Q3 2025 Holdings
Filed 2025-11-14 | 20 holdings | $835.4M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| New Gold Inc CDA(NGD) | COM | 644535106 | $215.7M | 30,039,918 | 25.8% |
| SSR Mining in(SSRM) | COM | 784730103 | $81.9M | 3,353,891 | 9.8% |
| I-80 Gold Corp(IAUX) | COM | 44955L106 | $76.5M | 80,100,000 | 9.2% |
| Osisko Development Corp(ODV) | COM NEW | 68828E809 | $74.5M | 21,964,844 | 8.9% |
| Valaris LTD(VAL) | CL A | G9460G101 | $56.5M | 1,158,651 | 6.8% |
| Sibanye Stillwater LTD(SBSW) | SPONSORED ADR | 82575P107 | $55.8M | 4,964,929 | 6.7% |
| Chord Energy Corporation(CHRD) | COM NEW | 674215207 | $52.8M | 531,291 | 6.3% |
| Rayonier Advanced Matls Inc(RYAM) | COM | 75508B104 | $45.9M | 6,356,130 | 5.5% |
| Seadrill LTD(SDRL) | COM | G7997W102 | $38.7M | 1,279,968 | 4.6% |
| Endeavour Silver Corp(EXK) | COM | 29258Y103 | $23.5M | 3,000,000 | 2.8% |
| Cenovus Energy Inc(CVE) | COM | 15135U109 | $18.7M | 1,100,000 | 2.2% |
| I-80 Gold Corp(IAU-WU) | *W EXP 11/16/202 | 44955L155 | $18.4M | 40,846,499 | 2.2% |
| Core Natural Resources Inc(CNR) | COM SHS | 218937100 | $16.8M | 201,663 | 2.0% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $16.0M | 95,186 | 1.9% |
| Tidewater Inc New(TDW) | COM | 88642R109 | $15.2M | 285,900 | 1.8% |
| Cadeler A S(CDLR) | SPON ADR | 12738K109 | $12.9M | 624,400 | 1.5% |
| International Seaways Inc(INSW) | COM | Y41053102 | $9.0M | 194,763 | 1.1% |
| Tsakos Energy Navigation LTD(TEN) | SHS | G9108L173 | $4.2M | 190,977 | 0.5% |
| Mcewen Inc.(MUX) | COM NEW | 58039P305 | $1.9M | 113,000 | 0.2% |
| Spdr Series Trust(XME) | S&P METALS MNG | 78464A755 | $379.8K | 4,076 | 0.0% |