Kopernik Global Investors 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
AIR LEASE CORP	CL A	00912X302	14,049	453,050	SH		SOLE	1	443,789	0	9,261
AUTOZONE INC	COM	053332102	12	600	SH	Put	SOLE	N/A	600	0	0
CAMECO CORP	COM	13321L108	71,706	2,704,876	SH		SOLE	1	2,648,810	0	56,066
CHIPOTLE MEXICAN GRILL INC	COM	169656105	8	900	SH	Put	SOLE	N/A	900	0	0
CREDIT SUISSE GROUP	SPONSORED ADR	225401108	19,964	5,092,833	SH		SOLE	1	4,971,363	0	121,470
GLOBAL X FDS	GLOBAL X SILVER	37954Y848	456	18,922	SH		SOLE	1	18,922	0	0
HARMONY GOLD MINING CO LTD	SPONSORED ADR	413216300	62,669	25,789,898	SH		SOLE	1	25,190,711	0	599,187
HYSTER YALE MATLS HANDLING I	CL A	449172105	7,465	347,054	SH		SOLE	1	338,684	0	8,370
IAMGOLD CORP	COM	450913108	25,469	23,803,241	SH		SOLE	1	23,062,097	0	741,144
INTERNATIONAL TOWER HILL MIN	COM	46050R102	7,272	14,047,222	SH		SOLE	1	13,671,048	0	376,174
ISHARES SILVER TR	ISHARES	46428Q109	158	470,300	SH	Call	SOLE	N/A	470,300	0	0
IVANHOE ELECTRIC INC	COM	46578C108	9,176	1,112,276	SH		SOLE	1	1,094,071	0	18,205
KT CORP	SPONSORED ADR	48268K101	97,702	7,995,289	SH		SOLE	1	7,703,354	0	291,935
KOREA ELEC PWR CORP	SPONSORED ADR	500631106	11,293	1,660,792	SH		SOLE	1	1,554,687	0	106,105
LULULEMON ATHLETICA INC	COM	550021109	461	2,900	SH	Put	SOLE	N/A	2,900	0	0
NEW GOLD INC CDA	COM	644535106	2,604	2,959,596	SH		SOLE	1	2,881,054	0	78,542
NIKE INC	CL B	654106103	244	3,700	SH	Put	SOLE	N/A	3,700	0	0
NORTHERN DYNASTY MINERALS LT	COM NEW	66510M204	7,776	31,856,624	SH		SOLE	1	31,517,715	0	338,909
NOVAGOLD RES INC	COM NEW	66987E206	31,936	6,809,288	SH		SOLE	1	6,645,085	0	164,203
PAYCHEX INC	COM	704326107	121	8,900	SH	Put	SOLE	N/A	8,900	0	0
PERPETUA RESOURCES CORP	COM	714266103	10,606	5,250,591	SH		SOLE	1	5,121,810	0	128,781
PFIZER INC	COM	717081103	250	36,500	SH	Put	SOLE	N/A	36,500	0	0
RANGE RES CORP	COM	75281A109	74,162	2,935,935	SH		SOLE	1	2,865,760	0	70,175
ROYAL GOLD INC	COM	780287108	69,048	735,963	SH		SOLE	1	722,237	0	13,726
SABRE CORP	COM	78573M104	12,447	2,416,857	SH		SOLE	1	2,382,362	0	34,495
SEABRIDGE GOLD INC	COM	811916105	41,442	3,491,316	SH		SOLE	1	3,446,280	0	45,036
SOUTHWESTERN ENERGY CO	COM	845467109	80,163	13,098,562	SH		SOLE	1	12,778,316	0	320,246
SPROTT INC	COM NEW	852066208	20,887	622,482	SH		SOLE	1	607,250	0	15,232
TURQUOISE HILL RES LTD	COM	900435207	114,952	3,887,467	SH		SOLE	1	3,810,596	0	76,871
VEON LTD	SPONSORED ADR	91822M106	5,126	16,018,241	SH		SOLE	1	16,018,241	0	0
VANECK ETF TRUST	GOLD MINERS ETF	92189F106	35,014	1,451,668	SH		SOLE	1	1,451,668	0	0
VISTA GOLD CORP	COM NEW	927926303	1,189	2,258,884	SH		SOLE	1	2,258,884	0	0
WHEATON PRECIOUS METALS CORP	COM	962879102	61,172	1,890,371	SH		SOLE	1	1,852,900	0	37,471
ZOETIS INC	CL A	98978V103	292	4,200	SH	Put	SOLE	N/A	4,200	0	0
TSAKOS ENERGY NAVIGATION LTD	SHS	G9108L173	10,375	679,433	SH		SOLE	1	662,775	0	16,658
AERCAP HOLDINGS NV	SHS	N00985106	2,217	52,364	SH		SOLE	1	52,361	0	3