Q4 2025 · 13F-HR
Merk Investments LLCholdings as filed
Filed 2026-02-13 · accession 0001420506-26-000380
$360.7M
Reported value
10
Positions
2025-12-31
Period end
The Brief · Merk Investments LLC · Q4 2025
AI · grounded in 13F
Merk Investments LLC closed its position in Gold Fields Ltd-ADR GFI, reducing its holdings by $10.49M. The fund also trimmed shares in Agnico Eagle Mines Ltd AEM by 42.86% and Alamos Gold Inc New by 40.0%. Conversely, the fund more than doubled its stake in New Found Gold Corp NFGC, increasing share count by 102.13%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 03062D803 | USAS | AMERICAS GOLD AND SILVER COR | $119.7M | 33.2% | 23,429,000 | Common | SOLE |
| 68634K106 | ORLA | ORLA MNG LTD NEW | $83.5M | 23.2% | 6,200,000 | Common | SOLE |
| 29446Y502 | EQX | EQUINOX GOLD CORP | $68.9M | 19.1% | 4,900,000 | Common | SOLE |
| 59124U605 | MTA | METALLA RTY & STREAMING LTD | $23.3M | 6.47% | 3,000,000 | Common | SOLE |
| 011532108 | AGI | ALAMOS GOLD INC NEW | $17.4M | 4.81% | 450,000 | Common | SOLE |
| 64440N103 | NFGC | NEW FOUND GOLD CORP | $14.1M | 3.90% | 4,750,000 | Common | SOLE |
| 008474108 | AEM | AGNICO EAGLE MINES LTD | $13.6M | 3.76% | 80,000 | Common | SOLE |
| 45826T509 | ITRG | INTEGRA RES CORP | $10.3M | 2.85% | 2,562,526 | Common | SOLE |
| 11777Q209 | BTG | B2GOLD CORP | $9.0M | 2.50% | 2,000,000 | Common | SOLE |
| 921078101 | OUNZ | VANECK MERK GOLD ETF | $948,523 | 0.26% | 22,867 | 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.