# EDGAR Filing Document

**Accession Number:** 0001426318
**File Stem:** 0001426318-26-000004
**Filing Date:** 2026-5
**Character Count:** 10295
**Document Hash:** 0b612fbbf78e8d73130b4ea711356759
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001426318-26-000004.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001426318-26-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**EFFECTIVENESS DATE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PCJ Investment Counsel Ltd.
- **CENTRAL INDEX KEY:** 0001426318

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12690
- **FILM NUMBER:** 26961836

**BUSINESS ADDRESS:**
- **STREET 1:** 130 KING STREET WEST
- **STREET 2:** SUITE 1400
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1C8
- **BUSINESS PHONE:** 416-862-2020

**MAIL ADDRESS:**
- **STREET 1:** 130 KING STREET WEST
- **STREET 2:** SUITE 1400
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5X 1C8

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**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:** PCJ Investment Counsel Ltd.<br>**Address:** 130 KING STREET WEST<br>SUITE 1400<br>TORONTO, A6 M5X 1C8

**Form 13F File Number:** 028-12690

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:** Heiki Altosaar<br>**Title:** Chief Compliance Officer<br>**Phone:** 416-862-2020

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

Heiki Altosaar  Toronto, A6  05-11-2026<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:** 59

**Form 13F Information Table Value Total:** $352056573

      (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 |
| AGNICO EAGLE MINES LTD | COM | 008474108 | BBG000CZ8PQ6 | 6188108 | 30480 | SH |  | SOLE | 1 | 30480 | 0 | 0 |
| ALAMOS GOLD INC | COM CL A | 011532108 | BBG009HT65R1 | 1504938 | 33820 | SH |  | SOLE | 1 | 33820 | 0 | 0 |
| ALMONTY INDS INC | COM NEW | 020398707 | BBG000QJ6LQ8 | 2910482 | 200000 | SH |  | SOLE | 1 | 200000 | 0 | 0 |
| AMERICAS GOLD AND SILVER COR | COM NEW | 03062D803 | BBG000BQKDN3 | 2392013 | 458250 | SH |  | SOLE | 1 | 458250 | 0 | 0 |
| ARIS MINING CORPORATION | COM | 04040Y109 | BBG000CXNF22 | 4824246 | 259765 | SH |  | SOLE | 1 | 259765 | 0 | 0 |
| ATS CORPORATION | COM | 00217Y104 | BBG000BBH2L6 | 1409585 | 50000 | SH |  | SOLE | 1 | 50000 | 0 | 0 |
| BANK MONTREAL MEDIUM | COM | 063671101 | BBG000BXSQ97 | 5865963 | 43300 | SH |  | SOLE | 1 | 43300 | 0 | 0 |
| BANK NOVA SCOTIA B C | COM | 064149107 | BBG000BXSXH3 | 467495 | 6740 | SH |  | SOLE | 1 | 6740 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 | BBG000CZ62D3 | 3881873 | 94970 | SH |  | SOLE | 1 | 94970 | 0 | 0 |
| BAYTEX ENERGY CORP | COM | 07317Q105 | BBG000BLVRT5 | 12548729 | 2805993 | SH |  | SOLE | 1 | 2805993 | 0 | 0 |
| BOYD GROUP SERVICES INC | COM | 103310108 | BBG000GB1NC2 | 11988811 | 93893 | SH |  | SOLE | 1 | 93893 | 0 | 0 |
| BROOKFIELD BUSINESS CORP | CL A SUB VTG SH | 113006100 |  | 30967615 | 978912 | SH |  | SOLE | 1 | 978912 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 | BBG000C9K6K8 | 4094301 | 101020 | SH |  | SOLE | 1 | 101020 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE PA | LP INT UNIT | G16252101 | BBG000VC6WR2 | 10584200 | 293154 | SH |  | SOLE | 1 | 293154 | 0 | 0 |
| BROOKFIELD RENEWABLE ENERGY | PARTNERSHIP UNIT | G16258108 | BBG000C40QG2 | 5565664 | 170580 | SH |  | SOLE | 1 | 170580 | 0 | 0 |
| CAE INC | COM | 124765108 | BBG000BXWF96 | 20405110 | 782693 | SH |  | SOLE | 1 | 782693 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 | BBG000BXYMJ8 | 3357560 | 30930 | SH |  | SOLE | 1 | 30930 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 | BBG000BY34Q2 | 5577193 | 58930 | SH |  | SOLE | 1 | 58930 | 0 | 0 |
| CANADIAN NAT RES LTD MED TER | COM | 136385101 | BBG0014LGC02 | 6234550 | 127800 | SH |  | SOLE | 1 | 127800 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 | BBG000GLP2C0 | 6409378 | 62260 | SH |  | SOLE | 1 | 62260 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 | BBG000DMM476 | 4228987 | 53730 | SH |  | SOLE | 1 | 53730 | 0 | 0 |
| CARVANA CO | CL A | 146869102 | BBG00GCTWDJ3 | 2042212 | 6496 | SH |  | SOLE | 1 | 6496 | 0 | 0 |
| CELESTICA INC | COM | 15101Q207 | BBG000BRW7J6 | 2646539 | 9380 | SH |  | SOLE | 1 | 9380 | 0 | 0 |
| CENOVUS ENERGY INC | COM | 15135U109 | BBG000FT86F1 | 11737629 | 442865 | SH |  | SOLE | 1 | 442865 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 | BBG000PWGV23 | 4527863 | 255270 | SH |  | SOLE | 1 | 255270 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 | BBG000BYYC35 | 1519466 | 20780 | SH |  | SOLE | 1 | 20780 | 0 | 0 |
| CRH PLC | ORD | G25508105 | BBG000D3JXM1 | 11854698 | 112773 | SH |  | SOLE | 1 | 112773 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 | BBG000BVXRC9 | 9425889 | 2659200 | SH |  | SOLE | 1 | 2659200 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 | BBG000C7P7N2 | 6698243 | 123540 | SH |  | SOLE | 1 | 123540 | 0 | 0 |
| ENDEAVOUR SILVER CORP | COM | 29258Y103 | BBG000BZGZ95 | 3856572 | 413240 | SH |  | SOLE | 1 | 413240 | 0 | 0 |
| ENERFLEX LTD | COM | 29269R105 | BBG000SR92R6 | 13835166 | 661252 | SH |  | SOLE | 1 | 661252 | 0 | 0 |
| EQUINOX GOLD CORP | COM | 29446Y502 | BBG000QSL9D2 | 8022380 | 555385 | SH |  | SOLE | 1 | 555385 | 0 | 0 |
| ERO COPPER CORP | COM | 296006109 | BBG00HNV5D77 | 5646689 | 211859 | SH |  | SOLE | 1 | 211859 | 0 | 0 |
| FORTIS INC | COM | 349553107 | BBG000BYTHG6 | 2771636 | 49670 | SH |  | SOLE | 1 | 49670 | 0 | 0 |
| FORTUNA MNG CORP | COM NEW | 349942102 | BBG000F0X9W1 | 2568747 | 258330 | SH |  | SOLE | 1 | 258330 | 0 | 0 |
| GFL ENVIRONMENTAL INC | SUB VTG SHS | 36168Q104 | BBG003FD9W71 | 7835601 | 187807 | SH |  | SOLE | 1 | 187807 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 | BBG000BQ5ZN1 | 440645 | 7911 | SH |  | SOLE | 1 | 7911 | 0 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 | BBG000PM84L3 | 3385848 | 161660 | SH |  | SOLE | 1 | 161660 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 | BBG000G9PPD5 | 7586541 | 403320 | SH |  | SOLE | 1 | 403320 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 | BBG000BK4N16 | 2679310 | 87620 | SH |  | SOLE | 1 | 87620 | 0 | 0 |
| KNIGHT-SWIFT TRANSN HLDGS IN | CL A | 499049104 | BBG000BFC848 | 2568644 | 44610 | SH |  | SOLE | 1 | 44610 | 0 | 0 |
| LIGHTSPEED COMMERCE INC | SUB VTG SHS | 53229C107 | BBG00B0JR9M0 | 2244117 | 250900 | SH |  | SOLE | 1 | 250900 | 0 | 0 |
| MANULIFE FINL CORP | COM | 56501R106 | BBG000C0QCK8 | 3471632 | 100761 | SH |  | SOLE | 1 | 100761 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 | BBG00334PDN0 | 4112649 | 354400 | SH |  | SOLE | 1 | 354400 | 0 | 0 |
| NUTRIEN LTD | COM | 67077M108 | BBG00JM9SL98 | 2211436 | 29290 | SH |  | SOLE | 1 | 29290 | 0 | 0 |
| ORLA MNG LTD NEW | COM | 68634K106 | BBG00FGY26H0 | 4908473 | 305180 | SH |  | SOLE | 1 | 305180 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 | BBG000BS6M19 | 4458991 | 99545 | SH |  | SOLE | 1 | 99545 | 0 | 0 |
| PERPETUA RESOURCES CORP | COM | 714266103 | BBG001QMC3K8 | 4624232 | 164070 | SH |  | SOLE | 1 | 164070 | 0 | 0 |
| RB GLOBAL INC | COM | 74935Q107 | BBG000C1DF05 | 1316500 | 13735 | SH |  | SOLE | 1 | 13735 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 | BBG000BCJG31 | 13555842 | 83840 | SH |  | SOLE | 1 | 83840 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 | BBG004DW5NB8 | 8884153 | 74860 | SH |  | SOLE | 1 | 74860 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 | BBG000BQSBZ6 | 4214684 | 141490 | SH |  | SOLE | 1 | 141490 | 0 | 0 |
| SUNCOR ENERGY INC NEW | COM | 867224107 | BBG000BC1LY5 | 5504716 | 83210 | SH |  | SOLE | 1 | 83210 | 0 | 0 |
| TASEKO MINES LTD | COM | 876511106 | BBG000BTFL46 | 6594600 | 1017980 | SH |  | SOLE | 1 | 1017980 | 0 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 | BBG000BCS9D6 | 3333988 | 64430 | SH |  | SOLE | 1 | 64430 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 | BBG000BCRMB0 | 11368232 | 121860 | SH |  | SOLE | 1 | 121860 | 0 | 0 |
| TRANSFORCE INC | COM | 87241L109 | BBG000G5FQQ8 | 3921492 | 36020 | SH |  | SOLE | 1 | 36020 | 0 | 0 |
| WASTE CONNECTIONS INC | COM | 94106B101 | BBG000DZ8BC1 | 336389 | 2070 | SH |  | SOLE | 1 | 2070 | 0 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 | BBG000BJCC41 | 3937328 | 29990 | SH |  | SOLE | 1 | 29990 | 0 | 0 |

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