MAK Capital reports 6.7% Comstock stake, $15M cost

MAK Capital’s amended Schedule 13D shows a 6.7% stake in Comstock Inc. after portfolio-rebalancing sales, with plans to remain a large shareholder.

Rhea-AI Filing Summary

Comstock Inc. (LODE) is the subject of an amended Schedule 13D filing in which MAK Capital Fund LP, MAK Capital One LLC and Michael A. Kaufman report beneficial ownership of 5,065,656 shares of common stock, representing 6.7% of the outstanding shares, based on 75,993,047 shares outstanding as of July 20, 2026.

The filing explains that MAK Capital Fund purchased shares using working capital, including margin loans, and acquired 3,500,000 shares in a secondary offering on January 29, 2026 for about $9.63 million, with a total cost of about $15.07 million for the current 5,065,656-share position. MAK Capital states that recent sales disclosed in this amendment were made to rebalance its portfolio, and that it intends to remain a large shareholder while its previously appointed directors continue to serve on Comstock’s board under an existing Cooperation Agreement.

Key Figures

Shares beneficially owned: 5,065,656 shares Ownership percentage: 6.7% Shares outstanding: 75,993,047 shares +4 more

7 metrics

Shares beneficially owned 5,065,656 shares Comstock common stock beneficially owned by MAK Capital Fund as of this amendment

Ownership percentage 6.7% Portion of Comstock’s outstanding common stock represented by 5,065,656 shares

Shares outstanding 75,993,047 shares Comstock shares outstanding as of July 20, 2026, from the company’s Form 10-Q

Aggregate purchase price of current stake $15,073,749 Total cost for 5,065,656 Comstock shares, excluding brokerage commissions

Secondary offering purchase 3,500,000 shares for $9,625,000 Comstock shares acquired by MAK Fund on January 29, 2026 in a secondary offering

Sole voting power 0 shares Shares over which the reporting persons have sole voting power

Shared voting power 5,065,656 shares Shares over which the reporting persons have shared voting power

Key Terms

beneficially own, working capital, margin loans, open market transactions, +2 more

6 terms

beneficially own financial

"As of the date hereof, MAK Fund beneficially owns directly 5,065,656 Shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

working capital financial

"The Shares purchased by MAK Fund were purchased with working capital"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

margin loans financial

"include margin loans made by brokerage firms in the ordinary course of business"

Margin loans are loans from a brokerage that let an investor borrow money using their existing stocks, bonds or cash as collateral to buy more securities. They matter because borrowing magnifies both gains and losses—like using a lever to move a heavier load—so small market moves can have outsized effects on your returns; investors also pay interest and risk a margin call, where the broker may force sales if collateral falls below required levels.

open market transactions financial

"in open market transactions, except as otherwise noted"

Open market transactions are the buying and selling of a company’s shares or other securities conducted on public exchanges or through the wider market rather than through private deals or negotiated placements. They matter to investors because these trades change supply and demand in real time—like shoppers affecting a store’s inventory—and so can move prices, signal management or investor sentiment, affect liquidity, and alter ownership stakes that influence future returns and risk.

Cooperation Agreement regulatory

"remain on the Issuer's board of directors pursuant to the Cooperation Agreement"

A cooperation agreement is a formal contract between two or more organizations that lays out who will do what, how resources and responsibility are shared, how benefits or costs are divided, and how disputes or exits are handled. Like two chefs agreeing on a shared recipe and kitchen duties, it matters to investors because it can create new revenue paths, shift costs or risks, affect who controls key assets or technologies, and change a company’s future growth prospects.

Schedule 13D regulatory

"this Amendment No. 1 to the to effectuate a rebalancing"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of Comstock Inc. (LODE) does MAK Capital currently report owning?

MAK Capital reports beneficial ownership of 5,065,656 Comstock shares, representing 6.7% of the company’s outstanding common stock, based on 75,993,047 shares outstanding as of July 20, 2026.

How many Comstock (LODE) shares does MAK Capital beneficially own and how is voting power held?

MAK Capital Fund LP beneficially owns 5,065,656 shares of Comstock common stock. It reports 0 shares with sole voting power and 5,065,656 shares with shared voting and shared dispositive power among the reporting persons.

What did MAK Capital pay for its Comstock (LODE) stake?

MAK Capital states that the aggregate purchase price of the 5,065,656 Comstock shares it beneficially owns is approximately $15,073,749, excluding brokerage commissions.

What Comstock (LODE) transaction on January 29, 2026 does MAK Capital disclose?

MAK Capital Fund acquired 3,500,000 Comstock shares in a secondary offering on January 29, 2026 for an aggregate purchase price of about $9,625,000, excluding brokerage commissions.

Why did MAK Capital sell some Comstock (LODE) shares according to this amendment?

MAK Capital states that the sales reported in this amendment were undertaken "to effectuate a rebalancing of its portfolio" and that it intends to remain a large shareholder of Comstock.

Do MAK Capital’s board appointees remain on Comstock’s board?

Yes. The filing notes that the "New Appointees" previously described remain on Comstock’s board of directors pursuant to an existing Cooperation Agreement with the company.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/16/2026 - 07:58 PM Accepted by SEC EDGAR 09/16/2026 - 07:57 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Comstock Inc.

(Name of Issuer)

Common Stock, par value $0.000666 per share

(Title of Class of Securities)

205750409

(CUSIP Number)

MICHAEL A. KAUFMAN
MAK CAPITAL FUND LP, 590 Madison Avenue, 31st Floor
New York, NY, 10022
212-486-3211

ANDREW FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP, 1325 Avenue of the Americas
New York, NY, 10019
212-451-2300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/14/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 205750409

1

Name of reporting person

MAK Capital Fund LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,065,656.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,065,656.00

11

Aggregate amount beneficially owned by each reporting person

5,065,656.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.7 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP Number(s): 205750409

1

Name of reporting person

MAK CAPITAL ONE LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,065,656.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,065,656.00

11

Aggregate amount beneficially owned by each reporting person

5,065,656.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.7 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP Number(s): 205750409

1

Name of reporting person

Kaufman Michael A

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,065,656.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,065,656.00

11

Aggregate amount beneficially owned by each reporting person

5,065,656.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.7 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.000666 per share
(b)	Name of Issuer: Comstock Inc.
(c)	Address of Issuer's Principal Executive Offices: 117 AMERICAN FLAT ROAD, PO BOX 1118, VIRGINIA CITY, NEVADA , 89440.
Item 1 Comment: Explanatory Note: The following constitutes Amendment No. 1 ("Amendment No. 1") to the Schedule 13D filed with the Securities and Exchange Commission ("SEC") by MAK Capital Fund LP ("MAK Fund"), MAK Capital One LLC ("MAK Capital") and Michael A. Kaufman (collectively, "MAK" or the "Reporting Persons") on March 25, 2026. This Amendment No. 1 amends and restates the Schedule 13D as specifically set forth herein. The Reporting Persons note that the percentage ownership reported in the original Schedule 13D was based on 71,371,868 Shares outstanding, as reported by the Issuer in Exhibit 99.1 to the Issuer's Current Report on Form 8-K filed with the SEC on February 3, 2026, however, the Reporting Persons beneficially owned approximately 7.8% of the outstanding Shares based on 74,099,140 Shares outstanding in its Annual Report on Form 10-K filed with the SEC on March 24, 2026. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D, as amended. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended and restated to read as follows: The Shares purchased by MAK Fund were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market transactions, except as otherwise noted. MAK Fund acquired 3,500,000 Shares in a secondary offering on January 29, 2026 for an aggregate purchase price of approximately $9,625,000, excluding brokerage commissions. The aggregate purchase price of the 5,065,656 Shares beneficially owned by MAK Fund is approximately $15,073,749, excluding brokerage commissions.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended to add the following: MAK Fund has undertaken the sales reported in this Amendment No. 1 to the Schedule 13D to effectuate a rebalancing of its portfolio. MAK Fund intends to remain a large shareholder of the Issuer and the New Appointees (as previously defined and described in the Schedule 13D) remain on the Issuer's board of directors pursuant to the Cooperation Agreement (as previously defined and described in the Schedule 13D).
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 75,993,047 Shares outstanding, as of July 20, 2026, which is the total number of Shares outstanding as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on July 23, 2026. As of the date hereof, MAK Fund beneficially owns directly 5,065,656 Shares, representing approximately 6.7% of the outstanding Shares. MAK Capital, as the investment manager of MAK Fund, may be deemed to beneficially own the 5,065,656 Shares beneficially owned directly by MAK Fund, representing approximately 6.7% of the outstanding Shares. Mr. Kaufman, as the Managing Member of MAK Capital, may be deemed to beneficially own the 5,065,656 Shares beneficially owned directly by MAK Fund, representing approximately 6.7% of the outstanding Shares. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(c)	Item 5(c) is hereby amended and restated to read as follows: The transactions in securities of the Issuer by the Reporting Persons during the past 60 days are set forth in Exhibit 1 and are incorporated herein by reference. All of such transactions were effected in the open market unless otherwise noted therein.
Item 7.	Material to be Filed as Exhibits.
	Item 7 is hereby amended to add the following exhibit: 1 - Transactions in Securities.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

MAK Capital Fund LP

Signature:	/s/ Michael A. Kaufman
Name/Title:	Michael A. Kaufman, Managing Member
Date:	09/16/2026

MAK CAPITAL ONE LLC

Signature:	/s/ Michael A. Kaufman
Name/Title:	Michael A. Kaufman, Managing Member
Date:	09/16/2026

Kaufman Michael A

Signature:	/s/ Michael A. Kaufman
Name/Title:	Michael A. Kaufman
Date:	09/16/2026