Merk Investments LLC Long-Term Concentrated

Location: Palo Alto, CA

CIK: 0001302842 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 13, 2026

Total Value: $361M (100.0% shares, 0.0% debt)

Holdings (10)

USAS AMERICAS GOLD AND SILVER COR 33.2%

Value $120M Shares 23,429,000 Est. Cost $2.61 Unrealized +72.1%

ORLA ORLA MNG LTD NEW 23.2%

Value $83.51M Shares 6,200,000 Est. Cost $4.19 Unrealized +189.7%

EQX EQUINOX GOLD CORP 19.1%

Value $68.87M Shares 4,900,000 Est. Cost $6.50 Unrealized +94.3%

MTA METALLA RTY & STREAMING LTD 6.5%

Value $23.34M Shares 3,000,000 Est. Cost $3.00 Unrealized +139.4%

AGI ALAMOS GOLD INC NEW 4.8%

Value $17.36M Shares 450,000 Est. Cost $5.19 Unrealized +571.6%

NFGC NEW FOUND GOLD CORP 3.9%

Value $14.05M Shares 4,750,000 Est. Cost $2.11 Unrealized +16.3%

AEM AGNICO EAGLE MINES LTD 3.8%

Value $13.56M Shares 80,000 Est. Cost $50.36 Unrealized +233.3%

ITRG INTEGRA RES CORP 2.8%

Value $10.28M Shares 2,562,526 Est. Cost $0.77 Unrealized +335.1%

BTG B2GOLD CORP 2.5%

Value $9.02M Shares 2,000,000 Est. Cost $2.82 Unrealized +65.2%

OUNZ VANECK MERK GOLD ETF 0.3%

Value $949K Shares 22,867 Est. Cost $29.19 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
USAS	AMERICAS GOLD AND SILVER COR	23,429,000	$120M	33.2%	$2.61	+72.1%	COM NEW	03062D803
ORLA	ORLA MNG LTD NEW	6,200,000	$83.51M	23.2%	$4.19	+189.7%	COM	68634K106
EQX	EQUINOX GOLD CORP	4,900,000	$68.87M	19.1%	$6.50	+94.3%	COM	29446Y502
MTA	METALLA RTY & STREAMING LTD	3,000,000	$23.34M	6.5%	$3.00	+139.4%	COM NEW	59124U605
AGI	ALAMOS GOLD INC NEW	450,000	$17.36M	4.8%	$5.19	+571.6%	COM CL A	011532108
NFGC	NEW FOUND GOLD CORP	4,750,000	$14.05M	3.9%	$2.11	+16.3%	COM	64440N103
AEM	AGNICO EAGLE MINES LTD	80,000	$13.56M	3.8%	$50.36	+233.3%	COM	008474108
ITRG	INTEGRA RES CORP	2,562,526	$10.28M	2.8%	$0.77	+335.1%	COM	45826T509
BTG	B2GOLD CORP	2,000,000	$9.02M	2.5%	$2.82	+65.2%	COM	11777Q209
OUNZ	VANECK MERK GOLD ETF	22,867	$949K	0.3%	$29.19	—	GOLD SHS	921078101