In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Nokomis Capital, L.L.C. reported 46 stock positions worth $231.8 million . Its top holding was MGM Resorts International (MGM) at 8.4% of the portfolio, followed by Caleres (CAL, 6.6% ) and Seadrill (SDRL, 6.1% ). Compared with Q4 2024, it opened 5 new positions, sold out of 3, added to 16 and reduced 13. The biggest buy was a new position in Coterra Energy (CTRA) and the biggest sale Agnico Eagle Mines (AEM, shares −70% ).
Location DALLAS, TX
CIK 0001541055
Portfolio Value $231.8M (Q1 2025) Holdings 46 stocks · $231.8M 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 MGM MGM Resorts International 654,737 $19.4M Add +55.4% CAL Caleres Inc. 882,695 $15.2M Add +11.5% SDRL Seadrill Limited 563,705 $14.1M Add +104.9% MAG Mag Silver Corp. 885,043 $13.5M No change GDX Vaneck Gold Miners ETF 254,195 $11.7M Reduce -23.1% LSEA Landsea Homes Corp. 1,743,738 $11.2M Add +6.1% AR Antero Resources Corp. 225,300 $9.1M Add +35.0% BZH Beazer Homes USA Inc. 401,259 $8.2M Add +28.4% CTRA Coterra Energy Inc. 266,617 $7.7M New DRDB Roman DBDR Acquisition Corp. 748,598 $7.5M Add +2.0% NGD New Gold Inc. 1,915,282 $7.1M Reduce -53.8% GFR Greenfire Resources Ltd. 1,161,725 $6.8M No change HBM Hudbay Minerals Inc. 860,030 $6.5M Add +21.3% NXE Nexgen Energy Ltd. 1,440,048 $6.5M Add +15.3% ACR Acres Commercial Realty Corp. 254,797 $5.5M Reduce -3.7% GDXJ Vaneck Junior Gold Miners 92,515 $5.3M No change SILJ Amplify Junior Silver Miners 417,847 $5.1M No change AGI Alamos Gold Inc. Class A 185,380 $5.0M No change MEC Mayville Engineering Co. Inc. 346,966 $4.7M Reduce -22.9% HNRG Hallador Energy Co. 360,409 $4.4M New SPPP Sprott Physical Platinum And 444,923 $4.4M Add +7.8% TOL Toll Brothers Inc. 41,783 $4.4M Add +919.1% C Citigroup Inc. 59,659 $4.2M Reduce -6.8% CNTY Century Casinos Inc. 2,361,793 $4.0M Add +2.8% GLD SPDR Gold Shares 13,417 $3.9M Add +19.1% PSLV Sprott Physical Silver Trust 322,821 $3.7M Add +501.2% AEM Agnico Eagle Mines Ltd. 30,816 $3.3M Reduce -69.9% MNR Mach Natural Resources LP 203,253 $3.2M Reduce -4.7% NMM Navios Maritime Partners LP 73,656 $2.9M Reduce -10.5% TXO Txo Partners LP 150,412 $2.9M Reduce -8.2% TRTX TPG Re Finance Trust Inc. 315,871 $2.6M Add +54.3% VZLA Vizsla Silver Corp. 1,084,752 $2.5M New CDE Coeur Mining Inc. 362,255 $2.1M New SOC Sable Offshore Corp. 83,005 $2.1M No change APLD Applied Digital Corp. 324,110 $1.8M Reduce -34.5% MLP Maui Land & Pineapple Co. filed as MAUI LD & PINEAPPLE INC 91,270 $1.6M No change KRP Kimbell Royalty Partners LP 109,470 $1.5M No change FEIM Frequency Electronics Inc. 96,009 $1.5M No change CRGY Crescent Energy Inc. Class A 107,525 $1.2M No change CDZI Cadiz Inc. 405,000 $1.2M Add +237.5% CGAU Centerra Gold Inc. 141,783 $900K No change PPTA Perpetua Resources Corp. 62,033 $663K No change URNM Sprott Uranium Miners ETF 9,462 $307K Reduce -51.9% SQNS Sequans Communications S A 103,574 $218K Reduce -44.6% RILY BRC Group Holdings Inc. filed as B. RILEY FINANCIAL INC 29,655 $115K Reduce -28.8% QQQ Invesco QQQ Trust Series 1 200 $94K New
Options reported separately and not counted above: GLD calls ($28.6M), QQQ puts ($6.1M), SLV calls ($4.6M), RIG calls ($3.9M), ASTS puts ($1.7M), GDX calls ($1.6M), EOSE puts ($1.5M), NMM calls ($1.2M), SILJ calls ($25K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $123K (not counted above) Security Class Shares / Principal Value Change DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 374,299 $120K Add +2.0% MOBXW Chavrant Capital Acq -CW23 *W EXP 12/21/202 30,093 $3K No change
Total filed on the 13F, all lines: $232.0M.
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 ▲ AEM Agnico Eagle Mines Ltd. Reduce -69.9% 1.44% −2.26 NGD New Gold Inc. Reduce -53.8% 3.06% −1.68 MEC Mayville Engineering Co. Inc. Reduce -22.9% 2.01% −1.25 IBIT iShares Bitcoin Trust ETF Sold out 0.00% −1.25 APLD Applied Digital Corp. Reduce -34.5% 0.79% −0.96 NMM Navios Maritime Partners LP Reduce -10.5% 1.25% −0.40 MNR Mach Natural Resources LP Reduce -4.7% 1.36% −0.33 C Citigroup Inc. Reduce -6.8% 1.83% −0.25 URNM Sprott Uranium Miners ETF Reduce -51.9% 0.13% −0.23 SQNS Sequans Communications S A Reduce -44.6% 0.09% −0.21 GDX Vaneck Gold Miners ETF Reduce -23.1% 5.04% −0.14 SKE Skeena Resources Ltd. Sold out 0.00% −0.10 XPER Xperi Inc. Sold out 0.00% −0.08 RILY BRC Group Holdings Inc. Reduce -28.8% 0.05% −0.04 TXO Txo Partners LP Reduce -8.2% 1.24% −0.03 ACR Acres Commercial Realty Corp. Reduce -3.7% 2.38% +0.41
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 ▼ CTRA Coterra Energy Inc. New 3.32% +3.32 HNRG Hallador Energy Co. New 1.91% +1.91 TOL Toll Brothers Inc. Add +919.1% 1.90% +1.66 MGM MGM Resorts International Add +55.4% 8.37% +1.64 PSLV Sprott Physical Silver Trust Add +501.2% 1.62% +1.38 AR Antero Resources Corp. Add +35.0% 3.93% +1.23 SDRL Seadrill Limited Add +104.9% 6.08% +1.14 VZLA Vizsla Silver Corp. New 1.06% +1.06 CDE Coeur Mining Inc. New 0.93% +0.93 GLD SPDR Gold Shares Add +19.1% 1.67% +0.41 TRTX TPG Re Finance Trust Inc. Add +54.3% 1.11% +0.31 CDZI Cadiz Inc. Add +237.5% 0.51% +0.22 SPPP Sprott Physical Platinum And Add +7.8% 1.91% +0.21 HBM Hudbay Minerals Inc. Add +21.3% 2.82% +0.16 QQQ Invesco QQQ Trust Series 1 New 0.04% +0.04 DRDB Roman DBDR Acquisition Corp. Add +2.0% 3.24% −0.14 BZH Beazer Homes USA Inc. Add +28.4% 3.53% −0.43 NXE Nexgen Energy Ltd. Add +15.3% 2.79% −1.01 LSEA Landsea Homes Corp. Add +6.1% 4.83% −1.61 CNTY Century Casinos Inc. Add +2.8% 1.72% −1.71 CAL Caleres Inc. Add +11.5% 6.56% −1.90
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ GLD SPDR Gold Shares call Add +22.0% 99,100 $28.6M SPY SS SPDR S&P 500 ETF Trust-US put Sold out 41,800 $24.5Mbefore exit QQQ Invesco QQQ Trust Series 1 put New 13,100 $6.1M SLV iShares Silver Trust call Reduce -49.1% 149,900 $4.6M RIG Transocean Ltd. call New 1,230,000 $3.9M APLD Applied Digital Corp. call Sold out 442,400 $3.4Mbefore exit GDXJ Vaneck Junior Gold Miners call Sold out 41,900 $1.8Mbefore exit ASTS Ast Spacemobile Inc. put New 75,000 $1.7M GDX Vaneck Gold Miners ETF call Reduce -9.1% 34,800 $1.6M EOSE Eos Energy Enterprises Inc. put Add +5.7% 383,700 $1.5M DM Desktop Metal Inc. Class A put Sold out 227,000 $531Kbefore exit GDX Vaneck Gold Miners ETF put Sold out 7,500 $254Kbefore exit BRC INC-A put Sold out 24,300 $77Kbefore exit SILJ Amplify Junior Silver Miners call Reduce -98.6% 2,100 $25K
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 ▼ DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 Add +2.0% 374,299 $120K
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 Amended 44 $261.9M IAUX, CDE, OGC, HBM, LAD Q1 2026 43 $318.3M IAUX, CDE, LAD, DIA, MGM Q4 2025 46 $346.7M IAUX, DIA, MGM, HBM, GDX Q3 2025 44 $276.2M MGM, IAUX, GDX, CDE, NGD Q2 2025 41 $238.7M MGM, IAUX, SDRL, GDX, BZH Q1 2025 46 $231.8M MGM, CAL, SDRL, MAG, GDX Q4 2024 44 $216.7M CAL, MGM, LSEA, MAG, GDX Q3 2024 44 $223.7M APLD, MGM, GDX, BZH, LSEA Q2 2024 43 $209.4M APLD, GDX, SDRL, BZH, LSEA Q1 2024 38 $226.5M APLD, VST, GSL, LSEA, OEC