Merk Investments LLC

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Merk Investments LLC reported 12 stock positions worth $89.7 million. Its top holding was Orla Mining (ORLA) at 26.6% of the portfolio, followed by Alamos Gold Class A (AGI, 17.5%) and Barrick Gold (B, 12.1%). Compared with Q1 2024, it opened 1 new position, sold out of 2, added to 1 and reduced 1. The biggest buy was Metalla Royalty & Streaming (MTA, shares +125%) and the biggest sale an exit from Skeena Resources (SKE).

Most Recent 13F
Q2 2026
Location
PALO ALTO, CA
CIK
0001302842
Portfolio Value
$89.7M (Q2 2024)
SEC Filing
0001420506-24-001567 ↗ filed Aug 14, 2024

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $89.6M Q1 2024 Q2 2024: $89.7M $89.7M Q2 2024 Q3 2024: $105.6M Q3 2024 Q4 2024: $97.4M Q4 2024 Q1 2025: $183.4M Q1 2025 Q2 2025: $246.1M Q2 2025 Q3 2025: $324.9M Q3 2025 Q4 2025: $360.7M Q4 2025 Q1 2026: $367.9M Q1 2026 Q2 2026: $313.5M Q2 2026

Holdings 12 stocks · $89.7M
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 26.56% 6,200,000 $23.8M No change
AGI Alamos Gold Inc. Class A 17.49% 1,000,000 $15.7M No change
B Barrick Gold Corp. 12.09% 650,000 $10.8M No change
AEM Agnico Eagle Mines Ltd. 12.04% 165,000 $10.8M No change
GFI Gold Fields Ltd.-Spons ADR 9.97% 600,000 $8.9M No change
AU Anglogold Ashanti PLC 7.71% 275,000 $6.9M No change
BTG B2GOLD Corp. 6.02% 2,000,000 $5.4M No change
ITRG Integra Resources Corp. 4.63% 4,487,472 $4.1M No change
MTA Metalla Royalty & Streaming 1.40% 450,000 $1.3M Add +125.0%
PPTA Perpetua Resources Corp. 0.89% 153,484 $798K Reduce -33.3%
USAS Americas Gold and Silver Cor 0.74% 2,701,028 $660K No change
OUNZ Vaneck Merk Gold ETF 0.47% 18,800 $422K New

Portfolio Sells Q1 2024 → Q2 2024
SKE Skeena Resources Ltd. Sold out 0.00% −3.61
SBSW Sibanye-Stillwater Ltd.-ADR Sold out 0.00% −1.43
PPTA Perpetua Resources Corp. Reduce -33.3% 0.89% −0.18

Portfolio Buys Q1 2024 → Q2 2024
MTA Metalla Royalty & Streaming Add +125.0% 1.40% +0.70
OUNZ Vaneck Merk Gold ETF New 0.47% +0.47

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 11$313.5MUSAS, ORLA, EQX, NFGC, MTA
Q1 2026 11$367.9MUSAS, ORLA, EQX, AGI, MTA
Q4 2025 10$360.7MUSAS, ORLA, EQX, MTA, AGI
Q3 2025 11$324.9MUSAS, ORLA, EQX, AGI, AEM
Q2 2025 11$246.1MORLA, USAS, EQX, AGI, AEM
Q1 2025 10$183.4MORLA, USAS, AGI, AEM, GFI
Q4 2024 10$97.4MORLA, AGI, AEM, MTA, GFI
Q3 2024 11$105.6MORLA, AGI, AEM, B, GFI
Q2 2024 12$89.7MORLA, AGI, B, AEM, GFI
Q1 2024 13$89.6MORLA, AGI, B, AEM, GFI