PCJ Investment Counsel Ltd. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BBUC	BROOKFIELD BUSINESS CORP	978,912	$30,968	8.8%	$31.63	—	CL A SUB VTG SH	113006100
GFL	GFL ENVIRONMENTAL INC	187,807	$7,836	2.2%	$42.91	0.0%	SUB VTG SHS	36168Q104
BEP	BROOKFIELD RENEWABLE ENERGY	170,580	$5,566	1.6%	$32.63	—	PARTNERSHIP UNIT	G16258108
ARIS	ARIS MINING CORPORATION	259,765	$4,824	1.4%	$18.92	0.0%	COM	04040Y109
PPTA	PERPETUA RESOURCES CORP	164,070	$4,624	1.3%	$30.29	0.0%	COM	714266103
HBM	HUDBAY MINERALS INC	161,660	$3,386	1.0%	$24.45	0.0%	COM	443628102
ALM	ALMONTY INDS INC	200,000	$2,910	0.8%	$11.89	0.0%	COM NEW	020398707
FTS	FORTIS INC	49,670	$2,772	0.8%	$53.43	0.0%	COM	349553107
AGI	ALAMOS GOLD INC	33,820	$1,505	0.4%	$42.54	0.0%	COM CL A	011532108
ATS	ATS CORPORATION	50,000	$1,410	0.4%	$29.96	0.0%	COM	00217Y104
WCN	WASTE CONNECTIONS INC	2,070	$336	0.1%	$167.37	0.0%	COM	94106B101

Increased Positions (25)

CM CANADIAN IMPERIAL BANK OF CO 1.6%

Value ($000) $5,577 (+1028.8%) Shares 58,930 (+981.3%) Est. Cost $90.60 Unrealized +4.4%

CVE CENOVUS ENERGY INC 3.3%

Value ($000) $11,738 (+70.7%) Shares 442,865 (+9.0%) Est. Cost $16.09 Unrealized +21.9%

BTE BAYTEX ENERGY CORP 3.6%

Value ($000) $12,549 (+56.2%) Shares 2,805,993 (+13.0%) Est. Cost $2.86 Unrealized +20.5%

BIP BROOKFIELD INFRASTRUCTURE PA 3.0%

Value ($000) $10,584 (+65.7%) Shares 293,154 (+59.5%) Est. Cost $33.88 Unrealized —

CNI CANADIAN NATL RY CO 1.8%

Value ($000) $6,409 (+101.6%) Shares 62,260 (+93.7%) Est. Cost $102.10 Unrealized +0.0%

TFII TRANSFORCE INC 1.1%

Value ($000) $3,921 (+334.1%) Shares 36,020 (+312.1%) Est. Cost $108.96 Unrealized +4.7%

ERO ERO COPPER CORP 1.6%

Value ($000) $5,647 (+114.1%) Shares 211,859 (+127.3%) Est. Cost $26.72 Unrealized +18.8%

CAE CAE INC 5.8%

Value ($000) $20,405 (-11.8%) Shares 782,693 (+2.9%) Est. Cost $28.01 Unrealized +13.6%

SHOP SHOPIFY INC 2.5%

Value ($000) $8,884 (-22.0%) Shares 74,860 (+5.9%) Est. Cost $62.38 Unrealized +118.7%

CGAU CENTERRA GOLD INC 1.3%

Value ($000) $4,528 (+115.4%) Shares 255,270 (+74.9%) Est. Cost $11.23 Unrealized +56.7%

CNQ CANADIAN NAT RES LTD MED TER 1.8%

Value ($000) $6,235 (+53.6%) Shares 127,800 (+6.7%) Est. Cost $29.03 Unrealized +28.1%

SU SUNCOR ENERGY INC NEW 1.6%

Value ($000) $5,505 (+65.0%) Shares 83,210 (+10.7%) Est. Cost $33.49 Unrealized +54.7%

TECK TECK RESOURCES LTD 0.9%

Value ($000) $3,334 (+134.5%) Shares 64,430 (+116.9%) Est. Cost $46.34 Unrealized +18.7%

ENB ENBRIDGE INC 1.9%

Value ($000) $6,698 (+25.8%) Shares 123,540 (+11.0%) Est. Cost $36.66 Unrealized +32.5%

CCJ CAMECO CORP 1.0%

Value ($000) $3,358 (+63.0%) Shares 30,930 (+37.5%) Est. Cost $60.72 Unrealized +91.5%

CLS CELESTICA INC 0.8%

Value ($000) $2,647 (+94.1%) Shares 9,380 (+103.5%) Est. Cost $252.13 Unrealized +19.4%

TGB TASEKO MINES LTD 1.9%

Value ($000) $6,595 (+22.6%) Shares 1,017,980 (+7.1%) Est. Cost $3.96 Unrealized +89.5%

KNX KNIGHT-SWIFT TRANSN HLDGS IN 0.7%

Value ($000) $2,569 (+65.7%) Shares 44,610 (+50.4%) Est. Cost $50.48 Unrealized +14.6%

LSPD LIGHTSPEED COMMERCE INC 0.6%

Value ($000) $2,244 (+51.7%) Shares 250,900 (+104.6%) Est. Cost $12.38 Unrealized —

NTR NUTRIEN LTD 0.6%

Value ($000) $2,211 (+49.7%) Shares 29,290 (+22.4%) Est. Cost $54.40 Unrealized +25.2%

WPM WHEATON PRECIOUS METALS CORP 1.1%

Value ($000) $3,937 (+18.0%) Shares 29,990 (+5.6%) Est. Cost $48.30 Unrealized +189.5%

TD TORONTO DOMINION BK ONT 3.2%

Value ($000) $11,368 (+4.4%) Shares 121,860 (+5.5%) Est. Cost $63.41 Unrealized +50.2%

BMO BANK MONTREAL MEDIUM 1.7%

Value ($000) $5,866 (+7.9%) Shares 43,300 (+3.5%) Est. Cost $93.81 Unrealized +48.1%

CP CANADIAN PACIFIC KANSAS CITY 1.2%

Value ($000) $4,229 (+11.1%) Shares 53,730 (+3.9%) Est. Cost $76.89 Unrealized +0.5%

RY ROYAL BK CDA 3.9%

Value ($000) $13,556 (-1.7%) Shares 83,840 (+3.7%) Est. Cost $87.60 Unrealized +94.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CM	CANADIAN IMPERIAL BANK OF CO	58,930 (+981.3%)	$5,577 (+1028.8%)	1.6%	$90.60	+4.4%	COM	136069101
CVE	CENOVUS ENERGY INC	442,865 (+9.0%)	$11,738 (+70.7%)	3.3%	$16.09	+21.9%	COM	15135U109
BTE	BAYTEX ENERGY CORP	2,805,993 (+13.0%)	$12,549 (+56.2%)	3.6%	$2.86	+20.5%	COM	07317Q105
BIP	BROOKFIELD INFRASTRUCTURE PA	293,154 (+59.5%)	$10,584 (+65.7%)	3.0%	$33.88	—	LP INT UNIT	G16252101
CNI	CANADIAN NATL RY CO	62,260 (+93.7%)	$6,409 (+101.6%)	1.8%	$102.10	+0.0%	COM	136375102
TFII	TRANSFORCE INC	36,020 (+312.1%)	$3,921 (+334.1%)	1.1%	$108.96	+4.7%	COM	87241L109
ERO	ERO COPPER CORP	211,859 (+127.3%)	$5,647 (+114.1%)	1.6%	$26.72	+18.8%	COM	296006109
CAE	CAE INC	782,693 (+2.9%)	$20,405 (-11.8%)	5.8%	$28.01	+13.6%	COM	124765108
SHOP	SHOPIFY INC	74,860 (+5.9%)	$8,884 (-22.0%)	2.5%	$62.38	+118.7%	CL A SUB VTG SHS	82509L107
CGAU	CENTERRA GOLD INC	255,270 (+74.9%)	$4,528 (+115.4%)	1.3%	$11.23	+56.7%	COM	152006102
CNQ	CANADIAN NAT RES LTD MED TER	127,800 (+6.7%)	$6,235 (+53.6%)	1.8%	$29.03	+28.1%	COM	136385101
SU	SUNCOR ENERGY INC NEW	83,210 (+10.7%)	$5,505 (+65.0%)	1.6%	$33.49	+54.7%	COM	867224107
TECK	TECK RESOURCES LTD	64,430 (+116.9%)	$3,334 (+134.5%)	0.9%	$46.34	+18.7%	CL B	878742204
ENB	ENBRIDGE INC	123,540 (+11.0%)	$6,698 (+25.8%)	1.9%	$36.66	+32.5%	COM	29250N105
CCJ	CAMECO CORP	30,930 (+37.5%)	$3,358 (+63.0%)	1.0%	$60.72	+91.5%	COM	13321L108
CLS	CELESTICA INC	9,380 (+103.5%)	$2,647 (+94.1%)	0.8%	$252.13	+19.4%	COM	15101Q207
TGB	TASEKO MINES LTD	1,017,980 (+7.1%)	$6,595 (+22.6%)	1.9%	$3.96	+89.5%	COM	876511106
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	44,610 (+50.4%)	$2,569 (+65.7%)	0.7%	$50.48	+14.6%	CL A	499049104
LSPD	LIGHTSPEED COMMERCE INC	250,900 (+104.6%)	$2,244 (+51.7%)	0.6%	$12.38	—	SUB VTG SHS	53229C107
NTR	NUTRIEN LTD	29,290 (+22.4%)	$2,211 (+49.7%)	0.6%	$54.40	+25.2%	COM	67077M108
WPM	WHEATON PRECIOUS METALS CORP	29,990 (+5.6%)	$3,937 (+18.0%)	1.1%	$48.30	+189.5%	COM	962879102
TD	TORONTO DOMINION BK ONT	121,860 (+5.5%)	$11,368 (+4.4%)	3.2%	$63.41	+50.2%	COM NEW	891160509
BMO	BANK MONTREAL MEDIUM	43,300 (+3.5%)	$5,866 (+7.9%)	1.7%	$93.81	+48.1%	COM	063671101
CP	CANADIAN PACIFIC KANSAS CITY	53,730 (+3.9%)	$4,229 (+11.1%)	1.2%	$76.89	+0.5%	COM	13646K108
RY	ROYAL BK CDA	83,840 (+3.7%)	$13,556 (-1.7%)	3.9%	$87.60	+94.0%	COM	780087102

Exited Positions (13)

BBU BROOKFIELD BUSINESS PARTNERS 11.7%

Value ($000) $41,162 Shares 1,163,486 Est. Cost $22.27 Unrealized —

MEOH METHANEX CORP 2.4%

Value ($000) $8,279 Shares 208,630 Est. Cost $34.40 Unrealized +37.9%

PAAS PAN AMERN SILVER CORP 1.8%

Value ($000) $6,165 Shares 118,918 Est. Cost $30.19 Unrealized +93.4%

COF CAPITAL ONE FINL CORP 1.4%

Value ($000) $4,944 Shares 20,400 Est. Cost $188.75 Unrealized +18.3%

RGLD ROYAL GOLD INC 1.4%

Value ($000) $4,772 Shares 21,468 Est. Cost $198.37 Unrealized +36.1%

AG FIRST MAJESTIC SILVER CORP 1.2%

Value ($000) $4,277 Shares 256,360 Est. Cost $6.26 Unrealized +260.0%

AXP AMERICAN EXPRESS CO 1.0%

Value ($000) $3,677 Shares 9,940 Est. Cost $356.97 Unrealized -0.2%

TSAT TELESAT CORP 1.0%

Value ($000) $3,387 Shares 117,498 Est. Cost $19.54 Unrealized +52.9%

VZLA VIZSLA SILVER CORP 0.9%

Value ($000) $3,021 Shares 551,440 Est. Cost $3.47 Unrealized +48.0%

— AMCOR PLC 0.9%

Value ($000) $3,006 Shares 360,395 Est. Cost $9.12 Unrealized -7.8%

UUUU ENERGY FUELS INC 0.3%

Value ($000) $1,057 Shares 72,980 Est. Cost $16.97 Unrealized +27.3%

ODFL OLD DOMINION FREIGHT LINE IN 0.3%

Value ($000) $938 Shares 5,980 Est. Cost $143.18 Unrealized +27.9%

OR OR ROYALTIES INC. 0.3%

Value ($000) $881 Shares 24,890 Est. Cost $24.09 Unrealized +73.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BBU	BROOKFIELD BUSINESS PARTNERS	1,163,486	$41,162	11.7%	$22.27	—	—	G16234109
MEOH	METHANEX CORP	208,630	$8,279	2.4%	$34.40	+37.9%	—	59151K108
PAAS	PAN AMERN SILVER CORP	118,918	$6,165	1.8%	$30.19	+93.4%	—	697900108
COF	CAPITAL ONE FINL CORP	20,400	$4,944	1.4%	$188.75	+18.3%	—	14040H105
RGLD	ROYAL GOLD INC	21,468	$4,772	1.4%	$198.37	+36.1%	—	780287108
AG	FIRST MAJESTIC SILVER CORP	256,360	$4,277	1.2%	$6.26	+260.0%	—	32076V103
AXP	AMERICAN EXPRESS CO	9,940	$3,677	1.0%	$356.97	-0.2%	—	025816109
TSAT	TELESAT CORP	117,498	$3,387	1.0%	$19.54	+52.9%	—	879512309
VZLA	VIZSLA SILVER CORP	551,440	$3,021	0.9%	$3.47	+48.0%	—	92859G608
—	AMCOR PLC	360,395	$3,006	0.9%	$9.12	-7.8%	—	G0250X107
UUUU	ENERGY FUELS INC	72,980	$1,057	0.3%	$16.97	+27.3%	—	292671708
ODFL	OLD DOMINION FREIGHT LINE IN	5,980	$938	0.3%	$143.18	+27.9%	—	679580100
OR	OR ROYALTIES INC.	24,890	$881	0.3%	$24.09	+73.8%	—	68390D106

Decreased Positions (22)

CRH CRH PLC 3.4%

Value ($000) $11,855 (-49.3%) Shares 112,773 (-39.8%) Est. Cost $83.68 Unrealized +48.6%

BN BROOKFIELD CORP 1.2%

Value ($000) $4,094 (-73.3%) Shares 101,020 (-69.8%) Est. Cost $40.38 Unrealized +15.6%

CVNA CARVANA CO 0.6%

Value ($000) $2,042 (-77.9%) Shares 6,496 (-70.3%) Est. Cost $202.69 Unrealized +101.5%

RBA RB GLOBAL INC 0.4%

Value ($000) $1,317 (-84.5%) Shares 13,735 (-83.4%) Est. Cost $71.71 Unrealized +53.4%

BGSI BOYD GROUP SERVICES INC 3.4%

Value ($000) $11,989 (-34.7%) Shares 93,893 (-18.5%) Est. Cost $160.25 Unrealized +3.8%

GIB CGI INC 0.4%

Value ($000) $1,519 (-78.3%) Shares 20,780 (-72.6%) Est. Cost $89.01 Unrealized -5.7%

GIL GILDAN ACTIVEWEAR INC 0.1%

Value ($000) $441 (-92.2%) Shares 7,911 (-91.3%) Est. Cost $55.68 Unrealized +21.0%

BNS BANK NOVA SCOTIA B C 0.1%

Value ($000) $467 (-91.5%) Shares 6,740 (-90.9%) Est. Cost $52.40 Unrealized +43.0%

EQX EQUINOX GOLD CORP 2.3%

Value ($000) $8,022 (-35.3%) Shares 555,385 (-37.0%) Est. Cost $7.92 Unrealized +96.1%

IAG IAMGOLD CORP 2.2%

Value ($000) $7,587 (-28.4%) Shares 403,320 (-37.2%) Est. Cost $6.75 Unrealized +192.8%

FSM FORTUNA MNG CORP 0.7%

Value ($000) $2,569 (-46.1%) Shares 258,330 (-46.9%) Est. Cost $5.84 Unrealized +87.5%

ORLA ORLA MNG LTD NEW 1.4%

Value ($000) $4,908 (-29.5%) Shares 305,180 (-41.0%) Est. Cost $10.43 Unrealized +58.4%

USAS AMERICAS GOLD AND SILVER COR 0.7%

Value ($000) $2,392 (-45.8%) Shares 458,250 (-46.8%) Est. Cost $3.57 Unrealized +105.2%

DNN DENISON MINES CORP 2.7%

Value ($000) $9,426 (+21.8%) Shares 2,659,200 (-8.9%) Est. Cost $1.96 Unrealized +92.3%

EXK ENDEAVOUR SILVER CORP 1.1%

Value ($000) $3,857 (-27.0%) Shares 413,240 (-26.4%) Est. Cost $3.94 Unrealized +200.9%

PBA PEMBINA PIPELINE CORP 1.3%

Value ($000) $4,459 (-16.5%) Shares 99,545 (-29.1%) Est. Cost $36.67 Unrealized +11.8%

AEM AGNICO EAGLE MINES LTD 1.8%

Value ($000) $6,188 (+13.4%) Shares 30,480 (-5.3%) Est. Cost $59.77 Unrealized +244.7%

B BARRICK MNG CORP 1.1%

Value ($000) $3,882 (-15.8%) Shares 94,970 (-10.3%) Est. Cost $24.66 Unrealized +95.9%

NXE NEXGEN ENERGY LTD 1.2%

Value ($000) $4,113 (-11.7%) Shares 354,400 (-30.0%) Est. Cost $5.60 Unrealized +112.3%

MFC MANULIFE FINL CORP 1.0%

Value ($000) $3,472 (-10.6%) Shares 100,761 (-5.8%) Est. Cost $21.29 Unrealized +74.2%

KGC KINROSS GOLD CORP 0.8%

Value ($000) $2,679 (+4.3%) Shares 87,620 (-3.9%) Est. Cost $10.22 Unrealized +230.6%

EFXT ENERFLEX LTD 3.9%

Value ($000) $13,835 (+0.4%) Shares 661,252 (-26.0%) Est. Cost $6.89 Unrealized +154.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRH	CRH PLC	112,773 (-39.8%)	$11,855 (-49.3%)	3.4%	$83.68	+48.6%	ORD	G25508105
BN	BROOKFIELD CORP	101,020 (-69.8%)	$4,094 (-73.3%)	1.2%	$40.38	+15.6%	CL A LTD VT SH	11271J107
CVNA	CARVANA CO	6,496 (-70.3%)	$2,042 (-77.9%)	0.6%	$202.69	+101.5%	CL A	146869102
RBA	RB GLOBAL INC	13,735 (-83.4%)	$1,317 (-84.5%)	0.4%	$71.71	+53.4%	COM	74935Q107
BGSI	BOYD GROUP SERVICES INC	93,893 (-18.5%)	$11,989 (-34.7%)	3.4%	$160.25	+3.8%	COM	103310108
GIB	CGI INC	20,780 (-72.6%)	$1,519 (-78.3%)	0.4%	$89.01	-5.7%	CL A SUB VTG	12532H104
GIL	GILDAN ACTIVEWEAR INC	7,911 (-91.3%)	$441 (-92.2%)	0.1%	$55.68	+21.0%	COM	375916103
BNS	BANK NOVA SCOTIA B C	6,740 (-90.9%)	$467 (-91.5%)	0.1%	$52.40	+43.0%	COM	064149107
EQX	EQUINOX GOLD CORP	555,385 (-37.0%)	$8,022 (-35.3%)	2.3%	$7.92	+96.1%	COM	29446Y502
IAG	IAMGOLD CORP	403,320 (-37.2%)	$7,587 (-28.4%)	2.2%	$6.75	+192.8%	COM	450913108
FSM	FORTUNA MNG CORP	258,330 (-46.9%)	$2,569 (-46.1%)	0.7%	$5.84	+87.5%	COM NEW	349942102
ORLA	ORLA MNG LTD NEW	305,180 (-41.0%)	$4,908 (-29.5%)	1.4%	$10.43	+58.4%	COM	68634K106
USAS	AMERICAS GOLD AND SILVER COR	458,250 (-46.8%)	$2,392 (-45.8%)	0.7%	$3.57	+105.2%	COM NEW	03062D803
DNN	DENISON MINES CORP	2,659,200 (-8.9%)	$9,426 (+21.8%)	2.7%	$1.96	+92.3%	COM	248356107
EXK	ENDEAVOUR SILVER CORP	413,240 (-26.4%)	$3,857 (-27.0%)	1.1%	$3.94	+200.9%	COM	29258Y103
PBA	PEMBINA PIPELINE CORP	99,545 (-29.1%)	$4,459 (-16.5%)	1.3%	$36.67	+11.8%	COM	706327103
AEM	AGNICO EAGLE MINES LTD	30,480 (-5.3%)	$6,188 (+13.4%)	1.8%	$59.77	+244.7%	COM	008474108
B	BARRICK MNG CORP	94,970 (-10.3%)	$3,882 (-15.8%)	1.1%	$24.66	+95.9%	COM SHS	06849F108
NXE	NEXGEN ENERGY LTD	354,400 (-30.0%)	$4,113 (-11.7%)	1.2%	$5.60	+112.3%	COM	65340P106
MFC	MANULIFE FINL CORP	100,761 (-5.8%)	$3,472 (-10.6%)	1.0%	$21.29	+74.2%	COM	56501R106
KGC	KINROSS GOLD CORP	87,620 (-3.9%)	$2,679 (+4.3%)	0.8%	$10.22	+230.6%	COM	496902404
EFXT	ENERFLEX LTD	661,252 (-26.0%)	$13,835 (+0.4%)	3.9%	$6.89	+154.5%	COM	29269R105

Unchanged Positions (1)

SKE SKEENA RES LTD NEW 1.2%

Value ($000) $4,215 Shares 141,490 Est. Cost $5.12 Unrealized +495.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SKE	SKEENA RES LTD NEW	141,490	$4,215	1.2%	$5.12	+495.9%	COM	83056P715