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Kopernik Global Investors, LLC

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13F filer, CIK 1599814, TAMPA, FL

Kopernik Global Investors, LLC reported $1,227,250,740 across 28 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 81.67% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001599814-25-000011

Period
2025-09-30
Reported value
$1.23B
Holdings
28
Top 10 weight
81.67%
New
3
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CNCnew+2,256,881$80.5M
SLBnew+1,909,788$65.6M
RRCadded+1,610,804$60.6M
NTRadded+692,956$40.7M
EXEadded+215,331$22.9M

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
Breduced-2,070,897-$67.9M
NGreduced-5,977,632-$52.6M
SQMreduced-1,029,169-$44.2M
IEreduced-2,076,576-$26.1M
AMTMexited-636,226-$15M

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 0001599814-25-000011, largest first. % of portfolio is the value over $1,225,636,790, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SASEABRIDGE GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 6,946,666 shares 6,946,666$168M13.69%-435,940Timeline
RRCRANGE RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,420,608 shares 4,420,608$166M13.58%+1,610,804Timeline
NGNOVAGOLD RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 13,137,577 shares 13,137,577$116M9.43%-5,977,632Timeline
BBARRICK MNG CORPQuarterly 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: not reported; 2025Q2: 5,128,287 shares; 2025Q3: 3,057,390 shares 3,057,390$100M8.17%-2,070,897Timeline
KTKT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 4,555,448 shares 4,555,448$88.8M7.25%+278,984Timeline
CNCCENTENE CORP DELQuarterly 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: not reported; 2025Q2: not reported; 2025Q3: 2,256,881 shares 2,256,881$80.5M6.57%newTimeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 919,945 shares; 2025Q1: 864,487 shares; 2025Q2: 522,716 shares; 2025Q3: 738,047 shares 738,047$78.4M6.4%+215,331Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 81,164 shares; 2025Q1: 571,481 shares; 2025Q2: 573,644 shares; 2025Q3: 1,266,600 shares 1,266,600$74.4M6.07%+692,956Timeline
SLBSLB LIMITEDQuarterly 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: not reported; 2025Q2: not reported; 2025Q3: 1,909,788 shares 1,909,788$65.6M5.36%newTimeline
BENFRANKLIN TEMPLETON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,735,624 shares 2,735,624$63.3M5.16%-108,225Timeline
SQMSOCIEDAD QUIMICA Y MINERA DEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 812,944 shares 812,944$34.9M2.85%-1,029,169Timeline
CRESYCRESUD S A C I F Y AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,727,790 shares 3,727,790$34.3M2.8%+1,334,914Timeline
NAKNORTHERN DYNASTY MINERALS LTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 21,661,178 shares 21,661,178$26M2.12%+1,995,111Timeline
THMINTERNATIONAL TOWER HILL MINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 14,448,418 shares 14,448,418$23.7M1.93%0Timeline
RGLDROYAL GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 528,237 shares; 2024Q4: 518,178 shares; 2025Q1: 296,790 shares; 2025Q2: 81,083 shares; 2025Q3: 116,065 shares 116,065$23.3M1.9%+34,982Timeline
Sandstorm Gold LtdSandstorm Gold LtdQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,586,602 shares 1,586,602$19.9M1.62%-16,558
ALAIR LEASE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 336,174 shares; 2024Q4: 262,960 shares; 2025Q1: 296,911 shares; 2025Q2: 286,682 shares; 2025Q3: 285,013 shares 285,013$18.1M1.48%-1,669Timeline
IEIVANHOE ELECTRIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 1,335,985 shares 1,335,985$16.8M1.37%-2,076,576Timeline
BORRBORR DRILLING LTDQuarterly 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: not reported; 2025Q2: not reported; 2025Q3: 4,983,672 shares 4,983,672$13.4M1.09%newTimeline
VGZVISTA GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,129,347 shares 3,129,347$6.67M0.54%-701,047Timeline
NEMNEWMONT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 755,147 shares; 2025Q1: 406,615 shares; 2025Q2: 180,570 shares; 2025Q3: 48,516 shares 48,516$4.09M0.33%-132,054Timeline
KEPKOREA ELEC PWR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 268,151 shares 268,151$3.5M0.29%0Timeline

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$1.29M0
PAYXPAYCHEX INC COMput5,600$113K0
AAPLAPPLE INC COMput5,000$112K0
AZOAUTOZONE INC Stockput400$76K+300
AMGNAMGEN INC COMput3,100$21.4K0
ABBVABBVIE INC COMput4,200$4.2K0

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
AMTMAMENTUM HOLDINGS INC636,226$15Mshares
NXENEXGEN ENERGY LTD1,760,522$12.2Mshares
SLVISHARES SILVER TR12,155$399Kshares

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 0001599814-25-000011 base2025-11-14acceptance time not in the bulk data set