In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 12, 2026), Electrum Group LLC reported 8 stock positions worth $1.1 billion . Its top holding was Novagold Resources (NG) at 77.1% of the portfolio, followed by Trilogy Metals (TMQ, 10.5% ) and Intl Tower Hill Mines (THM, 6.8% ). Compared with Q4 2025, it added to 1 and reduced 5. The biggest buy was Intl Tower Hill Mines (THM, shares +11% ) and the biggest sale Pan American Silver (PAAS, shares −57% ).
Location NEW YORK, NY
CIK 0001565641
Portfolio Value $1.1B (Q1 2026) Holdings 8 stocks · $1.1B Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 NG Novagold Resources Inc. 92,902,813 $834.3M No change TMQ Trilogy Metals Inc. 31,604,741 $113.5M No change THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN 31,918,825 $73.4M Add +11.0% SILJ Amplify Junior Silver Miners 777,615 $23.1M Reduce -26.1% SIL Global X Silver Miners ETF 251,009 $22.6M Reduce -26.6% HL Hecla Mining Co. 356,251 $6.6M Reduce -45.6% PAAS Pan American Silver Corp. 92,130 $5.0M Reduce -57.4% CDE Coeur Mining Inc. 200,315 $3.8M Reduce -58.4%
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ PAAS Pan American Silver Corp. Reduce -57.4% 0.47% −0.51 HL Hecla Mining Co. Reduce -45.6% 0.61% −0.48 SILJ Amplify Junior Silver Miners Reduce -26.1% 2.14% −0.41 SIL Global X Silver Miners ETF Reduce -26.6% 2.09% −0.40 CDE Coeur Mining Inc. Reduce -58.4% 0.35% −0.40
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ THM Intl Tower Hill Mines Ltd. Add +11.0% 6.78% +2.11
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ DC.WS Dakota Gold Corp.-26 call Sold out 360,755 $1.3Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 10 $3.4B SIND, SSMR, NG, TMQ, THM Q1 2026 8 $1.1B NG, TMQ, THM, SILJ, SIL Q4 2025 8 $1.1B NG, TMQ, THM, SILJ, SIL