Equinox Partners Investment Management LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Equinox Partners Investment Management LLC reported 11 stock positions worth $186.2 million . Its top holding was Galiano Gold (GAU) at 18.9% of the portfolio, followed by Gran Tierra Energy (GTE, 14.5% ) and Integra Resources (ITRG, 12.7% ). Compared with Q3 2025, it opened 2 new positions, added to 3 and reduced 6. The biggest buy was New Pacific Metals (NEWP, shares +100% ) and the biggest sale Eldorado Gold (EGO, shares −54% ).
Location STAMFORD, CT
CIK 0000938552
Portfolio Value $186.2M (Q4 2025) Holdings 11 stocks · $186.2M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 GAU Galiano Gold Inc. 13,840,778 $35.2M Reduce -11.9% GTE Gran Tierra Energy Inc. 6,381,471 $27.1M Add +25.2% ITRG Integra Resources Corp. 5,891,437 $23.7M Reduce -6.1% PSLV Sprott Physical Silver Trust 912,100 $21.6M Reduce -38.1% NEWP New Pacific Metals Corp. 5,656,045 $19.8M Add +100.1% VZLA Vizsla Silver Corp. 3,494,700 $19.1M Reduce -41.7% KOS Kosmos Energy Ltd. 19,469,980 $17.7M Add +9.5% EGO Eldorado Gold Corp. 297,546 $10.7M Reduce -54.4% VIST Vista Energy Sab DE CV 150,367 $7.3M New PDS Precision Drilling Corp. 30,111 $2.2M New OSISKO DEVELOPMENT CORP 573,739 $1.9M Reduce -64.3%
Other holdings (1): bonds, preferreds, convertibles and warrants · $5.3M (not counted above) Security Class Shares / Principal Value Change IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 5,600,000 $5.3M New
Total filed on the 13F, all lines: $191.5M.
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ EGO Eldorado Gold Corp. Reduce -54.4% 5.74% −4.44 VZLA Vizsla Silver Corp. Reduce -41.7% 10.28% −3.69 OSISKO DEVELOPMENT CORP Reduce -64.3% 1.04% −1.92 PSLV Sprott Physical Silver Trust Reduce -38.1% 11.58% −0.90 GAU Galiano Gold Inc. Reduce -11.9% 18.90% +0.41 ITRG Integra Resources Corp. Reduce -6.1% 12.72% +2.84
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ NEWP New Pacific Metals Corp. Add +100.1% 10.62% +6.50 VIST Vista Energy Sab DE CV New 3.93% +3.93 GTE Gran Tierra Energy Inc. Add +25.2% 14.53% +2.56 PDS Precision Drilling Corp. New 1.16% +1.16 KOS Kosmos Energy Ltd. Add +9.5% 9.49% −6.45
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 New 5,600,000 $5.3M
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 11 $207.7M KOS, GTE, YPF, BTG, VIST Q1 2026 10 $240.0M KOS, GTE, NEWP, GAU, VIST Q4 2025 11 $186.2M GAU, GTE, ITRG, PSLV, NEWP Q3 2025 9 $185.2M GAU, KOS, VZLA, PSLV, GTE Q2 2025 9 $175.9M GAU, KOS, GTE, EGO, PSLV Q1 2025 8 $162.6M KOS, GAU, EGO, GTE, PSLV Q4 2024 9 $147.0M GAU, KOS, GTE, EGO, VZLA Q3 2024 9 $145.6M GAU, KOS, EGO, GTE, VZLA Q2 2024 9 $155.3M GAU, KOS, BTG, EGO, VZLA Q1 2024 8 $123.1M GAU, KOS, BTG, EGO, VZLA