SCHEDULE: MAK Capital Discloses 7.6% Stake in Comstock Inc.

MAK Capital Fund LP, MAK Capital One L.L.C., and Michael A. Kaufman jointly reported a 7.6% beneficial ownership stake in Comstock Inc. common stock.

Summary

• MAK Capital Fund LP, MAK Capital One L.L.C., and Michael A. Kaufman (collectively, the "Reporting Persons") have jointly filed a Schedule 13G.
• The Reporting Persons beneficially own an aggregate of 5,452,154 shares of Comstock Inc. common stock.
• This represents 7.6% of Comstock Inc.'s outstanding common stock.
• The calculation is based on 71,371,868 shares of common stock outstanding as of February 3, 2026.
• The Reporting Persons hold shared voting power and shared dispositive power over all 5,452,154 shares.
• The securities were not acquired for the purpose of changing or influencing control of Comstock Inc., other than activities solely in connection with a nomination under Rule 240.14a-11.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant stake by an institutional investor can be interpreted as a vote of confidence in Comstock Inc., although the explicit mention of potential nominations under Rule 240.14a-11 introduces a slight element of potential future engagement.

Positives

• A significant institutional investor, MAK Capital, has taken a substantial 7.6% stake in Comstock Inc., indicating confidence in the company's long-term prospects.
• The filing explicitly states that the stake is not for the purpose of changing or influencing control, which may reduce concerns about potential activist campaigns, except for potential nominations under Rule 240.14a-11.

Risks

• The statement regarding potential nominations under Rule 240.14a-11 could imply future engagement regarding board composition, which might introduce some level of uncertainty or potential for management-shareholder friction.

Future Outlook

NA

Management Comments

• "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."

Industry Context

StockSavvy.ai notes that a 7.6% stake by an investment firm like MAK Capital is a significant position, often signaling a long-term investment thesis or a belief in the company's undervalued assets or future potential. Such a substantial stake can attract attention from other institutional investors, potentially validating Comstock Inc.'s investment case within its sector.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor taking a stake could be viewed positively, potentially increasing investor confidence and attracting further investment.
• Management: The statement about not seeking to influence control, except for potential nominations, suggests that management may face future engagement regarding board composition.

Key Dates

Recommendation

While the disclosure of a significant institutional stake is generally positive, indicating investor confidence, the explicit mention of potential nominations under Rule 240.14a-11 suggests a possibility of future shareholder activism or engagement regarding corporate governance. This introduces a degree of uncertainty that warrants a 'hold' recommendation until the nature and impact of any such engagement become clearer. Investors should monitor future communications from both Comstock Inc. and MAK Capital.

Keywords

Comstock Inc., MAK Capital Fund LP, MAK Capital One L.L.C., Michael A. Kaufman, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Equity Stake, SEC Filing