall be calculated on a daily basis and further accrued on the principal amount of the Note minus the Net Cash Proceeds received by the Noteholder as a result of selling the LODE Shares. For example, if the Noteholder receives Net Cash Proceeds from selling the LODE Shares of approximately $0.525 million, and accrued but unpaid interest equaled $25,000, then the Noteholder shall apply the first $25,000 in Net Cash Proceeds to interest payable and the remaining $500,000 in Net Cash Proceeds to principal such that future accrued interest will be calculated on the lower principal balance, that is, in the amount equal to $2,000,000 - $500,000, or $1,500,000, \* 16% per annum from the date that the Noteholder receives the Net Cash Proceeds from the sales of such LODE Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. On the True Up Date, if the Net Cash Proceeds received by the Noteholder with respect to the sale of the LODE Shares plus any cash interest payments made by the Company, exceeds the Total Amounts Payable, then the Noteholder must return all of such excess LODE Shares and/or cash to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Noteholder shall notify the Company weekly of the Net Cash Proceeds received by the Noteholder from the sale of the LODE Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. As soon as practicable after the date hereof but no later than 90 days after the date hereof, the Company hereby covenants and agrees to file a resale registration statement by October 15, 2025, with respect to the Securities Exchange Commission and cause such resale registration statement to be declared effective as- soon as practical. If by October 30, 2025, for any reasons beyond the Noteholder's control, Lafferty on behalf of the Noteholder cannot start selling the LODE Shares, then the Company shall start making cash payments of $20,000 each month against the Total Amounts Payable balance until Lafferty issues a Confirmation Notice to the Noteholder that indicates completion of the first selling transaction of the LODE Shares. The Company shall continue to pay accrued interest on a monthly basis until the LODE Shares can be sold pursuant to the resale registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute only one instrument. Counterpart signature pages may be delivered by fax or e-mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Notwithstanding anything to the contrary in Section 3 or elsewhere in the Note, the Company and the Noteholder hereby agree that the Company shall not be required to pay any premium or penalty to the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Except as amended herein, the Note and the collateral securing payment of the Note is hereby ratified and shall remain in full force and effect.

------

IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date hereof.

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| | |
|:---|:---|
| <u>**COMPANY:**</u><br> COMSTOCK INC. | <u>**COMPANY:**</u><br> COMSTOCK INC. |
| By: | <u>/s/ Corrado DeGasperis</u> |
| Corrado DeGasperis, Executive Chairman and CEO | Corrado DeGasperis, Executive Chairman and CEO |
| Address: 117 American Flat Road | Address: 117 American Flat Road |
| P.O. Box 1118 | P.O. Box 1118 |
| Virginia City, Nevada 89440 | Virginia City, Nevada 89440 |
| degasperis@comstockinc.com | degasperis@comstockinc.com |
| <u>**NOTEHOLDER:**</u><br> ALVIN FUND LLC | <u>**NOTEHOLDER:**</u><br> ALVIN FUND LLC |
| By: | <u>/s/ George Melas-Kyriazi</u> |
| George Melas-Kyriazi, Director | George Melas-Kyriazi, Director |
| Address: c/o George Melas-Kyriazi, 243 Riverside Drive, | Address: c/o George Melas-Kyriazi, 243 Riverside Drive, |
| Apt 905, New York, NY 10025 | Apt 905, New York, NY 10025 |

---

## Exhibit 10.3

**Exhibit 10.3**

**NOTE AMENDMENT AGREEMENT**

This Note Amendment Agreement (this "Agreement"), dated August 8, 2025, between Comstock Inc. (the "Company") and Alvin Fund LLC (the "Noteholder"), to that certain $2,100,000 principal amount (the "Principal Amount") of the promissory note issued by the Company and due April 15, 2026 (the "Note").

RECITALS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company and the Noteholder wish to modify the form of payment and conditions for the payment of the Note, as described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Noteholder and the Company have agreed for the Company to issue 700,000 shares of common stock of the Company (the "LODE Shares") in the name of the Noteholder or in the name of a custodian or nominee of the Noteholder as requested by the Noteholder, the proceeds of which will be used to repay the Principal Amount of the Note plus any accrued but unpaid interest, if any, on the Principal Amount as of the date hereof(the "Accrued Interest") plus the amount of interest that accrues on any remaining principal amount outstanding and not otherwise reduced from Net Cash Proceeds from the LODE Shares (it being understood that "Net Cash Proceeds" means the LODE Shares' sales price minus all sales costs related to the sale of such Shares) from the date hereof until the date that the Note is paid in full (the "Future Interest," and together with the Principal Amount and the Accrued Interest, the "Total Amount Payable") for, on the terms and conditions contained in this Agreement. For the sake of clarity, in accordance with the Note, Future Interest is simple interest that shall continue to be payable at the rate of 12% per annum on any unpaid principal balance, calculated on the basis of a 365-day year and number of days lapsed and it is also understood that the Note and the security interest on the note shall remain in place until the Total Amount Payable is fully extinguished.

AGREEMENTS:

In consideration of these recitals and the mutual covenants, representations, warranties and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Notwithstanding anything to the contrary in the Note, the Total Amount Payable shall hereafter be replaced with the following consideration to paid by the Company in the manner described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Within five (5) business days from the date hereof, the Company shall issue the LODE Shares, on a non-refundable basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Pursuant to a resale registration statement filed by the Company on behalf of the Noteholder, the Noteholder shall be permitted to sell the LODE Shares commencing on the date that such resale registration statement is declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. On or before April 15, 2026 (the "True Up Date"), the Company shall pay cash to Noteholder in an amount equal to (i) $2,100,000 minus the Net Cash Proceeds from the sale of the LODE Shares (it being understood that "Net Cash Proceeds" means the LODE Shares' sales price minus all sales costs related to the sale of such Shares) received by the Noteholder with respect to the sale of the LODE Shares, (ii) minus any and all cash interest payments made by the Company from the date hereof until the True Up Date, plus (iii) any accrued interest on the principal amount of the Note at a rate of 12% per annum, calculated in the manner described below.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Interest shall be calculated and accrued on a daily basis on the remaining principal amount of the Note during all the time from August 1, 2025, until the LODE Shares are sold and Noteholder has received the Net Cash Proceeds from the sales of the LODE Shares (but not paid other than from those Net Cash Proceeds until the True Up Date). After the Noteholder receives any Net Cash Proceeds from selling the LODE Shares, interest shall be calculated on a daily basis and further accrued on the principal amount of the Note minus the Net Cash Proceeds received by the Noteholder as a result of selling the LODE Shares. For example, if the Noteholder receives Net Cash Proceeds from selling the LODE Shares of approximately $0.525 million, and accrued but unpaid interest equaled $25,000, then the Noteholder shall apply the first $25,000 in Net Cash Proceeds to interest payable and the remaining $500,000 in Net Cash Proceeds to principal such that future accrued interest will be calculated on the lower principal balance, that is, in the amount equal to $2,100,000 - $500,000, or $1,600,000, \* 12% per annum from the date that the Noteholder receives the Net Cash Proceeds from the sales of such LODE Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. On the True Up Date, if the Net Cash Proceeds received by the Noteholder with respect to the sale of the LODE Shares plus any cash interest payments made by the Company, exceeds the Total Amounts Payable, then the Noteholder must return all of such excess LODE Shares and/or cash to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Noteholder shall notify the Company weekly of the Net Cash Proceeds received by the Noteholder from the sale of the LODE Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. As soon as practicable after the date hereof but no later than 90 days after the date hereof, the Company hereby covenants and agrees to file a resale registration statement by October 15, 2025, with respect to the Securities Exchange Commission and cause such resale registration statement to be declared effective as soon as practical. If by October 30, 2025, for any reasons beyond the Noteholder's control, Lafferty on behalf of the Noteholder cannot start selling the LODE Shares, then the Company shall start making cash payments of $20,000 each month against the Total Amounts Payable balance until Lafferty issues a Confirmation Notice to the Noteholder that indicates completion of the first selling transaction of the LODE Shares. The Company shall continue to pay accrued interest on a monthly basis until the LODE Shares can be sold pursuant to the resale registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered, shall be deemed an-original, but all such counterparts taken together shall constitute only one instrument. Counterpart signature pages may be delivered by fax or e-mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Notwithstanding anything to the contrary in Section 3 or elsewhere in the Note, the Company and the Noteholder hereby agree that the Company shall not be required to pay any premium or penalty to the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Except as amended herein, the Note and the collateral securing payment of the Note is hereby ratified and shall remain in full force and effect.

------

IN WITNESS WHEREOF the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date hereof.

---

| | |
|:---|:---|
| <u>**COMPANY:**</u><br> COMSTOCK INC. | <u>**COMPANY:**</u><br> COMSTOCK INC. |
| By: | <u>/s/ Corrado DeGasperis</u> |
| Corrado DeGasperis, Executive Chairman and CEO | Corrado DeGasperis, Executive Chairman and CEO |
| Address: 117 American Flat Road | Address: 117 American Flat Road |
| P.O. Box 1118 | P.O. Box 1118 |
| Virginia City, Nevada 89440 | Virginia City, Nevada 89440 |
| degasperis@comstockinc.com | degasperis@comstockinc.com |
| **<u>NOTEHOLDER</u>:**<br> ALVIN FUND LLC | **<u>NOTEHOLDER</u>:**<br> ALVIN FUND LLC |
| By: | <u>/s/ George Melas-Kyriazi</u> |
| George Melas-Kyriazi, Director | George Melas-Kyriazi, Director |
| Address: c/o George Melas-Kyriazi, 243 Riverside Drive, | Address: c/o George Melas-Kyriazi, 243 Riverside Drive, |
| Apt 905, New York, NY 10025 | Apt 905, New York, NY 10025 |

---

## Exhibit 10.4

**Exhibit 10.4**

**OMNIBUS COMMON STOCK PURCHASE SECOND WARRANT AMENDMENT**

This Omnibus Common Stock Purchase Warrant Second Amendment (this "Amendment"), dated as of August 8, 2025, is entered into by and between Comstock Inc., a Nevada corporation (the "Company"), and Georges Trust ("Holder"). Capitalized terms used in this Amendment but not otherwise defined herein shall have the respective meanings ascribed to them in the Warrants (as defined below).

**RECITALS:**

WHEREAS, the Company and GHF, Inc. entered into (i) that certain Common Stock Purchase Warrant, dated as of December 15, 2022, as amended on April 22, 2024, (ii) that certain Common Stock Purchase Warrant, dated as of December 15, 2022, as amended on April 22, 2024, and (iii) that certain Common Stock Purchase Warrant, dated as of August 22, 2022, as amended on April 22, 2024 (collectively, the "Warrants");

WHEREAS, the Company adopted a l-for-10 reverse stock split effective February 24, 2025, with trading on a split-adjusted basis beginning February 25, 2025;

WHEREAS, GHF, Inc. has distributed the Warrants to Holder;

WHEREAS, pursuant to the Warrants, the Holder is entitled to purchase 120,000 shares of the Stock at an exercise price of $4.56 per share on or prior to December 31, 2025 (the "Expiration Date"); and

WHEREAS, the Company and the Holder desire to amend the Warrants to extend the Expiration Date from December 31, 2025 to December 31, 2027.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants, and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

I. Amendments to Warrants.

Section I (a) of each of the Warrants is hereby amended by deleting it in its entirety and inserting the following in lieu thereof:

"Procedural Requirements. This Warrant may be exercised in whole or in part at any time from the Issue Date until 5:00 p.m., Eastern Standard Time on December 31, 2027. In order to exercise this Warrant, the Holder shall deliver to the Company (A) the Purchase Form attached hereto as Exhibit A, duly completed and executed; (B) payment of the Exercise Price for the Warrant Shares; and (C) this Warrant upon receipt of the foregoing items, the Company shall execute or cause to be executed and deliver or cause to be delivered to the Holder, a certificate or certificates representing the aggregate number of full Warrant Shares issuable upon such exercise, together with cash in lieu of any fraction of a share, as hereinafter provided. The stock certificate or certificates so delivered shall be in such denomination or denominations as the Holder shall request and shall be registered in the name of the Holder or, subject to the restrictions on transfer set forth herein, such other name as shall be designated in the notice. This Warrant shall he deemed to have been exercised and such certificate or certificates shall be deemed to have been issued, and the Holder or any other person so designated shall be deemed to have become a holder of record of such shares for al I purposes, as of the date the notice, together with the Exercise Price and this Warrant, are received by the Company as described above. If this Warrant shall have been exercised in part, the Company shall, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to the Holder a new Warrant evidencing the right of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant, or, at the request of the Holder, appropriate notation may be made on this Warrant and the same returned to the Holder."

------

2. Full Force and Effect. Except as expressly modified by this Amendment, all of the terms, covenants, agreements, conditions and other provisions of the Warrants shall remain in full force and effect in accordance with their respective terms. This Amendment shall not constitute an amendment or waiver of any provision of the Warrants except as expressly set forth herein. Upon the execution and delivery hereof, the Warrants shall thereupon be deemed to be amended and supplemented as hereinabove set forth as fully and with the same effect as if the amendments and supplements made hereby were originally set forth in the Warrants, and this Amendment and the Warrants shall henceforth be read, taken and construed as one and the same instrument, but such amendments and supplements shall not operate so as to render invalid or improper any action heretofore taken under the Warrants. As used in the Warrants, the terms "this Note," "herein," "hereinafter," "hereto," and words of similar impo11 shall mean and refer to, from and after the date of this Amendment, unless the context requires otherwise, the Warrants as amended by this Amendment.

3. Governing Law. This Amendment, and all claims arising out of or relating to it, shall be governed by and construed in accordance with the laws of the State of Nevada, excluding that body of law relating to conflict of laws.

4. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument.

------

**IN WITNESS WHEREOF,** the Company and the Holder have caused this Amendment to be executed as of the day and year as first written above.

**GEORGES TRUST**

By: <u>/s/ Gestrust SA</u><u> </u>

Gestrust SA as Trustee of Georges Trust

**Comstock Inc.**

By: <u>/s/ Corrado DeGasperis</u>

Name: Corrado DeGasperis

Title: Executive Chairman and CEO

Address: 117 American Flat Road

P.O. Box 1118

Virginia City, Nevada 89440

<u>degasperis@comstockmining.com</u>

<u>degasperis@comstockinc.com</u>

## Exhibit 10.5

**Exhibit 10.5**

**COMMON STOCK PURCHASE WARRANT SECOND AMENDMENT**

This Common Stock Purchase Warrant Second Amendment (this "Amendment"), dated as of August 8, 2025, is entered into by and between Comstock Inc., a Nevada corporation (the "Company"), and Alvin Fund LLC ("Holder"). Capitalized terms used in this Amendment but not otherwise defined herein shall have the respective meanings ascribed to them in the Warrant (as defined below).

R E C I T A L S:

WHEREAS, the Company and the Holder entered into that certain Common Stock Purchase Warrant, dated as of November 12, 2023, as amended on April 22, 2024 (the "Warrant");

WHEREAS, the Company adopted a 1-for-10 reverse stock split effective February 24, 2025, with trading on a split-adjusted basis beginning February 25, 2025;

WHEREAS, pursuant to the Warrant, the Holder is entitled to purchase 100,000 shares of the Stock at an exercise price of $4.56 per share on or prior to December 31, 2025 (the "Expiration Date"); and

WHEREAS, the Company and the Holder desire to amend the Warrant to extend the Expiration Date from December 31, 2025 to December 31, 2027.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants, and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

1. Amendments to Warrant.

Section 1(a) of the Warrant is hereby amended by deleting it in its entirety and inserting the following in lieu thereof:

"Procedural Requirements. This Warrant may be exercised in whole or in part at any time from the Issue Date until 5:00 p.m., Eastern Standard Time on December 31, 2027. In order to exercise this Warrant, the Holder shall deliver to the Company (A) the Purchase Form attached hereto as Exhibit A, duly completed and executed; (B) payment of the Exercise Price for the Warrant Shares; and (C) this Warrant upon receipt of the foregoing items, the Company shall execute or cause to be executed and deliver or cause to be delivered to the Holder, a certificate or certificates representing the aggregate number of full Warrant Shares issuable upon such exercise, together with cash in lieu of any fraction of a share, as hereinafter provided. The stock certificate or certificates so delivered shall be in such denomination or denominations as the Holder shall request and shall be registered in the name of the Holder or, subject to the restrictions on transfer set forth herein, such other name as shall be designated in the notice. This Warrant shall he deemed to have been exercised and such certificate or certificates shall be deemed to have been issued, and the Holder or any other person so designated shall be deemed to have become a holder of record of such shares for all purposes, as of the date the notice, together with the Exercise Price and this Warrant, are received by the Company as described above. If this Warrant shall have been exercised in part, the Company shall, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to the Holder a new Warrant evidencing the right of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant, or, at the request of the Holder, appropriate notation may be made on this Warrant and the same returned to the Holder."

------

2. Full Force and Effect. Except as expressly modified by this Amendment, all of the terms, covenants, agreements, conditions and other provisions of the Warrant shall remain in full force and effect in accordance with their respective terms. This Amendment shall not constitute an amendment or waiver of any provision of the Warrant except as expressly set forth herein. Upon the execution and delivery hereof, the Warrant shall thereupon be deemed to be amended and supplemented as hereinabove set forth as fully and with the same effect as if the amendments and supplements made hereby were originally set forth in the Warrant, and this Amendment and the Warrant shall henceforth be read, taken and construed as one and the same instrument, but such amendments and supplements shall not operate so as to render invalid or improper any action heretofore taken under the Warrant. As used in the Warrant, the terms "this Note," "herein," "hereinafter," "hereto," and words of similar import shall mean and refer to, from and after the date of this Amendment, unless the context requires otherwise, the Warrant as amended by this Amendment.

3. Governing Law. This Amendment, and all claims arising out of or relating to it, shall be governed by and construed in accordance with the laws of the State of Nevada, excluding that body of law relating to conflict of laws.

4. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument.

------

**IN WITNESS WHEREOF**, the Company and the Holder have caused this Amendment to be executed as of the day and year as first written above.

**Alvin Fund LLC**

By: <u>/s/ George Melas-Kyriazi</u>

George Melas-Kyriazi, Director

243 Riverside Drive, Apt. 905

New York, NY 10025

**Comstock Inc.**

By: <u>/s/</u>  <u>Corrado DeGasperis</u>

Corrado DeGasperis

Executive Chairman and CEO

117 American Flat Road

P.O. Box 1118

Virginia City, Nevada 89440

<u>degasperis@comstockmining.com</u>

## Exhibit 10.6

**Exhibit 10.6**

PAYOFF LETTER AGREEMENT

August 12, 2025

---

| | |
|:---|:---|
| Re: | <u>6.0% Convertible Promissory Note due April 10, 2026</u> |

---

Ladies and Gentlemen:

This payoff letter agreement (this "Agreement") is made by and between Kips Bay Select, LP (the<u> </u><u>"</u><u>Holder</u>") and Comstock Inc. ("<u>Comstock</u>"). Comstock has advised Holder that Comstock has obtained financing with which to make an agreed payoff to Holder in satisfaction of its obligations under that certain 6.0% Convertible Promissory Note due April 10, 2026, issued by Comstock to the Holder in the original aggregate principal amount of $10,638,298 (the "<u>Note</u>") pursuant to the terms of that certain Securities Purchase Agreement, dated as of January 10, 2025 (the "<u>Purchase Agreement</u>"), between the Comstock and Holder. Upon receipt of the cash payments and the payoff shares described below, Holder agrees that the Note shall be indefeasibly paid in full. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Purchase Agreement.

As of August 12, 2025, Comstock owed Holder an aggregate amount of $2,200,000, in principal plus an agreed upon $20,000 in accrued interest, under the Note (the "<u>Outstanding Indebtedness</u>"). If payment in full is received by Holder on or before August 19, 2025, Holder is agreeing to accept a payment of $2,500,000 in immediately available cash (the "<u>Cash Payment Amount</u>") and 447,724 common shares issued by Comstock previously reserved and approved for issuance upon conversion of the Notes (the "<u>Payoff Shares</u>,") in full satisfaction of Comstock's obligations under the Note. Holder agrees that it will accept the Cash Payment Amount, by wire transfer in accordance with Holder's wire instructions attached hereto on Exhibit A and accept the Payoff Shares in accordance with the brokerage instructions w attached hereto as <u>Exhibit</u> B, without any penalty or premium or other charge, in full satisfaction of the Outstanding Indebtedness.

Comstock shall cause the Payoff Shares to be delivered no later than the trading day following the date hereof.

Provided that the Payoff Shares shall have been delivered and the Cash Payment Amount shall have been paid timely in accordance with the terms hereof, Holder hereby covenants and agrees not to sell or trade any of the Payoff Shares on or prior to October 31, 2025.

Holder hereby (a) acknowledges and agrees that payment of the Cash Payment Amount and delivery of the Payoff Shares will constitute payment in full of all of the Outstanding Indebtedness under the Note, (b) agrees to unconditionally release and forever discharge Comstock, subsidiaries of Comstock (their respective owners, subsidiaries, affiliates and predecessors, and each of their respective past and present managers, directors, officers, employees and agents, and each of their respective successors, heirs, assigns, executors and administrators (collectively, the "<u>Comstock Releasees</u>")), effective as of the receipt of the Payoff Shares and Cash Payment Amount, from any and all claims of liability, whether legal or equitable, of every kind and nature, which the undersigned ever had, now has or may claim against the respective Releasees, in each case, arising out of facts or circumstances occurring at any time on or prior to the date hereof and related to the Note except for any claims arising under Section 4.10 of the Purchase Agreement, (c) agrees that the foregoing release shall be for the benefit of, and shall be enforceable by, each of the respective Comstock Releasees and (d) agrees that upon its receipt of the Payoff Shares and the Cash Payment Amount, all security interests that Holder may have on any real or personal property of Comstock, if any, shall thereupon terminate automatically without any further action by any party and be of no further force and effect. For the avoidance of doubt, if Comstock shall fail to timely deliver the Payoff Shares or make the Cash Payment Amount in accordance with the terms hereof, then the Note, the Purchase Agreement and the related Transaction Documents (as defined in the Purchase Agreement) shall remain in full force and effect. Further to the foregoing, notwithstanding any failure of Comstock to timely to deliver the Payoff Shares or make the Cash Payment Amount in accordance with the terms hereof, Holder shall be entitled to receive or retain (if delivered already) the Payoff Shares, the value of which shall not be offset against the amounts owing under the Note, and the Holder shall not be bound by the lock up period referenced above.

------

Comstock hereby agrees to unconditionally release and forever discharge Holder, subsidiaries of Holder (their respective owners, subsidiaries, affiliates and predecessors, and each of their respective past and present managers, directors, officers, employees and agents, and each of their respective successors, heirs, assigns, executors and administrators (collectively, the "<u>Holder Releasees</u>")), effective as of the date hereof, from any and all claims of liability, whether legal or equitable, of every kind and nature, which the undersigned ever had, now has or may claim against the respective Holder Releasees, in each case, arising out of facts or circumstances and agrees that the foregoing release shall be for the benefit of, and shall be enforceable by, each of the respective Holder Releasees.

Comstock will indemnify and hold the Holder and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls the Holder (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling person and their respective heirs, personal representatives, successors and assigns (each, a "Holder Party") harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys' fees and costs of investigation that any such Holder Party may suffer or incur as a result of or relating to any action, suit, claim or proceeding brought by a third party against such Holder Party arising out of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by Comstock hereunder or (b) any action instituted against a Holder in any capacity, or any of them or their respective Affiliates, by any stockholder of Comstock who is not an Affiliate of the Holder, with respect to any of the transactions contemplated by this payoff letter (unless such action is based upon a breach of any of the Holder's agreements or understandings with any such stockholder or any violations by the Holder of state or federal securities laws or any conduct by the Holder which constitutes fraud, gross negligence, willful misconduct or malfeasance, as determined by a final judgment of a court of competent jurisdiction from which no appeal may be taken). If any action shall be brought against the Holder Party in respect of which indemnity may be sought pursuant to this payoff letter, such Holder Party shall promptly notify Comstock in writing, and Comstock shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Holder Party. Any Holder Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Holder Party except to the extent that (i) the employment thereof has been specifically authorized by Comstock in writing, (ii) Comstock has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of such separate counsel, a material conflict on any material issue between the position of Comstock and the position of such Holder Party, in which case Comstock shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. Comstock will not be liable to any Holder Party under this payoff letter (y) for any settlement by a Holder Party effected without Comstock's prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Holder Party's breach of any of the representations, warranties, covenants or agreements made by such Holder Party in this payoff letter as determined by a final judgment of a court of competent jurisdiction from which no appeal may be taken.

Holder represents and warrants that (a) Holder is the sole legal and beneficial owner of, and has good and valid title to, the Note, (b) Holder has never sold, assigned, pledged, subjected to a security interest, transferred, deposited under any agreement, or hypothecated any of the Note or any interest therein, nor has Holder signed any power of attorney or other authorization respecting the Note that is now outstanding and in force, or otherwise disposed of the Note, (c) no one other than Holder has asserted any right, title, claim, equity, or interest in, to, or respecting the Note or any proceeds thereof, (d) the Note were acquired and fully paid for on January 10, 2025, and (e) Holder is not now, and has not been during the preceding three months, an officer, director, or more than 10% shareholder of Comstock or in any other way an "affiliate" of Comstock (as that term is defined in Rule 144(a)(1) under the Securities Act of 1933, as amended).

The Holder has full right, power and authority to enter into this Agreement; the execution, delivery and performance of this Agreement and the compliance by the Holder with all of the applicable provisions of this Agreement will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Holder is a party or by which the Holder is bound or to which any of the property or assets of the Holder is subject, unless such conflict, breach, violation or default would not adversely affect such Holder's ability to perform any of its obligations under this Agreement, (ii) result in any violation of the provisions of any partnership or limited liability company agreement, certificate of incorporation, by-laws, operating agreement, deed of trust or other similar agreement or organizational document of the Holder or (iii) result in any violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Holder or the property or assets of the Holder.

Upon Holder's receipt of the Payoff Shares and the Cash Payment Amount, Comstock or its designee (including any lender of Comstock) is authorized to file termination statements with respect to any liens arising under the Note, in each case terminating the security interests and liens granted thereunder. In addition, as soon as reasonably practicable following receipt of the Payoff Shares and the Cash Payment Amount, Holder will deliver to (a) Comstock, the Note appropriately marked to reflect their satisfaction or termination, as appropriate, and signed and dated by Holder, and (b) such other termination statements, releases, or other documents, in form and substance reasonably satisfactory to Comstock, as Comstock may reasonably request in connection with the above-described termination of all security interests and liens granted to Holder by Comstock pursuant to the Note.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| Comstock Inc. | Comstock Inc. |
| By: | /s/ Corrado DeGasperis |
| Name: Corrado DeGasperis | Name: Corrado DeGasperis |
| Title: Executive Chairman & CEO | Title: Executive Chairman & CEO |

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Acknowledged and Agreed this

12th day of August, 2025

Kips Bay Select, LP

By: <u>/s/ Roman Rogol</u>

Print Name: Roman Rogol

Date: August 12, 2025

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EXHIBIT A

Wire Instructions and Brokerage Account Information