# EDGAR Filing Document

**Accession Number:** 0001430308
**File Stem:** 0000921895-26-000690
**Filing Date:** 2026-3
**Character Count:** 24161
**Document Hash:** dd00d497b78da4929c18dd79beb51fdf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-26-000690.hdr.sgml**: 20260313

**ACCESSION NUMBER**: 0000921895-26-000690

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260313

**DATE AS OF CHANGE**: 20260313

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OBSIDIAN ENERGY LTD.
- **CENTRAL INDEX KEY:** 0001334388
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-82653
- **FILM NUMBER:** 26753989

**BUSINESS ADDRESS:**
- **STREET 1:** 207 - 9TH AVENUE S.W.
- **STREET 2:** SUITE 200
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 1K3
- **BUSINESS PHONE:** (403) 777-2500

**MAIL ADDRESS:**
- **STREET 1:** 207 - 9TH AVENUE S.W.
- **STREET 2:** SUITE 200
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 1K3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN WEST PETROLEUM LTD.
- **DATE OF NAME CHANGE:** 20110125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN WEST ENERGY TRUST
- **DATE OF NAME CHANGE:** 20050727
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FrontFour Capital Group LLC
- **CENTRAL INDEX KEY:** 0001430308

**ORGANIZATION NAME:**
- **EIN:** 205997207
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 500 W PUTNAM AVE, SUITE 400
- **CITY:** GREENWICH
- **STATE:** CT
- **BUSINESS PHONE:** 203-274-9050

**MAIL ADDRESS:**
- **STREET 1:** 500 W PUTNAM AVE, SUITE 400
- **CITY:** GREENWICH
- **STATE:** CT

## Ex-1

Exhibit 1

**<u>Transactions in the Shares of the Issuer During the Past Sixty Days</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>Class of Security</u> | &nbsp;&nbsp;Amount of Securities<br> <u>Purchased/(Sold)</u> | &nbsp;&nbsp;<u>Price</u> | &nbsp;&nbsp;Date of<br> <u>Purchase/Sale</u> |

---

**<u>FRONTFOUR MASTER FUND, LTD.</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Common Shares | &nbsp;&nbsp;(500000) | &nbsp;&nbsp;03/11/2026 |
| &nbsp;&nbsp;Common Shares | &nbsp;&nbsp;(223796)&nbsp;&nbsp;$8.6751<sup>2</sup> | &nbsp;&nbsp;03/12/2026 |
| &nbsp;&nbsp;Common Shares | &nbsp;&nbsp;(140975)&nbsp;&nbsp;$8.5237<sup>3</sup> | &nbsp;&nbsp;03/13/2026 |

---

**<u>STEPHEN LOUKAS</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Acquisition of Common Shares upon the Exercise of Performance Stock Units | &nbsp;&nbsp;43300 | &nbsp;&nbsp;CAD$11.6700 | &nbsp;&nbsp;02/27/2026 |
| &nbsp;&nbsp;Common Shares | &nbsp;&nbsp;(20784) | &nbsp;&nbsp;CAD$11.6700 | &nbsp;&nbsp;02/27/2026 |

---

------

<sup>1</sup> The reported price represents a weighted average sale price. The range of prices at which common stock was sold was $8.53 to $8.72 per share. The Reporting Person undertakes to provide to the Staff, the Issuer or a security holder full information regarding the number of shares sold at each separate price.

<sup>2</sup> The reported price represents a weighted average sale price. The range of prices at which common stock was sold was $8.60 to $8.78 per share. The Reporting Person undertakes to provide to the Staff, the Issuer or a security holder full information regarding the number of shares sold at each separate price.

<sup>3</sup> The reported price represents a weighted average sale price. The range of prices at which common stock was sold was $8.43 to $8.62 per share. The Reporting Person undertakes to provide to the Staff, the Issuer or a security holder full information regarding the number of shares sold at each separate price.

## Exhibit 99.1

Exhibit 99.1

<u>JOINT FILING AGREEMENT</u>

In accordance with Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a Statement on Schedule 13D (including amendments thereto) with respect to the common shares of Obsidian Energy Ltd. This Joint Filing Agreement shall be filed as an Exhibit to such Statement.

---

| | |
|:---|:---|
| FrontFour Capital Group LLC | FrontFour Capital Group LLC |
| By: | /s/ David A. Lorber |
|  | David A. Lorber, Managing Member |
| Date: | 03/13/2026 |

---

---

| | |
|:---|:---|
| FrontFour Master Fund Ltd. | FrontFour Master Fund Ltd. |
| By: | /s/ David A. Lorber |
|  | David A. Lorber, Managing Member of FrontFour Capital Group LLC, its Investment Manager |
| Date: | 03/13/2026 |

---

---

| | |
|:---|:---|
| FrontFour Capital Corp. | FrontFour Capital Corp. |
| By: | /s/ David A. Lorber |
|  | David A. Lorber, Authorized Signatory |
| Date: | 03/13/2026 |

---

---

| | |
|:---|:---|
| Lorber David A | Lorber David A |
| By: | /s/ David A. Lorber |
|  | David A. Lorber |
| Date: | 03/13/2026 |

---

---

| | |
|:---|:---|
| George Zachary | George Zachary |
| By: | /s/ Zachary George |
|  | Zachary George |
| Date: | 03/13/2026 |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**OBSIDIAN ENERGY LTD.**

*(Name of Issuer)*

**Common Shares**

*(Title of Class of Securities)*

**674482203**

*(CUSIP Number)*

**DAVID A. LORBER**<br>FRONTFOUR CAPITAL GROUP LLC<br>500 West Putnam Avenue, Suite 400<br>Greenwich CT 06830<br>203-274-9050

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**03/11/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **674482203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**FrontFour Capital Group LLC** | Name of reporting person<br>**FrontFour Capital Group LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2907541.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2907541.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2907541.00** | Aggregate amount beneficially owned by each reporting person<br>**2907541.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.3%** | Percent of class represented by amount in Row (11)<br>**4.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **674482203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**FrontFour Master Fund Ltd.** | Name of reporting person<br>**FrontFour Master Fund Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2907541.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2907541.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2907541.00** | Aggregate amount beneficially owned by each reporting person<br>**2907541.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.3%** | Percent of class represented by amount in Row (11)<br>**4.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **674482203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**FrontFour Capital Corp.** | Name of reporting person<br>**FrontFour Capital Corp.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**BRITISH COLUMBIA** | Citizenship or place of organization<br>**BRITISH COLUMBIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**75571.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**75571.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**75571.00** | Aggregate amount beneficially owned by each reporting person<br>**75571.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **674482203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Loukas Stephen** | Name of reporting person<br>**Loukas Stephen** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**2705546.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**2705546.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2705546.00** | Aggregate amount beneficially owned by each reporting person<br>**2705546.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.0%** | Percent of class represented by amount in Row (11)<br>**4.0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **674482203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Lorber David A** | Name of reporting person<br>**Lorber David A** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**99998.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2983112.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**99998.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2983112.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3083110.00** | Aggregate amount beneficially owned by each reporting person<br>**3083110.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.6%** | Percent of class represented by amount in Row (11)<br>**4.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **674482203** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**George Zachary** | Name of reporting person<br>**George Zachary** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**2983112.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**2983112.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2983112.00** | Aggregate amount beneficially owned by each reporting person<br>**2983112.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**4.4%** | Percent of class represented by amount in Row (11)<br>**4.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares

**(b) Name of Issuer:**
OBSIDIAN ENERGY LTD.

**(c) Address of Issuer's Principal Executive Offices:**
207 - 9TH AVENUE S.W., SUITE 200, CALGARY, A0, T2P 1K3

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) is hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 67,274,326 Shares outstanding as of December 31, 2025, which is the total number of Shares outstanding as reported in the Issuer's Form 40-F filed with the Securities and Exchange Commission on February 19, 2026.

As of the close of business on the date hereof, the Master Fund owned directly 2,907,541 Shares, FrontFour Corp. owned directly 75,571 Shares, Mr. Loukas beneficially owned directly 2,705,546 Shares, and Mr. Lorber beneficially owned directly 99,998 Shares, constituting approximately 4.3%, 0%, 4.0% and 0%, respectively, of the Shares outstanding.

FrontFour Capital, as the investment manager of the Master Fund, may be deemed to beneficially own the 2,907,541 Shares directly owned by the Master Fund, constituting approximately 4.3% of the Shares outstanding.

Mr. Loukas may be deemed to beneficially own the 2,705,546 Shares he directly beneficially owns (including 310,600 Shares underlying Stock Options that are exercisable within 60 days), constituting approximately 4.0% of the Shares outstanding.

Mr. Lorber, as a managing member and principal owner of FrontFour Capital and a principal owner of FrontFour Corp., may be deemed to beneficially own the 2,983,112 Shares directly owned in the aggregate by the Master Fund and FrontFour Corp., which, together with the 99,998 Shares he directly beneficially owns, constitute approximately 4.6% of the Shares outstanding.

Mr. George, as a managing member and principal owner of FrontFour Capital and a principal owner of FrontFour Corp., may be deemed to beneficially own the 2,983,112 Shares directly owned in the aggregate by the Master Fund and FrontFour Corp., which constitute approximately 4.4% of the Shares outstanding.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

**(b)**
Item 5(b) is hereby amended and restated to read as follows:

Each of the Master Fund, FrontFour Capital and Messrs. Lorber and George have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by the Master Fund.

Each of Messrs. Lorber and George have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by FrontFour Corp.

Mr. Loukas has the sole power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by him and may be deemed to have the sole power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares underlying the Stock Options and RSUs directly beneficially owned by him.

Mr. Lorber has the sole power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares directly beneficially owned by him.

**(c)**
Item 5(c) is hereby amended and restated to read as follows:

The transactions in the Shares of the Issuer effected by the Reporting Persons during the past sixty days are set forth on Exhibit 1 attached hereto. All of such transactions were effected in the open market except as otherwise set forth therein.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 is hereby amended to add the following:

On March 13, 2026, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons who will remain Reporting Persons subsequent to this Amendment No. 1 agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. A copy of this agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Since the filing of the Schedule 13D, Mr. Loukas has received (i) Stock Options to purchase 753,500 Shares, (ii) PSUs referencing 150,500 Shares, and (iii) RSUs referencing 161,500 Shares.

On February 27, 2026, Mr. Loukas exercised PSUs referencing 86,600 Shares, including for 43,300 Shares at a price of CAD$11.6700 and for cash consideration referencing 43,000 Shares at a price of CAD$8.3100.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** FrontFour Capital Group LLC

**Signature:** /s/ David A. Lorber

**Name/Title:** David A. Lorber, Managing Member

**Date:** 03/13/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** FrontFour Master Fund Ltd.

**Signature:** /s/ David A. Lorber

**Name/Title:** David A. Lorber, Managing Member of FrontFour Capital Group LLC, its Investment Manager

**Date:** 03/13/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** FrontFour Capital Corp.

**Signature:** /s/ David A. Lorber

**Name/Title:** David A. Lorber, Authorized Signatory

**Date:** 03/13/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Loukas Stephen

**Signature:** /s/ Stephen Loukas

**Name/Title:** Stephen Loukas

**Date:** 03/13/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Lorber David A

**Signature:** /s/ David A. Lorber

**Name/Title:** David A. Lorber

**Date:** 03/13/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** George Zachary

**Signature:** /s/ Zachary George

**Name/Title:** Zachary George

**Date:** 03/13/2026