Condire Management, LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Condire Management, LP reported 19 stock positions worth $817.0 million. Its top holding was New Gold (NGD) at 26.4% of the portfolio, followed by SSR Mining (SSRM, 10.0%) and I-80 Gold (IAUX, 9.4%). Compared with Q2 2025, it sold out of 8, added to 4 and reduced 3. The biggest buy was SSR Mining (SSRM, shares +63%) and the biggest sale an exit from Hudbay Minerals (HBM).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001847739
- Portfolio Value
- $817.0M (Q3 2025)
- SEC Filing
- 0001847739-25-000002 ↗ filed Nov 14, 2025
Holdings Value
Holdings 19 stocks · $817.0M
| NGD New Gold Inc. | 26.40% | 30,039,918 | $215.7M | Reduce -8.3% |
| SSRM SSR Mining Inc. | 10.02% | 3,353,891 | $81.9M | Add +63.3% |
| IAUX I-80 Gold Corp. | 9.37% | 80,100,000 | $76.5M | Add +0.1% |
| OSISKO DEVELOPMENT CORP | 9.11% | 21,964,844 | $74.5M | Add +75.0% |
| VAL Valaris Ltd. | 6.92% | 1,158,651 | $56.5M | No change |
| SBSW Sibanye-Stillwater Ltd.-ADR | 6.83% | 4,964,929 | $55.8M | Reduce -22.3% |
| CHRD Chord Energy Corp. | 6.46% | 531,291 | $52.8M | No change |
| RYAM Rayonier Advanced Materials | 5.62% | 6,356,130 | $45.9M | No change |
| SDRL Seadrill Limited | 4.73% | 1,279,968 | $38.7M | No change |
| EXK Endeavour Silver Corp. | 2.88% | 3,000,000 | $23.5M | Add +200.0% |
| CVE Cenovus Energy Inc. | 2.29% | 1,100,000 | $18.7M | No change |
| CNR Core Natural Resources Inc. | 2.06% | 201,663 | $16.8M | No change |
| AEM Agnico Eagle Mines Ltd. | 1.96% | 95,186 | $16.0M | No change |
| TDW Tidewater Inc. | 1.87% | 285,900 | $15.2M | No change |
| CDLR Cadeler A/S-ADR | 1.58% | 624,400 | $12.9M | No change |
| INSW International Seaways Inc. | 1.10% | 194,763 | $9.0M | No change |
| TEN Tsakos Energy Navigation Ltd. | 0.52% | 190,977 | $4.2M | No change |
| MUX McEwen Inc. | 0.24% | 113,000 | $1.9M | No change |
| XME SS SPDR S&P Metals Mining | 0.05% | 4,076 | $380K | Reduce -97.3% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $18.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IAUX.WS I-80 Gold Corp. -26 | *W EXP 11/16/202 | 40,846,499 | $18.4M | New |
Total filed on the 13F, all lines: $835.4M.
Portfolio Sells Q2 2025 → Q3 2025
| HBM Hudbay Minerals Inc. | Sold out | 0.00% | −11.12 |
| XLB SS Materials Select Sector | Sold out | 0.00% | −2.88 |
| PPTA Perpetua Resources Corp. | Sold out | 0.00% | −1.56 |
| XME SS SPDR S&P Metals Mining | Reduce -97.3% | 0.05% | −1.43 |
| VTLE Vital Energy Inc. | Sold out | 0.00% | −1.23 |
| HL Hecla Mining Co. | Sold out | 0.00% | −0.86 |
| CIVI Civitas Resources Inc. | Sold out | 0.00% | −0.79 |
| CDE Coeur Mining Inc. | Sold out | 0.00% | −0.64 |
| XLE SS Energy Select Sector | Sold out | 0.00% | −0.22 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Reduce -22.3% | 6.83% | +0.19 |
| NGD New Gold Inc. | Reduce -8.3% | 26.40% | +3.06 |
Portfolio Buys Q2 2025 → Q3 2025
| SSRM SSR Mining Inc. | Add +63.3% | 10.02% | +6.26 |
| OSISKO DEVELOPMENT CORP | Add +75.0% | 9.11% | +5.25 |
| IAUX I-80 Gold Corp. | Add +0.1% | 9.37% | +2.47 |
| EXK Endeavour Silver Corp. | Add +200.0% | 2.88% | +2.17 |
Notes & Other Activity Q2 2025 → Q3 2025
| IAUX.WS I-80 Gold Corp. -26 | *W EXP 11/16/202 | New | 40,846,499 | $18.4M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
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 |