Condire Management, LP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Condire Management, LP reported 18 stock positions worth $993.2 million. Its top holding was Coeur Mining (CDE) at 18.8% of the portfolio, followed by I-80 Gold (IAUX, 12.6%) and Valaris (VAL, 11.4%). Compared with Q4 2025, it opened 1 new position, sold out of 4, added to 4 and reduced 1. The biggest buy was a new position in Coeur Mining (CDE) and the biggest sale an exit from New Gold (NGD).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001847739
- Portfolio Value
- $993.2M (Q1 2026)
- SEC Filing
- 0001847739-26-000002 ↗ filed May 15, 2026
Holdings Value
Holdings 18 stocks · $993.2M
| CDE Coeur Mining Inc. | 18.79% | 9,942,304 | $186.6M | New |
| IAUX I-80 Gold Corp. | 12.57% | 82,103,559 | $124.8M | Add +2.3% |
| VAL Valaris Ltd. | 11.44% | 1,158,651 | $113.6M | No change |
| OSISKO DEVELOPMENT CORP | 8.20% | 25,050,980 | $81.4M | Add +8.4% |
| CHRD Chord Energy Corp. | 7.97% | 556,536 | $79.1M | Add +10.1% |
| RYAM Rayonier Advanced Materials | 7.09% | 6,358,877 | $70.4M | No change |
| SBSW Sibanye-Stillwater Ltd.-ADR | 6.51% | 5,244,469 | $64.6M | No change |
| SDRL Seadrill Limited | 5.86% | 1,279,968 | $58.2M | No change |
| BTG B2GOLD Corp. | 5.28% | 11,571,607 | $52.4M | Add +2.7% |
| EXK Endeavour Silver Corp. | 4.22% | 4,503,543 | $41.9M | No change |
| CVE Cenovus Energy Inc. | 2.94% | 1,100,000 | $29.2M | No change |
| TDW Tidewater Inc. | 2.41% | 285,900 | $23.9M | No change |
| CNR Core Natural Resources Inc. | 2.13% | 201,663 | $21.1M | No change |
| CDLR Cadeler A/S-ADR | 1.48% | 624,400 | $14.7M | No change |
| ELE Elemental Royalty Corp. | 1.28% | 674,415 | $12.7M | Reduce -1.7% |
| NEXM Nexmetals Mining Corp. | 0.87% | 3,513,500 | $8.6M | No change |
| TEN Tsakos Energy Navigation Ltd. | 0.76% | 190,977 | $7.5M | No change |
| MUX McEwen Inc. | 0.23% | 113,000 | $2.3M | No change |
Other holdings (1): bonds, preferreds, convertibles and warrants · $41.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IAUX.WS I-80 Gold Corp. -26 | *W EXP 11/16/202 | 41,541,599 | $41.5M | Add +0.5% |
Total filed on the 13F, all lines: $1.0B.
Portfolio Sells Q4 2025 → Q1 2026
Portfolio Buys Q4 2025 → Q1 2026
| CDE Coeur Mining Inc. | New | 18.79% | +18.79 |
| CHRD Chord Energy Corp. | Add +10.1% | 7.97% | +2.87 |
| IAUX I-80 Gold Corp. | Add +2.3% | 12.57% | −0.17 |
| BTG B2GOLD Corp. | Add +2.7% | 5.28% | −0.24 |
| OSISKO DEVELOPMENT CORP | Add +8.4% | 8.20% | −0.57 |
Notes & Other Activity Q4 2025 → Q1 2026
| IAUX.WS I-80 Gold Corp. -26 | *W EXP 11/16/202 | Add +0.5% | 41,541,599 | $41.5M |
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 |