Kopernik Global Investors, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Kopernik Global Investors, LLC reported 22 stock positions worth $1.3 billion. Its top holding was Seabridge Gold (SA) at 16.5% of the portfolio, followed by Range Resources (RRC, 14.8%) and KT Corp.-SP ADR (KT, 8.7%). Compared with Q3 2025, it opened 3 new positions, sold out of 3, added to 7 and reduced 8. The biggest buy was Seabridge Gold (SA, shares +0%) and the biggest sale Barrick Mining (B, shares −81%).

Most Recent 13F
Q2 2026
Location
TAMPA, FL
CIK
0001599814
Portfolio Value
$1.3B (Q4 2025)
SEC Filing
0001599814-26-000002 ↗ filed Feb 13, 2026

Holdings Value

0$500.0M$1.0B$1.5B$2.0B Q1 2024: $952.9M Q1 2024 Q2 2024: $887.2M Q2 2024 Q3 2024: $999.6M Q3 2024 Q4 2024: $935.1M Q4 2024 Q1 2025: $964.4M Q1 2025 Q2 2025: $910.0M Q2 2025 Q3 2025: $1.2B Q3 2025 Q4 2025: $1.3B $1.3B Q4 2025 Q1 2026: $1.4B Q1 2026 Q2 2026: $1.6B Q2 2026

Holdings 22 stocks · $1.3B
SA Seabridge Gold Inc. 16.50% 6,979,611 $206.5M Add +0.5%
RRC Range Resources Corp. 14.76% 5,238,903 $184.7M Add +18.5%
KT KT Corp.-SP ADR 8.74% 5,768,752 $109.4M Add +26.6%
NTR Nutrien Ltd. 8.65% 1,753,659 $108.2M Add +38.5%
CNC Centene Corp. 6.66% 2,025,052 $83.3M Reduce -10.3%
BEN Franklin Templeton Inc. 6.43% 3,369,165 $80.5M Add +23.2%
NG Novagold Resources Inc. 6.28% 8,429,379 $78.6M Reduce -35.8%
EXE Expand Energy Corp. 6.01% 681,579 $75.2M Reduce -7.7%
CRESY Cresud S.A.-Spons ADR 4.29% 4,246,881 $53.6M Add +13.9%
SLB SLB Ltd. filed as SLB LIMITED 4.01% 1,306,620 $50.1M Reduce -31.6%
RGLD Royal Gold Inc. 3.72% 209,678 $46.6M Add +80.7%
NAK Northern Dynasty Minerals 3.41% 21,661,178 $42.7M No change
THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN 2.15% 14,448,418 $26.9M No change
B Barrick Mining Corp. 2.05% 590,051 $25.7M Reduce -80.7%
MOH Molina Healthcare Inc. 1.74% 125,534 $21.8M New
CMCSA Comcast Corp. Class A 1.55% 649,213 $19.4M New
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 1.46% 285,013 $18.3M No change
IE Ivanhoe Electric Inc. / US 0.55% 428,752 $6.9M Reduce -67.9%
VGZ Vista Gold Corp. 0.39% 2,466,589 $4.9M Reduce -21.2%
KEP Korea Elec Power Corp.-SP ADR 0.35% 268,151 $4.4M No change
NEM Newmont Corp. 0.19% 23,201 $2.3M Reduce -52.2%
IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 0.11% 85,366 $1.4M New

Options reported separately and not counted above: AZO puts ($214K), PAYX puts ($179K), ABBV puts ($84K), AAPL puts ($77K), AMGN puts ($465).

Portfolio Sells Q3 2025 → Q4 2025
B Barrick Mining Corp. Reduce -80.7% 2.05% −6.12
NG Novagold Resources Inc. Reduce -35.8% 6.28% −3.16
SQM Quimica Y Minera Chil-SP ADR Sold out 0.00% −2.85
SAND Sandstorm Gold Ltd. Sold out 0.00% −1.62
SLB SLB Ltd. Reduce -31.6% 4.01% −1.35
BORR Borr Drilling Ltd. Sold out 0.00% −1.09
IE Ivanhoe Electric Inc. / US Reduce -67.9% 0.55% −0.82
EXE Expand Energy Corp. Reduce -7.7% 6.01% −0.39
VGZ Vista Gold Corp. Reduce -21.2% 0.39% −0.16
NEM Newmont Corp. Reduce -52.2% 0.19% −0.15
CNC Centene Corp. Reduce -10.3% 6.66% +0.09

Portfolio Buys Q3 2025 → Q4 2025
SA Seabridge Gold Inc. Add +0.5% 16.50% +2.81
NTR Nutrien Ltd. Add +38.5% 8.65% +2.58
RGLD Royal Gold Inc. Add +80.7% 3.72% +1.82
MOH Molina Healthcare Inc. New 1.74% +1.74
CMCSA Comcast Corp. Class A New 1.55% +1.55
KT KT Corp.-SP ADR Add +26.6% 8.74% +1.50
CRESY Cresud S.A.-Spons ADR Add +13.9% 4.29% +1.49
BEN Franklin Templeton Inc. Add +23.2% 6.43% +1.27
RRC Range Resources Corp. Add +18.5% 14.76% +1.18
IRS Irsa -SP ADR New 0.11% +0.11

Options Activity Q3 2025 → Q4 2025
SLV iShares Silver Trust call Sold out 141,400 $1.3Mbefore exit
ABBV Abbvie Inc. put Add +9.5% 4,600 $84K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 26$1.6BRRC, SA, EXE, KT, NTR
Q1 2026 27$1.4BSA, RRC, KT, NTR, EXE
Q4 2025 22$1.3BSA, RRC, KT, NTR, CNC
Q3 2025 22$1.2BSA, RRC, NG, B, KT
Q2 2025 22$910.0MRRC, SA, B, KT, NG
Q1 2025 24$964.4MRRC, KT, B, EXE, SA
Q4 2024 26$935.1MKT, RRC, EXE, B, RGLD
Q3 2024 24$999.6MKT, SWN, RRC, B, RGLD
Q2 2024 22$887.2MKT, SWN, B, WPM, RGLD
Q1 2024 22$952.9MSWN, KT, WPM, RRC, NEM