Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (22 quarters reported)
$335M in Q1 2021 → $942M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| CM Coeur Mng Inc | 17.2% | Unchanged | 9,942,304 | $162M |
| I-80 Gold Corp | 12.5% | Unchanged | 82,103,559 | $118M |
| Oceanagold Corp | 9.3% | New | 3,492,154 | $87.4M |
| Valaris Ltd | 8.2% | Trimmed 7.9% | 1,067,010 | $77.5M |
| OD Osisko Development Corp | 6.5% | Unchanged | 25,050,980 | $61.6M |
| Chord Energy Corporation | 6.0% | Trimmed 11% | 496,575 | $56.8M |
| RA Rayonier Advanced Matls Inc | 5.3% | Unchanged | 6,358,877 | $50M |
| Seadrill Ltd | 5.1% | Unchanged | 1,279,968 | $48.4M |
| Sibanye Stillwater Ltd | 4.7% | Unchanged | 5,244,469 | $44.5M |
| B2gold Corp | 4.6% | Unchanged | 11,571,607 | $43.3M |
| Endeavour Silver Corp | 4.0% | Unchanged | 4,503,543 | $37.3M |
| Allied Gold Corp | 3.5% | New | 1,387,845 | $33M |
| I-80 Gold Corp | 3.4% | Added 0.1% | 41,602,399 | $32.4M |
| TN Tidewater Inc New | 2.0% | Unchanged | 285,900 | $19M |
| Core Natural Resources Inc | 1.7% | Unchanged | 201,663 | $16.1M |
| CE Cenovus Energy Inc | 1.6% | Trimmed 45% | 600,000 | $14.9M |
| Cadeler A S | 1.3% | Trimmed 14% | 539,983 | $11.8M |
| ER Elemental Rty Corp | 1.2% | Trimmed 4.9% | 641,515 | $11.2M |
| Nexmetals Mining Corp. | 0.9% | Unchanged | 3,513,500 | $8.27M |
| Tsakos Energy Navigation Ltd | 0.7% | Trimmed 8.4% | 174,927 | $6.19M |
| Mcewen Inc. | 0.2% | Unchanged | 113,000 | $2.05M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 20, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Oceanagold Corp | New | +3,492,154 | +$87.4M | 9.3% |
| Allied Gold Corp | New | +1,387,845 | +$33M | 3.5% |
| CE Cenovus Energy Inc | Trimmed | −500,000 | −$12.4M | 1.6% |
| Chord Energy Corporation | Trimmed | −59,961 | −$6.85M | 6.0% |
| Valaris Ltd | Trimmed | −91,641 | −$6.65M | 8.2% |
| Cadeler A S | Trimmed | −84,417 | −$1.85M | 1.3% |
| ER Elemental Rty Corp | Trimmed | −32,900 | −$574K | 1.2% |
| Tsakos Energy Navigation Ltd | Trimmed | −16,050 | −$568K | 0.7% |
| I-80 Gold Corp | Added | +60,800 | +$47.4K | 3.4% |
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NG New Gold Inc Cda | Exited | −27,437,020 | −$239M | — |
| CM Coeur Mng Inc | New | +9,942,304 | +$187M | 18.0% |
| Agnico Eagle Mines Ltd | Exited | −95,186 | −$16.1M | — |
| SS SPDR Series Trust | Exited | −122,451 | −$12.7M | — |
| Chord Energy Corporation | Added | +51,000 | +$7.25M | 7.6% |
| OD Osisko Development Corp | Added | +1,938,944 | +$6.3M | 7.9% |
| SS SPDR Series Trust | Exited | −41,028 | −$5.18M | — |
| I-80 Gold Corp | Added | +1,862,001 | +$2.83M | 12.1% |
| B2gold Corp | Added | +306,307 | +$1.39M | 5.1% |
| ER Elemental Rty Corp | Trimmed | −11,831 | −$223K | 1.2% |
Showing the 10 largest of 11 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SM Ssr Mining In | Exited | −3,353,891 | −$81.9M | — |
| B2gold Corp | New | +11,265,300 | +$50.8M | 5.3% |
| NG New Gold Inc Cda | Trimmed | −2,602,898 | −$22.7M | 24.9% |
| Endeavour Silver Corp | Added | +1,503,543 | +$14.1M | 4.4% |
| Nexmetals Mining Corp. | New | +3,513,500 | +$13.7M | 1.4% |
| SS SPDR Series Trust | Added | +118,375 | +$12.3M | 1.3% |
| ER Elemental Rty Corp | New | +686,246 | +$11.6M | 1.2% |
| International Seaways Inc | Exited | −194,763 | −$8.97M | — |
| SS SPDR Series Trust | New | +41,028 | +$5.18M | 0.5% |
| OD Osisko Development Corp | Added | +1,147,192 | +$4M | 8.4% |
Showing the 10 largest of 15 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Hudbay Minerals Inc | Exited | −7,275,553 | −$77.2M | — |
| OD Osisko Development Corp | Added | +9,412,910 | +$31.9M | 8.9% |
| SM Ssr Mining In | Added | +1,300,000 | +$31.7M | 9.8% |
| SS Select Sector SPDR Tr | Exited | −227,517 | −$20M | — |
| NG New Gold Inc Cda | Trimmed | −2,700,000 | −$19.4M | 25.8% |
| I-80 Gold Corp | New | +40,846,499 | +$18.4M | 2.2% |
| Sibanye Stillwater Ltd | Trimmed | −1,421,810 | −$16M | 6.7% |
| Endeavour Silver Corp | Added | +2,000,000 | +$15.7M | 2.8% |
| SS SPDR Series Trust | Trimmed | −148,009 | −$13.8M | — |
| Perpetua Resources Corp | Exited | −890,459 | −$10.8M | — |
Showing the 10 largest of 16 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Valaris Ltd | Trimmed | −1,706,335 | −$71.9M | 7.0% |
| I-80 Gold Corp | New | +80,000,000 | +$47.9M | 6.9% |
| Seadrill Ltd | Trimmed | −1,790,735 | −$47M | 4.8% |
| N Newmont Corp | Exited | −600,000 | −$29M | — |
| SM Ssr Mining In | New | +2,053,891 | +$26.2M | 3.8% |
| SS Select Sector SPDR Tr | New | +227,517 | +$20M | 2.9% |
| Sibanye Stillwater Ltd | Added | +2,596,184 | +$18.7M | 6.6% |
| CE Cenovus Energy Inc | Trimmed | −1,008,306 | −$13.7M | 2.2% |
| SS SPDR Ser Tr | Exited | −87,889 | −$11.6M | — |
| Hudbay Minerals Inc | Added | +1,000,000 | +$10.6M | 11.1% |
Showing the 10 largest of 17 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| N Newmont Corp | New | +600,000 | +$29M | 4.3% |
| Arch Resources Inc | Exited | −176,591 | −$24.9M | — |
| Agnico Eagle Mines Ltd | Trimmed | −222,978 | −$24.2M | 2.9% |
| OD Osisko Development Corp - Common Restricted | Exited | −12,000,000 | −$19.6M | — |
| OD Osisko Development Corp | Added | +12,536,276 | +$18.7M | 2.8% |
| Core Natural Resources Inc | New | +201,663 | +$15.5M | 2.3% |
| Valaris Ltd | Added | +246,308 | +$9.67M | 16.8% |
| Hudbay Minerals Inc | Added | +1,200,000 | +$9.11M | 7.1% |
| International Seaways Inc | New | +194,763 | +$6.47M | 1.0% |
| SS Select Sector SPDR Tr | Trimmed | −56,911 | −$5.32M | 1.1% |
Showing the 10 largest of 17 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | Trimmed | −865,000 | −$74.1M | 1.7% |
| Gatos Silver Inc | Exited | −2,471,153 | −$37.3M | — |
| Valaris Ltd | Added | +665,718 | +$29.5M | 16.8% |
| OD Osisko Development Corp - Common Restricted | New | +12,000,000 | +$19.6M | 2.8% |
| Vital Energy Inc | New | +616,621 | +$19.1M | 2.8% |
| S2 Seadrill 2021 Ltd | Added | +467,623 | +$18.2M | 17.1% |
| Civitas Resources Inc | New | +333,907 | +$15.3M | 2.2% |
| Agnico Eagle Mines Ltd | Trimmed | −146,405 | −$11.5M | 4.5% |
| SS SPDR Ser Tr | Trimmed | −55,307 | −$7.32M | 1.6% |
| NG New Gold Inc Cda | Trimmed | −2,143,082 | −$5.31M | 11.8% |
Showing the 10 largest of 14 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS Select Sector SPDR Tr | Added | +672,605 | +$59.1M | 11.1% |
| Gatos Silver Inc | Trimmed | −2,885,139 | −$43.5M | 4.7% |
| Valaris Ltd | Added | +523,863 | +$29.2M | 13.7% |
| Harmony Gold Mining Co Ltd | Exited | −1,196,675 | −$11M | — |
| S2 Seadrill 2021 Ltd | Added | +267,573 | +$10.6M | 12.8% |
| Perpetua Resources Corp | New | +833,060 | +$7.79M | 1.0% |
| SS SPDR Ser Tr | Added | +50,000 | +$6.58M | 2.3% |
| MM Mcewen Mng Inc | New | +112,999 | +$1.05M | 0.1% |
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