Condire Management, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Condire Management, LP reported 22 stock positions worth $668.8 million. Its top holding was New Gold (NGD) at 18.2% of the portfolio, followed by Valaris (VAL, 16.8%) and Seadrill (SDRL, 11.5%). Compared with Q4 2024, it opened 4 new positions, sold out of 2, added to 6 and reduced 5. The biggest buy was a new position in Newmont (NEM) and the biggest sale an exit from Arch Resources (ARCH).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001847739
- Portfolio Value
- $668.8M (Q1 2025)
- SEC Filing
- 0001085146-25-003222 ↗ filed May 15, 2025
Holdings Value
Holdings 22 stocks · $668.8M
| NGD New Gold Inc. | 18.16% | 32,739,918 | $121.5M | No change |
| VAL Valaris Ltd. | 16.82% | 2,864,986 | $112.5M | Add +9.4% |
| SDRL Seadrill Limited | 11.48% | 3,070,703 | $76.8M | Add +1.0% |
| CHRD Chord Energy Corp. | 8.95% | 531,291 | $59.9M | Reduce -3.0% |
| HBM Hudbay Minerals Inc. | 7.12% | 6,275,553 | $47.6M | Add +23.6% |
| RYAM Rayonier Advanced Materials | 5.46% | 6,356,130 | $36.5M | No change |
| CVE Cenovus Energy Inc. | 4.39% | 2,108,306 | $29.3M | No change |
| NEM Newmont Corp. | 4.33% | 600,000 | $29.0M | New |
| AEM Agnico Eagle Mines Ltd. | 2.87% | 177,022 | $19.2M | Reduce -55.7% |
| OSISKO DEVELOPMENT CORP | 2.80% | 12,551,934 | $18.7M | Add +80063.1% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 2.60% | 3,790,555 | $17.4M | No change |
| CNR Core Natural Resources Inc. | 2.32% | 201,663 | $15.5M | New |
| CDLR Cadeler A/S-ADR | 1.84% | 624,400 | $12.3M | No change |
| TDW Tidewater Inc. | 1.81% | 285,900 | $12.1M | No change |
| XOP SS SPDR S&P Og Exp & Prod | 1.73% | 87,889 | $11.6M | Add +3.8% |
| VTLE Vital Energy Inc. | 1.68% | 530,981 | $11.3M | Reduce -13.9% |
| CIVI Civitas Resources Inc. | 1.51% | 289,764 | $10.1M | Reduce -13.2% |
| PPTA Perpetua Resources Corp. | 1.42% | 890,459 | $9.5M | No change |
| XLE SS Energy Select Sector | 1.12% | 80,000 | $7.5M | Reduce -41.6% |
| INSW International Seaways Inc. | 0.97% | 194,763 | $6.5M | New |
| TEN Tsakos Energy Navigation Ltd. | 0.49% | 190,977 | $3.3M | New |
| MUX McEwen Inc. | 0.13% | 113,000 | $853K | Add +0.0% |
Portfolio Sells Q4 2024 → Q1 2025
| ARCH Arch Resources Inc. | Sold out | 0.00% | −3.61 |
| OSISKO DEVELOPMENT CORP - COMMON RESTRICTED | Sold out | 0.00% | −2.84 |
| AEM Agnico Eagle Mines Ltd. | Reduce -55.7% | 2.87% | −1.66 |
| VTLE Vital Energy Inc. | Reduce -13.9% | 1.68% | −1.08 |
| CIVI Civitas Resources Inc. | Reduce -13.2% | 1.51% | −0.71 |
| XLE SS Energy Select Sector | Reduce -41.6% | 1.12% | −0.58 |
| CHRD Chord Energy Corp. | Reduce -3.0% | 8.95% | −0.32 |
Portfolio Buys Q4 2024 → Q1 2025
| NEM Newmont Corp. | New | 4.33% | +4.33 |
| OSISKO DEVELOPMENT CORP | Add +80063.1% | 2.80% | +2.79 |
| CNR Core Natural Resources Inc. | New | 2.32% | +2.32 |
| HBM Hudbay Minerals Inc. | Add +23.6% | 7.12% | +1.17 |
| INSW International Seaways Inc. | New | 0.97% | +0.97 |
| TEN Tsakos Energy Navigation Ltd. | New | 0.49% | +0.49 |
| XOP SS SPDR S&P Og Exp & Prod | Add +3.8% | 1.73% | +0.11 |
| VAL Valaris Ltd. | Add +9.4% | 16.82% | +0.04 |
| MUX McEwen Inc. | Add +0.0% | 0.13% | +0.00 |
| SDRL Seadrill Limited | Add +1.0% | 11.48% | −5.66 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 20 | $909.9M | CDE, IAUX, OGC, VAL, OSISKO DEVELOPMENT CORP |
| Q1 2026 | 18 | $993.2M | CDE, IAUX, VAL, OSISKO DEVELOPMENT CORP, CHRD |
| Q4 2025 | 21 | $919.9M | NGD, IAUX, OSISKO DEVELOPMENT CORP, SBSW, VAL |
| Q3 2025 | 19 | $817.0M | NGD, SSRM, IAUX, OSISKO DEVELOPMENT CORP, VAL |
| Q2 2025 | 27 | $694.3M | NGD, HBM, CHRD, VAL, IAUX |
| Q1 2025 | 22 | $668.8M | NGD, VAL, SDRL, CHRD, HBM |
| Q4 2024 | 20 | $690.6M | SDRL, VAL, NGD, CHRD, RYAM |
| Q3 2024 | 17 | $795.5M | VAL, SDRL, NGD, XLE, CHRD |
| Q2 2024 | 16 | $740.4M | SDRL, VAL, CHRD, NGD, GATO |
| Q1 2024 | 19 | $740.5M | SDRL, VAL, CHRD, GATO, CVE |