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Kopernik Global Investors, LLC

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13F filer, CIK 1599814, TAMPA, FL

Kopernik Global Investors, LLC reported $964,751,981 across 31 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-14. Its ten largest share positions make up 79.79% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001599814-25-000003

Period
2025-03-31
Reported value
$965M
Holdings
31
Top 10 weight
79.79%
New
2
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
SAadded+4,295,907$50.1M
NTRadded+490,317$24.4M
BENadded+1,227,145$23.6M
CRESYadded+584,878$6.46M
AMTMadded+311,513$5.67M

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
HMYreduced-2,707,637-$40M
ARCADIUM LITHIUM PLCexited-7,370,438-$37.8M
WPMreduced-484,593-$37.6M
RGLDreduced-221,388-$36.2M
KTreduced-1,603,864-$28.4M

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.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001599814-25-000003, largest first. % of portfolio is the value over $964,365,051, 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; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,998,038 shares; 2024Q4: 2,706,620 shares; 2025Q1: 2,846,663 shares 2,846,663$114M11.79%+140,043Timeline
KTKT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,470,754 shares; 2024Q4: 7,915,343 shares; 2025Q1: 6,311,479 shares 6,311,479$112M11.59%-1,603,864Timeline
BARRICK GOLD CORPBARRICK GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,407,967 shares; 2024Q4: 4,812,612 shares; 2025Q1: 5,044,236 shares 5,044,236$98.1M10.17%+231,624
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 919,945 shares; 2025Q1: 864,487 shares 864,487$96.2M9.98%-55,458Timeline
SASEABRIDGE GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,047,048 shares; 2024Q4: 3,047,048 shares; 2025Q1: 7,342,955 shares 7,342,955$85.7M8.89%+4,295,907Timeline
SQMSOCIEDAD QUIMICA Y MINERA DEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,462,568 shares; 2024Q4: 1,462,568 shares; 2025Q1: 1,523,668 shares 1,523,668$60.5M6.28%+61,100Timeline
NGNOVAGOLD RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,818,863 shares; 2024Q4: 17,006,844 shares; 2025Q1: 18,591,730 shares 18,591,730$54.3M5.63%+1,584,886Timeline
WPMWHEATON PRECIOUS METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,177,092 shares; 2024Q4: 1,177,092 shares; 2025Q1: 692,499 shares 692,499$53.8M5.57%-484,593Timeline
RGLDROYAL GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 528,237 shares; 2024Q4: 518,178 shares; 2025Q1: 296,790 shares 296,790$48.5M5.03%-221,388Timeline
BENFRANKLIN TEMPLETON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,208,837 shares; 2024Q4: 1,208,837 shares; 2025Q1: 2,435,982 shares 2,435,982$46.9M4.86%+1,227,145Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 81,164 shares; 2025Q1: 571,481 shares 571,481$28.4M2.94%+490,317Timeline
NAKNORTHERN DYNASTY MINERALS LTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,070,691 shares; 2024Q4: 31,470,739 shares; 2025Q1: 19,666,067 shares 19,666,067$22.6M2.35%-11,804,672Timeline
CRESYCRESUD S A C I F Y AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,411,257 shares; 2024Q4: 1,411,257 shares; 2025Q1: 1,996,135 shares 1,996,135$22.1M2.29%+584,878Timeline
NEMNEWMONT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 755,147 shares; 2025Q1: 406,615 shares 406,615$19.6M2.04%-348,532Timeline
AMTMAMENTUM HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 765,982 shares; 2025Q1: 1,077,495 shares 1,077,495$19.6M2.03%+311,513Timeline
IEIVANHOE ELECTRIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,426,418 shares; 2024Q4: 2,557,225 shares; 2025Q1: 3,340,185 shares 3,340,185$19.4M2.01%+782,960Timeline
Sandstorm Gold LtdSandstorm Gold LtdQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,982,280 shares; 2024Q4: 1,982,280 shares; 2025Q1: 2,080,780 shares 2,080,780$15.7M1.63%+98,500
ALAIR LEASE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 336,174 shares; 2024Q4: 262,960 shares; 2025Q1: 296,911 shares 296,911$14.3M1.49%+33,951Timeline
PPTAPERPETUA RESOURCES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,527,323 shares; 2024Q4: 2,151,004 shares; 2025Q1: 1,104,398 shares 1,104,398$11.8M1.22%-1,046,606Timeline
THMINTERNATIONAL TOWER HILL MINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,949,307 shares; 2024Q4: 13,949,307 shares; 2025Q1: 14,448,418 shares 14,448,418$9.13M0.95%+499,111Timeline
KEPKOREA ELEC PWR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,099,905 shares; 2024Q4: 1,099,905 shares; 2025Q1: 1,099,905 shares 1,099,905$8.15M0.85%0Timeline
VGZVISTA GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,942,622 shares; 2024Q4: 4,006,199 shares; 2025Q1: 4,042,525 shares 4,042,525$3.35M0.35%+36,326Timeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,556 shares 15,556$482K0.05%newTimeline
HMYHARMONY GOLD MNG LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,917,511 shares; 2024Q4: 2,724,852 shares; 2025Q1: 17,215 shares 17,215$254K0.03%-2,707,637Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
AAPLAPPLE INC COMput5,000$192K0
CMGCHIPOTLE MEXICAN GRILL INC STOKput5,000$63K-5,000
ABBVABBVIE INC COMput4,200$39.1Knew
PAYXPAYCHEX INC COMput5,600$34.2K+2,700
AMGNAMGEN INC COMput3,100$30.1K0
NVDANVIDIA CORPORATION COMput15,000$16.1K0
AZOAUTOZONE INC Stockput100$12.1K-200

Sold out in Q1 2025

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

SecurityShares beforeValue beforeType
ARCADIUM LITHIUM PLCARCADIUM LITHIUM PLC7,370,438$37.8Mshares
BABAALIBABA GROUP HLDG LTD220,556$18.7Mshares
SLVISHARES SILVER TR33,700$49.2Kcall
NXENEXGEN ENERGY LTD5,205$34.4Kshares
NVONOVO-NORDISK A S9,400$7.9Kput

How Q1 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 0001599814-25-000003 base2025-05-14acceptance time not in the bulk data set