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Goehring & Rozencwajg Associates, LLC

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13F filer, CIK 1863154, NEW YORK, NY

Goehring & Rozencwajg Associates, LLC reported $1,861,025,819 across 43 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-05. Its ten largest share positions make up 57.53% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001863154-26-000003

Period
2026-03-31
Reported value
$1.86B
Holdings
43
Top 10 weight
57.53%
New
4
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SUadded+1,112,774$73.6M
SLBadded+1,361,588$70M
HCCnew+598,113$55.7M
CNQadded+925,440$45.1M
CNRadded+405,505$42.5M

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
HBMexited-824,951-$16.4M
SKEexited-562,975-$13.4M
ORLAreduced-616,365-$9.91M
PAASexited-175,080-$9.07M
CIVIexited-256,605-$6.95M

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, Q1 2026

Share positions as resolved from 13F-HR 0001863154-26-000003, largest first. % of portfolio is the value over $1,861,025,819, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,827,853 shares 2,827,853$138M7.41%+925,440Timeline
VALVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,319,351 shares 1,319,351$129M6.95%+257,281Timeline
RRCRANGE RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,721,749 shares 2,721,749$123M6.61%+718,648Timeline
SUSUNCOR ENERGY INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 727,381 shares; 2026Q1: 1,840,155 shares 1,840,155$122M6.54%+1,112,774Timeline
SLBSLB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,298,550 shares 2,298,550$118M6.35%+1,361,588Timeline
SDRLSEADRILL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,449,565 shares 2,449,565$111M5.99%+529,884Timeline
CCJCAMECO CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 836,431 shares 836,431$90.8M4.88%+153,479Timeline
NENOBLE CORP PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,841,206 shares 1,841,206$90.3M4.85%+415,152Timeline
CNRCORE NATURAL RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 283,062 shares; 2025Q2: 283,245 shares; 2025Q3: 285,352 shares; 2025Q4: 302,720 shares; 2026Q1: 708,225 shares 708,225$74.2M3.99%+405,505Timeline
EQTEQT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,159,203 shares 1,159,203$73.8M3.96%+313,493Timeline
ARANTERO RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,617,138 shares 1,617,138$68.6M3.69%+433,518Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 822,291 shares 822,291$62.1M3.33%-3,146Timeline
HCCWARRIOR MET COAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 598,113 shares 598,113$55.7M2.99%newTimeline
SBSWSIBANYE STILLWATER LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 4,270,069 shares 4,270,069$52.6M2.83%+730,389Timeline
AMRALPHA METALLURGICAL RESOUR IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 242,039 shares 242,039$49.7M2.67%+163,144Timeline
CHRDCHORD ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 283,461 shares 283,461$40.3M2.17%newTimeline
PRPERMIAN RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 449,235 shares; 2026Q1: 1,814,700 shares 1,814,700$38.7M2.08%+1,365,465Timeline
LEUCENTRUS ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 202,058 shares 202,058$35.1M1.88%+30,944Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 686,587 shares 686,587$30.5M1.64%-94,064Timeline
UECURANIUM ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,201,921 shares 2,201,921$29.7M1.6%+380,827Timeline
MTDRMATADOR RES COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 457,894 shares 457,894$28.9M1.55%+113,756Timeline
UUUUENERGY FUELS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,484,902 shares 1,484,902$27.1M1.46%+255,494Timeline
OIIOCEANEERING INTL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 713,586 shares 713,586$25.3M1.36%+144,852Timeline
IEIVANHOE ELECTRIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,115,009 shares 2,115,009$25M1.34%+327,112Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 225,860 shares 225,860$24.8M1.33%+60,492Timeline
MOSMOSAIC COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 922,305 shares 922,305$23.5M1.26%+471,259Timeline
FANGDIAMONDBACK ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 113,489 shares 113,489$22.4M1.21%+28,246Timeline
NXENEXGEN ENERGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,810,943 shares 1,810,943$21M1.13%+292,004Timeline
EQXEQUINOX GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,283,253 shares 1,283,253$18.5M1%-181,508Timeline
CRKCOMSTOCK RES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 861,858 shares 861,858$18.2M0.98%+222,569Timeline
DNNDENISON MINES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 4,720,615 shares 4,720,615$16.7M0.9%+767,863Timeline
SMSM ENERGY COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 487,730 shares 487,730$15.2M0.82%newTimeline
BORRBORR DRILLING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,119,465 shares 2,119,465$12.2M0.66%+496,302Timeline
IPIINTREPID POTASH INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 267,097 shares 267,097$11.4M0.61%+47,781Timeline
FCXFREEPORT MCMORAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 123,252 shares 123,252$7.24M0.39%-114,332Timeline
URGUR-ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 4,253,094 shares 4,253,094$6.34M0.34%+785,173Timeline
TMQTRILOGY METALS INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,728,153 shares 1,728,153$6.22M0.33%+319,949Timeline
NGNOVAGOLD RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 692,741 shares 692,741$6.22M0.33%-107,085Timeline
CMCLCALEDONIA MNG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 153,264 shares 153,264$3.46M0.19%-12,040Timeline
EUENCORE ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 1,464,724 shares 1,464,724$2.64M0.14%+237,469Timeline
ORLAORLA MNG LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 161,584 shares 161,584$2.6M0.14%-616,365Timeline
TFPMTRIPLE FLAG PRECIOUS METALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 60,271 shares 60,271$2.09M0.11%-7,751Timeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 3,914 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 3,914 shares; 2025Q4: not reported; 2026Q1: 3,914 shares 3,914$327K0.02%newTimeline

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
HBMHUDBAY MINERALS INC824,951$16.4Mshares
SKESKEENA RES LTD NEW562,975$13.4Mshares
PAASPAN AMERN SILVER CORP175,080$9.07Mshares
CIVICIVITAS RESOURCES INC256,605$6.95Mshares

How Q1 2026 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 0001863154-26-000003 base2026-05-05acceptance time not in the bulk data set