Euro Pacific Asset Management, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 6, 2026), Euro Pacific Asset Management, LLC reported 96 stock positions worth $1.0 billion. Its top holding was Agnico Eagle Mines (AEM) at 8.3% of the portfolio, followed by Pan American Silver (PAAS, 6.2%) and Barrick Mining (B, 6.1%). Compared with Q4 2025, it opened 9 new positions, sold out of 6, added to 48 and reduced 30. The biggest buy was Anglogold Ashanti (AU, shares +122%) and the biggest sale Barrick Mining (B, shares −5%).

Most Recent 13F
Q2 2026
Location
DORADO, PR
CIK
0001796651
Portfolio Value
$1.0B (Q1 2026)
SEC Filing
0001796651-26-000003 ↗ filed May 6, 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 Q4 2025 Q1 2026: $1.0B $1.0B Q1 2026 Q2 2026: $879.5M Q2 2026

Holdings 96 stocks · $1.0B
AEM Agnico Eagle Mines Ltd. 8.33% 447,528 $84.1M Reduce -1.6%
PAAS Pan American Silver Corp. 6.23% 1,252,785 $62.9M Reduce -2.7%
B Barrick Mining Corp. 6.08% 1,665,226 $61.4M Reduce -4.7%
FNV Franco-Nevada Corp. 5.67% 249,758 $57.2M Add +5.4%
FSM Fortuna Mining Corp. 4.35% 4,485,635 $43.9M Add +0.5%
RGLD Royal Gold Inc. 4.16% 165,315 $41.9M Add +0.6%
OR Or Royalties Inc. 3.83% 1,026,669 $38.6M Reduce -0.1%
WPM Wheaton Precious Metals Corp. 3.76% 294,402 $37.9M Add +3.0%
MTA Metalla Royalty & Streaming 3.67% 5,746,211 $37.0M Add +0.1%
BTG B2GOLD Corp. 3.64% 8,141,222 $36.8M Add +7.3%
BTI British American Tob-SP ADR 3.49% 653,402 $35.2M Reduce -0.7%
EQX Equinox Gold Corp. 3.23% 2,292,608 $32.6M Add +20.2%
NEM Newmont Corp. 2.95% 348,491 $29.8M Reduce -4.7%
AU Anglogold Ashanti PLC 2.66% 272,740 $26.9M Add +122.0%
IAG Iamgold Corp. 2.37% 1,269,611 $23.9M Reduce -5.5%
NVO Novo-Nordisk A/S-Spons ADR 2.22% 467,452 $22.4M Add +35.1%
KGC Kinross Gold Corp. 1.96% 780,313 $19.8M Add +2.4%
ELE Elemental Royalty Corp. 1.82% 962,859 $18.3M Reduce -0.6%
DC Dakota Gold Corp. 1.79% 3,534,049 $18.1M Add +15.8%
TFPM Triple Flag Precious Met 1.76% 520,062 $17.8M Reduce -0.2%
OUNZ Vaneck Merk Gold ETF 1.73% 386,587 $17.4M Reduce -2.9%
ACN Accenture PLC Class A 1.56% 66,321 $15.7M Add +84.4%
BP BP PLC-Spons ADR 1.39% 362,210 $14.0M Add +0.0%
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 1.37% 872,845 $13.8M Add +0.6%
TTE Totalenergies SE 1.29% 177,877 $13.0M New
SHEL Shell PLC-ADR 1.24% 161,659 $12.5M Reduce -0.7%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA B C 1.04% 171,686 $10.5M Reduce -1.1%
EQNR Equinor ASA-Spon ADR 1.02% 320,131 $10.2M Add +0.6%
GSK GSK PLC-Spon ADR 1.00% 208,254 $10.1M Reduce -1.2%
CEF Sprott Physical Gold and Sil 0.82% 274,028 $8.2M Reduce -4.0%
PM Philip Morris International 0.80% 46,324 $8.1M Reduce -1.3%
NTR Nutrien Ltd. 0.68% 103,259 $6.9M Reduce -0.1%
TLK Telkom Indonesia Persero-ADR filed as TELEKOMUNIKASI IND 0.66% 380,834 $6.7M Add +0.2%
VALE Vale SA-SP ADR 0.65% 498,725 $6.6M Add +2.0%
PSLV Sprott Physical Silver Trust 0.65% 285,584 $6.6M Reduce -7.0%
SKM SK Telecom Co. Ltd.-Spon ADR 0.65% 223,557 $6.5M Add +80.6%
ABEV Ambev SA-ADR 0.61% 2,330,703 $6.1M Reduce -23.4%
WRN Western Copper and Gold Corp. 0.59% 2,421,617 $6.0M Add +133.9%
NVS Novartis AG-Sponsored ADR 0.57% 41,588 $5.7M Reduce -1.5%
IE Ivanhoe Electric Inc. / US 0.53% 440,079 $5.3M Add +2.2%
BCE Bce Inc. 0.50% 207,621 $5.1M Add +64.8%
AQN Algonquin Power & Utilities 0.43% 703,450 $4.3M Add +98.7%
UL Unilever PLC-Sponsored ADR 0.40% 66,552 $4.0M Reduce -0.3%
BBD Banco Bradesco-ADR 0.38% 1,057,281 $3.9M Add +77.6%
ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV 0.36% 2,961 $3.7M Add +0.4%
ITUB Itau Unibanco H-Spon PRF ADR 0.35% 424,856 $3.6M Add +123.8%
FEMB First Trust Emerging Markets 0.33% 114,220 $3.3M Reduce -2.6%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.33% 233,649 $3.3M Add +0.0%
GFI Gold Fields Ltd.-Spons ADR 0.31% 64,497 $3.1M Add +371.9%
RIO Rio Tinto PLC-Spon ADR 0.30% 49,203 $3.0M Add +3.0%
BHP BHP Group Ltd.-Spon ADR filed as BHP BILLITON LIMITED 0.29% 58,819 $3.0M Add +0.8%
FMC FMC Corp. 0.27% 158,933 $2.7M Add +1.0%
GRAB Grab Holdings Ltd. Class A 0.24% 653,429 $2.4M Add +73.0%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.23% 31,680 $2.4M New
USFR Wisdomtree Floating Rate Tre 0.23% 46,266 $2.3M Add +402.4%
SNY Sanofi-ADR 0.22% 45,668 $2.2M Add +4.5%
IGOV iShares International Treasu 0.20% 47,677 $2.0M Reduce -2.4%
PHYS Sprott Physical Gold Trust 0.13% 46,436 $1.3M Reduce -3.6%
BWX SS SPDR BB Intl Treasury BD 0.12% 55,934 $1.2M Reduce -2.4%
INFY Infosys Ltd.-SP ADR 0.09% 67,613 $950K Add +1.0%
ASR Grupo Aeroportuario Sur-ADR 0.09% 2,924 $947K Add +11.3%
HLN Haleon PLC-ADR 0.09% 87,897 $912K Reduce -1.9%
GDX Vaneck Gold Miners ETF 0.09% 14,455 $903K Add +7.5%
TSM Taiwan Semiconductor-SP ADR 0.07% 2,827 $751K Add +3.9%
DEO Diageo PLC-Sponsored ADR 0.07% 7,499 $698K Add +1.6%
GLD SPDR Gold Shares 0.07% 1,379 $698K Add +110.2%
BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU 0.07% 15,532 $683K Add +113.2%
IAU iShares Gold Trust 0.07% 7,752 $683K Reduce -28.0%
VWOB Vanguard Emerg MKTS Gov BND 0.07% 10,300 $673K No change
USHY iShares Broad Usd High Yield 0.06% 16,210 $608K No change
PSK SS SPDR Ice Pref Sec ETF 0.06% 19,030 $604K No change
ENB Enbridge Inc. 0.05% 11,615 $526K Add +14.3%
MELI MercadoLibre Inc. 0.05% 299 $519K Add +0.3%
JAAA Janus Henderson Aaa Clo ETF 0.05% 9,996 $507K No change
SLV iShares Silver Trust 0.05% 5,095 $471K New
MINE Mayfair Gold Corp. 0.04% 136,500 $422K New
AGI Alamos Gold Inc. Class A 0.04% 9,477 $421K Reduce -33.4%
XFRAX BlackRock Fltng RT Inc. Strat 0.04% 31,965 $420K No change
CDE Coeur Mining Inc. 0.03% 19,145 $317K New
AG First Majestic Silver Corp. 0.03% 34,166 $316K Reduce -11.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.03% 1,011 $293K Add +9.8%
ET Energy Transfer LP 0.03% 14,360 $260K Add +8.7%
URA Global X Uranium ETF 0.02% 6,310 $245K Reduce -1.5%
VOD Vodafone Group PLC-SP ADR 0.02% 15,864 $239K Add +8.4%
HL Hecla Mining Co. 0.02% 8,698 $213K New
OHI Omega Healthcare Investors 0.02% 5,800 $213K No change
GDXJ Vaneck Junior Gold Miners 0.02% 3,035 $205K No change
DOW Dow Inc. filed as DOW HLDGS INC 0.02% 4,876 $203K New
UMC United Microelectron-SP ADR 0.02% 18,552 $171K Add +26.1%
VIV Telefonica Brasil-ADR 0.02% 10,269 $169K Reduce -2.5%
EXK Endeavour Silver Corp. 0.02% 32,520 $160K No change
CX Cemex Sab-Spons ADR Part Cer 0.02% 13,058 $154K Add +2.8%
WIT Wipro Ltd.-ADR 0.01% 35,573 $78K Add +7.5%
VZLA Vizsla Silver Corp. 0.01% 23,885 $72K New
ASM Avino Silver & Gold Mines 0.00% 10,000 $36K New
IAUX I-80 Gold Corp. 0.00% 66,672 $22K No change

Portfolio Sells Q4 2025 → Q1 2026
B Barrick Mining Corp. Reduce -4.7% 6.08% −1.45
PAAS Pan American Silver Corp. Reduce -2.7% 6.23% −0.60
BTI British American Tob-SP ADR Reduce -0.7% 3.49% −0.37
NEM Newmont Corp. Reduce -4.7% 2.95% −0.32
ABEV Ambev SA-ADR Reduce -23.4% 0.61% −0.22
OR Or Royalties Inc. Reduce -0.1% 3.83% −0.18
BNS Bank of Nova Scotia Reduce -1.1% 1.04% −0.18
CEF Sprott Physical Gold and Sil Reduce -4.0% 0.82% −0.14
TFPM Triple Flag Precious Met Reduce -0.2% 1.76% −0.13
OUNZ Vaneck Merk Gold ETF Reduce -2.9% 1.73% −0.11
PSLV Sprott Physical Silver Trust Reduce -7.0% 0.65% −0.10
PM Philip Morris International Reduce -1.3% 0.80% −0.10
ACWX iShares MSCI Acwi Ex US ETF Sold out 0.00% −0.09
QUAL iShares MSCI USA Quality Fac Sold out 0.00% −0.09
IAG Iamgold Corp. Reduce -5.5% 2.37% −0.09
UL Unilever PLC-Sponsored ADR Reduce -0.3% 0.40% −0.09
FEMB First Trust Emerging Markets Reduce -2.6% 0.33% −0.07
SHEL Shell PLC-ADR Reduce -0.7% 1.24% −0.05
GSK GSK PLC-Spon ADR Reduce -1.2% 1.00% −0.05
HYIN Wisdomtree PRV CRD & Alt Inc. Sold out 0.00% −0.04
NVS Novartis AG-Sponsored ADR Reduce -1.5% 0.57% −0.04
SPYM Ste STR SPDR PT S&P 500 ETF Sold out 0.00% −0.04
IGOV iShares International Treasu Reduce -2.4% 0.20% −0.03
IAU iShares Gold Trust Reduce -28.0% 0.07% −0.03
MICC The Magnum Ice Cream Co. NV Sold out 0.00% −0.03
SAP Sap SE-Sponsored ADR Sold out 0.00% −0.02
BWX SS SPDR BB Intl Treasury BD Reduce -2.4% 0.12% −0.02
AGI Alamos Gold Inc. Class A Reduce -33.4% 0.04% −0.02
PHYS Sprott Physical Gold Trust Reduce -3.6% 0.13% −0.01
HLN Haleon PLC-ADR Reduce -1.9% 0.09% −0.01
AG First Majestic Silver Corp. Reduce -11.6% 0.03% −0.01
ELE Elemental Royalty Corp. Reduce -0.6% 1.82% −0.01
NTR Nutrien Ltd. Reduce -0.1% 0.68% −0.01
URA Global X Uranium ETF Reduce -1.5% 0.02% −0.00
VIV Telefonica Brasil-ADR Reduce -2.5% 0.02% +0.00
AEM Agnico Eagle Mines Ltd. Reduce -1.6% 8.33% +0.26

Portfolio Buys Q4 2025 → Q1 2026
AU Anglogold Ashanti PLC Add +122.0% 2.66% +1.49
TTE Totalenergies SE New 1.29% +1.29
FNV Franco-Nevada Corp. Add +5.4% 5.67% +0.49
ACN Accenture PLC Class A Add +84.4% 1.56% +0.43
SKM SK Telecom Co. Ltd.-Spon ADR Add +80.6% 0.65% +0.36
EQX Equinox Gold Corp. Add +20.2% 3.23% +0.32
WRN Western Copper and Gold Corp. Add +133.9% 0.59% +0.29
GFI Gold Fields Ltd.-Spons ADR Add +371.9% 0.31% +0.24
KSPI JSC Kaspi.kz ADR New 0.23% +0.23
ITUB Itau Unibanco H-Spon PRF ADR Add +123.8% 0.35% +0.20
AQN Algonquin Power & Utilities Add +98.7% 0.43% +0.19
USFR Wisdomtree Floating Rate Tre Add +402.4% 0.23% +0.18
BCE Bce Inc. Add +64.8% 0.50% +0.18
BBD Banco Bradesco-ADR Add +77.6% 0.38% +0.16
EQNR Equinor ASA-Spon ADR Add +0.6% 1.02% +0.15
RGLD Royal Gold Inc. Add +0.6% 4.16% +0.14
ORLA Orla Mining Ltd. Add +0.6% 1.37% +0.10
BP BP PLC-Spons ADR Add +0.0% 1.39% +0.08
WPM Wheaton Precious Metals Corp. Add +3.0% 3.76% +0.08
SLV iShares Silver Trust New 0.05% +0.05
BVN Cia DE Minas Buenaventur-ADR Add +113.2% 0.07% +0.04
MINE Mayfair Gold Corp. New 0.04% +0.04
GLD SPDR Gold Shares Add +110.2% 0.07% +0.04
CDE Coeur Mining Inc. New 0.03% +0.03
FMC FMC Corp. Add +1.0% 0.27% +0.03
GRAB Grab Holdings Ltd. Class A Add +73.0% 0.24% +0.03
ASML ASML Holding NV-NY Reg SHS Add +0.4% 0.36% +0.03
VALE Vale SA-SP ADR Add +2.0% 0.65% +0.02
HL Hecla Mining Co. New 0.02% +0.02
DOW Dow Inc. New 0.02% +0.02
VZLA Vizsla Silver Corp. New 0.01% +0.01
ASM Avino Silver & Gold Mines New 0.00% +0.00
UMC United Microelectron-SP ADR Add +26.1% 0.02% +0.00
VOD Vodafone Group PLC-SP ADR Add +8.4% 0.02% +0.00
ENB Enbridge Inc. Add +14.3% 0.05% +0.00
ASR Grupo Aeroportuario Sur-ADR Add +11.3% 0.09% −0.00
ET Energy Transfer LP Add +8.7% 0.03% −0.00
IBM Intl Business Machines Corp. Add +9.8% 0.03% −0.00
CX Cemex Sab-Spons ADR Part Cer Add +2.8% 0.02% −0.00
GDX Vaneck Gold Miners ETF Add +7.5% 0.09% −0.00
WIT Wipro Ltd.-ADR Add +7.5% 0.01% −0.00
TSM Taiwan Semiconductor-SP ADR Add +3.9% 0.07% −0.00
DEO Diageo PLC-Sponsored ADR Add +1.6% 0.07% −0.01
MELI MercadoLibre Inc. Add +0.3% 0.05% −0.02
SNY Sanofi-ADR Add +4.5% 0.22% −0.02
RIO Rio Tinto PLC-Spon ADR Add +3.0% 0.30% −0.02
BHP BHP Group Ltd.-Spon ADR Add +0.8% 0.29% −0.03
KGC Kinross Gold Corp. Add +2.4% 1.96% −0.03
INFY Infosys Ltd.-SP ADR Add +1.0% 0.09% −0.04
NVO Novo-Nordisk A/S-Spons ADR Add +35.1% 2.22% −0.04

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