In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Nokomis Capital, L.L.C. reported 44 stock positions worth $276.2 million . Its top holding was MGM Resorts International (MGM) at 8.3% of the portfolio, followed by I-80 Gold (IAUX, 7.9% ) and Vaneck Gold Miners ETF (GDX, 6.2% ). Compared with Q2 2025, it opened 9 new positions, sold out of 6, added to 8 and reduced 19. The biggest buy was a new position in Osisko Development and the biggest sale SPDR Gold Shares (GLD, shares −82% ).
Location DALLAS, TX
CIK 0001541055
Portfolio Value $276.2M (Q3 2025) Holdings 44 stocks · $276.2M 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 Q2 2025 MGM MGM Resorts International 658,037 $22.8M Reduce -5.7% IAUX I-80 Gold Corp. 22,924,269 $21.9M Reduce -11.8% GDX Vaneck Gold Miners ETF 222,985 $17.0M Reduce -7.0% CDE Coeur Mining Inc. 728,171 $13.7M Reduce -0.9% NGD New Gold Inc. 1,888,182 $13.6M Reduce -1.4% NXE Nexgen Energy Ltd. 1,486,948 $13.3M Reduce -5.0% HBM Hudbay Minerals Inc. 868,230 $13.2M Reduce -4.9% BZH Beazer Homes USA Inc. 469,522 $11.5M Reduce -6.8% AR Antero Resources Corp. 335,208 $11.2M Add +19.9% GDXJ Vaneck Junior Gold Miners 86,315 $8.5M No change SDRL Seadrill Limited 282,166 $8.5M Reduce -45.7% PSLV Sprott Physical Silver Trust 531,121 $8.3M Add +10.7% SILJ Amplify Junior Silver Miners 345,605 $8.0M No change SHOE Shoe Station Group Inc. filed as SHOE CARNIVAL INC 374,103 $7.8M Add +13.0% SPPP Sprott Physical Platinum And 541,123 $7.3M Add +21.6% CTRA Coterra Energy Inc. 310,517 $7.3M Add +54.3% HNRG Hallador Energy Co. 362,531 $7.1M No change DRDB Roman DBDR Acquisition Corp. 680,022 $7.0M Reduce -2.9% OSISKO DEVELOPMENT CORP 2,000,000 $6.8M New CNTY Century Casinos Inc. 2,179,575 $5.7M Reduce -7.7% GFR Greenfire Resources Ltd. 1,161,725 $5.4M No change VZLA Vizsla Silver Corp. 1,143,852 $4.9M No change ACR Acres Commercial Realty Corp. 232,114 $4.9M Reduce -8.9% OTGAU Otg Acquisition Corp. I 421,300 $4.2M New KREF KKR Real Estate Finance Trus 461,838 $4.2M Add +35.7% C Citigroup Inc. 35,642 $3.6M Reduce -33.5% TRTX TPG Re Finance Trust Inc. 389,074 $3.3M Add +8.2% FEIM Frequency Electronics Inc. 94,208 $3.2M Reduce -1.9% GLD SPDR Gold Shares 5,717 $2.0M Reduce -82.3% AAPL Apple Inc. 7,900 $2.0M New CRGY Crescent Energy Inc. Class A 217,903 $1.9M Add +59.4% SLV iShares Silver Trust 42,400 $1.8M New MNR Mach Natural Resources LP 134,780 $1.8M Reduce -33.3% AEM Agnico Eagle Mines Ltd. 10,220 $1.7M Reduce -51.8% MLP Maui Land & Pineapple Co. filed as MAUI LD & PINEAPPLE INC 91,270 $1.7M No change AGI Alamos Gold Inc. Class A 48,405 $1.7M Reduce -8.3% SBSW Sibanye-Stillwater Ltd.-ADR 150,100 $1.7M New SOC Sable Offshore Corp. 83,005 $1.4M No change IBIT iShares Bitcoin Trust ETF 21,800 $1.4M New PPTA Perpetua Resources Corp. 62,033 $1.3M No change CGAU Centerra Gold Inc. 40,818 $438K Reduce -71.2% XOP SS SPDR S&P Og Exp & Prod 3,000 $397K New EEM iShares MSCI Emerging Market 6,300 $336K New ARKR ARK Restaurants Corp. 20,771 $148K New
Options reported separately and not counted above: GLD calls ($31.5M), QQQ puts ($28.9M), SLV calls ($17.9M), EOSE puts ($5.4M), NVDA puts ($5.1M), GDX calls ($1.5M), ASTS puts ($1.0M), CRDO puts ($772K), CHPT puts ($503K), IBIT calls ($390K), SOUN puts ($352K), SILJ calls ($48K).
Other holdings (3): bonds, preferreds, convertibles and warrants · $5.9M (not counted above) Security Class Shares / Principal Value Change IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 12,999,999 $5.7M New DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 374,299 $193K No change MOBXW Chavrant Capital Acq -CW23 *W EXP 12/21/202 30,093 $3K No change
Total filed on the 13F, all lines: $282.1M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ GLD SPDR Gold Shares Reduce -82.3% 0.74% −3.40 CAL Caleres Inc. Sold out 0.00% −2.98 SDRL Seadrill Limited Reduce -45.7% 3.09% −2.63 MGM MGM Resorts International Reduce -5.7% 8.26% −1.79 MAG Mag Silver Corp. Sold out 0.00% −0.98 KRP Kimbell Royalty Partners LP Sold out 0.00% −0.64 C Citigroup Inc. Reduce -33.5% 1.31% −0.60 MNR Mach Natural Resources LP Reduce -33.3% 0.64% −0.58 TXO Txo Partners LP Sold out 0.00% −0.57 BZH Beazer Homes USA Inc. Reduce -6.8% 4.17% −0.55 CDZI Cadiz Inc. Sold out 0.00% −0.51 DRDB Roman DBDR Acquisition Corp. Reduce -2.9% 2.54% −0.49 AEM Agnico Eagle Mines Ltd. Reduce -51.8% 0.62% −0.43 CGAU Centerra Gold Inc. Reduce -71.2% 0.16% −0.27 ACR Acres Commercial Realty Corp. Reduce -8.9% 1.78% −0.14 EQX Equinox Gold Corp. Sold out 0.00% −0.13 CNTY Century Casinos Inc. Reduce -7.7% 2.06% −0.03 AGI Alamos Gold Inc. Class A Reduce -8.3% 0.61% +0.02 FEIM Frequency Electronics Inc. Reduce -1.9% 1.16% +0.24 NXE Nexgen Energy Ltd. Reduce -5.0% 4.82% +0.27 HBM Hudbay Minerals Inc. Reduce -4.9% 4.77% +0.71 NGD New Gold Inc. Reduce -1.4% 4.91% +0.94 GDX Vaneck Gold Miners ETF Reduce -7.0% 6.17% +0.94 IAUX I-80 Gold Corp. Reduce -11.8% 7.93% +1.41 CDE Coeur Mining Inc. Reduce -0.9% 4.95% +2.22
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ OSISKO DEVELOPMENT CORP New 2.45% +2.45 OTGAU Otg Acquisition Corp. I New 1.54% +1.54 AAPL Apple Inc. New 0.73% +0.73 SLV iShares Silver Trust New 0.65% +0.65 SBSW Sibanye-Stillwater Ltd.-ADR New 0.61% +0.61 PSLV Sprott Physical Silver Trust Add +10.7% 3.02% +0.56 CTRA Coterra Energy Inc. Add +54.3% 2.66% +0.52 IBIT iShares Bitcoin Trust ETF New 0.51% +0.51 SPPP Sprott Physical Platinum And Add +21.6% 2.66% +0.47 KREF KKR Real Estate Finance Trus Add +35.7% 1.50% +0.25 SHOE Shoe Station Group Inc. Add +13.0% 2.82% +0.22 CRGY Crescent Energy Inc. Class A Add +59.4% 0.70% +0.21 XOP SS SPDR S&P Og Exp & Prod New 0.14% +0.14 EEM iShares MSCI Emerging Market New 0.12% +0.12 ARKR ARK Restaurants Corp. New 0.05% +0.05 TRTX TPG Re Finance Trust Inc. Add +8.2% 1.21% +0.04 AR Antero Resources Corp. Add +19.9% 4.07% −0.64
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ GLD SPDR Gold Shares call Reduce -38.3% 88,700 $31.5M QQQ Invesco QQQ Trust Series 1 put New 48,200 $28.9M SLV iShares Silver Trust call Add +46.6% 423,200 $17.9M EOSE Eos Energy Enterprises Inc. put Add +17.3% 475,400 $5.4M NVDA Nvidia Corp. put New 27,400 $5.1M GDX Vaneck Gold Miners ETF call Reduce -38.4% 20,200 $1.5M ASTS Ast Spacemobile Inc. put Reduce -77.5% 21,200 $1.0M ASTS Ast Spacemobile Inc. call Sold out 19,000 $888Kbefore exit CRDO Credo Technology Group Holdi put New 5,300 $772K CHPT Chargepoint Holdings Inc. put New 46,100 $503K IBIT iShares Bitcoin Trust ETF call New 6,000 $390K SOUN Soundhound AI Inc. Class A put New 21,900 $352K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 New 12,999,999 $5.7M
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