Timelo Investment Management Inc. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TU	TELUS CORPORATION	725,000	$9,548	3.4%	$14.08	0.0%	COM	87971M103
MOH	MOLINA HEALTHCARE INC	22,000	$3,818	1.4%	$164.37	0.0%	COM	60855R100
PLTR	PALANTIR TECHNOLOGIES INC	20,000	$3,555	1.3%	—	—	PUT	69608A108
WFG	WEST FRASER TIMBER CO LTD	56,200	$3,434	1.2%	$62.58	0.0%	COM	952845105
FSV	FIRSTSERVICE CORP NEW	20,000	$3,111	1.1%	$162.42	0.0%	COM	33767E202
MSFT	MICROSOFT CORP	5,000	$2,418	0.9%	$500.58	0.0%	COM	594918104
QSR	RESTAURANT BRANDS INTL INC	30,000	$2,047	0.7%	$68.91	0.0%	COM	76131D103
CALM	CAL MAINE FOODS INC	25,000	$1,989	0.7%	$86.61	0.0%	COM NEW	128030202
TRI	THOMSON REUTERS CORP	12,000	$1,583	0.6%	$141.15	0.0%	COM	884903808
CNI	CANADIAN NATL RY CO	15,000	$1,483	0.5%	$96.14	0.0%	COM	136375102
MOS	MOSAIC CO NEW	55,000	$1,325	0.5%	$26.75	0.0%	COM	61945C103
FURY	FURY GOLD MINES LIMITED	2,066,500	$1,219	0.4%	$0.62	0.0%	COM	36117T100
AMZN	AMAZON COM INC	5,000	$1,154	0.4%	$228.79	0.0%	COM	023135106
CRCL	CIRCLE INTERNET GROUP INC	7,000	$555	0.2%	$103.35	0.0%	COM CL A	172573107
BGSI	BOYD GROUP SERVICES INC	1,800	$287	0.1%	$160.25	0.0%	COM	103310108
NFGC	NEW FOUND GOLD CORP	70,000	$208	0.1%	$2.45	0.0%	COM	64440N103
FIGR	FIGURE TECHNOLOGY SOLUTIO	5,000	$204	0.1%	$40.00	0.0%	COM CL A	349381103
CEPV	CANTOR EQUITY PARTNERS V INC	10,000	$103	0.0%	$10.25	0.0%	SHS CL A S	G1828S109
MESHU	MESHFLOW ACQUISITION CORP	10,000	$100	0.0%	$10.00	—	UNIT 11/19/2030	G6032N127

Increased Positions (10)

PROF PROFOUND MED CORP 2.7%

Value ($000) $7,712 (+161.3%) Shares 979,967 (+62.4%) Est. Cost $8.60 Unrealized -25.3%

EFXT ENERFLEX LTD 2.2%

Value ($000) $6,221 (+223.0%) Shares 403,200 (+125.6%) Est. Cost $10.57 Unrealized +25.8%

GIB CGI INC 1.3%

Value ($000) $3,692 (+176.2%) Shares 40,000 (+166.7%) Est. Cost $91.83 Unrealized -3.1%

CMG CHIPOTLE MEXICAN GRILL INC 1.2%

Value ($000) $3,441 (+192.7%) Shares 93,000 (+210.0%) Est. Cost $39.03 Unrealized -7.3%

EAT BRINKER INTL INC 1.0%

Value ($000) $2,870 (+126.6%) Shares 20,000 (+100.0%) Est. Cost $143.53 Unrealized -8.7%

CNQ CANADIAN NAT RES LTD 0.8%

Value ($000) $2,200 (+244.2%) Shares 65,000 (+225.0%) Est. Cost $32.08 Unrealized +1.1%

ELV ELEVANCE HEALTH INC FORMERLY 2.0%

Value ($000) $5,609 (+31.9%) Shares 16,000 (+14.3%) Est. Cost $311.71 Unrealized +8.0%

BROS DUTCH BROS INC 1.0%

Value ($000) $2,755 (+88.0%) Shares 45,000 (+60.7%) Est. Cost $60.80 Unrealized -6.6%

DECK DECKERS OUTDOOR CORP 0.9%

Value ($000) $2,488 (+53.4%) Shares 24,000 (+50.0%) Est. Cost $104.51 Unrealized -10.3%

BAX BAXTER INTL INC 1.0%

Value ($000) $2,714 (+16.8%) Shares 142,000 (+39.2%) Est. Cost $23.76 Unrealized -15.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PROF	PROFOUND MED CORP	979,967 (+62.4%)	$7,712 (+161.3%)	2.7%	$8.60	-25.3%	COM NEW	74319B502
EFXT	ENERFLEX LTD	403,200 (+125.6%)	$6,221 (+223.0%)	2.2%	$10.57	+25.8%	COM	29269R105
GIB	CGI INC	40,000 (+166.7%)	$3,692 (+176.2%)	1.3%	$91.83	-3.1%	CL A SUB VTG	12532H104
CMG	CHIPOTLE MEXICAN GRILL INC	93,000 (+210.0%)	$3,441 (+192.7%)	1.2%	$39.03	-7.3%	COM	169656105
EAT	BRINKER INTL INC	20,000 (+100.0%)	$2,870 (+126.6%)	1.0%	$143.53	-8.7%	COM	109641100
CNQ	CANADIAN NAT RES LTD	65,000 (+225.0%)	$2,200 (+244.2%)	0.8%	$32.08	+1.1%	COM	136385101
ELV	ELEVANCE HEALTH INC FORMERLY	16,000 (+14.3%)	$5,609 (+31.9%)	2.0%	$311.71	+8.0%	COM	036752103
BROS	DUTCH BROS INC	45,000 (+60.7%)	$2,755 (+88.0%)	1.0%	$60.80	-6.6%	CL A	26701L100
DECK	DECKERS OUTDOOR CORP	24,000 (+50.0%)	$2,488 (+53.4%)	0.9%	$104.51	-10.3%	COM	243537107
BAX	BAXTER INTL INC	142,000 (+39.2%)	$2,714 (+16.8%)	1.0%	$23.76	-15.8%	COM	071813109

Exited Positions (13)

PTON PELOTON INTERACTIVE INC 1.0%

Value ($000) $2,925 Shares 325,000 Est. Cost $7.44 Unrealized -5.4%

RGLD ROYAL GOLD INC 0.9%

Value ($000) $2,407 Shares 12,000 Est. Cost $172.96 Unrealized +14.7%

GIL GILDAN ACTIVEWEAR INC 0.8%

Value ($000) $2,312 Shares 40,000 Est. Cost $53.42 Unrealized +11.3%

LULU LULULEMON ATHLETICA INC 0.5%

Value ($000) $1,423 Shares 8,000 Est. Cost $200.38 Unrealized -9.6%

AZ A2Z CUST2MATE SOLUTIONS CORP 0.5%

Value ($000) $1,318 Shares 165,000 Est. Cost $9.48 Unrealized -32.2%

TROW PRICE T ROWE GROUP INC 0.4%

Value ($000) $1,232 Shares 12,000 Est. Cost $102.81 Unrealized -0.6%

RCI ROGERS COMMUNICATIONS INC 0.4%

Value ($000) $1,206 Shares 35,000 Est. Cost $26.20 Unrealized +43.0%

CIFR CIPHER MINING INC 0.2%

Value ($000) $630 Shares 50,000 Est. Cost $7.54 Unrealized +134.0%

WING WINGSTOP INC 0.2%

Value ($000) $503 Shares 2,000 Est. Cost $310.70 Unrealized -20.3%

GAU GALIANO GOLD INC 0.1%

Value ($000) $274 Shares 125,000 Est. Cost $1.87 Unrealized +32.5%

SPT SPROUT SOCIAL INC 0.0%

Value ($000) $129 Shares 10,000 Est. Cost $16.32 Unrealized -33.8%

— ETHZILLA CORPORATION 0.0%

Value ($000) $96 Shares 40,000 Est. Cost $2.41 Unrealized —

VFF VILLAGE FARMS INTL INC 0.0%

Value ($000) $63 Shares 20,000 Est. Cost $2.17 Unrealized +60.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PTON	PELOTON INTERACTIVE INC	325,000	$2,925	1.0%	$7.44	-5.4%	—	70614W100
RGLD	ROYAL GOLD INC	12,000	$2,407	0.9%	$172.96	+14.7%	—	780287108
GIL	GILDAN ACTIVEWEAR INC	40,000	$2,312	0.8%	$53.42	+11.3%	—	375916103
LULU	LULULEMON ATHLETICA INC	8,000	$1,423	0.5%	$200.38	-9.6%	—	550021109
AZ	A2Z CUST2MATE SOLUTIONS CORP	165,000	$1,318	0.5%	$9.48	-32.2%	—	002205102
TROW	PRICE T ROWE GROUP INC	12,000	$1,232	0.4%	$102.81	-0.6%	—	74144T108
RCI	ROGERS COMMUNICATIONS INC	35,000	$1,206	0.4%	$26.20	+43.0%	—	775109200
CIFR	CIPHER MINING INC	50,000	$630	0.2%	$7.54	+134.0%	—	17253J106
WING	WINGSTOP INC	2,000	$503	0.2%	$310.70	-20.3%	—	974155103
GAU	GALIANO GOLD INC	125,000	$274	0.1%	$1.87	+32.5%	—	36352H100
SPT	SPROUT SOCIAL INC	10,000	$129	0.0%	$16.32	-33.8%	—	85209W109
—	ETHZILLA CORPORATION	40,000	$96	0.0%	$2.41	—	—	68236V302
VFF	VILLAGE FARMS INTL INC	20,000	$63	0.0%	$2.17	+60.4%	—	92707Y108

Decreased Positions (7)

SPY SPDR S&P 500 ETF TR 65.3%

Value ($000) $184,118 (-10.8%) Shares 270,000 (-12.9%) Est. Cost — Unrealized —

IREN IREN LIMITED 0.6%

Value ($000) $1,662 (-72.1%) Shares 44,000 (-65.4%) Est. Cost $24.29 Unrealized +112.4%

NOA NORTH AMERN CONSTR GROUP LTD 0.7%

Value ($000) $2,014 (-48.5%) Shares 140,156 (-49.1%) Est. Cost $14.66 Unrealized -2.9%

BTI BRITISH AMERN TOB PLC 1.3%

Value ($000) $3,680 (-15.4%) Shares 65,000 (-20.7%) Est. Cost $53.08 Unrealized —

TFII TFI INTL INC 0.1%

Value ($000) $289 (-53.1%) Shares 2,800 (-60.0%) Est. Cost $91.50 Unrealized +1.7%

BCE BCE INC 0.7%

Value ($000) $1,906 (-14.2%) Shares 80,000 (-15.8%) Est. Cost $22.22 Unrealized +3.7%

VET VERMILION ENERGY INC 0.1%

Value ($000) $209 (-46.7%) Shares 25,000 (-50.0%) Est. Cost $7.73 Unrealized +6.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	270,000 (-12.9%)	$184,118 (-10.8%)	65.3%	—	—	PUT	78462F103
IREN	IREN LIMITED	44,000 (-65.4%)	$1,662 (-72.1%)	0.6%	$24.29	+112.4%	ORDINARY SHARES	Q4982L109
NOA	NORTH AMERN CONSTR GROUP LTD	140,156 (-49.1%)	$2,014 (-48.5%)	0.7%	$14.66	-2.9%	COM	656811106
BTI	BRITISH AMERN TOB PLC	65,000 (-20.7%)	$3,680 (-15.4%)	1.3%	$53.08	—	SPONSORED ADR	110448107
TFII	TFI INTL INC	2,800 (-60.0%)	$289 (-53.1%)	0.1%	$91.50	+1.7%	COM	87241L109
BCE	BCE INC	80,000 (-15.8%)	$1,906 (-14.2%)	0.7%	$22.22	+3.7%	COM NEW	05534B760
VET	VERMILION ENERGY INC	25,000 (-50.0%)	$209 (-46.7%)	0.1%	$7.73	+6.8%	COM	923725105

Unchanged Positions (10)

ITRN ITURAN LOCATION AND CONTROL 1.9%

Value ($000) $5,290 Shares 123,000 Est. Cost $37.78 Unrealized +3.8%

CNH CNH INDL N V 0.1%

Value ($000) $231 Shares 25,000 Est. Cost $12.21 Unrealized -18.2%

PACHU PIONEER ACQUISITION I CORP 0.2%

Value ($000) $613 Shares 60,000 Est. Cost $10.01 Unrealized —

OBAWU OXLEY BRIDGE ACQ LTD 0.2%

Value ($000) $511 Shares 50,000 Est. Cost $10.01 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 0.3%

Value ($000) $736 Shares 10,000 Est. Cost $76.24 Unrealized -3.5%

SHY ISHARES TR 0.8%

Value ($000) $2,244 Shares 27,100 Est. Cost $81.66 Unrealized —

FCRS/U FUTURECREST ACQUISITION CORP 0.0%

Value ($000) $102 Shares 10,000 Est. Cost $10.60 Unrealized —

FIGXU FIGX CAP ACQUISITION CORP. 0.1%

Value ($000) $255 Shares 25,000 Est. Cost $10.02 Unrealized —

CAEP CANTOR EQUITY PARTNERS III I 0.0%

Value ($000) $102 Shares 10,000 Est. Cost $10.53 Unrealized -1.5%

MBVIU M3-BRIGADE ACQUISITION VI CO 0.0%

Value ($000) $101 Shares 10,000 Est. Cost $10.12 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ITRN	ITURAN LOCATION AND CONTROL	123,000	$5,290	1.9%	$37.78	+3.8%	SHS	M6158M104
CNH	CNH INDL N V	25,000	$231	0.1%	$12.21	-18.2%	SHS	N20944109
PACHU	PIONEER ACQUISITION I CORP	60,000	$613	0.2%	$10.01	—	UNIT 06/16/2030	G7117W123
OBAWU	OXLEY BRIDGE ACQ LTD	50,000	$511	0.2%	$10.01	—	UNIT 06/17/2030	G6858G123
CP	CANADIAN PACIFIC KANSAS CITY	10,000	$736	0.3%	$76.24	-3.5%	COM	13646K108
SHY	ISHARES TR	27,100	$2,244	0.8%	$81.66	—	1 3 YR TREAS BD	464287457
FCRS/U	FUTURECREST ACQUISITION CORP	10,000	$102	0.0%	$10.60	—	UNIT 99/99/9999	G3730U123
FIGXU	FIGX CAP ACQUISITION CORP.	25,000	$255	0.1%	$10.02	—	UNIT 06/17/2030	G3473K126
CAEP	CANTOR EQUITY PARTNERS III I	10,000	$102	0.0%	$10.53	-1.5%	SHS CL A	G1828A108
MBVIU	M3-BRIGADE ACQUISITION VI CO	10,000	$101	0.0%	$10.12	—	UNIT 08/18/2030	G63221124