Amitell Capital Pte Ltd

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Amitell Capital Pte Ltd reported 46 stock positions worth $129.4 million. Its top holding was NCR Atleos (NATL) at 7.9% of the portfolio, followed by Tenet Healthcare (THC, 7.1%) and Patria Investments Class A (PAX, 6.8%). Compared with Q4 2024, it opened 18 new positions, sold out of 7, added to 8 and reduced 8. The biggest buy was a new position in Taseko Mines and the biggest sale Microsoft (MSFT, shares −65%).

Most Recent 13F
Q2 2026
Location
SINGAPORE, U0
CIK
0001807559
Portfolio Value
$129.4M (Q1 2025)
SEC Filing
0001807559-25-000003 ↗ filed May 15, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $118.1M Q1 2024 Q2 2024: $116.0M Q2 2024 Q3 2024: $133.4M Q3 2024 Q4 2024: $110.5M Q4 2024 Q1 2025: $129.4M $129.4M Q1 2025 Q2 2025: $178.1M Q2 2025 Q3 2025: $135.2M Q3 2025 Q4 2025: $89.4M Q4 2025 Q1 2026: $62.4M Q1 2026 Q2 2026: $109.3M Q2 2026

Holdings 46 stocks · $129.4M
NATL NCR Atleos Corp. 7.89% 387,101 $10.2M No change
THC Tenet Healthcare Corp. 7.10% 68,289 $9.2M Add +17.0%
PAX Patria Investments Ltd. Class A 6.78% 776,585 $8.8M No change
ET Energy Transfer LP 6.15% 428,146 $8.0M No change
PHYS Sprott Physical Gold Trust 5.50% 295,959 $7.1M Reduce -13.7%
AEM Agnico Eagle Mines Ltd. 5.19% 61,915 $6.7M No change
AGI Alamos Gold Inc. Class A 5.07% 245,598 $6.6M Reduce -19.9%
PM Philip Morris International 4.72% 38,444 $6.1M Add +45.4%
TLT iShares 20+ Year Treasury BD 4.43% 63,000 $5.7M Add +100.0%
TASEKO MINES LTD 3.56% 2,054,081 $4.6M New
GOOG Alphabet Inc. Class C 3.07% 25,421 $4.0M New
MCHP Microchip Technology Inc. 2.33% 62,192 $3.0M New
FCNCA First Citizens Bcshs Class A 2.22% 1,548 $2.9M No change
PSLV Sprott Physical Silver Trust 2.16% 240,680 $2.8M Add +19.9%
VOO Vanguard S&P 500 ETF 2.12% 5,331 $2.7M New
META Meta Platforms Inc. Class A 2.11% 4,732 $2.7M New
QQQ Invesco QQQ Trust Series 1 2.05% 5,661 $2.7M New
MSFT Microsoft Corp. 2.05% 7,051 $2.6M Reduce -64.9%
VAL Valaris Ltd. 2.00% 65,820 $2.6M Add +169.6%
TDW Tidewater Inc. 1.91% 58,459 $2.5M Add +139.0%
NGD New Gold Inc. 1.74% 606,840 $2.3M Reduce -62.3%
NTB Bank of N.T. Butterfield&son 1.72% 57,031 $2.2M New
MTCH Match Group Inc. 1.62% 67,244 $2.1M New
EWZ iShares MSCI Brazil ETF 1.60% 80,217 $2.1M New
HBM Hudbay Minerals Inc. 1.56% 266,586 $2.0M New
FEZ State Street SPDR Euro Stoxx 1.56% 37,139 $2.0M New
MDB Mongodb Inc. 1.43% 10,553 $1.9M Reduce -43.3%
SII Sprott Inc. 1.34% 38,510 $1.7M No change
SNOW Snowflake Inc. 1.14% 10,090 $1.5M Reduce -65.7%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 1.06% 14,832 $1.4M New
CRM Salesforce Inc. 1.06% 5,118 $1.4M New
COUR Coursera Inc. 1.02% 198,564 $1.3M New
TECK Teck Resources Ltd.-CLS B 0.73% 26,000 $947K Add +100.0%
INSW International Seaways Inc. 0.58% 22,500 $747K No change
LMT Lockheed Martin Corp. 0.51% 1,485 $663K New
MLKMF Waldencast PLC-A 0.49% 210,069 $630K Add +8.3%
ARCC Ares Capital Corp. 0.42% 24,366 $540K No change
ALB Albemarle Corp. 0.40% 7,270 $524K New
DHT DHT Holdings Inc. 0.39% 48,260 $507K No change
NBB Nuveen Taxable Municipal Inc. 0.39% 31,270 $501K No change
GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC 0.34% 17,163 $435K Reduce -80.8%
TUR iShares MSCI Turkey ETF 0.23% 9,188 $302K New
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 0.13% 18,420 $172K New
IAUX I-80 Gold Corp. 0.11% 239,160 $139K Reduce -80.3%
HCC Warrior Met Coal Inc. 0.04% 1,007 $48K No change
EXE Expand Energy Corp. 0.01% 87 $10K No change

Options reported separately and not counted above: INTC calls ($11.1M), TSM puts ($3.7M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $80K (not counted above)
SecurityClassShares / PrincipalValueChange
GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 319,127$80KReduce -20.5%

Total filed on the 13F, all lines: $129.5M.

Portfolio Sells Q4 2024 → Q1 2025
MSFT Microsoft Corp. Reduce -64.9% 2.05% −5.61
VALE Vale SA-SP ADR Sold out 0.00% −3.45
SNOW Snowflake Inc. Reduce -65.7% 1.14% −2.97
EZPW Ezcorp Inc. Class A Sold out 0.00% −2.85
MDB Mongodb Inc. Reduce -43.3% 1.43% −2.49
DDOG Datadog Inc. Class A Sold out 0.00% −2.47
GOLD Gold.com Inc. Reduce -80.8% 0.34% −1.87
NGD New Gold Inc. Reduce -62.3% 1.74% −1.87
OSISKO DEVELOPMENT CORP Sold out 0.00% −0.85
PHYS Sprott Physical Gold Trust Reduce -13.7% 5.50% −0.75
NPWR Net Power Inc. Sold out 0.00% −0.53
VYX NCR Voyix Corp. Sold out 0.00% −0.47
IAUX I-80 Gold Corp. Reduce -80.3% 0.11% −0.43
AEHR Aehr Test Systems Sold out 0.00% −0.28
AGI Alamos Gold Inc. Class A Reduce -19.9% 5.07% −0.04

Portfolio Buys Q4 2024 → Q1 2025
TASEKO MINES LTD New 3.56% +3.56
GOOG Alphabet Inc. Class C New 3.07% +3.07
MCHP Microchip Technology Inc. New 2.33% +2.33
VOO Vanguard S&P 500 ETF New 2.12% +2.12
META Meta Platforms Inc. Class A New 2.11% +2.11
QQQ Invesco QQQ Trust Series 1 New 2.05% +2.05
TLT iShares 20+ Year Treasury BD Add +100.0% 4.43% +1.94
PM Philip Morris International Add +45.4% 4.72% +1.84
NTB Bank of N.T. Butterfield&son New 1.72% +1.72
MTCH Match Group Inc. New 1.62% +1.62
EWZ iShares MSCI Brazil ETF New 1.60% +1.60
HBM Hudbay Minerals Inc. New 1.56% +1.56
FEZ State Street SPDR Euro Stoxx New 1.56% +1.56
KSPI JSC Kaspi.kz ADR New 1.06% +1.06
CRM Salesforce Inc. New 1.06% +1.06
COUR Coursera Inc. New 1.02% +1.02
VAL Valaris Ltd. Add +169.6% 2.00% +1.02
TDW Tidewater Inc. Add +139.0% 1.91% +0.70
LMT Lockheed Martin Corp. New 0.51% +0.51
THC Tenet Healthcare Corp. Add +17.0% 7.10% +0.43
PSLV Sprott Physical Silver Trust Add +19.9% 2.16% +0.41
ALB Albemarle Corp. New 0.40% +0.40
TECK Teck Resources Ltd.-CLS B Add +100.0% 0.73% +0.26
TUR iShares MSCI Turkey ETF New 0.23% +0.23
ORLA Orla Mining Ltd. New 0.13% +0.13
MLKMF Waldencast PLC-A Add +8.3% 0.49% −0.22

Options Activity Q4 2024 → Q1 2025
TSM Taiwan Semiconductor-SP ADR put New 22,410 $3.7M
SLV iShares Silver Trust call Sold out 103,700 $2.7Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025
GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 Reduce -20.5% 319,127 $80K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 26$109.3MVT, GOOG, NVDA, IEMG, VGK
Q1 2026 14$62.4MVT, THC, XME, BRK.B, IEMG
Q4 2025 20$89.4MVT, COPX, GDX, AMZN, THC
Q3 2025 42$135.2MTHC, MOH, AGI, PAX, CIEN
Q2 2025 48$178.1MIREN, ORCL, THC, PAX, ET
Q1 2025 46$129.4MNATL, THC, PAX, ET, PHYS
Q4 2024 35$110.5MNATL, PAX, MSFT, ET, THC
Q3 2024 37$133.4MNATL, THC, VYX, PAX, AVGO
Q2 2024 37$116.0MNATL, PAX, THC, VYX, FORM
Q1 2024 40$118.1MTHC, PAX, NATL, MU, VYX