| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Kopernik Global Investors LLC | 4,246,881 | 1,833,761 | 51,132,447.24 | 0.7501 | 6.5463 | 12/31/2025 |
| 2 | Nomura Investment Management Business Trust | 2,190,246 | -46,898 | 26,370,561.84 | 0.0253 | 3.3761 | 12/31/2025 |
| 3 | Systrade AG | 1,064,993 | 782,561 | 12,822,515.72 | 8.1052 | 1.6416 | 12/31/2025 |
| 4 | Global X Management Co. LLC | 831,418 | -202,000 | 10,010,272.72 | 0.0106 | 1.2816 | 12/31/2025 |
| 5 | Crocodile Capital Partners GmbH | 767,177 | 623,408 | 9,236,811.08 | 2.8391 | 1.1826 | 12/31/2025 |
| 6 | VR Advisory Services (USA) LLC | 692,830 | 273,201 | 8,341,673.2 | 1.2702 | 1.068 | 12/31/2025 |
| 7 | Hosking Partners LLP | 621,279 | -25,499 | 7,480,199.16 | 0.1928 | 0.9577 | 12/31/2025 |
| 8 | 683 Capital Management LLC | 423,552 | -472,969 | 5,099,566.08 | 0.4061 | 0.6529 | 12/31/2025 |
| 9 | Glenorchy Capital Ltd. | 317,646 | -27,616 | 3,824,457.84 | 2.1573 | 0.4896 | 12/31/2025 |
| 10 | Renta 4 Gestora SGIIC SA | 223,849 | 31,021 | 2,695,141.96 | 0.1903 | 0.3451 | 12/31/2025 |
| 11 | GMT Capital Corp. | 164,579 | -1,418,308 | 1,981,531.16 | 0.0581 | 0.2537 | 12/31/2025 |
| 12 | Citadel Securities LLC | 151,120 | 98,943 | 1,819,484.8 | 0.0038 | 0.2329 | 12/31/2025 |
| 13 | Warburg Invest Kapitalanlagegesellschaft MBH | 145,000 | 23,985 | 1,745,800 | 0.1322 | 0.2235 | 11/28/2025 |
| 14 | UBS Switzerland AG (Investment Management) | 143,100 | 14,269 | 1,722,924 | 0.0036 | 0.2206 | 12/31/2025 |
| 15 | Modern Capital Management Co. | 139,742 | -35,090 | 1,682,493.68 | 1.9803 | 0.2154 | 09/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Kopernik Global All Cap Fund | 1,929,005 | 727,760 | 23,225,220.2 | 0.6615 | 2.9735 | 12/31/2025 |
| 2 | Macquarie Emerging Markets Fund | 1,643,789 | -46,939 | 19,791,219.56 | 0.1819 | 2.5338 | 12/31/2025 |
| 3 | Heptagon Fund ICAV - Kopernik Global All-Cap Equity Fund | 1,323,900 | 538,985 | 15,939,756 | 0.5995 | 2.0407 | 11/28/2025 |
| 4 | Global X MSCI Argentina ETF | 899,020 | -56,323 | 10,824,200.8 | 1.2813 | 1.3858 | 01/30/2026 |
| 5 | Nomura VIP Emerging Markets Series | 296,511 | 0 | 3,569,992.44 | 0.332 | 0.4571 | 12/31/2025 |
| 6 | Avantage Fund, FI | 223,849 | 31,021 | 2,695,141.96 | 1.8263 | 0.3451 | 12/31/2025 |
| 7 | St. James Place Unit Trust - Global Smaller Companies | 216,734 | 136,057 | 2,609,477.36 | 0.047 | 0.3341 | 09/30/2025 |
| 8 | Warburg Value Fund | 145,000 | 23,985 | 1,745,800 | 1.27 | 0.2235 | 11/28/2025 |
| 9 | Crocodile Capital - 1 Global Focus | 143,769 | 0 | 1,730,978.76 | 0.6686 | 0.2216 | 06/30/2025 |
| 10 | White Fleet II SICAV - SGVP Global Value Equity Fund | 141,184 | 0 | 1,699,855.36 | 1.4214 | 0.2176 | 10/31/2025 |
| 11 | Modern Capital Tactical Income Fund | 139,742 | -35,090 | 1,682,493.68 | 1.9595 | 0.2154 | 09/30/2025 |
| 12 | ART Global Macro | 121,015 | 0 | 1,457,020.6 | 0.9747 | 0.1865 | 04/30/2025 |
| 13 | Kopernik Global Collective Investment Trust - Global All Cap | 114,643 | 15,260 | 1,380,301.72 | 0.6716 | 0.1767 | 12/31/2025 |
| 14 | Lasixx Fund - Forte | 100,846 | 0 | 1,214,185.84 | 1.0061 | 0.1554 | 12/31/2025 |
| 15 | TIFF Multi Asset Fund | 87,525 | 24,637 | 1,053,801 | 0.0714 | 0.1349 | 09/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Kopernik Global Investors LLC | 4,246,881 | 1,833,761 | 51,132,447.24 | 0.7501 | 6.5463 | 12/31/2025 |
| 2 | Systrade AG | 1,064,993 | 782,561 | 12,822,515.72 | 8.1052 | 1.6416 | 12/31/2025 |
| 3 | Crocodile Capital Partners GmbH | 767,177 | 623,408 | 9,236,811.08 | 2.8391 | 1.1826 | 12/31/2025 |
| 4 | VR Advisory Services (USA) LLC | 692,830 | 273,201 | 8,341,673.2 | 1.2702 | 1.068 | 12/31/2025 |
| 5 | Citadel Securities LLC | 151,120 | 98,943 | 1,819,484.8 | 0.0038 | 0.2329 | 12/31/2025 |
| 6 | Goldman Sachs & Co. LLC (Private Banking) | 114,368 | 98,628 | 1,376,990.72 | 0.0006 | 0.1763 | 12/31/2025 |
| 7 | Boston Management & Research | 111,272 | 63,043 | 1,339,714.88 | 0.0022 | 0.1715 | 12/31/2025 |
| 8 | BNP Paribas Financial Markets | 85,756 | 58,816 | 1,032,502.24 | 0.0006 | 0.1322 | 12/31/2025 |
| 9 | Jane Street Capital LLC | 84,132 | 43,346 | 1,012,949.28 | 0.0012 | 0.1297 | 12/31/2025 |
| 10 | Marshall Wace LLP | 39,413 | 39,413 | 474,532.52 | 0.0004 | 0.0608 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | GMT Capital Corp. | 164,579 | -1,418,308 | 1,981,531.16 | 0.0581 | 0.2537 | 12/31/2025 |
| 2 | 683 Capital Management LLC | 423,552 | -472,969 | 5,099,566.08 | 0.4061 | 0.6529 | 12/31/2025 |
| 3 | Helikon Investments Ltd. | 0 | -398,524 | 0 | 0 | 0 | |
| 4 | Global X Management Co. LLC | 831,418 | -202,000 | 10,010,272.72 | 0.0106 | 1.2816 | 12/31/2025 |
| 5 | NexPoint Asset Management LP | 0 | -170,852 | 0 | 0 | 0 | |
| 6 | Point72 Asset Management LP | 0 | -93,686 | 0 | 0 | 0 | |
| 7 | UBS Securities LLC | 40,654 | -83,857 | 489,474.16 | 0.0002 | 0.0627 | 12/31/2025 |
| 8 | BlackRock Asset Management Canada Ltd. | 0 | -83,023 | 0 | 0 | 0 | |
| 9 | Citigroup Global Markets, Inc. (Investment Management) | 0 | -56,320 | 0 | 0 | 0 | |
| 10 | Nomura Investment Management Business Trust | 2,190,246 | -46,898 | 26,370,561.84 | 0.0253 | 3.3761 | 12/31/2025 |
Data provided by FactSet Research Systems Inc.