| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Kopernik Global Investors LLC | 4,246,881 | 487,554 | 47,692,473.63 | 0.7255 | 6.5463 | 12/31/2025 |
| 2 | Nomura Investment Management Business Trust | 2,190,246 | -28,716 | 24,596,462.58 | 0.03 | 3.3761 | 12/31/2025 |
| 3 | Systrade AG | 1,100,000 | 730,246 | 12,353,000 | 7.8479 | 1.6956 | 03/31/2026 |
| 4 | Crocodile Capital Partners GmbH | 972,380 | 828,611 | 10,919,827.4 | 3.5187 | 1.4989 | 03/31/2026 |
| 5 | Global X Management Co. LLC | 831,418 | 43,973 | 9,336,824.14 | 0.0094 | 1.2816 | 12/31/2025 |
| 6 | VR Advisory Services (USA) LLC | 692,830 | -201,144 | 7,780,480.9 | 1.1525 | 1.068 | 12/31/2025 |
| 7 | 683 Capital Management LLC | 423,552 | -20,952 | 4,756,488.96 | 0.3722 | 0.6529 | 12/31/2025 |
| 8 | Glenorchy Capital Ltd. | 317,646 | -5,723 | 3,567,164.58 | 2.0388 | 0.4896 | 12/31/2025 |
| 9 | Renta 4 Gestora SGIIC SA | 223,849 | 31,021 | 2,513,824.27 | 0.1772 | 0.3451 | 12/31/2025 |
| 10 | GMT Capital Corp. | 164,579 | -908,132 | 1,848,222.17 | 0.0509 | 0.2537 | 12/31/2025 |
| 11 | Citadel Securities LLC | 151,120 | 140,708 | 1,697,077.6 | 0.0032 | 0.2329 | 12/31/2025 |
| 12 | Ping Capital Management, Inc. | 149,355 | 27,533 | 1,677,256.65 | 0.6683 | 0.2302 | 03/31/2026 |
| 13 | Warburg Invest Kapitalanlagegesellschaft MBH | 145,000 | 23,985 | 1,628,350 | 0.12 | 0.2235 | 11/28/2025 |
| 14 | Steadtrust LLC | 132,592 | -2,037 | 1,489,008.16 | 0.7695 | 0.2044 | 03/31/2026 |
| 15 | Modern Capital Management Co. | 131,136 | -8,606 | 1,472,657.28 | 2.0203 | 0.2021 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Kopernik Global All Cap Fund | 1,929,005 | -1 | 21,662,726.15 | 0.6098 | 2.9735 | 03/31/2026 |
| 2 | Nomura Emerging Markets Fund | 1,643,789 | -46,939 | 18,459,750.47 | 0.1252 | 2.5338 | 03/31/2026 |
| 3 | Heptagon Fund ICAV - Kopernik Global All-Cap Equity Fund | 1,323,900 | -1 | 14,867,397 | 0.5461 | 2.0407 | 12/31/2025 |
| 4 | Global X MSCI Argentina ETF | 1,061,538 | 322,017 | 11,921,071.74 | 1.3077 | 1.6363 | 04/30/2026 |
| 5 | Nomura VIP Emerging Markets Series | 231,511 | -65,000 | 2,599,868.53 | 0.1946 | 0.3569 | 03/31/2026 |
| 6 | Avantage Fund, FI | 223,849 | 31,021 | 2,513,824.27 | 1.7282 | 0.3451 | 12/31/2025 |
| 7 | St. James Place Unit Trust - Global Smaller Companies | 216,734 | 0 | 2,433,922.82 | 0.0432 | 0.3341 | 09/30/2025 |
| 8 | Warburg Value Fund | 145,000 | 23,985 | 1,628,350 | 1.1891 | 0.2235 | 11/28/2025 |
| 9 | Crocodile Capital - 1 Global Focus | 143,769 | 0 | 1,614,525.87 | 0.6358 | 0.2216 | 06/30/2025 |
| 10 | Modern Capital Tactical Income Fund | 131,136 | -8,606 | 1,472,657.28 | 1.9397 | 0.2021 | 12/31/2025 |
| 11 | Lasixx Fund - Forte | 100,846 | 0 | 1,132,500.58 | 0.9827 | 0.1554 | 02/27/2026 |
| 12 | TIFF Multi Asset Fund | 95,757 | 8,232 | 1,075,351.11 | 0.0738 | 0.1476 | 12/31/2025 |
| 13 | Kopernik Global Collective Investment Trust - Global All Cap | 79,056 | -35,588 | 887,798.88 | 0.615 | 0.1219 | 03/31/2026 |
| 14 | Eaton Vance Emerging & Frontier Countries Equity Fund | 78,095 | 0 | 877,006.85 | 0.0234 | 0.1204 | 02/28/2026 |
| 15 | Eaton Vance Global Macro Capital Opportunities Portfolio | 78,095 | 0 | 877,006.85 | 0.0245 | 0.1204 | 01/31/2026 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Crocodile Capital Partners GmbH | 972,380 | 828,611 | 10,919,827.4 | 3.5187 | 1.4989 | 03/31/2026 |
| 2 | Systrade AG | 1,100,000 | 730,246 | 12,353,000 | 7.8479 | 1.6956 | 03/31/2026 |
| 3 | Kopernik Global Investors LLC | 4,246,881 | 487,554 | 47,692,473.63 | 0.7255 | 6.5463 | 12/31/2025 |
| 4 | Citadel Securities LLC | 151,120 | 140,708 | 1,697,077.6 | 0.0032 | 0.2329 | 12/31/2025 |
| 5 | Boston Management & Research | 111,272 | 109,772 | 1,249,584.56 | 0.002 | 0.1715 | 12/31/2025 |
| 6 | BNP Paribas Financial Markets | 85,756 | 85,374 | 963,039.88 | 0.0005 | 0.1322 | 12/31/2025 |
| 7 | Goldman Sachs & Co. LLC (Private Banking) | 114,368 | 79,924 | 1,284,352.64 | 0.0005 | 0.1763 | 12/31/2025 |
| 8 | Jane Street Capital LLC | 84,132 | 63,097 | 944,802.36 | 0.001 | 0.1297 | 12/31/2025 |
| 9 | Global X Management Co. LLC | 831,418 | 43,973 | 9,336,824.14 | 0.0094 | 1.2816 | 12/31/2025 |
| 10 | Renta 4 Gestora SGIIC SA | 223,849 | 31,021 | 2,513,824.27 | 0.1772 | 0.3451 | 12/31/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | GMT Capital Corp. | 164,579 | -908,132 | 1,848,222.17 | 0.0509 | 0.2537 | 12/31/2025 |
| 2 | Hosking Partners LLP | 0 | -628,659 | 0 | 0 | 0 | |
| 3 | Helikon Investments Ltd. | 0 | -398,524 | 0 | 0 | 0 | |
| 4 | VR Advisory Services (USA) LLC | 692,830 | -201,144 | 7,780,480.9 | 1.1525 | 1.068 | 12/31/2025 |
| 5 | NexPoint Asset Management LP | 0 | -170,852 | 0 | 0 | 0 | |
| 6 | UBS Switzerland AG (Investment Management) | 3,100 | -162,035 | 34,813 | 0.0001 | 0.0048 | 03/31/2026 |
| 7 | BlackRock Asset Management Canada Ltd. | 0 | -94,125 | 0 | 0 | 0 | |
| 8 | Marshall Wace LLP | 39,413 | -84,573 | 442,607.99 | 0.0004 | 0.0608 | 12/31/2025 |
| 9 | Citigroup Global Markets, Inc. (Investment Management) | 0 | -56,335 | 0 | 0 | 0 | |
| 10 | Cambridge Investment Research Advisors, Inc. | 0 | -47,770 | 0 | 0 | 0 |
Data provided by FactSet Research Systems Inc.