CORRECTION FROM SOURCE: Comstock Confirms Effective Date of Share Consolidation

Vancouver, British Columbia--(Newsfile Corp. - May 26, 2020) - Comstock Metals Ltd. (TSXV: CSL) ("CSL" or the "Company") announces further to its press release on February 7, 2020, the consolidation of its common shares ("common shares") on the basis of (1) post-consolidation share for every five (5) pre-consolidation shares (the "Consolidation") will be effected at 12:01 a.m. on Tuesday, May 26, 2020. The Company's post-consolidation common shares will be posted for trading on the TSX Venture Exchange at the opening of trading on Tuesday May 26, 2020, under the current symbol "CSL" and new CUSIP number 205719305.

The Consolidation will result in the number of issued and outstanding common shares without par value of the Company being reduced from 92,747,530 common shares to approximately 18,549,506 common shares on a non-diluted basis, and each shareholder will hold the same percentage of common shares outstanding immediately after the Consolidation as such shareholder held immediately prior to the Consolidation. The exercise price and number of common shares of the Company issuable upon the exercise of outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation in accordance with the terms of such securities.

Registered shareholders that hold physical share certificates will receive a letter of transmittal requesting that they forward pre-consolidation common share certificates to the Company's transfer agent, Computershare Trust Company of Canada, for exchange for new share certificates representing common shares on a post-consolidation basis.

About Comstock Metals Ltd.

Comstock Metals Ltd. is a diversified mineral exploration company advancing its wholly owned projects located in North America and holds several equity positions in companies with large mineral resources.

- 100% owned Preview SW Gold Project in Saskatchewan (43-101 Resource Stage)

- Joint Venture and equity investment with E3 Metals Corp., a petro-lithium company developing lithium extraction technology in Alberta. (43-101 Resource Stage)

- Equity investment in White Gold Corp. developing its portfolio of properties located in the White Gold District of the Yukon (43-101 Resource Stage)

For more information about Comstock Metals Ltd., please visit www.comstock-metals.com or contact:

Steven H. Goldman
President, CEO and Director
COMSTOCK METALS LTD.
Phone: (416) 867-9100
Email: s.goldman@goldmanhine.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/56555