Heathbridge Capital Management Ltd. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SOBO	SOUTH BOW CORP	419,950 (+104.1%)	$11,566 (+98.7%)	4.4%	$26.08	+4.1%	COM	83671M105
TU	TELUS CORPORATION	1,160,500 (+50.2%)	$15,317 (+25.9%)	5.9%	$16.89	-16.6%	COM	87971M103
VZ	VERIZON COMMUNICATIONS INC	531,800 (+12.2%)	$21,660 (+4.0%)	8.3%	$36.08	+12.2%	COM	92343V104
ADP	AUTOMATIC DATA PROCESSING IN	30,090 (+9.9%)	$7,740 (-3.7%)	3.0%	$82.11	+222.5%	COM	053015103

Exited Positions (1)

MGA MAGNA INTL INC 2.6%

Value ($000) $6,856 Shares 144,775 Est. Cost $39.48 Unrealized +23.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MGA	MAGNA INTL INC	144,775	$6,856	2.6%	$39.48	+23.8%	—	559222401

Decreased Positions (14)

AEP AMERCIAN ELEC PWR CO INC 7.7%

Value ($000) $20,271 (-18.1%) Shares 175,800 (-20.1%) Est. Cost $79.52 Unrealized +48.0%

AEM AGNICO EAGLE MINES LTD 6.0%

Value ($000) $15,817 (-19.4%) Shares 93,135 (-20.1%) Est. Cost $47.96 Unrealized +250.0%

TD TORONTO DOMINION BK ONT 8.8%

Value ($000) $23,133 (+16.0%) Shares 245,100 (-1.8%) Est. Cost $47.43 Unrealized +78.0%

MFC MANULIFE FINL CORP 6.4%

Value ($000) $16,703 (+14.7%) Shares 459,350 (-1.8%) Est. Cost $16.12 Unrealized +110.6%

ZTS ZOETIS INC 2.9%

Value ($000) $7,477 (-14.9%) Shares 59,425 (-1.0%) Est. Cost $163.36 Unrealized -20.3%

MSFT MICROSOFT CORP 5.2%

Value ($000) $13,725 (-8.7%) Shares 28,380 (-2.2%) Est. Cost $234.05 Unrealized +113.9%

HLN HALEON PLC 4.1%

Value ($000) $10,616 (+11.2%) Shares 1,050,050 (-1.3%) Est. Cost $8.38 Unrealized —

GOOGL ALPHABET INC 4.5%

Value ($000) $11,706 (-7.0%) Shares 37,400 (-27.8%) Est. Cost $174.14 Unrealized +64.0%

TRP TC ENERGY CORP 8.1%

Value ($000) $21,236 (-3.1%) Shares 385,100 (-4.5%) Est. Cost $34.01 Unrealized +56.9%

CNQ CANADIAN NAT RES LTD 4.4%

Value ($000) $11,468 (+4.8%) Shares 338,100 (-1.2%) Est. Cost $28.63 Unrealized +13.3%

HBM HUDBAY MINERALS INC 1.6%

Value ($000) $4,213 (+5.8%) Shares 211,910 (-19.4%) Est. Cost $5.31 Unrealized +218.7%

CP CANADIAN PACIFIC KANSAS CITY 3.3%

Value ($000) $8,676 (-2.5%) Shares 117,675 (-1.5%) Est. Cost $77.51 Unrealized -5.0%

CAE CAE INC 4.4%

Value ($000) $11,499 (+1.3%) Shares 377,600 (-1.5%) Est. Cost $20.08 Unrealized +39.7%

NEM NEWMONT CORP 0.3%

Value ($000) $684 (-2.8%) Shares 6,850 (-18.0%) Est. Cost $36.12 Unrealized +149.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AEP	AMERCIAN ELEC PWR CO INC	175,800 (-20.1%)	$20,271 (-18.1%)	7.7%	$79.52	+48.0%	COM	025537101
AEM	AGNICO EAGLE MINES LTD	93,135 (-20.1%)	$15,817 (-19.4%)	6.0%	$47.96	+250.0%	COM	008474108
TD	TORONTO DOMINION BK ONT	245,100 (-1.8%)	$23,133 (+16.0%)	8.8%	$47.43	+78.0%	COM NEW	891160509
MFC	MANULIFE FINL CORP	459,350 (-1.8%)	$16,703 (+14.7%)	6.4%	$16.12	+110.6%	COM	56501R106
ZTS	ZOETIS INC	59,425 (-1.0%)	$7,477 (-14.9%)	2.9%	$163.36	-20.3%	CL A	98978V103
MSFT	MICROSOFT CORP	28,380 (-2.2%)	$13,725 (-8.7%)	5.2%	$234.05	+113.9%	COM	594918104
HLN	HALEON PLC	1,050,050 (-1.3%)	$10,616 (+11.2%)	4.1%	$8.38	—	SPON ADS	405552100
GOOGL	ALPHABET INC	37,400 (-27.8%)	$11,706 (-7.0%)	4.5%	$174.14	+64.0%	CAP STK CL A	02079K305
TRP	TC ENERGY CORP	385,100 (-4.5%)	$21,236 (-3.1%)	8.1%	$34.01	+56.9%	COM	87807B107
CNQ	CANADIAN NAT RES LTD	338,100 (-1.2%)	$11,468 (+4.8%)	4.4%	$28.63	+13.3%	COM	136385101
HBM	HUDBAY MINERALS INC	211,910 (-19.4%)	$4,213 (+5.8%)	1.6%	$5.31	+218.7%	COM	443628102
CP	CANADIAN PACIFIC KANSAS CITY	117,675 (-1.5%)	$8,676 (-2.5%)	3.3%	$77.51	-5.0%	COM	13646K108
CAE	CAE INC	377,600 (-1.5%)	$11,499 (+1.3%)	4.4%	$20.08	+39.7%	COM	124765108
NEM	NEWMONT CORP	6,850 (-18.0%)	$684 (-2.8%)	0.3%	$36.12	+149.7%	COM	651639106

Unchanged Positions (9)

RY ROYAL BK CDA 5.4%

Value ($000) $14,084 Shares 82,500 Est. Cost $70.32 Unrealized +118.4%

TECK TECK RESOURCES LTD 4.3%

Value ($000) $11,137 Shares 232,300 Est. Cost $37.26 Unrealized +16.2%

TMO THERMO FISHER SCIENTIFIC INC 0.1%

Value ($000) $275 Shares 475 Est. Cost $464.78 Unrealized +21.6%

FITB FIFTH THIRD BANCORP 0.2%

Value ($000) $564 Shares 12,050 Est. Cost $25.12 Unrealized +73.8%

XOM EXXON MOBIL CORP 0.1%

Value ($000) $322 Shares 2,675 Est. Cost $109.70 Unrealized +5.3%

DNN DENISON MINES CORP 0.1%

Value ($000) $266 Shares 100,000 Est. Cost $0.51 Unrealized +434.4%

UNP UNION PAC CORP 0.1%

Value ($000) $231 Shares 1,000 Est. Cost $204.23 Unrealized +11.3%

MA MASTERCARD INCORPORATED 0.1%

Value ($000) $228 Shares 400 Est. Cost $397.11 Unrealized +40.8%

ORGNW ORIGIN MATERIALS INC 0.0%

Value ($000) $0 Shares 16,600 Est. Cost $1.93 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RY	ROYAL BK CDA	82,500	$14,084	5.4%	$70.32	+118.4%	COM	780087102
TECK	TECK RESOURCES LTD	232,300	$11,137	4.3%	$37.26	+16.2%	CL B	878742204
TMO	THERMO FISHER SCIENTIFIC INC	475	$275	0.1%	$464.78	+21.6%	COM	883556102
FITB	FIFTH THIRD BANCORP	12,050	$564	0.2%	$25.12	+73.8%	COM	316773100
XOM	EXXON MOBIL CORP	2,675	$322	0.1%	$109.70	+5.3%	COM	30231G102
DNN	DENISON MINES CORP	100,000	$266	0.1%	$0.51	+434.4%	COM	248356107
UNP	UNION PAC CORP	1,000	$231	0.1%	$204.23	+11.3%	COM	907818108
MA	MASTERCARD INCORPORATED	400	$228	0.1%	$397.11	+40.8%	CL A	57636Q104
ORGNW	ORIGIN MATERIALS INC	16,600	$0	0.0%	$1.93	—	*W EXP 06/25/202	68622D114