Spark Investment Management LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NGD	NEW GOLD INC CDA	279,000	$2,431	6.1%	$7.53	0.0%	COM	644535106
VET	VERMILION ENERGY INC	277,000	$2,305	5.7%	$8.26	0.0%	COM	923725105
DOO	BRP INC	19,000	$1,344	3.3%	$67.95	0.0%	COM SUN VTG	05577W200
EFXT	ENERFLEX LTD	60,000	$925	2.3%	$13.30	0.0%	COM	29269R105
OBE	OBSIDIAN ENERGY LTD	97,000	$595	1.5%	$6.05	0.0%	COM	674482203
CGAU	CENTERRA GOLD INC	41,000	$590	1.5%	$12.52	0.0%	COM	152006102
PDS	PRECISION DRILLING CORP	4,000	$287	0.7%	$61.41	0.0%	COM NEW	74022D407
GOOS	CANADA GOOSE HLDGS INC	16,000	$207	0.5%	$13.31	0.0%	SHS SUB VTG	135086106
HITI	HIGH TIDE INC	16,000	$43	0.1%	$2.97	0.0%	COM NEW	42981E401
LGO	LARGO INC	11,000	$10	0.0%	$1.19	0.0%	COM	517097101

Increased Positions (3)

OTEX OPEN TEXT CORP 4.4%

Value ($000) $1,759 (+17.7%) Shares 54,000 (+35.0%) Est. Cost $32.61 Unrealized +8.6%

LSPD LIGHTSPEED COMMERCE INC 2.9%

Value ($000) $1,146 (+27.3%) Shares 95,000 (+21.8%) Est. Cost $11.64 Unrealized —

SLSR SOLARIS RES INC 0.6%

Value ($000) $256 (+48.9%) Shares 32,000 (+18.5%) Est. Cost $5.56 Unrealized +24.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OTEX	OPEN TEXT CORP	54,000 (+35.0%)	$1,759 (+17.7%)	4.4%	$32.61	+8.6%	COM	683715106
LSPD	LIGHTSPEED COMMERCE INC	95,000 (+21.8%)	$1,146 (+27.3%)	2.9%	$11.64	—	SUB VTG SHS	53229C107
SLSR	SOLARIS RES INC	32,000 (+18.5%)	$256 (+48.9%)	0.6%	$5.56	+24.7%	COM NEW	83419D201

Exited Positions (3)

— SANDSTORM GOLD LTD 3.5%

Value ($000) $1,389 Shares 111,000 Est. Cost $9.41 Unrealized —

CCJ CAMECO CORP 2.1%

Value ($000) $839 Shares 10,000 Est. Cost $77.39 Unrealized +16.2%

ASM AVINO SILVER & GOLD MINES LT 1.8%

Value ($000) $718 Shares 137,000 Est. Cost $2.69 Unrealized +100.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SANDSTORM GOLD LTD	111,000	$1,389	3.5%	$9.41	—	—	80013R206
CCJ	CAMECO CORP	10,000	$839	2.1%	$77.39	+16.2%	—	13321L108
ASM	AVINO SILVER & GOLD MINES LT	137,000	$718	1.8%	$2.69	+100.1%	—	053906103

Decreased Positions (4)

CLS CELESTICA INC 6.6%

Value ($000) $2,662 (-59.9%) Shares 9,000 (-66.7%) Est. Cost $120.26 Unrealized +150.6%

TFPM TRIPLE FLAG PRECIOUS METAL 4.8%

Value ($000) $1,927 (-39.0%) Shares 58,000 (-46.3%) Est. Cost $21.91 Unrealized +42.8%

NVDA NVIDIA CORPORATION 3.2%

Value ($000) $1,287 (-19.8%) Shares 6,900 (-19.8%) Est. Cost $137.79 Unrealized +35.1%

KGC KINROSS GOLD CORP 5.6%

Value ($000) $2,253 (-7.3%) Shares 80,000 (-18.4%) Est. Cost $12.28 Unrealized +111.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CLS	CELESTICA INC	9,000 (-66.7%)	$2,662 (-59.9%)	6.6%	$120.26	+150.6%	COM	15101Q207
TFPM	TRIPLE FLAG PRECIOUS METAL	58,000 (-46.3%)	$1,927 (-39.0%)	4.8%	$21.91	+42.8%	COM	89679M104
NVDA	NVIDIA CORPORATION	6,900 (-19.8%)	$1,287 (-19.8%)	3.2%	$137.79	+35.1%	COM	67066G104
KGC	KINROSS GOLD CORP	80,000 (-18.4%)	$2,253 (-7.3%)	5.6%	$12.28	+111.6%	COM	496902404

Unchanged Positions (10)

SPOT SPOTIFY TECHNOLOGY S A 10.1%

Value ($000) $4,065 Shares 7,000 Est. Cost $266.46 Unrealized +134.6%

AMZN AMAZON COM INC 24.8%

Value ($000) $9,967 Shares 43,180 Est. Cost $112.31 Unrealized +103.7%

MNDY MONDAY COM LTD 2.2%

Value ($000) $871 Shares 5,900 Est. Cost $217.70 Unrealized -22.6%

TWLO TWILIO INC 1.8%

Value ($000) $740 Shares 5,200 Est. Cost $299.07 Unrealized -58.6%

SII SPROTT INC 2.0%

Value ($000) $784 Shares 8,000 Est. Cost $69.74 Unrealized +27.2%

BIRD ALLBIRDS INC 0.6%

Value ($000) $236 Shares 57,634 Est. Cost $6.45 Unrealized -12.3%

FOSL FOSSIL GROUP INC 0.5%

Value ($000) $210 Shares 55,900 Est. Cost $13.99 Unrealized -79.8%

XYZ BLOCK INC 1.4%

Value ($000) $566 Shares 8,700 Est. Cost $85.04 Unrealized -18.9%

TSLA TESLA INC 6.7%

Value ($000) $2,698 Shares 6,000 Est. Cost $213.87 Unrealized +107.3%

SVA SINOVAC BIOTECH LTD 0.0%

Value ($000) $0 Shares 29,100 Est. Cost $6.47 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPOT	SPOTIFY TECHNOLOGY S A	7,000	$4,065	10.1%	$266.46	+134.6%	SHS	L8681T102
AMZN	AMAZON COM INC	43,180	$9,967	24.8%	$112.31	+103.7%	COM	023135106
MNDY	MONDAY COM LTD	5,900	$871	2.2%	$217.70	-22.6%	SHS	M7S64H106
TWLO	TWILIO INC	5,200	$740	1.8%	$299.07	-58.6%	CL A	90138F102
SII	SPROTT INC	8,000	$784	2.0%	$69.74	+27.2%	COM NEW	852066208
BIRD	ALLBIRDS INC	57,634	$236	0.6%	$6.45	-12.3%	CL A NEW	01675A208
FOSL	FOSSIL GROUP INC	55,900	$210	0.5%	$13.99	-79.8%	COM	34988V106
XYZ	BLOCK INC	8,700	$566	1.4%	$85.04	-18.9%	CL A	852234103
TSLA	TESLA INC	6,000	$2,698	6.7%	$213.87	+107.3%	COM	88160R101
SVA	SINOVAC BIOTECH LTD	29,100	$0	0.0%	$6.47	0.0%	SHS	P8696W104