Kopernik Global Investors, LLC Hedge Fund

CIK: 0001599814 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 14, 2025

Total Value ($000): $1,227,251 (100.0% shares, 0.0% debt)

Holdings (28)

SA SEABRIDGE GOLD INC 13.7%

Value ($000) $167,762 Shares 6,946,666 Est. Cost $13.60 Unrealized +27.2%

RRC RANGE RES CORP 13.6%

Value ($000) $166,392 Shares 4,420,608 Est. Cost $26.90 Unrealized +32.8%

NG NOVAGOLD RES INC 9.4%

Value ($000) $115,611 Shares 13,137,577 Est. Cost $4.48 Unrealized +36.4%

B BARRICK MNG CORP 8.2%

Value ($000) $100,191 Shares 3,057,390 Est. Cost $19.29 Unrealized +30.4%

KT KT CORP 7.2%

Value ($000) $88,831 Shares 4,555,448 Est. Cost $13.01 Unrealized —

CNC CENTENE CORP DEL 6.6%

Value ($000) $80,526 Shares 2,256,881 Est. Cost $30.20 Unrealized 0.0%

EXE EXPAND ENERGY CORPORATION 6.4%

Value ($000) $78,410 Shares 738,047 Est. Cost $92.12 Unrealized +7.6%

NTR NUTRIEN LTD 6.1%

Value ($000) $74,362 Shares 1,266,600 Est. Cost $54.33 Unrealized +7.3%

SLB SCHLUMBERGER LTD 5.3%

Value ($000) $65,639 Shares 1,909,788 Est. Cost $34.34 Unrealized 0.0%

BEN FRANKLIN RESOURCES INC 5.2%

Value ($000) $63,275 Shares 2,735,624 Est. Cost $19.39 Unrealized +24.1%

SQM SOCIEDAD QUIMICA Y MINERA DE 2.8%

Value ($000) $34,940 Shares 812,944 Est. Cost $40.18 Unrealized —

CRESY CRESUD S A C I F Y A 2.8%

Value ($000) $34,296 Shares 3,727,790 Est. Cost $9.62 Unrealized —

NAK NORTHERN DYNASTY MINERALS LT 2.1%

Value ($000) $25,993 Shares 21,661,178 Est. Cost $0.83 Unrealized +29.1%

THM INTERNATIONAL TOWER HILL MIN 1.9%

Value ($000) $23,695 Shares 14,448,418 Est. Cost $0.81 Unrealized +60.0%

RGLD ROYAL GOLD INC 1.9%

Value ($000) $23,280 Shares 116,065 Est. Cost $125.14 Unrealized +38.2%

— SANDSTORM GOLD LTD 1.6%

Value ($000) $19,864 Shares 1,586,602 Est. Cost $5.54 Unrealized —

AL AIR LEASE CORP 1.5%

Value ($000) $18,141 Shares 285,013 Est. Cost $44.74 Unrealized +32.8%

IE IVANHOE ELECTRIC INC 1.4%

Value ($000) $16,767 Shares 1,335,985 Est. Cost $7.93 Unrealized +24.6%

BORR BORR DRILLING LTD 1.1%

Value ($000) $13,406 Shares 4,983,672 Est. Cost $2.49 Unrealized 0.0%

VGZ VISTA GOLD CORP 0.5%

Value ($000) $6,666 Shares 3,129,347 Est. Cost $0.62 Unrealized +109.2%

NEM NEWMONT CORP 0.3%

Value ($000) $4,090 Shares 48,516 Est. Cost $44.64 Unrealized +55.4%

KEP KOREA ELEC PWR CORP 0.3%

Value ($000) $3,499 Shares 268,151 Est. Cost $10.79 Unrealized —

SLV ISHARES SILVER TR 0.1%

Value ($000) $1,287 Shares 141,400 Est. Cost $30.99 Unrealized —

PAYX PAYCHEX INC 0.0%

Value ($000) $113 Shares 5,600 Est. Cost — Unrealized —

AAPL APPLE INC 0.0%

Value ($000) $113 Shares 5,000 Est. Cost — Unrealized —

AZO AUTOZONE INC 0.0%

Value ($000) $76 Shares 400 Est. Cost — Unrealized —

AMGN AMGEN INC 0.0%

Value ($000) $21 Shares 3,100 Est. Cost — Unrealized —

ABBV ABBVIE INC 0.0%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SA	SEABRIDGE GOLD INC	6,946,666	$167,762	13.7%	$13.60	+27.2%	COM	811916105
RRC	RANGE RES CORP	4,420,608	$166,392	13.6%	$26.90	+32.8%	COM	75281A109
NG	NOVAGOLD RES INC	13,137,577	$115,611	9.4%	$4.48	+36.4%	COM NEW	66987E206
B	BARRICK MNG CORP	3,057,390	$100,191	8.2%	$19.29	+30.4%	COM SHS	06849F108
KT	KT CORP	4,555,448	$88,831	7.2%	$13.01	—	SPONSORED ADR	48268K101
CNC	CENTENE CORP DEL	2,256,881	$80,526	6.6%	$30.20	0.0%	COM	15135B101
EXE	EXPAND ENERGY CORPORATION	738,047	$78,410	6.4%	$92.12	+7.6%	COM	165167735
NTR	NUTRIEN LTD	1,266,600	$74,362	6.1%	$54.33	+7.3%	COM	67077M108
SLB	SCHLUMBERGER LTD	1,909,788	$65,639	5.3%	$34.34	0.0%	COM STK	806857108
BEN	FRANKLIN RESOURCES INC	2,735,624	$63,275	5.2%	$19.39	+24.1%	COM	354613101
SQM	SOCIEDAD QUIMICA Y MINERA DE	812,944	$34,940	2.8%	$40.18	—	SPON ADR SER B	833635105
CRESY	CRESUD S A C I F Y A	3,727,790	$34,296	2.8%	$9.62	—	SPONSORED ADR	226406106
NAK	NORTHERN DYNASTY MINERALS LT	21,661,178	$25,993	2.1%	$0.83	+29.1%	COM NEW	66510M204
THM	INTERNATIONAL TOWER HILL MIN	14,448,418	$23,695	1.9%	$0.81	+60.0%	COM	46050R102
RGLD	ROYAL GOLD INC	116,065	$23,280	1.9%	$125.14	+38.2%	COM	780287108
—	SANDSTORM GOLD LTD	1,586,602	$19,864	1.6%	$5.54	—	COM NEW	80013R206
AL	AIR LEASE CORP	285,013	$18,141	1.5%	$44.74	+32.8%	CL A	00912X302
IE	IVANHOE ELECTRIC INC	1,335,985	$16,767	1.4%	$7.93	+24.6%	COM	46578C108
BORR	BORR DRILLING LTD	4,983,672	$13,406	1.1%	$2.49	0.0%	SHS	G1466R173
VGZ	VISTA GOLD CORP	3,129,347	$6,666	0.5%	$0.62	+109.2%	COM NEW	927926303
NEM	NEWMONT CORP	48,516	$4,090	0.3%	$44.64	+55.4%	COM	651639106
KEP	KOREA ELEC PWR CORP	268,151	$3,499	0.3%	$10.79	—	SPONSORED ADR	500631106
SLV	ISHARES SILVER TR	141,400	$1,287	0.1%	$30.99	—	Call	46428Q109
PAYX	PAYCHEX INC	5,600	$113	0.0%	—	—	Put	704326107
AAPL	APPLE INC	5,000	$113	0.0%	—	—	Put	037833100
AZO	AUTOZONE INC	400	$76	0.0%	—	—	Put	053332102
AMGN	AMGEN INC	3,100	$21	0.0%	—	—	Put	031162100
ABBV	ABBVIE INC	4,200	$4	0.0%	—	—	Put	00287Y109