This document, as of October 2026, is descriptive of how the Kopernik team generally manages portfolios that follow the referenced investment strategies and may be amended or revised from time to time without prior notice. Please consider all risks carefully before investing. Kopernik investment strategies are subject to certain risks such as market, investment style, interest rate, deflation, and illiquidity risk. Investments in small and mid-capitalization companies also involve greater risk and portfolio price volatility than investments in larger capitalization stocks. Investing in non-U.S. markets, including emerging and frontier markets, involves certain additional risks, including potential currency fluctuations and controls, restrictions on foreign investments, less governmental supervision and regulation, less liquidity, less disclosure, and the potential for market volatility, expropriation, confiscatory taxation, and social, economic, and political instability. Investments in energy and natural resources companies are especially affected by developments in the commodities markets, the supply and demand of specific resources, raw materials, products and services, the price of oil and gas, exploration and production spending, government regulation, economic conditions, international political developments, energy conservation efforts and the success of exploration projects. There can be no assurances that any of the strategy’s investment objectives will be achieved. This material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. This material is not to be reproduced in whole or in party or used for any purpose except as explicitly authorized by Kopernik Global Investors, LLC. Kopernik Global Investors, LLC is an investment adviser registered under the Investment Advisers Act of 1940, as amended. Kopernik Global Investors, LLC 2502 N Rocky Point Drive, Suite 300, Tampa, FL 33607 1-813-314-6100 | info@kopernikglobal.com | kopernikglobal.com
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