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Merk Investments LLC

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13F filer, CIK 1302842, PALO ALTO, CA

Merk Investments LLC reported $360,686,468 across 10 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001420506-26-000380

Period
2025-12-31
Reported value
$361M
Holdings
10
Top 10 weight
100%
New
0
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NFGCadded+2,400,000$7.1M

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
AGIreduced-300,000-$11.6M
USASreduced-2,250,000-$11.5M
GFIexited-250,000-$10.5M
AEMreduced-60,000-$10.2M
ITRGreduced-1,437,473-$5.76M

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, Q4 2025

Share positions as resolved from 13F-HR 0001420506-26-000380, largest first. % of portfolio is the value over $360,686,468, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
USASAMERICAS GOLD AND SILVER CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 25,679,000 shares; 2025Q4: 23,429,000 shares 23,429,000$120M33.2%-2,250,000Timeline
ORLAORLA MNG LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,200,000 shares; 2024Q4: 6,200,000 shares; 2025Q1: 6,200,000 shares; 2025Q2: 6,200,000 shares; 2025Q3: 6,200,000 shares; 2025Q4: 6,200,000 shares 6,200,000$83.5M23.15%0Timeline
EQXEQUINOX GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 4,900,000 shares; 2025Q3: 4,900,000 shares; 2025Q4: 4,900,000 shares 4,900,000$68.9M19.09%0Timeline
MTAMETALLA RTY & STREAMING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,228,811 shares; 2024Q4: 3,000,000 shares; 2025Q1: 3,000,000 shares; 2025Q2: 3,000,000 shares; 2025Q3: 3,000,000 shares; 2025Q4: 3,000,000 shares 3,000,000$23.3M6.47%0Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,000,000 shares; 2024Q4: 1,000,000 shares; 2025Q1: 1,000,000 shares; 2025Q2: 1,000,000 shares; 2025Q3: 750,000 shares; 2025Q4: 450,000 shares 450,000$17.4M4.81%-300,000Timeline
NFGCNEW FOUND GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,350,000 shares; 2025Q4: 4,750,000 shares 4,750,000$14.1M3.9%+2,400,000Timeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 165,000 shares; 2024Q4: 165,000 shares; 2025Q1: 165,000 shares; 2025Q2: 165,000 shares; 2025Q3: 140,000 shares; 2025Q4: 80,000 shares 80,000$13.6M3.76%-60,000Timeline
ITRGINTEGRA RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,524,510 shares; 2024Q4: 5,524,510 shares; 2025Q1: 5,524,510 shares; 2025Q2: 5,524,510 shares; 2025Q3: 3,999,999 shares; 2025Q4: 2,562,526 shares 2,562,526$10.3M2.85%-1,437,473Timeline
BTGB2GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,000,000 shares; 2024Q4: 2,000,000 shares; 2025Q1: 2,000,000 shares; 2025Q2: 2,000,000 shares; 2025Q3: 2,000,000 shares; 2025Q4: 2,000,000 shares 2,000,000$9.02M2.5%0Timeline
OUNZVANECK MERK GOLD ETFQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,392 shares; 2024Q4: 19,763 shares; 2025Q1: 12,794 shares; 2025Q2: 19,249 shares; 2025Q3: 26,604 shares; 2025Q4: 22,867 shares 22,867$949K0.26%-3,737Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
GFIGOLD FIELDS LTD250,000$10.5Mshares

How Q4 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 0001420506-26-000380 base2026-02-13acceptance time not in the bulk data set