In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Nokomis Capital, L.L.C. reported 43 stock positions worth $318.3 million . Its top holding was I-80 Gold (IAUX) at 10.6% of the portfolio, followed by Coeur Mining (CDE, 9.8% ) and Lithia Motors (LAD, 5.9% ). Compared with Q4 2025, it opened 6 new positions, sold out of 9, added to 7 and reduced 26. The biggest buy was Coeur Mining (CDE, shares +128% ) and the biggest sale an exit from New Gold (NGD).
Location DALLAS, TX
CIK 0001541055
Portfolio Value $318.3M (Q1 2026) Holdings 43 stocks · $318.3M 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 2025 IAUX I-80 Gold Corp. 22,177,102 $33.7M Reduce -3.0% CDE Coeur Mining Inc. 1,662,133 $31.2M Add +128.3% LAD Lithia Motors Inc. 75,241 $18.8M Add +820.7% DIA SS SPDR Dow Jones Indus Avg filed as STATE STR SPDR DOW JONES IND 38,880 $18.0M Reduce -25.5% MGM MGM Resorts International 419,339 $15.5M Reduce -35.3% NXE Nexgen Energy Ltd. 1,296,448 $15.0M Reduce -18.9% AR Antero Resources Corp. 277,302 $11.8M Reduce -17.3% BZH Beazer Homes USA Inc. 600,677 $11.6M Reduce -4.1% GFR Greenfire Resources Ltd. 1,751,837 $11.1M Reduce -17.1% PSLV Sprott Physical Silver Trust 419,082 $10.2M No change DC Dakota Gold Corp. 2,005,427 $10.1M Add +35.4% ITRG Integra Resources Corp. 3,536,056 $9.7M New HBM Hudbay Minerals Inc. 453,745 $9.5M Reduce -47.7% SPPP Sprott Physical Platinum And 546,814 $8.5M Reduce -19.9% SHOE Shoe Station Group Inc. filed as SHOE CARNIVAL INC 537,845 $8.4M Reduce -13.2% OVV Ovintiv Inc. 132,252 $7.9M Add +626.7% MINE Mayfair Gold Corp. 2,438,552 $7.5M New GDX Vaneck Gold Miners ETF 76,571 $7.0M Reduce -61.6% KREF KKR Real Estate Finance Trus 1,119,822 $6.9M Add +2.6% OSISKO DEVELOPMENT CORP 2,000,000 $6.5M No change SILJ Amplify Junior Silver Miners 215,126 $6.4M Reduce -16.8% APLE Apple Hospitality REIT Inc. 405,027 $4.7M Reduce -15.5% CVE Cenovus Energy Inc. 174,700 $4.6M New CTRA Coterra Energy Inc. 119,608 $4.2M Reduce -63.2% LWLG Lightwave Logic Inc. 575,198 $4.0M Reduce -23.3% ACR Acres Commercial Realty Corp. 187,283 $3.6M Reduce -16.8% VZLA Vizsla Silver Corp. 1,050,567 $3.5M Reduce -8.2% MLP Maui Land & Pineapple Co. filed as MAUI LD & PINEAPPLE INC 212,218 $3.3M Add +57.9% GDXJ Vaneck Junior Gold Miners 25,315 $3.0M Reduce -70.7% CNTY Century Casinos Inc. 1,931,668 $2.7M Reduce -11.4% TRTX TPG Re Finance Trust Inc. 312,898 $2.4M Reduce -19.6% CRGY Crescent Energy Inc. Class A 175,035 $2.4M Reduce -19.7% HNRG Hallador Energy Co. 135,000 $2.2M Reduce -72.9% AGI Alamos Gold Inc. Class A 39,132 $1.7M Reduce -19.2% OTGA Otg Acquisition Corp. I Class A 161,644 $1.6M Reduce -31.2% BMM Blue Moon Metals Inc. 244,866 $1.6M New SBSW Sibanye-Stillwater Ltd.-ADR 120,666 $1.5M Reduce -19.6% DRDB Roman DBDR Acquisition Corp. 130,026 $1.4M No change PPTA Perpetua Resources Corp. 47,649 $1.3M Reduce -23.2% JILL J. Jill Inc. 115,865 $1.3M New ARKR ARK Restaurants Corp. 114,946 $754K Add +7.1% AAOI Applied Optoelectronics Inc. 7,900 $668K New EWZ iShares MSCI Brazil ETF 15,600 $599K No change
Options reported separately and not counted above: ASTS puts ($16.6M), NVDA puts ($558K), EOSE puts ($245K), GLD calls ($215K), SOUN puts ($168K), GDXJ calls ($120K), GDX calls ($37K), AAOI calls ($17K).
Other holdings (4): bonds, preferreds, convertibles and warrants · $12.4M (not counted above) Security Class Shares / Principal Value Change IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 12,857,543 $12.3M Reduce -1.1% DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 165,217 $35K Reduce -0.1% OTGAW Otg Acquisition Corp. I - 30 *W EXP 09/05/203 80,822 $20K Reduce -31.2% MOBXW Chavrant Capital Acq -CW23 *W EXP 12/21/202 30,093 $4K No change
Total filed on the 13F, all lines: $330.7M.
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ NGD New Gold Inc. Sold out 0.00% −4.70 GDX Vaneck Gold Miners ETF Reduce -61.6% 2.21% −2.73 HNRG Hallador Energy Co. Reduce -72.9% 0.69% −2.04 HBM Hudbay Minerals Inc. Reduce -47.7% 2.98% −1.99 MGM MGM Resorts International Reduce -35.3% 4.88% −1.95 GDXJ Vaneck Junior Gold Miners Reduce -70.7% 0.95% −1.88 DIA SS SPDR Dow Jones Indus Avg Reduce -25.5% 5.66% −1.58 SDRL Seadrill Limited Sold out 0.00% −1.24 CTRA Coterra Energy Inc. Reduce -63.2% 1.32% −1.14 GLD SPDR Gold Shares Sold out 0.00% −1.09 FEIM Frequency Electronics Inc. Sold out 0.00% −0.89 VZLA Vizsla Silver Corp. Reduce -8.2% 1.09% −0.72 SPPP Sprott Physical Platinum And Reduce -19.9% 2.67% −0.65 PK Park Hotels & Resorts Inc. Sold out 0.00% −0.61 MNR Mach Natural Resources LP Sold out 0.00% −0.43 SHOE Shoe Station Group Inc. Reduce -13.2% 2.63% −0.38 BBWI Bath & Body Works Inc. Sold out 0.00% −0.34 ACR Acres Commercial Realty Corp. Reduce -16.8% 1.14% −0.25 SOC Sable Offshore Corp. Sold out 0.00% −0.22 TRTX TPG Re Finance Trust Inc. Reduce -19.6% 0.77% −0.20 APLE Apple Hospitality REIT Inc. Reduce -15.5% 1.46% −0.17 CGAU Centerra Gold Inc. Sold out 0.00% −0.17 OTGA Otg Acquisition Corp. I Class A Reduce -31.2% 0.51% −0.17 SBSW Sibanye-Stillwater Ltd.-ADR Reduce -19.6% 0.47% −0.15 SILJ Amplify Junior Silver Miners Reduce -16.8% 2.01% −0.06 BZH Beazer Homes USA Inc. Reduce -4.1% 3.63% −0.03 PPTA Perpetua Resources Corp. Reduce -23.2% 0.42% −0.01 CNTY Century Casinos Inc. Reduce -11.4% 0.84% +0.01 AGI Alamos Gold Inc. Class A Reduce -19.2% 0.55% +0.01 CRGY Crescent Energy Inc. Class A Reduce -19.7% 0.74% +0.22 AR Antero Resources Corp. Reduce -17.3% 3.70% +0.37 NXE Nexgen Energy Ltd. Reduce -18.9% 4.72% +0.48 LWLG Lightwave Logic Inc. Reduce -23.3% 1.27% +0.57 GFR Greenfire Resources Ltd. Reduce -17.1% 3.48% +0.58 IAUX I-80 Gold Corp. Reduce -3.0% 10.59% +0.96
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ CDE Coeur Mining Inc. Add +128.3% 9.80% +6.06 LAD Lithia Motors Inc. Add +820.7% 5.90% +5.12 ITRG Integra Resources Corp. New 3.03% +3.03 MINE Mayfair Gold Corp. New 2.37% +2.37 OVV Ovintiv Inc. Add +626.7% 2.47% +2.26 CVE Cenovus Energy Inc. New 1.46% +1.46 DC Dakota Gold Corp. Add +35.4% 3.18% +0.76 BMM Blue Moon Metals Inc. New 0.50% +0.50 JILL J. Jill Inc. New 0.42% +0.42 MLP Maui Land & Pineapple Co. Add +57.9% 1.03% +0.37 AAOI Applied Optoelectronics Inc. New 0.21% +0.21 ARKR ARK Restaurants Corp. Add +7.1% 0.24% +0.03 KREF KKR Real Estate Finance Trus Add +2.6% 2.15% −0.44
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ ASTS Ast Spacemobile Inc. put Add +268.6% 199,800 $16.6M SLV iShares Silver Trust call Sold out 234,000 $15.1Mbefore exit CRDO Credo Technology Group Holdi put Sold out 74,400 $10.7Mbefore exit QQQ Invesco QQQ Trust Series 1 put Sold out 16,500 $10.1Mbefore exit NVDA Nvidia Corp. put Reduce -92.6% 3,200 $558K IBIT iShares Bitcoin Trust ETF call Sold out 6,000 $298Kbefore exit EOSE Eos Energy Enterprises Inc. put Reduce -88.8% 49,400 $245K GLD SPDR Gold Shares call Reduce -97.5% 500 $215K GDXJ Vaneck Junior Gold Miners call Reduce -23.1% 1,000 $120K SILJ Amplify Junior Silver Miners call Sold out 2,100 $58Kbefore exit GDX Vaneck Gold Miners ETF call Reduce -98.0% 400 $37K AAOI Applied Optoelectronics Inc. call New 200 $17K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 Reduce -1.1% 12,857,543 $12.3M DRDBW Roman DBDR Acquisition -30 *W EXP 10/31/203 Reduce -0.1% 165,217 $35K OTGAW Otg Acquisition Corp. I - 30 *W EXP 09/05/203 Reduce -31.2% 80,822 $20K
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