Kopernik Global Investors, LLC In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Kopernik Global Investors, LLC reported 22 stock positions worth $910.0 million . Its top holding was Range Resources (RRC) at 12.6% of the portfolio, followed by Seabridge Gold (SA, 11.8% ) and Barrick Mining (B, 11.7% ). Compared with Q1 2025, it opened 1 new position, sold out of 3, added to 8 and reduced 11. The biggest buy was Novagold Resources (NG, shares +3% ) and the biggest sale an exit from Wheaton Precious Metals (WPM).
Location TAMPA, FL
CIK 0001599814
Portfolio Value $910.0M (Q2 2025) Holdings 22 stocks · $910.0M 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 2025 RRC Range Resources Corp. 2,809,804 $114.3M Reduce -1.3% SA Seabridge Gold Inc. 7,382,606 $107.2M Add +0.5% B Barrick Mining Corp. 5,128,287 $106.8M Add +1.7% KT KT Corp.-SP ADR 4,276,464 $88.9M Reduce -32.2% NG Novagold Resources Inc. 19,115,209 $78.2M Add +2.8% BEN Franklin Templeton Inc. 2,843,849 $67.8M Add +16.7% SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 1,842,113 $65.0M Add +20.9% EXE Expand Energy Corp. 522,716 $61.1M Reduce -39.5% NTR Nutrien Ltd. 573,644 $33.4M Add +0.4% IE Ivanhoe Electric Inc. / US 3,412,561 $31.0M Add +2.2% NAK Northern Dynasty Minerals 19,666,067 $26.4M No change CRESY Cresud S.A.-Spons ADR 2,392,876 $25.7M Add +19.9% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 286,682 $16.8M Reduce -3.5% SAND Sandstorm Gold Ltd. 1,603,160 $15.1M Reduce -22.9% AMTM Amentum Holdings Inc. 636,226 $15.0M Reduce -41.0% RGLD Royal Gold Inc. 81,083 $14.4M Reduce -72.7% THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN 14,448,418 $12.4M No change NXE Nexgen Energy Ltd. 1,760,522 $12.2M New NEM Newmont Corp. 180,570 $10.5M Reduce -55.6% KEP Korea Elec Power Corp.-SP ADR 268,151 $3.8M Reduce -75.6% VGZ Vista Gold Corp. 3,830,394 $3.7M Reduce -5.3% SLV iShares Silver Trust 12,155 $399K Reduce -21.9%
Options reported separately and not counted above: SLV calls ($359K), AAPL puts ($247K), ABBV puts ($62K), PAYX puts ($49K), AMGN puts ($41K), AZO puts ($10K).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ WPM Wheaton Precious Metals Corp. Sold out 0.00% −5.57 RGLD Royal Gold Inc. Reduce -72.7% 1.58% −3.45 EXE Expand Energy Corp. Reduce -39.5% 6.72% −3.26 KT KT Corp.-SP ADR Reduce -32.2% 9.77% −1.83 PPTA Perpetua Resources Corp. Sold out 0.00% −1.22 NEM Newmont Corp. Reduce -55.6% 1.16% −0.88 KEP Korea Elec Power Corp.-SP ADR Reduce -75.6% 0.42% −0.43 AMTM Amentum Holdings Inc. Reduce -41.0% 1.65% −0.38 HMY Harmony Gold MNG-Spon ADR Sold out 0.00% −0.03 SLV iShares Silver Trust Reduce -21.9% 0.04% −0.01 SAND Sandstorm Gold Ltd. Reduce -22.9% 1.66% +0.03 VGZ Vista Gold Corp. Reduce -5.3% 0.41% +0.06 AL Sumisho Air Lease Corp. Reduce -3.5% 1.84% +0.36 RRC Range Resources Corp. Reduce -1.3% 12.56% +0.77
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ NG Novagold Resources Inc. Add +2.8% 8.59% +2.96 SA Seabridge Gold Inc. Add +0.5% 11.78% +2.89 BEN Franklin Templeton Inc. Add +16.7% 7.45% +2.59 B Barrick Mining Corp. Add +1.7% 11.73% +1.56 IE Ivanhoe Electric Inc. / US Add +2.2% 3.40% +1.39 NXE Nexgen Energy Ltd. New 1.34% +1.34 SQM Quimica Y Minera Chil-SP ADR Add +20.9% 7.14% +0.86 NTR Nutrien Ltd. Add +0.4% 3.67% +0.73 CRESY Cresud S.A.-Spons ADR Add +19.9% 2.83% +0.54
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ SLV iShares Silver Trust call New 141,400 $359K CMG Chipotle Mexican Grill Inc. put Sold out 5,000 $63Kbefore exit NVDA Nvidia Corp. put Sold out 15,000 $16Kbefore 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