Condire Management, LP

The headline trade is the complete sale of New Gold Inc (CDA) — the fund's $239.0M, 24.9%-of-AUM largest holding as of Q4 2025 — for a $239.0M realized loss or gain (unknown from 13F alone, but the magnitude signals a deliberate exit rather than a stop-loss). The replacement is a three-name gold opening: Coeur Mining ($186.6M, 18.0%, 9.9M shares) opened as the new largest holding — a senior US-based gold and silver producer with assets in Alaska, Canada, and Mexico that has lower political risk than New Gold's Canadian jurisdiction. I-80 Gold ($124.8M, 12.1%, 82.1M shares) opened as the second-largest — a Nevada-focused exploration-and-development company with a large land package near Barrick's Goldrush discovery. I-80 also opened a $41.5M warrant position (IAUX/WS, 4.0% of AUM) — a leveraged, time-boxed call on the same name that increases the fund's convexity to a Goldrush-style discovery. Osisko Development ($81.4M, 7.9%, 25.1M shares) opened as the fourth-largest — a Canadian-focused development company building the high-grade Windfall project in Quebec. Together these three opens represent $352.8M in new precious-metals exposure, roughly offsetting the $239.0M New Gold exit with $113.8M in incremental gold capital.

The energy side of the rotation is equally pronounced. Chord Energy ($79.1M, 7.6%) was the fund's largest increase — raised by $32.3M and 51,000 shares (+10.1%) — making it the de facto energy core. Chord is a Permian-focused E&P that emerged from the Chesapeake Energy bankruptcy and has one of the lowest cost-of-supply stacks in the US shale patch; the increase is a vote of confidence in Permian longevity and in Chord's ability to generate free cash flow at $60-70/bbl WTI. Three new energy opens — Core Natural Resources ($21.1M, Marcellus-focused E&P), Tsakos Energy ($7.5M, crude-oil tanker shipping), and Cadeler ($14.7M, offshore-wind installation) — represent a vertical integration of the energy narrative: upstream E&P (Chord, Core), midstream/transportation (Tsakos), and energy-transition infrastructure (Cadeler). Valaris ($113.6M, 11.0%, 1.16M shares) was maintained as the fund's third-largest position — an offshore drilling contractor that benefits from both deepwater E&P activity and LNG-project-related rig demand. The pairing of Valaris with Chord and Core creates a full-stack energy book that covers commodity prices, drilling activity, and transition infrastructure.