MAK Capital discloses 7.6% Comstock (LODE) stake as passive holding

Rhea-AI Filing Summary

Comstock Inc. (LODE) received a large shareholder disclosure from MAK Capital Fund LP, MAK Capital One L.L.C. and Michael A. Kaufman. The reporting group states beneficial ownership of 5,452,154 shares of common stock, representing 7.6% of the class as of the close of business on February 5, 2026.

The percentage is based on 71,371,868 shares outstanding as of February 3, 2026, as reported by Comstock. The reporting persons have shared voting and dispositive power over all 5,452,154 shares and no sole voting or dispositive power. They certify the securities were not acquired to change or influence control of Comstock.

Insights

Equity ownership & governance analyst

MAK Capital discloses a 7.6% passive stake in Comstock.

The filing shows MAK Capital Fund LP, MAK Capital One L.L.C. and Michael A. Kaufman jointly reporting beneficial ownership of 5,452,154 Comstock common shares, or 7.6% of the class, based on 71,371,868 shares outstanding as of February 3, 2026.

All reported shares are held with shared, not sole, voting and dispositive power, indicating coordinated control within the reporting group rather than by an individual. The Schedule 13G certification states the position is not held to change or influence control, characterizing it as a passive investment under the applicable rules.

This kind of >5% passive stake can be notable for liquidity and governance awareness, but it does not by itself signal an activist campaign. Future ownership updates in subsequent beneficial ownership reports would show whether the stake grows, shrinks, or shifts classification.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

COMSTOCK INC.

(Name of Issuer)

Common Stock, par value $0.000666 per share

(Title of Class of Securities)

205750409

(CUSIP Number)

01/29/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 205750409

1

Names of Reporting Persons

MAK Capital Fund LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

BERMUDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,452,154.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,452,154.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,452,154.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.6 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: For item 11: As of the close of business February 5, 2026. The calculation is based upon 71,371,868 shares of common stock, par value $0.000666 per share ("Common Stock") outstanding as of the close of business February 3, 2026 as reported by the Issuer on the fifth page of its Investor Presentation filed as Exhibit 99.1 to the Issuer's Current Report Form 8-K filed with the Securities and Exchange Commission on February 3, 2026.

SCHEDULE 13G

CUSIP No. 205750409

1

Names of Reporting Persons

MAK Capital One L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,452,154.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,452,154.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,452,154.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.6 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: For item 11: As of the close of business February 5, 2026. The calculation is based upon 71,371,868 shares of common stock, par value $0.000666 per share ("Common Stock") outstanding as of the close of business February 3, 2026 as reported by the Issuer on the fifth page of its Investor Presentation filed as Exhibit 99.1 to the Issuer's Current Report Form 8-K filed with the Securities and Exchange Commission on February 3, 2026.

SCHEDULE 13G

CUSIP No. 205750409

1

Names of Reporting Persons

Michael A. Kaufman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,452,154.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,452,154.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,452,154.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.6 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: For item 11: As of the close of business February 5, 2026. The calculation is based upon 71,371,868 shares of common stock, par value $0.000666 per share ("Common Stock") outstanding as of the close of business February 3, 2026 as reported by the Issuer on the fifth page of its Investor Presentation filed as Exhibit 99.1 to the Issuer's Current Report Form 8-K filed with the Securities and Exchange Commission on February 3, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: COMSTOCK INC.
(b)	Address of issuer's principal executive offices: 177 American Flat Road, P O Box 1118, Virginia City, NV 89440
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed by i. MAK Capital Fund LP ("MAK Fund") ii. MAK Capital One L.L.C. ("MAK Capital"); and iii. Michael A. Kaufman ("Mr. Kaufman," and collectively with MAK Fund and MAK Capital, the "Reporting Persons")
(b)	Address or principal business office or, if none, residence: The principal business address of (i) MAK Fund is c/o Wakefield Quin, Victoria Place, 31 Victoria Street, Bermuda; and (ii) MAK Capital and Mr. Kaufman is 590 Madison Avenue, 31st Floor, New York, NY 10022.
(c)	Citizenship: MAK Fund is a Bermuda limited partnership. MAK Capital is a Delaware limited liability company. Mr. Kaufman is a United States citizen.
(d)	Title of class of securities: Common Stock, par value $0.000666 per share
(e)	CUSIP No.: 205750409
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5452154
(b)	Percent of class: 7.6 As of the close of business February 5, 2026. The calculation is based upon 71,371,868 shares of common stock, par value $0.000666 per share ("Common Stock") outstanding as of the close of business February 3, 2026 as reported by the Issuer on the fifth page of its Investor Presentation filed as Exhibit 99.1 to the Issuer's Current Report Form 8-K filed with the Securities and Exchange Commission on February 3, 2026.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 5452154
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 5452154
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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:	Managing Member
Date:	02/05/2026

MAK Capital One L.L.C.

Signature:	/s/ Michael A. Kaufman
Name/Title:	Managing Member
Date:	02/05/2026

Michael A. Kaufman

Signature:	/s/ Michael A. Kaufman
Name/Title:	MICHAEL A. KAUFMAN
Date:	02/05/2026

FAQ

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

MAK Capital and related reporting persons disclose beneficial ownership of 7.6% of Comstock’s common stock. This percentage is based on 71,371,868 shares outstanding as of February 3, 2026, as cited from Comstock’s investor presentation referenced in the filing.

How many Comstock Inc. (LODE) shares are beneficially owned by MAK Capital?

The reporting group states beneficial ownership of 5,452,154 shares of Comstock common stock. This entire amount is reported with shared voting and shared dispositive power, meaning decisions over these shares are made collectively rather than by a single reporting person.

Is MAK Capital’s stake in Comstock Inc. (LODE) passive or activist under this Schedule 13G?

The filing includes a Schedule 13G certification that the securities were not acquired and are not held for the purpose of changing or influencing control of Comstock. This language characterizes the disclosed 7.6% position as a passive investment under the relevant rules.

Who are the reporting persons in the Comstock Inc. (LODE) Schedule 13G filing?

The Schedule 13G is filed jointly by MAK Capital Fund LP, MAK Capital One L.L.C., and Michael A. Kaufman. Each reports the same 5,452,154 shares with shared voting and dispositive power, reflecting coordinated beneficial ownership of the Comstock position.

What reference share count did MAK Capital use to calculate its 7.6% stake in Comstock (LODE)?

The 7.6% ownership figure is calculated using 71,371,868 shares of Comstock common stock outstanding as of February 3, 2026. This baseline share count comes from Comstock’s investor presentation filed as Exhibit 99.1 to a Form 8-K on that same date.

Does MAK Capital have sole voting power over its Comstock Inc. (LODE) shares?

No. The reporting persons indicate 0 shares with sole voting power and 5,452,154 shares with shared voting power. They similarly report no sole dispositive power, only shared dispositive authority over the same 5,452,154 Comstock common shares.