Kopernik Global Investors, LLC Hedge Fund

Location: Tampa, FL

CIK: 0001599814 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 13, 2026

Total Value: $1.252B (100.0% shares, 0.0% debt)

Holdings (27)

SA SEABRIDGE GOLD INC 16.5%

Value $207M Shares 6,979,611 Est. Cost $13.60 Unrealized +93.3%

RRC RANGE RES CORP 14.8%

Value $185M Shares 5,238,903 Est. Cost $28.51 Unrealized +30.6%

KT KT CORP 8.7%

Value $109M Shares 5,768,752 Est. Cost $14.26 Unrealized —

NTR NUTRIEN LTD 8.6%

Value $108M Shares 1,753,659 Est. Cost $55.58 Unrealized +5.9%

CNC CENTENE CORP DEL 6.7%

Value $83.33M Shares 2,025,052 Est. Cost $30.20 Unrealized +23.9%

BEN FRANKLIN RESOURCES INC 6.4%

Value $80.49M Shares 3,369,165 Est. Cost $20.00 Unrealized +13.3%

NG NOVAGOLD RES INC 6.3%

Value $78.56M Shares 8,429,379 Est. Cost $4.48 Unrealized +106.8%

EXE EXPAND ENERGY CORPORATION 6.0%

Value $75.22M Shares 681,579 Est. Cost $92.12 Unrealized +20.1%

CRESY CRESUD S A C I F Y A 4.3%

Value $53.64M Shares 4,246,881 Est. Cost $9.99 Unrealized —

SLB SLB LIMITED 4.0%

Value $50.15M Shares 1,306,620 Est. Cost $34.34 Unrealized +5.0%

RGLD ROYAL GOLD INC 3.7%

Value $46.61M Shares 209,678 Est. Cost $157.83 Unrealized +25.7%

NAK NORTHERN DYNASTY MINERALS LT 3.4%

Value $42.67M Shares 21,661,178 Est. Cost $0.83 Unrealized +131.9%

THM INTERNATIONAL TOWER HILL MIN 2.1%

Value $26.87M Shares 14,448,418 Est. Cost $0.81 Unrealized +129.9%

B BARRICK MNG CORP 2.1%

Value $25.7M Shares 590,051 Est. Cost $19.29 Unrealized +94.0%

MOH MOLINA HEALTHCARE INC 1.7%

Value $21.79M Shares 125,534 Est. Cost $164.37 Unrealized 0.0%

CMCSA COMCAST CORP NEW 1.5%

Value $19.4M Shares 649,213 Est. Cost $28.53 Unrealized 0.0%

AL AIR LEASE CORP 1.5%

Value $18.31M Shares 285,013 Est. Cost $44.74 Unrealized +42.4%

IE IVANHOE ELECTRIC INC 0.5%

Value $6.851M Shares 428,752 Est. Cost $7.93 Unrealized +80.4%

VGZ VISTA GOLD CORP 0.4%

Value $4.859M Shares 2,466,589 Est. Cost $0.62 Unrealized +210.2%

KEP KOREA ELEC PWR CORP 0.4%

Value $4.424M Shares 268,151 Est. Cost $10.79 Unrealized —

NEM NEWMONT CORP 0.2%

Value $2.317M Shares 23,201 Est. Cost $44.64 Unrealized +102.1%

IRS IRSA INVERSIONES Y REP S A 0.1%

Value $1.412M Shares 85,366 Est. Cost $16.54 Unrealized —

AZO AUTOZONE INC 0.0%

Value $214K Shares 400 Est. Cost — Unrealized —

PAYX PAYCHEX INC 0.0%

Value $179K Shares 5,600 Est. Cost — Unrealized —

ABBV ABBVIE INC 0.0%

Value $84,180 Shares 4,600 Est. Cost — Unrealized —

AAPL APPLE INC 0.0%

Value $77,000 Shares 5,000 Est. Cost — Unrealized —

AMGN AMGEN INC 0.0%

Value $465 Shares 3,100 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SA	SEABRIDGE GOLD INC	6,979,611	$207M	16.5%	$13.60	+93.3%	COM	811916105
RRC	RANGE RES CORP	5,238,903	$185M	14.8%	$28.51	+30.6%	COM	75281A109
KT	KT CORP	5,768,752	$109M	8.7%	$14.26	—	SPONSORED ADR	48268K101
NTR	NUTRIEN LTD	1,753,659	$108M	8.6%	$55.58	+5.9%	COM	67077M108
CNC	CENTENE CORP DEL	2,025,052	$83.33M	6.7%	$30.20	+23.9%	COM	15135B101
BEN	FRANKLIN RESOURCES INC	3,369,165	$80.49M	6.4%	$20.00	+13.3%	COM	354613101
NG	NOVAGOLD RES INC	8,429,379	$78.56M	6.3%	$4.48	+106.8%	COM NEW	66987E206
EXE	EXPAND ENERGY CORPORATION	681,579	$75.22M	6.0%	$92.12	+20.1%	COM	165167735
CRESY	CRESUD S A C I F Y A	4,246,881	$53.64M	4.3%	$9.99	—	SPONSORED ADR	226406106
SLB	SLB LIMITED	1,306,620	$50.15M	4.0%	$34.34	+5.0%	COM STK	806857108
RGLD	ROYAL GOLD INC	209,678	$46.61M	3.7%	$157.83	+25.7%	COM	780287108
NAK	NORTHERN DYNASTY MINERALS LT	21,661,178	$42.67M	3.4%	$0.83	+131.9%	COM NEW	66510M204
THM	INTERNATIONAL TOWER HILL MIN	14,448,418	$26.87M	2.1%	$0.81	+129.9%	COM	46050R102
B	BARRICK MNG CORP	590,051	$25.7M	2.1%	$19.29	+94.0%	COM SHS	06849F108
MOH	MOLINA HEALTHCARE INC	125,534	$21.79M	1.7%	$164.37	0.0%	COM	60855R100
CMCSA	COMCAST CORP NEW	649,213	$19.4M	1.5%	$28.53	0.0%	CL A	20030N101
AL	AIR LEASE CORP	285,013	$18.31M	1.5%	$44.74	+42.4%	CL A	00912X302
IE	IVANHOE ELECTRIC INC	428,752	$6.851M	0.5%	$7.93	+80.4%	COM	46578C108
VGZ	VISTA GOLD CORP	2,466,589	$4.859M	0.4%	$0.62	+210.2%	COM NEW	927926303
KEP	KOREA ELEC PWR CORP	268,151	$4.424M	0.4%	$10.79	—	SPONSORED ADR	500631106
NEM	NEWMONT CORP	23,201	$2.317M	0.2%	$44.64	+102.1%	COM	651639106
IRS	IRSA INVERSIONES Y REP S A	85,366	$1.412M	0.1%	$16.54	—	SPON GDS ECH 10	450047303
AZO	AUTOZONE INC	400	$214K	0.0%	—	—	Put	053332102
PAYX	PAYCHEX INC	5,600	$179K	0.0%	—	—	Put	704326107
ABBV	ABBVIE INC	4,600	$84,180	0.0%	—	—	Put	00287Y109
AAPL	APPLE INC	5,000	$77,000	0.0%	—	—	Put	037833100
AMGN	AMGEN INC	3,100	$465	0.0%	—	—	Put	031162100