Condire Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Condire Management, LP reported 21 stock positions worth $919.9 million. Its top holding was New Gold (NGD) at 26.0% of the portfolio, followed by I-80 Gold (IAUX, 12.7%) and Osisko Development (8.8%). Compared with Q3 2025, it opened 4 new positions, sold out of 2, added to 6 and reduced 2. The biggest buy was a new position in B2GOLD (BTG) and the biggest sale an exit from SSR Mining (SSRM).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001847739
- Portfolio Value
- $919.9M (Q4 2025)
- SEC Filing
- 0001847739-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 21 stocks · $919.9M
| NGD New Gold Inc. | 25.98% | 27,437,020 | $239.0M | Reduce -8.7% |
| IAUX I-80 Gold Corp. | 12.73% | 80,241,558 | $117.2M | Add +0.2% |
| OSISKO DEVELOPMENT CORP | 8.77% | 23,112,036 | $80.7M | Add +5.2% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 8.12% | 5,244,469 | $74.7M | Add +5.6% |
| VAL Valaris Ltd. | 6.35% | 1,158,651 | $58.4M | No change |
| BTG B2GOLD Corp. | 5.52% | 11,265,300 | $50.8M | New |
| CHRD Chord Energy Corp. | 5.09% | 505,536 | $46.9M | Reduce -4.8% |
| SDRL Seadrill Limited | 4.81% | 1,279,968 | $44.3M | No change |
| EXK Endeavour Silver Corp. | 4.60% | 4,503,543 | $42.3M | Add +50.1% |
| RYAM Rayonier Advanced Materials | 4.07% | 6,358,877 | $37.5M | Add +0.0% |
| CVE Cenovus Energy Inc. | 2.02% | 1,100,000 | $18.6M | No change |
| CNR Core Natural Resources Inc. | 1.94% | 201,663 | $17.8M | No change |
| AEM Agnico Eagle Mines Ltd. | 1.75% | 95,186 | $16.1M | No change |
| TDW Tidewater Inc. | 1.57% | 285,900 | $14.4M | No change |
| NEXM Nexmetals Mining Corp. | 1.49% | 3,513,500 | $13.7M | New |
| XME SS SPDR S&P Metals Mining | 1.38% | 122,451 | $12.7M | Add +2904.2% |
| ELE Elemental Royalty Corp. | 1.27% | 686,246 | $11.6M | New |
| CDLR Cadeler A/S-ADR | 1.26% | 624,400 | $11.6M | No change |
| XOP SS SPDR S&P Og Exp & Prod | 0.56% | 41,028 | $5.2M | New |
| TEN Tsakos Energy Navigation Ltd. | 0.47% | 190,977 | $4.3M | No change |
| MUX McEwen Inc. | 0.23% | 113,000 | $2.1M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $38.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IAUX.WS I-80 Gold Corp. -26 | *W EXP 11/16/202 | 41,339,999 | $38.0M | Add +1.2% |
Total filed on the 13F, all lines: $958.0M.
Portfolio Sells Q3 2025 → Q4 2025
Portfolio Buys Q3 2025 → Q4 2025
| BTG B2GOLD Corp. | New | 5.52% | +5.52 |
| IAUX I-80 Gold Corp. | Add +0.2% | 12.73% | +3.37 |
| EXK Endeavour Silver Corp. | Add +50.1% | 4.60% | +1.72 |
| NEXM Nexmetals Mining Corp. | New | 1.49% | +1.49 |
| XME SS SPDR S&P Metals Mining | Add +2904.2% | 1.38% | +1.33 |
| SBSW Sibanye-Stillwater Ltd.-ADR | Add +5.6% | 8.12% | +1.29 |
| ELE Elemental Royalty Corp. | New | 1.27% | +1.27 |
| XOP SS SPDR S&P Og Exp & Prod | New | 0.56% | +0.56 |
| OSISKO DEVELOPMENT CORP | Add +5.2% | 8.77% | −0.35 |
| RYAM Rayonier Advanced Materials | Add +0.0% | 4.07% | −1.55 |
Notes & Other Activity Q3 2025 → Q4 2025
| IAUX.WS I-80 Gold Corp. -26 | *W EXP 11/16/202 | Add +1.2% | 41,339,999 | $38.0M |
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 |