Q3 2025 · 13F-HR
Merk Investments LLCholdings as filed
Filed 2025-11-14 · accession 0001420506-25-003403
$324.9M
Reported value
11
Positions
2025-09-30
Period end
The Brief · Merk Investments LLC · Q3 2025
AI · grounded in 13F
Merk Investments LLC established a new position in USAS valued at $95.5M. The fund also initiated a new stake in NFGC worth $5.6M and increased its holding in OUNZ by 38.2%. These additions come as the fund closed positions in AMERICAS GOLD AND SILVER COR and ANGLOGOLD ASHANTI PLC, while reducing its stake in GFI by 50%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 03062D803 | USAS | AMERICAS GOLD AND SILVER | $95.5M | 29.4% | 25,679,000 | Common | SOLE |
| 68634K106 | ORLA | ORLA MINING LTD | $67.0M | 20.6% | 6,200,000 | Common | SOLE |
| 29446Y502 | EQX | EQUINOX GOLD CORP | $54.9M | 16.9% | 4,900,000 | Common | SOLE |
| 011532108 | AGI | ALAMOS GOLD INC | $26.1M | 8.05% | 750,000 | Common | SOLE |
| 008474108 | AEM | AGNICO EAGLE MINES LTD | $23.6M | 7.26% | 140,000 | Common | SOLE |
| 59124U605 | MTA | METALLA ROYALTY | $19.1M | 5.86% | 3,000,000 | Common | SOLE |
| 45826T509 | ITRG | INTEGRA RESOURCE | $11.8M | 3.63% | 3,999,999 | Common | SOLE |
| 38059T106 | GFI | GOLD FIELDS LTD-ADR | $10.5M | 3.23% | 250,000 | Common | SOLE |
| 11777Q209 | BTG | B2GOLD CORP | $9.9M | 3.05% | 2,000,000 | Common | SOLE |
| 64440N103 | NFGC | NEW FOUND GOLD CORP | $5.6M | 1.72% | 2,350,000 | Common | SOLE |
| 921078101 | OUNZ | VANECK MERK GOLD ETF | $989,403 | 0.30% | 26,604 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.