Analyzing Sun Valley Gold LLC's Q4 2022 Holdings: PPTA and MMX.TO See Significant Increases while GDX and NEM are Completely Exited.

Sun Valley Gold LLC is a prominent institutional investor that manages several investment funds. The fund recently filed its 13F report for Q3 2022 and Q4 2022, which showed the changes in its holdings over the period. In this blog post, we will analyze the fund's holdings and the changes that have occurred in Q4 2022.

Upon examining the fund's holdings, we can identify several holdings that remained unchanged over the period. These include OLA.TO (ORLA MNG LTD NEW), SII.TO (SPROTT INC), and GAU (GALIANO GOLD INC), among others. These holdings retained their value, and the shares held by the fund remained the same. As a result, their percentage change was not significant.

However, there were areas of interest and excitement for the fund. The biggest mover among the holdings was PPTA (PERPETUA RESOURCES CORP). The fund increased its holdings in this company by 79.5%, which translates to 1,178,895 shares. This move illustrates the fund's bullish sentiment towards the company, as it accumulates more shares in the firm. The value of this holding also increased from $9,410,000 in Q3 2022 to $16,886,000 in Q4 2022. This increase is a clear indication that the fund sees the company as likely to outperform in the coming period.

Another company that attracted bullish action was MMX.TO (MAVERIX METALS INC). Like PPTA, the fund increased its holdings in the company significantly. The fund acquired an additional 3,287,000 shares of MMX.TO, a move that increased its value percentage from 40.5% in Q3 2022 to $11,403,000 in Q4 2022. This move signals the fund's positive sentiment towards the mining company, and it will be interesting to monitor how the company performs in the coming period.

The fund's holdings in ABX.TO (BARRICK GOLD CORP) saw a sharp decline of 25.1%, with the fund selling 86,600 shares. This move shows that the fund has changed its position on the company, and no longer sees the company as likely to generate significant returns.

Two holdings that underwent complete exits from the fund's investment portfolio were GDX (VANECK ETF TRUST) and NEM (NEWMONT CORP). Although the fund held call options for these two holdings, they were terminated in Q4 2022. The options were valued at $91,174,000 for GDX and $62,969,000 for NEM. These exits show that the fund no longer wishes to be invested in these two holdings.

Lastly, the fund had two holdings with a 100% value and holdings decrease, SIL.TO (SILVERCREST METALS INC) and GDX (VANECK ETF TRUST), respectively. The fund entirely exited its holdings in SilverCrest Metals, while all of its Vaneck ETF Trust shares were sold.

In summary, the fund's holdings have undergone significant changes in Q4 2022 compared to Q3 2022. The fund has increased its holdings in PPTA and MMX.TO, while disposing of its holdings in GDX and NEM. It has also decreased its position in ABX.TO. These moves indicate the fund's bullish and bearish sentiments towards these holdings, and it will be interesting to monitor how these companies perform going forward.