# EDGAR Filing Document

**Accession Number:** 0001907809
**File Stem:** 0001172661-25-004032
**Filing Date:** 2025-8
**Character Count:** 11153
**Document Hash:** 90d6f20680078f31c8778c46789753e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-004032.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001172661-25-004032

**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:** Mudita Advisors LLP
- **CENTRAL INDEX KEY:** 0001907809

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21975
- **FILM NUMBER:** 251279634

**BUSINESS ADDRESS:**
- **STREET 1:** 8 ST JAMES'S SQUARE
- **STREET 2:** 6TH FLOOR
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SW1Y 4JU
- **BUSINESS PHONE:** 442038487530

**MAIL ADDRESS:**
- **STREET 1:** 8 ST JAMES'S SQUARE
- **STREET 2:** 6TH FLOOR
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** SW1Y 4JU

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

## N-PX: Filer Information

**Filer CIK:** 0001907809

**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:** Mudita Advisors LLP

**Address:** 8 St James's Square, LONDON, X0 SW1Y 4JU

**Telephone number:** 44-0-203-848-7535

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-21975

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| WARRIOR MET COAL                   | 93627C101 | 04/23/2025     | To approve, on an advisory basis, the compensation of the Company's named executive officers.                                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         417165 |                0 | FOR         |                                   417165 | FOR                         |  |
| HILTON GRAND VACATIONS             | 43283X105 | 05/07/2025     | Approve by non-binding vote the compensation paid to the Company's named executive officers.                                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |        1086233 |                0 | FOR         |                                  1086233 | FOR                         |  |
| US Steel                           | 912909108 | 05/06/2025     | To consider and act on a non-binding advisory vote regarding the approval of compensation paid to certain executive officers.                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         132200 |                0 | FOR         |                                   132200 | FOR                         |  |
| KINROSS GOLD CORPORATION           | 496902404 | 05/07/2025     | To consider and, if deemed appropriate, to pass an advisory resolution on Kinross' approach to executive compensation.                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         471200 |                0 | FOR         |                                   471200 | FOR                         |  |
| IAMGOLD CORPORATION                | 450913108 | 05/06/2025     | Resolved that, on an advisory basis and not to diminish the role and responsibilities of the board of directors, the shareholders accept the approach to executive compensation disclosed in the management information circular of IAMGOLD Corporation dated April 3, 2025. | SECTION 14A SAY-ON-PAY VOTES |        2081400 |                0 | FOR         |                                  2081400 | FOR                         |  |
| CANADIAN NATURAL RESOURCES LIMITED | 136385101 | 05/08/2025     | On an advisory basis, accepting the Corporation's approach to executive compensation as described in the Information Circular.                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         637044 |                0 | FOR         |                                   637044 | FOR                         |  |
| NACCO INDUSTRIES, INC.             | 629579103 | 05/14/2025     | Proposal to approve, on an advisory basis, NACCO Industries, Inc.'s Named Executive Officer compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          86281 |                0 | FOR         |                                    86281 | FOR                         |  |
| NACCO INDUSTRIES, INC.             | 629579103 | 05/14/2025     | Proposal to approve NACCO Industries, Inc.'s Amended and Restated Non-Employee Directors' Equity Compensation Plan                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          86281 |                0 | AGAINST     |                                    86281 | AGAINST                     |  |
| ESTABLISHMENT LABS HOLDINGS INC.   | G31249108 | 05/23/2025     | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         479359 |                0 | FOR         |                                   479359 | FOR                         |  |
| HUDBAY MINERALS                    | 443628102 | 05/20/2025     | Say on Pay Advisory Vote On an advisory basis, and not to diminish the role and responsibilities of Hudbay's Board of Directors, you accept the approach to executive compensation in our 2025 management information circular.                                              | SECTION 14A SAY-ON-PAY VOTES |         353305 |                0 | FOR         |                                   353305 | FOR                         |  |
| Flutter Entertainment              | 00BWT6H89 | 06/05/2025     | APPROVAL, ON AN ADVISORY BASIS, OF THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS AS DISCLOSED IN THIS PROXY STATEMENT                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          42909 |                0 | FOR         |                                    42909 | FOR                         |  |
| Expand Energy                      | 165167735 | 06/05/2025     | To approve on an advisory basis our named executive officer compensation for 2024.                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          82900 |                0 | FOR         |                                    82900 | FOR                         |  |
| ALAMOS GOLD                        | 011532108 | 05/29/2025     | Executive Compensation To consider, and if deemed advisable, pass a resolution to approve an advisory resolution on the Company's approach to executive compensation.                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         497251 |                0 | FOR         |                                   497251 | FOR                         |  |
| BLACKSTONE MINERALS                | 09225M101 | 06/12/2025     | Approval on a non-binding advisory basis, of the compensation of the executive officers of Black Stone Minerals, L.P.'s general partner for the year ended December 31, 2024.                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         760877 |                0 | FOR         |                                   760877 | FOR                         |  |
| ElDorado Gold                      | 284902509 | 06/03/2025     | Advisory Vote on Executive Compensation Approve an ordinary resolution as set out in the Management Information Circular supporting the Company's approach to executive compensation on an advisory basis.                                                                   | SECTION 14A SAY-ON-PAY VOTES |         519400 |                0 | FOR         |                                   519400 | FOR                         |  |
| G Mining                           | 36270K102 | 06/26/2025     | Appointment of PricewaterhouseCoopers LLP as auditors of the Corporation for the ensuing year and authorizing the directors to set their compensation.                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         125000 |                0 | FOR         |                                   125000 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Mudita Advisors LLP

**By (Signature):** Kevin Mandy

**By (Printed Signature):** Kevin Mandy

**By (Title):** Chief Compliance Officer

**Date:** 08/29/2025