Company: TSLTF
Filing Date: 2025-12-09
Form Type: F-10EF
Source: 0001193125-25-312047
Chunk: 5

Company: TRANSALTA CORP
Filing Date: 2025-12-09
Form: F-10EF
Chunk 5
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 5 |
| TRANSALTA CORPORATION                                 |     |      |  7 |
| RECENT DEVELOPMENTS                                   |     |      |  7 |
| CONSOLIDATED CAPITALIZATION                           |     |      |  7 |
| USE OF PROCEEDS                                       |     |      |  8 |
| EARNINGS COVERAGE RATIOS                              |     |      |  9 |
| DESCRIPTION OF SHARE CAPITAL                          |     |      |  9 |
| DESCRIPTION OF WARRANTS                               |     |      | 12 |
| DESCRIPTION OF SUBSCRIPTION RECEIPTS                  |     |      | 13 |
| DESCRIPTION OF DEBT SECURITIES                        |     |      | 14 |
| DESCRIPTION OF UNITS                                  |     |      | 16 |
| CERTAIN INCOME TAX CONSIDERATIONS                     |     |      | 17 |
| SELLING SHAREHOLDER                                   |     |      | 18 |
| PLAN OF DISTRIBUTION                                  |     |      | 20 |
| RISK FACTORS                                          |     |      | 22 |
| ENFORCEABILITY OF CIVIL LIABILITIES                   |     |      | 25 |
| LEGAL MATTERS                                         |     |      | 25 |
| INTEREST OF EXPERTS                                   |     |      | 25 |
| AUDITORS, TRANSFER AGENT AND REGISTRAR                |     |      | 25 |
| DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT |     |      | 26 |

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ABOUT THIS PROSPECTUS

In this Prospectus, in any Prospectus Supplement and in documents incorporated by reference in this Prospectus, unless otherwise specified or the context
otherwise requires, all dollar amounts are expressed in Canadian dollars. “U.S. dollars” or “US$” means lawful currency of the U.S. Except as set forth under “Description of Debt Securities”
or unless the context otherwise requires, all references in this Prospectus and any Prospectus Supplement to “TransAlta”, the “Corporation”, “we”, “us” and
“our” mean TransAlta Corporation and its consolidated subsidiaries, including any consolidated partnerships of which the Corporation or any of its subsidiaries are partners. References herein to this “Prospectus”
include documents incorporated by reference herein.

This Prospectus is part of a registration statement on Form
F-10 relating to the Securities that has been filed with the SEC. Under the registration statement, we