| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Kopernik Global Investors LLC | 3,759,327 | 1,746,305 | 43,645,786.47 | 0.7103 | 6.0696 | 09/30/2025 |
| 2 | Macquarie Investment Management Business Trust | 2,218,962 | -21,551 | 25,762,148.82 | 0.0259 | 3.5826 | 09/30/2025 |
| 3 | GMT Capital Corp. | 1,072,711 | 37,633 | 12,454,174.71 | 0.3431 | 1.7319 | 09/30/2025 |
| 4 | VR Advisory Services (USA) LLC | 893,974 | 474,345 | 10,379,038.14 | 2.1059 | 1.4434 | 09/30/2025 |
| 5 | Global X Management Co. LLC | 787,445 | -259,675 | 9,142,236.45 | 0.0115 | 1.2714 | 09/30/2025 |
| 6 | Hosking Partners LLP | 628,659 | -33,934 | 7,298,730.99 | 0.2013 | 1.015 | 09/30/2025 |
| 7 | 683 Capital Management LLC | 444,504 | -392,518 | 5,160,691.44 | 0.4007 | 0.7177 | 09/30/2025 |
| 8 | Helikon Investments Ltd. | 398,524 | 69,903 | 4,626,863.64 | 0.0785 | 0.6434 | 09/30/2025 |
| 9 | Systrade AG | 369,754 | 193,362 | 4,292,843.94 | 2.5887 | 0.597 | 09/30/2025 |
| 10 | Glenorchy Capital Ltd. | 323,369 | -29,560 | 3,754,314.09 | 2.4184 | 0.5221 | 09/30/2025 |
| 11 | Renta 4 Gestora SGIIC SA | 192,828 | 192,828 | 2,238,733.08 | 0.1571 | 0.3113 | 06/30/2025 |
| 12 | NexPoint Asset Management LP | 170,852 | 0 | 1,983,591.72 | 0.1957 | 0.2758 | 09/30/2025 |
| 13 | UBS Switzerland AG (Investment Management) | 165,135 | -12,556 | 1,917,217.35 | 0.004 | 0.2666 | 09/30/2025 |
| 14 | Crocodile Capital Partners GmbH | 143,769 | 63,092 | 1,669,158.09 | 0.5554 | 0.2321 | 09/30/2025 |
| 15 | Modern Capital Management Co. | 139,742 | -42,078 | 1,622,404.62 | 1.9575 | 0.2256 | 09/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Kopernik Global All Cap Fund | 1,929,006 | 999,581 | 22,395,759.66 | 0.6798 | 3.1144 | 10/31/2025 |
| 2 | Macquarie Emerging Markets Fund | 1,690,728 | 0 | 19,629,352.08 | 0.2298 | 2.7297 | 10/31/2025 |
| 3 | Heptagon Fund ICAV - Kopernik Global All-Cap Equity Fund | 1,126,407 | 512,031 | 13,077,585.27 | 0.5737 | 1.8186 | 09/30/2025 |
| 4 | Global X MSCI Argentina ETF | 864,798 | -320,146 | 10,040,304.78 | 1.2871 | 1.3962 | 11/28/2025 |
| 5 | Nomura VIP Emerging Markets Series | 296,511 | 0 | 3,442,492.71 | 0.4083 | 0.4787 | 10/31/2025 |
| 6 | St. James Place Unit Trust - Global Smaller Companies | 216,734 | 136,057 | 2,516,281.74 | 0.0486 | 0.3499 | 09/30/2025 |
| 7 | Avantage Fund, FI | 192,828 | 192,828 | 2,238,733.08 | 1.8128 | 0.3113 | 06/30/2025 |
| 8 | Crocodile Capital - 1 Global Focus | 143,769 | 143,769 | 1,669,158.09 | 0.6962 | 0.2321 | 06/30/2025 |
| 9 | White Fleet II SICAV - SGVP Global Value Equity Fund | 141,184 | 10,084 | 1,639,146.24 | 1.5288 | 0.2279 | 08/29/2025 |
| 10 | Modern Capital Tactical Income Fund | 139,742 | -42,078 | 1,622,404.62 | 1.9364 | 0.2256 | 09/30/2025 |
| 11 | ART Global Macro | 121,015 | 0 | 1,404,984.15 | 0.9723 | 0.1954 | 04/30/2025 |
| 12 | Warburg Value Fund | 121,015 | 0 | 1,404,984.15 | 1.2069 | 0.1954 | 05/30/2025 |
| 13 | Kopernik Global Collective Investment Trust - Global All Cap | 114,644 | 34,233 | 1,331,016.84 | 0.6804 | 0.1851 | 10/31/2025 |
| 14 | Lasixx Fund - Forte | 100,846 | 0 | 1,170,822.06 | 1.0437 | 0.1628 | 10/31/2025 |
| 15 | iShares Global Agriculture Index ETF | 92,835 | 7,827 | 1,077,814.35 | 0.648 | 0.1499 | 11/28/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | Kopernik Global Investors LLC | 3,759,327 | 1,746,305 | 43,645,786.47 | 0.7103 | 6.0696 | 09/30/2025 |
| 2 | VR Advisory Services (USA) LLC | 893,974 | 474,345 | 10,379,038.14 | 2.1059 | 1.4434 | 09/30/2025 |
| 3 | Systrade AG | 369,754 | 193,362 | 4,292,843.94 | 2.5887 | 0.597 | 09/30/2025 |
| 4 | Renta 4 Gestora SGIIC SA | 192,828 | 192,828 | 2,238,733.08 | 0.1571 | 0.3113 | 06/30/2025 |
| 5 | Steadtrust LLC | 134,629 | 134,629 | 1,563,042.69 | 0.9597 | 0.2174 | 09/30/2025 |
| 6 | Marshall Wace LLP | 123,986 | 123,986 | 1,439,477.46 | 0.0015 | 0.2002 | 09/30/2025 |
| 7 | Helikon Investments Ltd. | 398,524 | 69,903 | 4,626,863.64 | 0.0785 | 0.6434 | 09/30/2025 |
| 8 | Crocodile Capital Partners GmbH | 143,769 | 63,092 | 1,669,158.09 | 0.5554 | 0.2321 | 09/30/2025 |
| 9 | Leap Investments LP | 51,230 | 51,230 | 594,780.3 | 0.0102 | 0.0827 | 09/30/2025 |
| 10 | Cambridge Investment Research Advisors, Inc. | 47,770 | 47,770 | 554,609.7 | 0.0015 | 0.0771 | 09/30/2025 |
| # | Holder Name | Position | Position Change | $ Market Value | % Port | % O/S | Rpt Date |
|---|---|---|---|---|---|---|---|
| 1 | 683 Capital Management LLC | 444,504 | -392,518 | 5,160,691.44 | 0.4007 | 0.7177 | 09/30/2025 |
| 2 | Global X Management Co. LLC | 787,445 | -259,675 | 9,142,236.45 | 0.0115 | 1.2714 | 09/30/2025 |
| 3 | UBS Securities LLC | 30,268 | -252,924 | 351,411.48 | 0.0001 | 0.0489 | 09/30/2025 |
| 4 | BNP Paribas Financial Markets | 382 | -169,937 | 4,435.02 | 0 | 0.0006 | 09/30/2025 |
| 5 | B. Riley Wealth Advisors, Inc. | 0 | -143,100 | 0 | 0 | 0 | |
| 6 | Boston Management & Research | 1,500 | -45,720 | 17,415 | 0 | 0.0024 | 09/30/2025 |
| 7 | Mirabella Financial Services LLP | 0 | -45,381 | 0 | 0 | 0 | |
| 8 | Modern Capital Management Co. | 139,742 | -42,078 | 1,622,404.62 | 1.9575 | 0.2256 | 09/30/2025 |
| 9 | Ping Capital Management, Inc. | 121,822 | -40,036 | 1,414,353.42 | 0.6105 | 0.1967 | 09/30/2025 |
| 10 | Susquehanna Financial Group LLLP | 0 | -34,944 | 0 | 0 | 0 |
Data provided by FactSet Research Systems Inc.