Mudita Advisors LLP Long-Term Concentrated

CIK: 0001907809 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $462,724 (100.0% shares, 0.0% debt)

Holdings (21)

New Positions (3)

GROY GOLD ROYALTY CORP 1.8%

Value ($000) $8,484 Shares 2,100,000 Est. Cost $3.83 Unrealized 0.0%

B BARRICK MNG CORP 1.5%

Value ($000) $6,711 Shares 154,100 Est. Cost $37.42 Unrealized 0.0%

VBNK VERSABANK NEW 0.3%

Value ($000) $1,462 Shares 97,591 Est. Cost $14.98 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GROY	GOLD ROYALTY CORP	2,100,000	$8,484	1.8%	$3.83	0.0%	COMMON SHARES	38071H106
B	BARRICK MNG CORP	154,100	$6,711	1.5%	$37.42	0.0%	COM SHS	06849F108
VBNK	VERSABANK NEW	97,591	$1,462	0.3%	$14.98	—	COM	92512J106

Increased Positions (8)

ESTA ESTABLISHMENT LABS HLDGS INC 11.0%

Value ($000) $50,994 (+81.1%) Shares 699,703 (+1.9%) Est. Cost $44.65 Unrealized +35.2%

HGV HILTON GRAND VACATIONS INC 25.2%

Value ($000) $116,664 (+19.6%) Shares 2,607,012 (+11.7%) Est. Cost $41.50 Unrealized +2.4%

TGB TASEKO MINES LTD 5.4%

Value ($000) $24,838 (+110.6%) Shares 4,388,401 (+57.4%) Est. Cost $3.49 Unrealized +34.7%

MGM MGM RESORTS INTERNATIONAL 6.8%

Value ($000) $31,416 (+44.3%) Shares 860,938 (+37.0%) Est. Cost $34.19 Unrealized -0.8%

AAUC ALLIED GOLD CORP 2.4%

Value ($000) $11,072 (+111.0%) Shares 483,234 (+61.0%) Est. Cost $15.37 Unrealized +25.3%

DAR DARLING INGREDIENTS INC 1.7%

Value ($000) $7,956 (+130.5%) Shares 221,000 (+97.7%) Est. Cost $33.37 Unrealized +1.4%

ORLA ORLA MNG LTD NEW 4.2%

Value ($000) $19,395 (+28.3%) Shares 1,440,000 (+2.9%) Est. Cost $10.75 Unrealized +12.9%

AGI ALAMOS GOLD INC NEW 2.6%

Value ($000) $12,189 (+21.8%) Shares 315,943 (+10.0%) Est. Cost $12.95 Unrealized +169.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ESTA	ESTABLISHMENT LABS HLDGS INC	699,703 (+1.9%)	$50,994 (+81.1%)	11.0%	$44.65	+35.2%	COM	G31249108
HGV	HILTON GRAND VACATIONS INC	2,607,012 (+11.7%)	$116,664 (+19.6%)	25.2%	$41.50	+2.4%	COM	43283X105
TGB	TASEKO MINES LTD	4,388,401 (+57.4%)	$24,838 (+110.6%)	5.4%	$3.49	+34.7%	COM	876511106
MGM	MGM RESORTS INTERNATIONAL	860,938 (+37.0%)	$31,416 (+44.3%)	6.8%	$34.19	-0.8%	COM	552953101
AAUC	ALLIED GOLD CORP	483,234 (+61.0%)	$11,072 (+111.0%)	2.4%	$15.37	+25.3%	COM NEW	01921D204
DAR	DARLING INGREDIENTS INC	221,000 (+97.7%)	$7,956 (+130.5%)	1.7%	$33.37	+1.4%	COM	237266101
ORLA	ORLA MNG LTD NEW	1,440,000 (+2.9%)	$19,395 (+28.3%)	4.2%	$10.75	+12.9%	COM	68634K106
AGI	ALAMOS GOLD INC NEW	315,943 (+10.0%)	$12,189 (+21.8%)	2.6%	$12.95	+169.1%	COM CL A	011532108

Exited Positions (1)

— MAC COPPER LIMITED 0.5%

Value ($000) $2,243 Shares 183,668 Est. Cost $12.54 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MAC COPPER LIMITED	183,668	$2,243	0.5%	$12.54	—	—	G60409110

Decreased Positions (3)

HCC WARRIOR MET COAL INC 10.2%

Value ($000) $47,238 (+31.9%) Shares 535,765 (-4.8%) Est. Cost $50.10 Unrealized +50.1%

IAG IAMGOLD CORP 8.5%

Value ($000) $39,177 (+13.0%) Shares 2,375,300 (-11.4%) Est. Cost $5.39 Unrealized +161.6%

FLUT FLUTTER ENTMT PLC 1.7%

Value ($000) $7,732 (-21.4%) Shares 35,876 (-6.9%) Est. Cost $245.60 Unrealized -8.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HCC	WARRIOR MET COAL INC	535,765 (-4.8%)	$47,238 (+31.9%)	10.2%	$50.10	+50.1%	COM	93627C101
IAG	IAMGOLD CORP	2,375,300 (-11.4%)	$39,177 (+13.0%)	8.5%	$5.39	+161.6%	COM	450913108
FLUT	FLUTTER ENTMT PLC	35,876 (-6.9%)	$7,732 (-21.4%)	1.7%	$245.60	-8.4%	SHS	G3643J108

Unchanged Positions (7)

HBM HUDBAY MINERALS INC 4.0%

Value ($000) $18,346 Shares 924,189 Est. Cost $7.96 Unrealized +112.4%

CNQ CANADIAN NAT RES LTD 4.7%

Value ($000) $21,564 Shares 637,044 Est. Cost $26.51 Unrealized +22.3%

NC NACCO INDS INC 1.0%

Value ($000) $4,537 Shares 92,520 Est. Cost $31.79 Unrealized +44.1%

KGC KINROSS GOLD CORP 1.1%

Value ($000) $4,909 Shares 174,335 Est. Cost $10.36 Unrealized +150.7%

EXE EXPAND ENERGY CORPORATION 2.7%

Value ($000) $12,702 Shares 115,100 Est. Cost $102.85 Unrealized +7.6%

BSM BLACK STONE MINERALS L P 2.2%

Value ($000) $10,112 Shares 760,877 Est. Cost $11.30 Unrealized —

MXCT MAXCYTE INC 1.1%

Value ($000) $5,225 Shares 3,370,689 Est. Cost $4.35 Unrealized -63.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HBM	HUDBAY MINERALS INC	924,189	$18,346	4.0%	$7.96	+112.4%	COM	443628102
CNQ	CANADIAN NAT RES LTD	637,044	$21,564	4.7%	$26.51	+22.3%	COM	136385101
NC	NACCO INDS INC	92,520	$4,537	1.0%	$31.79	+44.1%	CL A	629579103
KGC	KINROSS GOLD CORP	174,335	$4,909	1.1%	$10.36	+150.7%	COM	496902404
EXE	EXPAND ENERGY CORPORATION	115,100	$12,702	2.7%	$102.85	+7.6%	COM	165167735
BSM	BLACK STONE MINERALS L P	760,877	$10,112	2.2%	$11.30	—	COM UNIT	09225M101
MXCT	MAXCYTE INC	3,370,689	$5,225	1.1%	$4.35	-63.3%	COM	57777K106