Kopernik Global Investors, LLC In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Kopernik Global Investors, LLC reported 26 stock positions worth $935.1 million . Its top holding was KT Corp.-SP ADR (KT) at 13.1% of the portfolio, followed by Range Resources (RRC, 10.4% ) and Expand Energy (EXE, 9.8% ). Compared with Q3 2024, it opened 4 new positions, sold out of 2, added to 5 and reduced 9. The biggest buy was a new position in Expand Energy (EXE) and the biggest sale an exit from Southwestern Energy (SWN).
Location TAMPA, FL
CIK 0001599814
Portfolio Value $935.1M (Q4 2024) Holdings 26 stocks · $935.1M 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 Q3 2024 KT KT Corp.-SP ADR 7,915,343 $122.8M Reduce -6.6% RRC Range Resources Corp. 2,706,620 $97.4M Reduce -9.7% EXE Expand Energy Corp. 919,945 $91.6M New B Barrick Gold Corp. 4,812,612 $74.6M Add +9.2% RGLD Royal Gold Inc. 518,178 $68.3M Reduce -1.9% WPM Wheaton Precious Metals Corp. 1,177,092 $66.2M No change NG Novagold Resources Inc. 17,006,844 $56.6M Add +23.1% SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 1,462,568 $53.2M No change ALTM Arcadium Lithium PLC 7,370,438 $37.8M Reduce -60.1% SA Seabridge Gold Inc. 3,047,048 $34.8M No change NEM Newmont Corp. 755,147 $28.1M New BEN Franklin Templeton Inc. 1,208,837 $24.5M No change PPTA Perpetua Resources Corp. 2,151,004 $23.0M Reduce -14.9% HMY Harmony Gold MNG-Spon ADR 2,724,852 $22.4M Reduce -6.6% IE Ivanhoe Electric Inc. / US 2,557,225 $19.3M Add +5.4% BABA Alibaba Group Holding-SP ADR 220,556 $18.7M Add +19.2% NAK Northern Dynasty Minerals 31,470,739 $18.3M Reduce -1.9% CRESY Cresud S.A.-Spons ADR 1,411,257 $17.8M No change AMTM Amentum Holdings Inc. 765,982 $16.1M New AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 262,960 $12.7M Reduce -21.8% SAND Sandstorm Gold Ltd. 1,982,280 $11.1M No change KEP Korea Elec Power Corp.-SP ADR 1,099,905 $7.6M No change THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN 13,949,307 $6.4M No change NTR Nutrien Ltd. 81,164 $3.6M New VGZ Vista Gold Corp. 4,006,199 $2.2M Add +1.6% NXE Nexgen Energy Ltd. 5,205 $34K Reduce -99.2%
Options reported separately and not counted above: AAPL puts ($130K), AMGN puts ($84K), SLV calls ($49K), CMG puts ($41K), NVDA puts ($19K), NVO puts ($8K), AZO puts ($2K), PAYX puts ($435).
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ SWN Southwestern Energy Co. Sold out 0.00% −13.00 ALTM Arcadium Lithium PLC Reduce -60.1% 4.04% −1.23 HMY Harmony Gold MNG-Spon ADR Reduce -6.6% 2.39% −0.58 NXE Nexgen Energy Ltd. Reduce -99.2% 0.00% −0.44 AL Sumisho Air Lease Corp. Reduce -21.8% 1.36% −0.17 RGLD Royal Gold Inc. Reduce -1.9% 7.31% −0.11 IRS Irsa -SP ADR Sold out 0.00% −0.03 PPTA Perpetua Resources Corp. Reduce -14.9% 2.45% +0.09 KT KT Corp.-SP ADR Reduce -6.6% 13.14% +0.10 NAK Northern Dynasty Minerals Reduce -1.9% 1.96% +0.89 RRC Range Resources Corp. Reduce -9.7% 10.41% +1.19
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ EXE Expand Energy Corp. New 9.79% +9.79 NEM Newmont Corp. New 3.01% +3.01 AMTM Amentum Holdings Inc. New 1.72% +1.72 NTR Nutrien Ltd. New 0.39% +0.39 NG Novagold Resources Inc. Add +23.1% 6.06% +0.39 BABA Alibaba Group Holding-SP ADR Add +19.2% 2.00% +0.04 IE Ivanhoe Electric Inc. / US Add +5.4% 2.06% +0.01 VGZ Vista Gold Corp. Add +1.6% 0.24% −0.07 B Barrick Gold Corp. Add +9.2% 7.98% −0.79
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ AAPL Apple Inc. put New 5,000 $130K
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