Nokomis Capital, L.L.C.

DALLAS, TX · CIK 1541055 · 13F filing filed 2026-08-21

SEC-registered investment adviser since 2012 · limited liability company

Assets managed$804.2m
Staff5 · 3 in investment roles
Main clients (by assets)Private funds 79%, Charities 21%
Private funds1 (1 hedge) · $636.7m gross assets
Form ADV · 2026-03-23SEC adviser record

Legal entityNokomis Capital, L.L.C. (US)

Kindhedge funds
Others nearbyDallas, TX, Larkspur, CA

As an employer

Offices in1 country
Private fundshedge 1

Where they work

people there (dot area)number not reportedmain officeHover or tap a dot. Australian and UK companies are placed at their business or registered address, with their staff across the whole country.

Offices

From Form ADV: the main office and the other offices where it does advisory work (at most the 25 largest), with the people doing investment work at each. “About” is worked out: the firm's investment staff less its other offices. Each city links to the other managers there.

City	Country	People
Dallas, TX (main office)United States	United States	about 2
Larkspur, CAUnited States	United States	1

Map: places from GeoNames (CC BY 4.0), outlines from Natural Earth.

$272.6m reported value -17.6% vs Q1 2026

48positions

58.7%in top 10

5 new 3 added 29 reduced 4 sold out vs Q1 2026

Options: 2 call positions ($601.7k notional), 5 put positions ($17.1m notional) – listed below, not included above.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	I-80 GOLD CORP COM IAUX	IAUX	18,408,054	$26.5m9.72%	9.72%	Reduced -3.8m	-3,769,048 -17.0%
2	COEUR MNG INC COM NEW CDE	CDE	1,362,024	$22.2m8.15%	8.15%	Reduced -300.1k	-300,109 -18.1%
3	OCEANAGOLD CORP COM NEW OGC	OGC	736,825	$18.5m6.78%	6.78%	New
4	HUDBAY MINERALS INC COM HBM	HBM	775,735	$18.3m6.72%	6.72%	Added +322.0k	+321,990 71.0%
5	LITHIA MTRS INC COM LAD	LAD	62,888	$18.3m6.70%	6.70%	Reduced -12.4k	-12,353 -16.4%
6	BEAZER HOMES USA INC COM NEW BZH	BZH	509,170	$14.3m5.24%	5.24%	Reduced -91.5k	-91,507 -15.2%
7	ANTERO RESOURCES CORP COM AR	AR	353,602	$12.4m4.56%	4.56%	Added +76.3k	+76,300 27.5%
8	I-80 GOLD CORP *W EXP 11/16/202 IAUX.WS	IAUX.WS	12,572,868	$10.7m3.92%	3.92%	Reduced -284.7k	-284,675 -2.2%
9	SPDR DOW JONES INDL AVERAGE UT SER 1 DIA	DIA	18,779	$9.8m3.60%	3.60%	Reduced -20.1k	-20,101 -51.7%
10	GREENFIRE RES LTD NEW COM SHS GFR	GFR	1,612,581	$9.1m3.34%	3.34%	Reduced -139.3k	-139,256 -8.0%
11	SHOE CARNIVAL INC COM SHOE	SHOE	496,612	$7.4m2.70%	2.70%	Reduced -41.2k	-41,233 -7.7%
12	INTEGRA RES CORP COM ITRG	ITRG	3,147,335	$7.1m2.62%	2.62%	Reduced -388.7k	-388,721 -11.0%
13	DAKOTA GOLD CORP COM DC	DC	1,622,729	$6.9m2.54%	2.54%	Reduced -382.7k	-382,698 -19.1%
14	SPROTT PHYSICAL PLAT PALLAD UNIT SPPP	SPPP	546,814	$6.8m2.50%	2.50%	Unchanged
15	NEXGEN ENERGY LTD COM NXE	NXE	700,757	$6.6m2.41%	2.41%	Reduced -595.7k	-595,691 -46.0%
16	MAYFAIR GOLD CORP COM NEW MINE	MINE	2,586,215	$6.3m2.33%	2.33%	Added +147.7k	+147,663 6.1%
17	APPLE HOSPITALITY REIT INC COM NEW APLE	APLE	371,727	$6.2m2.29%	2.29%	Reduced -33.3k	-33,300 -8.2%
18	SERVICE PPTYS TR COM SH BEN INT COM SH BEN INT		3,446,168	$5.8m2.14%	2.14%	New
19	OVINTIV INC COM OVV	OVV	108,052	$5.7m2.09%	2.09%	Reduced -24.2k	-24,200 -18.3%
20	AMPLIFY ETF TR AMPLIFY JUNIOR S SILJ	SILJ	215,126	$5.6m2.05%	2.05%	Unchanged
21	CENOVUS ENERGY INC COM CVE	CVE	167,300	$4.2m1.52%	1.52%	Reduced -7.4k	-7,400 -4.2%
22	OSISKO DEVELOPMENT CORP COM NEW COM NEW		1,517,491	$3.7m1.37%	1.37%	Reduced -482.5k	-482,509 -24.1%
23	CAESARS ENTERTAINMENT INC NE COM CZR	CZR	122,773	$3.7m1.36%	1.36%	New
24	MAUI LD & PINEAPPLE INC COM MLP	MLP	175,598	$3.1m1.15%	1.15%	Reduced -36.6k	-36,620 -17.3%
25	DEVON ENERGY CORP NEW COM DVN	DVN	72,202	$3.0m1.09%	1.09%	New
26	KKR REAL ESTATE FIN TR INC COM KREF	KREF	435,600	$3.0m1.09%	1.09%	Reduced -684.2k	-684,222 -61.1%
27	VIZSLA SILVER CORP COM NEW VZLA	VZLA	872,153	$2.9m1.06%	1.06%	Reduced -178.4k	-178,414 -17.0%
28	TPG RE FIN TR INC COM TRTX	TRTX	312,898	$2.6m0.96%	0.96%	Unchanged
29	ACRES COMMERCIAL REALTY CORP COM NEW ACR	ACR	145,768	$2.6m0.95%	0.95%	Reduced -41.5k	-41,515 -22.2%
30	CENTURY CASINOS INC COM CNTY	CNTY	1,752,854	$2.2m0.82%	0.82%	Reduced -178.8k	-178,814 -9.3%
31	VANECK ETF TRUST JUNIOR GOLD MINE GDXJ	GDXJ	21,515	$2.1m0.78%	0.78%	Reduced -3.8k	-3,800 -15.0%
32	J JILL INC COM JILL	JILL	115,865	$1.8m0.67%	0.67%	Unchanged
33	MGM RESORTS INTERNATIONAL COM MGM	MGM	38,308	$1.8m0.67%	0.67%	Reduced -381.0k	-381,031 -90.9%
34	SPROTT PHYSICAL SILVER TR TR UNIT PSLV	PSLV	92,500	$1.7m0.64%	0.64%	Reduced -326.6k	-326,582 -77.9%
35	BLUE MOON METALS INC COM BMM	BMM	244,866	$1.6m0.57%	0.57%	Unchanged
36	ROMAN DBDR ACQUISITION CORP ORD SHS CL A DRDB	DRDB	130,026	$1.4m0.50%	0.50%	Unchanged
37	ALAMOS GOLD INC NEW COM CL A AGI	AGI	39,132	$1.2m0.44%	0.44%	Unchanged
38	APPLIED OPTOELECTRONICS INC COM AAOI	AAOI	7,900	$1.2m0.43%	0.43%	Unchanged
39	SIBANYE STILLWATER LTD SPONSORED ADR SBSW	SBSW	120,666	$1.0m0.38%	0.38%	Unchanged
40	PERPETUA RESOURCES CORP COM PPTA	PPTA	47,649	$989.2k0.36%	0.36%	Unchanged
41	CRESCENT ENERGY COMPANY CL A COM CRGY	CRGY	91,925	$902.7k0.33%	0.33%	Reduced -83.1k	-83,110 -47.5%
42	ARK RESTAURANTS CORP COM ARKR	ARKR	93,767	$549.5k0.20%	0.20%	Reduced -21.2k	-21,179 -18.4%
43	ISHARES INC MSCI BRAZIL ETF EWZ	EWZ	12,524	$432.1k0.16%	0.16%	Reduced -3.1k	-3,076 -19.7%
44	OTG ACQUISITION CORP. I ORD CL A OTGA	OTGA	15,644	$158.8k0.06%	0.06%	Reduced -146.0k	-146,000 -90.3%
45	OSISKO DEVELOPMENT CORP W EXP 05/27/202 W EXP 05/27/202		999,999	$60.2k0.02%	0.02%	New
46	OTG ACQUISITION CORP. I *W EXP 09/05/203 OTGAW	OTGAW	80,822	$33.2k0.01%	0.01%	Unchanged
47	ROMAN DBDR ACQUISITION CORP *W EXP 10/31/203 DRDBW	DRDBW	78,473	$19.3k0.01%	0.01%	Reduced -86.7k	-86,744 -52.5%
48	MOBIX LABS INC *W EXP 12/21/202 MOBXW	MOBXW	11,493	$1.0k0.00%	0.00%	Reduced -18.6k	-18,600 -61.8%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
VANECK ETF TRUST GDX	GDX	76,571	$7.0m76.6k shares
COTERRA ENERGY INC CTRA	CTRA	119,608	$4.2m119.6k shares
LIGHTWAVE LOGIC INC LWLG	LWLG	575,198	$4.0m575.2k shares
HALLADOR ENERGY COMPANY HNRG	HNRG	135,000	$2.2m135.0k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
AST SPACEMOBILE INC ASTS · Put	ASTS	Put	166,500	$14.8m166.5k shares	Reduced
NVIDIA CORPORATION NVDA · Put	NVDA	Put	5,000	$1.0m5.0k shares	Added
INVESCO QQQ TR QQQ · Put	QQQ	Put	1,200	$883.7k1.2k shares	New
SPDR GOLD TR GLD · Call	GLD	Call	1,100	$405.2k1.1k shares	Added
EOS ENERGY ENTERPRISES INC EOSE · Put	EOSE	Put	49,400	$290.5k49.4k shares	Unchanged
VANECK ETF TRUST GDXJ · Call	GDXJ	Call	2,000	$196.5k2.0k shares	Added
SOUNDHOUND AI INC SOUN · Put	SOUN	Put	17,600	$113.9k17.6k shares	Reduced