Kopernik Global Investors, LLC Hedge Fund

Name: Kopernik Global Investors, LLC Q2 2026 13F Filing | 13F Explorer
Creator: Kopernik Global Investors, LLC
Published: 2026-08-11

Location: Tampa, FL

CIK: 0001599814 · Show all filings

Period: Q2 2026 (← Previous)

Filing Date: Aug 11, 2026

Total Value: $1.632B (100.0% shares, 0.0% debt)

Holdings (30)

New Positions (3)

SA SEABRIDGE GOLD INC 11.9%

Value $194M Shares 7,554,992 Est. Cost $25.74 Unrealized —

EPAM EPAM SYS INC 2.0%

Value $31.96M Shares 402,809 Est. Cost $79.35 Unrealized —

MOS MOSAIC CO 1.5%

Value $23.71M Shares 1,119,095 Est. Cost $21.19 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SA	SEABRIDGE GOLD INC	7,554,992	$194M	11.9%	$25.74	—	COM	811927102
EPAM	EPAM SYS INC	402,809	$31.96M	2.0%	$79.35	—	COM	29414B104
MOS	MOSAIC CO	1,119,095	$23.71M	1.5%	$21.19	—	COM	61945C103

Increased Positions (16)

EXE EXPAND ENERGY CORPORATION 9.6%

Value $157M (+76.0%) Shares 1,723,513 (+111.8%) Est. Cost $92.68 Unrealized —

RRC RANGE RES CORP 15.0%

Value $245M (+29.2%) Shares 6,575,941 (+57.0%) Est. Cost $31.66 Unrealized —

WY WEYERHAEUSER CO 5.5%

Value $89.98M (+93.4%) Shares 3,758,427 (+97.3%) Est. Cost $23.87 Unrealized —

KT KT CORP 9.6%

Value $156M (+36.9%) Shares 9,043,938 (+69.9%) Est. Cost $15.50 Unrealized —

NTR NUTRIEN LTD 8.4%

Value $138M (+28.0%) Shares 2,185,431 (+53.5%) Est. Cost $58.15 Unrealized —

CNXC CONCENTRIX CORP 4.4%

Value $71.15M (+59.8%) Shares 3,175,766 (+95.2%) Est. Cost $30.38 Unrealized —

RYN RAYONIER INC 4.3%

Value $69.56M (+54.3%) Shares 3,268,598 (+49.5%) Est. Cost $20.84 Unrealized —

NICE NICE LTD 3.1%

Value $51.15M (+84.9%) Shares 563,013 (+124.4%) Est. Cost $99.50 Unrealized —

RGLD ROYAL GOLD INC 2.6%

Value $42.91M (+95.7%) Shares 214,983 (+149.5%) Est. Cost $182.87 Unrealized —

NG NOVAGOLD RESOURCES INC 2.5%

Value $41.18M (-29.6%) Shares 6,898,074 (+5.9%) Est. Cost $4.57 Unrealized —

CMCSA COMCAST CORP NEW 1.9%

Value $31.38M (+68.3%) Shares 1,278,141 (+96.9%) Est. Cost $26.57 Unrealized —

NEM NEWMONT CORP 0.3%

Value $4.701M (+5606.2%) Shares 50,328 (+6513.4%) Est. Cost $92.66 Unrealized —

THM INTERNATIONAL TOWER HILL MIN 2.3%

Value $37.35M (-8.0%) Shares 18,767,533 (+6.3%) Est. Cost $1.17 Unrealized —

CRESY CRESUD S A C I F Y A 3.3%

Value $53.45M (-4.8%) Shares 4,767,644 (+8.0%) Est. Cost $10.17 Unrealized —

VGZ VISTA GOLD CORP 1.6%

Value $26.83M (-1.2%) Shares 14,049,338 (+1.4%) Est. Cost $2.14 Unrealized —

PLG PLATINUM GROUP METALS LTD 0.0%

Value $550K (-13.4%) Shares 407,105 (+13.5%) Est. Cost $2.49 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXE	EXPAND ENERGY CORPORATION	1,723,513 (+111.8%)	$157M (+76.0%)	9.6%	$92.68	—	COM	165167735
RRC	RANGE RES CORP	6,575,941 (+57.0%)	$245M (+29.2%)	15.0%	$31.66	—	COM	75281A109
WY	WEYERHAEUSER CO	3,758,427 (+97.3%)	$89.98M (+93.4%)	5.5%	$23.87	—	COM NEW	962166104
KT	KT CORP	9,043,938 (+69.9%)	$156M (+36.9%)	9.6%	$15.50	—	SPONSORED ADR	48268K101
NTR	NUTRIEN LTD	2,185,431 (+53.5%)	$138M (+28.0%)	8.4%	$58.15	—	COM	67077M108
CNXC	CONCENTRIX CORP	3,175,766 (+95.2%)	$71.15M (+59.8%)	4.4%	$30.38	—	COM	20602D101
RYN	RAYONIER INC	3,268,598 (+49.5%)	$69.56M (+54.3%)	4.3%	$20.84	—	COM	754907103
NICE	NICE LTD	563,013 (+124.4%)	$51.15M (+84.9%)	3.1%	$99.50	—	SPONSORED ADR	653656108
RGLD	ROYAL GOLD INC	214,983 (+149.5%)	$42.91M (+95.7%)	2.6%	$182.87	—	COM	780287108
NG	NOVAGOLD RESOURCES INC	6,898,074 (+5.9%)	$41.18M (-29.6%)	2.5%	$4.57	—	COM NEW	66987E206
CMCSA	COMCAST CORP NEW	1,278,141 (+96.9%)	$31.38M (+68.3%)	1.9%	$26.57	—	CL A	20030N101
NEM	NEWMONT CORP	50,328 (+6513.4%)	$4.701M (+5606.2%)	0.3%	$92.66	—	COM	651639106
THM	INTERNATIONAL TOWER HILL MIN	18,767,533 (+6.3%)	$37.35M (-8.0%)	2.3%	$1.17	—	COM	46050R102
CRESY	CRESUD S A C I F Y A	4,767,644 (+8.0%)	$53.45M (-4.8%)	3.3%	$10.17	—	SPONSORED ADR	226406106
VGZ	VISTA GOLD CORP	14,049,338 (+1.4%)	$26.83M (-1.2%)	1.6%	$2.14	—	COM NEW	927926303
PLG	PLATINUM GROUP METALS LTD	407,105 (+13.5%)	$550K (-13.4%)	0.0%	$2.49	—	COM	72765Q882

Exited Positions (4)

SA SEABRIDGE GOLD INC 12.7%

Value $208M Shares 7,332,863 Est. Cost $14.52 Unrealized —

MOH MOLINA HEALTHCARE INC 2.4%

Value $38.92M Shares 291,941 Est. Cost $166.81 Unrealized —

HUM HUMANA INC 1.2%

Value $19.66M Shares 113,385 Est. Cost $223.53 Unrealized —

AL AIR LEASE CORP 1.1%

Value $18.03M Shares 277,612 Est. Cost $44.74 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SA	SEABRIDGE GOLD INC	7,332,863	$208M	12.7%	$14.52	—	—	811916105
MOH	MOLINA HEALTHCARE INC	291,941	$38.92M	2.4%	$166.81	—	—	60855R100
HUM	HUMANA INC	113,385	$19.66M	1.2%	$223.53	—	—	444859102
AL	AIR LEASE CORP	277,612	$18.03M	1.1%	$44.74	—	—	00912X302

Decreased Positions (5)

CNC CENTENE CORP DEL 2.5%

Value $41.51M (-49.6%) Shares 646,716 (-74.3%) Est. Cost $32.77 Unrealized —

BEN FRANKLIN RESOURCES INC 2.7%

Value $43.94M (-47.2%) Shares 1,320,571 (-62.5%) Est. Cost $20.28 Unrealized —

B BARRICK MNG CORP 0.3%

Value $4.939M (-78.4%) Shares 134,459 (-76.0%) Est. Cost $19.29 Unrealized —

NAK NORTHERN DYNASTY MINERALS LT 3.8%

Value $61.78M (+35.1%) Shares 32,178,392 (-1.5%) Est. Cost $1.22 Unrealized —

IE IVANHOE ELECTRIC INC 0.6%

Value $9.936M (-52.9%) Shares 1,033,970 (-42.0%) Est. Cost $15.09 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNC	CENTENE CORP DEL	646,716 (-74.3%)	$41.51M (-49.6%)	2.5%	$32.77	—	COM	15135B101
BEN	FRANKLIN RESOURCES INC	1,320,571 (-62.5%)	$43.94M (-47.2%)	2.7%	$20.28	—	COM	354613101
B	BARRICK MNG CORP	134,459 (-76.0%)	$4.939M (-78.4%)	0.3%	$19.29	—	COM SHS	06849F108
NAK	NORTHERN DYNASTY MINERALS LT	32,178,392 (-1.5%)	$61.78M (+35.1%)	3.8%	$1.22	—	COM NEW	66510M204
IE	IVANHOE ELECTRIC INC	1,033,970 (-42.0%)	$9.936M (-52.9%)	0.6%	$15.09	—	COM	46578C108

Unchanged Positions (6)

KEP KOREA ELEC PWR CORP 0.2%

Value $2.506M Shares 207,140 Est. Cost $10.79 Unrealized —

AAPL APPLE INC 0.0%

Value $34,000 Shares 5,000 Est. Cost — Unrealized —

ABBV ABBVIE INC 0.0%

Value $33,580 Shares 4,600 Est. Cost — Unrealized —

IRS IRSA INVERSIONES Y REP S A 0.1%

Value $1.318M Shares 85,360 Est. Cost $16.54 Unrealized —

AZO AUTOZONE INC 0.0%

Value $261K Shares 400 Est. Cost — Unrealized —

AMGN AMGEN INC 0.0%

Value $38,010 Shares 4,200 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KEP	KOREA ELEC PWR CORP	207,140	$2.506M	0.2%	$10.79	—	SPONSORED ADR	500631106
AAPL	APPLE INC	5,000	$34,000	0.0%	—	—	PUT	037833100
ABBV	ABBVIE INC	4,600	$33,580	0.0%	—	—	PUT	00287Y109
IRS	IRSA INVERSIONES Y REP S A	85,360	$1.318M	0.1%	$16.54	—	SPON GDS ECH 10	450047303
AZO	AUTOZONE INC	400	$261K	0.0%	—	—	PUT	053332102
AMGN	AMGEN INC	4,200	$38,010	0.0%	—	—	PUT	031162100