Electrum Group LLC

Q4 2025 13F Holdings Report, Stock Holdings

Signature - Title: Andrew Shapiro - Chief Compliance Officer
Location: New York, NY
Holdings as of: 31 Dec 2025
Value $: $1,145,619,058
Num holdings: 8
Filing time: 11 Feb 2026, 13:46:01 UTC
Form type: 13F-HR
Description: All US holdings of this investor are reported in this report. Top holdings included NG, TMQ, THM, SILJ, and SIL.
SEC: View on sec.gov
Options Holdings: Showing stock holdings, see here for options holdings

Sym	Weight	Trade Impact	Company	Class	Share Change	Activity	Value Change $	Value $	* Price $	Shares	Principal

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Andrew Shapiro	Chief Compliance Officer	New York, New York	11 Feb 2026