Bornite Capital Management LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GE	GE AEROSPACE	206,400	$63,577	6.2%	$300.80	0.0%	COM NEW	369604301
NUE	NUCOR CORP	300,000	$48,933	4.8%	$149.77	0.0%	COM	670346105
BALL	BALL CORP	700,000	$37,079	3.6%	$49.09	0.0%	COM	058498106
RRC	RANGE RES CORP	800,000	$28,208	2.8%	$37.25	0.0%	COM	75281A109
UAL	UNITED AIRLS HLDGS INC	250,000	$27,955	2.7%	$101.05	0.0%	COM	910047109
BAC	BANK AMERICA CORP	500,000	$27,500	2.7%	$52.67	0.0%	COM	060505104
FCX	FREEPORT-MCMORAN INC	500,000	$25,395	2.5%	$43.31	0.0%	CL B	35671D857
TECK	TECK RESOURCES LTD	500,000	$23,945	2.3%	$43.32	0.0%	CL B	878742204
ROAD	CONSTRUCTION PARTNERS INC	150,000	$16,283	1.6%	$112.57	0.0%	COM CL A	21044C107
SKE	SKEENA RES LTD NEW	523,000	$12,423	1.2%	$19.72	0.0%	COM	83056P715
NAK	NORTHERN DYNASTY MINERALS LT	5,385,000	$10,608	1.0%	$1.93	0.0%	COM NEW	66510M204
CENX	CENTURY ALUM CO	250,000	$9,795	1.0%	$31.24	0.0%	COM	156431108
TE	T1 ENERGY INC	1,250,000	$8,350	0.8%	$4.41	0.0%	COM NEW	35834F104
MOS	MOSAIC CO NEW	300,000	$7,227	0.7%	$26.75	0.0%	COM	61945C103
WWD	WOODWARD INC	5,200	$1,572	0.2%	$274.80	0.0%	COM	980745103

Increased Positions (7)

AMZN AMAZON COM INC 6.8%

Value ($000) $69,246 (+215.4%) Shares 300,000 (+200.0%) Est. Cost $208.84 Unrealized +9.6%

LNG CHENIERE ENERGY INC 6.8%

Value ($000) $69,767 (+172.6%) Shares 358,900 (+229.6%) Est. Cost $214.59 Unrealized -2.1%

TSM TAIWAN SEMICONDUCTOR MFG LTD 6.1%

Value ($000) $62,784 (+124.8%) Shares 206,600 (+106.6%) Est. Cost $291.98 Unrealized —

GFL GFL ENVIRONMENTAL INC 5.6%

Value ($000) $57,656 (+63.9%) Shares 1,342,400 (+80.8%) Est. Cost $45.58 Unrealized -2.0%

VNOM VIPER ENERGY INC 5.7%

Value ($000) $57,945 (+51.6%) Shares 1,500,000 (+50.0%) Est. Cost $38.02 Unrealized -0.4%

TLN TALEN ENERGY CORP 7.5%

Value ($000) $77,217 (+16.4%) Shares 206,000 (+32.1%) Est. Cost $201.77 Unrealized +92.6%

SNPS SYNOPSYS INC 1.8%

Value ($000) $18,789 (+52.3%) Shares 40,000 (+60.0%) Est. Cost $519.89 Unrealized -14.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	300,000 (+200.0%)	$69,246 (+215.4%)	6.8%	$208.84	+9.6%	COM	023135106
LNG	CHENIERE ENERGY INC	358,900 (+229.6%)	$69,767 (+172.6%)	6.8%	$214.59	-2.1%	COM NEW	16411R208
TSM	TAIWAN SEMICONDUCTOR MFG LTD	206,600 (+106.6%)	$62,784 (+124.8%)	6.1%	$291.98	—	SPONSORED ADS	874039100
GFL	GFL ENVIRONMENTAL INC	1,342,400 (+80.8%)	$57,656 (+63.9%)	5.6%	$45.58	-2.0%	SUB VTG SHS	36168Q104
VNOM	VIPER ENERGY INC	1,500,000 (+50.0%)	$57,945 (+51.6%)	5.7%	$38.02	-0.4%	CL A	64361Q101
TLN	TALEN ENERGY CORP	206,000 (+32.1%)	$77,217 (+16.4%)	7.5%	$201.77	+92.6%	COM	87422Q109
SNPS	SYNOPSYS INC	40,000 (+60.0%)	$18,789 (+52.3%)	1.8%	$519.89	-14.6%	COM	871607107

Exited Positions (22)

ECL ECOLAB INC 6.7%

Value ($000) $68,465 Shares 250,000 Est. Cost $270.32 Unrealized -1.7%

CNM CORE & MAIN INC 5.3%

Value ($000) $53,830 Shares 1,000,000 Est. Cost $60.57 Unrealized -15.3%

CNI CANADIAN NATL RY CO 4.6%

Value ($000) $47,150 Shares 500,000 Est. Cost $96.01 Unrealized +0.1%

DY DYCOM INDS INC 4.3%

Value ($000) $43,764 Shares 150,000 Est. Cost $262.41 Unrealized +20.2%

ETN EATON CORP PLC 3.7%

Value ($000) $37,425 Shares 100,000 Est. Cost $306.66 Unrealized +15.6%

B BARRICK MNG CORP 3.2%

Value ($000) $32,770 Shares 1,000,000 Est. Cost $25.15 Unrealized +48.8%

NFLX NETFLIX INC 2.9%

Value ($000) $29,973 Shares 25,000 Est. Cost $122.05 Unrealized -11.7%

META META PLATFORMS INC 2.9%

Value ($000) $29,375 Shares 40,000 Est. Cost $571.10 Unrealized +16.8%

IAG IAMGOLD CORP 2.8%

Value ($000) $28,963 Shares 2,240,000 Est. Cost $7.01 Unrealized +101.0%

HLT HILTON WORLDWIDE HLDGS INC 2.5%

Value ($000) $25,944 Shares 100,000 Est. Cost $270.09 Unrealized +0.8%

FSLR FIRST SOLAR INC 2.2%

Value ($000) $22,053 Shares 100,000 Est. Cost $191.94 Unrealized +31.4%

COF CAPITAL ONE FINL CORP 2.1%

Value ($000) $21,258 Shares 100,000 Est. Cost $217.80 Unrealized +2.0%

CVNA CARVANA CO 1.8%

Value ($000) $18,862 Shares 50,000 Est. Cost $357.61 Unrealized +3.9%

LYV LIVE NATION ENTERTAINMENT IN 1.6%

Value ($000) $16,340 Shares 100,000 Est. Cost $137.67 Unrealized +4.4%

SHOP SHOPIFY INC 1.5%

Value ($000) $14,861 Shares 100,000 Est. Cost $135.57 Unrealized +18.4%

MA MASTERCARD INCORPORATED 1.4%

Value ($000) $14,220 Shares 25,000 Est. Cost $543.90 Unrealized +2.8%

NOW SERVICENOW INC 1.3%

Value ($000) $13,804 Shares 15,000 Est. Cost $186.78 Unrealized -8.2%

MIR MIRION TECHNOLOGIES INC 1.1%

Value ($000) $11,630 Shares 500,000 Est. Cost $15.51 Unrealized +60.8%

SOBO SOUTH BOW CORP 1.1%

Value ($000) $11,316 Shares 400,000 Est. Cost $22.97 Unrealized +18.3%

DAR DARLING INGREDIENTS INC 0.3%

Value ($000) $3,087 Shares 100,000 Est. Cost $33.40 Unrealized +1.3%

TT TRANE TECHNOLOGIES PLC 0.2%

Value ($000) $2,363 Shares 5,600 Est. Cost $426.60 Unrealized -3.0%

TMQ TRILOGY METALS INC NEW 0.2%

Value ($000) $2,100 Shares 1,000,000 Est. Cost $1.04 Unrealized +351.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ECL	ECOLAB INC	250,000	$68,465	6.7%	$270.32	-1.7%	—	278865100
CNM	CORE & MAIN INC	1,000,000	$53,830	5.3%	$60.57	-15.3%	—	21874C102
CNI	CANADIAN NATL RY CO	500,000	$47,150	4.6%	$96.01	+0.1%	—	136375102
DY	DYCOM INDS INC	150,000	$43,764	4.3%	$262.41	+20.2%	—	267475101
ETN	EATON CORP PLC	100,000	$37,425	3.7%	$306.66	+15.6%	—	G29183103
B	BARRICK MNG CORP	1,000,000	$32,770	3.2%	$25.15	+48.8%	—	06849F108
NFLX	NETFLIX INC	25,000	$29,973	2.9%	$122.05	-11.7%	—	64110L106
META	META PLATFORMS INC	40,000	$29,375	2.9%	$571.10	+16.8%	—	30303M102
IAG	IAMGOLD CORP	2,240,000	$28,963	2.8%	$7.01	+101.0%	—	450913108
HLT	HILTON WORLDWIDE HLDGS INC	100,000	$25,944	2.5%	$270.09	+0.8%	—	43300A203
FSLR	FIRST SOLAR INC	100,000	$22,053	2.2%	$191.94	+31.4%	—	336433107
COF	CAPITAL ONE FINL CORP	100,000	$21,258	2.1%	$217.80	+2.0%	—	14040H105
CVNA	CARVANA CO	50,000	$18,862	1.8%	$357.61	+3.9%	—	146869102
LYV	LIVE NATION ENTERTAINMENT IN	100,000	$16,340	1.6%	$137.67	+4.4%	—	538034109
SHOP	SHOPIFY INC	100,000	$14,861	1.5%	$135.57	+18.4%	—	82509L107
MA	MASTERCARD INCORPORATED	25,000	$14,220	1.4%	$543.90	+2.8%	—	57636Q104
NOW	SERVICENOW INC	15,000	$13,804	1.3%	$186.78	-8.2%	—	81762P102
MIR	MIRION TECHNOLOGIES INC	500,000	$11,630	1.1%	$15.51	+60.8%	—	60471A101
SOBO	SOUTH BOW CORP	400,000	$11,316	1.1%	$22.97	+18.3%	—	83671M105
DAR	DARLING INGREDIENTS INC	100,000	$3,087	0.3%	$33.40	+1.3%	—	237266101
TT	TRANE TECHNOLOGIES PLC	5,600	$2,363	0.2%	$426.60	-3.0%	—	G8994E103
TMQ	TRILOGY METALS INC NEW	1,000,000	$2,100	0.2%	$1.04	+351.5%	—	89621C105

Decreased Positions (5)

CRH CRH PLC 3.9%

Value ($000) $39,911 (-29.1%) Shares 319,800 (-31.9%) Est. Cost $94.38 Unrealized +26.2%

CARR CARRIER GLOBAL CORPORATION 1.5%

Value ($000) $15,852 (-46.9%) Shares 300,000 (-40.0%) Est. Cost $67.63 Unrealized -17.9%

SPOT SPOTIFY TECHNOLOGY S A 1.1%

Value ($000) $11,614 (-33.4%) Shares 20,000 (-20.0%) Est. Cost $699.24 Unrealized -10.6%

GLW CORNING INC 6.2%

Value ($000) $63,919 (-6.1%) Shares 730,000 (-12.0%) Est. Cost $64.97 Unrealized +32.3%

CRS CARPENTER TECHNOLOGY CORP 6.4%

Value ($000) $65,550 (+3.1%) Shares 208,200 (-19.6%) Est. Cost $233.35 Unrealized +28.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRH	CRH PLC	319,800 (-31.9%)	$39,911 (-29.1%)	3.9%	$94.38	+26.2%	ORD	G25508105
CARR	CARRIER GLOBAL CORPORATION	300,000 (-40.0%)	$15,852 (-46.9%)	1.5%	$67.63	-17.9%	COM	14448C104
SPOT	SPOTIFY TECHNOLOGY S A	20,000 (-20.0%)	$11,614 (-33.4%)	1.1%	$699.24	-10.6%	SHS	L8681T102
GLW	CORNING INC	730,000 (-12.0%)	$63,919 (-6.1%)	6.2%	$64.97	+32.3%	COM	219350105
CRS	CARPENTER TECHNOLOGY CORP	208,200 (-19.6%)	$65,550 (+3.1%)	6.4%	$233.35	+28.8%	COM	144285103

Unchanged Positions (1)

PWR QUANTA SVCS INC 6.4%

Value ($000) $65,630 Shares 155,500 Est. Cost $320.66 Unrealized +37.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PWR	QUANTA SVCS INC	155,500	$65,630	6.4%	$320.66	+37.0%	COM	74762E102