Good Planning • Good Geology • Good Management TSX.V : CSL February 27, 2017
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 by David A. Terry, Ph.D., P.Geo., a Qualified Person as defined by NI 43-101. TSX.V : CSL 2
Management, Directors and Advisors David A. Terry, Ph.D., P.Geo. – President, CEO, Director Rasool Mohammad, B.Sc. (Mining) – Chairman, Director • Economic geologist with over 25 years experience • Over 20 years of experience in mining and exploration • Independent director of Golden Arrow Resources • Currently CEO of Select Sands Corp. (TSXV:SNS) • Previous roles with BHP, Miramar and HDI Corporation (TSXV:GRG) • Executive, director and advisory roles with a number Steven Goldman, B.A., J.D. - Director of public and private exploration companies • Senior partner in a Toronto law firm • Substantial public board and private company experience Douglas S. Turnbull, P.Geo. – Director • Consulting geologist with over 25 years of experience Jefferson J. Gregory – Director • Former CEO of Astur Gold Corp. (TSXV:AST) and • Businessman and investor specializing in the director of several exploration companies pharmaceutical sector. • Previous work on Eskay Creek, Petaquilla, Mt. Kare & Darren Urquhart, CPA, CA - CFO Sabodala OJVG deposits • Over 15 years of experience in public and private practice Ken Kuchling – Director including junior exploration companies • Independent Mining Consultant providing engineering and management advisory to the mining industry Arnold Tenney – Advisor Rokshana Baryole – Advisor Dr K. Sethu Raman - Advisor Share Capital Shawn Ryan – Advisor / Technical Consultant Shares Outstanding - as of February 27, 2017 73,409,812 Options (WAP - $0.35) 3,521,000 Warrants (WAP - $0.42) 34,291,898* *does not include 391,763 $0.18 and $0.25 warrants that would be issued upon exercise of unit broker warrants TSX.V : CSL 3
New Acquisition - Preview SW Gold Project, Saskatchewan • Comstock announced on September 14, 2016 it has completed acquisition of the Preview SW gold deposit (SK) and the early stage Old Cabin gold property (ON) • Preview SW gold project is located 40 km north of La Ronge, SK and 80 km southwest of the Seabee Gold Operation (>1.2 Moz produced since 1991) of Silver Standard Resources Inc.; Silver Standard acquired Seabee via a takeover of Claude Resources Inc. in May 2016 in a deal valued at >C$400 million • Ground geophysics and diamond drilling program planned for Q1 2017 TSX.V : CSL 4
Preview SW • Preview SW project database contains results from 162 core holes, totaling 26,250 m , drilled between 1985 and 2013. • 136 holes drilled on the main Preview SW deposit - basis for a NI 43-101 Compliant Resource Estimate 1 1 This mineral resource estimate was conducted by Ronald G. Simpson P.Geo. For Comstock using definitions set out in CIM(2010) and have an effective date of September 27, 2016. A copy of the report is available on Comstock’s website at www.Comstock-metals.com TSX.V : CSL 5
Preview SW • The main Preview SW deposit is comprised of several sub-parallel northeast-trending gold- bearing quartz-sulphide mineralized structural zones ~500 m in strike length and ~150 m in width. • Preliminary metallurgical test work indicates total gold recovery in concentrates ranged from 90% to 93% 1 1 See the current 43-101 Technical Report for Preview SW by Ronald G. Simpson P.Geo. prepared for Comstock using definitions set out in CIM (2010) with an effective date of September 27, 2016. A copy of the report is available on Comstock’s website at www.Comstock-metals.com TSX.V : CSL 6
Preview SW • 6 additional known gold zones on the 853 ha property with only limited drilling • At Preview North zone , located 2.6 km northeast of the Preview SW deposit, drill hole PR13-163 intersected 1 : • 17.98 g/t Au over 5.71 m starting at 10 m below surface • 5.96 g/t Au over 5.66 m starting at 19 m below surface and, • 1.88 g/t Au over 21.26 m starting at 29 m below surface • There is no drilling information for 615 m along strike to the south of PR13-163 • The Company is planning an aggressive exploration program at the Preview SW comprising: step out drilling around the Preview SW deposit, drilling at the Preview North target and comprehensive metallurgical test work 2 1 See Comstock’s September 14, 2016 News Release; true thickness of intercepts is unknown 2 This potentially planned work will be subject to the Company obtaining additional financing TSX.V : CSL 7
Preview SW northern 1/3 of Property Preview North - Adit C Zone B Zone A Zone Preview SW deposit TSX.V : CSL 8
Preview North – Adit Zone TSX.V : CSL 9
PR13-163 Intercepts 5.71 @ 17.99 g/t Including 1.98m @ 50.62 g/t 5.66 m @ 5.96 g/t TSX.V : CSL 10
Yukon, White Gold District Projects: QV Project TSX.V : CSL 11
Why Yukon? • Ranked 4 th out of 122 global jurisdictions in Fraser 1 Institute’s Best Practices Mineral Potential Index • Ranked 12 th globally on the Investment 1 Attractiveness Index • Eleven of fourteen First Nations claims are settled • Three gold districts have emerged in the Yukon: • The Dawson Range (West Yukon) from Carmacks to Dawson ( White Gold District ) • The Rackla Gold Belt (North-central Yukon) including the Osiris zone at the Rau property • The Hyland Gold Trend, SE Yukon • Pro Mining and Pro Development • Goldcorp Inc. enters Yukon in May 2016 with ~C$520 million acquisition of Kaminak Gold Corporation 1 – Fraser Institute Annual Survey of Mining Companies: 2015 TSX.V : CSL 12
World Class Gold District Brewery Cr. Eagle - Victoria Keno Hill Golden Predator Alexco VG Deposit - QV Golden Saddle - Kinross Coffee – Goldcorp Casino - Western Copper TSX.V : CSL 13
Extension of Golden Saddle Geology Northwards • Initial airborne magnetic surveys defined favorable rock units and identified prospective structures on QV property • VG zone and Kinross’s Golden Saddle zone both occur on western flank of prominent N-S magnetic high TSX.V : CSL 14
VG Zone Geology and Follow up Drill Targets TSX.V : CSL 15
VG Zone Cross-Section - Looking Northeast TSX.V : CSL 16
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