NewGen Asset Management Ltd Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CDE	COEUR MINING INC	717,800	$12,798	7.9%	$17.39	0.0%	Stock	192108504
GIL	GILDAN ACTIVEWEAR INC	98,798	$6,171	3.8%	$59.45	0.0%	Stock	375916103
DSGX	DESCARTES SYSTEMS GROUP/THE	70,000	$6,143	3.8%	$89.38	0.0%	Stock	249906108
GIL	GILDAN ACTIVEWEAR INC	89,600	$5,596	3.5%	$59.45	0.0%	CALL	375916103
VZLA	VIZSLA SILVER CORP	900,000	$4,923	3.0%	$4.70	0.0%	Stock	92859G608
CVE	CENOVUS ENERGY INC	290,500	$4,915	3.0%	$17.37	0.0%	Stock	15135U109
BGSI	BOYD GROUP INC	27,300	$4,350	2.7%	$160.25	0.0%	Stock	103310108
TRS	TRIMAS CORP	99,500	$3,527	2.2%	$34.92	0.0%	Stock	896215209
CHAC	CRANE HARBOR ACQUISITION CORP CLASS A	185,300	$1,996	1.2%	$11.14	0.0%	Stock	G24979109
RDNT	RADNET INC	25,000	$1,784	1.1%	$77.21	0.0%	Stock	750491102
USAU	US GOLD CORP	80,000	$1,553	1.0%	$17.09	0.0%	Stock	90291C201
TII	TITAN MINING CORP	374,858	$1,052	0.6%	$2.56	0.0%	Stock	88831L202

Increased Positions (2)

EFXT ENERFLEX LTD 7.5%

Value ($000) $12,133 (+35.1%) Shares 786,744 (+10.3%) Est. Cost $7.05 Unrealized +88.7%

BAM BROOKFIELD ASSET MANAGEMENT 3.2%

Value ($000) $5,239 (+31.7%) Shares 100,000 (+33.3%) Est. Cost $57.38 Unrealized -6.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EFXT	ENERFLEX LTD	786,744 (+10.3%)	$12,133 (+35.1%)	7.5%	$7.05	+88.7%	Stock	29269R105
BAM	BROOKFIELD ASSET MANAGEMENT	100,000 (+33.3%)	$5,239 (+31.7%)	3.2%	$57.38	-6.8%	Stock	113004105

Exited Positions (18)

SPY SPDR S&P 500 ETF TRUST 42.1%

Value ($000) $68,206 Shares 100,000 Est. Cost — Unrealized —

QQQ INVESCO QQQ TRUST SERIES 1 38.8%

Value ($000) $62,907 Shares 100,000 Est. Cost — Unrealized —

HYG ISHARES IBOXX HIGH YIELD CORP 29.9%

Value ($000) $48,480 Shares 600,000 Est. Cost — Unrealized —

SLV ISHARES SILVER TRUST 13.6%

Value ($000) $22,005 Shares 500,000 Est. Cost — Unrealized —

B BARRICK MINING CORP 8.6%

Value ($000) $13,940 Shares 425,000 Est. Cost $25.15 Unrealized +48.8%

IAG IAMGOLD CORP 5.6%

Value ($000) $9,032 Shares 780,000 Est. Cost $5.91 Unrealized +138.3%

CGAU CENTERRA GOLD INC 4.3%

Value ($000) $7,031 Shares 600,000 Est. Cost — Unrealized —

UEC URANIUM ENERGY CORP 3.7%

Value ($000) $6,052 Shares 400,000 Est. Cost $10.01 Unrealized +31.2%

PPTA PERPETUA RESOURCES CORP 3.6%

Value ($000) $5,887 Shares 245,000 Est. Cost $13.47 Unrealized +82.7%

UEC URANIUM ENERGY CORP 3.3%

Value ($000) $5,370 Shares 354,900 Est. Cost $10.01 Unrealized +31.2%

NTSK NETSKOPE INC 2.2%

Value ($000) $3,546 Shares 150,000 Est. Cost $23.79 Unrealized -12.3%

VOXR VOX ROYALTY CORP 1.6%

Value ($000) $2,637 Shares 617,500 Est. Cost $3.41 Unrealized +32.6%

DEFT DEFI TECHNOLOGIES INC 1.6%

Value ($000) $2,616 Shares 1,369,864 Est. Cost $2.59 Unrealized -40.9%

ASTL ALGOMA STEEL GROUP INC 0.6%

Value ($000) $1,026 Shares 246,097 Est. Cost $7.62 Unrealized -47.7%

— CHEGG INC 0.5%

Value ($000) $884 Shares 1,002,000 Est. Cost $0.83 Unrealized —

LITS LITE STRATEGY INC 0.4%

Value ($000) $627 Shares 300,000 Est. Cost $4.12 Unrealized -54.2%

POET POET TECHNOLOGIES INC 0.1%

Value ($000) $122 Shares 18,900 Est. Cost $5.65 Unrealized +12.2%

SUIG SUI GROUP HOLDINGS LTD 0.0%

Value ($000) $4 Shares 1,300 Est. Cost $4.52 Unrealized -42.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TRUST	100,000	$68,206	42.1%	—	—	PUT	78462F103
QQQ	INVESCO QQQ TRUST SERIES 1	100,000	$62,907	38.8%	—	—	PUT	46090E103
HYG	ISHARES IBOXX HIGH YIELD CORP	600,000	$48,480	29.9%	—	—	PUT	464288513
SLV	ISHARES SILVER TRUST	500,000	$22,005	13.6%	—	—	CALL	46428Q109
B	BARRICK MINING CORP	425,000	$13,940	8.6%	$25.15	+48.8%	—	06849F108
IAG	IAMGOLD CORP	780,000	$9,032	5.6%	$5.91	+138.3%	—	450913108
CGAU	CENTERRA GOLD INC	600,000	$7,031	4.3%	—	—	CALL	152006102
UEC	URANIUM ENERGY CORP	400,000	$6,052	3.7%	$10.01	+31.2%	—	916896103
PPTA	PERPETUA RESOURCES CORP	245,000	$5,887	3.6%	$13.47	+82.7%	—	714266103
UEC	URANIUM ENERGY CORP	354,900	$5,370	3.3%	$10.01	+31.2%	CALL	916896103
NTSK	NETSKOPE INC	150,000	$3,546	2.2%	$23.79	-12.3%	—	64119N608
VOXR	VOX ROYALTY CORP	617,500	$2,637	1.6%	$3.41	+32.6%	—	92919F103
DEFT	DEFI TECHNOLOGIES INC	1,369,864	$2,616	1.6%	$2.59	-40.9%	—	244916102
ASTL	ALGOMA STEEL GROUP INC	246,097	$1,026	0.6%	$7.62	-47.7%	—	015658107
—	CHEGG INC	1,002,000	$884	0.5%	$0.83	—	—	163092AF6
LITS	LITE STRATEGY INC	300,000	$627	0.4%	$4.12	-54.2%	—	55279B301
POET	POET TECHNOLOGIES INC	18,900	$122	0.1%	$5.65	+12.2%	—	73044W302
SUIG	SUI GROUP HOLDINGS LTD	1,300	$4	0.0%	$4.52	-42.8%	—	59982U200

Decreased Positions (5)

USAS AMERICAS GOLD AND SILVER CORP 19.6%

Value ($000) $31,682 (-14.1%) Shares 6,200,000 (-33.2%) Est. Cost $2.61 Unrealized +72.1%

BB BLACKBERRY LTD 6.3%

Value ($000) $10,191 (-25.4%) Shares 2,689,000 (-4.0%) Est. Cost $3.10 Unrealized +41.7%

NOA NORTH AMERICAN CONSTRUCTION GROUP LTD 0.8%

Value ($000) $1,263 (-73.2%) Shares 87,699 (-71.0%) Est. Cost $14.56 Unrealized -2.3%

CCJ CAMECO CORP 7.1%

Value ($000) $11,427 (-13.6%) Shares 124,900 (-3.5%) Est. Cost $53.26 Unrealized +68.9%

SLSR SOLARIS RESOURCES INC 6.0%

Value ($000) $9,778 (-10.4%) Shares 1,219,657 (-26.0%) Est. Cost $3.47 Unrealized +99.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
USAS	AMERICAS GOLD AND SILVER CORP	6,200,000 (-33.2%)	$31,682 (-14.1%)	19.6%	$2.61	+72.1%	Stock	03062D803
BB	BLACKBERRY LTD	2,689,000 (-4.0%)	$10,191 (-25.4%)	6.3%	$3.10	+41.7%	Stock	09228F103
NOA	NORTH AMERICAN CONSTRUCTION GROUP LTD	87,699 (-71.0%)	$1,263 (-73.2%)	0.8%	$14.56	-2.3%	Stock	656811106
CCJ	CAMECO CORP	124,900 (-3.5%)	$11,427 (-13.6%)	7.1%	$53.26	+68.9%	Stock	13321L108
SLSR	SOLARIS RESOURCES INC	1,219,657 (-26.0%)	$9,778 (-10.4%)	6.0%	$3.47	+99.8%	Stock	83419D201

Unchanged Positions (4)

IAUX/WS I-80 GOLD CORP 9.0%

Value ($000) $14,616 Shares 10,011,000 Est. Cost $0.97 Unrealized —

BEP BROOKFIELD RENEWABLE PARTNERS 4.0%

Value ($000) $6,474 Shares 239,500 Est. Cost $22.16 Unrealized —

ENB ENBRIDGE INC 2.7%

Value ($000) $4,305 Shares 90,000 Est. Cost $31.06 Unrealized +51.7%

ANNA ALEANNA INC 0.1%

Value ($000) $81 Shares 28,283 Est. Cost $10.41 Unrealized -67.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAUX/WS	I-80 GOLD CORP	10,011,000	$14,616	9.0%	$0.97	—	Stock	44955L155
BEP	BROOKFIELD RENEWABLE PARTNERS	239,500	$6,474	4.0%	$22.16	—	Stock	G16258108
ENB	ENBRIDGE INC	90,000	$4,305	2.7%	$31.06	+51.7%	Stock	29250N105
ANNA	ALEANNA INC	28,283	$81	0.1%	$10.41	-67.5%	Stock	01444V103