Comstock: MAK Capital Fund reports roughly 5.2% stake

The reported 5.2% ownership calculation uses Comstock’s 75,993,047 shares outstanding as of July 20, 2026.

Rhea-AI Filing Summary

Comstock Inc. (LODE) is the issuer in a Schedule 13D amendment by MAK Capital Fund LP, MAK Capital One LLC and Michael A. Kaufman. MAK Capital Fund directly beneficially owns 3,959,115 common shares, or approximately 5.2% of the outstanding shares. MAK Capital, as the fund’s investment manager, and Kaufman, as MAK Capital’s Managing Member, may each be deemed to beneficially own those same shares; each disclaims beneficial ownership of securities not directly owned.

The percentage is based on 75,993,047 shares outstanding as of July 20, 2026. MAK Capital Fund acquired 3,500,000 shares in a secondary offering on January 29, 2026, for approximately $9,625,000, excluding brokerage commissions. It reports an aggregate purchase price of approximately $12,685,226 for its 3,959,115 beneficially owned shares. Transactions since Amendment No. 1 were effected in the open market unless otherwise noted in Exhibit 1.

Key Figures

Beneficially owned common shares: 3,959,115 shares Percentage of outstanding shares: Approximately 5.2% Shares outstanding: 75,993,047 shares +3 more

6 metrics

Beneficially owned common shares 3,959,115 shares Directly owned by MAK Capital Fund

Percentage of outstanding shares Approximately 5.2% Reported by each reporting person

Shares outstanding 75,993,047 shares As of July 20, 2026

Shares acquired in secondary offering 3,500,000 shares January 29, 2026

Purchase price for secondary offering shares Approximately $9,625,000 Excluding brokerage commissions

Aggregate purchase price of beneficially owned shares Approximately $12,685,226 Excluding brokerage commissions

Key Terms

beneficially owns directly, Shared Voting Power, Shared Dispositive Power, secondary offering, +1 more

5 terms

beneficially owns directly financial

"MAK Fund beneficially owns directly 3,959,115 Shares"

Shared Voting Power financial

"Shared Voting Power 3,959,115.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

Shared Dispositive Power financial

"Shared Dispositive Power 3,959,115.00"

secondary offering financial

"acquired 3,500,000 Shares in a secondary offering"

A secondary offering is when a company sells new shares of its stock to the public after its initial sale. This allows existing shareholders or the company itself to raise additional money. For investors, it can impact the stock’s price by increasing the total number of shares available, which may influence the stock’s value and how the market perceives the company’s financial health.

margin loans financial

"include margin loans made by brokerage firms"

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.

FAQ

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

How many LODE shares does MAK Capital Fund beneficially own?

MAK Capital Fund directly beneficially owns 3,959,115 Comstock common shares, representing approximately 5.2% of the outstanding shares. MAK Capital One LLC and Michael A. Kaufman may each be deemed to beneficially own those same fund-held shares.

How many Comstock shares were outstanding for the 5.2% calculation?

The calculation uses 75,993,047 Comstock shares outstanding as of July 20, 2026, as reported in the issuer’s quarterly report.

How much did MAK Capital Fund pay for Comstock shares in the January 2026 secondary offering?

MAK Capital Fund acquired 3,500,000 shares in a secondary offering on January 29, 2026, for approximately $9,625,000, excluding brokerage commissions.

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

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Available on EDGAR 10/16/2026 - 07:42 PM EDT Accepted by SEC EDGAR 10/16/2026 - 07:42 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)

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)

10/14/2026

(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 3,959,115.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,959,115.00

11

Aggregate amount beneficially owned by each reporting person

3,959,115.00

12

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

13

Percent of class represented by amount in Row (11)

5.2 %

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 3,959,115.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,959,115.00

11

Aggregate amount beneficially owned by each reporting person

3,959,115.00

12

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

13

Percent of class represented by amount in Row (11)

5.2 %

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 3,959,115.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,959,115.00

11

Aggregate amount beneficially owned by each reporting person

3,959,115.00

12

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

13

Percent of class represented by amount in Row (11)

5.2 %

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: 500 DAMONTE RANCH PARKWAY, SUITE 980, RENO, NEVADA , 89521.
Item 1 Comment: The following constitutes Amendment No. 2 ("Amendment No. 2") 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. 2 amends and restates the Schedule 13D as specifically set forth herein. 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 3,959,115 Shares beneficially owned by MAK Fund is approximately $12,685,226, excluding brokerage commissions.
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 3,959,115 Shares, representing approximately 5.2% of the outstanding Shares. MAK Capital, as the investment manager of MAK Fund, may be deemed to beneficially own the 3,959,115 Shares beneficially owned directly by MAK Fund, representing approximately 5.2% of the outstanding Shares. Mr. Kaufman, as the Managing Member of MAK Capital, may be deemed to beneficially own the 3,959,115 Shares beneficially owned directly by MAK Fund, representing approximately 5.2% 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 since the filing of Amendment No. 1 to the Schedule 13D 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:	10/16/2026

MAK CAPITAL ONE LLC

Signature:	/s/ Michael A. Kaufman
Name/Title:	Michael A. Kaufman, Managing Member
Date:	10/16/2026

Kaufman Michael A

Signature:	/s/ Michael A. Kaufman
Name/Title:	Michael A. Kaufman
Date:	10/16/2026