Condire Management, LP Diversified Active

CIK: 0001847739 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $957,967 (100.0% shares, 0.0% debt)

Holdings (22)

New Positions (4)

BTG B2GOLD CORP 5.3%

Value ($000) $50,807 Shares 11,265,300 Est. Cost $4.66 Unrealized 0.0%

NEXM NEXMETALS MINING CORP. 1.4%

Value ($000) $13,738 Shares 3,513,500 Est. Cost $4.27 Unrealized 0.0%

ELE ELEMENTAL RTY CORP 1.2%

Value ($000) $11,646 Shares 686,246 Est. Cost $15.55 Unrealized 0.0%

XOP SPDR SERIES TRUST 0.5%

Value ($000) $5,180 Shares 41,028 Est. Cost $126.26 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BTG	B2GOLD CORP	11,265,300	$50,807	5.3%	$4.66	0.0%	COM	11777Q209
NEXM	NEXMETALS MINING CORP.	3,513,500	$13,738	1.4%	$4.27	0.0%	COM NEW	65346E204
ELE	ELEMENTAL RTY CORP	686,246	$11,646	1.2%	$15.55	0.0%	COM NEW	28620K106
XOP	SPDR SERIES TRUST	41,028	$5,180	0.5%	$126.26	—	STATE STREET SPD	78468R556

Increased Positions (5)

IAUX/WS I-80 GOLD CORP 4.0%

Value ($000) $38,033 (+106.9%) Shares 41,339,999 (+1.2%) Est. Cost $0.46 Unrealized —

SBSW SIBANYE STILLWATER LTD 7.8%

Value ($000) $74,734 (+33.9%) Shares 5,244,469 (+5.6%) Est. Cost $13.01 Unrealized —

EXK ENDEAVOUR SILVER CORP 4.4%

Value ($000) $42,333 (+80.0%) Shares 4,503,543 (+50.1%) Est. Cost $6.33 Unrealized +34.0%

XME SPDR SERIES TRUST 1.3%

Value ($000) $12,687 (+3240.1%) Shares 122,451 (+2904.2%) Est. Cost $102.40 Unrealized —

ODV OSISKO DEVELOPMENT CORP 8.4%

Value ($000) $80,661 (+8.3%) Shares 23,112,036 (+5.2%) Est. Cost $2.05 Unrealized +67.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAUX/WS	I-80 GOLD CORP	41,339,999 (+1.2%)	$38,033 (+106.9%)	4.0%	$0.46	—	*W EXP 11/16/202	44955L155
SBSW	SIBANYE STILLWATER LTD	5,244,469 (+5.6%)	$74,734 (+33.9%)	7.8%	$13.01	—	SPONSORED ADR	82575P107
EXK	ENDEAVOUR SILVER CORP	4,503,543 (+50.1%)	$42,333 (+80.0%)	4.4%	$6.33	+34.0%	COM	29258Y103
XME	SPDR SERIES TRUST	122,451 (+2904.2%)	$12,687 (+3240.1%)	1.3%	$102.40	—	STATE STREET SPD	78464A755
ODV	OSISKO DEVELOPMENT CORP	23,112,036 (+5.2%)	$80,661 (+8.3%)	8.4%	$2.05	+67.2%	COM NEW	68828E809

Exited Positions (2)

SSRM SSR MINING IN 8.5%

Value ($000) $81,902 Shares 3,353,891 Est. Cost $13.46 Unrealized +65.3%

INSW INTERNATIONAL SEAWAYS INC 0.9%

Value ($000) $8,975 Shares 194,763 Est. Cost $34.25 Unrealized +42.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SSRM	SSR MINING IN	3,353,891	$81,902	8.5%	$13.46	+65.3%	—	784730103
INSW	INTERNATIONAL SEAWAYS INC	194,763	$8,975	0.9%	$34.25	+42.6%	—	Y41053102

Decreased Positions (2)

NGD NEW GOLD INC CDA 24.9%

Value ($000) $238,976 (+10.8%) Shares 27,437,020 (-8.7%) Est. Cost $1.90 Unrealized +296.2%

CHRD CHORD ENERGY CORPORATION 4.9%

Value ($000) $46,863 (-11.2%) Shares 505,536 (-4.8%) Est. Cost $75.73 Unrealized +21.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NGD	NEW GOLD INC CDA	27,437,020 (-8.7%)	$238,976 (+10.8%)	24.9%	$1.90	+296.2%	COM	644535106
CHRD	CHORD ENERGY CORPORATION	505,536 (-4.8%)	$46,863 (-11.2%)	4.9%	$75.73	+21.4%	COM NEW	674215207

Unchanged Positions (11)

IAUX I-80 GOLD CORP 12.2%

Value ($000) $117,153 Shares 80,241,558 Est. Cost $0.59 Unrealized +92.8%

RYAM RAYONIER ADVANCED MATLS INC 3.9%

Value ($000) $37,454 Shares 6,358,877 Est. Cost $6.44 Unrealized +0.9%

SDRL SEADRILL LTD 4.6%

Value ($000) $44,287 Shares 1,279,968 Est. Cost $37.43 Unrealized -16.8%

VAL VALARIS LTD 6.1%

Value ($000) $58,396 Shares 1,158,651 Est. Cost $50.76 Unrealized +5.7%

CDLR CADELER A S 1.2%

Value ($000) $11,608 Shares 624,400 Est. Cost $18.40 Unrealized —

CNR CORE NATURAL RESOURCES INC 1.9%

Value ($000) $17,849 Shares 201,663 Est. Cost $84.05 Unrealized +1.3%

TDW TIDEWATER INC NEW 1.5%

Value ($000) $14,441 Shares 285,900 Est. Cost $64.75 Unrealized -18.4%

MUX MCEWEN INC. 0.2%

Value ($000) $2,092 Shares 113,000 Est. Cost $9.23 Unrealized +101.5%

AEM AGNICO EAGLE MINES LTD 1.7%

Value ($000) $16,137 Shares 95,186 Est. Cost $47.56 Unrealized +252.9%

CVE CENOVUS ENERGY INC 1.9%

Value ($000) $18,612 Shares 1,100,000 Est. Cost $16.19 Unrealized +7.2%

TEN TSAKOS ENERGY NAVIGATION LTD 0.4%

Value ($000) $4,282 Shares 190,977 Est. Cost $17.42 Unrealized +34.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAUX	I-80 GOLD CORP	80,241,558	$117,153	12.2%	$0.59	+92.8%	COM	44955L106
RYAM	RAYONIER ADVANCED MATLS INC	6,358,877	$37,454	3.9%	$6.44	+0.9%	COM	75508B104
SDRL	SEADRILL LTD	1,279,968	$44,287	4.6%	$37.43	-16.8%	COM	G7997W102
VAL	VALARIS LTD	1,158,651	$58,396	6.1%	$50.76	+5.7%	CL A	G9460G101
CDLR	CADELER A S	624,400	$11,608	1.2%	$18.40	—	SPON ADR	12738K109
CNR	CORE NATURAL RESOURCES INC	201,663	$17,849	1.9%	$84.05	+1.3%	COM SHS	218937100
TDW	TIDEWATER INC NEW	285,900	$14,441	1.5%	$64.75	-18.4%	COM	88642R109
MUX	MCEWEN INC.	113,000	$2,092	0.2%	$9.23	+101.5%	COM NEW	58039P305
AEM	AGNICO EAGLE MINES LTD	95,186	$16,137	1.7%	$47.56	+252.9%	COM	008474108
CVE	CENOVUS ENERGY INC	1,100,000	$18,612	1.9%	$16.19	+7.2%	COM	15135U109
TEN	TSAKOS ENERGY NAVIGATION LTD	190,977	$4,282	0.4%	$17.42	+34.4%	SHS	G9108L173