In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Extract Advisors LLC reported 21 stock positions worth $144.5 million . Its top holding was Royal Gold (RGLD) at 19.7% of the portfolio, followed by Elemental Royalty (ELE, 11.3% ) and Iamgold (IAG, 9.4% ). Compared with Q1 2026, it opened 7 new positions, sold out of 6, added to 6 and reduced 5. The biggest buy was a new position in Metalla Royalty & Streaming (MTA) and the biggest sale an exit from Perpetua Resources (PPTA).
Location CALABASAS, CA
CIK 0001703148
Portfolio Value $144.5M (Q2 2026) Holdings 21 stocks · $144.5M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 RGLD Royal Gold Inc. 142,332 $28.4M Add +18.3% ELE Elemental Royalty Corp. 934,458 $16.3M Reduce -14.8% IAG Iamgold Corp. 860,162 $13.6M Add +0.4% AEM Agnico Eagle Mines Ltd. 74,827 $11.6M Add +169.1% SSRM SSR Mining Inc. 389,776 $11.0M Reduce -11.9% OR Or Royalties Inc. 295,316 $9.3M Add +90.1% CGAU Centerra Gold Inc. 545,600 $8.7M No change WPM Wheaton Precious Metals Corp. 63,990 $7.2M Add +6.5% MTA Metalla Royalty & Streaming 928,961 $7.1M New HBM Hudbay Minerals Inc. 260,000 $6.1M New FSM Fortuna Mining Corp. 575,000 $4.9M New UEC Uranium Energy Corp. 422,157 $4.5M New HCC Warrior Met Coal Inc. 52,944 $4.3M Reduce -27.4% NXE Nexgen Energy Ltd. 397,612 $3.7M Reduce -12.1% NEXM Nexmetals Mining Corp. 826,606 $2.0M Add +1.4% VZLA Vizsla Silver Corp. 473,360 $1.6M New DNN Denison Mines Corp. 500,000 $1.5M No change AA Alcoa Corp. 29,000 $1.5M New LZM Lifezone Metals Ltd. 136,754 $531K No change FURY Fury Gold Mines Ltd. 958,500 $518K New AEC Anfield Energy Inc. 27,429 $120K Reduce -84.4%
Options reported separately and not counted above: SPY puts ($151.2M), BTG puts ($22.5M), VZLA calls ($10.3M), CDE calls ($10.1M), USAS calls ($9.4M), ALM puts ($4.1M), HYMC puts ($2.3M), NEWP puts ($2.0M), ASM puts ($951K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $453K (not counted above) Security Class Shares / Principal Value Change LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 1,105,751 $453K Add +17.7%
Total filed on the 13F, all lines: $144.9M.
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ PPTA Perpetua Resources Corp. Sold out 0.00% −4.46 GROY Gold Royalty Corp. Sold out 0.00% −3.35 ELE Elemental Royalty Corp. Reduce -14.8% 11.29% −3.04 NIKL Sprott Nickel Miners ETF Sold out 0.00% −1.94 HCC Warrior Met Coal Inc. Reduce -27.4% 2.97% −1.74 SSRM SSR Mining Inc. Reduce -11.9% 7.63% −1.39 NXE Nexgen Energy Ltd. Reduce -12.1% 2.58% −1.05 AU Anglogold Ashanti PLC Sold out 0.00% −1.01 NEM Newmont Corp. Sold out 0.00% −0.68 CDE Coeur Mining Inc. Sold out 0.00% −0.65 AEC Anfield Energy Inc. Reduce -84.4% 0.08% −0.60
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ MTA Metalla Royalty & Streaming New 4.89% +4.89 HBM Hudbay Minerals Inc. New 4.25% +4.25 AEM Agnico Eagle Mines Ltd. Add +169.1% 8.03% +4.12 FSM Fortuna Mining Corp. New 3.36% +3.36 UEC Uranium Energy Corp. New 3.11% +3.11 OR Or Royalties Inc. Add +90.1% 6.46% +2.37 VZLA Vizsla Silver Corp. New 1.08% +1.08 AA Alcoa Corp. New 1.05% +1.05 FURY Fury Gold Mines Ltd. New 0.36% +0.36 NEXM Nexmetals Mining Corp. Add +1.4% 1.35% −0.03 WPM Wheaton Precious Metals Corp. Add +6.5% 4.97% −0.48 RGLD Royal Gold Inc. Add +18.3% 19.66% −1.57 IAG Iamgold Corp. Add +0.4% 9.43% −1.75
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +406.3% 202,500 $151.2M BTG B2GOLD Corp. put New 6,003,000 $22.5M BTG B2GOLD Corp. call Sold out 4,700,000 $21.3Mbefore exit USAR USA Rare Earth Inc. put Sold out 1,100,000 $16.6Mbefore exit SLV iShares Silver Trust put Sold out 200,000 $13.6Mbefore exit VZLA Vizsla Silver Corp. call Add +66.7% 3,125,000 $10.3M CDE Coeur Mining Inc. call Reduce -56.3% 620,000 $10.1M USAS Americas Gold and Silver Cor call New 2,000,000 $9.4M HL Hecla Mining Co. call Sold out 500,000 $9.3Mbefore exit SSRM SSR Mining Inc. call Sold out 250,000 $7.3Mbefore exit IAG Iamgold Corp. call Sold out 250,000 $4.7Mbefore exit HYMC Hycroft Mining Holding Co. Class A put Reduce -50.0% 100,000 $2.3M NEWP New Pacific Metals Corp. put New 500,000 $2.0M ASM Avino Silver & Gold Mines put New 150,000 $951K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2026 → Q2 2026 Security Class Change vs Q1 2026 Shares / Principal Value ▼ LZM.WS Lifezone Metals Ltd. -28 *W EXP 07/05/202 Add +17.7% 1,105,751 $453K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 21 $144.5M RGLD, ELE, IAG, AEM, SSRM Q1 2026 20 $144.3M RGLD, ELE, IAG, SSRM, CGAU Q4 2025 19 $183.1M RGLD, ELE, IAG, EGO, B