Q2 2025 Holdings
Filed 2025-08-14 | 28 holdings | $910.8M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Range RES Corp(RRC) | COM | 75281A109 | $114.3M | 2,809,804 | 12.5% |
| Seabridge Gold Inc(SA) | COM | 811916105 | $107.2M | 7,382,606 | 11.8% |
| Barrick MNG Corp(B) | COM SHS | 06849F108 | $106.8M | 5,128,287 | 11.7% |
| KT Corp(KT) | SPONSORED ADR | 48268K101 | $88.9M | 4,276,464 | 9.8% |
| Novagold RES Inc(NG) | COM NEW | 66987E206 | $78.2M | 19,115,209 | 8.6% |
| Franklin Resources Inc(BEN) | COM | 354613101 | $67.8M | 2,843,849 | 7.4% |
| Sociedad Quimica Y Minera de(SQM) | SPON ADR SER B | 833635105 | $65.0M | 1,842,113 | 7.1% |
| Expand Energy Corporation(EXE) | COM | 165167735 | $61.1M | 522,716 | 6.7% |
| Nutrien LTD(NTR) | COM | 67077M108 | $33.4M | 573,644 | 3.7% |
| Ivanhoe Electric Inc(IE) | COM | 46578C108 | $31.0M | 3,412,561 | 3.4% |
| Northern Dynasty Minerals LT(NAK) | COM NEW | 66510M204 | $26.4M | 19,666,067 | 2.9% |
| Cresud S A C I F Y A(CD8) | SPONSORED ADR | 226406106 | $25.7M | 2,392,876 | 2.8% |
| AIR Lease Corp(AL) | CL A | 00912X302 | $16.8M | 286,682 | 1.8% |
| Sandstorm Gold LTD(AYS1) | COM NEW | 80013R206 | $15.1M | 1,603,160 | 1.7% |
| Amentum Holdings Inc(AMTM) | COM | 023939101 | $15.0M | 636,226 | 1.6% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $14.4M | 81,083 | 1.6% |
| International Tower Hill MIN(THM) | COM | 46050R102 | $12.4M | 14,448,418 | 1.4% |
| Nexgen Energy LTD(NXE) | COM | 65340P106 | $12.2M | 1,760,522 | 1.3% |
| Newmont Corp(NEM) | COM | 651639106 | $10.5M | 180,570 | 1.2% |
| Korea Elec PWR Corp(KEP) | SPONSORED ADR | 500631106 | $3.8M | 268,151 | 0.4% |
| Vista Gold Corp(VGZ) | COM NEW | 927926303 | $3.7M | 3,830,394 | 0.4% |
| Ishares Silver TR(SLV) | ISHARES | 46428Q109 | $398.8K | 12,155 | 0.0% |
| Ishares Silver TR(SLV)Call | ISHARES | 46428Q109 | $359.2K | 141,400 | 0.0% |
| Apple Inc(AAPL)Put | COM | 037833100 | $247.3K | 5,000 | 0.0% |
| Abbvie Inc(ABBV)Put | COM | 00287Y109 | $62.4K | 4,200 | 0.0% |
| Paychex Inc(PAYX)Put | COM | 704326107 | $49.3K | 5,600 | 0.0% |
| Amgen Inc(AMGN)Put | COM | 031162100 | $41.1K | 3,100 | 0.0% |
| Autozone Inc(AZO)Put | COM | 053332102 | $10.1K | 100 | 0.0% |