Equinox Partners Investment Management LLC

2. Key Holdings

The portfolio is dominated by precious metals and mining equities, with a significant allocation to physical silver.

• Galiano Gold Inc. (26.07%): This is the largest holding, valued at $34.25 million. Despite being the top position, the firm reduced its stake by 46.4% during the quarter. This suggests a disciplined approach to risk management—taking profits or reducing exposure as the position size grew relative to the rest of the portfolio—rather than a loss of conviction in the company's fundamentals.
• Vizsla Silver Corp. (19.70%): The second-largest holding, valued at $25.87 million, remained unchanged during the quarter. This stability, combined with its high weighting, indicates strong conviction in Vizsla Silver’s exploration potential and operational progress.
• PSLV - Sprott Physical Silver Trust (17.60%): This is the only non-equity position in the top six (classified under Financial Services). A $23.13 million investment in physical silver trust suggests the firm is hedging against equity-specific risks while maintaining a bullish stance on the price of silver itself.
• Gran Tierra Energy Inc. (16.88%): This position, valued at $22.17 million, provides the portfolio with exposure to energy (oil and gas), diversifying the precious metals focus while remaining within the natural resources complex.
• Integra Res Corp (13.93%): Valued at $18.30 million, this is a high-conviction precious metals holding that saw a significant reduction of 29.6% during the quarter, similar to the trimming of Galiano Gold.