Merk Investments LLC Long-Term Concentrated

CIK: 0001302842 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $360,686 (100.0% shares, 0.0% debt)

Holdings (10)

Increased Positions (1)

NFGC NEW FOUND GOLD CORP 3.9%

Value ($000) $14,050 (+151.4%) Shares 4,750,000 (+102.1%) Est. Cost $2.11 Unrealized +16.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NFGC	NEW FOUND GOLD CORP	4,750,000 (+102.1%)	$14,050 (+151.4%)	3.9%	$2.11	+16.3%	COM	64440N103

Exited Positions (1)

GFI GOLD FIELDS LTD-ADR 2.9%

Value ($000) $10,490 Shares 250,000 Est. Cost $8.22 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GFI	GOLD FIELDS LTD-ADR	250,000	$10,490	2.9%	$8.22	—	—	38059T106

Decreased Positions (5)

USAS AMERICAS GOLD AND SILVER COR 33.2%

Value ($000) $119,749 (+25.3%) Shares 23,429,000 (-8.8%) Est. Cost $2.61 Unrealized +72.1%

AEM AGNICO EAGLE MINES LTD 3.8%

Value ($000) $13,562 (-42.5%) Shares 80,000 (-42.9%) Est. Cost $50.36 Unrealized +233.3%

AGI ALAMOS GOLD INC NEW 4.8%

Value ($000) $17,361 (-33.6%) Shares 450,000 (-40.0%) Est. Cost $5.19 Unrealized +571.6%

ITRG INTEGRA RES CORP 2.8%

Value ($000) $10,276 (-12.9%) Shares 2,562,526 (-35.9%) Est. Cost $0.77 Unrealized +335.1%

OUNZ VANECK MERK GOLD ETF 0.3%

Value ($000) $949 (-4.1%) Shares 22,867 (-14.0%) Est. Cost $29.19 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
USAS	AMERICAS GOLD AND SILVER COR	23,429,000 (-8.8%)	$119,749 (+25.3%)	33.2%	$2.61	+72.1%	COM NEW	03062D803
AEM	AGNICO EAGLE MINES LTD	80,000 (-42.9%)	$13,562 (-42.5%)	3.8%	$50.36	+233.3%	COM	008474108
AGI	ALAMOS GOLD INC NEW	450,000 (-40.0%)	$17,361 (-33.6%)	4.8%	$5.19	+571.6%	COM CL A	011532108
ITRG	INTEGRA RES CORP	2,562,526 (-35.9%)	$10,276 (-12.9%)	2.8%	$0.77	+335.1%	COM	45826T509
OUNZ	VANECK MERK GOLD ETF	22,867 (-14.0%)	$949 (-4.1%)	0.3%	$29.19	—	GOLD SHS	921078101

Unchanged Positions (4)

ORLA ORLA MNG LTD NEW 23.2%

Value ($000) $83,514 Shares 6,200,000 Est. Cost $4.19 Unrealized +189.7%

EQX EQUINOX GOLD CORP 19.1%

Value ($000) $68,865 Shares 4,900,000 Est. Cost $6.50 Unrealized +94.3%

MTA METALLA RTY & STREAMING LTD 6.5%

Value ($000) $23,340 Shares 3,000,000 Est. Cost $3.00 Unrealized +139.4%

BTG B2GOLD CORP 2.5%

Value ($000) $9,020 Shares 2,000,000 Est. Cost $2.82 Unrealized +65.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORLA	ORLA MNG LTD NEW	6,200,000	$83,514	23.2%	$4.19	+189.7%	COM	68634K106
EQX	EQUINOX GOLD CORP	4,900,000	$68,865	19.1%	$6.50	+94.3%	COM	29446Y502
MTA	METALLA RTY & STREAMING LTD	3,000,000	$23,340	6.5%	$3.00	+139.4%	COM NEW	59124U605
BTG	B2GOLD CORP	2,000,000	$9,020	2.5%	$2.82	+65.2%	COM	11777Q209