Kopernik Global Investors, LLC

TAMPA, FL · CIK 1599814 · 13F filing filed 2026-08-11

SEC-registered investment adviser since 2013 · limited liability company

Assets managed$10.2bn
Staff44 · 22 in investment roles
Main clients (by assets)Private funds 44%, Mutual funds and ETFs 43%, Pension plans 8%
Private funds3 (2 hedge) · $881.0m gross assets
Form ADV · 2026-07-27SEC adviser record

Legal entityKopernik Global Investors, LLC (US)

$1.6bn reported value +14.0% vs Q1 2026

26positions

75.7%in top 10

3 new 16 added 6 reduced 4 sold out vs Q1 2026

Options: 0 call positions (— notional), 4 put positions ($366.4k notional) – listed below, not included above.

Also in the report of:

Russell Investments Group, Ltd. – $38.6m of shares are in both reports

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	RANGE RES CORP COM RRC	RRC	6,575,941	$244.6m14.99%	14.99%	Added +2.4m	+2,387,327 57.0%
2	SEABRIDGE GOLD INC COM SA	SA	7,554,992	$194.5m11.92%	11.92%	New
3	EXPAND ENERGY CORPORATION COM EXE	EXE	1,723,513	$157.2m9.63%	9.63%	Added +909.9k	+909,881 111.8%
4	KT CORP SPONSORED ADR KT	KT	9,043,938	$156.3m9.58%	9.58%	Added +3.7m	+3,722,016 69.9%
5	NUTRIEN LTD COM NTR	NTR	2,185,431	$137.6m8.43%	8.43%	Added +761.7k	+761,651 53.5%
6	WEYERHAEUSER CO MTN BE COM NEW WY	WY	3,758,427	$90.0m5.51%	5.51%	Added +1.9m	+1,853,836 97.3%
7	CONCENTRIX CORP COM CNXC	CNXC	3,175,766	$71.2m4.36%	4.36%	Added +1.5m	+1,548,460 95.2%
8	RAYONIER INC COM RYN	RYN	3,268,598	$69.6m4.26%	4.26%	Added +1.1m	+1,082,095 49.5%
9	NORTHERN DYNASTY MINERALS LT COM NEW NAK	NAK	32,178,392	$61.8m3.79%	3.79%	Reduced -477.5k	-477,454 -1.5%
10	CRESUD S A C I F Y A SPONSORED ADR CRESY	CRESY	4,767,644	$53.4m3.28%	3.28%	Added +352.1k	+352,101 8.0%
11	NICE LTD SPONSORED ADR NICE	NICE	563,013	$51.1m3.13%	3.13%	Added +312.1k	+312,065 124.3%
12	FRANKLIN RESOURCES INC COM BEN	BEN	1,320,571	$43.9m2.69%	2.69%	Reduced -2.2m	-2,202,016 -62.5%
13	ROYAL GOLD INC COM RGLD	RGLD	214,983	$42.9m2.63%	2.63%	Added +128.8k	+128,824 149.5%
14	CENTENE CORP DEL COM CNC	CNC	646,716	$41.5m2.54%	2.54%	Reduced -1.9m	-1,870,390 -74.3%
15	NOVAGOLD RES INC COM NEW NG	NG	6,898,074	$41.2m2.52%	2.52%	Added +386.3k	+386,345 5.9%
16	INTERNATIONAL TOWER HILL MIN COM THM	THM	18,767,533	$37.3m2.29%	2.29%	Added +1.1m	+1,117,101 6.3%
17	EPAM SYS INC COM EPAM	EPAM	402,809	$32.0m1.96%	1.96%	New
18	COMCAST CORP NEW CL A CMCSA	CMCSA	1,278,141	$31.4m1.92%	1.92%	Added +628.9k	+628,928 96.9%
19	VISTA GOLD CORP COM NEW VGZ	VGZ	14,049,338	$26.8m1.64%	1.64%	Added +197.3k	+197,328 1.4%
20	MOSAIC CO NEW COM MOS	MOS	1,119,095	$23.7m1.45%	1.45%	New
21	IVANHOE ELECTRIC INC COM IE	IE	1,033,970	$9.9m0.61%	0.61%	Reduced -750.2k	-750,200 -42.0%
22	BARRICK MNG CORP COM SHS B	B	134,459	$4.9m0.30%	0.30%	Reduced -425.6k	-425,585 -76.0%
23	NEWMONT CORP COM NEM	NEM	50,328	$4.7m0.29%	0.29%	Added +49.6k	+49,567 6513.4%
24	KOREA ELEC PWR CORP SPONSORED ADR KEP	KEP	207,140	$2.5m0.15%	0.15%	Unchanged
25	IRSA INVERSIONES Y REP S A SPON GDS ECH 10 IRS	IRS	85,360	$1.3m0.08%	0.08%	Reduced -3	-3 0.0%
26	PLATINUM GROUP METALS LTD COM PLG	PLG	407,105	$549.6k0.03%	0.03%	Added +48.4k	+48,413 13.5%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
SEABRIDGE GOLD INC		7,332,863	$207.8m7.3m shares
MOLINA HEALTHCARE INC MOH	MOH	291,941	$38.9m291.9k shares
HUMANA INC HUM	HUM	113,385	$19.7m113.4k shares
AIR LEASE CORP AL	AL	277,612	$18.0m277.6k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
AUTOZONE INC AZO · Put	AZO	Put	400	$260.8k400 shares	Unchanged
AMGEN INC AMGN · Put	AMGN	Put	4,200	$38.0k4.2k shares	Unchanged
APPLE INC AAPL · Put	AAPL	Put	5,000	$34.0k5.0k shares	Unchanged
ABBVIE INC ABBV · Put	ABBV	Put	4,600	$33.6k4.6k shares	Unchanged

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
NORTHERN DYNASTY MINERALS LT NAK · 13D · filed 2026-04-07	NAK	14.0%≈ $160.6m	+1.3 pts	13D	2026-04-07
SEABRIDGE GOLD INC 13G · filed 2026-06-04		10.3%≈ $284.3m	-0.3 pts	13G	2026-06-04
VISTA GOLD CORP VGZ · 13G · filed 2026-05-14	VGZ	9.7%≈ $26.9m	new	13G	2026-05-14
WESTERN COPPER & GOLD CORP WRN · 13G · filed 2025-02-12	WRN	6.6%≈ $29.4m	new	13G	2025-02-12
CRESUD S A C I F Y A CRESY · 13G · filed 2026-06-18	CRESY	6.4%	new	13G	2026-06-18
BRASILAGRO COMPANHIA BRASILE LND · 13G · filed 2026-02-02	LND	6.3%	+1.3 pts	13G	2026-02-02
PLATINUM GROUP METALS LTD PLG · 13G · filed 2026-05-14	PLG	5.9%≈ $9.8m		13G	2026-05-14
CONCENTRIX CORP CNXC · 13G · filed 2026-08-14	CNXC	5.3%≈ $72.6m	new	13G	2026-08-14