Kopernik Global Investors, LLC In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Kopernik Global Investors, LLC reported 24 stock positions worth $964.4 million . Its top holding was Range Resources (RRC) at 11.8% of the portfolio, followed by KT Corp.-SP ADR (KT, 11.6% ) and Barrick Gold (B, 10.2% ). Compared with Q4 2024, it opened 1 new position, sold out of 3, added to 14 and reduced 8. The biggest buy was Seabridge Gold (SA, shares +141% ) and the biggest sale an exit from Arcadium Lithium (ALTM).
Location TAMPA, FL
CIK 0001599814
Portfolio Value $964.4M (Q1 2025) Holdings 24 stocks · $964.4M 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 2024 RRC Range Resources Corp. 2,846,663 $113.7M Add +5.2% KT KT Corp.-SP ADR 6,311,479 $111.8M Reduce -20.3% B Barrick Gold Corp. 5,044,236 $98.1M Add +4.8% EXE Expand Energy Corp. 864,487 $96.2M Reduce -6.0% SA Seabridge Gold Inc. 7,342,955 $85.7M Add +141.0% SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 1,523,668 $60.5M Add +4.2% NG Novagold Resources Inc. 18,591,730 $54.3M Add +9.3% WPM Wheaton Precious Metals Corp. 692,499 $53.8M Reduce -41.2% RGLD Royal Gold Inc. 296,790 $48.5M Reduce -42.7% BEN Franklin Templeton Inc. 2,435,982 $46.9M Add +101.5% NTR Nutrien Ltd. 571,481 $28.4M Add +604.1% NAK Northern Dynasty Minerals 19,666,067 $22.6M Reduce -37.5% CRESY Cresud S.A.-Spons ADR 1,996,135 $22.1M Add +41.4% NEM Newmont Corp. 406,615 $19.6M Reduce -46.1% AMTM Amentum Holdings Inc. 1,077,495 $19.6M Add +40.7% IE Ivanhoe Electric Inc. / US 3,340,185 $19.4M Add +30.6% SAND Sandstorm Gold Ltd. 2,080,780 $15.7M Add +5.0% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 296,911 $14.3M Add +12.9% PPTA Perpetua Resources Corp. 1,104,398 $11.8M Reduce -48.7% THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN 14,448,418 $9.1M Add +3.6% KEP Korea Elec Power Corp.-SP ADR 1,099,905 $8.2M No change VGZ Vista Gold Corp. 4,042,525 $3.3M Add +0.9% SLV iShares Silver Trust 15,556 $482K New HMY Harmony Gold MNG-Spon ADR 17,215 $254K Reduce -99.4%
Options reported separately and not counted above: AAPL puts ($193K), CMG puts ($63K), ABBV puts ($39K), PAYX puts ($34K), AMGN puts ($30K), NVDA puts ($16K), AZO puts ($12K).
Portfolio Sells Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▲ ALTM Arcadium Lithium PLC Sold out 0.00% −4.04 HMY Harmony Gold MNG-Spon ADR Reduce -99.4% 0.03% −2.37 RGLD Royal Gold Inc. Reduce -42.7% 5.03% −2.27 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −2.00 KT KT Corp.-SP ADR Reduce -20.3% 11.59% −1.55 WPM Wheaton Precious Metals Corp. Reduce -41.2% 5.57% −1.51 PPTA Perpetua Resources Corp. Reduce -48.7% 1.22% −1.23 NEM Newmont Corp. Reduce -46.1% 2.04% −0.97 NXE Nexgen Energy Ltd. Sold out 0.00% −0.00 EXE Expand Energy Corp. Reduce -6.0% 9.98% +0.19 NAK Northern Dynasty Minerals Reduce -37.5% 2.35% +0.39
Portfolio Buys Q4 2024 → Q1 2025 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 2024 % Of Portfolio Change To Portfolio ▼ SA Seabridge Gold Inc. Add +141.0% 8.89% +5.17 NTR Nutrien Ltd. Add +604.1% 2.94% +2.56 BEN Franklin Templeton Inc. Add +101.5% 4.86% +2.24 B Barrick Gold Corp. Add +4.8% 10.17% +2.19 RRC Range Resources Corp. Add +5.2% 11.79% +1.37 SQM Quimica Y Minera Chil-SP ADR Add +4.2% 6.28% +0.59 SAND Sandstorm Gold Ltd. Add +5.0% 1.63% +0.45 CRESY Cresud S.A.-Spons ADR Add +41.4% 2.29% +0.38 AMTM Amentum Holdings Inc. Add +40.7% 2.03% +0.31 THM Intl Tower Hill Mines Ltd. Add +3.6% 0.95% +0.27 AL Sumisho Air Lease Corp. Add +12.9% 1.49% +0.13 VGZ Vista Gold Corp. Add +0.9% 0.35% +0.11 SLV iShares Silver Trust New 0.05% +0.05 IE Ivanhoe Electric Inc. / US Add +30.6% 2.01% −0.05 NG Novagold Resources Inc. Add +9.3% 5.63% −0.43
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ CMG Chipotle Mexican Grill Inc. put Reduce -50.0% 5,000 $63K SLV iShares Silver Trust call Sold out 33,700 $49Kbefore exit ABBV Abbvie Inc. put New 4,200 $39K PAYX Paychex Inc. put Add +93.1% 5,600 $34K AZO AutoZone Inc. put Reduce -66.7% 100 $12K NVO Novo-Nordisk A/S-Spons ADR put Sold out 9,400 $8Kbefore 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