Nokomis Capital, L.L.C.

The portfolio demonstrates a high-conviction, relatively concentrated strategy, with the top ten positions accounting for roughly 68% of the total assets. The fund appears to operate with a thematic investment approach, heavily favoring specific macroeconomic trends rather than broad market diversification.

Key Holdings

The portfolio is anchored by a strong allocation to precious metals and related ETFs.

• SPDR Gold Trust (GLD) remains the largest holding at $33.56 million (14.50%), despite a significant reduction in position size during the quarter.
• I-80 GOLD CORP is the second-largest holding at $21.90 million (9.46%). It is worth noting that the filing lists I-80 Gold twice (items 2 and 14), which combined totals approximately $27.62 million (11.9%), making it a critical component of the portfolio.
• iShares Silver Trust (SLV) and VanEck Gold Miners ETF (GDX) occupy the third and fourth spots, comprising 8.52% and 8.03% of the portfolio, respectively.
• Outside the precious metals complex, NexGen Energy Ltd (NXE) ($13.31M) and Beazer Homes USA (BZH) ($11.53M) are the only other individual positions exceeding the 5% allocation threshold.