GeoSphere Capital Management, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), GeoSphere Capital Management, LLC reported 28 stock positions worth $85.4 million . Its top holding was Franco-Nevada (FNV) at 8.4% of the portfolio, followed by Eqt (EQT, 8.3% ) and National Energy Services Reu (NESR, 7.3% ). Compared with Q4 2024, it opened 16 new positions, sold out of 18, added to 5 and reduced 6. The biggest buy was a new position in Core Natural Resources (CNR) and the biggest sale an exit from Consol Energy .
Location MIAMI BEACH, FL
CIK 0001426876
Portfolio Value $85.4M (Q1 2025) Holdings 28 stocks · $85.4M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 FNV Franco-Nevada Corp. 45,796 $7.2M Add +129.0% EQT Eqt Corp. 132,184 $7.1M Reduce -28.6% NESR National Energy Services Reu 845,717 $6.2M Reduce -27.4% CNR Core Natural Resources Inc. 77,198 $6.0M New BKV BKV Corporation 259,857 $5.5M Add +7.6% GDXJ Vaneck Junior Gold Miners 75,235 $4.3M Reduce -11.5% SEI Solaris Energy Infrastructur 190,937 $4.2M New COP Conocophillips 37,500 $3.9M New GNK Genco Shipping & Trading Ltd. 280,422 $3.7M New CENX Century Aluminum Company 177,174 $3.3M New CCJ Cameco Corp. 71,460 $2.9M Reduce -28.5% PR Permian Resources Corp. Class A 200,000 $2.8M Add +6.7% PSX Phillips 66 20,356 $2.5M New PTEN Patterson-Uti Energy Inc. 300,000 $2.5M New EXE Expand Energy Corp. 20,000 $2.2M No change RRC Range Resources Corp. 55,000 $2.2M New FRO Frontline PLC 145,471 $2.2M New GDX Vaneck Gold Miners ETF 45,236 $2.1M New INSW International Seaways Inc. 60,000 $2.0M New IAG Iamgold Corp. 300,000 $1.9M New LEU Centrus Energy Corp. Class A 30,000 $1.9M New BTU Peabody Energy Corp. 125,000 $1.7M Add +25.0% ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 180,942 $1.7M New BP BP PLC-Spons ADR 49,550 $1.7M New WPM Wheaton Precious Metals Corp. 20,000 $1.6M Reduce -33.3% HNRG Hallador Energy Co. 103,592 $1.3M Add +107.2% NVGS Navigator Holdings Ltd. 48,512 $646K Reduce -51.5% TMQ Trilogy Metals Inc. 300,000 $465K New
Options reported separately and not counted above: SPY puts ($89.5M), IWM puts ($9.0M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $299K (not counted above) Security Class Shares / Principal Value Change NESRW National Energy Service-CW23 *W EXP 06/06/202 854,100 $299K Add +180.9%
Total filed on the 13F, all lines: $85.7M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ CONSOL ENERGY INC Sold out 0.00% −7.50 FANG Diamondback Energy Inc. Sold out 0.00% −5.76 KGS Kodiak Gas Services Inc. Sold out 0.00% −4.10 WULF Terawulf Inc. Sold out 0.00% −3.70 BTDR Bitdeer Technologies Group-A Sold out 0.00% −3.59 NESR National Energy Services Reu Reduce -27.4% 7.29% −3.20 KGC Kinross Gold Corp. Sold out 0.00% −2.86 INVX Innovex International Inc. Sold out 0.00% −2.81 GLNG Golar LNG Ltd. Sold out 0.00% −2.76 LBRT Liberty Energy Inc. Sold out 0.00% −2.50 STNG Scorpio Tankers Inc. Sold out 0.00% −2.50 AR Antero Resources Corp. Sold out 0.00% −2.46 UEC Uranium Energy Corp. Sold out 0.00% −2.35 CNQ Canadian Natural Resources Sold out 0.00% −2.17 MTDR Matador Resources Co. Sold out 0.00% −2.15 KOS Kosmos Energy Ltd. Sold out 0.00% −2.15 HAFN Hafnia Ltd. Sold out 0.00% −1.85 DNN Denison Mines Corp. Sold out 0.00% −1.81 CCJ Cameco Corp. Reduce -28.5% 3.44% −1.72 NVGS Navigator Holdings Ltd. Reduce -51.5% 0.76% −0.79 OKLO Oklo Inc. Sold out 0.00% −0.37 EQT Eqt Corp. Reduce -28.6% 8.27% −0.30 WPM Wheaton Precious Metals Corp. Reduce -33.3% 1.82% +0.12 GDXJ Vaneck Junior Gold Miners Reduce -11.5% 5.04% +1.39
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ CNR Core Natural Resources Inc. New 6.97% +6.97 FNV Franco-Nevada Corp. Add +129.0% 8.45% +6.08 SEI Solaris Energy Infrastructur New 4.86% +4.86 COP Conocophillips New 4.61% +4.61 GNK Genco Shipping & Trading Ltd. New 4.39% +4.39 CENX Century Aluminum Company New 3.85% +3.85 PSX Phillips 66 New 2.94% +2.94 PTEN Patterson-Uti Energy Inc. New 2.89% +2.89 RRC Range Resources Corp. New 2.57% +2.57 FRO Frontline PLC New 2.53% +2.53 GDX Vaneck Gold Miners ETF New 2.43% +2.43 INSW International Seaways Inc. New 2.33% +2.33 IAG Iamgold Corp. New 2.19% +2.19 LEU Centrus Energy Corp. Class A New 2.18% +2.18 ORLA Orla Mining Ltd. New 1.98% +1.98 BP BP PLC-Spons ADR New 1.96% +1.96 HNRG Hallador Energy Co. Add +107.2% 1.49% +0.91 BKV BKV Corporation Add +7.6% 6.39% +0.62 TMQ Trilogy Metals Inc. New 0.54% +0.54 PR Permian Resources Corp. Class A Add +6.7% 3.24% +0.53 BTU Peabody Energy Corp. Add +25.0% 1.98% −0.12
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +60.0% 160,000 $89.5M IWM iShares Russell 2000 ETF put Reduce -82.0% 45,000 $9.0M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ NESRW National Energy Service-CW23 *W EXP 06/06/202 Add +180.9% 854,100 $299K
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 38 $193.0M NESR, BKV, WULF, CNR, FLR Q1 2026 40 $166.2M BKV, CNR, NESR, VIST, CCJ Q4 2025 34 $144.8M NESR, BKV, CNR, CCJ, SEI Q3 2025 40 $131.0M NESR, BKV, CCJ, SEI, CVE Q2 2025 39 $97.5M CCJ, BKV, NESR, SEI, GLNG Q1 2025 28 $85.4M FNV, EQT, NESR, CNR, BKV Q4 2024 30 $99.5M NESR, EQT, CONSOL ENERGY INC, BKV, FANG Q3 2024 33 $120.4M KGC, CONSOL ENERGY INC, CCJ, SBLK, COP Q2 2024 26 $128.7M ZIM, WFRD, CVE, STNG, CONSOL ENERGY INC Q1 2024 24 $119.9M WFRD, CVE, STNG, METC, TDW