Kopernik Global Investors, LLC Hedge Fund

CIK: 0001599814 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $1,252,074 (100.0% shares, 0.0% debt)

Holdings (27)

New Positions (3)

MOH MOLINA HEALTHCARE INC 1.7%

Value ($000) $21,785 Shares 125,534 Est. Cost $164.37 Unrealized 0.0%

CMCSA COMCAST CORP NEW 1.5%

Value ($000) $19,405 Shares 649,213 Est. Cost $28.53 Unrealized 0.0%

IRS IRSA INVERSIONES Y REP S A 0.1%

Value ($000) $1,412 Shares 85,366 Est. Cost $16.54 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MOH	MOLINA HEALTHCARE INC	125,534	$21,785	1.7%	$164.37	0.0%	COM	60855R100
CMCSA	COMCAST CORP NEW	649,213	$19,405	1.5%	$28.53	0.0%	CL A	20030N101
IRS	IRSA INVERSIONES Y REP S A	85,366	$1,412	0.1%	$16.54	—	SPON GDS ECH 10	450047303

Increased Positions (7)

NTR NUTRIEN LTD 8.6%

Value ($000) $108,236 (+45.6%) Shares 1,753,659 (+38.5%) Est. Cost $55.58 Unrealized +5.9%

RGLD ROYAL GOLD INC 3.7%

Value ($000) $46,609 (+100.2%) Shares 209,678 (+80.7%) Est. Cost $157.83 Unrealized +25.7%

KT KT CORP 8.7%

Value ($000) $109,433 (+23.2%) Shares 5,768,752 (+26.6%) Est. Cost $14.26 Unrealized —

CRESY CRESUD S A C I F Y A 4.3%

Value ($000) $53,638 (+56.4%) Shares 4,246,881 (+13.9%) Est. Cost $9.99 Unrealized —

RRC RANGE RES CORP 14.8%

Value ($000) $184,724 (+11.0%) Shares 5,238,903 (+18.5%) Est. Cost $28.51 Unrealized +30.6%

BEN FRANKLIN RESOURCES INC 6.4%

Value ($000) $80,489 (+27.2%) Shares 3,369,165 (+23.2%) Est. Cost $20.00 Unrealized +13.3%

ABBV ABBVIE INC 0.0%

Value ($000) $84 (+1904.3%) Shares 4,600 (+9.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NTR	NUTRIEN LTD	1,753,659 (+38.5%)	$108,236 (+45.6%)	8.6%	$55.58	+5.9%	COM	67077M108
RGLD	ROYAL GOLD INC	209,678 (+80.7%)	$46,609 (+100.2%)	3.7%	$157.83	+25.7%	COM	780287108
KT	KT CORP	5,768,752 (+26.6%)	$109,433 (+23.2%)	8.7%	$14.26	—	SPONSORED ADR	48268K101
CRESY	CRESUD S A C I F Y A	4,246,881 (+13.9%)	$53,638 (+56.4%)	4.3%	$9.99	—	SPONSORED ADR	226406106
RRC	RANGE RES CORP	5,238,903 (+18.5%)	$184,724 (+11.0%)	14.8%	$28.51	+30.6%	COM	75281A109
BEN	FRANKLIN RESOURCES INC	3,369,165 (+23.2%)	$80,489 (+27.2%)	6.4%	$20.00	+13.3%	COM	354613101
ABBV	ABBVIE INC	4,600 (+9.5%)	$84 (+1904.3%)	0.0%	—	—	PUT	00287Y109

Exited Positions (4)

SQM SOCIEDAD QUIMICA Y MINERA DE 2.8%

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

— SANDSTORM GOLD LTD 1.6%

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

BORR BORR DRILLING LTD 1.1%

Value ($000) $13,406 Shares 4,983,672 Est. Cost $2.49 Unrealized +33.2%

SLV ISHARES SILVER TR 0.1%

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

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SQM	SOCIEDAD QUIMICA Y MINERA DE	812,944	$34,940	2.8%	$40.18	—	—	833635105
—	SANDSTORM GOLD LTD	1,586,602	$19,864	1.6%	$5.54	—	—	80013R206
BORR	BORR DRILLING LTD	4,983,672	$13,406	1.1%	$2.49	+33.2%	—	G1466R173
SLV	ISHARES SILVER TR	141,400	$1,287	0.1%	—	—	CALL	46428Q109

Decreased Positions (8)

B BARRICK MNG CORP 2.1%

Value ($000) $25,697 (-74.4%) Shares 590,051 (-80.7%) Est. Cost $19.29 Unrealized +94.0%

NG NOVAGOLD RES INC 6.3%

Value ($000) $78,562 (-32.0%) Shares 8,429,379 (-35.8%) Est. Cost $4.48 Unrealized +106.8%

SLB SLB LIMITED 4.0%

Value ($000) $50,148 (-23.6%) Shares 1,306,620 (-31.6%) Est. Cost $34.34 Unrealized +5.0%

IE IVANHOE ELECTRIC INC 0.5%

Value ($000) $6,851 (-59.1%) Shares 428,752 (-67.9%) Est. Cost $7.93 Unrealized +80.4%

EXE EXPAND ENERGY CORPORATION 6.0%

Value ($000) $75,219 (-4.1%) Shares 681,579 (-7.7%) Est. Cost $92.12 Unrealized +20.1%

CNC CENTENE CORP DEL 6.7%

Value ($000) $83,331 (+3.5%) Shares 2,025,052 (-10.3%) Est. Cost $30.20 Unrealized +23.9%

VGZ VISTA GOLD CORP 0.4%

Value ($000) $4,859 (-27.1%) Shares 2,466,589 (-21.2%) Est. Cost $0.62 Unrealized +210.2%

NEM NEWMONT CORP 0.2%

Value ($000) $2,317 (-43.4%) Shares 23,201 (-52.2%) Est. Cost $44.64 Unrealized +102.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
B	BARRICK MNG CORP	590,051 (-80.7%)	$25,697 (-74.4%)	2.1%	$19.29	+94.0%	COM SHS	06849F108
NG	NOVAGOLD RES INC	8,429,379 (-35.8%)	$78,562 (-32.0%)	6.3%	$4.48	+106.8%	COM NEW	66987E206
SLB	SLB LIMITED	1,306,620 (-31.6%)	$50,148 (-23.6%)	4.0%	$34.34	+5.0%	COM STK	806857108
IE	IVANHOE ELECTRIC INC	428,752 (-67.9%)	$6,851 (-59.1%)	0.5%	$7.93	+80.4%	COM	46578C108
EXE	EXPAND ENERGY CORPORATION	681,579 (-7.7%)	$75,219 (-4.1%)	6.0%	$92.12	+20.1%	COM	165167735
CNC	CENTENE CORP DEL	2,025,052 (-10.3%)	$83,331 (+3.5%)	6.7%	$30.20	+23.9%	COM	15135B101
VGZ	VISTA GOLD CORP	2,466,589 (-21.2%)	$4,859 (-27.1%)	0.4%	$0.62	+210.2%	COM NEW	927926303
NEM	NEWMONT CORP	23,201 (-52.2%)	$2,317 (-43.4%)	0.2%	$44.64	+102.1%	COM	651639106

Unchanged Positions (9)

SA SEABRIDGE GOLD INC 16.5%

Value ($000) $206,527 Shares 6,979,611 Est. Cost $13.60 Unrealized +93.3%

NAK NORTHERN DYNASTY MINERALS LT 3.4%

Value ($000) $42,673 Shares 21,661,178 Est. Cost $0.83 Unrealized +131.9%

THM INTERNATIONAL TOWER HILL MIN 2.1%

Value ($000) $26,874 Shares 14,448,418 Est. Cost $0.81 Unrealized +129.9%

KEP KOREA ELEC PWR CORP 0.4%

Value ($000) $4,424 Shares 268,151 Est. Cost $10.79 Unrealized —

AL AIR LEASE CORP 1.5%

Value ($000) $18,306 Shares 285,013 Est. Cost $44.74 Unrealized +42.4%

AZO AUTOZONE INC 0.0%

Value ($000) $214 Shares 400 Est. Cost — Unrealized —

PAYX PAYCHEX INC 0.0%

Value ($000) $179 Shares 5,600 Est. Cost — Unrealized —

AAPL APPLE INC 0.0%

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

AMGN AMGEN INC 0.0%

Value ($000) $0 Shares 3,100 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SA	SEABRIDGE GOLD INC	6,979,611	$206,527	16.5%	$13.60	+93.3%	COM	811916105
NAK	NORTHERN DYNASTY MINERALS LT	21,661,178	$42,673	3.4%	$0.83	+131.9%	COM NEW	66510M204
THM	INTERNATIONAL TOWER HILL MIN	14,448,418	$26,874	2.1%	$0.81	+129.9%	COM	46050R102
KEP	KOREA ELEC PWR CORP	268,151	$4,424	0.4%	$10.79	—	SPONSORED ADR	500631106
AL	AIR LEASE CORP	285,013	$18,306	1.5%	$44.74	+42.4%	CL A	00912X302
AZO	AUTOZONE INC	400	$214	0.0%	—	—	PUT	053332102
PAYX	PAYCHEX INC	5,600	$179	0.0%	—	—	PUT	704326107
AAPL	APPLE INC	5,000	$77	0.0%	—	—	PUT	037833100
AMGN	AMGEN INC	3,100	$0	0.0%	—	—	PUT	031162100