# EDGAR Filing Document

**Accession Number:** 0001304857
**File Stem:** 0000912282-25-000936
**Filing Date:** 2025-8
**Character Count:** 9933
**Document Hash:** ede44b539eda1607d5c2f01e9de39765
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000912282-25-000936.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0000912282-25-000936

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MMCAP International Inc. SPC
- **CENTRAL INDEX KEY:** 0001304857

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20111
- **FILM NUMBER:** 251277121

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MOURANT GOVERNANCE SVCS (CAYMAN) LTD
- **STREET 2:** 94 SOLARIS AVE., CAMANA BAY, PO BOX 1348
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1108
- **BUSINESS PHONE:** 416-408-0997

**MAIL ADDRESS:**
- **STREET 1:** C/O MOURANT GOVERNANCE SVCS (CAYMAN) LTD
- **STREET 2:** 94 SOLARIS AVE., CAMANA BAY, PO BOX 1348
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1108

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001304857

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** MMCAP International Inc. SPC

**Address:** c/o Mourant governance SVCS (Cayman) LTD, Grand Cayman, E9 KY1-1108

**Telephone number:** 416-408-0994

**Name of agent for service:** Hugh Maclean

**Agent Address:** MM Assset Management Inc., Toronto, A6 M5J 2S1

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-20111

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER               | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                                                                                                                                                                        | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| UR-ENERGY INC.               | 91688R108 | 06/02/2025     | Say on Pay: Approve in an advisory (non-binding) vote the compensation of theCompany's named executive offi cers                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |       17923295 |                0 | FOR         |                                 17923295 | FOR                         |  |
| ALGOMA STEEL GROUP INC.      | 015658107 | 06/19/2025     | Say on Pay Advisory Resolution "Say on Pay" Advisory Resolution The advisory resolution on the Company's approach to executive compensation asdisclosed in the Company's management information circular dated May 1, 2025.                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |        4358333 |                0 | FOR         |                                  4358333 | FOR                         |  |
| RUSSEL METALS INC.           | 781903604 | 05/04/2025     | ADVISORY VOTE ON SAY ON PAY Approve the Company's approach to executive compensation.                                                                                                                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          64000 |                0 | FOR         |                                    64000 | FOR                         |  |
| AIR CANADA                   | 008911877 | 03/31/2025     | ADVISORY VOTE ON EXECUTIVE COMPENSATION CONSIDERATION AND APPROVAL IN AN ADVISORY, NON-BINDING CAPACITY OF ARESOLUTION, IN THE FORM SET OUT IN SCHEDULE "A" OF THE MANAGEMENTPROXY CIRCULAR, IN RESPECT OF AIR CANADA'S APPROACH TO EXECUTIVECOMPENSATION, AS MORE PARTICULARLY DESCRIBED IN THE MANAGEMENTPROXY CIRCULAR.                                              | SECTION 14A SAY-ON-PAY VOTES |         211100 |                0 | FOR         |                                   211100 | FOR                         |  |
| ALGOMA STEEL GROUP INC.      | 015658107 | 09/19/2024     | The advisory resoluti on on the Company's approach to executi ve compensati on asdisclosed in the Company's management informati on circular dated August 1,2024.                                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |        7858060 |                0 | FOR         |                                  7858060 | FOR                         |  |
| CANOPY GROWTH CORPORATION    | 138035704 | 09/19/2024     | To adopt, on an advisory (non-binding) basis, a resoluti on approving thecompensati on of the Company's named executi ve offi cers, as described in theproxy statement.                                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          55500 |                0 | FOR         |                                    55500 | FOR                         |  |
| CANOPY GROWTH CORPORATION    | 138035704 | 06/19/2025     | Adoption of an advisory (non-binding) resolution to approve the compensation ofthe Company's named executive offi cers as disclosed in the proxy statement datedApril 25, 2025.                                                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |        1686382 |                0 | FOR         |                                  1686382 | FOR                         |  |
| GRYPHON DIGITAL MINING, INC. | 400510103 | 09/05/2024     | To approve, on a non-binding advisory basis, the frequency of future non-bindingadvisory votes on named executi ve offi cer compensati on.                                                                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         588892 |                0 | FOR         |                                   588892 | FOR                         |  |
| MARTINREA INTERNATIONAL INC. | 573459104 | 06/08/2025     | Advisory Resolution on Executive Compensation Resolved, on an advisory basisand not to diminish the roles and responsibilities of the board of directors, that theshareholders accept the approach to executive compensation disclosed in theaccompanying Management Information Circular of the Corporation for theAnnual General Meeting to be held on June 11, 2025. | SECTION 14A SAY-ON-PAY VOTES |        1519604 |                0 | FOR         |                                  1519604 | FOR                         |  |
| STEEL DYNAMICS, INC.         | 858119100 | 04/24/2025     | ADVISORY VOTE TO APPROVE THE COMPENSATION OF THE NAMED EXECUTIVEOFFICERS                                                                                                                                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           5800 |                0 | FOR         |                                     5800 | FOR                         |  |
| URANIUM ENERGY CORP.         | 916896103 | 07/15/2024     | To approve, on a non-binding advisory basis, the compensati on of our namedexecuti ve offi cers.                                                                                                                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |       11898801 |                0 | FOR         |                                 11898801 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** MMCAP International Inc. SPC

**By (Signature):** Ulla Vestergaard

**By (Printed Signature):** Ulla Vestergaard

**By (Title):** Director

**Date:** 08/28/2025