Kopernik Global Investors, LLC In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Kopernik Global Investors, LLC reported 22 stock positions worth $952.9 million . Its top holding was Southwestern Energy (SWN) at 14.6% of the portfolio, followed by KT Corp.-SP ADR (KT, 12.4% ) and Wheaton Precious Metals (WPM, 11.8% ). Compared with Q4 2023, it sold out of 1, added to 6 and reduced 8. The biggest buy was Newmont (NEM, shares +182% ) and the biggest sale Harmony Gold MNG-Spon ADR (HMY, shares −65% ).
Location TAMPA, FL
CIK 0001599814
Portfolio Value $952.9M (Q1 2024) Holdings 22 stocks · $952.9M 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 Q4 2023 SWN Southwestern Energy Co. 18,362,209 $139.2M Reduce -12.6% KT KT Corp.-SP ADR 8,410,222 $117.9M Reduce -18.0% WPM Wheaton Precious Metals Corp. 2,395,326 $112.9M Reduce -5.4% RRC Range Resources Corp. 2,937,872 $101.2M Reduce -5.4% NEM Newmont Corp. 2,357,388 $84.5M Add +182.2% RGLD Royal Gold Inc. 671,723 $81.8M No change B Barrick Gold Corp. 3,010,705 $50.1M Add +11.2% SA Seabridge Gold Inc. 3,254,808 $49.2M Add +2.0% HMY Harmony Gold MNG-Spon ADR 5,655,522 $46.2M Reduce -65.2% NG Novagold Resources Inc. 13,898,236 $41.7M Add +27.2% BABA Alibaba Group Holding-SP ADR 357,683 $25.9M Add +2.0% PPTA Perpetua Resources Corp. 5,250,591 $21.8M No change AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 269,465 $13.9M No change SAND Sandstorm Gold Ltd. 2,420,021 $12.7M No change KEP Korea Elec Power Corp.-SP ADR 1,484,093 $12.4M No change SKYW Skywest Inc. 174,226 $12.0M Reduce -41.6% NAK Northern Dynasty Minerals 32,070,691 $10.2M No change THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN 13,966,430 $9.6M Reduce -0.6% CRESY Cresud S.A.-Spons ADR 778,894 $7.0M No change VGZ Vista Gold Corp. 3,497,542 $2.0M Add +2.2% IE Ivanhoe Electric Inc. / US 52,673 $516K Reduce -28.4% IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 28,990 $271K No change
Options reported separately and not counted above: SLV calls ($174K), NVDA puts ($139K), AMGN puts ($72K), LLY puts ($70K), ABBV puts ($23K), PAYX puts ($21K), NVO puts ($10K).
Portfolio Sells Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▲ HMY Harmony Gold MNG-Spon ADR Reduce -65.2% 4.85% −5.49 KT KT Corp.-SP ADR Reduce -18.0% 12.37% −1.91 WPM Wheaton Precious Metals Corp. Reduce -5.4% 11.85% −1.09 AER Aercap Holdings NV Sold out 0.00% −0.40 SKYW Skywest Inc. Reduce -41.6% 1.26% −0.35 IE Ivanhoe Electric Inc. / US Reduce -28.4% 0.05% −0.02 THM Intl Tower Hill Mines Ltd. Reduce -0.6% 1.01% +0.16 SWN Southwestern Energy Co. Reduce -12.6% 14.61% +0.35 RRC Range Resources Corp. Reduce -5.4% 10.62% +0.82
Portfolio Buys Q4 2023 → Q1 2024 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 Q4 2023 % Of Portfolio Change To Portfolio ▼ NEM Newmont Corp. Add +182.2% 8.87% +5.28 SA Seabridge Gold Inc. Add +2.0% 5.16% +1.16 B Barrick Gold Corp. Add +11.2% 5.26% +0.18 NG Novagold Resources Inc. Add +27.2% 4.38% +0.14 VGZ Vista Gold Corp. Add +2.2% 0.21% +0.05 BABA Alibaba Group Holding-SP ADR Add +2.0% 2.72% −0.10
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ SLV iShares Silver Trust call Reduce -37.5% 211,300 $174K NVDA Nvidia Corp. put New 1,500 $139K NKE Nike Inc. Class B put Sold out 3,400 $57Kbefore exit ABBV Abbvie Inc. put Reduce -52.4% 8,000 $23K PAYX Paychex Inc. put Reduce -77.2% 2,900 $21K ZTS Zoetis Inc. put Sold out 2,400 $5Kbefore exit CMG Chipotle Mexican Grill Inc. put Sold out 1,200 $420before exit ULTA Ulta Beauty Inc. put Sold out 600 $48before exit LULU Lululemon Athletica Inc. put Sold out 2,600 $26before exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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