Kopernik Global Investors, LLC In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 13, 2026), Kopernik Global Investors, LLC reported 27 stock positions worth $1.4 billion . Its top holding was Seabridge Gold (SA) at 14.5% of the portfolio, followed by Range Resources (RRC, 13.2% ) and KT Corp.-SP ADR (KT, 8.0% ). Compared with Q4 2025, it opened 6 new positions, sold out of 1, added to 10 and reduced 10. The biggest buy was a new position in Weyerhaeuser (WY) and the biggest sale an exit from SLB (SLB).
Location TAMPA, FL
CIK 0001599814
Portfolio Value $1.4B (Q1 2026) Holdings 27 stocks · $1.4B 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 2025 SA Seabridge Gold Inc. 7,332,863 $207.8M Add +5.1% RRC Range Resources Corp. 4,188,614 $189.2M Reduce -20.1% KT KT Corp.-SP ADR 5,321,922 $114.2M Reduce -7.8% NTR Nutrien Ltd. 1,423,780 $107.4M Reduce -18.8% EXE Expand Energy Corp. 813,632 $89.3M Add +19.4% BEN Franklin Templeton Inc. 3,522,587 $83.2M Add +4.5% CNC Centene Corp. 2,517,106 $82.4M Add +24.3% NG Novagold Resources Inc. 6,511,729 $58.5M Reduce -22.8% CRESY Cresud S.A.-Spons ADR 4,415,543 $56.2M Add +4.0% WY Weyerhaeuser Co. 1,904,591 $46.5M New NAK Northern Dynasty Minerals 32,655,846 $45.7M Add +50.8% RYN Rayonier Inc. 2,186,503 $45.1M New CNXC Concentrix Corp. 1,627,306 $44.5M New THM Intl Tower Hill Mines Ltd. filed as INTERNATIONAL TOWER HILL MIN 17,650,432 $40.6M Add +22.2% MOH Molina Healthcare Inc. 291,941 $38.9M Add +132.6% NICE Nice Ltd. - Spon ADR 250,948 $27.7M New VGZ Vista Gold Corp. 13,852,010 $27.1M Add +461.6% B Barrick Mining Corp. 560,044 $22.8M Reduce -5.1% RGLD Royal Gold Inc. 86,159 $21.9M Reduce -58.9% IE Ivanhoe Electric Inc. / US 1,784,170 $21.1M Add +316.1% HUM Humana Inc. 113,385 $19.7M New CMCSA Comcast Corp. Class A 649,213 $18.6M No change AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 277,612 $18.0M Reduce -2.6% KEP Korea Elec Power Corp.-SP ADR 207,140 $3.0M Reduce -22.8% IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 85,363 $1.4M Reduce 0.0% PLG Platinum Group Metals Ltd. 358,692 $635K New NEM Newmont Corp. 761 $82K Reduce -96.7%
Options reported separately and not counted above: AZO puts ($223K), AAPL puts ($113K), ABBV puts ($105K), AMGN puts ($75K).
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ SLB SLB Ltd. Sold out 0.00% −4.01 NG Novagold Resources Inc. Reduce -22.8% 4.08% −2.19 RGLD Royal Gold Inc. Reduce -58.9% 1.53% −2.19 RRC Range Resources Corp. Reduce -20.1% 13.22% −1.54 NTR Nutrien Ltd. Reduce -18.8% 7.50% −1.14 KT KT Corp.-SP ADR Reduce -7.8% 7.97% −0.77 B Barrick Mining Corp. Reduce -5.1% 1.60% −0.46 AL Sumisho Air Lease Corp. Reduce -2.6% 1.26% −0.20 NEM Newmont Corp. Reduce -96.7% 0.01% −0.18 KEP Korea Elec Power Corp.-SP ADR Reduce -22.8% 0.21% −0.15 IRS Irsa -SP ADR Reduce 0.0% 0.10% −0.02
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ WY Weyerhaeuser Co. New 3.25% +3.25 RYN Rayonier Inc. New 3.15% +3.15 CNXC Concentrix Corp. New 3.11% +3.11 NICE Nice Ltd. - Spon ADR New 1.93% +1.93 VGZ Vista Gold Corp. Add +461.6% 1.90% +1.51 HUM Humana Inc. New 1.37% +1.37 MOH Molina Healthcare Inc. Add +132.6% 2.72% +0.98 IE Ivanhoe Electric Inc. / US Add +316.1% 1.47% +0.93 THM Intl Tower Hill Mines Ltd. Add +22.2% 2.84% +0.69 EXE Expand Energy Corp. Add +19.4% 6.24% +0.23 PLG Platinum Group Metals Ltd. New 0.04% +0.04 NAK Northern Dynasty Minerals Add +50.8% 3.19% −0.22 CRESY Cresud S.A.-Spons ADR Add +4.0% 3.92% −0.36 BEN Franklin Templeton Inc. Add +4.5% 5.81% −0.62 CNC Centene Corp. Add +24.3% 5.76% −0.90 SA Seabridge Gold Inc. Add +5.1% 14.52% −1.99
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ PAYX Paychex Inc. put Sold out 5,600 $179Kbefore exit AMGN Amgen Inc. put Add +35.5% 4,200 $75K
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