Orion Resource Partners LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Orion Resource Partners LP reported 18 stock positions worth $525.6 million. Its top holding was Equinox Gold (EQX) at 43.2% of the portfolio, followed by Sandstorm Gold (SAND, 29.9%) and Skeena Resources (SKE, 14.8%). Compared with Q4 2024, it opened 4 new positions, sold out of 5, added to 4 and reduced 9. The biggest buy was Skeena Resources (SKE, shares −0%) and the biggest sale Sandstorm Gold (SAND, shares −29%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0002032200
- Portfolio Value
- $525.6M (Q1 2025)
- SEC Filing
- 0000905148-25-001754 ↗ filed May 15, 2025
Holdings Value
Holdings 18 stocks · $525.6M
| EQX Equinox Gold Corp. | 43.15% | 33,000,000 | $226.8M | Reduce -21.4% |
| SAND Sandstorm Gold Ltd. | 29.89% | 20,851,772 | $157.1M | Reduce -29.2% |
| SKE Skeena Resources Ltd. | 14.81% | 7,720,340 | $77.9M | Add +0.0% |
| DC Dakota Gold Corp. | 4.90% | 9,711,503 | $25.7M | Add +7.8% |
| SLSR Solaris Resources Inc. | 3.49% | 5,454,201 | $18.3M | No change |
| IAUX I-80 Gold Corp. | 2.33% | 20,727,351 | $12.2M | Add +9.6% |
| IE Ivanhoe Electric Inc. / US | 0.98% | 889,694 | $5.2M | Reduce -52.9% |
| EXK Endeavour Silver Corp. | 0.07% | 84,691 | $361K | Add +3.6% |
| MEOH Methanex Corp. | 0.06% | 9,243 | $324K | Reduce -5.6% |
| VALE Vale SA-SP ADR | 0.06% | 32,161 | $321K | New |
| HBM Hudbay Minerals Inc. | 0.06% | 41,580 | $315K | Reduce -33.7% |
| MAG Mag Silver Corp. | 0.05% | 17,512 | $266K | New |
| CENX Century Aluminum Company | 0.04% | 11,205 | $208K | Reduce -34.4% |
| CLF Cleveland-Cliffs Inc. | 0.03% | 18,085 | $149K | Reduce -6.8% |
| CNL Collective Mining Ltd. | 0.02% | 12,570 | $110K | New |
| LAR Lithium Argentina AG | 0.02% | 48,005 | $103K | New |
| CDE Coeur Mining Inc. | 0.02% | 17,027 | $101K | Reduce -55.3% |
| UUUU Energy Fuels Inc. | 0.02% | 26,072 | $97K | Reduce -38.2% |
Portfolio Sells Q4 2024 → Q1 2025
| SAND Sandstorm Gold Ltd. | Reduce -29.2% | 29.89% | −2.52 |
| IE Ivanhoe Electric Inc. / US | Reduce -52.9% | 0.98% | −1.83 |
| GROY Gold Royalty Corp. | Sold out | 0.00% | −0.23 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.07 |
| PDS Precision Drilling Corp. | Sold out | 0.00% | −0.07 |
| IAG Iamgold Corp. | Sold out | 0.00% | −0.04 |
| HBM Hudbay Minerals Inc. | Reduce -33.7% | 0.06% | −0.04 |
| MEOH Methanex Corp. | Reduce -5.6% | 0.06% | −0.03 |
| UUUU Energy Fuels Inc. | Reduce -38.2% | 0.02% | −0.02 |
| CDE Coeur Mining Inc. | Reduce -55.3% | 0.02% | −0.02 |
| CENX Century Aluminum Company | Reduce -34.4% | 0.04% | −0.02 |
| ARIS Aris Mining Corp. | Sold out | 0.00% | −0.02 |
| CLF Cleveland-Cliffs Inc. | Reduce -6.8% | 0.03% | −0.01 |
| EQX Equinox Gold Corp. | Reduce -21.4% | 43.15% | +1.57 |
Portfolio Buys Q4 2024 → Q1 2025
| SKE Skeena Resources Ltd. | Add +0.0% | 14.81% | +1.53 |
| DC Dakota Gold Corp. | Add +7.8% | 4.90% | +0.99 |
| IAUX I-80 Gold Corp. | Add +9.6% | 2.33% | +0.52 |
| VALE Vale SA-SP ADR | New | 0.06% | +0.06 |
| MAG Mag Silver Corp. | New | 0.05% | +0.05 |
| CNL Collective Mining Ltd. | New | 0.02% | +0.02 |
| LAR Lithium Argentina AG | New | 0.02% | +0.02 |
| EXK Endeavour Silver Corp. | Add +3.6% | 0.07% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 24 | $219.4M | SKE, SLSR, DC, VMET, SQM |
| Q1 2026 | 20 | $218.9M | SKE, SLSR, DC, IAUX, SQM |
| Q4 2025 | 21 | $203.3M | SKE, SLSR, DC, IAUX, MEOH |
| Q3 2025 | 27 | $275.2M | AAUC, SKE, SLSR, DC, IAUX |
| Q2 2025 | 24 | $539.7M | SAND, AAUC, SKE, EQX, DC |
| Q1 2025 | 18 | $525.6M | EQX, SAND, SKE, DC, SLSR |
| Q4 2024Amended | 19 | $507.0M | EQX, SAND, SKE, DC, SLSR |
| Q3 2024Amended | 18 | $751.9M | SAND, EQX, SKE, IAUX, DC |
| Q2 2024 | 18 | $661.7M | SAND, EQX, SKE, IAUX, IE |
| Q1 2024 | 3 | $405K | HBM, MAG, EAF |