# EDGAR Filing Document

**Accession Number:** 0001539919
**File Stem:** 0002060757-25-000005
**Filing Date:** 2025-11
**Character Count:** 22548
**Document Hash:** 5f674431e35e6fcb1c4bc3daee9372f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002060757-25-000005.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0002060757-25-000005

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Waratah Capital Advisors Ltd.
- **CENTRAL INDEX KEY:** 0001539919

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1212

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15447
- **FILM NUMBER:** 251465923

**BUSINESS ADDRESS:**
- **STREET 1:** 1133 YONGE STREET, 5TH FLOOR
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4T 2Y7
- **BUSINESS PHONE:** 416 637 5622

**MAIL ADDRESS:**
- **STREET 1:** 1133 YONGE STREET, 5TH FLOOR
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4T 2Y7

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Waratah Capital Advisors Ltd.<br>**Address:** 1133 YONGE STREET 5TH FLOOR<br>TORONTO, A6 M4T 2Y7

**Form 13F File Number:** 028-15447

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Dimitri Michalopoulos<br>**Title:** Chief Compliance Officer<br>**Phone:** 416-637-5622

**Signature, Place, and Date of Signing:**

Dimitri Michalopoulos  Toronto, A6  11-10-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 183

**Form 13F Information Table Value Total:** $5661304085

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABERCROMBIE  FITCH CO | CL A | 002896207 |  | 366924 | 4289 | SH |  | SOLE | N/A | 4289 | 0 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 28124573 | 166852 | SH |  | SOLE | N/A | 166852 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 4483800 | 25087 | SH |  | SOLE | N/A | 25087 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 9880650 | 45000 | SH | Call | SOLE | N/A | 45000 | 0 | 0 |
| AMERICAN EXCEPTIONALISM ACQU ORD | CL A | G0273J101 |  | 1175194 | 107520 | SH |  | SOLE | N/A | 107520 | 0 | 0 |
| AMERICAS GOLD AND SILVER COR | COM NEW | 03062D803 |  | 645453 | 173509 | SH |  | SOLE | N/A | 173509 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 8778083 | 70934 | SH |  | SOLE | N/A | 70934 | 0 | 0 |
| APPLIED INDL TECHNOLOGIES IN | COM | 03820C105 |  | 361554 | 1385 | SH |  | SOLE | N/A | 1385 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 219873 | 306 | SH |  | SOLE | N/A | 306 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 18431149 | 126492 | SH |  | SOLE | N/A | 126492 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 10928250 | 75000 | SH | Put | SOLE | N/A | 75000 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 8472000 | 300000 | SH | Call | SOLE | N/A | 300000 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 8279996 | 293201 | SH |  | SOLE | N/A | 293201 | 0 | 0 |
| ATLAS LITHIUM CORP | COM NEW | 105861306 |  | 2138273 | 449217 | SH |  | SOLE | N/A | 449217 | 0 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 11138782 | 2250259 | SH |  | SOLE | N/A | 2250259 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 9888823 | 191681 | SH |  | SOLE | N/A | 191681 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 11793877 | 90548 | SH |  | SOLE | N/A | 90548 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 1638500 | 50000 | SH |  | SOLE | N/A | 50000 | 0 | 0 |
| BERTO ACQUISITION CORP | ORD SHS | G1051H101 |  | 1475833 | 141907 | SH |  | SOLE | N/A | 141907 | 0 | 0 |
| BEST BUY INC | COM | 086516101 |  | 3031606 | 40090 | SH |  | SOLE | N/A | 40090 | 0 | 0 |
| BOLD EAGLE ACQUISITION CORP | CL A | G2003N105 |  | 1455927 | 139993 | SH |  | SOLE | N/A | 139993 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 15772007 | 47807 | SH |  | SOLE | N/A | 47807 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 9897300 | 30000 | SH | Put | SOLE | N/A | 30000 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 18288010 | 400000 | SH | Call | SOLE | N/A | 400000 | 0 | 0 |
| BRP INC | COM SUN VTG | 05577W200 |  | 8833036 | 145328 | SH |  | SOLE | N/A | 145328 | 0 | 0 |
| BRUNSWICK CORP | COM | 117043109 |  | 375329 | 5935 | SH |  | SOLE | N/A | 5935 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 730774 | 6027 | SH |  | SOLE | N/A | 6027 | 0 | 0 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 6156483 | 33392 | SH |  | SOLE | N/A | 33392 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 3642589 | 27512 | SH |  | SOLE | N/A | 27512 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 1884083 | 22467 | SH |  | SOLE | N/A | 22467 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 8932421 | 111809 | SH |  | SOLE | N/A | 111809 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 24194615 | 757028 | SH |  | SOLE | N/A | 757028 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 8105927 | 108819 | SH |  | SOLE | N/A | 108819 | 0 | 0 |
| CANTOR EQUITY PARTNERS III I | SHS CL A | G1828A108 |  | 1834442 | 177756 | SH |  | SOLE | N/A | 177756 | 0 | 0 |
| CANTOR EQUITY PARTNERS IV IN | SHS CL A | G1828E100 |  | 1455274 | 142884 | SH |  | SOLE | N/A | 142884 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 12207406 | 25584 | SH |  | SOLE | N/A | 25584 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 |  | 28514929 | 1678336 | SH |  | SOLE | N/A | 1678336 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 74620787 | 6954407 | SH |  | SOLE | N/A | 6954407 | 0 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 23372991 | 99468 | SH |  | SOLE | N/A | 99468 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 6988050 | 45000 | SH |  | SOLE | N/A | 45000 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 15634223 | 398934 | SH |  | SOLE | N/A | 398934 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 15676000 | 400000 | SH | Call | SOLE | N/A | 400000 | 0 | 0 |
| CHURCHILL CAP CORP X | SHS CL A | G2130T108 |  | 3008919 | 233975 | SH |  | SOLE | N/A | 233975 | 0 | 0 |
| CINTAS CORP | COM | 172908105 |  | 17241840 | 84000 | SH | Put | SOLE | N/A | 84000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 3849286 | 37924 | SH |  | SOLE | N/A | 37924 | 0 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 9863727 | 525785 | SH |  | SOLE | N/A | 525785 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 755978 | 2240 | SH |  | SOLE | N/A | 2240 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 3141071 | 20108 | SH |  | SOLE | N/A | 20108 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 7810500 | 50000 | SH | Call | SOLE | N/A | 50000 | 0 | 0 |
| COMFORT SYS USA INC | COM | 199908104 |  | 22157733 | 26852 | SH |  | SOLE | N/A | 26852 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 12551717 | 38143 | SH |  | SOLE | N/A | 38143 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 6401129 | 78034 | SH |  | SOLE | N/A | 78034 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 23973817 | 25900 | SH | Put | SOLE | N/A | 25900 | 0 | 0 |
| CRANE COMPANY | COMMON STOCK | 224408104 |  | 3640080 | 19768 | SH |  | SOLE | N/A | 19768 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 11834385 | 28019 | SH |  | SOLE | N/A | 28019 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 5895243 | 10858 | SH |  | SOLE | N/A | 10858 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 39964854 | 201578 | SH |  | SOLE | N/A | 201578 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 5259000 | 150000 | SH | Call | SOLE | N/A | 150000 | 0 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 10805737 | 308207 | SH |  | SOLE | N/A | 308207 | 0 | 0 |
| DIGITAL ASSET ACQUISITION CO | SHS CL A | G2868C103 |  | 1450282 | 142324 | SH |  | SOLE | N/A | 142324 | 0 | 0 |
| DT MIDSTREAM INC | COMMON STOCK | 23345M107 |  | 8479500 | 75000 | SH |  | SOLE | N/A | 75000 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 3632471 | 9706 | SH |  | SOLE | N/A | 9706 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 9627482 | 14822 | SH |  | SOLE | N/A | 14822 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 20183463 | 216584 | SH |  | SOLE | N/A | 216584 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 |  | 39563504 | 3526159 | SH |  | SOLE | N/A | 3526159 | 0 | 0 |
| EQUITY LIFESTYLE PPTYS INC | COM | 29472R108 |  | 29170720 | 480572 | SH |  | SOLE | N/A | 480572 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 3677125 | 10901 | SH |  | SOLE | N/A | 10901 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 15340631 | 144396 | SH |  | SOLE | N/A | 144396 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 10624000 | 100000 | SH | Call | SOLE | N/A | 100000 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 1896725 | 3909 | SH |  | SOLE | N/A | 3909 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 6034152 | 31677 | SH |  | SOLE | N/A | 31677 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 400978 | 6917 | SH |  | SOLE | N/A | 6917 | 0 | 0 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 42215434 | 572801 | SH |  | SOLE | N/A | 572801 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 8956160 | 142026 | SH |  | SOLE | N/A | 142026 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 10912782 | 48956 | SH |  | SOLE | N/A | 48956 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 221364 | 360 | SH |  | SOLE | N/A | 360 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 4536549 | 78487 | SH |  | SOLE | N/A | 78487 | 0 | 0 |
| HCM II ACQUISITION CORP | SHS CL A | G43658106 |  | 3252265 | 198188 | SH |  | SOLE | N/A | 198188 | 0 | 0 |
| HCM III ACQUISITION CORP | UNIT 07/23/2030 | G4365E129 |  | 1476021 | 143164 | SH |  | SOLE | N/A | 143164 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 8952673 | 22095 | SH |  | SOLE | N/A | 22095 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 27328305 | 2113558 | SH |  | SOLE | N/A | 2113558 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 660612 | 1034 | SH |  | SOLE | N/A | 1034 | 0 | 0 |
| IMPERIAL OIL LTD | COM NEW | 453038408 |  | 9074000 | 100000 | SH |  | SOLE | N/A | 100000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 188752 | 5626 | SH |  | SOLE | N/A | 5626 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 4042775 | 120500 | SH | Call | SOLE | N/A | 120500 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 104335000 | 550000 | SH | Call | SOLE | N/A | 550000 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1368423341 | 2279300 | SH | Put | SOLE | N/A | 2279300 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 11732500 | 180500 | SH | Call | SOLE | N/A | 180500 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 2600000 | 40000 | SH | Put | SOLE | N/A | 40000 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 5429385 | 83529 | SH |  | SOLE | N/A | 83529 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 44170725 | 1042500 | SH | Call | SOLE | N/A | 1042500 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 7626600 | 180000 | SH | Put | SOLE | N/A | 180000 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 349928900 | 4310000 | SH | Put | SOLE | N/A | 4310000 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 67555232 | 279200 | SH | Put | SOLE | N/A | 279200 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 11501000 | 100000 | SH | Put | SOLE | N/A | 100000 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 277064874 | 3100200 | SH | Call | SOLE | N/A | 3100200 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 3874418 | 35238 | SH |  | SOLE | N/A | 35238 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 12338044 | 39115 | SH |  | SOLE | N/A | 39115 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 46445470 | 1869033 | SH |  | SOLE | N/A | 1869033 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 2599000 | 20000 | SH | Call | SOLE | N/A | 20000 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 2599000 | 20000 | SH |  | SOLE | N/A | 20000 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 12603000 | 300000 | SH | Call | SOLE | N/A | 300000 | 0 | 0 |
| KRANESHARES TRUST | GLOBAL HUMANOID | 500767751 |  | 401802 | 12525 | SH |  | SOLE | N/A | 12525 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 2172687 | 7114 | SH |  | SOLE | N/A | 7114 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 12604000 | 100000 | SH | Call | SOLE | N/A | 100000 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 3810189 | 30230 | SH |  | SOLE | N/A | 30230 | 0 | 0 |
| LIVE NATION ENTERTAINMENT IN | COM | 538034109 |  | 3775520 | 23106 | SH |  | SOLE | N/A | 23106 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 3316600 | 70000 | SH |  | SOLE | N/A | 70000 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 11157990 | 235500 | SH | Call | SOLE | N/A | 235500 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 24379861 | 38681 | SH |  | SOLE | N/A | 38681 | 0 | 0 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 20972203 | 313439 | SH |  | SOLE | N/A | 313439 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2084905 | 2839 | SH |  | SOLE | N/A | 2839 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 331796 | 1983 | SH |  | SOLE | N/A | 1983 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 10039200 | 60000 | SH | Put | SOLE | N/A | 60000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 20718000 | 40000 | SH | Call | SOLE | N/A | 40000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 804894 | 1554 | SH |  | SOLE | N/A | 1554 | 0 | 0 |
| NEBIUS GROUP N.V. | SHS CLASS A | N97284108 |  | 210955 | 1879 | SH |  | SOLE | N/A | 1879 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 30907295 | 3453329 | SH |  | SOLE | N/A | 3453329 | 0 | 0 |
| NVENT ELECTRIC PLC | SHS | G6700G107 |  | 10765570 | 109140 | SH |  | SOLE | N/A | 109140 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 4223985 | 22639 | SH |  | SOLE | N/A | 22639 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 6716880 | 36000 | SH | Put | SOLE | N/A | 36000 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 70310 | 250 | SH |  | SOLE | N/A | 250 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 7031000 | 25000 | SH | Call | SOLE | N/A | 25000 | 0 | 0 |
| ORLA MNG LTD NEW | COM | 68634K106 |  | 12641983 | 1170554 | SH |  | SOLE | N/A | 1170554 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 51930811 | 1340842 | SH |  | SOLE | N/A | 1340842 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 6073410 | 150109 | SH |  | SOLE | N/A | 150109 | 0 | 0 |
| POOL CORP | COM | 73278L105 |  | 22291242 | 71891 | SH |  | SOLE | N/A | 71891 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 15260821 | 133259 | SH |  | SOLE | N/A | 133259 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 8589000 | 75000 | SH | Call | SOLE | N/A | 75000 | 0 | 0 |
| PYROPHYTE ACQUISITION CORP. | UNIT 99/99/9999 | G7309T128 |  | 979267 | 96670 | SH |  | SOLE | N/A | 96670 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 1012014 | 2442 | SH |  | SOLE | N/A | 2442 | 0 | 0 |
| RBC BEARINGS INC | COM | 75524B104 |  | 360628 | 924 | SH |  | SOLE | N/A | 924 | 0 | 0 |
| REGAL REXNORD CORPORATION | COM | 758750103 |  | 349563 | 2437 | SH |  | SOLE | N/A | 2437 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 21002571 | 609300 | SH |  | SOLE | N/A | 609300 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 49981500 | 1450000 | SH | Call | SOLE | N/A | 1450000 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 19395051 | 38892 | SH |  | SOLE | N/A | 38892 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 15849864 | 107588 | SH |  | SOLE | N/A | 107588 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 3151661 | 18835 | SH |  | SOLE | N/A | 18835 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 119477700 | 1370000 | SH | Call | SOLE | N/A | 1370000 | 0 | 0 |
| SENSATA TECHNOLOGIES HLDG PL | SHS | G8060N102 |  | 340877 | 11158 | SH |  | SOLE | N/A | 11158 | 0 | 0 |
| SENSIENT TECHNOLOGIES CORP | COM | 81725T100 |  | 7459761 | 79486 | SH |  | SOLE | N/A | 79486 | 0 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 31577619 | 306133 | SH |  | SOLE | N/A | 306133 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 8656500 | 25000 | SH | Call | SOLE | N/A | 25000 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 1874305 | 5413 | SH |  | SOLE | N/A | 5413 | 0 | 0 |
| SIGMA LITHIUM CORPORATION | COM | 826599102 |  | 1899475 | 296330 | SH |  | SOLE | N/A | 296330 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 22630197 | 1227900 | SH |  | SOLE | N/A | 1227900 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 168492780 | 474000 | SH | Call | SOLE | N/A | 474000 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 1005055878 | 2827400 | SH | Put | SOLE | N/A | 2827400 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 9859464 | 14800 | SH | Put | SOLE | N/A | 14800 | 0 | 0 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 735799 | 11624 | SH |  | SOLE | N/A | 11624 | 0 | 0 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 12660000 | 200000 | SH | Put | SOLE | N/A | 200000 | 0 | 0 |
| SPDR SERIES TRUST | S RETAIL ETF | 78464A714 |  | 11203400 | 130000 | SH | Put | SOLE | N/A | 130000 | 0 | 0 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 18990000 | 300000 | SH | Call | SOLE | N/A | 300000 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 7350638 | 10531 | SH |  | SOLE | N/A | 10531 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 |  | 436099 | 27777 | SH |  | SOLE | N/A | 27777 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 8856324 | 106459 | SH |  | SOLE | N/A | 106459 | 0 | 0 |
| SPX TECHNOLOGIES INC | COM | 78473E103 |  | 6708017 | 35914 | SH |  | SOLE | N/A | 35914 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 7124718 | 66092 | SH |  | SOLE | N/A | 66092 | 0 | 0 |
| SUN CMNTYS INC | COM | 866674104 |  | 12129612 | 94028 | SH |  | SOLE | N/A | 94028 | 0 | 0 |
| SUN LIFE FINANCIAL INC. | COM | 866796105 |  | 5804961 | 96701 | SH |  | SOLE | N/A | 96701 | 0 | 0 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 10759562 | 25294 | SH |  | SOLE | N/A | 25294 | 0 | 0 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 |  | 48404560 | 82596 | SH |  | SOLE | N/A | 82596 | 0 | 0 |
| TELUS CORPORATION | COM | 87971M103 |  | 6255470 | 396669 | SH |  | SOLE | N/A | 396669 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 431501 | 3135 | SH |  | SOLE | N/A | 3135 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 756024 | 1700 | SH | Put | SOLE | N/A | 1700 | 0 | 0 |
| THOMSON REUTERS CORP | COM | 884903808 |  | 4990753 | 32130 | SH |  | SOLE | N/A | 32130 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 1132057 | 8195 | SH |  | SOLE | N/A | 8195 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 19341984 | 241926 | SH |  | SOLE | N/A | 241926 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 29107645 | 68982 | SH |  | SOLE | N/A | 68982 | 0 | 0 |
| TRANSALTA CORP | COM | 89346D107 |  | 4579368 | 334994 | SH |  | SOLE | N/A | 334994 | 0 | 0 |
| TRANSALTA CORP | COM | 89346D107 |  | 1367000 | 100000 | SH | Call | SOLE | N/A | 100000 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 3701740 | 38360 | SH |  | SOLE | N/A | 38360 | 0 | 0 |
| UNITED PARKS  RESORTS INC | COM | 81282V100 |  | 4757537 | 92022 | SH |  | SOLE | N/A | 92022 | 0 | 0 |
| UNITED STS OIL FD LP | UNITS | 91232N207 |  | 7375000 | 100000 | SH | Call | SOLE | N/A | 100000 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 34159993 | 228388 | SH |  | SOLE | N/A | 228388 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 292818280 | 3832700 | SH | Put | SOLE | N/A | 3832700 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 4951500 | 50000 | SH | Put | SOLE | N/A | 50000 | 0 | 0 |
| VERTIV HOLDINGS CO | COM CL A | 92537N108 |  | 13628843 | 90341 | SH |  | SOLE | N/A | 90341 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 16951194 | 86521 | SH |  | SOLE | N/A | 86521 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 28315073 | 6554415 | SH |  | SOLE | N/A | 6554415 | 0 | 0 |
| WARRIOR MET COAL INC | COM | 93627C101 |  | 3650518 | 57362 | SH |  | SOLE | N/A | 57362 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 15112863 | 84837 | SH |  | SOLE | N/A | 84837 | 0 | 0 |
| XPO INC | COM | 983793100 |  | 13360442 | 103353 | SH |  | SOLE | N/A | 103353 | 0 | 0 |

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