In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Medici Capital LLC reported 12 stock positions worth $91.2 million . Its top holding was Agnico Eagle Mines (AEM) at 27.4% of the portfolio, followed by SPDR Gold Minishares Trust (GLDM, 19.1% ) and Elemental Royalty (ELE, 16.3% ). Compared with Q3 2025, it opened 1 new position, sold out of 20 and added to 5. The biggest buy was a new position in Elemental Royalty (ELE) and the biggest sale an exit from Genesis Minerals (GSISF).
Location NEWPORT BEACH, CA
CIK 0001777234
Portfolio Value $91.2M (Q4 2025) Holdings 12 stocks · $91.2M 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 Q3 2025 AEM Agnico Eagle Mines Ltd. 147,282 $25.0M Add +7.0% GLDM SPDR Gold Minishares Trust 204,026 $17.4M No change ELE Elemental Royalty Corp. 877,443 $14.9M New GMINF G Mining Venture Corp. 338,700 $10.3M Add +6.6% AGI Alamos Gold Inc. Class A 208,000 $8.0M No change WPM Wheaton Precious Metals Corp. 36,000 $4.2M No change ITRG Integra Resources Corp. 907,875 $3.7M Add +643.5% ALEC Alector Inc. 1,500,520 $2.3M Add +211.3% SLV iShares Silver Trust 30,000 $1.9M No change GLD SPDR Gold Shares 4,000 $1.6M No change DC Dakota Gold Corp. 198,321 $1.1M Add +174.2% GROY Gold Royalty Corp. 185,890 $751K No change
Options reported separately and not counted above: AEM calls ($23.4M), GDXJ calls ($10.2M).
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ GSISF Genesis Minerals Ltd. Sold out 0.00% −11.54 EMX Emx Royalty Corp. Sold out 0.00% −10.73 DiscoverySilverCorp Sold out 0.00% −6.22 NESRF Northern Star Resources Ltd. Sold out 0.00% −5.96 SA Seabridge Gold Inc. Sold out 0.00% −3.98 RMLRF Ramelius Resources Ltd. Sold out 0.00% −3.94 ESGFF Ora Banda Mining Ltd. Sold out 0.00% −1.69 SKE Skeena Resources Ltd. Sold out 0.00% −1.67 EOGSF Emerald Resources NL Sold out 0.00% −1.37 ELEMENTAL ALTUS ROYALTIES CO Sold out 0.00% −1.10 CTYMF Catalyst Metals Ltd. Sold out 0.00% −1.03 MINERALS 260 LTD Sold out 0.00% −0.92 DDEJF Dundee Corp. Class A Sold out 0.00% −0.81 CRNLF Capricorn Metals Ltd. Sold out 0.00% −0.60 SXGCF Southern Cross Gold Consolid Sold out 0.00% −0.59 SNWGF Snowline Gold Corp. Sold out 0.00% −0.42 MQBKY Macquarie Group Ltd.-ADR Sold out 0.00% −0.38 VOXR Vox Royalty Corp. Sold out 0.00% −0.36 PROBF Probe Gold Inc. Sold out 0.00% −0.33 KLDCF Kenorland Minerals Ltd. Sold out 0.00% −0.30
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ ELE Elemental Royalty Corp. New 16.33% +16.33 AEM Agnico Eagle Mines Ltd. Add +7.0% 27.38% +10.11 GMINF G Mining Venture Corp. Add +6.6% 11.24% +6.55 ITRG Integra Resources Corp. Add +643.5% 4.01% +3.74 ALEC Alector Inc. Add +211.3% 2.57% +1.51 DC Dakota Gold Corp. Add +174.2% 1.24% +0.99
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ AEM Agnico Eagle Mines Ltd. call Add +27.6% 137,800 $23.4M GDXJ Vaneck Junior Gold Miners call Add +29.2% 89,800 $10.2M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 6 $51.0M AEM, ELE, AGI, ALEC, DC Q1 2026 9 $71.6M AEM, ELE, AGI, WPM, ALEC Q4 2025 12 $91.2M AEM, GLDM, ELE, GMINF, AGI Q3 2025 31 $134.4M AEM, GLDM, GSISF, EMX, DiscoverySilverCorp Q2 2025 23 $87.8M SPY, AEM, GLDM, AGI, EMX Q1 2025 16 $82.1M SPY, AEM, GLDM, HAL, EMX Q4 2024 13 $77.6M SPY, XOM, AEM, GLDM, EMX Q3 2024 8 $51.1M GLDM, AEM, XOM, OXY, EMX Q2 2024 8 $45.3M GLDM, AEM, XOM, OXY, EMX Q1 2024 8 $87.5M SPY, QQQ, GLDM, XOM, OXY