Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (47 quarters reported)
$2.75B in Q1 2013 → $63.2M now. Hover for any quarter.
As reported for the quarter ended September 30, 2024. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Perpetua Resources Corp | 44.1% | Trimmed 36% | 2,966,508 | $27.9M |
| Galiano Gold Inc | 31.4% | Trimmed 0.4% | 13,900,517 | $19.8M |
| Vista Gold Corp | 24.5% | Unchanged | 19,922,544 | $15.5M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2024 · filed November 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Perpetua Resources Corp | Trimmed | −1,700,000 | −$16M | 44.1% |
| Galiano Gold Inc | Trimmed | −56,795 | −$81K | 31.4% |
quarter ended June 30, 2024 · filed August 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Galiano Gold Inc | Trimmed | −1,020,778 | −$1.75M | 41.8% |
quarter ended March 31, 2024 · filed May 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NR Novagold Res Inc | Exited | −687,324 | −$2.57M | — |
quarter ended December 31, 2023 · filed February 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Newmont Corp | Exited | −642,678 | −$23.7M | — |
| VE Vaneck ETF Trust | Exited | −247,900 | −$7.99M | — |
| B2gold Corp | Exited | −2,679,462 | −$7.7M | — |
| Agnico Eagle Mines Ltd | Exited | −144,968 | −$6.59M | — |
| Galiano Gold Inc | Trimmed | −7,151,893 | −$6.59M | 34.4% |
| NR Novagold Res Inc | Trimmed | −1,610,498 | −$6.02M | 6.4% |
| OM Orla Mng Ltd New | Exited | −1,383,693 | −$4.89M | — |
| Sprott Inc | Exited | −141,719 | −$4.32M | — |
| Perpetua Resources Corp | Trimmed | −85,355 | −$270K | 36.8% |
quarter ended September 30, 2023 · filed November 13, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| OM Orla Mng Ltd New | Trimmed | −3,349,382 | −$11.8M | 4.8% |
| Sprott Inc | Trimmed | −369,200 | −$11.2M | 4.3% |
| VE Vaneck ETF Trust | Trimmed | −293,000 | −$9.44M | 7.9% |
| B2gold Corp | Trimmed | −1,589,557 | −$4.57M | 7.6% |
| NR Novagold Res Inc | Added | +883,260 | +$3.39M | 8.7% |
| VE Vaneck ETF Trust | Exited | −59,250 | −$1.78M | — |
| Agnico Eagle Mines Ltd | Trimmed | −22,900 | −$1.04M | 6.5% |
| Perpetua Resources Corp | Trimmed | −215,813 | −$706K | 15.4% |
| Galiano Gold Inc | Trimmed | −534,210 | −$311K | 12.7% |
quarter ended June 30, 2023 · filed August 14, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Newmont Corp | New | +642,678 | +$27.4M | 17.5% |
| TF Triple Flag Precious Metal | Exited | −630,258 | −$9.39M | — |
| NR Novagold Res Inc | New | +1,414,562 | +$5.64M | 3.6% |
| OM Orla Mng Ltd New | Trimmed | −1,218,783 | −$5.12M | 12.7% |
| Perpetua Resources Corp | Trimmed | −825,597 | −$3.02M | 11.6% |
| Agnico Eagle Mines Ltd | Trimmed | −57,500 | −$2.87M | 5.4% |
| VE Vaneck ETF Trust | New | +59,250 | +$1.78M | 1.1% |
| Sprott Inc | Trimmed | −34,600 | −$1.12M | 10.6% |
| SG SPDR Gold Tr | Exited | −2,579,900 | −$929K | — |
| Galiano Gold Inc | Trimmed | −1,054,296 | −$637K | 8.8% |
quarter ended March 31, 2023 · filed May 12, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| MM Maverix Metals Inc | Exited | −2,445,168 | −$11.4M | — |
| TF Triple Flag Precious Metal | New | +630,258 | +$9.39M | 5.9% |
| VE Vaneck ETF Trust | Trimmed | −195,670 | −$7.73M | 13.4% |
| Agnico Eagle Mines Ltd | Added | +126,868 | +$6.47M | 7.2% |
| OM Orla Mng Ltd New | Trimmed | −955,921 | −$4.53M | 17.6% |
| B2gold Corp | Added | +1,035,800 | +$4.09M | 10.5% |
| Newmont Corp | Exited | −75,800 | −$3.58M | — |
| BG Barrick Gold Corp | Exited | −180,400 | −$3.1M | — |
| SG SPDR Gold Tr | New | +2,579,900 | +$929K | 0.6% |
quarter ended December 31, 2022 · filed February 13, 2023
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VE Vaneck ETF Trust | Exited | −3,780,000 | −$91.2M | — |
| Newmont Corp | Exited | −1,498,200 | −$63M | — |
| VE Vaneck ETF Trust | New | +736,570 | +$26.3M | 17.9% |
| Silvercrest Metals Inc | Exited | −2,333,016 | −$12.9M | — |
| VE Vaneck ETF Trust | Exited | −250,000 | −$6.03M | — |
| Perpetua Resources Corp | Added | +1,178,895 | +$3.44M | 11.5% |
| BG Barrick Gold Corp | Trimmed | −86,600 | −$1.49M | 2.1% |
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