Merk Investments LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Merk Investments LLC reported 13 stock positions worth $89.6 million. Its top holding was Orla Mining (ORLA) at 26.2% of the portfolio, followed by Alamos Gold Class A (AGI, 16.5%) and Barrick Gold (B, 12.1%). Compared with Q4 2023, it opened 1 new position, sold out of 2 and added to 1. The biggest buy was a new position in Metalla Royalty & Streaming (MTA) and the biggest sale an exit from SSR Mining (SSRM).
- Most Recent 13F
- Q2 2026
- Location
- PALO ALTO, CA
- CIK
- 0001302842
- Portfolio Value
- $89.6M (Q1 2024)
- SEC Filing
- 0001420506-24-000829 ↗ filed May 14, 2024
Holdings Value
Holdings 13 stocks · $89.6M
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 26.21% | 6,200,000 | $23.5M | No change |
| AGI Alamos Gold Inc. Class A | 16.45% | 1,000,000 | $14.8M | No change |
| B Barrick Gold Corp. | 12.07% | 650,000 | $10.8M | No change |
| AEM Agnico Eagle Mines Ltd. | 10.98% | 165,000 | $9.8M | No change |
| GFI Gold Fields Ltd.-Spons ADR | 10.64% | 600,000 | $9.5M | No change |
| AU Anglogold Ashanti PLC | 6.81% | 275,000 | $6.1M | No change |
| BTG B2GOLD Corp. | 5.82% | 2,000,000 | $5.2M | No change |
| SKE Skeena Resources Ltd. | 3.61% | 700,000 | $3.2M | No change |
| ITRG Integra Resources Corp. | 3.55% | 4,487,472 | $3.2M | Add +20.7% |
| SBSW Sibanye-Stillwater Ltd.-ADR | 1.43% | 273,043 | $1.3M | No change |
| PPTA Perpetua Resources Corp. | 1.07% | 229,983 | $957K | No change |
| MTA Metalla Royalty & Streaming | 0.70% | 200,000 | $623K | New |
| USAS Americas Gold and Silver Cor | 0.66% | 2,701,028 | $591K | No change |
Portfolio Sells Q4 2023 → Q1 2024
Portfolio Buys Q4 2023 → Q1 2024
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 11 | $313.5M | USAS, ORLA, EQX, NFGC, MTA |
| Q1 2026 | 11 | $367.9M | USAS, ORLA, EQX, AGI, MTA |
| Q4 2025 | 10 | $360.7M | USAS, ORLA, EQX, MTA, AGI |
| Q3 2025 | 11 | $324.9M | USAS, ORLA, EQX, AGI, AEM |
| Q2 2025 | 11 | $246.1M | ORLA, USAS, EQX, AGI, AEM |
| Q1 2025 | 10 | $183.4M | ORLA, USAS, AGI, AEM, GFI |
| Q4 2024 | 10 | $97.4M | ORLA, AGI, AEM, MTA, GFI |
| Q3 2024 | 11 | $105.6M | ORLA, AGI, AEM, B, GFI |
| Q2 2024 | 12 | $89.7M | ORLA, AGI, B, AEM, GFI |
| Q1 2024 | 13 | $89.6M | ORLA, AGI, B, AEM, GFI |