Euro Pacific Asset Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 23, 2025), Euro Pacific Asset Management, LLC reported 84 stock positions worth $619.9 million. Its top holding was Agnico Eagle Mines (AEM) at 9.1% of the portfolio, followed by Barrick Mining (B, 7.3%) and Pan American Silver (PAAS, 6.1%). Compared with Q1 2025, it opened 9 new positions, sold out of 4, added to 33 and reduced 29. The biggest buy was B2GOLD (BTG, shares +19%) and the biggest sale Agnico Eagle Mines (AEM, shares −9%).
- Most Recent 13F
- Q2 2026
- Location
- DORADO, PR
- CIK
- 0001796651
- Portfolio Value
- $619.9M (Q2 2025)
- SEC Filing
- 0001796651-25-000005 ↗ filed Jul 23, 2025
Holdings Value
Holdings 84 stocks · $619.9M
| AEM Agnico Eagle Mines Ltd. | 9.07% | 473,109 | $56.2M | Reduce -9.0% |
| B Barrick Mining Corp. | 7.29% | 2,171,791 | $45.2M | Add +10.2% |
| PAAS Pan American Silver Corp. | 6.10% | 1,331,383 | $37.8M | Add +1.2% |
| FNV Franco-Nevada Corp. | 6.04% | 228,628 | $37.5M | Add +0.8% |
| BTI British American Tob-SP ADR | 5.08% | 664,408 | $31.5M | Reduce -0.2% |
| FSM Fortuna Mining Corp. | 4.66% | 4,417,962 | $28.9M | Add +1.5% |
| OR Or Royalties Inc. | 4.47% | 1,079,090 | $27.7M | Reduce -0.8% |
| NEM Newmont Corp. | 4.32% | 459,651 | $26.8M | Add +19.4% |
| WPM Wheaton Precious Metals Corp. | 4.25% | 293,660 | $26.3M | Add +1.1% |
| BTG B2GOLD Corp. | 4.05% | 6,953,735 | $25.1M | Add +19.3% |
| MTA Metalla Royalty & Streaming | 3.50% | 5,657,905 | $21.7M | Add +11.8% |
| RGLD Royal Gold Inc. | 3.33% | 116,135 | $20.6M | Add +1.2% |
| OUNZ Vaneck Merk Gold ETF | 2.35% | 455,611 | $14.6M | Add +1.0% |
| KGC Kinross Gold Corp. | 2.35% | 932,379 | $14.6M | Reduce -15.5% |
| SHEL Shell PLC-ADR | 1.90% | 166,870 | $11.8M | Reduce -3.0% |
| NVS Novartis AG-Sponsored ADR | 1.82% | 93,058 | $11.3M | Reduce -1.0% |
| BP BP PLC-Spons ADR | 1.76% | 365,237 | $10.9M | Reduce -0.4% |
| UL Unilever PLC | 1.63% | 164,863 | $10.1M | Reduce -33.0% |
| TTE Totalenergies SE -Spon ADR | 1.62% | 163,513 | $10.0M | Reduce -0.8% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.58% | 177,224 | $9.8M | Reduce -0.7% |
| CEF Sprott Physical Gold and Sil | 1.52% | 312,796 | $9.4M | Reduce -2.4% |
| IAG Iamgold Corp. | 1.48% | 1,245,480 | $9.2M | Add +8.7% |
| PM Philip Morris International | 1.42% | 48,293 | $8.8M | Reduce -42.7% |
| DC Dakota Gold Corp. | 1.39% | 2,318,912 | $8.6M | Add +15.6% |
| GSK GSK PLC-Spon ADR | 1.32% | 213,261 | $8.2M | Add +0.1% |
| NVO Novo-Nordisk A/S-Spons ADR | 1.29% | 115,430 | $8.0M | Add +28.0% |
| EQX Equinox Gold Corp. | 1.28% | 1,372,906 | $7.9M | Add +25.9% |
| ABEV Ambev SA-ADR | 1.23% | 3,156,817 | $7.6M | Reduce -1.2% |
| EQNR Equinor ASA-Spon ADR | 1.09% | 268,922 | $6.8M | Reduce -1.0% |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 1.01% | 367,958 | $6.2M | Add +744.8% |
| NTR Nutrien Ltd. | 0.99% | 105,383 | $6.1M | Reduce -0.6% |
| IE Ivanhoe Electric Inc. / US | 0.71% | 481,681 | $4.4M | Add +4.0% |
| IAUX I-80 Gold Corp. | 0.71% | 7,157,725 | $4.4M | Add +1.2% |
| PSLV Sprott Physical Silver Trust | 0.61% | 311,622 | $3.8M | Add +14.5% |
| FEMB First Trust Emerging Markets | 0.53% | 111,487 | $3.3M | Reduce -1.9% |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.46% | 121,537 | $2.8M | Add +69.1% |
| BCE Bce Inc. | 0.44% | 123,651 | $2.7M | Add +90.8% |
| RIO Rio Tinto PLC-Spon ADR | 0.44% | 46,225 | $2.7M | Add +848.2% |
| BHP BHP Group Ltd.-Spon ADR | 0.43% | 55,552 | $2.7M | New |
| IGOV iShares International Treasu | 0.33% | 46,543 | $2.0M | Reduce -1.9% |
| AQN Algonquin Power & Utilities | 0.33% | 354,648 | $2.0M | Reduce -0.0% |
| BBD Banco Bradesco-ADR | 0.29% | 582,848 | $1.8M | Add +0.1% |
| AU Anglogold Ashanti PLC | 0.26% | 34,820 | $1.6M | New |
| BWX SS SPDR BB Intl Treasury BD | 0.21% | 54,023 | $1.3M | Reduce -1.8% |
| INFY Infosys Ltd.-SP ADR | 0.20% | 65,545 | $1.2M | Add +0.1% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.20% | 178,721 | $1.2M | Reduce -5.7% |
| PHYS Sprott Physical Gold Trust | 0.19% | 49,064 | $1.2M | Add +2.7% |
| HLN Haleon PLC-ADR | 0.15% | 92,169 | $957K | Reduce -0.9% |
| EMX Emx Royalty Corp. filed as EMX RTY CORP | 0.15% | 378,366 | $953K | Reduce -45.4% |
| DEO Diageo PLC-Sponsored ADR | 0.14% | 8,286 | $837K | Add +2.6% |
| MELI MercadoLibre Inc. | 0.12% | 289 | $760K | No change |
| QUAL iShares MSCI USA Quality Fac | 0.11% | 3,569 | $652K | New |
| TSM Taiwan Semiconductor-SP ADR | 0.10% | 2,845 | $649K | Add +0.9% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.10% | 10,633 | $648K | New |
| GDX Vaneck Gold Miners ETF | 0.10% | 12,403 | $646K | Reduce -3.0% |
| VALE Vale SA-SP ADR | 0.10% | 65,185 | $636K | Add +0.1% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.09% | 8,785 | $574K | No change |
| IAU iShares Gold Trust | 0.09% | 9,061 | $565K | Add +36.9% |
| USHY iShares Broad Usd High Yield | 0.09% | 14,875 | $558K | No change |
| JAAA Janus Henderson Aaa Clo ETF | 0.09% | 10,985 | $557K | No change |
| PSK SS SPDR Ice Pref Sec ETF | 0.08% | 15,965 | $507K | No change |
| ENB Enbridge Inc. | 0.07% | 10,165 | $461K | Reduce -0.8% |
| ASR Grupo Aeroportuario Sur-ADR | 0.07% | 1,343 | $432K | New |
| XFRAX BlackRock Fltng RT Inc. Strat | 0.06% | 28,200 | $371K | No change |
| WRN Western Copper and Gold Corp. | 0.06% | 292,637 | $371K | Reduce -72.4% |
| HYIN Wisdomtree PRV CRD & Alt Inc. | 0.06% | 21,450 | $369K | No change |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.06% | 5,051 | $367K | New |
| GFI Gold Fields Ltd.-Spons ADR | 0.06% | 14,651 | $353K | Add +7.6% |
| AG First Majestic Silver Corp. | 0.06% | 41,247 | $341K | Add +0.0% |
| USFR Wisdomtree Floating Rate Tre | 0.05% | 6,720 | $338K | Reduce -62.1% |
| AGI Alamos Gold Inc. Class A | 0.05% | 11,089 | $295K | Reduce -8.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.04% | 891 | $262K | No change |
| SAP Sap SE-Sponsored ADR | 0.04% | 848 | $259K | Reduce -2.0% |
| URA Global X Uranium ETF | 0.04% | 6,310 | $245K | New |
| ET Energy Transfer LP | 0.04% | 13,210 | $239K | No change |
| IFN Aberdeen India Fund Inc. | 0.04% | 14,100 | $233K | No change |
| XOM Exxon Mobil Corp. | 0.04% | 2,080 | $224K | Add +9.5% |
| OHI Omega Healthcare Investors | 0.03% | 5,800 | $213K | No change |
| KT KT Corp.-SP ADR | 0.03% | 9,339 | $201K | New |
| VOD Vodafone Group PLC-SP ADR | 0.02% | 13,891 | $150K | Reduce -9.2% |
| EXK Endeavour Silver Corp. | 0.02% | 27,520 | $136K | No change |
| WIT Wipro Ltd.-ADR | 0.01% | 24,025 | $77K | Add +1.6% |
| CX Cemex Sab-Spons ADR Part Cer | 0.01% | 10,372 | $74K | No change |
| HKD Amtd Digital Inc.-ADR | 0.00% | 208,891 | $27K | New |
Portfolio Sells Q1 2025 → Q2 2025
| AEM Agnico Eagle Mines Ltd. | Reduce -9.0% | 9.07% | −1.15 |
| UL Unilever PLC | Reduce -33.0% | 1.63% | −1.04 |
| PM Philip Morris International | Reduce -42.7% | 1.42% | −1.00 |
| BP BP PLC-Spons ADR | Reduce -0.4% | 1.76% | −0.48 |
| SHEL Shell PLC-ADR | Reduce -3.0% | 1.90% | −0.38 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.34 |
| TTE Totalenergies SE -Spon ADR | Reduce -0.8% | 1.62% | −0.31 |
| NTES Netease Inc.-ADR | Sold out | 0.00% | −0.25 |
| EQNR Equinor ASA-Spon ADR | Reduce -1.0% | 1.09% | −0.23 |
| KGC Kinross Gold Corp. | Reduce -15.5% | 2.35% | −0.17 |
| WRN Western Copper and Gold Corp. | Reduce -72.4% | 0.06% | −0.16 |
| CEF Sprott Physical Gold and Sil | Reduce -2.4% | 1.52% | −0.13 |
| ABEV Ambev SA-ADR | Reduce -1.2% | 1.23% | −0.13 |
| USFR Wisdomtree Floating Rate Tre | Reduce -62.1% | 0.05% | −0.11 |
| EMX Emx Royalty Corp. | Reduce -45.4% | 0.15% | −0.10 |
| NVS Novartis AG-Sponsored ADR | Reduce -1.0% | 1.82% | −0.09 |
| VZLA Vizsla Silver Corp. | Sold out | 0.00% | −0.06 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.06 |
| FEMB First Trust Emerging Markets | Reduce -1.9% | 0.53% | −0.04 |
| HLN Haleon PLC-ADR | Reduce -0.9% | 0.15% | −0.02 |
| IGOV iShares International Treasu | Reduce -1.9% | 0.33% | −0.02 |
| BWX SS SPDR BB Intl Treasury BD | Reduce -1.8% | 0.21% | −0.01 |
| AGI Alamos Gold Inc. Class A | Reduce -8.1% | 0.05% | −0.01 |
| ENB Enbridge Inc. | Reduce -0.8% | 0.07% | −0.01 |
| AQN Algonquin Power & Utilities | Reduce -0.0% | 0.33% | −0.00 |
| GDX Vaneck Gold Miners ETF | Reduce -3.0% | 0.10% | −0.00 |
| VOD Vodafone Group PLC-SP ADR | Reduce -9.2% | 0.02% | −0.00 |
| SAP Sap SE-Sponsored ADR | Reduce -2.0% | 0.04% | −0.00 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -5.7% | 0.20% | +0.01 |
| NTR Nutrien Ltd. | Reduce -0.6% | 0.99% | +0.03 |
| BNS Bank of Nova Scotia | Reduce -0.7% | 1.58% | +0.05 |
| BTI British American Tob-SP ADR | Reduce -0.2% | 5.08% | +0.08 |
| OR Or Royalties Inc. | Reduce -0.8% | 4.47% | +0.30 |
Portfolio Buys Q1 2025 → Q2 2025
| BTG B2GOLD Corp. | Add +19.3% | 4.05% | +1.03 |
| NEM Newmont Corp. | Add +19.4% | 4.32% | +0.93 |
| TLK Telkom Indonesia Persero-ADR | Add +744.8% | 1.01% | +0.89 |
| MTA Metalla Royalty & Streaming | Add +11.8% | 3.50% | +0.85 |
| BHP BHP Group Ltd.-Spon ADR | New | 0.43% | +0.43 |
| DC Dakota Gold Corp. | Add +15.6% | 1.39% | +0.41 |
| RIO Rio Tinto PLC-Spon ADR | Add +848.2% | 0.44% | +0.38 |
| B Barrick Mining Corp. | Add +10.2% | 7.29% | +0.32 |
| AU Anglogold Ashanti PLC | New | 0.26% | +0.26 |
| IE Ivanhoe Electric Inc. / US | Add +4.0% | 0.71% | +0.22 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Add +69.1% | 0.46% | +0.18 |
| IAG Iamgold Corp. | Add +8.7% | 1.48% | +0.18 |
| BCE Bce Inc. | Add +90.8% | 0.44% | +0.17 |
| WPM Wheaton Precious Metals Corp. | Add +1.1% | 4.25% | +0.16 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +28.0% | 1.29% | +0.15 |
| QUAL iShares MSCI USA Quality Fac | New | 0.11% | +0.11 |
| ACWX iShares MSCI Acwi Ex US ETF | New | 0.10% | +0.10 |
| ASR Grupo Aeroportuario Sur-ADR | New | 0.07% | +0.07 |
| SPYM Ste STR SPDR PT S&P 500 ETF | New | 0.06% | +0.06 |
| BBD Banco Bradesco-ADR | Add +0.1% | 0.29% | +0.06 |
| PSLV Sprott Physical Silver Trust | Add +14.5% | 0.61% | +0.04 |
| URA Global X Uranium ETF | New | 0.04% | +0.04 |
| KT KT Corp.-SP ADR | New | 0.03% | +0.03 |
| IAU iShares Gold Trust | Add +36.9% | 0.09% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +0.9% | 0.10% | +0.02 |
| AG First Majestic Silver Corp. | Add +0.0% | 0.06% | +0.01 |
| HKD Amtd Digital Inc.-ADR | New | 0.00% | +0.00 |
| GFI Gold Fields Ltd.-Spons ADR | Add +7.6% | 0.06% | +0.00 |
| WIT Wipro Ltd.-ADR | Add +1.6% | 0.01% | −0.00 |
| XOM Exxon Mobil Corp. | Add +9.5% | 0.04% | −0.00 |
| PHYS Sprott Physical Gold Trust | Add +2.7% | 0.19% | −0.01 |
| VALE Vale SA-SP ADR | Add +0.1% | 0.10% | −0.02 |
| DEO Diageo PLC-Sponsored ADR | Add +2.6% | 0.14% | −0.02 |
| INFY Infosys Ltd.-SP ADR | Add +0.1% | 0.20% | −0.02 |
| IAUX I-80 Gold Corp. | Add +1.2% | 0.71% | −0.05 |
| PAAS Pan American Silver Corp. | Add +1.2% | 6.10% | −0.06 |
| RGLD Royal Gold Inc. | Add +1.2% | 3.33% | −0.08 |
| EQX Equinox Gold Corp. | Add +25.9% | 1.28% | −0.08 |
| OUNZ Vaneck Merk Gold ETF | Add +1.0% | 2.35% | −0.13 |
| FSM Fortuna Mining Corp. | Add +1.5% | 4.66% | −0.16 |
| GSK GSK PLC-Spon ADR | Add +0.1% | 1.32% | −0.17 |
| FNV Franco-Nevada Corp. | Add +0.8% | 6.04% | −0.45 |
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 |