Kopernik Global Investors LLC boosted its stake in Seabridge Gold by 5.1% in the first quarter, adding 353,252 shares to reach about 7.33 million and solidifying Seabridge as roughly 14.5% of its portfolio as the largest holding. The position was reported with a value near $208 million, underscoring Seabridge’s prominence in Kopernik’s holdings. In Franklin Resources, Kopernik increased its stake by 4.6% to about 3.52 million shares, ranking it as Kopernik’s sixth-largest position with a value around $83 million. Kopernik reduced its investment in Barrick Mining by 5.1% in the quarter, ending with about 560,044 shares and an approximate value of $23 million. The fund also cut its position in Novagold Resources by 22.7% to roughly 6.51 million shares, making it about an eighth-largest holding with a value near $58.5 million, even as Novagold pursues Donlin Gold development. Taken together, Kopernik’s activity across these mining and materials stocks indicates ongoing portfolio repositioning, with Seabridge and Franklin Resources remaining central to its holdings.