Euro Pacific Asset Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 21, 2026), Euro Pacific Asset Management, LLC reported 93 stock positions worth $900.9 million. Its top holding was Agnico Eagle Mines (AEM) at 8.1% of the portfolio, followed by Barrick Mining (B, 7.5%) and Pan American Silver (PAAS, 6.8%). Compared with Q3 2025, it opened 7 new positions, sold out of 4, added to 48 and reduced 30. The biggest buy was a new position in Elemental Royalty (ELE) and the biggest sale an exit from Totalenergies SE -Spon ADR (TTE).

Most Recent 13F
Q2 2026
Location
DORADO, PR
CIK
0001796651
Portfolio Value
$900.9M (Q4 2025)
SEC Filing
0001796651-26-000002 ↗ filed Jan 21, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $491.4M Q1 2024 Q2 2024: $504.8M Q2 2024 Q3 2024: $542.5M Q3 2024 Q4 2024: $463.9M Q4 2024 Q1 2025: $551.1M Q1 2025 Q2 2025: $619.9M Q2 2025 Q3 2025: $828.7M Q3 2025 Q4 2025: $900.9M $900.9M Q4 2025 Q1 2026: $1.0B Q1 2026 Q2 2026: $879.5M Q2 2026

Holdings 93 stocks · $900.9M
AEM Agnico Eagle Mines Ltd. 8.08% 455,056 $72.8M Reduce -2.1%
B Barrick Mining Corp. 7.53% 1,746,376 $67.8M Reduce -19.5%
PAAS Pan American Silver Corp. 6.84% 1,287,451 $61.6M Reduce -3.2%
FNV Franco-Nevada Corp. 5.18% 236,967 $46.7M Add +1.2%
MTA Metalla Royalty & Streaming 4.83% 5,742,309 $43.5M Add +0.9%
FSM Fortuna Mining Corp. 4.80% 4,464,769 $43.2M Add +0.9%
RGLD Royal Gold Inc. 4.01% 164,360 $36.2M Add +2.3%
OR Or Royalties Inc. 4.01% 1,028,079 $36.1M Add +0.7%
BTI British American Tob-SP ADR 3.86% 657,883 $34.7M Reduce -0.4%
BTG B2GOLD Corp. 3.77% 7,584,250 $34.0M Add +0.5%
WPM Wheaton Precious Metals Corp. 3.68% 285,947 $33.1M Add +0.1%
NEM Newmont Corp. 3.27% 365,598 $29.4M Reduce -16.1%
EQX Equinox Gold Corp. 2.91% 1,906,970 $26.2M Add +8.3%
IAG Iamgold Corp. 2.45% 1,343,139 $22.1M Reduce -8.8%
NVO Novo-Nordisk A/S-Spons ADR 2.26% 346,077 $20.4M Add +24.1%
KGC Kinross Gold Corp. 2.00% 762,330 $18.0M Reduce -1.8%
DC Dakota Gold Corp. 1.91% 3,051,484 $17.2M Add +14.0%
TFPM Triple Flag Precious Met 1.89% 521,059 $17.1M Reduce -1.4%
OUNZ Vaneck Merk Gold ETF 1.84% 398,070 $16.6M Add +0.9%
ELE Elemental Royalty Corp. 1.83% 968,502 $16.4M New
BP BP PLC-Spons ADR 1.30% 362,175 $11.7M Reduce -0.5%
SHEL Shell PLC-ADR 1.29% 162,776 $11.6M Reduce -1.1%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 1.27% 867,495 $11.4M Add +159.4%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 1.22% 173,579 $11.0M Reduce -1.1%
AU Anglogold Ashanti PLC 1.17% 122,885 $10.6M Add +13.6%
ACN Accenture PLC Class A 1.13% 35,958 $10.2M New
GSK GSK PLC-Spon ADR 1.05% 210,813 $9.4M Reduce -0.6%
CEF Sprott Physical Gold and Sil 0.95% 285,326 $8.6M Reduce -4.4%
PM Philip Morris International 0.90% 46,939 $8.1M Reduce -0.9%
EQNR Equinor ASA-Spon ADR 0.87% 318,372 $7.8M Reduce -0.4%
ABEV Ambev SA-ADR 0.83% 3,044,462 $7.5M Reduce -2.7%
TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA 0.77% 380,194 $6.9M Add +0.4%
PSLV Sprott Physical Silver Trust 0.75% 307,137 $6.8M Add +6.8%
IE Ivanhoe Electric Inc. / US 0.74% 430,443 $6.7M Reduce -4.8%
NTR Nutrien Ltd. 0.69% 103,322 $6.2M Reduce -0.8%
VALE Vale SA-SP ADR 0.63% 488,718 $5.7M Add +575.2%
NVS Novartis AG-Sponsored ADR 0.61% 42,231 $5.5M Reduce -54.0%
UL Unilever PLC-Sponsored ADR 0.48% 66,766 $4.4M Reduce -54.2%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.40% 233,618 $3.6M Add +0.3%
FEMB First Trust Emerging Markets 0.39% 117,216 $3.5M Add +9.5%
ASML ASML Holding NV-NY Reg SHS 0.34% 2,948 $3.0M Add +573.1%
BCE Bce Inc. 0.32% 125,946 $2.9M Reduce -6.3%
BHP BHP Group Ltd.-Spon ADR 0.32% 58,343 $2.9M Add +0.0%
RIO Rio Tinto PLC-Spon ADR 0.31% 47,788 $2.8M Add +0.1%
WRN Western Copper and Gold Corp. 0.31% 1,035,506 $2.8M Add +164.6%
SKM SK Telecom Co. Ltd.-Spon ADR 0.28% 123,816 $2.6M Add +1.4%
FMC FMC Corp. 0.24% 157,328 $2.2M New
AQN Algonquin Power & Utilities 0.24% 354,050 $2.2M Reduce -0.2%
SNY Sanofi-ADR 0.23% 43,688 $2.1M New
IGOV iShares International Treasu 0.23% 48,868 $2.1M Add +9.6%
BBD Banco Bradesco-ADR 0.22% 595,201 $2.0M Add +1.9%
GRAB Grab Holdings Ltd. Class A 0.21% 377,745 $1.9M Reduce -0.5%
ITUB Itau Unibanco H-Spon PRF ADR 0.15% 189,827 $1.4M Add +5.9%
BWX SS SPDR BB Intl Treasury BD 0.15% 57,282 $1.3M Add +10.6%
PHYS Sprott Physical Gold Trust 0.14% 48,180 $1.3M Add +0.8%
INFY Infosys Ltd.-SP ADR 0.13% 66,959 $1.2M Add +1.7%
HLN Haleon PLC-ADR 0.10% 89,640 $930K Reduce -1.3%
IAU iShares Gold Trust 0.10% 10,761 $873K Add +18.8%
ASR Grupo Aeroportuario Sur-ADR 0.09% 2,627 $852K Add +32.7%
ACWX iShares MSCI Acwi Ex US ETF 0.09% 12,338 $828K Add +5.6%
GDX Vaneck Gold Miners ETF 0.09% 13,445 $826K Add +8.6%
QUAL iShares MSCI USA Quality Fac 0.09% 4,140 $822K Add +5.6%
DEO Diageo PLC-Sponsored ADR 0.08% 7,381 $710K Reduce -9.8%
TSM Taiwan Semiconductor-SP ADR 0.08% 2,722 $700K Add +3.0%
VWOB Vanguard Emerg MKTS Gov BND 0.07% 10,300 $673K No change
USHY iShares Broad Usd High Yield 0.07% 16,210 $608K No change
MELI MercadoLibre Inc. 0.07% 298 $605K Add +2.8%
GFI Gold Fields Ltd.-Spons ADR 0.07% 13,667 $604K Add +0.1%
PSK SS SPDR Ice Pref Sec ETF 0.07% 19,030 $604K No change
AGI Alamos Gold Inc. Class A 0.06% 14,219 $524K Add +26.8%
JAAA Janus Henderson Aaa Clo ETF 0.06% 9,996 $507K Reduce -22.9%
USFR Wisdomtree Floating Rate Tre 0.05% 9,208 $463K Reduce -4.4%
ENB Enbridge Inc. 0.05% 10,165 $461K No change
XFRAX BlackRock Fltng RT Inc. Strat 0.05% 31,965 $420K No change
AG First Majestic Silver Corp. 0.04% 38,660 $379K Add +9.3%
HYIN Wisdomtree PRV CRD & Alt Inc. 0.04% 21,450 $369K No change
SPYM Ste STR SPDR PT S&P 500 ETF 0.04% 4,331 $347K Add +31.1%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.03% 921 $271K Add +3.4%
URA Global X Uranium ETF 0.03% 6,405 $249K Add +1.5%
GLD SPDR Gold Shares 0.03% 656 $247K Reduce -8.3%
ET Energy Transfer LP 0.03% 13,210 $239K No change
MICC The Magnum Ice Cream Co. NV 0.03% 14,914 $237K Reduce -54.6%
OHI Omega Healthcare Investors 0.02% 5,800 $213K No change
SAP Sap SE-Sponsored ADR 0.02% 870 $213K Add +5.7%
BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 0.02% 7,284 $207K New
GDXJ Vaneck Junior Gold Miners 0.02% 3,035 $205K New
VOD Vodafone Group PLC-SP ADR 0.02% 14,633 $194K Add +9.1%
EXK Endeavour Silver Corp. 0.02% 32,520 $160K Add +18.2%
CX Cemex Sab-Spons ADR Part Cer 0.02% 12,707 $150K Add +15.5%
VIV Telefonica Brasil-ADR 0.01% 10,534 $131K New
UMC United Microelectron-SP ADR 0.01% 14,716 $120K Add +46.9%
WIT Wipro Ltd.-ADR 0.01% 33,087 $98K Add +25.8%
IAUX I-80 Gold Corp. 0.00% 66,672 $21K Reduce -98.7%

Portfolio Sells Q3 2025 → Q4 2025
TTE Totalenergies SE -Spon ADR Sold out 0.00% −1.32
AEM Agnico Eagle Mines Ltd. Reduce -2.1% 8.08% −0.85
NVS Novartis AG-Sponsored ADR Reduce -54.0% 0.61% −0.77
UL Unilever PLC-Sponsored ADR Reduce -54.2% 0.48% −0.71
NEM Newmont Corp. Reduce -16.1% 3.27% −0.61
IAUX I-80 Gold Corp. Reduce -98.7% 0.00% −0.59
B Barrick Mining Corp. Reduce -19.5% 7.53% −0.28
EMX Emx Royalty Corp. Sold out 0.00% −0.22
BTI British American Tob-SP ADR Reduce -0.4% 3.86% −0.19
CEF Sprott Physical Gold and Sil Reduce -4.4% 0.95% −0.13
SHEL Shell PLC-ADR Reduce -1.1% 1.29% −0.12
BP BP PLC-Spons ADR Reduce -0.5% 1.30% −0.11
PM Philip Morris International Reduce -0.9% 0.90% −0.09
EQNR Equinor ASA-Spon ADR Reduce -0.4% 0.87% −0.09
GRAB Grab Holdings Ltd. Class A Reduce -0.5% 0.21% −0.07
NTR Nutrien Ltd. Reduce -0.8% 0.69% −0.05
ABEV Ambev SA-ADR Reduce -2.7% 0.83% −0.05
BCE Bce Inc. Reduce -6.3% 0.32% −0.05
BNS Bank of Nova Scotia Reduce -1.1% 1.22% −0.04
MICC The Magnum Ice Cream Co. NV Reduce -54.6% 0.03% −0.04
IFN Aberdeen India Fund Inc. Sold out 0.00% −0.03
JAAA Janus Henderson Aaa Clo ETF Reduce -22.9% 0.06% −0.02
KGC Kinross Gold Corp. Reduce -1.8% 2.00% −0.02
DEO Diageo PLC-Sponsored ADR Reduce -9.8% 0.08% −0.02
HLN Haleon PLC-ADR Reduce -1.3% 0.10% −0.01
GSK GSK PLC-Spon ADR Reduce -0.6% 1.05% −0.01
USFR Wisdomtree Floating Rate Tre Reduce -4.4% 0.05% −0.01
GLD SPDR Gold Shares Reduce -8.3% 0.03% −0.00
HKD Amtd Digital Inc.-ADR Sold out 0.00% −0.00
AQN Algonquin Power & Utilities Reduce -0.2% 0.24% +0.01
TFPM Triple Flag Precious Met Reduce -1.4% 1.89% +0.05
IE Ivanhoe Electric Inc. / US Reduce -4.8% 0.74% +0.07
IAG Iamgold Corp. Reduce -8.8% 2.45% +0.16
PAAS Pan American Silver Corp. Reduce -3.2% 6.84% +0.89

Portfolio Buys Q3 2025 → Q4 2025
ELE Elemental Royalty Corp. New 1.83% +1.83
ACN Accenture PLC Class A New 1.13% +1.13
ORLA Orla Mining Ltd. Add +159.4% 1.27% +0.84
EQX Equinox Gold Corp. Add +8.3% 2.91% +0.57
VALE Vale SA-SP ADR Add +575.2% 0.63% +0.54
MTA Metalla Royalty & Streaming Add +0.9% 4.83% +0.52
DC Dakota Gold Corp. Add +14.0% 1.91% +0.45
ASML ASML Holding NV-NY Reg SHS Add +573.1% 0.34% +0.29
AU Anglogold Ashanti PLC Add +13.6% 1.17% +0.24
FMC FMC Corp. New 0.24% +0.24
SNY Sanofi-ADR New 0.23% +0.23
PSLV Sprott Physical Silver Trust Add +6.8% 0.75% +0.23
WRN Western Copper and Gold Corp. Add +164.6% 0.31% +0.21
NVO Novo-Nordisk A/S-Spons ADR Add +24.1% 2.26% +0.15
RGLD Royal Gold Inc. Add +2.3% 4.01% +0.15
FSM Fortuna Mining Corp. Add +0.9% 4.80% +0.06
OUNZ Vaneck Merk Gold ETF Add +0.9% 1.84% +0.06
BVN Cia DE Minas Buenaventur-ADR New 0.02% +0.02
GDXJ Vaneck Junior Gold Miners New 0.02% +0.02
IAU iShares Gold Trust Add +18.8% 0.10% +0.02
ASR Grupo Aeroportuario Sur-ADR Add +32.7% 0.09% +0.02
VIV Telefonica Brasil-ADR New 0.01% +0.01
AGI Alamos Gold Inc. Class A Add +26.8% 0.06% +0.01
FEMB First Trust Emerging Markets Add +9.5% 0.39% +0.01
SPYM Ste STR SPDR PT S&P 500 ETF Add +31.1% 0.04% +0.01
CX Cemex Sab-Spons ADR Part Cer Add +15.5% 0.02% +0.00
UMC United Microelectron-SP ADR Add +46.9% 0.01% +0.00
AG First Majestic Silver Corp. Add +9.3% 0.04% +0.00
VOD Vodafone Group PLC-SP ADR Add +9.1% 0.02% +0.00
GDX Vaneck Gold Miners ETF Add +8.6% 0.09% +0.00
WIT Wipro Ltd.-ADR Add +25.8% 0.01% +0.00
INFY Infosys Ltd.-SP ADR Add +1.7% 0.13% +0.00
EXK Endeavour Silver Corp. Add +18.2% 0.02% +0.00
ACWX iShares MSCI Acwi Ex US ETF Add +5.6% 0.09% +0.00
QUAL iShares MSCI USA Quality Fac Add +5.6% 0.09% −0.00
BWX SS SPDR BB Intl Treasury BD Add +10.6% 0.15% −0.00
TSM Taiwan Semiconductor-SP ADR Add +3.0% 0.08% −0.00
IBM Intl Business Machines Corp. Add +3.4% 0.03% −0.00
URA Global X Uranium ETF Add +1.5% 0.03% −0.00
SAP Sap SE-Sponsored ADR Add +5.7% 0.02% −0.00
GFI Gold Fields Ltd.-Spons ADR Add +0.1% 0.07% −0.00
IGOV iShares International Treasu Add +9.6% 0.23% −0.00
PHYS Sprott Physical Gold Trust Add +0.8% 0.14% −0.00
ITUB Itau Unibanco H-Spon PRF ADR Add +5.9% 0.15% −0.01
MELI MercadoLibre Inc. Add +2.8% 0.07% −0.02
BBD Banco Bradesco-ADR Add +1.9% 0.22% −0.02
NU Nu Holdings Ltd./Cayman Isl-A Add +0.3% 0.40% −0.02
RIO Rio Tinto PLC-Spon ADR Add +0.1% 0.31% −0.02
BHP BHP Group Ltd.-Spon ADR Add +0.0% 0.32% −0.02
TLK Telkom Indonesia Persero-ADR Add +0.4% 0.77% −0.03

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 96$879.5MAEM, B, FNV, PAAS, MTA
Q1 2026 96$1.0BAEM, PAAS, B, FNV, FSM
Q4 2025Amended 93$900.9MAEM, B, PAAS, FNV, MTA
Q3 2025 89$828.7MAEM, B, PAAS, FNV, OR
Q2 2025Amended 84$619.9MAEM, B, PAAS, FNV, BTI
Q1 2025 79$551.1MAEM, B, FNV, PAAS, BTI
Q4 2024 71$463.9MAEM, B, PAAS, FNV, BTI
Q3 2024 75$542.5MAEM, B, PAAS, FNV, BTI
Q2 2024 68$504.8MAEM, B, PAAS, FNV, FSM
Q1 2024 72$491.4MAEM, B, FNV, PAAS, BTI