Past performance is no guarantee of future results. This information is for illustration and discussion purposes only and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Any results provided do not necessarily represent the results of any of the accounts managed by Kopernik Global Investors, LLC, and the results of Kopernik Global Investors, LLC accounts could differ materially from the results presented. Kopernik Global Investors, LLC is an investment adviser registered with the Securities and Exchange Commission. A copy of current Form ADV Part 2A is available upon request. Our views may change anytime without notice. The author and/or the firm’s clients may have a position in any of the securities referenced in the article.