Q4 2025 Holdings
Filed 2026-02-17 | 22 holdings | $958.0M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| New Gold Inc CDA(NGD) | COM | 644535106 | $239.0M | 27,437,020 | 24.9% |
| I-80 Gold Corp(IAUX) | COM | 44955L106 | $117.2M | 80,241,558 | 12.2% |
| Osisko Development Corp(ODV) | COM NEW | 68828E809 | $80.7M | 23,112,036 | 8.4% |
| Sibanye Stillwater LTD(SBSW) | SPONSORED ADR | 82575P107 | $74.7M | 5,244,469 | 7.8% |
| Valaris LTD(VAL) | CL A | G9460G101 | $58.4M | 1,158,651 | 6.1% |
| B2gold Corp(BTG) | COM | 11777Q209 | $50.8M | 11,265,300 | 5.3% |
| Chord Energy Corporation(CHRD) | COM NEW | 674215207 | $46.9M | 505,536 | 4.9% |
| Seadrill LTD(SDRL) | COM | G7997W102 | $44.3M | 1,279,968 | 4.6% |
| Endeavour Silver Corp(EXK) | COM | 29258Y103 | $42.3M | 4,503,543 | 4.4% |
| I-80 Gold Corp(IAU-WU) | *W EXP 11/16/202 | 44955L155 | $38.0M | 41,339,999 | 4.0% |
| Rayonier Advanced Matls Inc(RYAM) | COM | 75508B104 | $37.5M | 6,358,877 | 3.9% |
| Cenovus Energy Inc(CVE) | COM | 15135U109 | $18.6M | 1,100,000 | 1.9% |
| Core Natural Resources Inc(CNR) | COM SHS | 218937100 | $17.8M | 201,663 | 1.9% |
| Agnico Eagle Mines LTD(AEM) | COM | 008474108 | $16.1M | 95,186 | 1.7% |
| Tidewater Inc New(TDW) | COM | 88642R109 | $14.4M | 285,900 | 1.5% |
| Nexmetals Mining Corp.(NEXM) | COM NEW | 65346E204 | $13.7M | 3,513,500 | 1.4% |
| Spdr Series Trust(XME) | STATE STREET SPD | 78464A755 | $12.7M | 122,451 | 1.3% |
| Elemental RTY Corp(ELE) | COM NEW | 28620K106 | $11.6M | 686,246 | 1.2% |
| Cadeler A S(CDLR) | SPON ADR | 12738K109 | $11.6M | 624,400 | 1.2% |
| Spdr Series Trust(XOP) | STATE STREET SPD | 78468R556 | $5.2M | 41,028 | 0.5% |
| Tsakos Energy Navigation LTD(TEN) | SHS | G9108L173 | $4.3M | 190,977 | 0.4% |
| Mcewen Inc.(MUX) | COM NEW | 58039P305 | $2.1M | 113,000 | 0.2% |