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Kopernik Global Investors, LLC

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13F filer, CIK 1599814, TAMPA, FL

Kopernik Global Investors, LLC reported $1,252,074,069 across 27 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 82.32% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001599814-26-000002

Period
2025-12-31
Reported value
$1.25B
Holdings
27
Top 10 weight
82.32%
New
3
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NTRadded+487,059$30.1M
RRCadded+818,295$28.9M
KTadded+1,213,304$23M
MOHnew+125,534$21.8M
RGLDadded+93,613$20.8M

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-2,467,339-$107M
NGreduced-4,708,198-$43.9M
SQMexited-812,944-$34.9M
SLBreduced-603,168-$23.1M
Sandstorm Gold Ltdexited-1,586,602-$19.9M

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.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001599814-26-000002, largest first. % of portfolio is the value over $1,251,519,624, 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; 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; 2025Q4: 6,979,611 shares 6,979,611$207M16.5%+32,945Timeline
RRCRANGE RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,238,903 shares 5,238,903$185M14.76%+818,295Timeline
KTKT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 5,768,752 shares 5,768,752$109M8.74%+1,213,304Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 81,164 shares; 2025Q1: 571,481 shares; 2025Q2: 573,644 shares; 2025Q3: 1,266,600 shares; 2025Q4: 1,753,659 shares 1,753,659$108M8.65%+487,059Timeline
CNCCENTENE CORP DELQuarterly 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: 2,256,881 shares; 2025Q4: 2,025,052 shares 2,025,052$83.3M6.66%-231,829Timeline
BENFRANKLIN TEMPLETON INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,369,165 shares 3,369,165$80.5M6.43%+633,541Timeline
NGNOVAGOLD RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 8,429,379 shares 8,429,379$78.6M6.28%-4,708,198Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 919,945 shares; 2025Q1: 864,487 shares; 2025Q2: 522,716 shares; 2025Q3: 738,047 shares; 2025Q4: 681,579 shares 681,579$75.2M6.01%-56,468Timeline
CRESYCRESUD S A C I F Y AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,246,881 shares 4,246,881$53.6M4.29%+519,091Timeline
SLBSLB LIMITEDQuarterly 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: 1,909,788 shares; 2025Q4: 1,306,620 shares 1,306,620$50.1M4.01%-603,168Timeline
RGLDROYAL GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 528,237 shares; 2024Q4: 518,178 shares; 2025Q1: 296,790 shares; 2025Q2: 81,083 shares; 2025Q3: 116,065 shares; 2025Q4: 209,678 shares 209,678$46.6M3.72%+93,613Timeline
NAKNORTHERN DYNASTY MINERALS LTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 21,661,178 shares 21,661,178$42.7M3.41%0Timeline
THMINTERNATIONAL TOWER HILL MINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 14,448,418 shares 14,448,418$26.9M2.15%0Timeline
BBARRICK MNG 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: 5,128,287 shares; 2025Q3: 3,057,390 shares; 2025Q4: 590,051 shares 590,051$25.7M2.05%-2,467,339Timeline
MOHMOLINA HEALTHCARE INCQuarterly 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: 125,534 shares 125,534$21.8M1.74%newTimeline
CMCSACOMCAST CORP 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: 649,213 shares 649,213$19.4M1.55%newTimeline
ALAIR LEASE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 336,174 shares; 2024Q4: 262,960 shares; 2025Q1: 296,911 shares; 2025Q2: 286,682 shares; 2025Q3: 285,013 shares; 2025Q4: 285,013 shares 285,013$18.3M1.46%0Timeline
IEIVANHOE ELECTRIC INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 428,752 shares 428,752$6.85M0.55%-907,233Timeline
VGZVISTA GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,466,589 shares 2,466,589$4.86M0.39%-662,758Timeline
KEPKOREA ELEC PWR CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 268,151 shares 268,151$4.42M0.35%0Timeline
NEMNEWMONT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 755,147 shares; 2025Q1: 406,615 shares; 2025Q2: 180,570 shares; 2025Q3: 48,516 shares; 2025Q4: 23,201 shares 23,201$2.32M0.19%-25,315Timeline
IRSIRSA INVERSIONES Y REP S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 28,990 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 85,366 shares 85,366$1.41M0.11%newTimeline

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
AZOAUTOZONE INC Stockput400$214K0
PAYXPAYCHEX INC COMput5,600$179K0
ABBVABBVIE INC COMput4,600$84.2K+400
AAPLAPPLE INC COMput5,000$77K0
AMGNAMGEN INC COMput3,100$4650

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
SQMSOCIEDAD QUIMICA Y MINERA DE812,944$34.9Mshares
Sandstorm Gold LtdSandstorm Gold Ltd1,586,602$19.9Mshares
BORRBORR DRILLING LTD4,983,672$13.4Mshares
SLVISHARES SILVER TR141,400$1.29Mcall

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 0001599814-26-000002 base2026-02-13acceptance time not in the bulk data set