Mudita Advisors LLP Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APPN	APPIAN CORP	839,400	$20,238	4.1%	$28.18	0.0%	CL A	03782L101
CNR	CORE NATURAL RESOURCES INC	144,400	$15,123	3.1%	$92.80	0.0%	COM SHS	218937100
BG	BUNGE GLOBAL SA	77,200	$9,820	2.0%	$112.04	0.0%	COM SHS	H11356104
SSL	SASOL LTD	607,325	$7,871	1.6%	$12.96	—	SPONSORED ADR	803866300
ZM	ZOOM COMMUNICATIONS INC	78,800	$6,335	1.3%	$88.07	0.0%	CL A	98980L101
SPGI	S&P GLOBAL INC	14,000	$5,955	1.2%	$485.25	0.0%	COM	78409V104
ODV	OSISKO DEVELOPMENT CORP	1,100,000	$3,575	0.7%	$3.72	0.0%	COM NEW	68828E809
ASIX	ADVANSIX INC	82,807	$2,020	0.4%	$17.67	0.0%	COM	00773T101

Increased Positions (8)

DAR DARLING INGREDIENTS INC 5.4%

Value ($000) $26,276 (+230.3%) Shares 424,841 (+92.2%) Est. Cost $39.06 Unrealized +15.8%

HGV HILTON GRAND VACATIONS INC 22.2%

Value ($000) $108,703 (-6.8%) Shares 2,778,706 (+6.6%) Est. Cost $41.82 Unrealized +11.6%

AGI ALAMOS GOLD INC 4.1%

Value ($000) $19,958 (+63.7%) Shares 449,204 (+42.2%) Est. Cost $21.73 Unrealized +95.8%

ESTA ESTABLISHMENT LABS HLDGS INC 8.9%

Value ($000) $43,412 (-14.9%) Shares 764,563 (+9.3%) Est. Cost $46.83 Unrealized +50.2%

FLUT FLUTTER ENTMT PLC 2.4%

Value ($000) $11,926 (+54.2%) Shares 116,976 (+226.1%) Est. Cost $190.75 Unrealized -12.7%

MGM MGM RESORTS INTERNATIONAL 7.1%

Value ($000) $35,009 (+11.4%) Shares 945,938 (+9.9%) Est. Cost $34.27 Unrealized +2.4%

VBNK VERSABANK NEW 0.6%

Value ($000) $2,875 (+96.7%) Shares 202,925 (+107.9%) Est. Cost $14.56 Unrealized —

EXE EXPAND ENERGY CORPORATION 2.8%

Value ($000) $13,580 (+6.9%) Shares 123,700 (+7.5%) Est. Cost $103.06 Unrealized +2.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DAR	DARLING INGREDIENTS INC	424,841 (+92.2%)	$26,276 (+230.3%)	5.4%	$39.06	+15.8%	COM	237266101
HGV	HILTON GRAND VACATIONS INC	2,778,706 (+6.6%)	$108,703 (-6.8%)	22.2%	$41.82	+11.6%	COM	43283X105
AGI	ALAMOS GOLD INC	449,204 (+42.2%)	$19,958 (+63.7%)	4.1%	$21.73	+95.8%	COM CL A	011532108
ESTA	ESTABLISHMENT LABS HLDGS INC	764,563 (+9.3%)	$43,412 (-14.9%)	8.9%	$46.83	+50.2%	COM	G31249108
FLUT	FLUTTER ENTMT PLC	116,976 (+226.1%)	$11,926 (+54.2%)	2.4%	$190.75	-12.7%	SHS	G3643J108
MGM	MGM RESORTS INTERNATIONAL	945,938 (+9.9%)	$35,009 (+11.4%)	7.1%	$34.27	+2.4%	COM	552953101
VBNK	VERSABANK NEW	202,925 (+107.9%)	$2,875 (+96.7%)	0.6%	$14.56	—	COM	92512J106
EXE	EXPAND ENERGY CORPORATION	123,700 (+7.5%)	$13,580 (+6.9%)	2.8%	$103.06	+2.7%	COM	165167735

Exited Positions (1)

GROY GOLD ROYALTY CORP 1.7%

Value ($000) $8,484 Shares 2,100,000 Est. Cost $3.83 Unrealized +18.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GROY	GOLD ROYALTY CORP	2,100,000	$8,484	1.7%	$3.83	+18.2%	—	38071H106

Decreased Positions (7)

HCC WARRIOR MET COAL INC 3.3%

Value ($000) $16,208 (-65.7%) Shares 174,000 (-67.5%) Est. Cost $50.10 Unrealized +83.6%

HBM HUDBAY MINERALS INC 1.4%

Value ($000) $6,634 (-63.8%) Shares 317,389 (-65.7%) Est. Cost $7.96 Unrealized +207.1%

TGB TASEKO MINES LTD 2.7%

Value ($000) $13,243 (-46.7%) Shares 2,053,209 (-53.2%) Est. Cost $3.49 Unrealized +115.0%

B BARRICK MNG CORP 0.1%

Value ($000) $457 (-93.2%) Shares 11,200 (-92.7%) Est. Cost $37.42 Unrealized +29.1%

AAUC ALLIED GOLD CORP 1.0%

Value ($000) $4,966 (-55.2%) Shares 160,234 (-66.8%) Est. Cost $15.37 Unrealized +92.2%

CNQ CANADIAN NAT RES LTD MED TER 5.3%

Value ($000) $25,942 (+20.3%) Shares 532,366 (-16.4%) Est. Cost $26.51 Unrealized +40.3%

ORLA ORLA MNG LTD NEW 4.3%

Value ($000) $21,248 (+9.6%) Shares 1,317,600 (-8.5%) Est. Cost $10.75 Unrealized +53.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HCC	WARRIOR MET COAL INC	174,000 (-67.5%)	$16,208 (-65.7%)	3.3%	$50.10	+83.6%	COM	93627C101
HBM	HUDBAY MINERALS INC	317,389 (-65.7%)	$6,634 (-63.8%)	1.4%	$7.96	+207.1%	COM	443628102
TGB	TASEKO MINES LTD	2,053,209 (-53.2%)	$13,243 (-46.7%)	2.7%	$3.49	+115.0%	COM	876511106
B	BARRICK MNG CORP	11,200 (-92.7%)	$457 (-93.2%)	0.1%	$37.42	+29.1%	COM SHS	06849F108
AAUC	ALLIED GOLD CORP	160,234 (-66.8%)	$4,966 (-55.2%)	1.0%	$15.37	+92.2%	COM NEW	01921D204
CNQ	CANADIAN NAT RES LTD MED TER	532,366 (-16.4%)	$25,942 (+20.3%)	5.3%	$26.51	+40.3%	COM	136385101
ORLA	ORLA MNG LTD NEW	1,317,600 (-8.5%)	$21,248 (+9.6%)	4.3%	$10.75	+53.7%	COM	68634K106

Unchanged Positions (5)

IAG IAMGOLD CORP 9.1%

Value ($000) $44,690 Shares 2,375,300 Est. Cost $5.39 Unrealized +267.2%

MXCT MAXCYTE INC 0.5%

Value ($000) $2,368 Shares 3,370,689 Est. Cost $4.35 Unrealized -76.2%

BSM BLACK STONE MINERALS L P 2.3%

Value ($000) $11,504 Shares 760,877 Est. Cost $11.30 Unrealized —

KGC KINROSS GOLD CORP 1.1%

Value ($000) $5,321 Shares 174,335 Est. Cost $10.36 Unrealized +226.0%

NC NACCO INDS INC 1.0%

Value ($000) $4,808 Shares 92,520 Est. Cost $31.79 Unrealized +60.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAG	IAMGOLD CORP	2,375,300	$44,690	9.1%	$5.39	+267.2%	COM	450913108
MXCT	MAXCYTE INC	3,370,689	$2,368	0.5%	$4.35	-76.2%	COM	57777K106
BSM	BLACK STONE MINERALS L P	760,877	$11,504	2.3%	$11.30	—	COM UNIT	09225M101
KGC	KINROSS GOLD CORP	174,335	$5,321	1.1%	$10.36	+226.0%	COM	496902404
NC	NACCO INDS INC	92,520	$4,808	1.0%	$31.79	+60.8%	CL A	629579103