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Goehring & Rozencwajg Associates, LLC

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13F filer, CIK 1863154, NEW YORK, NY

Goehring & Rozencwajg Associates, LLC reported $1,009,385,873 across 43 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 54.15% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001863154-26-000002

Period
2025-12-31
Reported value
$1.01B
Holdings
43
Top 10 weight
54.15%
New
2
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CNQadded+897,432$30.4M
SLBadded+755,155$29M
RRCadded+591,950$20.9M
EQTadded+251,072$13.5M
ARadded+359,674$12.4M

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
AGIreduced-392,766-$15.2M
EQXreduced-787,586-$11.1M
SKEreduced-311,847-$7.41M
ORLAreduced-404,755-$5.44M
PAASreduced-73,000-$3.78M

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, Q4 2025

Share positions as resolved from 13F-HR 0001863154-26-000002, largest first. % of portfolio is the value over $1,009,385,873, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
RRCRANGE RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,003,101 shares 2,003,101$70.6M7%+591,950Timeline
SDRLSEADRILL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,919,681 shares 1,919,681$66.4M6.58%+224,567Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 512,344 shares; 2025Q1: 526,765 shares; 2025Q2: 561,642 shares; 2025Q3: 1,004,981 shares; 2025Q4: 1,902,413 shares 1,902,413$64.4M6.38%+897,432Timeline
CCJCAMECO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 739,503 shares; 2024Q4: 658,629 shares; 2025Q1: 673,298 shares; 2025Q2: 648,982 shares; 2025Q3: 648,289 shares; 2025Q4: 682,952 shares 682,952$62.5M6.19%+34,663Timeline
VALVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 173,684 shares; 2024Q4: 167,230 shares; 2025Q1: 170,940 shares; 2025Q2: 432,021 shares; 2025Q3: 902,440 shares; 2025Q4: 1,062,070 shares 1,062,070$53.5M5.3%+159,630Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 212,297 shares; 2024Q4: 200,439 shares; 2025Q1: 671,829 shares; 2025Q2: 781,074 shares; 2025Q3: 780,238 shares; 2025Q4: 825,437 shares 825,437$50.9M5.05%+45,199Timeline
SBSWSIBANYE STILLWATER LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,539,680 shares 3,539,680$50.4M5%+179,650Timeline
EQTEQT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 606,740 shares; 2024Q4: 592,417 shares; 2025Q1: 605,654 shares; 2025Q2: 591,155 shares; 2025Q3: 594,638 shares; 2025Q4: 845,710 shares 845,710$45.3M4.49%+251,072Timeline
LEUCENTRUS ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 215,045 shares; 2024Q4: 207,756 shares; 2025Q1: 212,362 shares; 2025Q2: 185,422 shares; 2025Q3: 160,987 shares; 2025Q4: 171,114 shares 171,114$41.5M4.12%+10,127Timeline
ARANTERO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 850,471 shares; 2024Q4: 830,532 shares; 2025Q1: 849,101 shares; 2025Q2: 824,612 shares; 2025Q3: 823,946 shares; 2025Q4: 1,183,620 shares 1,183,620$40.8M4.04%+359,674Timeline
NENOBLE CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,426,054 shares 1,426,054$40.3M3.99%+344,419Timeline
SLBSLB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 187,604 shares; 2024Q4: 181,104 shares; 2025Q1: 185,171 shares; 2025Q2: 181,320 shares; 2025Q3: 181,807 shares; 2025Q4: 936,962 shares 936,962$36M3.56%+755,155Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 780,651 shares 780,651$30.1M2.98%-392,766Timeline
IEIVANHOE ELECTRIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,787,897 shares 1,787,897$28.6M2.83%+90,708Timeline
CNRCORE NATURAL RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 283,062 shares; 2025Q2: 283,245 shares; 2025Q3: 285,352 shares; 2025Q4: 302,720 shares 302,720$26.8M2.65%+17,368Timeline
UECURANIUM ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,821,094 shares 1,821,094$21.3M2.11%+91,859Timeline
EQXEQUINOX GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,464,761 shares 1,464,761$20.6M2.04%-787,586Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 112,511 shares; 2024Q4: 109,031 shares; 2025Q1: 111,704 shares; 2025Q2: 110,383 shares; 2025Q3: 110,801 shares; 2025Q4: 165,368 shares 165,368$18.3M1.81%+54,567Timeline
UUUUENERGY FUELS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,229,408 shares 1,229,408$17.9M1.77%+62,067Timeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 813,350 shares; 2024Q4: 780,287 shares; 2025Q1: 797,648 shares; 2025Q2: 778,065 shares; 2025Q3: 773,564 shares; 2025Q4: 824,951 shares 824,951$16.4M1.62%+51,387Timeline
AMRALPHA METALLURGICAL RESOUR IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 73,977 shares; 2024Q4: 71,800 shares; 2025Q1: 73,689 shares; 2025Q2: 73,893 shares; 2025Q3: 74,436 shares; 2025Q4: 78,895 shares 78,895$15.8M1.56%+4,459Timeline
CRKCOMSTOCK RES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 727,364 shares; 2024Q4: 702,991 shares; 2025Q1: 398,707 shares; 2025Q2: 408,590 shares; 2025Q3: 409,788 shares; 2025Q4: 639,289 shares 639,289$14.8M1.47%+229,501Timeline
MTDRMATADOR RES COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 286,680 shares; 2024Q4: 285,679 shares; 2025Q1: 292,069 shares; 2025Q2: 287,404 shares; 2025Q3: 288,212 shares; 2025Q4: 344,138 shares 344,138$14.6M1.45%+55,926Timeline
NXENEXGEN ENERGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,518,939 shares 1,518,939$14M1.38%+76,684Timeline
OIIOCEANEERING INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 471,357 shares; 2024Q4: 460,189 shares; 2025Q1: 470,545 shares; 2025Q2: 465,178 shares; 2025Q3: 466,058 shares; 2025Q4: 568,734 shares 568,734$13.7M1.35%+102,676Timeline
SKESKEENA RES LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 562,975 shares 562,975$13.4M1.32%-311,847Timeline
FANGDIAMONDBACK ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 70,216 shares; 2024Q4: 68,243 shares; 2025Q1: 69,684 shares; 2025Q2: 69,677 shares; 2025Q3: 69,832 shares; 2025Q4: 85,243 shares 85,243$12.8M1.27%+15,411Timeline
FCXFREEPORT MCMORAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 233,773 shares; 2024Q4: 225,649 shares; 2025Q1: 230,701 shares; 2025Q2: 224,924 shares; 2025Q3: 225,436 shares; 2025Q4: 237,584 shares 237,584$12.1M1.2%+12,148Timeline
MOSMOSAIC COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 472,057 shares; 2024Q4: 451,979 shares; 2025Q1: 461,497 shares; 2025Q2: 427,078 shares; 2025Q3: 428,210 shares; 2025Q4: 451,046 shares 451,046$10.9M1.08%+22,836Timeline
DNNDENISON MINES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,952,752 shares 3,952,752$10.5M1.04%+199,607Timeline
ORLAORLA MNG LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 777,949 shares 777,949$10.5M1.04%-404,755Timeline
PAASPAN AMERN SILVER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 282,410 shares; 2024Q4: 276,376 shares; 2025Q1: 282,599 shares; 2025Q2: 246,608 shares; 2025Q3: 248,080 shares; 2025Q4: 175,080 shares 175,080$9.07M0.9%-73,000Timeline
NGNOVAGOLD RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 799,826 shares 799,826$7.45M0.74%-342,663Timeline
PRPERMIAN RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 449,235 shares 449,235$7.17M0.71%newTimeline
CIVICIVITAS RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 197,531 shares; 2024Q4: 192,673 shares; 2025Q1: 189,627 shares; 2025Q2: 192,670 shares; 2025Q3: 193,140 shares; 2025Q4: 256,605 shares 256,605$6.95M0.69%+63,465Timeline
BORRBORR DRILLING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,623,163 shares 1,623,163$6.54M0.65%+580,464Timeline
TMQTRILOGY METALS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,408,204 shares 1,408,204$6.1M0.6%+69,883Timeline
IPIINTREPID POTASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 208,090 shares; 2024Q4: 209,362 shares; 2025Q1: 213,977 shares; 2025Q2: 207,525 shares; 2025Q3: 208,232 shares; 2025Q4: 219,316 shares 219,316$6.08M0.6%+11,084Timeline
URGUR-ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,467,921 shares 3,467,921$4.82M0.48%+175,124Timeline
CMCLCALEDONIA MNG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 227,891 shares; 2024Q4: 226,221 shares; 2025Q1: 232,034 shares; 2025Q2: 232,065 shares; 2025Q3: 234,065 shares; 2025Q4: 165,304 shares 165,304$4.33M0.43%-68,761Timeline
EUENCORE ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,227,255 shares 1,227,255$3.04M0.3%+61,919Timeline
TFPMTRIPLE FLAG PRECIOUS METALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 107,671 shares; 2024Q4: 99,656 shares; 2025Q1: 101,856 shares; 2025Q2: 100,088 shares; 2025Q3: 100,724 shares; 2025Q4: 68,022 shares 68,022$2.26M0.22%-32,702Timeline
SUSUNCOR ENERGY INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 727,381 shares 727,381$00%newValue filed as zero, left out of ratios.Timeline

Sold out in Q4 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
TDWTIDEWATER INC NEW3,914$209Kshares

How Q4 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 0001863154-26-000002 base2026-02-13acceptance time not in the bulk data set