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Condire Management, LP

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13F filer, CIK 1847739, DALLAS, TX

Condire Management, LP reported $694,308,544 across 27 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 78.44% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001085146-25-005244

Period
2025-06-30
Reported value
$694M
Holdings
27
Top 10 weight
78.44%
New
7
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
IAUXnew+80,000,000$47.9M
SSRMnew+2,053,891$26.2M
XLBnew+227,517$20M
SBSWadded+2,596,184$18.7M
HBMadded+1,000,000$10.6M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
VALreduced-1,706,335-$71.9M
SDRLreduced-1,790,735-$47M
NEMexited-600,000-$29M
CVEreduced-1,008,306-$13.7M
XOPexited-87,889-$11.6M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q2 2025

Share positions as resolved from 13F-HR 0001085146-25-005244, largest first. % of portfolio is the value over $694,308,544, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
NGDNEW GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 34,883,000 shares; 2024Q4: 32,739,918 shares; 2025Q1: 32,739,918 shares; 2025Q2: 32,739,918 shares 32,739,918$162M23.34%0Timeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,075,553 shares; 2024Q4: 5,075,553 shares; 2025Q1: 6,275,553 shares; 2025Q2: 7,275,553 shares 7,275,553$77.2M11.12%+1,000,000Timeline
CHRDCHORD ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 547,721 shares; 2024Q4: 547,721 shares; 2025Q1: 531,291 shares; 2025Q2: 531,291 shares 531,291$51.5M7.41%0Timeline
VALVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,952,960 shares; 2024Q4: 2,618,678 shares; 2025Q1: 2,864,986 shares; 2025Q2: 1,158,651 shares 1,158,651$48.8M7.03%-1,706,335Timeline
IAUXI-80 GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 80,000,000 shares 80,000,000$47.9M6.89%newTimeline
SBSWSIBANYE STILLWATER LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,790,555 shares; 2024Q4: 3,790,555 shares; 2025Q1: 3,790,555 shares; 2025Q2: 6,386,739 shares 6,386,739$46.1M6.64%+2,596,184Timeline
SDRLSEADRILL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,571,992 shares; 2024Q4: 3,039,615 shares; 2025Q1: 3,070,703 shares; 2025Q2: 1,279,968 shares 1,279,968$33.6M4.84%-1,790,735Timeline
ODVOSISKO DEVELOPMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 15,658 shares; 2025Q1: 12,551,934 shares; 2025Q2: 12,551,934 shares 12,551,934$26.9M3.87%0Timeline
SSRMSSR MINING INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,053,891 shares 2,053,891$26.2M3.77%newTimeline
RYAMRAYONIER ADVANCED MATLS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,356,130 shares; 2024Q4: 6,356,130 shares; 2025Q1: 6,356,130 shares; 2025Q2: 6,356,130 shares 6,356,130$24.5M3.52%0Timeline
XLBSELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 227,517 shares 227,517$20M2.88%newTimeline
CVECENOVUS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,209,786 shares; 2024Q4: 2,108,306 shares; 2025Q1: 2,108,306 shares; 2025Q2: 1,100,000 shares 1,100,000$15M2.15%-1,008,306Timeline
CNRCORE NATURAL RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 201,663 shares; 2025Q2: 201,663 shares 201,663$14.1M2.03%0Timeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 285,900 shares; 2024Q4: 285,900 shares; 2025Q1: 285,900 shares; 2025Q2: 285,900 shares 285,900$13.2M1.9%0Timeline
CDLRCADELER A SQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 624,400 shares; 2024Q4: 624,400 shares; 2025Q1: 624,400 shares; 2025Q2: 624,400 shares 624,400$12.4M1.79%0Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 546,405 shares; 2024Q4: 400,000 shares; 2025Q1: 177,022 shares; 2025Q2: 95,186 shares 95,186$11.3M1.63%-81,836Timeline
PPTAPERPETUA RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 833,060 shares; 2024Q4: 890,459 shares; 2025Q1: 890,459 shares; 2025Q2: 890,459 shares 890,459$10.8M1.56%0Timeline
XMESPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 152,085 shares 152,085$10.2M1.47%newTimeline
Vital Energy IncVital Energy IncQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 616,621 shares; 2025Q1: 530,981 shares; 2025Q2: 530,981 shares 530,981$8.54M1.23%0
INSWINTERNATIONAL SEAWAYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 194,763 shares; 2025Q2: 194,763 shares 194,763$7.1M1.02%0Timeline
HLHECLA MINING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,000,000 shares 1,000,000$5.99M0.86%newTimeline
CIVICIVITAS RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 333,907 shares; 2025Q1: 289,764 shares; 2025Q2: 200,000 shares 200,000$5.5M0.79%-89,764Timeline
EXKENDEAVOUR SILVER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,000,000 shares 1,000,000$4.92M0.71%newTimeline
CDECOEUR MNG INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 500,000 shares 500,000$4.43M0.64%newTimeline
TENTSAKOS ENERGY NAVIGATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 190,977 shares; 2025Q2: 190,977 shares 190,977$3.66M0.53%0Timeline
XLESELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,001,911 shares; 2024Q4: 136,911 shares; 2025Q1: 80,000 shares; 2025Q2: 18,030 shares 18,030$1.53M0.22%-61,970Timeline
MUXMCEWEN INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 112,999 shares; 2024Q4: 112,998 shares; 2025Q1: 113,000 shares; 2025Q2: 113,000 shares 113,000$1.09M0.16%0Timeline

Sold out in Q2 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
NEMNEWMONT CORP600,000$29Mshares
XOPSPDR SERIES TRUST87,889$11.6Mshares

How Q2 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001085146-25-005244 base2025-08-14acceptance time not in the bulk data set