Merk Investments LLC Long-Term Concentrated

Location: Palo Alto, CA

CIK: 0001302842 · Show all filings

Period: Q1 2026 (← Previous)

Filing Date: May 18, 2026

Total Value: $368M (100.0% shares, 0.0% debt)

Holdings (11)

New Positions (1)

VMET VERSAMET ROYALTIES CORP 3.6%

Value $13.28M Shares 1,400,000 Est. Cost $9.49 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VMET	VERSAMET ROYALTIES CORP	1,400,000	$13.28M	3.6%	$9.49	—	COM NEW	92528V200

Increased Positions (1)

OUNZ VANECK MERK GOLD ETF 0.4%

Value $1.541M (+62.4%) Shares 34,200 (+49.6%) Est. Cost $34.45 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OUNZ	VANECK MERK GOLD ETF	34,200 (+49.6%)	$1.541M (+62.4%)	0.4%	$34.45	—	GOLD SHS	921078101

Decreased Positions (1)

USAS AMERICAS GOLD AND SILVER COR 27.5%

Value $101M (-15.5%) Shares 19,392,000 (-17.2%) Est. Cost $2.61 Unrealized +180.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
USAS	AMERICAS GOLD AND SILVER COR	19,392,000 (-17.2%)	$101M (-15.5%)	27.5%	$2.61	+180.1%	COM NEW	03062D803

Unchanged Positions (8)

ORLA ORLA MNG LTD NEW 27.2%

Value $100M Shares 6,200,000 Est. Cost $4.19 Unrealized +294.4%

NFGC NEW FOUND GOLD CORP 2.4%

Value $8.878M Shares 4,750,000 Est. Cost $2.11 Unrealized +40.5%

MTA METALLA RTY & STREAMING LTD 5.4%

Value $19.89M Shares 3,000,000 Est. Cost $3.00 Unrealized +167.7%

ITRG INTEGRA RES CORP 1.9%

Value $6.994M Shares 2,562,526 Est. Cost $0.77 Unrealized +410.8%

AEM AGNICO EAGLE MINES LTD 4.4%

Value $16.24M Shares 80,000 Est. Cost $50.36 Unrealized +309.1%

AGI ALAMOS GOLD INC 5.4%

Value $19.99M Shares 450,000 Est. Cost $5.19 Unrealized +720.0%

EQX EQUINOX GOLD CORP 19.2%

Value $70.76M Shares 4,900,000 Est. Cost $6.50 Unrealized +139.0%

BTG B2GOLD CORP 2.5%

Value $9.06M Shares 2,000,000 Est. Cost $2.82 Unrealized +81.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ORLA	ORLA MNG LTD NEW	6,200,000	$100M	27.2%	$4.19	+294.4%	COM	68634K106
NFGC	NEW FOUND GOLD CORP	4,750,000	$8.878M	2.4%	$2.11	+40.5%	COM	64440N103
MTA	METALLA RTY & STREAMING LTD	3,000,000	$19.89M	5.4%	$3.00	+167.7%	COM NEW	59124U605
ITRG	INTEGRA RES CORP	2,562,526	$6.994M	1.9%	$0.77	+410.8%	COM	45826T509
AEM	AGNICO EAGLE MINES LTD	80,000	$16.24M	4.4%	$50.36	+309.1%	COM	008474108
AGI	ALAMOS GOLD INC	450,000	$19.99M	5.4%	$5.19	+720.0%	COM CL A	011532108
EQX	EQUINOX GOLD CORP	4,900,000	$70.76M	19.2%	$6.50	+139.0%	COM	29446Y502
BTG	B2GOLD CORP	2,000,000	$9.06M	2.5%	$2.82	+81.6%	COM	11777Q209