Schedule 13D Filing for Comstock Inc. by MAK Capital

MAK Capital Fund LP, MAK Capital One L.L.C., and Michael A. Kaufman (collectively "MAK") have filed a Schedule 13D detailing their beneficial ownership of Comstock Inc. common stock. As of March 25, 2026, MAK beneficially owns 5,763,729 shares, representing approximately 8.1% of the outstanding stock. The shares were acquired using working capital, including a significant purchase of 3,500,000 shares in a secondary offering on January 29, 2026, for approximately $9,625,000. On March 23, 2026, MAK entered into a cooperation agreement with Comstock Inc., which resulted in an increase of the Board of Directors to eight members and the appointment of three new directors. This agreement includes customary standstill obligations and mutual non-disparagement provisions for MAK. MAK may adjust its holdings based on market conditions and investment opportunities, and has no current plans for other significant actions beyond those disclosed. All transactions over the past 60 days have been in the open market, except for the secondary offering.