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Goehring & Rozencwajg Associates, LLC

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13F filer, CIK 1863154, NEW YORK, NY

Goehring & Rozencwajg Associates, LLC reported $830,879,612 across 42 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-10. Its ten largest share positions make up 53.15% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001863154-25-000004

Period
2025-09-30
Reported value
$831M
Holdings
42
Top 10 weight
53.15%
New
1
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
VALadded+470,419$22.9M
NEadded+699,395$19.8M
CNQadded+443,339$14.2M
SDRLadded+11,113$336K
TDWnew+3,914$209K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
LEUreduced-24,435-$7.58M
HBMreduced-4,501-$68.2K
CCJreduced-693-$58.1K
NTRreduced-836-$49.1K
UECreduced-3,576-$47.7K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001863154-25-000004, largest first. % of portfolio is the value over $830,879,612, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CCJCAMECO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 739,503 shares; 2024Q4: 658,629 shares; 2025Q1: 673,298 shares; 2025Q2: 648,982 shares; 2025Q3: 648,289 shares 648,289$54.4M6.54%-693Timeline
RRCRANGE RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,435,576 shares; 2024Q4: 1,409,973 shares; 2025Q1: 1,435,376 shares; 2025Q2: 1,406,795 shares; 2025Q3: 1,411,151 shares 1,411,151$53.1M6.39%+4,356Timeline
SDRLSEADRILL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 486,702 shares; 2024Q4: 476,374 shares; 2025Q1: 1,200,201 shares; 2025Q2: 1,684,001 shares; 2025Q3: 1,695,114 shares 1,695,114$51.2M6.16%+11,113Timeline
LEUCENTRUS ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 215,045 shares; 2024Q4: 207,756 shares; 2025Q1: 212,362 shares; 2025Q2: 185,422 shares; 2025Q3: 160,987 shares 160,987$49.9M6.01%-24,435Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 212,297 shares; 2024Q4: 200,439 shares; 2025Q1: 671,829 shares; 2025Q2: 781,074 shares; 2025Q3: 780,238 shares 780,238$45.8M5.51%-836Timeline
VALVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 173,684 shares; 2024Q4: 167,230 shares; 2025Q1: 170,940 shares; 2025Q2: 432,021 shares; 2025Q3: 902,440 shares 902,440$44M5.3%+470,419Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,237,383 shares; 2024Q4: 1,196,225 shares; 2025Q1: 1,223,257 shares; 2025Q2: 1,171,247 shares; 2025Q3: 1,173,417 shares 1,173,417$40.9M4.92%+2,170Timeline
SBSWSIBANYE STILLWATER LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,653,480 shares; 2025Q1: 2,749,710 shares; 2025Q2: 3,348,841 shares; 2025Q3: 3,360,030 shares 3,360,030$37.8M4.55%+11,189Timeline
EQTEQT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 606,740 shares; 2024Q4: 592,417 shares; 2025Q1: 605,654 shares; 2025Q2: 591,155 shares; 2025Q3: 594,638 shares 594,638$32.4M3.9%+3,483Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 512,344 shares; 2025Q1: 526,765 shares; 2025Q2: 561,642 shares; 2025Q3: 1,004,981 shares 1,004,981$32.2M3.87%+443,339Timeline
NENOBLE CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 395,291 shares; 2024Q4: 370,492 shares; 2025Q1: 404,510 shares; 2025Q2: 382,240 shares; 2025Q3: 1,081,635 shares 1,081,635$30.6M3.68%+699,395Timeline
ARANTERO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 850,471 shares; 2024Q4: 830,532 shares; 2025Q1: 849,101 shares; 2025Q2: 824,612 shares; 2025Q3: 823,946 shares 823,946$27.7M3.33%-666Timeline
EQXEQUINOX GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,579,351 shares; 2024Q4: 1,528,556 shares; 2025Q1: 1,562,929 shares; 2025Q2: 2,244,877 shares; 2025Q3: 2,252,347 shares 2,252,347$25.3M3.04%+7,470Timeline
CNRCORE NATURAL RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 283,062 shares; 2025Q2: 283,245 shares; 2025Q3: 285,352 shares 285,352$23.8M2.87%+2,107Timeline
UECURANIUM ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,802,484 shares; 2024Q4: 1,746,646 shares; 2025Q1: 1,784,948 shares; 2025Q2: 1,732,811 shares; 2025Q3: 1,729,235 shares 1,729,235$23.1M2.78%-3,576Timeline
IEIVANHOE ELECTRIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,716,316 shares; 2024Q4: 1,675,467 shares; 2025Q1: 1,713,186 shares; 2025Q2: 1,693,316 shares; 2025Q3: 1,697,189 shares 1,697,189$21.3M2.56%+3,873Timeline
UUUUENERGY FUELS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,179,232 shares; 2024Q4: 1,145,393 shares; 2025Q1: 1,171,222 shares; 2025Q2: 1,168,516 shares; 2025Q3: 1,167,341 shares 1,167,341$17.9M2.16%-1,175Timeline
SKESKEENA RES LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,541,804 shares; 2024Q4: 1,505,167 shares; 2025Q1: 1,165,367 shares; 2025Q2: 870,153 shares; 2025Q3: 874,822 shares 874,822$16.1M1.94%+4,669Timeline
MOSMOSAIC COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 472,057 shares; 2024Q4: 451,979 shares; 2025Q1: 461,497 shares; 2025Q2: 427,078 shares; 2025Q3: 428,210 shares 428,210$14.9M1.79%+1,132Timeline
MTDRMATADOR RES COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 286,680 shares; 2024Q4: 285,679 shares; 2025Q1: 292,069 shares; 2025Q2: 287,404 shares; 2025Q3: 288,212 shares 288,212$12.9M1.56%+808Timeline
NXENEXGEN ENERGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,459,659 shares; 2024Q4: 1,440,874 shares; 2025Q1: 1,472,899 shares; 2025Q2: 1,445,108 shares; 2025Q3: 1,442,255 shares 1,442,255$12.9M1.55%-2,853Timeline
ORLAORLA MNG LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,393,971 shares; 2024Q4: 1,367,031 shares; 2025Q1: 1,397,753 shares; 2025Q2: 1,176,349 shares; 2025Q3: 1,182,704 shares 1,182,704$12.8M1.53%+6,355Timeline
AMRALPHA METALLURGICAL RESOUR IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 73,977 shares; 2024Q4: 71,800 shares; 2025Q1: 73,689 shares; 2025Q2: 73,893 shares; 2025Q3: 74,436 shares 74,436$12.2M1.47%+543Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 112,511 shares; 2024Q4: 109,031 shares; 2025Q1: 111,704 shares; 2025Q2: 110,383 shares; 2025Q3: 110,801 shares 110,801$11.8M1.42%+418Timeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 813,350 shares; 2024Q4: 780,287 shares; 2025Q1: 797,648 shares; 2025Q2: 778,065 shares; 2025Q3: 773,564 shares 773,564$11.7M1.41%-4,501Timeline
OIIOCEANEERING INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 471,357 shares; 2024Q4: 460,189 shares; 2025Q1: 470,545 shares; 2025Q2: 465,178 shares; 2025Q3: 466,058 shares 466,058$11.5M1.39%+880Timeline
DNNDENISON MINES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,844,109 shares; 2024Q4: 3,710,097 shares; 2025Q1: 3,793,204 shares; 2025Q2: 3,756,986 shares; 2025Q3: 3,753,145 shares 3,753,145$10.3M1.24%-3,841Timeline
NGNOVAGOLD RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 351,416 shares; 2024Q4: 371,128 shares; 2025Q1: 379,628 shares; 2025Q2: 1,127,844 shares; 2025Q3: 1,142,489 shares 1,142,489$10.1M1.21%+14,645Timeline
FANGDIAMONDBACK ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 70,216 shares; 2024Q4: 68,243 shares; 2025Q1: 69,684 shares; 2025Q2: 69,677 shares; 2025Q3: 69,832 shares 69,832$9.99M1.2%+155Timeline
PAASPAN AMERN SILVER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 282,410 shares; 2024Q4: 276,376 shares; 2025Q1: 282,599 shares; 2025Q2: 246,608 shares; 2025Q3: 248,080 shares 248,080$9.61M1.16%+1,472Timeline
FCXFREEPORT MCMORAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 233,773 shares; 2024Q4: 225,649 shares; 2025Q1: 230,701 shares; 2025Q2: 224,924 shares; 2025Q3: 225,436 shares 225,436$8.84M1.06%+512Timeline
CMCLCALEDONIA MNG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 227,891 shares; 2024Q4: 226,221 shares; 2025Q1: 232,034 shares; 2025Q2: 232,065 shares; 2025Q3: 234,065 shares 234,065$8.48M1.02%+2,000Timeline
CRKCOMSTOCK RES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 727,364 shares; 2024Q4: 702,991 shares; 2025Q1: 398,707 shares; 2025Q2: 408,590 shares; 2025Q3: 409,788 shares 409,788$8.13M0.98%+1,198Timeline
IPIINTREPID POTASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 208,090 shares; 2024Q4: 209,362 shares; 2025Q1: 213,977 shares; 2025Q2: 207,525 shares; 2025Q3: 208,232 shares 208,232$6.37M0.77%+707Timeline
CIVICIVITAS RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 197,531 shares; 2024Q4: 192,673 shares; 2025Q1: 189,627 shares; 2025Q2: 192,670 shares; 2025Q3: 193,140 shares 193,140$6.28M0.76%+470Timeline
SLBSLB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 187,604 shares; 2024Q4: 181,104 shares; 2025Q1: 185,171 shares; 2025Q2: 181,320 shares; 2025Q3: 181,807 shares 181,807$6.25M0.75%+487Timeline
URGUR-ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,164,742 shares; 2024Q4: 3,148,214 shares; 2025Q1: 3,220,120 shares; 2025Q2: 3,301,117 shares; 2025Q3: 3,292,797 shares 3,292,797$5.89M0.71%-8,320Timeline
EUENCORE ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,161,648 shares; 2024Q4: 1,136,521 shares; 2025Q1: 1,161,923 shares; 2025Q2: 1,161,320 shares; 2025Q3: 1,165,336 shares 1,165,336$3.74M0.45%+4,016Timeline
TFPMTRIPLE FLAG PRECIOUS METALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 107,671 shares; 2024Q4: 99,656 shares; 2025Q1: 101,856 shares; 2025Q2: 100,088 shares; 2025Q3: 100,724 shares 100,724$2.95M0.35%+636Timeline
TMQTRILOGY METALS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,669,216 shares; 2024Q4: 1,392,197 shares; 2025Q1: 1,402,797 shares; 2025Q2: 1,279,509 shares; 2025Q3: 1,338,321 shares 1,338,321$2.85M0.34%+58,812Timeline
BORRBORR DRILLING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,046,152 shares; 2024Q4: 1,033,317 shares; 2025Q1: 1,056,112 shares; 2025Q2: 1,033,961 shares; 2025Q3: 1,042,699 shares 1,042,699$2.8M0.34%+8,738Timeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,914 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,914 shares 3,914$209K0.03%newTimeline

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001863154-25-000004 base2025-11-10acceptance time not in the bulk data set