PCJ Investment Counsel Ltd. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BGSI	BOYD GROUP SERVICES INC	115,230	$18,355	4.5%	$160.25	0.0%	COM	103310108
BTE	BAYTEX ENERGY CORP	2,483,638	$8,034	2.0%	$2.79	0.0%	COM	07317Q105
GIB	CGI INC	75,930	$7,014	1.7%	$89.01	0.0%	CL A SUB VTG	12532H104
RGLD	ROYAL GOLD INC	21,468	$4,772	1.2%	$198.37	0.0%	COM	780287108
AXP	AMERICAN EXPRESS CO	9,940	$3,677	0.9%	$356.97	0.0%	COM	025816109
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	29,660	$1,551	0.4%	$46.76	0.0%	CL A	499049104
UUUU	ENERGY FUELS INC	72,980	$1,057	0.3%	$16.97	0.0%	COM NEW	292671708
ODFL	OLD DOMINION FREIGHT LINE IN	5,980	$938	0.2%	$143.18	0.0%	COM	679580100
TFII	TFI INTL INC	8,740	$903	0.2%	$93.07	0.0%	COM	87241L109

Increased Positions (28)

CAE CAE INC 5.7%

Value ($000) $23,131 (+46.4%) Shares 760,585 (+42.5%) Est. Cost $27.89 Unrealized +0.5%

EQX EQUINOX GOLD CORP 3.1%

Value ($000) $12,392 (+65.5%) Shares 881,940 (+32.0%) Est. Cost $7.92 Unrealized +59.4%

ORLA ORLA MNG LTD NEW 1.7%

Value ($000) $6,960 (+159.7%) Shares 517,480 (+108.2%) Est. Cost $10.43 Unrealized +16.4%

MEOH METHANEX CORP 2.0%

Value ($000) $8,279 (+76.9%) Shares 208,630 (+77.2%) Est. Cost $34.40 Unrealized +8.1%

TD TORONTO DOMINION BK ONT 2.7%

Value ($000) $10,890 (+35.2%) Shares 115,540 (+14.7%) Est. Cost $61.67 Unrealized +36.9%

USAS AMERICAS GOLD AND SILVER COR 1.1%

Value ($000) $4,417 (+178.7%) Shares 861,090 (+102.6%) Est. Cost $3.57 Unrealized +26.1%

GIL GILDAN ACTIVEWEAR INC 1.4%

Value ($000) $5,685 (+72.7%) Shares 91,000 (+59.7%) Est. Cost $55.68 Unrealized +6.8%

TGB TASEKO MINES LTD 1.3%

Value ($000) $5,380 (+74.7%) Shares 950,290 (+30.8%) Est. Cost $3.71 Unrealized +26.9%

DNN DENISON MINES CORP 1.9%

Value ($000) $7,741 (+37.6%) Shares 2,918,810 (+42.7%) Est. Cost $1.96 Unrealized +38.7%

RY ROYAL BK CDA 3.4%

Value ($000) $13,783 (+17.0%) Shares 80,850 (+1.1%) Est. Cost $84.56 Unrealized +81.6%

ERO ERO COPPER CORP 0.7%

Value ($000) $2,637 (+279.2%) Shares 93,219 (+171.5%) Est. Cost $20.32 Unrealized +14.6%

B BARRICK MNG CORP 1.1%

Value ($000) $4,612 (+61.1%) Shares 105,880 (+21.5%) Est. Cost $24.66 Unrealized +51.8%

CRH CRH PLC 5.8%

Value ($000) $23,366 (+6.6%) Shares 187,230 (+2.4%) Est. Cost $83.68 Unrealized +42.4%

FSM FORTUNA MNG CORP 1.2%

Value ($000) $4,768 (+36.0%) Shares 486,520 (+24.2%) Est. Cost $5.84 Unrealized +54.2%

SHOP SHOPIFY INC 2.8%

Value ($000) $11,386 (+12.4%) Shares 70,710 (+3.7%) Est. Cost $58.03 Unrealized +176.7%

BNS BANK NOVA SCOTIA HALIFAX 1.4%

Value ($000) $5,475 (+23.4%) Shares 74,230 (+8.2%) Est. Cost $52.40 Unrealized +29.7%

CNI CANADIAN NATL RY CO 0.8%

Value ($000) $3,180 (+35.0%) Shares 32,150 (+28.7%) Est. Cost $102.07 Unrealized -5.8%

BIP BROOKFIELD INFRAST PARTNERS 1.6%

Value ($000) $6,386 (+14.7%) Shares 183,780 (+8.7%) Est. Cost $32.56 Unrealized —

MFC MANULIFE FINL CORP 1.0%

Value ($000) $3,884 (+20.7%) Shares 106,961 (+3.5%) Est. Cost $21.29 Unrealized +59.4%

BN BROOKFIELD CORP 3.8%

Value ($000) $15,336 (-3.9%) Shares 334,090 (+43.5%) Est. Cost $40.38 Unrealized +12.8%

TSAT TELESAT CORP 0.8%

Value ($000) $3,387 (+15.7%) Shares 117,498 (+4.7%) Est. Cost $19.54 Unrealized +48.8%

CNQ CANADIAN NAT RES LTD 1.0%

Value ($000) $4,058 (+9.6%) Shares 119,800 (+3.4%) Est. Cost $28.48 Unrealized +13.8%

CCJ CAMECO CORP 0.5%

Value ($000) $2,059 (+17.5%) Shares 22,490 (+7.7%) Est. Cost $39.87 Unrealized +125.6%

SU SUNCOR ENERGY INC NEW 0.8%

Value ($000) $3,337 (+9.4%) Shares 75,180 (+3.2%) Est. Cost $31.53 Unrealized +34.0%

RBA RB GLOBAL INC 2.1%

Value ($000) $8,509 (-2.0%) Shares 82,690 (+3.2%) Est. Cost $71.71 Unrealized +41.7%

PBA PEMBINA PIPELINE CORP 1.3%

Value ($000) $5,343 (+3.4%) Shares 140,320 (+9.8%) Est. Cost $36.67 Unrealized +4.9%

CP CANADIAN PACIFIC KANSAS CITY 0.9%

Value ($000) $3,807 (+3.1%) Shares 51,710 (+4.3%) Est. Cost $76.88 Unrealized -4.3%

ENB ENBRIDGE INC 1.3%

Value ($000) $5,327 (+0.1%) Shares 111,310 (+5.5%) Est. Cost $35.36 Unrealized +33.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CAE	CAE INC	760,585 (+42.5%)	$23,131 (+46.4%)	5.7%	$27.89	+0.5%	COM	124765108
EQX	EQUINOX GOLD CORP	881,940 (+32.0%)	$12,392 (+65.5%)	3.1%	$7.92	+59.4%	COM	29446Y502
ORLA	ORLA MNG LTD NEW	517,480 (+108.2%)	$6,960 (+159.7%)	1.7%	$10.43	+16.4%	COM	68634K106
MEOH	METHANEX CORP	208,630 (+77.2%)	$8,279 (+76.9%)	2.0%	$34.40	+8.1%	COM	59151K108
TD	TORONTO DOMINION BK ONT	115,540 (+14.7%)	$10,890 (+35.2%)	2.7%	$61.67	+36.9%	COM NEW	891160509
USAS	AMERICAS GOLD AND SILVER COR	861,090 (+102.6%)	$4,417 (+178.7%)	1.1%	$3.57	+26.1%	COM NEW	03062D803
GIL	GILDAN ACTIVEWEAR INC	91,000 (+59.7%)	$5,685 (+72.7%)	1.4%	$55.68	+6.8%	COM	375916103
TGB	TASEKO MINES LTD	950,290 (+30.8%)	$5,380 (+74.7%)	1.3%	$3.71	+26.9%	COM	876511106
DNN	DENISON MINES CORP	2,918,810 (+42.7%)	$7,741 (+37.6%)	1.9%	$1.96	+38.7%	COM	248356107
RY	ROYAL BK CDA	80,850 (+1.1%)	$13,783 (+17.0%)	3.4%	$84.56	+81.6%	COM	780087102
ERO	ERO COPPER CORP	93,219 (+171.5%)	$2,637 (+279.2%)	0.7%	$20.32	+14.6%	COM	296006109
B	BARRICK MNG CORP	105,880 (+21.5%)	$4,612 (+61.1%)	1.1%	$24.66	+51.8%	COM SHS	06849F108
CRH	CRH PLC	187,230 (+2.4%)	$23,366 (+6.6%)	5.8%	$83.68	+42.4%	ORD	G25508105
FSM	FORTUNA MNG CORP	486,520 (+24.2%)	$4,768 (+36.0%)	1.2%	$5.84	+54.2%	COM NEW	349942102
SHOP	SHOPIFY INC	70,710 (+3.7%)	$11,386 (+12.4%)	2.8%	$58.03	+176.7%	CL A SUB VTG SHS	82509L107
BNS	BANK NOVA SCOTIA HALIFAX	74,230 (+8.2%)	$5,475 (+23.4%)	1.4%	$52.40	+29.7%	COM	064149107
CNI	CANADIAN NATL RY CO	32,150 (+28.7%)	$3,180 (+35.0%)	0.8%	$102.07	-5.8%	COM	136375102
BIP	BROOKFIELD INFRAST PARTNERS	183,780 (+8.7%)	$6,386 (+14.7%)	1.6%	$32.56	—	LP INT UNIT	G16252101
MFC	MANULIFE FINL CORP	106,961 (+3.5%)	$3,884 (+20.7%)	1.0%	$21.29	+59.4%	COM	56501R106
BN	BROOKFIELD CORP	334,090 (+43.5%)	$15,336 (-3.9%)	3.8%	$40.38	+12.8%	CL A LTD VT SH	11271J107
TSAT	TELESAT CORP	117,498 (+4.7%)	$3,387 (+15.7%)	0.8%	$19.54	+48.8%	CL A & CL B SHS	879512309
CNQ	CANADIAN NAT RES LTD	119,800 (+3.4%)	$4,058 (+9.6%)	1.0%	$28.48	+13.8%	COM	136385101
CCJ	CAMECO CORP	22,490 (+7.7%)	$2,059 (+17.5%)	0.5%	$39.87	+125.6%	COM	13321L108
SU	SUNCOR ENERGY INC NEW	75,180 (+3.2%)	$3,337 (+9.4%)	0.8%	$31.53	+34.0%	COM	867224107
RBA	RB GLOBAL INC	82,690 (+3.2%)	$8,509 (-2.0%)	2.1%	$71.71	+41.7%	COM	74935Q107
PBA	PEMBINA PIPELINE CORP	140,320 (+9.8%)	$5,343 (+3.4%)	1.3%	$36.67	+4.9%	COM	706327103
CP	CANADIAN PACIFIC KANSAS CITY	51,710 (+4.3%)	$3,807 (+3.1%)	0.9%	$76.88	-4.3%	COM	13646K108
ENB	ENBRIDGE INC	111,310 (+5.5%)	$5,327 (+0.1%)	1.3%	$35.36	+33.3%	COM	29250N105

Exited Positions (12)

— SANDSTORM GOLD LTD 1.3%

Value ($000) $5,348 Shares 427,350 Est. Cost $11.25 Unrealized —

DSGX DESCARTES SYS GROUP INC 1.1%

Value ($000) $4,529 Shares 48,080 Est. Cost $100.33 Unrealized -10.9%

NGD NEW GOLD INC CDA 1.0%

Value ($000) $4,195 Shares 585,660 Est. Cost $2.96 Unrealized +154.1%

C CITIGROUP INC 0.8%

Value ($000) $3,032 Shares 29,870 Est. Cost $94.11 Unrealized +10.1%

STN STANTEC INC 0.7%

Value ($000) $2,695 Shares 25,000 Est. Cost $107.80 Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.7%

Value ($000) $2,683 Shares 22,130 Est. Cost $132.67 Unrealized -15.3%

WCN WASTE CONNECTIONS INC 0.6%

Value ($000) $2,227 Shares 12,670 Est. Cost $184.47 Unrealized -6.3%

SLF SUN LIFE FINANCIAL INC. 0.4%

Value ($000) $1,545 Shares 25,730 Est. Cost $61.32 Unrealized -1.5%

RCI ROGERS COMMUNICATIONS INC 0.3%

Value ($000) $1,309 Shares 38,030 Est. Cost $31.73 Unrealized +18.1%

TRI THOMSON REUTERS CORP 0.3%

Value ($000) $1,244 Shares 8,016 Est. Cost $143.59 Unrealized -1.7%

DCBO DOCEBO INC 0.3%

Value ($000) $1,181 Shares 43,280 Est. Cost $39.10 Unrealized -38.9%

AER AERCAP HOLDINGS NV 0.2%

Value ($000) $918 Shares 7,590 Est. Cost $93.87 Unrealized +41.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SANDSTORM GOLD LTD	427,350	$5,348	1.3%	$11.25	—	—	80013R206
DSGX	DESCARTES SYS GROUP INC	48,080	$4,529	1.1%	$100.33	-10.9%	—	249906108
NGD	NEW GOLD INC CDA	585,660	$4,195	1.0%	$2.96	+154.1%	—	644535106
C	CITIGROUP INC	29,870	$3,032	0.8%	$94.11	+10.1%	—	172967424
STN	STANTEC INC	25,000	$2,695	0.7%	$107.80	—	—	85472N109
BLDR	BUILDERS FIRSTSOURCE INC	22,130	$2,683	0.7%	$132.67	-15.3%	—	12008R107
WCN	WASTE CONNECTIONS INC	12,670	$2,227	0.6%	$184.47	-6.3%	—	94106B101
SLF	SUN LIFE FINANCIAL INC.	25,730	$1,545	0.4%	$61.32	-1.5%	—	866796105
RCI	ROGERS COMMUNICATIONS INC	38,030	$1,309	0.3%	$31.73	+18.1%	—	775109200
TRI	THOMSON REUTERS CORP	8,016	$1,244	0.3%	$143.59	-1.7%	—	884903808
DCBO	DOCEBO INC	43,280	$1,181	0.3%	$39.10	-38.9%	—	25609L105
AER	AERCAP HOLDINGS NV	7,590	$918	0.2%	$93.87	+41.1%	—	N00985106

Decreased Positions (23)

COF CAPITAL ONE FINL CORP 1.2%

Value ($000) $4,944 (-48.9%) Shares 20,400 (-55.2%) Est. Cost $188.75 Unrealized +17.7%

CM CANADIAN IMPERIAL BANK OF CO 0.1%

Value ($000) $494 (-89.2%) Shares 5,450 (-90.5%) Est. Cost $51.61 Unrealized +66.3%

— AMCOR PLC 0.7%

Value ($000) $3,006 (-53.4%) Shares 360,395 (-54.3%) Est. Cost $9.12 Unrealized -9.6%

BBU BROOKFIELD BUSINESS PARTNERS 10.2%

Value ($000) $41,162 (-6.0%) Shares 1,163,486 (-13.0%) Est. Cost $22.27 Unrealized —

OR OR ROYALTIES INC. 0.2%

Value ($000) $881 (-74.1%) Shares 24,890 (-70.7%) Est. Cost $24.09 Unrealized +45.4%

EFXT ENERFLEX LTD 3.4%

Value ($000) $13,784 (+9.5%) Shares 894,086 (-23.4%) Est. Cost $6.89 Unrealized +92.9%

PAAS PAN AMERN SILVER CORP 1.5%

Value ($000) $6,165 (-14.7%) Shares 118,918 (-36.3%) Est. Cost $30.19 Unrealized +38.7%

IAG IAMGOLD CORP 2.6%

Value ($000) $10,595 (+9.8%) Shares 642,050 (-14.1%) Est. Cost $6.75 Unrealized +108.6%

KGC KINROSS GOLD CORP 0.6%

Value ($000) $2,568 (-25.1%) Shares 91,180 (-34.1%) Est. Cost $10.22 Unrealized +154.2%

BMO BANK MONTREAL QUE 1.3%

Value ($000) $5,435 (-12.3%) Shares 41,850 (-12.0%) Est. Cost $92.25 Unrealized +37.3%

SKE SKEENA RES LTD NEW 0.8%

Value ($000) $3,384 (+26.0%) Shares 142,470 (-2.3%) Est. Cost $5.12 Unrealized +285.1%

VZLA VIZSLA SILVER CORP 0.7%

Value ($000) $3,021 (+23.5%) Shares 551,440 (-2.7%) Est. Cost $3.47 Unrealized +35.4%

CGAU CENTERRA GOLD INC 0.5%

Value ($000) $2,102 (+31.2%) Shares 145,980 (-2.4%) Est. Cost $6.46 Unrealized +93.8%

AEM AGNICO EAGLE MINES LTD 1.3%

Value ($000) $5,456 (-5.7%) Shares 32,170 (-6.4%) Est. Cost $59.77 Unrealized +180.8%

AG FIRST MAJESTIC SILVER CORP 1.1%

Value ($000) $4,277 (-4.2%) Shares 256,360 (-29.5%) Est. Cost $6.26 Unrealized +122.1%

TECK TECK RESOURCES LTD 0.4%

Value ($000) $1,422 (-11.5%) Shares 29,700 (-18.9%) Est. Cost $36.22 Unrealized +19.6%

CLS CELESTICA INC 0.3%

Value ($000) $1,364 (-11.7%) Shares 4,610 (-26.6%) Est. Cost $201.61 Unrealized +49.5%

NTR NUTRIEN LTD 0.4%

Value ($000) $1,477 (-10.5%) Shares 23,930 (-14.8%) Est. Cost $51.33 Unrealized +14.7%

CVE CENOVUS ENERGY INC 1.7%

Value ($000) $6,877 (-2.1%) Shares 406,470 (-1.7%) Est. Cost $15.77 Unrealized +10.1%

CVNA CARVANA CO 2.3%

Value ($000) $9,242 (+0.8%) Shares 21,900 (-9.9%) Est. Cost $202.69 Unrealized +83.4%

LSPD LIGHTSPEED COMMERCE INC 0.4%

Value ($000) $1,480 (+1.7%) Shares 122,630 (-2.7%) Est. Cost $15.97 Unrealized —

EXK ENDEAVOUR SILVER CORP 1.3%

Value ($000) $5,283 (-0.4%) Shares 561,640 (-17.1%) Est. Cost $3.94 Unrealized +115.2%

NXE NEXGEN ENERGY LTD 1.2%

Value ($000) $4,658 (+0.0%) Shares 506,190 (-2.7%) Est. Cost $5.60 Unrealized +57.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COF	CAPITAL ONE FINL CORP	20,400 (-55.2%)	$4,944 (-48.9%)	1.2%	$188.75	+17.7%	COM	14040H105
CM	CANADIAN IMPERIAL BANK OF CO	5,450 (-90.5%)	$494 (-89.2%)	0.1%	$51.61	+66.3%	COM	136069101
—	AMCOR PLC	360,395 (-54.3%)	$3,006 (-53.4%)	0.7%	$9.12	-9.6%	ORD	G0250X107
BBU	BROOKFIELD BUSINESS PARTNERS	1,163,486 (-13.0%)	$41,162 (-6.0%)	10.2%	$22.27	—	UNIT LTD L P	G16234109
OR	OR ROYALTIES INC.	24,890 (-70.7%)	$881 (-74.1%)	0.2%	$24.09	+45.4%	COM SHS	68390D106
EFXT	ENERFLEX LTD	894,086 (-23.4%)	$13,784 (+9.5%)	3.4%	$6.89	+92.9%	COM	29269R105
PAAS	PAN AMERN SILVER CORP	118,918 (-36.3%)	$6,165 (-14.7%)	1.5%	$30.19	+38.7%	COM	697900108
IAG	IAMGOLD CORP	642,050 (-14.1%)	$10,595 (+9.8%)	2.6%	$6.75	+108.6%	COM	450913108
KGC	KINROSS GOLD CORP	91,180 (-34.1%)	$2,568 (-25.1%)	0.6%	$10.22	+154.2%	COM	496902404
BMO	BANK MONTREAL QUE	41,850 (-12.0%)	$5,435 (-12.3%)	1.3%	$92.25	+37.3%	COM	063671101
SKE	SKEENA RES LTD NEW	142,470 (-2.3%)	$3,384 (+26.0%)	0.8%	$5.12	+285.1%	COM	83056P715
VZLA	VIZSLA SILVER CORP	551,440 (-2.7%)	$3,021 (+23.5%)	0.7%	$3.47	+35.4%	COM NEW	92859G608
CGAU	CENTERRA GOLD INC	145,980 (-2.4%)	$2,102 (+31.2%)	0.5%	$6.46	+93.8%	COM	152006102
AEM	AGNICO EAGLE MINES LTD	32,170 (-6.4%)	$5,456 (-5.7%)	1.3%	$59.77	+180.8%	COM	008474108
AG	FIRST MAJESTIC SILVER CORP	256,360 (-29.5%)	$4,277 (-4.2%)	1.1%	$6.26	+122.1%	COM	32076V103
TECK	TECK RESOURCES LTD	29,700 (-18.9%)	$1,422 (-11.5%)	0.4%	$36.22	+19.6%	CL B	878742204
CLS	CELESTICA INC	4,610 (-26.6%)	$1,364 (-11.7%)	0.3%	$201.61	+49.5%	COM	15101Q207
NTR	NUTRIEN LTD	23,930 (-14.8%)	$1,477 (-10.5%)	0.4%	$51.33	+14.7%	COM	67077M108
CVE	CENOVUS ENERGY INC	406,470 (-1.7%)	$6,877 (-2.1%)	1.7%	$15.77	+10.1%	COM	15135U109
CVNA	CARVANA CO	21,900 (-9.9%)	$9,242 (+0.8%)	2.3%	$202.69	+83.4%	CL A	146869102
LSPD	LIGHTSPEED COMMERCE INC	122,630 (-2.7%)	$1,480 (+1.7%)	0.4%	$15.97	—	SUB VTG SHS	53229C107
EXK	ENDEAVOUR SILVER CORP	561,640 (-17.1%)	$5,283 (-0.4%)	1.3%	$3.94	+115.2%	COM	29258Y103
NXE	NEXGEN ENERGY LTD	506,190 (-2.7%)	$4,658 (+0.0%)	1.2%	$5.60	+57.7%	COM	65340P106

Unchanged Positions (1)

WPM WHEATON PRECIOUS METALS CORP 0.8%

Value ($000) $3,338 Shares 28,390 Est. Cost $43.15 Unrealized +148.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WPM	WHEATON PRECIOUS METALS CORP	28,390	$3,338	0.8%	$43.15	+148.2%	COM	962879102