In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Nokomis Capital, L.L.C. reported 41 stock positions worth $238.7 million . Its top holding was MGM Resorts International (MGM) at 10.1% of the portfolio, followed by I-80 Gold (IAUX, 6.5% ) and Seadrill (SDRL, 5.7% ). Compared with Q1 2025, it opened 4 new positions, sold out of 9, added to 12 and reduced 13. The biggest buy was a new position in I-80 Gold (IAUX) and the biggest sale Mag Silver (MAG, shares −88% ).
Location DALLAS, TX
CIK 0001541055
Portfolio Value $238.7M (Q2 2025) Holdings 41 stocks · $238.7M 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 Q1 2025 MGM MGM Resorts International 697,537 $24.0M Add +6.5% IAUX I-80 Gold Corp. 26,000,000 $15.6M New SDRL Seadrill Limited 520,002 $13.7M Reduce -7.8% GDX Vaneck Gold Miners ETF 239,795 $12.5M Reduce -5.7% BZH Beazer Homes USA Inc. 503,966 $11.3M Add +25.6% AR Antero Resources Corp. 279,508 $11.3M Add +24.1% NXE Nexgen Energy Ltd. 1,564,848 $10.9M Add +8.7% GLD SPDR Gold Shares 32,367 $9.9M Add +141.2% HBM Hudbay Minerals Inc. 912,730 $9.7M Add +6.1% NGD New Gold Inc. 1,915,282 $9.5M No change DRDB Roman DBDR Acquisition Corp. 700,498 $7.2M Reduce -6.4% CAL Caleres Inc. 582,756 $7.1M Reduce -34.0% CDE Coeur Mining Inc. 734,642 $6.5M Add +102.8% SHOE Shoe Station Group Inc. filed as SHOE CARNIVAL INC 331,103 $6.2M New PSLV Sprott Physical Silver Trust 479,721 $5.9M Add +48.6% GDXJ Vaneck Junior Gold Miners 86,315 $5.8M Reduce -6.7% HNRG Hallador Energy Co. 362,531 $5.7M Add +0.6% SPPP Sprott Physical Platinum And 444,923 $5.2M No change GFR Greenfire Resources Ltd. 1,161,725 $5.2M No change SILJ Amplify Junior Silver Miners 345,605 $5.1M Reduce -17.3% CTRA Coterra Energy Inc. 201,217 $5.1M Reduce -24.5% CNTY Century Casinos Inc. 2,361,793 $5.0M No change ACR Acres Commercial Realty Corp. 254,797 $4.6M No change C Citigroup Inc. 53,577 $4.6M Reduce -10.2% VZLA Vizsla Silver Corp. 1,143,852 $3.4M Add +5.5% KREF KKR Real Estate Finance Trus 340,393 $3.0M New MNR Mach Natural Resources LP 202,053 $2.9M Reduce -0.6% TRTX TPG Re Finance Trust Inc. 359,574 $2.8M Add +13.8% AEM Agnico Eagle Mines Ltd. 21,220 $2.5M Reduce -31.1% MAG Mag Silver Corp. 110,513 $2.3M Reduce -87.5% FEIM Frequency Electronics Inc. 96,009 $2.2M No change SOC Sable Offshore Corp. 83,005 $1.8M No change MLP Maui Land & Pineapple Co. filed as MAUI LD & PINEAPPLE INC 91,270 $1.7M No change KRP Kimbell Royalty Partners LP 109,470 $1.5M No change AGI Alamos Gold Inc. Class A 52,780 $1.4M Reduce -71.5% TXO Txo Partners LP 91,119 $1.4M Reduce -39.4% CDZI Cadiz Inc. 405,000 $1.2M No change CRGY Crescent Energy Inc. Class A 136,703 $1.2M Add +27.1% CGAU Centerra Gold Inc. 141,783 $1.0M No change PPTA Perpetua Resources Corp. 62,033 $753K No change EQX Equinox Gold Corp. 52,360 $301K New
Options reported separately and not counted above: GLD calls ($43.8M), SLV calls ($9.5M), ASTS puts ($4.4M), EOSE puts ($2.1M), GDX calls ($1.7M), ASTS calls ($888K), SILJ calls ($31K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $190K (not counted above) Security Class Shares / Principal Value Change DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 374,299 $187K No change MOBXW Chavrant Capital Acq -CW23 *W EXP 12/21/202 30,093 $3K No change
Total filed on the 13F, all lines: $238.9M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ MAG Mag Silver Corp. Reduce -87.5% 0.98% −4.85 LSEA Landsea Homes Corp. Sold out 0.00% −4.83 CAL Caleres Inc. Reduce -34.0% 2.98% −3.58 MEC Mayville Engineering Co. Inc. Sold out 0.00% −2.01 TOL Toll Brothers Inc. Sold out 0.00% −1.90 AGI Alamos Gold Inc. Class A Reduce -71.5% 0.59% −1.55 NMM Navios Maritime Partners LP Sold out 0.00% −1.25 CTRA Coterra Energy Inc. Reduce -24.5% 2.14% −1.18 APLD Applied Digital Corp. Sold out 0.00% −0.79 TXO Txo Partners LP Reduce -39.4% 0.57% −0.67 AEM Agnico Eagle Mines Ltd. Reduce -31.1% 1.06% −0.38 SDRL Seadrill Limited Reduce -7.8% 5.72% −0.36 DRDB Roman DBDR Acquisition Corp. Reduce -6.4% 3.03% −0.21 MNR Mach Natural Resources LP Reduce -0.6% 1.22% −0.14 URNM Sprott Uranium Miners ETF Sold out 0.00% −0.13 SQNS Sequans Communications S A Sold out 0.00% −0.09 RILY BRC Group Holdings Inc. Sold out 0.00% −0.05 SILJ Amplify Junior Silver Miners Reduce -17.3% 2.14% −0.04 QQQ Invesco QQQ Trust Series 1 Sold out 0.00% −0.04 C Citigroup Inc. Reduce -10.2% 1.91% +0.08 GDXJ Vaneck Junior Gold Miners Reduce -6.7% 2.44% +0.16 GDX Vaneck Gold Miners ETF Reduce -5.7% 5.23% +0.19
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ IAUX I-80 Gold Corp. New 6.52% +6.52 SHOE Shoe Station Group Inc. New 2.60% +2.60 GLD SPDR Gold Shares Add +141.2% 4.13% +2.47 CDE Coeur Mining Inc. Add +102.8% 2.73% +1.80 NXE Nexgen Energy Ltd. Add +8.7% 4.55% +1.76 MGM MGM Resorts International Add +6.5% 10.05% +1.68 KREF KKR Real Estate Finance Trus New 1.25% +1.25 HBM Hudbay Minerals Inc. Add +6.1% 4.06% +1.24 BZH Beazer Homes USA Inc. Add +25.6% 4.72% +1.19 PSLV Sprott Physical Silver Trust Add +48.6% 2.46% +0.84 AR Antero Resources Corp. Add +24.1% 4.72% +0.79 HNRG Hallador Energy Co. Add +0.6% 2.40% +0.50 VZLA Vizsla Silver Corp. Add +5.5% 1.41% +0.35 EQX Equinox Gold Corp. New 0.13% +0.13 TRTX TPG Re Finance Trust Inc. Add +13.8% 1.16% +0.05 CRGY Crescent Energy Inc. Class A Add +27.1% 0.49% −0.03
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ GLD SPDR Gold Shares call Add +45.1% 143,800 $43.8M SLV iShares Silver Trust call Add +92.6% 288,700 $9.5M QQQ Invesco QQQ Trust Series 1 put Sold out 13,100 $6.1Mbefore exit ASTS Ast Spacemobile Inc. put Add +25.9% 94,400 $4.4M RIG Transocean Ltd. call Sold out 1,230,000 $3.9Mbefore exit EOSE Eos Energy Enterprises Inc. put Add +5.6% 405,300 $2.1M GDX Vaneck Gold Miners ETF call Reduce -5.8% 32,800 $1.7M NMM Navios Maritime Partners LP call Sold out 31,000 $1.2Mbefore exit ASTS Ast Spacemobile Inc. call New 19,000 $888K
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 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