Q2 2025 Holdings
Filed 2025-08-14 | 24 holdings | $539.7M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Sandstorm Gold LTD(AYS1) | COM NEW | 80013R206 | $196.3M | 20,851,771 | 36.4% |
| Allied Gold Corp(AAUC) | COM NEW | 01921D204 | $103.6M | 7,714,312 | 19.2% |
| Skeena RES LTD New(SKE) | COM | 83056P715 | $81.9M | 5,147,840 | 15.2% |
| Equinox Gold Corp(EQX) | COM | 29446Y502 | $70.6M | 12,229,378 | 13.1% |
| Dakota Gold Corp(DC) | COM | 46655E100 | $35.8M | 9,711,503 | 6.6% |
| Solaris RES Inc(SLSR) | COM NEW | 83419D201 | $25.0M | 5,454,201 | 4.6% |
| I-80 Gold Corp(IAUX) | COM | 44955L106 | $12.8M | 20,727,351 | 2.4% |
| Anglogold Ashanti PLC(AU) | COM SHS | G0378L100 | $1.3M | 29,784 | 0.2% |
| Mosaic Co New(MOS) | COM | 61945C103 | $1.2M | 34,143 | 0.2% |
| Uranium Energy Corp(UEC) | COM | 916896103 | $1.2M | 181,214 | 0.2% |
| Steel Dynamics Inc(STLD) | COM | 858119100 | $967.6K | 7,559 | 0.2% |
| Methanex Corp(MEOH) | COM | 59151K108 | $940.1K | 28,334 | 0.2% |
| Energy Fuels Inc(UUUU) | COM NEW | 292671708 | $878.0K | 152,693 | 0.2% |
| Fluor Corp New(FLR) | COM | 343412102 | $859.9K | 16,772 | 0.2% |
| Coeur MNG Inc(CDE) | COM NEW | 192108504 | $856.9K | 96,720 | 0.2% |
| Hudbay Minerals Inc(HBM) | COM | 443628102 | $786.0K | 74,017 | 0.1% |
| ERO Copper Corp(ERO) | COM | 296006109 | $742.0K | 43,897 | 0.1% |
| Lithium Argentina AG(LAR) | COM SHS | H5012F103 | $717.9K | 345,155 | 0.1% |
| Freeport-Mcmoran Inc(FCX) | CL B | 35671D857 | $711.7K | 16,417 | 0.1% |
| Precision Drilling Corp(PDS) | COM NEW | 74022D407 | $642.2K | 13,594 | 0.1% |
| Century Alum Co(CENX) | COM | 156431108 | $615.3K | 34,147 | 0.1% |
| Algoma STL Group Inc(ASTL) | COM | 015658107 | $368.2K | 53,193 | 0.1% |
| Perpetua Resources Corp(PPTA) | COM | 714266103 | $329.9K | 27,175 | 0.1% |
| Collective Mining LTD(CNL) | COM | 19425C100 | $295.8K | 27,011 | 0.1% |