Q4 2025 Holdings
Filed 2026-02-13 | 24 holdings | $385.7M | 13F-HR | View on SEC ↗ · Holdings Table ↗
Sign in to see sub-manager breakdown
| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Ishares Silver TR(SLV)Put | ISHARES | 46428Q109 | $147.5M | 2,290,000 | 38.2% |
| Royal Gold Inc(RGLD) | COM | 780287108 | $32.6M | 146,731 | 8.5% |
| Elemental RTY Corp(ELE) | COM NEW | 28620K106 | $28.9M | 1,708,292 | 7.5% |
| Hycroft Mining Holding Corp(HYMC)Put | CL A NEW | 44862P208 | $20.7M | 870,000 | 5.4% |
| Iamgold Corp(IAG) | COM | 450913108 | $20.3M | 1,232,612 | 5.3% |
| Uranium Energy Corp(UEC)Call | COM | 916896103 | $16.2M | 1,390,000 | 4.2% |
| Encore Energy Corp(EU)Call | COM NEW | 29259W700 | $14.8M | 5,950,100 | 3.8% |
| Eldorado Gold Corp New(EGO) | COM | 284902509 | $14.5M | 402,584 | 3.7% |
| Barrick MNG Corp(B) | COM SHS | 06849F108 | $12.0M | 275,000 | 3.1% |
| Warrior MET Coal Inc(HCC) | COM | 93627C101 | $8.7M | 98,978 | 2.3% |
| Centerra Gold Inc(CGAU) | COM | 152006102 | $8.7M | 605,600 | 2.3% |
| Wheaton Precious Metals Corp(WPM) | COM | 962879102 | $8.4M | 71,599 | 2.2% |
| Nexgen Energy LTD(NXE) | COM | 65340P106 | $8.3M | 902,505 | 2.2% |
| OR Royalties Inc.(OR) | COM SHS | 68390D106 | $6.9M | 195,657 | 1.8% |
| Perpetua Resources Corp(PPTA) | COM | 714266103 | $5.5M | 229,000 | 1.4% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $5.2M | 30,410 | 1.3% |
| Denison Mines Corp(DNN) | COM | 248356107 | $4.6M | 1,725,182 | 1.2% |
| Vizsla Silver Corp(VZLA) | COM NEW | 92859G608 | $4.2M | 775,430 | 1.1% |
| Solaris RES Inc(SLSR) | COM NEW | 83419D201 | $4.2M | 519,952 | 1.1% |
| Metalla RTY & Streaming LTD(MTA) | COM NEW | 59124U605 | $3.6M | 456,339 | 0.9% |
| Equinox Gold Corp(EQX)Call | COM | 29446Y502 | $3.4M | 240,000 | 0.9% |
| VOX Royalty Corp(VOXR) | COM | 92919F103 | $3.1M | 652,114 | 0.8% |
| Nexmetals Mining Corp.(NEXM) | COM NEW | 65346E204 | $2.9M | 747,000 | 0.8% |
| Anfield Energy Inc(AEC) | COM NEW | 03464C205 | $480.4K | 93,650 | 0.1% |