Kopernik Global Investors, LLC Hedge Fund

Location: Tampa, FL

CIK: 0001599814 · Show all filings

Period: Q1 2025 (← Previous) (Next →)

Filing Date: May 14, 2025

Total Value: $965M (100.0% shares, 0.0% debt)

Holdings (31)

RRC RANGE RES CORP 11.8%

Value $114M Shares 2,846,663 Est. Cost $21.84 Unrealized +76.1%

KT KT CORP 11.6%

Value $112M Shares 6,311,479 Est. Cost $12.58 Unrealized —

— BARRICK GOLD CORP 10.2%

Value $98.06M Shares 5,044,236 Est. Cost $16.84 Unrealized —

EXE EXPAND ENERGY CORPORATION 10.0%

Value $96.23M Shares 864,487 Est. Cost $89.24 Unrealized +13.2%

SA SEABRIDGE GOLD INC 8.9%

Value $85.69M Shares 7,342,955 Est. Cost $13.60 Unrealized -12.8%

SQM SOCIEDAD QUIMICA Y MINERA DE 6.3%

Value $60.54M Shares 1,523,668 Est. Cost $41.21 Unrealized —

NG NOVAGOLD RES INC 5.6%

Value $54.29M Shares 18,591,730 Est. Cost $4.50 Unrealized -28.6%

WPM WHEATON PRECIOUS METALS CORP 5.6%

Value $53.76M Shares 692,499 Est. Cost $33.81 Unrealized +96.5%

RGLD ROYAL GOLD INC 5.0%

Value $48.53M Shares 296,790 Est. Cost $104.50 Unrealized +40.4%

BEN FRANKLIN RESOURCES INC 4.9%

Value $46.89M Shares 2,435,982 Est. Cost $19.32 Unrealized -2.1%

NTR NUTRIEN LTD 2.9%

Value $28.39M Shares 571,481 Est. Cost $49.55 Unrealized +1.2%

NAK NORTHERN DYNASTY MINERALS LT 2.3%

Value $22.62M Shares 19,666,067 Est. Cost $0.81 Unrealized -9.9%

CRESY CRESUD S A C I F Y A 2.3%

Value $22.06M Shares 1,996,135 Est. Cost $9.67 Unrealized —

NEM NEWMONT CORP 2.0%

Value $19.63M Shares 406,615 Est. Cost $44.64 Unrealized -3.1%

AMTM AMENTUM HOLDINGS INC 2.0%

Value $19.61M Shares 1,077,495 Est. Cost $24.26 Unrealized -16.1%

IE IVANHOE ELECTRIC INC 2.0%

Value $19.41M Shares 3,340,185 Est. Cost $7.96 Unrealized -20.3%

— SANDSTORM GOLD LTD 1.6%

Value $15.71M Shares 2,080,780 Est. Cost $5.54 Unrealized —

AL AIR LEASE CORP 1.5%

Value $14.34M Shares 296,911 Est. Cost $44.74 Unrealized +3.3%

PPTA PERPETUA RESOURCES CORP 1.2%

Value $11.81M Shares 1,104,398 Est. Cost $3.59 Unrealized +199.0%

THM INTERNATIONAL TOWER HILL MIN 0.9%

Value $9.131M Shares 14,448,418 Est. Cost $0.81 Unrealized -33.7%

KEP KOREA ELEC PWR CORP 0.8%

Value $8.15M Shares 1,099,905 Est. Cost $10.79 Unrealized —

VGZ VISTA GOLD CORP 0.3%

Value $3.347M Shares 4,042,525 Est. Cost $0.62 Unrealized +6.8%

SLV ISHARES SILVER TR 0.0%

Value $482K Shares 15,556 Est. Cost $30.99 Unrealized —

HMY HARMONY GOLD MINING CO LTD 0.0%

Value $254K Shares 17,215 Est. Cost $3.10 Unrealized —

AAPL APPLE INC 0.0%

Value $193K Shares 5,000 Est. Cost — Unrealized —

CMG CHIPOTLE MEXICAN GRILL INC 0.0%

Value $63,000 Shares 5,000 Est. Cost — Unrealized —

ABBV ABBVIE INC 0.0%

Value $39,060 Shares 4,200 Est. Cost — Unrealized —

PAYX PAYCHEX INC 0.0%

Value $34,160 Shares 5,600 Est. Cost — Unrealized —

AMGN AMGEN INC 0.0%

Value $30,070 Shares 3,100 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.0%

Value $16,050 Shares 15,000 Est. Cost — Unrealized —

AZO AUTOZONE INC 0.0%

Value $12,090 Shares 100 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RRC	RANGE RES CORP	2,846,663	$114M	11.8%	$21.84	+76.1%	COM	75281A109
KT	KT CORP	6,311,479	$112M	11.6%	$12.58	—	SPONSORED ADR	48268K101
—	BARRICK GOLD CORP	5,044,236	$98.06M	10.2%	$16.84	—	COM	067901108
EXE	EXPAND ENERGY CORPORATION	864,487	$96.23M	10.0%	$89.24	+13.2%	COM	165167735
SA	SEABRIDGE GOLD INC	7,342,955	$85.69M	8.9%	$13.60	-12.8%	COM	811916105
SQM	SOCIEDAD QUIMICA Y MINERA DE	1,523,668	$60.54M	6.3%	$41.21	—	SPON ADR SER B	833635105
NG	NOVAGOLD RES INC	18,591,730	$54.29M	5.6%	$4.50	-28.6%	COM NEW	66987E206
WPM	WHEATON PRECIOUS METALS CORP	692,499	$53.76M	5.6%	$33.81	+96.5%	COM	962879102
RGLD	ROYAL GOLD INC	296,790	$48.53M	5.0%	$104.50	+40.4%	COM	780287108
BEN	FRANKLIN RESOURCES INC	2,435,982	$46.89M	4.9%	$19.32	-2.1%	COM	354613101
NTR	NUTRIEN LTD	571,481	$28.39M	2.9%	$49.55	+1.2%	COM	67077M108
NAK	NORTHERN DYNASTY MINERALS LT	19,666,067	$22.62M	2.3%	$0.81	-9.9%	COM NEW	66510M204
CRESY	CRESUD S A C I F Y A	1,996,135	$22.06M	2.3%	$9.67	—	SPONSORED ADR	226406106
NEM	NEWMONT CORP	406,615	$19.63M	2.0%	$44.64	-3.1%	COM	651639106
AMTM	AMENTUM HOLDINGS INC	1,077,495	$19.61M	2.0%	$24.26	-16.1%	COM	023939101
IE	IVANHOE ELECTRIC INC	3,340,185	$19.41M	2.0%	$7.96	-20.3%	COM	46578C108
—	SANDSTORM GOLD LTD	2,080,780	$15.71M	1.6%	$5.54	—	COM NEW	80013R206
AL	AIR LEASE CORP	296,911	$14.34M	1.5%	$44.74	+3.3%	CL A	00912X302
PPTA	PERPETUA RESOURCES CORP	1,104,398	$11.81M	1.2%	$3.59	+199.0%	COM	714266103
THM	INTERNATIONAL TOWER HILL MIN	14,448,418	$9.131M	0.9%	$0.81	-33.7%	COM	46050R102
KEP	KOREA ELEC PWR CORP	1,099,905	$8.15M	0.8%	$10.79	—	SPONSORED ADR	500631106
VGZ	VISTA GOLD CORP	4,042,525	$3.347M	0.3%	$0.62	+6.8%	COM NEW	927926303
SLV	ISHARES SILVER TR	15,556	$482K	0.0%	$30.99	—	ISHARES	46428Q109
HMY	HARMONY GOLD MINING CO LTD	17,215	$254K	0.0%	$3.10	—	SPONSORED ADR	413216300
AAPL	APPLE INC	5,000	$193K	0.0%	—	—	Put	037833100
CMG	CHIPOTLE MEXICAN GRILL INC	5,000	$63,000	0.0%	—	—	Put	169656105
ABBV	ABBVIE INC	4,200	$39,060	0.0%	—	—	Put	00287Y109
PAYX	PAYCHEX INC	5,600	$34,160	0.0%	—	—	Put	704326107
AMGN	AMGEN INC	3,100	$30,070	0.0%	—	—	Put	031162100
NVDA	NVIDIA CORPORATION	15,000	$16,050	0.0%	—	—	Put	67066G104
AZO	AUTOZONE INC	100	$12,090	0.0%	—	—	Put	053332102