Q4 2025 · 13F-HR
Condire Management, LPholdings as filed
Filed 2026-02-17 · accession 0001847739-26-000001
$958.0M
Reported value
22
Positions
2025-12-31
Period end
The Brief · Condire Management, LP · Q4 2025
AI · grounded in 13F
Condire Management, LP closed its position in SSRM for a reduction of $81.9M. The fund established a new position in BTG valued at $50.8M. Other activity included closing its position in INSW for $8.9M and increasing its stake in EXK by 50.1%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 644535106 | NGDN | NEW GOLD INC CDA | $239.0M | 24.9% | 27,437,020 | Common | SOLE |
| 44955L106 | IAUX | I-80 GOLD CORP | $117.2M | 12.2% | 80,241,558 | Common | SOLE |
| 68828E809 | ODV | OSISKO DEVELOPMENT CORP | $80.7M | 8.42% | 23,112,036 | Common | SOLE |
| 82575P107 | SBSW | SIBANYE STILLWATER LTD | $74.7M | 7.80% | 5,244,469 | Common | SOLE |
| G9460G101 | VAL | VALARIS LTD | $58.4M | 6.10% | 1,158,651 | Common | SOLE |
| 11777Q209 | BTG | B2GOLD CORP | $50.8M | 5.30% | 11,265,300 | Common | SOLE |
| 674215207 | CHRD | CHORD ENERGY CORPORATION | $46.9M | 4.89% | 505,536 | Common | SOLE |
| G7997W102 | SDRL | SEADRILL LTD | $44.3M | 4.62% | 1,279,968 | Common | SOLE |
| 29258Y103 | EXK | ENDEAVOUR SILVER CORP | $42.3M | 4.42% | 4,503,543 | Common | SOLE |
| 44955L155 | IAUX/WS | I-80 GOLD CORP | $38.0M | 3.97% | 41,339,999 | Common | SOLE |
| 75508B104 | RYAM | RAYONIER ADVANCED MATLS INC | $37.5M | 3.91% | 6,358,877 | Common | SOLE |
| 15135U109 | CVE | CENOVUS ENERGY INC | $18.6M | 1.94% | 1,100,000 | Common | SOLE |
| 218937100 | CNR | CORE NATURAL RESOURCES INC | $17.8M | 1.86% | 201,663 | Common | SOLE |
| 008474108 | AEM | AGNICO EAGLE MINES LTD | $16.1M | 1.68% | 95,186 | Common | SOLE |
| 88642R109 | TDW | TIDEWATER INC NEW | $14.4M | 1.51% | 285,900 | Common | SOLE |
| 65346E204 | NEXM | NEXMETALS MINING CORP. | $13.7M | 1.43% | 3,513,500 | Common | SOLE |
| 78464A755 | XME | SPDR SERIES TRUST | $12.7M | 1.32% | 122,451 | Common | SOLE |
| 28620K106 | ELE | ELEMENTAL RTY CORP | $11.6M | 1.22% | 686,246 | Common | SOLE |
| 12738K109 | CDLR | CADELER A S | $11.6M | 1.21% | 624,400 | Common | SOLE |
| 78468R556 | XOP | SPDR SERIES TRUST | $5.2M | 0.54% | 41,028 | Common | SOLE |
| G9108L173 | TEN | TSAKOS ENERGY NAVIGATION LTD | $4.3M | 0.45% | 190,977 | Common | SOLE |
| 58039P305 | MUX | MCEWEN INC. | $2.1M | 0.22% | 113,000 | 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.