Kopernik Global Investors, LLC In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 11, 2026), Kopernik Global Investors, LLC reported 26 stock positions worth $1.6 billion . Its top holding was Range Resources (RRC) at 15.0% of the portfolio, followed by Seabridge Gold (SA, 11.9% ) and Expand Energy (EXE, 9.6% ). Compared with Q1 2026, it opened 2 new positions, sold out of 3, added to 17 and reduced 6. The biggest buy was Expand Energy (EXE, shares +112% ) and the biggest sale Centene (CNC, shares −74% ).
Location TAMPA, FL
CIK 0001599814
Portfolio Value $1.6B (Q2 2026) Holdings 26 stocks · $1.6B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 RRC Range Resources Corp. 6,575,941 $244.6M Add +57.0% SA Seabridge Gold Inc. 7,554,992 $194.5M Add +3.0% EXE Expand Energy Corp. 1,723,513 $157.2M Add +111.8% KT KT Corp.-SP ADR 9,043,938 $156.3M Add +69.9% NTR Nutrien Ltd. 2,185,431 $137.6M Add +53.5% WY Weyerhaeuser Co. 3,758,427 $90.0M Add +97.3% CNXC Concentrix Corp. 3,175,766 $71.2M Add +95.2% RYN Rayonier Inc. 3,268,598 $69.6M Add +49.5% NAK Northern Dynasty Minerals 32,178,392 $61.8M Reduce -1.5% CRESY Cresud S.A.-Spons ADR 4,767,644 $53.4M Add +8.0% NICE Nice Ltd. - Spon ADR 563,013 $51.1M Add +124.3% BEN Franklin Templeton Inc. 1,320,571 $43.9M Reduce -62.5% RGLD Royal Gold Inc. 214,983 $42.9M Add +149.5% CNC Centene Corp. 646,716 $41.5M Reduce -74.3% NG Novagold Resources Inc. 6,898,074 $41.2M Add +5.9% THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN 18,767,533 $37.3M Add +6.3% EPAM Epam Systems Inc. 402,809 $32.0M New CMCSA Comcast Corp. Class A 1,278,141 $31.4M Add +96.9% VGZ Vista Gold Corp. 14,049,338 $26.8M Add +1.4% MOS The Mosaic Co. 1,119,095 $23.7M New IE Ivanhoe Electric Inc. / US 1,033,970 $9.9M Reduce -42.0% B Barrick Mining Corp. 134,459 $4.9M Reduce -76.0% NEM Newmont Corp. 50,328 $4.7M Add +6513.4% KEP Korea Elec Power Corp.-SP ADR 207,140 $2.5M No change IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 85,360 $1.3M Reduce 0.0% PLG Platinum Group Metals Ltd. 407,105 $550K Add +13.5%
Options reported separately and not counted above: AZO puts ($261K), AMGN puts ($38K), AAPL puts ($34K), ABBV puts ($34K).
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ CNC Centene Corp. Reduce -74.3% 2.54% −3.21 BEN Franklin Templeton Inc. Reduce -62.5% 2.69% −3.12 MOH Molina Healthcare Inc. Sold out 0.00% −2.72 HUM Humana Inc. Sold out 0.00% −1.37 B Barrick Mining Corp. Reduce -76.0% 0.30% −1.29 AL Sumisho Air Lease Corp. Sold out 0.00% −1.26 IE Ivanhoe Electric Inc. / US Reduce -42.0% 0.61% −0.86 IRS Irsa -SP ADR Reduce 0.0% 0.08% −0.02 NAK Northern Dynasty Minerals Reduce -1.5% 3.79% +0.59
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ EXE Expand Energy Corp. Add +111.8% 9.63% +3.39 WY Weyerhaeuser Co. Add +97.3% 5.51% +2.26 EPAM Epam Systems Inc. New 1.96% +1.96 RRC Range Resources Corp. Add +57.0% 14.99% +1.77 KT KT Corp.-SP ADR Add +69.9% 9.58% +1.60 MOS The Mosaic Co. New 1.45% +1.45 CNXC Concentrix Corp. Add +95.2% 4.36% +1.25 NICE Nice Ltd. - Spon ADR Add +124.3% 3.13% +1.20 RYN Rayonier Inc. Add +49.5% 4.26% +1.11 RGLD Royal Gold Inc. Add +149.5% 2.63% +1.10 NTR Nutrien Ltd. Add +53.5% 8.43% +0.93 CMCSA Comcast Corp. Class A Add +96.9% 1.92% +0.62 NEM Newmont Corp. Add +6513.4% 0.29% +0.28 PLG Platinum Group Metals Ltd. Add +13.5% 0.03% −0.01 VGZ Vista Gold Corp. Add +1.4% 1.64% −0.25 THM Intl Tower Hill Mines Ltd. Add +6.3% 2.29% −0.55 CRESY Cresud S.A.-Spons ADR Add +8.0% 3.28% −0.65 NG Novagold Resources Inc. Add +5.9% 2.52% −1.56 SA Seabridge Gold Inc. Add +3.0% 11.92% −2.60
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 26 $1.6B RRC, SA, EXE, KT, NTR Q1 2026 27 $1.4B SA, RRC, KT, NTR, EXE Q4 2025 22 $1.3B SA, RRC, KT, NTR, CNC Q3 2025 22 $1.2B SA, RRC, NG, B, KT Q2 2025 22 $910.0M RRC, SA, B, KT, NG Q1 2025 24 $964.4M RRC, KT, B, EXE, SA Q4 2024 26 $935.1M KT, RRC, EXE, B, RGLD Q3 2024 24 $999.6M KT, SWN, RRC, B, RGLD Q2 2024 22 $887.2M KT, SWN, B, WPM, RGLD Q1 2024 22 $952.9M SWN, KT, WPM, RRC, NEM