Good Planning • Good Geology • Good Management

TSX.V: CSL

November 14, 2016

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.

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Investment Highlights • Management, Board and Advisors have a strong track record of exploration and mining success

• 100% owned QV Project in Yukon has an Inferred resource of 230,000 oz of gold1 • 4.39 million tonnes at 1.65 g/t (0.5 g/t cut-off) • Only 17 core holes (3,422m) drilled to date - Open for expansion along strike and down dip • Multiple exploration targets within the 16,335 hectare QV property

• Immediately north of Kinross Gold’s White Gold project which has a 1.0 Moz resource at the Golden Saddle deposit which exhibits geologic similarities to the VG deposit at QV • 45 km NNE of Goldcorp Inc’s Feasibility stage + 5 Moz Coffee Gold project • 2016 exploration program underway in 2016 aimed at resource expansion and advancing high-priority targets – 2,500m (minimum) RAB drilling program commenced late August 2016 • Comstock has recently completed acquisition of the Preview SW gold deposit in Saskatchewan and the Old Cabin gold property in Ontario (see September 14, 2016 News Release) • U claims in the Athabasca Basin, SK; Corona project in Mexico optioned to large silver company • Actively pursing accretive acquisitions to expand resource base • Comstock has recently closed private placements of units and flow through shares for gross proceeds of $2.85 million (June 28 and July 27, 2016 News Releases) 1 - Unless otherwise noted, technical information regarding the QV Project is based on the Company’s National Instrument 43-101 technical report titled “NI 43-101 Technical Report on the QV Project” dated June 30, 2014.

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Management, Directors and Advisors David A. Terry, Ph.D., P.Geo. – President, CEO, Director • Economic geologist with over 25 years experience • Independent director of Golden Arrow Resources Corporation (TSXV:GRG) • Executive, director and advisory roles with a number of public and private exploration companies • Previous roles with Boliden Limited, Westmin Resources Limited, Hemlo Gold Mines Inc., Cominco Limited and Gold Fields Mining Corporation Douglas S. Turnbull, P.Geo. – Director • Consulting geologist with over 25 years of experience • Former CEO of Astur Gold Corp. (TSXV:AST) and director of several exploration companies • Previous work on Eskay Creek, Petaquilla, Mt. Kare & Sabodala OJVG deposits

Share Capital

Rasool Mohammad, B.Sc. (Mining) – Chairman, Director • Over 20 years of experience in mining and exploration • Currently CEO of Select Sands Corp. (TSXV:SNS) • Previous roles with BHP, Miramar and HDI Steven Goldman, B.A., J.D. - Director • Senior partner in a Toronto law firm • Substantial public board and private company experience. Darren Urquhart, CPA, CA - CFO • Over 15 years of experience in public and private practice including junior exploration companies Arnold Tenney – Advisor Rokshana Baryole – Advisor Dr K. Sethu Raman - Advisor Shawn Ryan – Advisor /Technical Consultant

Shares Outstanding - as of November 14, 2016

56,501,755

Options (WAP - $0.35)

3,521,000

Warrants (WAP - $0.66)

18,812,893*

*does not include 391,763 $0.18 and $0.25 warrants that would be issued upon exercise of unit broker warrants

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Why Yukon? •

Ranked 4th out of 122 global jurisdictions in Fraser 1 Institute’s Best Practices Mineral Potential Index

•

Ranked 12th 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

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Yukon, White Gold District Projects: QV Project

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World Class Gold District Brewery Cr. Golden Predator

Eagle - Victoria

Keno Hill Alexco

VG Deposit - QV Golden Saddle - Kinross

Coffee – Goldcorp Casino - Western Copper

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Extension of Golden Saddle Geology Northwards • Initial airborne magnetic surveys defined favorable rock units and identified prospective structures on QV property

• Magnetic high (purple) correlates with felsic gneiss host rock

• VG zone and Kinross’s Golden Saddle zone both occur on western flank of prominent N-S magnetic high

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VG Zone Geology and Follow up Drill Targets

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VG Zone Cross-Section - Looking Northeast

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1

QV Project - Inferred Gold Resources - 2014 Cut-off Grade Gold (g/t)

Tonnes

Gold Grade Contained Gold (g/t) (Ounces)

0.3 0.4

4,480,000 4,420,000

1.62 1.64

230,000 230,000

0.5

4,390,000

1.65

230,000

0.6 0.8 1.0 1.2 1.5 2.0

4,340,000 3,970,000 3,520,000 2,990,000 2,210,000 1,130,000

1.66 1.75 1.86 1.99 2.22 2.72

230,000 220,000 210,000 190,000 160,000 100,000

Mineralized Material not part of the Mineral Resources2 Below the Resource Limiting Pit Shell - at various Cut-off Grades

COG Au (g/t) 0.8 1.0 1.5 2.0 2.5

tonnes 1,570,000 1,060,000 480,000 280,000 110,000

Au (g/t) 1.40 1.64 2.21 2.55 3.09

Au Ounces 70,000 60,000 30,000 20,000 10,000

1 - Unless otherwise noted, technical information regarding the QV Project is based on the Company’s National Instrument 43-101 technical report titled “NI 43-101 Technical Report on the QV Project” dated June 30, 2014. 2 - Drilling at depth has identified gold mineralization which has been block modeled utilizing the same methodology and contiguous to the current mineral resource estimate, but below the optimized pit shell which marks the limits of what material has reasonable prospects for economic extraction. This zone represents an additional 0.5 to 1.6 million tonnes of mineralized rock grading 1.40 to 2.21 g/t Au. The potential quality and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource.

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QV Project VG Zone – Looking Northeast Showing existing drill-holes, pit (blue) and deposit (red)

Pit shell which limits mineral resource

Not part of the mineral resource

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QV Project VG Zone – Looking North Showing existing drill holes, pit (blue) and deposit (red)

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Projected VG Zone East-West Long Section - Drill Targets

Western Extension Target

Eastern Extension Target

Adit Fault / VG South Target

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Samples of Mineralized Core from 2012 Drilling

Fine-grained felsic gneiss. Green color due to hydrothermal sericite.

Felsic gneiss with rusty fractures after quartz and pyrite. Oxide mineralization in hole QV12-004.

Felsic gneiss in early stage of kink-folding, fracturing and replacement with sericite, quartz and pyrite

Spectacular jigsaw breccia with quartz and pyrite. Grades over 4 g/t gold.

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VG Zone Comparisons with Golden Saddle • Focused along a E-NE striking NW dipping (50-60˚) fault zone • Strongest mineralization hosted in felsic gneiss/intrusive with enrichment at intersection of E-W and NW structures • Mineralization consists dominantly of disseminated – vein/fracture controlled pyrite associated with quartz stockworks, breccias, and pervasive silicification • Alteration consists of strong quartz-sericitecarbonate overprinting early k-spar-hematite

• VG Zone drilling has intersected mineralization over an area of 350 by 350 meters, comparable to the Golden Saddle Deposit, and remains open in all directions TSX.V: CSL

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Priority Exploration Targets SHADOW: • • •

HIGH PRIORITY TARGETS

Large gold-in-soil anomaly 85 m of 0.33 g/t Au in trench 2,500m by 1,400m target area

STEWART: • • •

Large soil anomaly and anomalous mineralization in trenches Ground geophysics completed Drill ready targets identified

VG Zone - Eastern extension: • Strong cluster of anomalous soils and trenching VG Zone - Western extension: • Gold-in-soil anomaly extends 950 m W of the discovery zone • Step-out hole confirms the presence of favorable host rock and structure TSX.V: CSL

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2016 RAB Drilling Results to date: RAB001-012 released on Oct 13, 2016 RAB013-023 released on Nov 8, 2016

4.57m @ 1.03 g/t Au

64.01m @ 0.52 g/t Au Incl. 10.67m @ 1.65 g/t Au 35.05m @ 0.46 g/t Au

18.29m @ 1.14 g/t Au

16.76m @ 1.43 g/t Au

57.91m @ 1.89 g/t Au Incl. 12.19m @ 5.53 g/t Au

18.29m @ 1.81 g/t Au

6.10m @ 0.21 g/t Au 21.34m @ 0.21 g/t Au Incl. 6.10m @ 0.60 g/t Au

3.05m @ 7.79 g/t Au

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Looking West

Resistivity and RAB Drilling

Northeast VG Zone - Resistivity Looking West

Western VG Zone Resistivity

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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; • 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 Estimate1 1This

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

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Preview SW

• The main Preview SW deposit is comprised of several sub-parallel northeast-trending goldbearing 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

1See

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

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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 intersected1: • 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 work2 1See 2This

Comstock’s September 14, 2016 News Release; true thickness of intercepts is unknown potentially planned work will be subject to the Company obtaining additional financing

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For more information contact: [email protected] (T) 604-639-4533 310-850 West Hastings Street Vancouver, BC Canada V6C 1E1

701 - 675 West Hastings Street Vancouver, British Columbia Canada V6B 1N2 Drone Image QV Project- VG Zone

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APPENDIX

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QV Project, White Gold District - 2012 Drilling QV 2012 Drilling - Gold Assays Hole Number

From–to (m)

Core Length (m)

Au (g/t)

QV12-001 Including and QV12-002 including including and and QV12-003 including and including QV12-004 including and including QV12-005

20.0 – 102.0 26.0 – 31.9 55.0 – 58.1 18.0 – 74.4 21.0 – 36.2 27.0 – 30.0 45.0 – 50.1 73.6 – 74.4 9.0 – 57.0 9.0 – 13.1 23.5 – 30.0 27.0 – 29.0 43.75 – 133.6 43.75 – 47.1 72 – 117.5 75.1 – 88.0 20.73 – 25.50

82.00 5.90 3.10 56.40 15.20 3.00 5.10 0.80 48.00 4.10 6.50 2.00 89.85 3.35 45.50 12.90 4.77

1.02 6.07 2.33 1.28 2.75 4.92 2.30 3.15 1.11 2.44 3.04 5.33 2.34 9.98 3.04 4.89 0.61

QV12-006 including

75.00 – 135.8 101.50 – 116.43

60.80 14.93

1.45 3.76

QV12-007 Including

68.20 – 77.50 68.20 – 72.00

9.30 3.80

1.44 2.92

QV12-008 including

89.50 – 119.95 94.00 – 100.00

30.45 6.00

1.94 3.84

The 2012 drilling program at QV consisted of eight core holes totalling 1,334 metres.

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QV Project, White Gold District - 2013 Drilling QV 2013 Drilling - Gold Assays Hole Number

Depth below surface(m)

Intercept Length* (m)

Au (g/t)

QV13-009

125

47.70

1.05

QV13-010

129

30.50

0.50

QV13-011 including

186 210

42.60 12.54

1.41 3.40

QV13-012 Including

8.6 21.96

36.40 11.30

2.06 3.24

QV13-013 Including

From surface

10.95 7.33

1.90 2.59

QV13-014

88

57.15

1.01

QV13-015

187

43.50

0.40

QV13-016

105

1.20

4.25

QV13-017

26

2.00

0.38

*Intercepts determined with a 0.2 g/t Au cut-off, maximum 3.05 m internal dilution at 0.06 g/t Au.

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VG Zone – Alteration & Mineralization • Multiple-hydrothermal events • Geochemical signature of Au associated with: Ag – Mo – Bi – Hg – Sb – W – Te • Alteration consists of: Pre-Mineralization - Quartz-K-Feldspar-Hematite (+/- albite-magnetite) - Vein/fracture controlled; locally pervasive over +/-10m

Syn-Mineralization – Quartz-Sericite-Carbonate (+/-Clay) - Pervasive with strong silification and lode-stockworked quartz veining adjacent to faults Post/Late-Mineralization – Chalcedony – Clay Vein/fracture controlled

Qtz-kspar-hematite alteration

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VG Zone – Alteration & Mineralization • Mineralization consists of disseminated – fracture controlled pyrite & rare visible gold • Strongest mineralization associated with lodestockworked QV’s, breccia, and zones of pervasive silicification • < 10% sulfides, dominated by pyrite w/ minor molybdenite, galena, & chalcopyrite

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VG Zone – Alteration & Mineralization

Sericite overprinting early Kspar alteration

Late chalcedonic veins within fault gouge zone

Multi-generational quartz veining and strong QSP alteration

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