Kopernik Global Investors, LLC In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Kopernik Global Investors, LLC reported 24 stock positions worth $999.6 million . Its top holding was KT Corp.-SP ADR (KT) at 13.0% of the portfolio, followed by Southwestern Energy (SWN, 13.0% ) and Range Resources (RRC, 9.2% ). Compared with Q2 2024, it opened 3 new positions, sold out of 1, added to 5 and reduced 12. The biggest buy was Quimica Y Minera Chil-SP ADR (SQM, shares +128% ) and the biggest sale an exit from Newmont (NEM).
Location TAMPA, FL
CIK 0001599814
Portfolio Value $999.6M (Q3 2024) Holdings 24 stocks · $999.6M 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 Q2 2024 KT KT Corp.-SP ADR 8,470,754 $130.3M Reduce -9.1% SWN Southwestern Energy Co. 18,279,049 $130.0M Reduce -0.1% RRC Range Resources Corp. 2,998,038 $92.2M Add +31.7% B Barrick Gold Corp. 4,407,967 $87.7M Reduce -16.3% RGLD Royal Gold Inc. 528,237 $74.1M Reduce -18.6% WPM Wheaton Precious Metals Corp. 1,177,092 $71.9M Reduce -25.3% SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 1,462,568 $61.0M Add +128.2% NG Novagold Resources Inc. 13,818,863 $56.7M Reduce -18.6% ALTM Arcadium Lithium PLC 18,491,700 $52.7M Add +119.4% SA Seabridge Gold Inc. 3,047,048 $51.2M Reduce -6.4% HMY Harmony Gold MNG-Spon ADR 2,917,511 $29.7M Reduce -0.6% BEN Franklin Templeton Inc. 1,208,837 $24.4M New PPTA Perpetua Resources Corp. 2,527,323 $23.6M Reduce -50.1% IE Ivanhoe Electric Inc. / US 2,426,418 $20.5M Add +6071.4% BABA Alibaba Group Holding-SP ADR 185,063 $19.6M Reduce -45.3% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 336,174 $15.2M New CRESY Cresud S.A.-Spons ADR 1,411,257 $12.2M Add +81.2% SAND Sandstorm Gold Ltd. 1,982,280 $11.9M Reduce -0.1% NAK Northern Dynasty Minerals 32,070,691 $10.6M No change KEP Korea Elec Power Corp.-SP ADR 1,099,905 $8.5M Reduce -25.9% THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN 13,949,307 $7.8M No change NXE Nexgen Energy Ltd. 675,934 $4.4M New VGZ Vista Gold Corp. 3,942,622 $3.1M No change IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 28,990 $330K No change
Options reported separately and not counted above: SLV calls ($142K), CMG puts ($75K), NVDA puts ($45K), AMGN puts ($39K), AZO puts ($18K), PAYX puts ($7K), NVO puts ($6K).
Portfolio Sells Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▲ NEM Newmont Corp. Sold out 0.00% −2.98 WPM Wheaton Precious Metals Corp. Reduce -25.3% 7.19% −2.12 RGLD Royal Gold Inc. Reduce -18.6% 7.41% −1.74 KT KT Corp.-SP ADR Reduce -9.1% 13.03% −1.33 B Barrick Gold Corp. Reduce -16.3% 8.77% −1.12 NG Novagold Resources Inc. Reduce -18.6% 5.67% −0.96 SWN Southwestern Energy Co. Reduce -0.1% 13.00% −0.88 BABA Alibaba Group Holding-SP ADR Reduce -45.3% 1.96% −0.78 PPTA Perpetua Resources Corp. Reduce -50.1% 2.36% −0.60 KEP Korea Elec Power Corp.-SP ADR Reduce -25.9% 0.85% −0.33 HMY Harmony Gold MNG-Spon ADR Reduce -0.6% 2.97% −0.06 SAND Sandstorm Gold Ltd. Reduce -0.1% 1.19% −0.03 SA Seabridge Gold Inc. Reduce -6.4% 5.12% +0.10
Portfolio Buys Q2 2024 → Q3 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 Q2 2024 % Of Portfolio Change To Portfolio ▼ SQM Quimica Y Minera Chil-SP ADR Add +128.2% 6.10% +3.15 BEN Franklin Templeton Inc. New 2.44% +2.44 ALTM Arcadium Lithium PLC Add +119.4% 5.27% +2.08 IE Ivanhoe Electric Inc. / US Add +6071.4% 2.05% +2.01 AL Sumisho Air Lease Corp. New 1.52% +1.52 RRC Range Resources Corp. Add +31.7% 9.23% +0.62 CRESY Cresud S.A.-Spons ADR Add +81.2% 1.22% +0.50 NXE Nexgen Energy Ltd. New 0.44% +0.44
Options Activity Q2 2024 → Q3 2024 Security Type Change vs Q2 2024 Underlying Shares Value ▼ LLY Eli Lilly & Co. put Sold out 2,300 $28Kbefore exit ABBV Abbvie Inc. put Sold out 8,000 $19Kbefore exit AZO AutoZone Inc. put New 300 $18K
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