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Kopernik Global Investors, LLC

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13F filer, CIK 1599814, TAMPA, FL

Kopernik Global Investors, LLC reported $910,773,628 across 28 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 82.81% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001599814-25-000007

Period
2025-06-30
Reported value
$911M
Holdings
28
Top 10 weight
82.81%
New
3
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
Bnew+5,128,287$107M
NXEnew+1,760,522$12.2M
SQMadded+318,445$11.2M
BENadded+407,867$9.73M
CRESYadded+396,741$4.27M

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
BARRICK GOLD CORPexited-5,044,236-$98.1M
WPMexited-692,499-$53.8M
KTreduced-2,035,015-$42.3M
EXEreduced-341,771-$40M
RGLDreduced-215,707-$38.4M

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, Q2 2025

Share positions as resolved from 13F-HR 0001599814-25-000007, largest first. % of portfolio is the value over $910,004,437, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,998,038 shares; 2024Q4: 2,706,620 shares; 2025Q1: 2,846,663 shares; 2025Q2: 2,809,804 shares 2,809,804$114M12.56%-36,859Timeline
SASEABRIDGE GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,047,048 shares; 2024Q4: 3,047,048 shares; 2025Q1: 7,342,955 shares; 2025Q2: 7,382,606 shares 7,382,606$107M11.78%+39,651Timeline
BBARRICK MNG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 5,128,287 shares 5,128,287$107M11.73%newTimeline
KTKT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,470,754 shares; 2024Q4: 7,915,343 shares; 2025Q1: 6,311,479 shares; 2025Q2: 4,276,464 shares 4,276,464$88.9M9.77%-2,035,015Timeline
NGNOVAGOLD RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,818,863 shares; 2024Q4: 17,006,844 shares; 2025Q1: 18,591,730 shares; 2025Q2: 19,115,209 shares 19,115,209$78.2M8.59%+523,479Timeline
BENFRANKLIN TEMPLETON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,208,837 shares; 2024Q4: 1,208,837 shares; 2025Q1: 2,435,982 shares; 2025Q2: 2,843,849 shares 2,843,849$67.8M7.45%+407,867Timeline
SQMSOCIEDAD QUIMICA Y MINERA DEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,462,568 shares; 2024Q4: 1,462,568 shares; 2025Q1: 1,523,668 shares; 2025Q2: 1,842,113 shares 1,842,113$65M7.14%+318,445Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 919,945 shares; 2025Q1: 864,487 shares; 2025Q2: 522,716 shares 522,716$61.1M6.72%-341,771Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 81,164 shares; 2025Q1: 571,481 shares; 2025Q2: 573,644 shares 573,644$33.4M3.67%+2,163Timeline
IEIVANHOE ELECTRIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,426,418 shares; 2024Q4: 2,557,225 shares; 2025Q1: 3,340,185 shares; 2025Q2: 3,412,561 shares 3,412,561$31M3.4%+72,376Timeline
NAKNORTHERN DYNASTY MINERALS LTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,070,691 shares; 2024Q4: 31,470,739 shares; 2025Q1: 19,666,067 shares; 2025Q2: 19,666,067 shares 19,666,067$26.4M2.9%0Timeline
CRESYCRESUD S A C I F Y AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,411,257 shares; 2024Q4: 1,411,257 shares; 2025Q1: 1,996,135 shares; 2025Q2: 2,392,876 shares 2,392,876$25.7M2.83%+396,741Timeline
ALAIR LEASE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 336,174 shares; 2024Q4: 262,960 shares; 2025Q1: 296,911 shares; 2025Q2: 286,682 shares 286,682$16.8M1.84%-10,229Timeline
Sandstorm Gold LtdSandstorm Gold LtdQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,982,280 shares; 2024Q4: 1,982,280 shares; 2025Q1: 2,080,780 shares; 2025Q2: 1,603,160 shares 1,603,160$15.1M1.66%-477,620
AMTMAMENTUM HOLDINGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 765,982 shares; 2025Q1: 1,077,495 shares; 2025Q2: 636,226 shares 636,226$15M1.65%-441,269Timeline
RGLDROYAL GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 528,237 shares; 2024Q4: 518,178 shares; 2025Q1: 296,790 shares; 2025Q2: 81,083 shares 81,083$14.4M1.58%-215,707Timeline
THMINTERNATIONAL TOWER HILL MINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 13,949,307 shares; 2024Q4: 13,949,307 shares; 2025Q1: 14,448,418 shares; 2025Q2: 14,448,418 shares 14,448,418$12.4M1.36%0Timeline
NXENEXGEN ENERGY LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 675,934 shares; 2024Q4: 5,205 shares; 2025Q1: not reported; 2025Q2: 1,760,522 shares 1,760,522$12.2M1.34%newTimeline
NEMNEWMONT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 755,147 shares; 2025Q1: 406,615 shares; 2025Q2: 180,570 shares 180,570$10.5M1.16%-226,045Timeline
KEPKOREA ELEC PWR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,099,905 shares; 2024Q4: 1,099,905 shares; 2025Q1: 1,099,905 shares; 2025Q2: 268,151 shares 268,151$3.82M0.42%-831,754Timeline
VGZVISTA GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,942,622 shares; 2024Q4: 4,006,199 shares; 2025Q1: 4,042,525 shares; 2025Q2: 3,830,394 shares 3,830,394$3.74M0.41%-212,131Timeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 15,556 shares; 2025Q2: 12,155 shares 12,155$399K0.04%-3,401Timeline

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
SLVISHARES SILVER TR COMcall141,400$359Knew
AAPLAPPLE INC COMput5,000$247K0
ABBVABBVIE INC COMput4,200$62.4K0
PAYXPAYCHEX INC COMput5,600$49.3K0
AMGNAMGEN INC COMput3,100$41.1K0
AZOAUTOZONE INC Stockput100$10.1K0

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
BARRICK GOLD CORPBARRICK GOLD CORP5,044,236$98.1Mshares
WPMWHEATON PRECIOUS METALS CORP692,499$53.8Mshares
PPTAPERPETUA RESOURCES CORP1,104,398$11.8Mshares
HMYHARMONY GOLD MNG LTD17,215$254Kshares
CMGCHIPOTLE MEXICAN GRILL INC5,000$63Kput
NVDANVIDIA CORPORATION15,000$16.1Kput

How Q2 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 0001599814-25-000007 base2025-08-14acceptance time not in the bulk data set