# EDGAR Filing Document

**Accession Number:** 0001719611
**File Stem:** 0001140361-25-038768
**Filing Date:** 2025-10
**Character Count:** 26877
**Document Hash:** 13800ffa08de21b9cb22dd12f1e1e110
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-038768.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001140361-25-038768

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

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**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:** 251406082

**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:** Kernwood Ltd
- **CENTRAL INDEX KEY:** 0001719611

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6

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

**BUSINESS ADDRESS:**
- **STREET 1:** 79 WELLINGTON STREET WEST
- **STREET 2:** SUITE 605
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5K 1K7
- **BUSINESS PHONE:** (416) 423-3251

**MAIL ADDRESS:**
- **STREET 1:** 79 WELLINGTON STREET WEST
- **STREET 2:** SUITE 605
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5K 1K7

## Ex-7.A

------

**Exhibit 7(a)**

#### <br>

#### JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with each other on behalf of each of them of a statement on Schedule 13D and any amendments thereto with respect to the common shares of Obsidian Energy Ltd. beneficially owned by each of them. This Joint Filing Agreement shall be included as an exhibit to such Schedule 13D.

---

| |
|:---|
| Date: October 21, 2025 |
| EDWARD H. KERNAGHAN |
| /s/ Edward H. Kernaghan |
| ELIZABETH KERNAGHAN |
| /s/Elizabeth Kernaghan |
| JENNIFER KERNAGHAN |
| /s/ Jennifer Kernaghan |
| CHARLIE KERNAGHAN |
| /s/ Charlie Kernaghan |
| CLAIRE KERNAGHAN |
| /s/ Claire Kernaghan |
| KERNWOOD LIMITED |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Edward H. Kernaghan</u> |
| Name:<br>| EDWARD H. KERNAGHAN |
| Title:<br>| President |

---

------

## Exhibit 99.1

------

**Exhibit 99.1**<br>

<u>SCHEDULE I</u>

Information regarding each director and executive officer of Kernwood is set forth below

#### REPORTING PERSON: KERNWOOD LIMITED

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Affiliation with**<br> **Reporting Person** | **Principal Occupation or**<br> **Employment** | **Citizenship** |
| Edward H. Kernaghan | Director & President | President of Kernwood Limited, Director of Kernwood Limited | Canadian |
| Elizabeth Kernaghan | Director | Director of Kernwood Limited | Canadian |

---

The business address of each of the above persons is 155 University Avenue, Suite 750, Toronto, Ontario, Canada M5H 3B7.

------

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**OBSIDIAN ENERGY LTD.**

*(Name of Issuer)*

**Common Shares**

*(Title of Class of Securities)*

**674482104**

*(CUSIP Number)*

**Edward H. Kernaghan**<br>c/o Kernwood Limited<br>155 University Avenue Suite 750<br>Toronto A6 M5H 3B7<br>(416) 423-3251

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

**12/31/2021**

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

| **CUSIP No.** | **674482104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Kernwood Ltd** | Name of reporting person<br>**Kernwood Ltd** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 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>**ONTARIO** | Citizenship or place of organization<br>**ONTARIO** | |
| 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>**3448514.00** |
| 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>**3448514.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3448514.00** | Aggregate amount beneficially owned by each reporting person<br>**3448514.00** | |
| 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>**5.1%** | Percent of class represented by amount in Row (11)<br>**5.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **674482104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Edward H. Kernaghan** | Name of reporting person<br>**Edward H. Kernaghan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 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>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**85352.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**3448514.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**85352.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**3448514.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3533866.00** | Aggregate amount beneficially owned by each reporting person<br>**3533866.00** | |
| 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>**5.2%** | Percent of class represented by amount in Row (11)<br>**5.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **674482104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Elizabeth Kernaghan** | Name of reporting person<br>**Elizabeth Kernaghan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 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>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| 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>**3448514.00** |
| 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>**3448514.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3448514.00** | Aggregate amount beneficially owned by each reporting person<br>**3448514.00** | |
| 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>**5.1%** | Percent of class represented by amount in Row (11)<br>**5.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **674482104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Jennifer Kernaghan** | Name of reporting person<br>**Jennifer Kernaghan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 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>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**4570.00** |
| 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>**4570.00** |
| 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>**4570.00** | Aggregate amount beneficially owned by each reporting person<br>**4570.00** | |
| 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>**0.01%** | Percent of class represented by amount in Row (11)<br>**0.01%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **674482104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Charlie Kernaghan** | Name of reporting person<br>**Charlie Kernaghan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 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>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**200.00** |
| 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>**200.00** |
| 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>**200.00** | Aggregate amount beneficially owned by each reporting person<br>**200.00** | |
| 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>**0.01%** | Percent of class represented by amount in Row (11)<br>**0.01%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **674482104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Claire Kernaghan** | Name of reporting person<br>**Claire Kernaghan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 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>**ISRAEL** | Citizenship or place of organization<br>**ISRAEL** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**85.00** |
| 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>**85.00** |
| 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>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 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>**—%** | Percent of class represented by amount in Row (11)<br>**—%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**—** | Type of Reporting Person (See Instructions)<br>**—** | |

---

**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 SW, Suite 200, Calgary, A0, T2P 1K3

This Amendment No. 4 (the "Amendment No. 4") amends and supplements the initial Schedule 13D (the "Schedule 13D"), as filed with the Securities and Exchange Commission (the "SEC") on October 16, 2017, as amended and supplemented by the Schedules 13D/A filed on December 5, 2017, January 4, 2018, and November 17, 2020.  This Amendment No. 4 is being filed by Kernwood Limited, an Ontario corporation ("Kernwood"),Edward H. Kernaghan, Elizabeth Kernaghan, Jennifer Kernaghan, Charlie Kernaghan and Claire Kernaghan, each of whom are Canadian citizens residing in the Province of Ontario (collectively, the "Reporting Persons"), relating to common shares, no par value (the "Common Shares"), of Obsidian Energy Ltd., a corporation organized and existing under the laws of Alberta, Canada (the "Issuer"). Except as specifically amended and supplemented by this Amendment No. 4, the Schedule 13D remains in full force and effect.

The purpose of this filing is to report that (a) the updated beneficial ownership of the Reporting Persons as a result of (i) the acquisition by Kernwood of 3,438,300 Common Shares through a series of open market transactions from March 23, 2023 to the date hereof, with each of Edward H. Kernaghan and Elizabeth Kernaghan as the beneficial owners of a 50% interest in Kernwood as of May 15, 2019, and with Edward J. Kernaghan divesting of all ownership interest in Kernwood on that date, (ii) sale of 100,000 Common Shares by Alice Kernaghan on March 24, 2022, (iii) sale of 90,000 Common Shares by Elizabeth Kernaghan on March 25, 2022, (iii) the acquisition by Edward H. Kernaghan of an additional 55,145 Common Shares through a series of open market transactions from April 16, 2021 to the date hereof, so that his direct ownership now totals 85,352 Common Shares, (iv) the acquisition by Charlie Kernaghan of 200 Common Shares on May 1, 2015, (v) the acquisition by Claire Kernaghan of 85 Common Shares on May 1, 2015 and (vi) the sale of 10,214 Common Shares by Principia Research Inc., an Ontario corporation ("Principia"), to Kernwood on September 9, 2025, (b) due to an increase in the number of Common Shares outstanding as of December 31, 2021, the Reporting Persons ceased to be the beneficial owners of more than five percent of the Common Shares outstanding as of that date, (c) due to the Reporting Persons' subsequent acquisition of Common Shares, they became the beneficial owners of more than five percent of the Common Shares outstanding as of August 15, 2025, and (d) Principia, Edward J. Kernaghan, and Alice Kernaghan are no longer members of a Section 13(d) group with each other or with the other Reporting Persons.

**Item 4. Purpose of Transaction**

The Common Shares reported in this Amendment No. 4 were acquired by the Reporting Persons from time to time in open market transactions with a view towards investment, with the exception of the sale of 10,214 Common Shares by Principia to Kernwood.  The Reporting Persons review their investments in the Issuer on a continuing basis.  As part of this review, the Reporting Persons evaluate various alternatives that are or may become available with respect to the Issuer and its securities.

The Reporting Persons may from time to time and at any time, in their sole discretion, acquire or cause to be acquired, additional equity or debt securities or other instruments of the Issuer, its subsidiaries or affiliates, or dispose or cause to be disposed, such equity or debt securities or instruments, in any amount that the Reporting Persons may determine in their sole discretion, through open market transactions, privately negotiated transactions or otherwise. Depending upon a variety of factors, the Reporting Persons may from time to time and at any time, in their sole discretion, consider, formulate and implement various plans or proposals intended to enhance the value of their investment in the Issuer, including, among other things, proposing or effecting any matter that would constitute or result in any of the matters or effects enumerated in subparagraphs (a)-(j) of this Item 4 of Schedule 13D. The Reporting Persons may seek to have one of their members appointed to the board of directors of the Issuer. Except as described above, the Reporting Persons do not have any present plans or proposals that relate to or would result in the consequences listed in subparagraphs (a)-(j) of Item 4 of Schedule 13D.

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

**(a)**
(a) and (b) The beneficial ownership percentage of the Reporting Persons is calculated based upon 67,708,673 Common Shares of the Issuer reported to be outstanding as of June 30, 2025 as reported by the Toronto Stock Exchange. The information disclosed in response to Item 2 in this Statement is incorporated by reference herein.

1. Kernwood Limited
a. Amount beneficially owned: 3,448,514 Common Shares
b. Percent of class: 5.09%
c. Number of shares as to which the Reporting Person has:
Sole power to vote or to direct the vote: 0
ii. Shared power to vote or to direct the vote: 3,448,514
iii. Sole power to dispose or to direct the disposition of: 0
iv. Shared power to dispose or to direct the disposition of: 3,448,514

Includes 3,448,514 Common Shares held directly by Kernwood, in which Edward H. Kernaghan and Elizabeth Kernaghan each own a 50% interest and are deemed to control.  They each disclaim beneficial ownership over 50% of the Common Shares held by Kernwood.

2. Edward H. Kernaghan
a. Amount beneficially owned: 3,533,866 Common Shares
b. Percent of class: 5.22%
c. Number of shares as to which the Reporting Person has:
i. Sole power to vote or to direct the vote: 85,352
ii. Shared power to vote or to direct the vote: 3,448,514
iii. Sole power to dispose or to direct the disposition of: 85,352
iv. Shared power to dispose or to direct the disposition of: 3,448,514

Includes (i) 85,352 Common Shares held directly by Edward H. Kernaghan and (ii) 3,448,514 Common Shares held directly by Kernwood, in which Edward H. Kernaghan and Elizabeth Kernaghan each own a 50% interest and are deemed to control.  They each disclaim beneficial ownership over 50% of the Common Shares held by Kernwood.

3. Elizabeth Kernaghan
a. Amount beneficially owned: 3,448,514  Common Shares
b. Percent of class: 5.09%
c. Number of shares as to which the Reporting Person has:
i. Sole power to vote or to direct the vote: 0
ii. Shared power to vote or to direct the vote: 3,448,514
iii. Sole power to dispose or to direct the disposition of: 0
iv. Shared power to dispose or to direct the disposition of: 3,448,514

Includes 3,448,514 Common Shares held directly by Kernwood, which Edward H. Kernaghan and Elizabeth Kernaghan are deemed to control.  They each disclaim beneficial ownership over 50% of the Common Shares held by Kernwood.

4. Jennifer Kernaghan
a. Amount beneficially owned: 4,570 Common Shares
b. Percent of class: 0.01%
c. Number of shares as to which the Reporting Person has:
i. Sole power to vote or to direct the vote: 4,570
ii. Shared power to vote or to direct the vote: 0
iii. Sole power to dispose or to direct the disposition of: 4,570
iv. Shared power to dispose or to direct the disposition of: 0

Includes 4,570 Common Shares held directly by Jennifer Kernaghan.

5. Charlie Kernaghan
a. Amount beneficially owned: 200 Common Shares
b. Percent of class: 0.01%
c. Number of shares as to which the Reporting Person has:
i. Sole power to vote or to direct the vote: 200
ii. Shared power to vote or to direct the vote: 0
iii. Sole power to dispose or to direct the disposition of: 200
iv. Shared power to dispose or to direct the disposition of: 0

Includes 200 Common Shares held directly by Charlie Kernaghan

6. Claire Kernaghan
a. Amount beneficially owned: 85 Common Shares
b. Percent of class: 0.01%
c. Number of shares as to which the Reporting Person has:
i. Sole power to vote or to direct the vote: 85
ii Shared power to vote or to direct the vote: 0
iii Sole power to dispose or to direct the disposition of: 85
iv. Shared power to dispose or to direct the disposition of: 0

Includes 85 Common Shares held directly by Claire Kernaghan.

**(b)**
—

**(c)**
Kernwood purchased 10,214 Common Shares from Principia, and it has made the following open-market purchases of Common Shares of the Issuer during the past 60 days on the Toronto Stock Exchange:

Date	                 Purchaser	Number of Shares	        Price Per Share
August 18, 2025	  Kernwood	50,000	                       7.843
August 19, 2025	  Kernwood	108,500	                       7.769

Other than the foregoing transactions, none of the Reporting Persons has effected any transaction in Common Shares of the Issuer during the past 60 days.

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

Other than as set forth herein, there are no contracts, arrangements, understandings or relationships among the Reporting Persons, or between the Reporting Persons and any other person, with respect to the securities of the Issuer reported herein.

### 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:** Kernwood Ltd

**Signature:** /s/ Edward H. Kernaghan

**Name/Title:** Edward H. Kernaghan/President

**Date:** 10/20/2025

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:** Edward H. Kernaghan

**Signature:** /s/ Edward H. Kernaghan

**Name/Title:** Edward H. Kernaghan

**Date:** 10/20/2025

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:** Elizabeth Kernaghan

**Signature:** /s/ Elizabeth Kernaghan

**Name/Title:** Elizabeth Kernaghan

**Date:** 10/20/2025

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:** Jennifer Kernaghan

**Signature:** /s/ Jennifer Kernaghan

**Name/Title:** Jennifer Kernaghan

**Date:** 10/21/2025

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:** Charlie Kernaghan

**Signature:** /s/ Charlie Kernaghan

**Name/Title:** Charlie Kernaghan

**Date:** 10/20/2025

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:** Claire Kernaghan

**Signature:** /s/ Claire Kernaghan

**Name/Title:** Claire Kernaghan

**Date:** 10/21/2025