Condire Management, LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Condire Management, LP reported 27 stock positions worth $694.3 million. Its top holding was New Gold (NGD) at 23.3% of the portfolio, followed by Hudbay Minerals (HBM, 11.1%) and Chord Energy (CHRD, 7.4%). Compared with Q1 2025, it opened 7 new positions, sold out of 2, added to 2 and reduced 6. The biggest buy was a new position in I-80 Gold (IAUX) and the biggest sale Valaris (VAL, shares −60%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001847739
- Portfolio Value
- $694.3M (Q2 2025)
- SEC Filing
- 0001085146-25-005244 ↗ filed Aug 14, 2025
Holdings Value
Holdings 27 stocks · $694.3M
| NGD New Gold Inc. | 23.34% | 32,739,918 | $162.1M | No change |
| HBM Hudbay Minerals Inc. | 11.12% | 7,275,553 | $77.2M | Add +15.9% |
| CHRD Chord Energy Corp. | 7.41% | 531,291 | $51.5M | No change |
| VAL Valaris Ltd. | 7.03% | 1,158,651 | $48.8M | Reduce -59.6% |
| IAUX I-80 Gold Corp. | 6.89% | 80,000,000 | $47.9M | New |
| SBSW Sibanye-Stillwater Ltd.-ADR | 6.64% | 6,386,739 | $46.1M | Add +68.5% |
| SDRL Seadrill Limited | 4.84% | 1,279,968 | $33.6M | Reduce -58.3% |
| OSISKO DEVELOPMENT CORP | 3.87% | 12,551,934 | $26.9M | No change |
| SSRM SSR Mining Inc. | 3.77% | 2,053,891 | $26.2M | New |
| RYAM Rayonier Advanced Materials | 3.52% | 6,356,130 | $24.5M | No change |
| XLB SS Materials Select Sector | 2.88% | 227,517 | $20.0M | New |
| CVE Cenovus Energy Inc. | 2.15% | 1,100,000 | $15.0M | Reduce -47.8% |
| CNR Core Natural Resources Inc. | 2.03% | 201,663 | $14.1M | No change |
| TDW Tidewater Inc. | 1.90% | 285,900 | $13.2M | No change |
| CDLR Cadeler A/S-ADR | 1.79% | 624,400 | $12.4M | No change |
| AEM Agnico Eagle Mines Ltd. | 1.63% | 95,186 | $11.3M | Reduce -46.2% |
| PPTA Perpetua Resources Corp. | 1.56% | 890,459 | $10.8M | No change |
| XME SS SPDR S&P Metals Mining | 1.47% | 152,085 | $10.2M | New |
| VTLE Vital Energy Inc. | 1.23% | 530,981 | $8.5M | No change |
| INSW International Seaways Inc. | 1.02% | 194,763 | $7.1M | No change |
| HL Hecla Mining Co. | 0.86% | 1,000,000 | $6.0M | New |
| CIVI Civitas Resources Inc. | 0.79% | 200,000 | $5.5M | Reduce -31.0% |
| EXK Endeavour Silver Corp. | 0.71% | 1,000,000 | $4.9M | New |
| CDE Coeur Mining Inc. | 0.64% | 500,000 | $4.4M | New |
| TEN Tsakos Energy Navigation Ltd. | 0.53% | 190,977 | $3.7M | No change |
| XLE SS Energy Select Sector | 0.22% | 18,030 | $1.5M | Reduce -77.5% |
| MUX McEwen Inc. | 0.16% | 113,000 | $1.1M | No change |
Portfolio Sells Q1 2025 → Q2 2025
| VAL Valaris Ltd. | Reduce -59.6% | 7.03% | −9.79 |
| SDRL Seadrill Limited | Reduce -58.3% | 4.84% | −6.64 |
| NEM Newmont Corp. | Sold out | 0.00% | −4.33 |
| CVE Cenovus Energy Inc. | Reduce -47.8% | 2.15% | −2.23 |
| XOP SS SPDR S&P Og Exp & Prod | Sold out | 0.00% | −1.73 |
| AEM Agnico Eagle Mines Ltd. | Reduce -46.2% | 1.63% | −1.24 |
| XLE SS Energy Select Sector | Reduce -77.5% | 0.22% | −0.90 |
| CIVI Civitas Resources Inc. | Reduce -31.0% | 0.79% | −0.72 |
Portfolio Buys Q1 2025 → Q2 2025
| IAUX I-80 Gold Corp. | New | 6.89% | +6.89 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Add +68.5% | 6.64% | +4.05 |
| HBM Hudbay Minerals Inc. | Add +15.9% | 11.12% | +4.00 |
| SSRM SSR Mining Inc. | New | 3.77% | +3.77 |
| XLB SS Materials Select Sector | New | 2.88% | +2.88 |
| XME SS SPDR S&P Metals Mining | New | 1.47% | +1.47 |
| HL Hecla Mining Co. | New | 0.86% | +0.86 |
| EXK Endeavour Silver Corp. | New | 0.71% | +0.71 |
| CDE Coeur Mining Inc. | New | 0.64% | +0.64 |
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 |