CIK 1302842
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Metals & Mining | 95.97% | 9 |
| Unclassified | 4.03% | 2 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | USAS | Americas Gold & Silver Corp | Materials | 27.52% |
| 2 | ORLA | Orla Mining Ltd. | Materials | 27.18% |
| 3 | EQX | EQUINOX GOLD CORP | Materials | 19.24% |
| 4 | AGI | ALAMOS GOLD INC CLASS A | Materials | 5.43% |
| 5 | MTA | Metalla Royalty & Streaming Ltd. | Materials | 5.41% |
| 6 | AEM | AGNICO EAGLE MINES LTD | Materials | 4.41% |
| 7 | VMET | Versamet Royalties Corp | Unclassified | 3.61% |
| 8 | BTG | B2GOLD CORP | Materials | 2.46% |
| 9 | NFGC | New Found Gold Corp. | Materials | 2.41% |
| 10 | ITRG | Integra Resources Corp. | Materials | 1.90% |
9/11 names classified · sector 96.0% of weight · industry 96.0% · mkt cap 66.9%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 96.0% of the book is sector-classified (unclassified names shown, never dropped).
Only 0% of book weight classified — the grid is NOT representative of the whole book.
Classified: 0.0% of book weight (0/11 names) · unclassified 100.0%: USAS, ORLA, EQX, AGI, MTA, AEM, VMET, BTG, NFGC, ITRG +1 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | USASAMERICAS GOLD AND SILVER COR | 19,392,000 | $101M | 27.5% | TRIM −17% |
| 2 | ORLAORLA MNG LTD NEW | 6,200,000 | $100M | 27.2% | HOLD |
| 3 | EQXEQUINOX GOLD CORP | 4,900,000 | $71M | 19.2% | HOLD |
| 4 | AGIALAMOS GOLD INC NEW | 450,000 | $20M | 5.4% | HOLD |
| 5 | MTAMETALLA RTY & STREAMING LTD | 3,000,000 | $20M | 5.4% | HOLD |
| 6 | AEMAGNICO EAGLE MINES LTD | 80,000 | $16M | 4.4% | HOLD |
| 7 | VMETVersamet Royalties Corp | 1,400,000 | $13M | 3.6% | NEW |
| 8 | BTGB2GOLD CORP | 2,000,000 | $9M | 2.5% | HOLD |
| 9 | NFGCNEW FOUND GOLD CORP | 4,750,000 | $9M | 2.4% | HOLD |
| 10 | ITRGINTEGRA RES CORP | 2,562,526 | $7M | 1.9% | HOLD |
| 11 | OUNZVanEck Merk Gold Trust | 34,200 | $2M | 0.4% | ADD 50% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| USASAMERICAS GOLD AND SILVER COR | — | — | — | 25.7M | 23.4M | 19.4M | $101M |
| ORLAORLA MNG LTD NEW | 6.2M | 6.2M | 6.2M | 6.2M | 6.2M | 6.2M | $100M |
| EQXEQUINOX GOLD CORP | — | — | 4.9M | 4.9M | 4.9M | 4.9M | $71M |
| AGIALAMOS GOLD INC NEW | 1.0M | 1.0M | 1.0M | 750K | 450K | 450K | $20M |
| MTAMETALLA RTY & STREAMING LTD | 3.0M | 3.0M | 3.0M | 3.0M | 3.0M | 3.0M | $20M |
| AEMAGNICO EAGLE MINES LTD | 165K | 165K | 165K | 140K | 80K | 80K | $16M |
| VMETVersamet Royalties Corp | — | — | — | — | — | 1.4M | $13M |
| BTGB2GOLD CORP | 2.0M | 2.0M | 2.0M | 2.0M | 2.0M | 2.0M | $9M |
| NFGCNEW FOUND GOLD CORP | — | — | — | 2.4M | 4.8M | 4.8M | $9M |
| ITRGINTEGRA RES CORP | 5.5M | 5.5M | 5.5M | 4.0M | 2.6M | 2.6M | $7M |
| OUNZVanEck Merk Gold Trust | 20K | 13K | 19K | 27K | 23K | 34K | $2M |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
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