Kopernik Global Investors, LLC In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Kopernik Global Investors, LLC reported 22 stock positions worth $1.2 billion . Its top holding was Seabridge Gold (SA) at 13.7% of the portfolio, followed by Range Resources (RRC, 13.6% ) and Novagold Resources (NG, 9.4% ). Compared with Q2 2025, it opened 3 new positions, sold out of 3, added to 7 and reduced 10. The biggest buy was a new position in Centene (CNC) and the biggest sale Quimica Y Minera Chil-SP ADR (SQM, shares −56% ).
Location TAMPA, FL
CIK 0001599814
Portfolio Value $1.2B (Q3 2025) Holdings 22 stocks · $1.2B 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 2025 SA Seabridge Gold Inc. 6,946,666 $167.8M Reduce -5.9% RRC Range Resources Corp. 4,420,608 $166.4M Add +57.3% NG Novagold Resources Inc. 13,137,577 $115.6M Reduce -31.3% B Barrick Mining Corp. 3,057,390 $100.2M Reduce -40.4% KT KT Corp.-SP ADR 4,555,448 $88.8M Add +6.5% CNC Centene Corp. 2,256,881 $80.5M New EXE Expand Energy Corp. 738,047 $78.4M Add +41.2% NTR Nutrien Ltd. 1,266,600 $74.4M Add +120.8% SLB SLB Ltd. filed as SCHLUMBERGER LTD 1,909,788 $65.6M New BEN Franklin Templeton Inc. 2,735,624 $63.3M Reduce -3.8% SQM Quimica Y Minera Chil-SP ADR filed as SOCIEDAD QUIMICA Y MINERA DE 812,944 $34.9M Reduce -55.9% CRESY Cresud S.A.-Spons ADR 3,727,790 $34.3M Add +55.8% NAK Northern Dynasty Minerals 21,661,178 $26.0M Add +10.1% THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN 14,448,418 $23.7M No change RGLD Royal Gold Inc. 116,065 $23.3M Add +43.1% SAND Sandstorm Gold Ltd. 1,586,602 $19.9M Reduce -1.0% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 285,013 $18.1M Reduce -0.6% IE Ivanhoe Electric Inc. / US 1,335,985 $16.8M Reduce -60.9% BORR Borr Drilling Ltd. 4,983,672 $13.4M New VGZ Vista Gold Corp. 3,129,347 $6.7M Reduce -18.3% NEM Newmont Corp. 48,516 $4.1M Reduce -73.1% KEP Korea Elec Power Corp.-SP ADR 268,151 $3.5M No change
Options reported separately and not counted above: SLV calls ($1.3M), PAYX puts ($113K), AAPL puts ($113K), AZO puts ($76K), AMGN puts ($21K), ABBV puts ($4K).
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ SQM Quimica Y Minera Chil-SP ADR Reduce -55.9% 2.85% −4.29 B Barrick Mining Corp. Reduce -40.4% 8.17% −3.56 BEN Franklin Templeton Inc. Reduce -3.8% 5.16% −2.29 IE Ivanhoe Electric Inc. / US Reduce -60.9% 1.37% −2.03 AMTM Amentum Holdings Inc. Sold out 0.00% −1.65 NXE Nexgen Energy Ltd. Sold out 0.00% −1.34 NEM Newmont Corp. Reduce -73.1% 0.33% −0.82 AL Sumisho Air Lease Corp. Reduce -0.6% 1.48% −0.36 SLV iShares Silver Trust Sold out 0.00% −0.04 SAND Sandstorm Gold Ltd. Reduce -1.0% 1.62% −0.04 VGZ Vista Gold Corp. Reduce -18.3% 0.54% +0.13 NG Novagold Resources Inc. Reduce -31.3% 9.43% +0.84 SA Seabridge Gold Inc. Reduce -5.9% 13.69% +1.91
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ CNC Centene Corp. New 6.57% +6.57 SLB SLB Ltd. New 5.36% +5.36 NTR Nutrien Ltd. Add +120.8% 6.07% +2.40 BORR Borr Drilling Ltd. New 1.09% +1.09 RRC Range Resources Corp. Add +57.3% 13.58% +1.02 RGLD Royal Gold Inc. Add +43.1% 1.90% +0.31 CRESY Cresud S.A.-Spons ADR Add +55.8% 2.80% −0.03 EXE Expand Energy Corp. Add +41.2% 6.40% −0.32 NAK Northern Dynasty Minerals Add +10.1% 2.12% −0.78 KT KT Corp.-SP ADR Add +6.5% 7.25% −2.52
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ AZO AutoZone Inc. put Add +300.0% 400 $76K
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