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Condire Management Portfolio holdings

AUM $1.03B
1-Year Est. Return 162.78%
This Fund
S&P 500
This Quarter Est. Return
+47.76%
1 Year Est. Return
+162.78%
3 Year Est. Return
+252.12%
5 Year Est. Return
+463.26%
10 Year Est. Return
–
AUM
$835M
AUM Growth
+$141M
Cap. Flow
-$102M
Cap. Flow %
-12.22%
Top 10 Hldgs %
86.4%
Holding
28
New
1
Increased
4
Reduced
3
Closed
8

Top Buys

Rank Stock Value
1
ODV
Osisko Development Corp
ODV
+$25M
2
SSRM icon
SSR Mining
SSRM
+$22M
3
IAUX.WS
i-80 Gold Corp Warrants
IAUX.WS
+$11.9M
4
EXK
Endeavour Silver
EXK
+$11.8M
5
IAUX
i-80 Gold Corp
IAUX
+$72.8K

Top Sells

Rank Stock Value
1
HBM icon
Hudbay
HBM
+$77.2M
2
XLB icon
State Street Materials Select Sector SPDR ETF
XLB
+$20M
3
NGD
New Gold Inc
NGD
+$14.6M
4
SBSW icon
Sibanye-Stillwater
SBSW
+$12.4M
5
XME icon
State Street SPDR S&P Metals & Mining ETF
XME
+$11.8M

Sector Composition

Rank Sector Weight
1 Materials 70.84%
2 Energy 25.37%
3 Industrials 1.54%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NGD
1
DELISTED
New Gold Inc
NGD
$216M 25.82%
30,039,918
-2,700,000
-8% -$14.6M
SSRM icon
2
SSR Mining
SSRM
$5.31B
$81.9M 9.8%
3,353,891
+1,300,000
+63% +$22M
IAUX
3
i-80 Gold Corp
IAUX
$1.11B
$76.5M 9.16%
80,100,000
+100,000
+0.1% +$72.8K
ODV
4
Osisko Development Corp
ODV
$692M
$74.5M 8.91%
21,964,844
+9,412,910
+75% +$25M
VAL icon
5
Valaris
VAL
$5.3B
$56.5M 6.76%
1,158,651
– –
SBSW icon
6
Sibanye-Stillwater
SBSW
$5.66B
$55.8M 6.68%
4,964,929
-1,421,810
-22% -$12.4M
CHRD icon
7
Chord Energy
CHRD
$7.21B
$52.8M 6.32%
531,291
– –
RYAM icon
8
Rayonier Advanced Materials
RYAM
$555M
$45.9M 5.49%
6,356,130
– –
SDRL icon
9
Seadrill
SDRL
$2.7B
$38.7M 4.63%
1,279,968
– –
EXK
10
Endeavour Silver
EXK
$2.19B
$23.5M 2.82%
3,000,000
+2,000,000
+200% +$11.8M
CVE icon
11
Cenovus Energy
CVE
$52.1B
$18.7M 2.24%
1,100,000
– –
IAUX.WS
12
i-80 Gold Corp Warrants
IAUX.WS
$18.4M 2.2%
+40,846,499
New +$11.9M
CNR
13
Core Natural Resources Inc
CNR
$4.18B
$16.8M 2.02%
201,663
– –
AEM icon
14
Agnico Eagle Mines
AEM
$68.5B
$16M 1.92%
95,186
– –
TDW icon
15
Tidewater
TDW
$3.77B
$15.2M 1.83%
285,900
– –
CDLR icon
16
Cadeler
CDLR
$2.24B
$12.9M 1.54%
624,400
– –
INSW icon
17
International Seaways
INSW
$4.3B
$8.97M 1.07%
194,763
– –
TEN
18
Tsakos Energy Navigation Ltd
TEN
$1.13B
$4.24M 0.51%
190,977
– –
MUX icon
19
McEwen Inc
MUX
$978M
$1.93M 0.23%
113,000
– –
XME icon
20
State Street SPDR S&P Metals & Mining ETF
XME
$3.9B
$380K 0.05%
4,076
-148,009
-97% -$11.8M
CDE icon
21
Coeur Mining
CDE
$14.8B
– –
-500,000
Closed -$4.43M
CIVI
22
DELISTED
Civitas Resources
CIVI
– –
-200,000
Closed -$5.5M
HBM icon
23
Hudbay
HBM
$9.04B
– –
-7,275,553
Closed -$77.2M
HL icon
24
Hecla Mining
HL
$9.61B
– –
-1,000,000
Closed -$5.99M
PPTA
25
Perpetua Resources
PPTA
$2.11B
– –
-890,459
Closed -$10.8M
1
2

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Condire Management's Q3 2025 Portfolio in Review

As of Q3 2025, Condire Management held 28 positions worth $835M, up 20% from $694M the previous quarter. Its ten largest holdings account for 86% of the portfolio.

Condire Management withdrew a net $102M in Q3 2025, closing 8 positions and reducing 3 holdings. Its most notable exit was Hudbay, an estimated $77.2M position sold in full.

By sector, the portfolio is most concentrated in Materials at 71% of assets, up from 65% a quarter earlier, followed by Energy and Industrials.

Against the trend, Condire Management opened a new position in i-80 Gold Corp Warrants worth $18.4M.

  • Condire Management's largest Q3 2025 buy was i-80 Gold Corp Warrants: 40,846,499 shares worth $18.4M.
  • Condire Management added most to Osisko Development Corp in Q3 2025, an estimated $25M increase.
  • Condire Management's biggest Q3 2025 reduction was New Gold Inc, cutting an estimated $14.6M.
  • Condire Management fully exited Hudbay in Q3 2025, selling an estimated $77.2M.
  • Condire Management's ten largest holdings make up 86% of its $835M portfolio in Q3 2025.
  • Condire Management opened 1 new position and closed 8 in Q3 2025.
  • Condire Management's portfolio value rose 20% quarter-over-quarter to $835M.

Based on Condire Management's 13F filing for Q3 2025, filed 14 Nov 2025.