Regal Partners Ltd Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NNE	NANO Nuclear Energy Inc	980,201	$23,535	1.4%	$38.28	0.0%	COM	63010H108
EQX	Equinox Gold Corp	633,462	$8,894	0.5%	$12.62	0.0%	COM	29446Y502
HYMC	Hycroft Mining Holding Corp	314,677	$7,480	0.4%	$11.07	0.0%	CL A NEW	44862P208
BTU	Peabody Energy Corp	212,440	$6,309	0.4%	$29.35	0.0%	COM	704551100
BTG	B2Gold Corp	1,370,464	$6,181	0.4%	$4.66	0.0%	COM	11777Q209
TGB	Taseko Mines Ltd	1,000,000	$5,660	0.3%	$4.70	0.0%	COM	876511106
UEC	Uranium Energy Corp	465,780	$5,440	0.3%	$13.12	0.0%	COM	916896103
ALB	Albemarle Corp	29,595	$4,186	0.2%	$113.25	0.0%	COM	012653101
CNR	Core Natural Resources Inc	46,863	$4,148	0.2%	$85.17	0.0%	COM SHS	218937100
XLF	State Street Financial Select	69,346	$3,798	0.2%	$54.77	—	STATE STREET FIN	81369Y605
SEZL	Sezzle Inc	59,054	$3,748	0.2%	$68.16	0.0%	COM	78435P105
STLD	Steel Dynamics Inc	21,861	$3,704	0.2%	$158.36	0.0%	COM	858119100
HCC	Warrior Met Coal Inc	41,547	$3,663	0.2%	$75.18	0.0%	COM	93627C101
XLU	State Street Utilities Select	77,698	$3,317	0.2%	$42.69	—	STATE STREET UTI	81369Y886
DNN	Denison Mines Corp	834,798	$2,221	0.1%	$2.72	0.0%	COM	248356107
LC	LendingClub Corp	111,509	$2,112	0.1%	$17.67	0.0%	COM NEW	52603A208
XLI	State Street Industrial Select	11,154	$1,730	0.1%	$155.12	—	STATE STREET IND	81369Y704
TKO	TKO Group Holdings Inc	8,233	$1,721	0.1%	$193.76	0.0%	CL A	87256C101
NTRA	Natera Inc	7,500	$1,718	0.1%	$208.59	0.0%	COM	632307104
LNT	Alliant Energy Corp	20,482	$1,332	0.1%	$66.83	0.0%	COM	018802108
KRP	Kimbell Royalty Partners LP	113,041	$1,329	0.1%	$11.76	—	UNIT	49435R102
PM	Philip Morris International In	7,908	$1,268	0.1%	$153.57	0.0%	COM	718172109
FICO	Fair Isaac Corp	750	$1,268	0.1%	$1721.38	0.0%	COM	303250104
CVS	CVS Health Corp	15,299	$1,214	0.1%	$78.67	0.0%	COM	126650100
RCL	Royal Caribbean Cruises Ltd	4,123	$1,150	0.1%	$281.58	0.0%	COM	V7780T103
MHK	Mohawk Industries Inc	10,483	$1,146	0.1%	$114.84	0.0%	COM	608190104
DHR	Danaher Corp	4,816	$1,102	0.1%	$219.54	0.0%	COM	235851102
BKD	Brookdale Senior Living Inc	100,000	$1,079	0.1%	$9.83	0.0%	COM	112463104
LGN	Legence Corp	25,000	$1,076	0.1%	$39.53	0.0%	CL A	52476L109
TMDX	TransMedics Group Inc	8,600	$1,046	0.1%	$125.49	0.0%	COM	89377M109
AMR	Alpha Metallurgical Resources	4,888	$977	0.1%	$172.83	0.0%	COM	020764106
HHH	Howard Hughes Holdings Inc	10,000	$798	0.0%	$82.83	0.0%	COM	44267T102
WWD	Woodward Inc	2,000	$605	0.0%	$274.80	0.0%	COM	980745103
FORM	FormFactor Inc	10,000	$558	0.0%	$50.39	0.0%	COM	346375108
TEM	Tempus AI Inc	9,000	$531	0.0%	$78.23	0.0%	CL A	88023B103
FSLR	First Solar Inc	2,000	$522	0.0%	$252.20	0.0%	COM	336433107
GRAL	GRAIL Inc	4,000	$342	0.0%	$86.40	0.0%	COM	384747101
NET	Cloudflare Inc	1,500	$296	0.0%	$211.53	0.0%	CL A COM	18915M107

Increased Positions (31)

FCX Freeport-McMoRan Inc 9.3%

Value ($000) $162,084 (+70.0%) Shares 3,191,258 (+31.3%) Est. Cost $40.39 Unrealized +7.2%

APO Apollo Global Management Inc 8.3%

Value ($000) $143,183 (+69.3%) Shares 989,104 (+55.9%) Est. Cost $113.99 Unrealized +16.3%

RPRX Royalty Pharma PLC 5.9%

Value ($000) $102,037 (+101.5%) Shares 2,640,708 (+84.0%) Est. Cost $33.25 Unrealized +14.7%

UNP Union Pacific Corp 3.6%

Value ($000) $62,838 (+127.3%) Shares 271,649 (+132.3%) Est. Cost $225.52 Unrealized +0.8%

GROY GOLD ROYALTY CORP 1.4%

Value ($000) $23,534 (+24532.2%) Shares 5,712,223 (+22977.8%) Est. Cost $3.82 Unrealized +0.3%

BAC Bank of America Corp 7.3%

Value ($000) $125,828 (+20.8%) Shares 2,287,781 (+13.4%) Est. Cost $32.52 Unrealized +61.9%

TECK Teck Resources Ltd 9.7%

Value ($000) $168,638 (+10.4%) Shares 3,521,364 (+1.1%) Est. Cost $39.68 Unrealized +9.2%

SNY Sanofi SA 5.3%

Value ($000) $92,639 (+18.4%) Shares 1,911,650 (+15.3%) Est. Cost $48.38 Unrealized —

B Barrick Mining Corp 2.1%

Value ($000) $36,289 (+53.2%) Shares 833,279 (+15.3%) Est. Cost $24.70 Unrealized +51.5%

INSP Inspire Medical Systems Inc 1.1%

Value ($000) $19,489 (+158.2%) Shares 211,304 (+107.7%) Est. Cost $98.36 Unrealized -2.7%

SCCO Southern Copper Corp 0.9%

Value ($000) $15,506 (+104.6%) Shares 108,081 (+73.0%) Est. Cost $108.52 Unrealized +22.3%

NU NU Holdings Ltd/Cayman Islands 0.2%

Value ($000) $3,371 (+1836.3%) Shares 201,390 (+1751.9%) Est. Cost $15.96 Unrealized +0.7%

APP AppLovin Corp 0.3%

Value ($000) $5,012 (+86.0%) Shares 7,438 (+98.3%) Est. Cost $509.80 Unrealized +23.6%

DAVE Dave Inc 0.2%

Value ($000) $3,321 (+216.4%) Shares 15,001 (+184.9%) Est. Cost $184.11 Unrealized +16.8%

SII Sprott Inc 0.6%

Value ($000) $10,067 (+22.3%) Shares 102,807 (+3.9%) Est. Cost $45.73 Unrealized +93.9%

AMZN Amazon.com Inc 1.3%

Value ($000) $22,588 (+8.1%) Shares 97,860 (+2.8%) Est. Cost $128.88 Unrealized +77.5%

NXE NexGen Energy Ltd 0.1%

Value ($000) $1,886 (+426.8%) Shares 205,000 (+412.5%) Est. Cost $8.40 Unrealized +5.1%

GDX VanEck Gold Miners ETF/USA 0.2%

Value ($000) $3,049 (+96.3%) Shares 35,551 (+74.9%) Est. Cost $76.76 Unrealized —

CVNA Carvana Co 0.1%

Value ($000) $2,342 (+138.8%) Shares 5,550 (+113.5%) Est. Cost $365.12 Unrealized +1.8%

TW Tradeweb Markets Inc 0.7%

Value ($000) $11,374 (+8.5%) Shares 105,761 (+12.0%) Est. Cost $129.69 Unrealized -17.2%

VNOM Viper Energy Inc 0.2%

Value ($000) $2,902 (+38.0%) Shares 75,130 (+36.2%) Est. Cost $38.04 Unrealized -0.5%

GDXJ VanEck Junior Gold Miners ETF 0.1%

Value ($000) $2,317 (+43.7%) Shares 20,368 (+25.1%) Est. Cost $96.14 Unrealized —

SOFI SoFi Technologies Inc 0.1%

Value ($000) $1,490 (+88.0%) Shares 56,917 (+89.7%) Est. Cost $20.13 Unrealized +38.4%

WGS GeneDx Holdings Corp 0.1%

Value ($000) $910 (+238.0%) Shares 7,000 (+180.0%) Est. Cost $127.15 Unrealized +8.0%

GRAB Grab Holdings Ltd 0.1%

Value ($000) $1,070 (+48.8%) Shares 214,462 (+79.5%) Est. Cost $5.20 Unrealized +6.3%

HOOD Robinhood Markets Inc 0.1%

Value ($000) $1,537 (+25.0%) Shares 13,590 (+58.2%) Est. Cost $82.51 Unrealized +57.6%

APLD Applied Digital Corp 0.1%

Value ($000) $1,089 (+35.6%) Shares 44,400 (+26.9%) Est. Cost $17.77 Unrealized +62.1%

NXDR Nextdoor Holdings Inc 0.0%

Value ($000) $472 (+80.6%) Shares 224,700 (+79.8%) Est. Cost $1.95 Unrealized +0.6%

CLS Celestica Inc 0.0%

Value ($000) $443 (+80.0%) Shares 1,500 (+50.0%) Est. Cost $234.87 Unrealized +28.3%

RMBS Rambus Inc 0.0%

Value ($000) $551 (+32.3%) Shares 6,000 (+50.0%) Est. Cost $84.19 Unrealized +16.9%

RMD ResMed Inc 0.0%

Value ($000) $434 (+21.8%) Shares 1,800 (+38.5%) Est. Cost $242.32 Unrealized +5.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FCX	Freeport-McMoRan Inc	3,191,258 (+31.3%)	$162,084 (+70.0%)	9.3%	$40.39	+7.2%	CL B	35671D857
APO	Apollo Global Management Inc	989,104 (+55.9%)	$143,183 (+69.3%)	8.3%	$113.99	+16.3%	COM	03769M106
RPRX	Royalty Pharma PLC	2,640,708 (+84.0%)	$102,037 (+101.5%)	5.9%	$33.25	+14.7%	SHS CLASS A	G7709Q104
UNP	Union Pacific Corp	271,649 (+132.3%)	$62,838 (+127.3%)	3.6%	$225.52	+0.8%	COM	907818108
GROY	GOLD ROYALTY CORP	5,712,223 (+22977.8%)	$23,534 (+24532.2%)	1.4%	$3.82	+0.3%	COMMON SHARES	38071H106
BAC	Bank of America Corp	2,287,781 (+13.4%)	$125,828 (+20.8%)	7.3%	$32.52	+61.9%	COM	060505104
TECK	Teck Resources Ltd	3,521,364 (+1.1%)	$168,638 (+10.4%)	9.7%	$39.68	+9.2%	CL B	878742204
SNY	Sanofi SA	1,911,650 (+15.3%)	$92,639 (+18.4%)	5.3%	$48.38	—	SPONSORED ADR	80105N105
B	Barrick Mining Corp	833,279 (+15.3%)	$36,289 (+53.2%)	2.1%	$24.70	+51.5%	COM SHS	06849F108
INSP	Inspire Medical Systems Inc	211,304 (+107.7%)	$19,489 (+158.2%)	1.1%	$98.36	-2.7%	COM	457730109
SCCO	Southern Copper Corp	108,081 (+73.0%)	$15,506 (+104.6%)	0.9%	$108.52	+22.3%	COM	84265V105
NU	NU Holdings Ltd/Cayman Islands	201,390 (+1751.9%)	$3,371 (+1836.3%)	0.2%	$15.96	+0.7%	ORD SHS CL A	G6683N103
APP	AppLovin Corp	7,438 (+98.3%)	$5,012 (+86.0%)	0.3%	$509.80	+23.6%	COM CL A	03831W108
DAVE	Dave Inc	15,001 (+184.9%)	$3,321 (+216.4%)	0.2%	$184.11	+16.8%	CLASS A COM NEW	23834J201
SII	Sprott Inc	102,807 (+3.9%)	$10,067 (+22.3%)	0.6%	$45.73	+93.9%	COM NEW	852066208
AMZN	Amazon.com Inc	97,860 (+2.8%)	$22,588 (+8.1%)	1.3%	$128.88	+77.5%	COM	023135106
NXE	NexGen Energy Ltd	205,000 (+412.5%)	$1,886 (+426.8%)	0.1%	$8.40	+5.1%	COM	65340P106
GDX	VanEck Gold Miners ETF/USA	35,551 (+74.9%)	$3,049 (+96.3%)	0.2%	$76.76	—	GOLD MINERS ETF	92189F106
CVNA	Carvana Co	5,550 (+113.5%)	$2,342 (+138.8%)	0.1%	$365.12	+1.8%	CL A	146869102
TW	Tradeweb Markets Inc	105,761 (+12.0%)	$11,374 (+8.5%)	0.7%	$129.69	-17.2%	CL A	892672106
VNOM	Viper Energy Inc	75,130 (+36.2%)	$2,902 (+38.0%)	0.2%	$38.04	-0.5%	CL A	64361Q101
GDXJ	VanEck Junior Gold Miners ETF	20,368 (+25.1%)	$2,317 (+43.7%)	0.1%	$96.14	—	JUNIOR GOLD MINE	92189F791
SOFI	SoFi Technologies Inc	56,917 (+89.7%)	$1,490 (+88.0%)	0.1%	$20.13	+38.4%	COM	83406F102
WGS	GeneDx Holdings Corp	7,000 (+180.0%)	$910 (+238.0%)	0.1%	$127.15	+8.0%	COM CL A	81663L200
GRAB	Grab Holdings Ltd	214,462 (+79.5%)	$1,070 (+48.8%)	0.1%	$5.20	+6.3%	CLASS A ORD	G4124C109
HOOD	Robinhood Markets Inc	13,590 (+58.2%)	$1,537 (+25.0%)	0.1%	$82.51	+57.6%	COM CL A	770700102
APLD	Applied Digital Corp	44,400 (+26.9%)	$1,089 (+35.6%)	0.1%	$17.77	+62.1%	COM NEW	038169207
NXDR	Nextdoor Holdings Inc	224,700 (+79.8%)	$472 (+80.6%)	0.0%	$1.95	+0.6%	COM CL A	65345M108
CLS	Celestica Inc	1,500 (+50.0%)	$443 (+80.0%)	0.0%	$234.87	+28.3%	COM	15101Q207
RMBS	Rambus Inc	6,000 (+50.0%)	$551 (+32.3%)	0.0%	$84.19	+16.9%	COM	750917106
RMD	ResMed Inc	1,800 (+38.5%)	$434 (+21.8%)	0.0%	$242.32	+5.4%	COM	761152107

Exited Positions (28)

FOX Fox Corp 2.5%

Value ($000) $42,758 Shares 746,344 Est. Cost $33.15 Unrealized +76.1%

OXY Occidental Petroleum Corp 0.4%

Value ($000) $6,615 Shares 140,000 Est. Cost $44.74 Unrealized -7.1%

ZONE Cleancore Solutions Inc 0.3%

Value ($000) $6,060 Shares 3,000,000 Est. Cost $3.59 Unrealized -76.6%

IAG IAMGOLD Corp 0.3%

Value ($000) $5,321 Shares 411,496 Est. Cost $8.76 Unrealized +60.9%

CORZ Core Scientific Inc 0.3%

Value ($000) $4,989 Shares 278,070 Est. Cost $9.61 Unrealized +81.5%

— MAC Copper Ltd 0.3%

Value ($000) $4,892 Shares 400,644 Est. Cost $12.57 Unrealized —

LODE Comstock Inc 0.2%

Value ($000) $3,954 Shares 1,156,000 Est. Cost $3.12 Unrealized +9.1%

HUT Hut 8 Corp 0.2%

Value ($000) $3,302 Shares 94,860 Est. Cost $25.41 Unrealized +73.4%

BABA Alibaba Group Holding Ltd 0.1%

Value ($000) $1,609 Shares 9,000 Est. Cost $178.73 Unrealized —

GLXY Galaxy Digital Inc 0.1%

Value ($000) $1,378 Shares 40,746 Est. Cost $26.97 Unrealized +14.9%

JD JD.com Inc 0.1%

Value ($000) $1,280 Shares 36,600 Est. Cost $34.98 Unrealized —

CRWV CoreWeave Inc 0.1%

Value ($000) $1,095 Shares 8,000 Est. Cost $118.31 Unrealized -14.3%

CPNG Coupang Inc 0.1%

Value ($000) $966 Shares 30,000 Est. Cost $30.23 Unrealized -5.9%

SLV iShares Silver Trust 0.1%

Value ($000) $877 Shares 20,700 Est. Cost $42.37 Unrealized —

LITS Lite Strategy Inc 0.0%

Value ($000) $845 Shares 349,320 Est. Cost $4.12 Unrealized -54.2%

NTES NetEase Inc 0.0%

Value ($000) $730 Shares 4,800 Est. Cost $151.99 Unrealized —

— Mobilicom Ltd/Australia 0.0%

Value ($000) $717 Shares 77,052 Est. Cost $9.30 Unrealized —

LIF Life360 Inc 0.0%

Value ($000) $538 Shares 5,065 Est. Cost $51.82 Unrealized +60.3%

EGO Eldorado Gold Corp 0.0%

Value ($000) $525 Shares 18,161 Est. Cost $23.54 Unrealized +27.1%

TCOM Trip.com Group Ltd 0.0%

Value ($000) $343 Shares 4,557 Est. Cost $75.20 Unrealized —

MNSO MINISO Group Holding Ltd 0.0%

Value ($000) $342 Shares 15,188 Est. Cost $22.50 Unrealized —

FLNG FLEX LNG Ltd 0.0%

Value ($000) $264 Shares 10,471 Est. Cost $23.62 Unrealized +6.0%

OUST Ouster Inc 0.0%

Value ($000) $247 Shares 9,118 Est. Cost $27.89 Unrealized -5.3%

NBIS Nebius Group NV 0.0%

Value ($000) $225 Shares 2,000 Est. Cost $69.43 Unrealized +49.3%

BKKT Bakkt Holdings Inc/US 0.0%

Value ($000) $217 Shares 6,456 Est. Cost $13.76 Unrealized +60.6%

FUTU Futu Holdings Ltd 0.0%

Value ($000) $209 Shares 1,200 Est. Cost $173.91 Unrealized —

AZ A2Z Cust2Mate Solutions Corp 0.0%

Value ($000) $153 Shares 19,103 Est. Cost $9.48 Unrealized -32.2%

OPTEY Opthea Ltd 0.0%

Value ($000) $0 Shares 5,193,688 Est. Cost $6.26 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FOX	Fox Corp	746,344	$42,758	2.5%	$33.15	+76.1%	—	35137L204
OXY	Occidental Petroleum Corp	140,000	$6,615	0.4%	$44.74	-7.1%	—	674599105
ZONE	Cleancore Solutions Inc	3,000,000	$6,060	0.3%	$3.59	-76.6%	—	184492106
IAG	IAMGOLD Corp	411,496	$5,321	0.3%	$8.76	+60.9%	—	450913108
CORZ	Core Scientific Inc	278,070	$4,989	0.3%	$9.61	+81.5%	—	21874A106
—	MAC Copper Ltd	400,644	$4,892	0.3%	$12.57	—	—	G60409110
LODE	Comstock Inc	1,156,000	$3,954	0.2%	$3.12	+9.1%	—	205750409
HUT	Hut 8 Corp	94,860	$3,302	0.2%	$25.41	+73.4%	—	44812J104
BABA	Alibaba Group Holding Ltd	9,000	$1,609	0.1%	$178.73	—	—	01609W102
GLXY	Galaxy Digital Inc	40,746	$1,378	0.1%	$26.97	+14.9%	—	36317J209
JD	JD.com Inc	36,600	$1,280	0.1%	$34.98	—	—	47215P106
CRWV	CoreWeave Inc	8,000	$1,095	0.1%	$118.31	-14.3%	—	21873S108
CPNG	Coupang Inc	30,000	$966	0.1%	$30.23	-5.9%	—	22266T109
SLV	iShares Silver Trust	20,700	$877	0.1%	$42.37	—	—	46428Q109
LITS	Lite Strategy Inc	349,320	$845	0.0%	$4.12	-54.2%	—	55279B301
NTES	NetEase Inc	4,800	$730	0.0%	$151.99	—	—	64110W102
—	Mobilicom Ltd/Australia	77,052	$717	0.0%	$9.30	—	—	60742B102
LIF	Life360 Inc	5,065	$538	0.0%	$51.82	+60.3%	—	532206109
EGO	Eldorado Gold Corp	18,161	$525	0.0%	$23.54	+27.1%	—	284902509
TCOM	Trip.com Group Ltd	4,557	$343	0.0%	$75.20	—	—	89677Q107
MNSO	MINISO Group Holding Ltd	15,188	$342	0.0%	$22.50	—	—	66981J102
FLNG	FLEX LNG Ltd	10,471	$264	0.0%	$23.62	+6.0%	—	G35947202
OUST	Ouster Inc	9,118	$247	0.0%	$27.89	-5.3%	—	68989M202
NBIS	Nebius Group NV	2,000	$225	0.0%	$69.43	+49.3%	—	N97284108
BKKT	Bakkt Holdings Inc/US	6,456	$217	0.0%	$13.76	+60.6%	—	05759B305
FUTU	Futu Holdings Ltd	1,200	$209	0.0%	$173.91	—	—	36118L106
AZ	A2Z Cust2Mate Solutions Corp	19,103	$153	0.0%	$9.48	-32.2%	—	002205102
OPTEY	Opthea Ltd	5,193,688	$0	0.0%	$6.26	—	—	68386J208

Decreased Positions (17)

NEM Newmont Corp 11.9%

Value ($000) $206,821 (+9.9%) Shares 2,071,317 (-7.2%) Est. Cost $42.46 Unrealized +112.4%

AEM Agnico Eagle Mines Ltd 0.9%

Value ($000) $14,765 (-48.1%) Shares 87,096 (-48.4%) Est. Cost $92.55 Unrealized +81.4%

AA Alcoa Corp 0.2%

Value ($000) $2,837 (-80.9%) Shares 53,390 (-88.2%) Est. Cost $32.18 Unrealized +27.0%

NWS News Corp 0.1%

Value ($000) $2,525 (-63.3%) Shares 85,213 (-57.2%) Est. Cost $33.03 Unrealized -9.7%

WFC Wells Fargo & Co 3.2%

Value ($000) $56,348 (-6.6%) Shares 604,596 (-16.0%) Est. Cost $43.35 Unrealized +99.8%

CCJ Cameco Corp 2.0%

Value ($000) $34,399 (-8.4%) Shares 375,990 (-16.0%) Est. Cost $69.63 Unrealized +29.2%

HBM Hudbay Minerals Inc 0.4%

Value ($000) $6,749 (-30.7%) Shares 339,975 (-47.0%) Est. Cost $8.65 Unrealized +95.6%

KGC Kinross Gold Corp 1.3%

Value ($000) $22,483 (-7.4%) Shares 798,408 (-18.3%) Est. Cost $16.63 Unrealized +56.2%

GEHC GE HealthCare Technologies Inc 1.1%

Value ($000) $18,648 (-6.0%) Shares 227,363 (-14.0%) Est. Cost $77.00 Unrealized +1.2%

META Meta Platforms Inc 0.2%

Value ($000) $3,776 (-14.8%) Shares 5,720 (-5.2%) Est. Cost $359.67 Unrealized +85.5%

HSAI Hesai Group 0.1%

Value ($000) $1,193 (-33.4%) Shares 53,252 (-16.4%) Est. Cost $28.10 Unrealized —

ZETA Zeta Global Holdings Corp 0.0%

Value ($000) $407 (-59.0%) Shares 20,000 (-60.0%) Est. Cost $17.02 Unrealized +9.7%

GOOG Alphabet Inc 3.0%

Value ($000) $51,814 (-0.7%) Shares 165,119 (-22.9%) Est. Cost $164.79 Unrealized +73.8%

CIFR Cipher Mining Inc 0.2%

Value ($000) $2,657 (-11.7%) Shares 180,000 (-24.7%) Est. Cost $7.54 Unrealized +134.0%

UBER Uber Technologies Inc 0.1%

Value ($000) $892 (-20.1%) Shares 10,911 (-4.2%) Est. Cost $75.70 Unrealized +18.9%

SYM Symbotic Inc 0.0%

Value ($000) $238 (-41.4%) Shares 4,000 (-46.9%) Est. Cost $50.54 Unrealized +30.7%

NUE Nucor Corp 0.2%

Value ($000) $3,147 (+5.1%) Shares 19,291 (-12.7%) Est. Cost $142.01 Unrealized +5.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NEM	Newmont Corp	2,071,317 (-7.2%)	$206,821 (+9.9%)	11.9%	$42.46	+112.4%	COM	651639106
AEM	Agnico Eagle Mines Ltd	87,096 (-48.4%)	$14,765 (-48.1%)	0.9%	$92.55	+81.4%	COM	008474108
AA	Alcoa Corp	53,390 (-88.2%)	$2,837 (-80.9%)	0.2%	$32.18	+27.0%	COM	013872106
NWS	News Corp	85,213 (-57.2%)	$2,525 (-63.3%)	0.1%	$33.03	-9.7%	CL B	65249B208
WFC	Wells Fargo & Co	604,596 (-16.0%)	$56,348 (-6.6%)	3.2%	$43.35	+99.8%	COM	949746101
CCJ	Cameco Corp	375,990 (-16.0%)	$34,399 (-8.4%)	2.0%	$69.63	+29.2%	COM	13321L108
HBM	Hudbay Minerals Inc	339,975 (-47.0%)	$6,749 (-30.7%)	0.4%	$8.65	+95.6%	COM	443628102
KGC	Kinross Gold Corp	798,408 (-18.3%)	$22,483 (-7.4%)	1.3%	$16.63	+56.2%	COM	496902404
GEHC	GE HealthCare Technologies Inc	227,363 (-14.0%)	$18,648 (-6.0%)	1.1%	$77.00	+1.2%	COMMON STOCK	36266G107
META	Meta Platforms Inc	5,720 (-5.2%)	$3,776 (-14.8%)	0.2%	$359.67	+85.5%	CL A	30303M102
HSAI	Hesai Group	53,252 (-16.4%)	$1,193 (-33.4%)	0.1%	$28.10	—	SPONSORED ADS	428050108
ZETA	Zeta Global Holdings Corp	20,000 (-60.0%)	$407 (-59.0%)	0.0%	$17.02	+9.7%	CL A	98956A105
GOOG	Alphabet Inc	165,119 (-22.9%)	$51,814 (-0.7%)	3.0%	$164.79	+73.8%	CAP STK CL C	02079K107
CIFR	Cipher Mining Inc	180,000 (-24.7%)	$2,657 (-11.7%)	0.2%	$7.54	+134.0%	COM	17253J106
UBER	Uber Technologies Inc	10,911 (-4.2%)	$892 (-20.1%)	0.1%	$75.70	+18.9%	COM	90353T100
SYM	Symbotic Inc	4,000 (-46.9%)	$238 (-41.4%)	0.0%	$50.54	+30.7%	CLASS A COM	87151X101
NUE	Nucor Corp	19,291 (-12.7%)	$3,147 (+5.1%)	0.2%	$142.01	+5.5%	COM	670346105

Unchanged Positions (11)

WYNN Wynn Resorts Ltd 5.6%

Value ($000) $96,943 Shares 805,646 Est. Cost $85.84 Unrealized +43.9%

TFC Truist Financial Corp 2.6%

Value ($000) $45,165 Shares 917,804 Est. Cost $32.19 Unrealized +42.3%

IREN IREN Ltd 0.3%

Value ($000) $5,343 Shares 141,457 Est. Cost $9.22 Unrealized +459.4%

CRM Salesforce Inc 0.4%

Value ($000) $7,236 Shares 27,314 Est. Cost $251.43 Unrealized -1.3%

FIX Comfort Systems USA Inc 0.1%

Value ($000) $2,053 Shares 2,200 Est. Cost $600.73 Unrealized +53.6%

OR OR Royalties Inc 0.0%

Value ($000) $672 Shares 19,000 Est. Cost $31.21 Unrealized +12.3%

CCLD CareCloud Inc 0.0%

Value ($000) $292 Shares 100,000 Est. Cost $2.90 Unrealized +9.2%

VRT Vertiv Holdings Co 0.0%

Value ($000) $405 Shares 2,500 Est. Cost $133.31 Unrealized +30.2%

RADX Radiopharm Theranostics Ltd 0.0%

Value ($000) $475 Shares 90,909 Est. Cost $4.49 Unrealized —

PODD Insulet Corp 0.0%

Value ($000) $256 Shares 900 Est. Cost $313.31 Unrealized -0.2%

APEI American Public Education Inc 0.0%

Value ($000) $277 Shares 7,338 Est. Cost $26.44 Unrealized +35.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WYNN	Wynn Resorts Ltd	805,646	$96,943	5.6%	$85.84	+43.9%	COM	983134107
TFC	Truist Financial Corp	917,804	$45,165	2.6%	$32.19	+42.3%	COM	89832Q109
IREN	IREN Ltd	141,457	$5,343	0.3%	$9.22	+459.4%	ORDINARY SHARES	Q4982L109
CRM	Salesforce Inc	27,314	$7,236	0.4%	$251.43	-1.3%	COM	79466L302
FIX	Comfort Systems USA Inc	2,200	$2,053	0.1%	$600.73	+53.6%	COM	199908104
OR	OR Royalties Inc	19,000	$672	0.0%	$31.21	+12.3%	COM SHS	68390D106
CCLD	CareCloud Inc	100,000	$292	0.0%	$2.90	+9.2%	COM	14167R100
VRT	Vertiv Holdings Co	2,500	$405	0.0%	$133.31	+30.2%	COM CL A	92537N108
RADX	Radiopharm Theranostics Ltd	90,909	$475	0.0%	$4.49	—	SPONSORED ADS	75041J101
PODD	Insulet Corp	900	$256	0.0%	$313.31	-0.2%	COM	45784P101
APEI	American Public Education Inc	7,338	$277	0.0%	$26.44	+35.4%	COM	02913V103