Euro Pacific Asset Management, LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 21, 2025), Euro Pacific Asset Management, LLC reported 71 stock positions worth $463.9 million. Its top holding was Agnico Eagle Mines (AEM) at 9.3% of the portfolio, followed by Barrick Gold (B, 6.7%) and Pan American Silver (PAAS, 5.9%). Compared with Q3 2024, it sold out of 4, added to 16 and reduced 48. The biggest buy was Franco-Nevada (FNV, shares +2%) and the biggest sale I-80 Gold (IAUX, shares −12%).
- Most Recent 13F
- Q2 2026
- Location
- DORADO, PR
- CIK
- 0001796651
- Portfolio Value
- $463.9M (Q4 2024)
- SEC Filing
- 0001796651-25-000001 ↗ filed Jan 21, 2025
Holdings Value
Holdings 71 stocks · $463.9M
| AEM Agnico Eagle Mines Ltd. | 9.27% | 543,262 | $43.0M | Reduce -8.4% |
| B Barrick Gold Corp. | 6.70% | 1,987,369 | $31.1M | Reduce -0.5% |
| PAAS Pan American Silver Corp. | 5.89% | 1,339,706 | $27.3M | Reduce -2.3% |
| FNV Franco-Nevada Corp. | 5.83% | 227,912 | $27.0M | Add +2.1% |
| BTI British American Tob-SP ADR | 5.25% | 665,462 | $24.3M | Reduce -0.5% |
| OR Osisko Gold Royalties Ltd. | 4.28% | 1,094,133 | $19.8M | Reduce -5.6% |
| FSM Fortuna Mining Corp. | 4.05% | 4,365,085 | $18.8M | Add +1.2% |
| WPM Wheaton Precious Metals Corp. | 3.45% | 283,856 | $16.0M | Reduce -7.4% |
| RGLD Royal Gold Inc. | 3.31% | 116,327 | $15.4M | Reduce -2.5% |
| UL Unilever PLC | 3.06% | 250,238 | $14.2M | Reduce -2.2% |
| BTG B2GOLD Corp. | 3.00% | 5,677,077 | $13.9M | Add +0.8% |
| NEM Newmont Corp. | 2.88% | 352,630 | $13.3M | Reduce -1.0% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 2.71% | 233,533 | $12.6M | Reduce -1.7% |
| MTA Metalla Royalty & Streaming | 2.63% | 4,821,920 | $12.2M | Add +6.0% |
| PM Philip Morris International | 2.45% | 93,831 | $11.4M | Reduce -2.8% |
| OUNZ Vaneck Merk Gold ETF | 2.44% | 446,865 | $11.3M | Add +7.7% |
| SHEL Shell PLC-ADR | 2.41% | 174,497 | $11.2M | Reduce -2.7% |
| BP BP PLC-Spons ADR | 2.40% | 370,154 | $11.1M | Reduce -1.5% |
| KGC Kinross Gold Corp. | 2.33% | 1,122,441 | $10.8M | Reduce -19.1% |
| EQX Equinox Gold Corp. | 2.32% | 2,135,110 | $10.8M | Reduce -22.6% |
| NVS Novartis AG-Sponsored ADR | 2.00% | 95,218 | $9.3M | Reduce -2.1% |
| TTE Totalenergies SE -Spon ADR | 1.99% | 167,507 | $9.3M | Reduce -3.1% |
| NVO Novo-Nordisk A/S-Spons ADR | 1.72% | 91,390 | $8.0M | Reduce -3.0% |
| CEF Sprott Physical Gold and Sil | 1.70% | 325,425 | $7.9M | Reduce -3.1% |
| IAG Iamgold Corp. | 1.58% | 1,408,027 | $7.3M | Reduce -26.9% |
| GSK GSK PLC-Spon ADR | 1.56% | 214,165 | $7.2M | Reduce -1.7% |
| EQNR Equinor ASA-Spon ADR | 1.46% | 275,084 | $6.8M | Reduce -2.0% |
| ABEV Ambev SA-ADR | 1.27% | 3,222,125 | $5.9M | Reduce -1.8% |
| NTR Nutrien Ltd. | 1.06% | 107,745 | $4.9M | Reduce -2.1% |
| IAUX I-80 Gold Corp. | 0.89% | 8,571,215 | $4.1M | Reduce -12.2% |
| FEMB First Trust Emerging Markets | 0.67% | 117,473 | $3.1M | Add +0.9% |
| PSLV Sprott Physical Silver Trust | 0.56% | 269,057 | $2.6M | Add +16.1% |
| EMX Emx Royalty Corp. filed as EMX RTY CORP | 0.53% | 1,424,771 | $2.5M | Reduce -20.2% |
| DC Dakota Gold Corp. | 0.53% | 1,113,290 | $2.5M | Add +186.0% |
| IGOV iShares International Treasu | 0.41% | 48,992 | $1.9M | Add +0.9% |
| YUMC Yum China Holdings Inc. | 0.36% | 35,299 | $1.7M | Reduce -3.3% |
| AQN Algonquin Power & Utilities | 0.34% | 354,787 | $1.6M | Add +0.0% |
| BCE Bce Inc. | 0.34% | 66,681 | $1.6M | Reduce -9.2% |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.34% | 73,991 | $1.6M | Reduce -1.1% |
| IE Ivanhoe Electric Inc. / US | 0.31% | 191,180 | $1.5M | Add +15.5% |
| INFY Infosys Ltd.-SP ADR | 0.31% | 65,889 | $1.5M | Reduce -2.1% |
| BWX SS SPDR BB Intl Treasury BD | 0.27% | 56,818 | $1.2M | Add +1.3% |
| NTES Netease Inc.-ADR | 0.25% | 13,137 | $1.2M | Add +1.3% |
| WRN Western Copper and Gold Corp. | 0.25% | 1,094,474 | $1.1M | Add +57.4% |
| BBD Banco Bradesco-ADR | 0.24% | 582,384 | $1.1M | Reduce -0.3% |
| DEO Diageo PLC-Sponsored ADR | 0.22% | 8,266 | $1.0M | Reduce -6.1% |
| PHYS Sprott Physical Gold Trust | 0.20% | 47,833 | $942K | Add +9.7% |
| HLN Haleon PLC-ADR | 0.19% | 93,787 | $889K | Reduce -3.2% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.18% | 172,436 | $858K | Reduce -0.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.14% | 3,108 | $634K | Reduce -6.1% |
| VALE Vale SA-SP ADR | 0.12% | 64,412 | $571K | Reduce -0.5% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.12% | 8,785 | $558K | No change |
| JAAA Janus Henderson Aaa Clo ETF | 0.12% | 10,985 | $557K | No change |
| USHY iShares Broad Usd High Yield | 0.12% | 14,875 | $549K | No change |
| PSK SS SPDR Ice Pref Sec ETF | 0.12% | 15,965 | $539K | No change |
| MELI MercadoLibre Inc. | 0.11% | 290 | $496K | Reduce -1.0% |
| ENB Enbridge Inc. | 0.09% | 10,110 | $437K | Reduce -0.3% |
| SAP Sap SE-Sponsored ADR | 0.09% | 1,679 | $417K | Reduce -3.7% |
| USFR Wisdomtree Floating Rate Tre | 0.07% | 6,906 | $348K | Reduce -37.1% |
| GDX Vaneck Gold Miners ETF | 0.07% | 9,238 | $323K | Reduce -21.1% |
| RIO Rio Tinto PLC-Spon ADR | 0.06% | 4,810 | $283K | Reduce -1.4% |
| AG First Majestic Silver Corp. | 0.06% | 45,723 | $262K | Add +10.9% |
| ET Energy Transfer LP | 0.06% | 13,210 | $259K | No change |
| OHI Omega Healthcare Investors | 0.05% | 5,800 | $221K | No change |
| AGI Alamos Gold Inc. Class A | 0.05% | 11,405 | $212K | Reduce -7.5% |
| VOD Vodafone Group PLC-SP ADR | 0.04% | 21,938 | $188K | Reduce -55.8% |
| KT KT Corp.-SP ADR | 0.04% | 11,092 | $179K | Reduce -7.3% |
| GFI Gold Fields Ltd.-Spons ADR | 0.04% | 12,911 | $173K | Reduce -5.7% |
| EXK Endeavour Silver Corp. | 0.02% | 27,520 | $109K | No change |
| WIT Wipro Ltd.-ADR | 0.02% | 22,634 | $84K | Reduce -8.4% |
| CX Cemex Sab-Spons ADR Part Cer | 0.01% | 10,458 | $62K | Reduce -6.5% |
Portfolio Sells Q3 2024 → Q4 2024
| IAUX I-80 Gold Corp. | Reduce -12.2% | 0.89% | −1.19 |
| SILV Silvercrest Metals Inc. | Sold out | 0.00% | −0.83 |
| EQX Equinox Gold Corp. | Reduce -22.6% | 2.32% | −0.78 |
| NEM Newmont Corp. | Reduce -1.0% | 2.88% | −0.67 |
| B Barrick Gold Corp. | Reduce -0.5% | 6.70% | −0.66 |
| AU Anglogold Ashanti PLC | Sold out | 0.00% | −0.58 |
| TFPM Triple Flag Precious Met | Sold out | 0.00% | −0.48 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -3.0% | 1.72% | −0.33 |
| IAG Iamgold Corp. | Reduce -26.9% | 1.58% | −0.28 |
| ABEV Ambev SA-ADR | Reduce -1.8% | 1.27% | −0.23 |
| BCE Bce Inc. | Reduce -9.2% | 0.34% | −0.13 |
| KGC Kinross Gold Corp. | Reduce -19.1% | 2.33% | −0.09 |
| TTE Totalenergies SE -Spon ADR | Reduce -3.1% | 1.99% | −0.08 |
| GSK GSK PLC-Spon ADR | Reduce -1.7% | 1.56% | −0.08 |
| NVS Novartis AG-Sponsored ADR | Reduce -2.1% | 2.00% | −0.06 |
| VOD Vodafone Group PLC-SP ADR | Reduce -55.8% | 0.04% | −0.05 |
| BBD Banco Bradesco-ADR | Reduce -0.3% | 0.24% | −0.05 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -0.5% | 0.18% | −0.03 |
| USFR Wisdomtree Floating Rate Tre | Reduce -37.1% | 0.07% | −0.03 |
| VIV Telefonica Brasil-ADR | Sold out | 0.00% | −0.02 |
| GDX Vaneck Gold Miners ETF | Reduce -21.1% | 0.07% | −0.02 |
| VALE Vale SA-SP ADR | Reduce -0.5% | 0.12% | −0.02 |
| DEO Diageo PLC-Sponsored ADR | Reduce -6.1% | 0.22% | −0.01 |
| MELI MercadoLibre Inc. | Reduce -1.0% | 0.11% | −0.00 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -1.4% | 0.06% | −0.00 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -5.7% | 0.04% | −0.00 |
| AGI Alamos Gold Inc. Class A | Reduce -7.5% | 0.05% | +0.00 |
| CX Cemex Sab-Spons ADR Part Cer | Reduce -6.5% | 0.01% | +0.00 |
| HLN Haleon PLC-ADR | Reduce -3.2% | 0.19% | +0.00 |
| UL Unilever PLC | Reduce -2.2% | 3.06% | +0.00 |
| WIT Wipro Ltd.-ADR | Reduce -8.4% | 0.02% | +0.00 |
| KT KT Corp.-SP ADR | Reduce -7.3% | 0.04% | +0.00 |
| WPM Wheaton Precious Metals Corp. | Reduce -7.4% | 3.45% | +0.00 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Reduce -1.1% | 0.34% | +0.01 |
| SAP Sap SE-Sponsored ADR | Reduce -3.7% | 0.09% | +0.02 |
| ENB Enbridge Inc. | Reduce -0.3% | 0.09% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -6.1% | 0.14% | +0.03 |
| INFY Infosys Ltd.-SP ADR | Reduce -2.1% | 0.31% | +0.04 |
| YUMC Yum China Holdings Inc. | Reduce -3.3% | 0.36% | +0.06 |
| NTR Nutrien Ltd. | Reduce -2.1% | 1.06% | +0.08 |
| EQNR Equinor ASA-Spon ADR | Reduce -2.0% | 1.46% | +0.13 |
| CEF Sprott Physical Gold and Sil | Reduce -3.1% | 1.70% | +0.16 |
| BP BP PLC-Spons ADR | Reduce -1.5% | 2.40% | +0.20 |
| SHEL Shell PLC-ADR | Reduce -2.7% | 2.41% | +0.21 |
| RGLD Royal Gold Inc. | Reduce -2.5% | 3.31% | +0.23 |
| PM Philip Morris International | Reduce -2.8% | 2.45% | +0.29 |
| BNS Bank of Nova Scotia | Reduce -1.7% | 2.71% | +0.32 |
| OR Osisko Gold Royalties Ltd. | Reduce -5.6% | 4.28% | +0.32 |
| AEM Agnico Eagle Mines Ltd. | Reduce -8.4% | 9.27% | +0.46 |
| EMX Emx Royalty Corp. | Reduce -20.2% | 0.53% | +0.50 |
Portfolio Buys Q3 2024 → Q4 2024
| FNV Franco-Nevada Corp. | Add +2.1% | 5.83% | +0.72 |
| OUNZ Vaneck Merk Gold ETF | Add +7.7% | 2.44% | +0.50 |
| FSM Fortuna Mining Corp. | Add +1.2% | 4.05% | +0.37 |
| DC Dakota Gold Corp. | Add +186.0% | 0.53% | +0.36 |
| PSLV Sprott Physical Silver Trust | Add +16.1% | 0.56% | +0.12 |
| WRN Western Copper and Gold Corp. | Add +57.4% | 0.25% | +0.10 |
| IE Ivanhoe Electric Inc. / US | Add +15.5% | 0.31% | +0.05 |
| PHYS Sprott Physical Gold Trust | Add +9.7% | 0.20% | +0.05 |
| MTA Metalla Royalty & Streaming | Add +6.0% | 2.63% | +0.04 |
| FEMB First Trust Emerging Markets | Add +0.9% | 0.67% | +0.04 |
| IGOV iShares International Treasu | Add +0.9% | 0.41% | +0.03 |
| NTES Netease Inc.-ADR | Add +1.3% | 0.25% | +0.03 |
| BWX SS SPDR BB Intl Treasury BD | Add +1.3% | 0.27% | +0.02 |
| AG First Majestic Silver Corp. | Add +10.9% | 0.06% | +0.01 |
| AQN Algonquin Power & Utilities | Add +0.0% | 0.34% | −0.02 |
| BTG B2GOLD Corp. | Add +0.8% | 3.00% | −0.20 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 96 | $879.5M | AEM, B, FNV, PAAS, MTA |
| Q1 2026 | 96 | $1.0B | AEM, PAAS, B, FNV, FSM |
| Q4 2025Amended | 93 | $900.9M | AEM, B, PAAS, FNV, MTA |
| Q3 2025 | 89 | $828.7M | AEM, B, PAAS, FNV, OR |
| Q2 2025Amended | 84 | $619.9M | AEM, B, PAAS, FNV, BTI |
| Q1 2025 | 79 | $551.1M | AEM, B, FNV, PAAS, BTI |
| Q4 2024 | 71 | $463.9M | AEM, B, PAAS, FNV, BTI |
| Q3 2024 | 75 | $542.5M | AEM, B, PAAS, FNV, BTI |
| Q2 2024 | 68 | $504.8M | AEM, B, PAAS, FNV, FSM |
| Q1 2024 | 72 | $491.4M | AEM, B, FNV, PAAS, BTI |