Euro Pacific Asset Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 14, 2025), Euro Pacific Asset Management, LLC reported 89 stock positions worth $828.7 million. Its top holding was Agnico Eagle Mines (AEM) at 8.9% of the portfolio, followed by Barrick Mining (B, 7.8%) and Pan American Silver (PAAS, 6.0%). Compared with Q2 2025, it opened 7 new positions, sold out of 2, added to 36 and reduced 37. The biggest buy was a new position in Triple Flag Precious Met (TFPM) and the biggest sale British American Tob-SP ADR (BTI, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- DORADO, PR
- CIK
- 0001796651
- Portfolio Value
- $828.7M (Q3 2025)
- SEC Filing
- 0001796651-25-000006 ↗ filed Oct 14, 2025
Holdings Value
Holdings 89 stocks · $828.7M
| AEM Agnico Eagle Mines Ltd. | 8.93% | 464,823 | $74.0M | Reduce -1.8% |
| B Barrick Mining Corp. | 7.81% | 2,168,499 | $64.7M | Reduce -0.1% |
| PAAS Pan American Silver Corp. | 5.95% | 1,330,620 | $49.3M | Reduce -0.1% |
| FNV Franco-Nevada Corp. | 5.89% | 234,129 | $48.8M | Add +2.4% |
| OR Or Royalties Inc. | 4.88% | 1,020,500 | $40.4M | Reduce -5.4% |
| FSM Fortuna Mining Corp. | 4.74% | 4,425,644 | $39.2M | Add +0.2% |
| BTG B2GOLD Corp. | 4.46% | 7,544,575 | $37.0M | Add +8.5% |
| MTA Metalla Royalty & Streaming | 4.31% | 5,693,585 | $35.7M | Add +0.6% |
| BTI British American Tob-SP ADR | 4.04% | 660,483 | $33.5M | Reduce -0.6% |
| NEM Newmont Corp. | 3.88% | 435,678 | $32.1M | Reduce -5.2% |
| RGLD Royal Gold Inc. | 3.86% | 160,751 | $32.0M | Add +38.4% |
| WPM Wheaton Precious Metals Corp. | 3.81% | 285,701 | $31.6M | Reduce -2.7% |
| EQX Equinox Gold Corp. | 2.34% | 1,761,429 | $19.4M | Add +28.3% |
| IAG Iamgold Corp. | 2.30% | 1,473,557 | $19.0M | Add +18.3% |
| NVO Novo-Nordisk A/S-Spons ADR | 2.11% | 278,816 | $17.5M | Add +141.6% |
| KGC Kinross Gold Corp. | 2.02% | 776,378 | $16.7M | Reduce -16.7% |
| TFPM Triple Flag Precious Met | 1.85% | 528,376 | $15.3M | New |
| OUNZ Vaneck Merk Gold ETF | 1.78% | 394,537 | $14.7M | Reduce -13.4% |
| DC Dakota Gold Corp. | 1.47% | 2,677,080 | $12.2M | Add +15.4% |
| BP BP PLC-Spons ADR | 1.42% | 364,065 | $11.7M | Reduce -0.3% |
| SHEL Shell PLC-ADR | 1.41% | 164,560 | $11.6M | Reduce -1.4% |
| NVS Novartis AG-Sponsored ADR | 1.38% | 91,767 | $11.4M | Reduce -1.4% |
| TTE Totalenergies SE -Spon ADR | 1.32% | 180,651 | $11.0M | Add +10.5% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 1.26% | 175,581 | $10.4M | Reduce -0.9% |
| UL Unilever PLC | 1.19% | 164,157 | $9.9M | Reduce -0.4% |
| CEF Sprott Physical Gold and Sil | 1.08% | 298,566 | $9.0M | Reduce -4.5% |
| GSK GSK PLC-Spon ADR | 1.06% | 212,018 | $8.7M | Reduce -0.6% |
| PM Philip Morris International | 0.99% | 47,382 | $8.2M | Reduce -1.9% |
| EQNR Equinor ASA-Spon ADR | 0.96% | 319,792 | $7.9M | Add +18.9% |
| AU Anglogold Ashanti PLC | 0.93% | 108,212 | $7.7M | Add +210.8% |
| ABEV Ambev SA-ADR | 0.87% | 3,128,370 | $7.2M | Reduce -0.9% |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 0.80% | 378,696 | $6.6M | Add +2.9% |
| NTR Nutrien Ltd. | 0.73% | 104,172 | $6.1M | Reduce -1.1% |
| IE Ivanhoe Electric Inc. / US | 0.68% | 452,051 | $5.6M | Reduce -6.2% |
| IAUX I-80 Gold Corp. | 0.60% | 5,227,022 | $4.9M | Reduce -27.0% |
| PSLV Sprott Physical Silver Trust | 0.53% | 287,659 | $4.4M | Reduce -7.7% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 0.43% | 334,370 | $3.6M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.43% | 232,910 | $3.5M | New |
| FEMB First Trust Emerging Markets | 0.39% | 107,041 | $3.2M | Reduce -4.0% |
| BCE Bce Inc. | 0.37% | 134,378 | $3.1M | Add +8.7% |
| BHP BHP Group Ltd.-Spon ADR | 0.34% | 58,329 | $2.9M | Add +5.0% |
| RIO Rio Tinto PLC-Spon ADR | 0.34% | 47,733 | $2.8M | Add +3.3% |
| SKM SK Telecom Co. Ltd.-Spon ADR | 0.32% | 122,155 | $2.7M | Add +0.5% |
| GRAB Grab Holdings Ltd. Class A | 0.27% | 379,745 | $2.3M | New |
| BBD Banco Bradesco-ADR | 0.24% | 584,313 | $2.0M | Add +0.3% |
| IGOV iShares International Treasu | 0.23% | 44,604 | $1.9M | Reduce -4.2% |
| AQN Algonquin Power & Utilities | 0.23% | 354,653 | $1.9M | Add +0.0% |
| EMX Emx Royalty Corp. filed as EMX RTY CORP | 0.22% | 345,841 | $1.8M | Reduce -8.6% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.16% | 179,293 | $1.3M | Add +0.3% |
| PHYS Sprott Physical Gold Trust | 0.15% | 47,772 | $1.2M | Reduce -2.6% |
| BWX SS SPDR BB Intl Treasury BD | 0.15% | 51,798 | $1.2M | Reduce -4.1% |
| INFY Infosys Ltd.-SP ADR | 0.13% | 65,845 | $1.1M | Add +0.5% |
| HLN Haleon PLC-ADR | 0.11% | 90,805 | $942K | Reduce -1.5% |
| DEO Diageo PLC-Sponsored ADR | 0.10% | 8,183 | $813K | Reduce -1.2% |
| WRN Western Copper and Gold Corp. | 0.09% | 391,308 | $786K | Add +33.7% |
| VALE Vale SA-SP ADR | 0.09% | 72,379 | $765K | Add +11.0% |
| QUAL iShares MSCI USA Quality Fac | 0.09% | 3,920 | $762K | Add +9.8% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.09% | 11,682 | $759K | Add +9.9% |
| GDX Vaneck Gold Miners ETF | 0.09% | 12,383 | $741K | Reduce -0.2% |
| MELI MercadoLibre Inc. | 0.08% | 290 | $683K | Add +0.3% |
| VWOB Vanguard Emerg MKTS Gov BND | 0.08% | 10,300 | $673K | Add +17.3% |
| IAU iShares Gold Trust | 0.08% | 9,061 | $659K | No change |
| JAAA Janus Henderson Aaa Clo ETF | 0.08% | 12,960 | $658K | Add +18.0% |
| TSM Taiwan Semiconductor-SP ADR | 0.08% | 2,642 | $654K | Reduce -7.1% |
| ASR Grupo Aeroportuario Sur-ADR | 0.08% | 1,979 | $645K | Add +47.4% |
| USHY iShares Broad Usd High Yield | 0.07% | 16,210 | $608K | Add +9.0% |
| PSK SS SPDR Ice Pref Sec ETF | 0.07% | 19,030 | $604K | Add +19.2% |
| GFI Gold Fields Ltd.-Spons ADR | 0.07% | 13,651 | $581K | Reduce -6.8% |
| USFR Wisdomtree Floating Rate Tre | 0.06% | 9,635 | $484K | Add +43.4% |
| ENB Enbridge Inc. | 0.06% | 10,165 | $461K | No change |
| XFRAX BlackRock Fltng RT Inc. Strat | 0.05% | 31,965 | $420K | Add +13.3% |
| AGI Alamos Gold Inc. Class A | 0.05% | 11,211 | $374K | Add +1.1% |
| HYIN Wisdomtree PRV CRD & Alt Inc. | 0.04% | 21,450 | $369K | No change |
| ASML ASML Holding NV-NY Reg SHS | 0.04% | 438 | $354K | New |
| AG First Majestic Silver Corp. | 0.04% | 35,355 | $320K | Reduce -14.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.03% | 891 | $262K | No change |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.03% | 3,304 | $259K | Reduce -34.6% |
| GLD SPDR Gold Shares | 0.03% | 715 | $247K | New |
| URA Global X Uranium ETF | 0.03% | 6,310 | $245K | No change |
| ET Energy Transfer LP | 0.03% | 13,210 | $239K | No change |
| IFN Aberdeen India Fund Inc. | 0.03% | 14,100 | $233K | No change |
| SAP Sap SE-Sponsored ADR | 0.03% | 823 | $221K | Reduce -3.0% |
| OHI Omega Healthcare Investors | 0.03% | 5,800 | $213K | No change |
| VOD Vodafone Group PLC-SP ADR | 0.02% | 13,415 | $157K | Reduce -3.4% |
| EXK Endeavour Silver Corp. | 0.02% | 27,520 | $136K | No change |
| CX Cemex Sab-Spons ADR Part Cer | 0.01% | 11,000 | $102K | Add +6.0% |
| UMC United Microelectron-SP ADR | 0.01% | 10,016 | $80K | New |
| WIT Wipro Ltd.-ADR | 0.01% | 26,294 | $73K | Add +9.4% |
| HKD Amtd Digital Inc.-ADR | 0.00% | 71,002 | $9K | Reduce -66.0% |
Portfolio Sells Q2 2025 → Q3 2025
| BTI British American Tob-SP ADR | Reduce -0.6% | 4.04% | −1.03 |
| OUNZ Vaneck Merk Gold ETF | Reduce -13.4% | 1.78% | −0.57 |
| SHEL Shell PLC-ADR | Reduce -1.4% | 1.41% | −0.49 |
| NEM Newmont Corp. | Reduce -5.2% | 3.88% | −0.44 |
| WPM Wheaton Precious Metals Corp. | Reduce -2.7% | 3.81% | −0.44 |
| UL Unilever PLC | Reduce -0.4% | 1.19% | −0.44 |
| NVS Novartis AG-Sponsored ADR | Reduce -1.4% | 1.38% | −0.44 |
| CEF Sprott Physical Gold and Sil | Reduce -4.5% | 1.08% | −0.43 |
| PM Philip Morris International | Reduce -1.9% | 0.99% | −0.43 |
| ABEV Ambev SA-ADR | Reduce -0.9% | 0.87% | −0.36 |
| BP BP PLC-Spons ADR | Reduce -0.3% | 1.42% | −0.35 |
| KGC Kinross Gold Corp. | Reduce -16.7% | 2.02% | −0.34 |
| BNS Bank of Nova Scotia | Reduce -0.9% | 1.26% | −0.33 |
| GSK GSK PLC-Spon ADR | Reduce -0.6% | 1.06% | −0.27 |
| NTR Nutrien Ltd. | Reduce -1.1% | 0.73% | −0.26 |
| PAAS Pan American Silver Corp. | Reduce -0.1% | 5.95% | −0.15 |
| FEMB First Trust Emerging Markets | Reduce -4.0% | 0.39% | −0.14 |
| AEM Agnico Eagle Mines Ltd. | Reduce -1.8% | 8.93% | −0.14 |
| IAUX I-80 Gold Corp. | Reduce -27.0% | 0.60% | −0.11 |
| IGOV iShares International Treasu | Reduce -4.2% | 0.23% | −0.10 |
| PSLV Sprott Physical Silver Trust | Reduce -7.7% | 0.53% | −0.08 |
| BWX SS SPDR BB Intl Treasury BD | Reduce -4.1% | 0.15% | −0.06 |
| PHYS Sprott Physical Gold Trust | Reduce -2.6% | 0.15% | −0.04 |
| HLN Haleon PLC-ADR | Reduce -1.5% | 0.11% | −0.04 |
| DEO Diageo PLC-Sponsored ADR | Reduce -1.2% | 0.10% | −0.04 |
| XOM Exxon Mobil Corp. | Sold out | 0.00% | −0.04 |
| KT KT Corp.-SP ADR | Sold out | 0.00% | −0.03 |
| IE Ivanhoe Electric Inc. / US | Reduce -6.2% | 0.68% | −0.03 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -34.6% | 0.03% | −0.03 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -7.1% | 0.08% | −0.03 |
| AG First Majestic Silver Corp. | Reduce -14.3% | 0.04% | −0.02 |
| SAP Sap SE-Sponsored ADR | Reduce -3.0% | 0.03% | −0.02 |
| GDX Vaneck Gold Miners ETF | Reduce -0.2% | 0.09% | −0.01 |
| VOD Vodafone Group PLC-SP ADR | Reduce -3.4% | 0.02% | −0.01 |
| HKD Amtd Digital Inc.-ADR | Reduce -66.0% | 0.00% | −0.00 |
| GFI Gold Fields Ltd.-Spons ADR | Reduce -6.8% | 0.07% | +0.01 |
| EMX Emx Royalty Corp. | Reduce -8.6% | 0.22% | +0.06 |
| OR Or Royalties Inc. | Reduce -5.4% | 4.88% | +0.41 |
| B Barrick Mining Corp. | Reduce -0.1% | 7.81% | +0.51 |
Portfolio Buys Q2 2025 → Q3 2025
| TFPM Triple Flag Precious Met | New | 1.85% | +1.85 |
| EQX Equinox Gold Corp. | Add +28.3% | 2.34% | +1.06 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +141.6% | 2.11% | +0.82 |
| IAG Iamgold Corp. | Add +18.3% | 2.30% | +0.82 |
| MTA Metalla Royalty & Streaming | Add +0.6% | 4.31% | +0.80 |
| AU Anglogold Ashanti PLC | Add +210.8% | 0.93% | +0.67 |
| RGLD Royal Gold Inc. | Add +38.4% | 3.86% | +0.53 |
| ORLA Orla Mining Ltd. | New | 0.43% | +0.43 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.43% | +0.43 |
| BTG B2GOLD Corp. | Add +8.5% | 4.46% | +0.41 |
| GRAB Grab Holdings Ltd. Class A | New | 0.27% | +0.27 |
| DC Dakota Gold Corp. | Add +15.4% | 1.47% | +0.08 |
| FSM Fortuna Mining Corp. | Add +0.2% | 4.74% | +0.08 |
| ASML ASML Holding NV-NY Reg SHS | New | 0.04% | +0.04 |
| WRN Western Copper and Gold Corp. | Add +33.7% | 0.09% | +0.04 |
| GLD SPDR Gold Shares | New | 0.03% | +0.03 |
| UMC United Microelectron-SP ADR | New | 0.01% | +0.01 |
| ASR Grupo Aeroportuario Sur-ADR | Add +47.4% | 0.08% | +0.01 |
| USFR Wisdomtree Floating Rate Tre | Add +43.4% | 0.06% | +0.00 |
| CX Cemex Sab-Spons ADR Part Cer | Add +6.0% | 0.01% | +0.00 |
| AGI Alamos Gold Inc. Class A | Add +1.1% | 0.05% | −0.00 |
| WIT Wipro Ltd.-ADR | Add +9.4% | 0.01% | −0.00 |
| PSK SS SPDR Ice Pref Sec ETF | Add +19.2% | 0.07% | −0.01 |
| XFRAX BlackRock Fltng RT Inc. Strat | Add +13.3% | 0.05% | −0.01 |
| VALE Vale SA-SP ADR | Add +11.0% | 0.09% | −0.01 |
| JAAA Janus Henderson Aaa Clo ETF | Add +18.0% | 0.08% | −0.01 |
| VWOB Vanguard Emerg MKTS Gov BND | Add +17.3% | 0.08% | −0.01 |
| ACWX iShares MSCI Acwi Ex US ETF | Add +9.9% | 0.09% | −0.01 |
| QUAL iShares MSCI USA Quality Fac | Add +9.8% | 0.09% | −0.01 |
| USHY iShares Broad Usd High Yield | Add +9.0% | 0.07% | −0.02 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +0.3% | 0.16% | −0.04 |
| MELI MercadoLibre Inc. | Add +0.3% | 0.08% | −0.04 |
| BBD Banco Bradesco-ADR | Add +0.3% | 0.24% | −0.05 |
| INFY Infosys Ltd.-SP ADR | Add +0.5% | 0.13% | −0.06 |
| BCE Bce Inc. | Add +8.7% | 0.37% | −0.07 |
| BHP BHP Group Ltd.-Spon ADR | Add +5.0% | 0.34% | −0.09 |
| AQN Algonquin Power & Utilities | Add +0.0% | 0.23% | −0.10 |
| RIO Rio Tinto PLC-Spon ADR | Add +3.3% | 0.34% | −0.10 |
| EQNR Equinor ASA-Spon ADR | Add +18.9% | 0.96% | −0.13 |
| SKM SK Telecom Co. Ltd.-Spon ADR | Add +0.5% | 0.32% | −0.14 |
| FNV Franco-Nevada Corp. | Add +2.4% | 5.89% | −0.15 |
| TLK Telkom Indonesia Persero-ADR | Add +2.9% | 0.80% | −0.21 |
| TTE Totalenergies SE -Spon ADR | Add +10.5% | 1.32% | −0.30 |
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 |