Kopernik Global Investors, LLC Hedge Fund

CIK: 0001599814 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Aug 14, 2025

Total Value ($000): $910,774 (100.0% shares, 0.0% debt)

Holdings (28)

RRC RANGE RES CORP 12.5%

Value ($000) $114,275 Shares 2,809,804 Est. Cost $21.84 Unrealized +72.6%

SA SEABRIDGE GOLD INC 11.8%

Value ($000) $107,195 Shares 7,382,606 Est. Cost $13.60 Unrealized -6.6%

B BARRICK MNG CORP 11.7%

Value ($000) $106,771 Shares 5,128,287 Est. Cost $19.29 Unrealized 0.0%

KT KT CORP 9.8%

Value ($000) $88,865 Shares 4,276,464 Est. Cost $12.58 Unrealized —

NG NOVAGOLD RES INC 8.6%

Value ($000) $78,181 Shares 19,115,209 Est. Cost $4.48 Unrealized -16.5%

BEN FRANKLIN RESOURCES INC 7.4%

Value ($000) $67,826 Shares 2,843,849 Est. Cost $19.39 Unrealized +2.1%

SQM SOCIEDAD QUIMICA Y MINERA DE 7.1%

Value ($000) $64,971 Shares 1,842,113 Est. Cost $40.18 Unrealized —

EXE EXPAND ENERGY CORPORATION 6.7%

Value ($000) $61,126 Shares 522,716 Est. Cost $89.24 Unrealized +22.3%

NTR NUTRIEN LTD 3.7%

Value ($000) $33,409 Shares 573,644 Est. Cost $49.55 Unrealized +13.0%

IE IVANHOE ELECTRIC INC 3.4%

Value ($000) $30,952 Shares 3,412,561 Est. Cost $7.93 Unrealized -12.5%

NAK NORTHERN DYNASTY MINERALS LT 2.9%

Value ($000) $26,353 Shares 19,666,067 Est. Cost $0.81 Unrealized +38.3%

CRESY CRESUD S A C I F Y A 2.8%

Value ($000) $25,747 Shares 2,392,876 Est. Cost $9.85 Unrealized —

AL AIR LEASE CORP 1.8%

Value ($000) $16,768 Shares 286,682 Est. Cost $44.74 Unrealized +15.2%

— SANDSTORM GOLD LTD 1.7%

Value ($000) $15,070 Shares 1,603,160 Est. Cost $5.54 Unrealized —

AMTM AMENTUM HOLDINGS INC 1.6%

Value ($000) $15,021 Shares 636,226 Est. Cost $24.26 Unrealized -13.9%

RGLD ROYAL GOLD INC 1.6%

Value ($000) $14,420 Shares 81,083 Est. Cost $104.50 Unrealized +69.4%

THM INTERNATIONAL TOWER HILL MIN 1.4%

Value ($000) $12,361 Shares 14,448,418 Est. Cost $0.81 Unrealized -6.2%

NXE NEXGEN ENERGY LTD 1.3%

Value ($000) $12,218 Shares 1,760,522 Est. Cost $5.65 Unrealized 0.0%

NEM NEWMONT CORP 1.2%

Value ($000) $10,520 Shares 180,570 Est. Cost $44.64 Unrealized +18.5%

KEP KOREA ELEC PWR CORP 0.4%

Value ($000) $3,818 Shares 268,151 Est. Cost $10.79 Unrealized —

VGZ VISTA GOLD CORP 0.4%

Value ($000) $3,738 Shares 3,830,394 Est. Cost $0.62 Unrealized +56.9%

SLV ISHARES SILVER TR 0.0%

Value ($000) $399 Shares 12,155 Est. Cost $30.99 Unrealized —

SLV ISHARES SILVER TR 0.0%

Value ($000) $359 Shares 141,400 Est. Cost $30.99 Unrealized —

AAPL APPLE INC 0.0%

Value ($000) $247 Shares 5,000 Est. Cost — Unrealized —

ABBV ABBVIE INC 0.0%

Value ($000) $62 Shares 4,200 Est. Cost — Unrealized —

PAYX PAYCHEX INC 0.0%

Value ($000) $49 Shares 5,600 Est. Cost — Unrealized —

AMGN AMGEN INC 0.0%

Value ($000) $41 Shares 3,100 Est. Cost — Unrealized —

AZO AUTOZONE INC 0.0%

Value ($000) $10 Shares 100 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RRC	RANGE RES CORP	2,809,804	$114,275	12.5%	$21.84	+72.6%	COM	75281A109
SA	SEABRIDGE GOLD INC	7,382,606	$107,195	11.8%	$13.60	-6.6%	COM	811916105
B	BARRICK MNG CORP	5,128,287	$106,771	11.7%	$19.29	0.0%	COM SHS	06849F108
KT	KT CORP	4,276,464	$88,865	9.8%	$12.58	—	SPONSORED ADR	48268K101
NG	NOVAGOLD RES INC	19,115,209	$78,181	8.6%	$4.48	-16.5%	COM NEW	66987E206
BEN	FRANKLIN RESOURCES INC	2,843,849	$67,826	7.4%	$19.39	+2.1%	COM	354613101
SQM	SOCIEDAD QUIMICA Y MINERA DE	1,842,113	$64,971	7.1%	$40.18	—	SPON ADR SER B	833635105
EXE	EXPAND ENERGY CORPORATION	522,716	$61,126	6.7%	$89.24	+22.3%	COM	165167735
NTR	NUTRIEN LTD	573,644	$33,409	3.7%	$49.55	+13.0%	COM	67077M108
IE	IVANHOE ELECTRIC INC	3,412,561	$30,952	3.4%	$7.93	-12.5%	COM	46578C108
NAK	NORTHERN DYNASTY MINERALS LT	19,666,067	$26,353	2.9%	$0.81	+38.3%	COM NEW	66510M204
CRESY	CRESUD S A C I F Y A	2,392,876	$25,747	2.8%	$9.85	—	SPONSORED ADR	226406106
AL	AIR LEASE CORP	286,682	$16,768	1.8%	$44.74	+15.2%	CL A	00912X302
—	SANDSTORM GOLD LTD	1,603,160	$15,070	1.7%	$5.54	—	COM NEW	80013R206
AMTM	AMENTUM HOLDINGS INC	636,226	$15,021	1.6%	$24.26	-13.9%	COM	023939101
RGLD	ROYAL GOLD INC	81,083	$14,420	1.6%	$104.50	+69.4%	COM	780287108
THM	INTERNATIONAL TOWER HILL MIN	14,448,418	$12,361	1.4%	$0.81	-6.2%	COM	46050R102
NXE	NEXGEN ENERGY LTD	1,760,522	$12,218	1.3%	$5.65	0.0%	COM	65340P106
NEM	NEWMONT CORP	180,570	$10,520	1.2%	$44.64	+18.5%	COM	651639106
KEP	KOREA ELEC PWR CORP	268,151	$3,818	0.4%	$10.79	—	SPONSORED ADR	500631106
VGZ	VISTA GOLD CORP	3,830,394	$3,738	0.4%	$0.62	+56.9%	COM NEW	927926303
SLV	ISHARES SILVER TR	12,155	$399	0.0%	$30.99	—	ISHARES	46428Q109
SLV	ISHARES SILVER TR	141,400	$359	0.0%	$30.99	—	Call	46428Q109
AAPL	APPLE INC	5,000	$247	0.0%	—	—	Put	037833100
ABBV	ABBVIE INC	4,200	$62	0.0%	—	—	Put	00287Y109
PAYX	PAYCHEX INC	5,600	$49	0.0%	—	—	Put	704326107
AMGN	AMGEN INC	3,100	$41	0.0%	—	—	Put	031162100
AZO	AUTOZONE INC	100	$10	0.0%	—	—	Put	053332102