Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$274M in Q2 2013 → $212M 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 |
|---|---|---|---|---|
| Kosmos Energy Ltd | 20.5% | Unchanged | 20,678,033 | $43.6M |
| Gran Tierra Energy Inc | 18.8% | Unchanged | 6,381,471 | $39.9M |
| YS Ypf Sociedad Anonima | 15.3% | Added 53% | 714,200 | $32.5M |
| B2gold Corp | 10.6% | New | 6,020,795 | $22.6M |
| VE Vista Energy S.a.b. De C.v. | 10.2% | Added 12% | 338,667 | $21.6M |
| Galiano Gold Inc | 8.2% | Unchanged | 9,357,961 | $17.5M |
| SA Sprott Asset Management LP | 4.9% | Added 43% | 550,500 | $10.4M |
| Vizsla Silver Corp | 3.5% | Unchanged | 2,250,800 | $7.39M |
| IR Integra Res Corp | 2.5% | Unchanged | 2,411,264 | $5.35M |
| PD Precision Drilling Corp | 2.4% | Unchanged | 65,211 | $5M |
| I-80 Gold Corp | 2.2% | Unchanged | 5,600,000 | $4.76M |
| NP New Pac Metals Corp | 0.9% | Trimmed 93% | 470,560 | $1.9M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NP New Pac Metals Corp | Trimmed | −6,229,485 | −$25.1M | 0.9% |
| B2gold Corp | New | +6,020,795 | +$22.6M | 10.6% |
| YS Ypf Sociedad Anonima | Added | +247,200 | +$11.2M | 15.3% |
| SA Sprott Asset Management LP | Added | +166,000 | +$3.13M | 4.9% |
| VE Vista Energy S.a.b. De C.v. | Added | +37,000 | +$2.36M | 10.2% |
quarter ended March 31, 2026 · filed April 24, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| YS Ypf Sociedad Anonima | New | +467,000 | +$21.6M | 8.8% |
| SA Sprott Asset Management LP | Trimmed | −527,600 | −$12.9M | 3.8% |
| VE Vista Energy S.a.b. De C.v. | Added | +151,300 | +$11.4M | 9.3% |
| Galiano Gold Inc | Trimmed | −4,482,817 | −$11.2M | 9.5% |
| EG Eldorado Gold Corp New | Exited | −297,546 | −$10.7M | — |
| IR Integra Res Corp | Trimmed | −3,480,173 | −$9.4M | 2.7% |
| NP New Pac Metals Corp | Added | +1,044,000 | +$4.33M | 11.3% |
| Vizsla Silver Corp | Trimmed | −1,243,900 | −$4.12M | 3.0% |
| PD Precision Drilling Corp | Added | +35,100 | +$3.45M | 2.6% |
| Kosmos Energy Ltd | Added | +1,208,053 | +$3.36M | 23.4% |
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 |
|---|---|---|---|---|
| Vizsla Silver Corp | Trimmed | −2,496,900 | −$13.7M | 10.0% |
| SA Sprott Asset Management LP | Trimmed | −560,900 | −$13.3M | 11.3% |
| EG Eldorado Gold Corp New | Trimmed | −355,000 | −$12.8M | 5.6% |
| NP New Pac Metals Corp | Added | +2,829,376 | +$9.9M | 10.3% |
| VE Vista Energy S.a.b. De C.v. | New | +150,367 | +$7.32M | 3.8% |
| Gran Tierra Energy Inc | Added | +1,283,783 | +$5.44M | 14.1% |
| I-80 Gold Corp | New | +5,600,000 | +$5.26M | 2.7% |
| Galiano Gold Inc | Trimmed | −1,866,280 | −$4.75M | 18.4% |
| Osisko Development Corp | Trimmed | −1,032,596 | −$3.5M | 1.0% |
| PD Precision Drilling Corp | New | +30,111 | +$2.16M | 1.1% |
Showing the 10 largest of 12 changes.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Galiano Gold Inc | Trimmed | −13,615,448 | −$29.7M | 18.5% |
| EG Eldorado Gold Corp New | Trimmed | −462,264 | −$13.4M | 10.2% |
| IR Integra Res Corp | Trimmed | −2,643,404 | −$7.71M | 9.9% |
| NP New Pac Metals Corp | New | +2,826,669 | +$7.64M | 4.1% |
| I I-80goldcorp | Exited | −11,200,000 | −$6.91M | — |
| Kosmos Energy Ltd | Trimmed | −891,000 | −$1.48M | 15.9% |
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Kosmos Energy Ltd | Exited | −5,204,800 | −$11.9M | — |
| I I-80goldcorp | New | +11,200,000 | +$6.91M | 3.9% |
| G Grantierraenergyinc | Added | +1,381,574 | +$6.59M | 13.8% |
| G Galianogoldinc | Trimmed | −1,760,000 | −$2.24M | 21.2% |
| I Integrarescorp | Trimmed | −907,087 | −$1.37M | 7.7% |
| K Kosmosenergyltd | Added | +280,200 | +$482K | 18.3% |
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Kosmos Energy Ltd | Added | +6,969,385 | +$15.9M | 24.0% |
| Kosmos Energy Ltd | New | +5,204,800 | +$11.9M | 6.8% |
| SP Sprott Physical Silver Tr | Added | +935,000 | +$10.8M | 9.8% |
| EG Eldorado Gold Corp New | Added | +165,000 | +$2.78M | 10.7% |
| SP Sprott Physical Gold Tr | Exited | −131,673 | −$2.65M | — |
| Galiano Gold Inc | Trimmed | −1,700,000 | −$2.09M | 21.9% |
| Gran Tierra Energy Inc | Added | +326,000 | +$1.61M | 10.5% |
| IR Integra Res Corp | Added | +635,000 | +$790K | 7.0% |
quarter ended December 31, 2024 · filed February 04, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Kosmos Energy Ltd | Added | +3,218,394 | +$11M | 26.6% |
| Gran Tierra Energy Inc | Added | +1,318,488 | +$9.53M | 16.7% |
| B2gold Corp | Exited | −2,986,986 | −$9.23M | — |
| SP Sprott Physical Silver Tr | New | +538,000 | +$5.19M | 3.5% |
| EG Eldorado Gold Corp New | Trimmed | −39,566 | −$588K | 9.6% |
| IR Integra Res Corp | Added | +386,675 | +$333K | 5.4% |
| Galiano Gold Inc | Trimmed | −98,257 | −$122K | 27.8% |
quarter ended September 30, 2024 · filed October 18, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| B2gold Corp | Trimmed | −3,046,000 | −$9.41M | 6.3% |
| Gran Tierra Energy Inc | Added | +1,271,680 | +$7.97M | 8.9% |
| Kosmos Energy Ltd | Added | +1,863,966 | +$7.51M | 22.7% |
| Galiano Gold Inc | Trimmed | −3,345,173 | −$4.77M | 32.2% |
| EG Eldorado Gold Corp New | Added | +239,800 | +$4.17M | 11.8% |
| Vizsla Silver Corp | Added | +619,600 | +$1.19M | 7.9% |
| IR Integra Res Corp | Trimmed | −11,667 | −$11.4K | 5.9% |
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