# EDGAR Filing Document

**Accession Number:** 0001577774
**File Stem:** 0001577774-26-000002
**Filing Date:** 2026-2
**Character Count:** 19794
**Document Hash:** 1b2e7ac50b7ca1cc7f36ce35988c03bf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001577774-26-000002.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0001577774-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Regal Partners Ltd
- **CENTRAL INDEX KEY:** 0001577774

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15536
- **FILM NUMBER:** 26644911

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GATEWAY BUILDING  LEVEL 46
- **STREET 2:** 1 MACQUARIE PLACE
- **CITY:** SYDNEY
- **NON US STATE TERRITORY:** NSW
- **PROVINCE COUNTRY:** C3
- **ZIP:** 2000
- **BUSINESS PHONE:** 001161281974358

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GATEWAY BUILDING  LEVEL 46
- **STREET 2:** 1 MACQUARIE PLACE
- **CITY:** SYDNEY
- **NON US STATE TERRITORY:** NSW
- **PROVINCE COUNTRY:** C3
- **ZIP:** 2000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VGI Partners Ltd
- **DATE OF NAME CHANGE:** 20190814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VGI PARTNERS PTY Ltd
- **DATE OF NAME CHANGE:** 20130523

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Regal Partners Ltd<br>**Address:** GATEWAY BUILDING  LEVEL 46<br>1 MACQUARIE PLACE<br>SYDNEY, C3 2000

**Form 13F File Number:** 028-15536

**CRD Number (if applicable):** 000165751

**SEC File Number (if applicable):** 801-77723

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:** Greg Laughin<br>**Title:** Compliance Officer<br>**Phone:** 0116566541755

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

Greg Laughlin  Singapore, U0  02-17-2026<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:** 3

**Form 13F Information Table Entry Total:** 154

**Form 13F Information Table Value Total:** $1734313092

      (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.]

| No.   | Name                                     | Form 13F File Number   |
|:---|:---|:---|
|  | PM Capital Pty Ltd                       |  |
|  | Regal Partners Funds Management Pty Ltd  |  |
|  | Regal Funds Management Asia Pte. Limited |  |

### 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 |
| Amazon.com Inc | COM | 023135106 |  | 19567766 | 84775 | SH |  | DFND |  | 84775 | 0 | 0 |
| Apollo Global Management Inc | COM | 03769M106 |  | 18091526 | 124976 | SH |  | DFND |  | 124976 | 0 | 0 |
| Cameco Corp | COM | 13321L108 |  | 6404300 | 70000 | SH |  | DFND |  | 70000 | 0 | 0 |
| Salesforce Inc | COM | 79466L302 |  | 6422743 | 24245 | SH |  | DFND |  | 24245 | 0 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 15653630 | 308203 | SH |  | DFND |  | 308203 | 0 | 0 |
| GE HealthCare Technologies Inc | COMMON STOCK | 36266G107 |  | 16427048 | 200281 | SH |  | DFND |  | 200281 | 0 | 0 |
| Inspire Medical Systems Inc | COM | 457730109 |  | 2129130 | 23085 | SH |  | DFND |  | 23085 | 0 | 0 |
| Meta Platforms Inc | CL A | 30303M102 |  | 3317612 | 5026 | SH |  | DFND |  | 5026 | 0 | 0 |
| Newmont Corp | COM | 651639106 |  | 10335274 | 103508 | SH |  | DFND |  | 103508 | 0 | 0 |
| Royalty Pharma PLC | SHS CLASS A | G7709Q104 |  | 12486786 | 323157 | SH |  | DFND |  | 323157 | 0 | 0 |
| Sprott Inc | COM NEW | 852066208 |  | 8123443 | 82960 | SH |  | DFND |  | 82960 | 0 | 0 |
| Sanofi SA | SPONSORED ADR | 80105N105 |  | 11562265 | 238594 | SH |  | DFND |  | 238594 | 0 | 0 |
| Teck Resources Ltd | CL B | 878742204 |  | 20530491 | 428701 | SH |  | DFND |  | 428701 | 0 | 0 |
| Tradeweb Markets Inc | CL A | 892672106 |  | 9798937 | 91119 | SH |  | DFND |  | 91119 | 0 | 0 |
| Uber Technologies Inc | COM | 90353T100 |  | 891538 | 10911 | SH |  | DFND |  | 10911 | 0 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 8369389 | 36181 | SH |  | DFND |  | 36181 | 0 | 0 |
| Apollo Global Management Inc | COM | 03769M106 |  | 122517916 | 846352 | SH |  | DFND | 1 | 0 | 846352 | 0 |
| Bank of America Corp | COM | 060505104 |  | 125827955 | 2287781 | SH |  | DFND | 1 | 0 | 2287781 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 107307487 | 2112768 | SH |  | DFND | 1 | 0 | 2112768 | 0 |
| Alphabet Inc | CAP STK CL C | 02079K107 |  | 51814342 | 165119 | SH |  | DFND | 1 | 0 | 165119 | 0 |
| Inspire Medical Systems Inc | COM | 457730109 |  | 17066055 | 185038 | SH |  | DFND | 1 | 0 | 185038 | 0 |
| Newmont Corp | COM | 651639106 |  | 187768824 | 1880509 | SH |  | DFND | 1 | 0 | 1880509 | 0 |
| Royalty Pharma PLC | SHS CLASS A | G7709Q104 |  | 85287019 | 2207221 | SH |  | DFND | 1 | 0 | 2207221 | 0 |
| Sanofi SA | SPONSORED ADR | 80105N105 |  | 79454386 | 1639587 | SH |  | DFND | 1 | 0 | 1639587 | 0 |
| Teck Resources Ltd | CL B | 878742204 |  | 141204335 | 2948514 | SH |  | DFND | 1 | 0 | 2948514 | 0 |
| Truist Financial Corp | COM | 89832Q109 |  | 45165135 | 917804 | SH |  | DFND | 1 | 0 | 917804 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 53284562 | 230350 | SH |  | DFND | 1 | 0 | 230350 | 0 |
| Wells Fargo  Co | COM | 949746101 |  | 56348347 | 604596 | SH |  | DFND | 1 | 0 | 604596 | 0 |
| Wynn Resorts Ltd | COM | 983134107 |  | 96943383 | 805646 | SH |  | DFND | 1 | 0 | 805646 | 0 |
| Alcoa Corp | COM | 013872106 |  | 2837145 | 53390 | SH |  | DFND | 2 | 0 | 53390 | 0 |
| Agnico Eagle Mines Ltd | COM | 008474108 |  | 11134561 | 65679 | SH |  | DFND | 2 | 0 | 65679 | 0 |
| Albemarle Corp | COM | 012653101 |  | 2036170 | 14396 | SH |  | DFND | 2 | 0 | 14396 | 0 |
| Alpha Metallurgical Resources | COM | 020764106 |  | 490905 | 2456 | SH |  | DFND | 2 | 0 | 2456 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 3020280 | 13085 | SH |  | DFND | 2 | 0 | 13085 | 0 |
| American Public Education Inc | COM | 02913V103 |  | 277376 | 7338 | SH |  | DFND | 2 | 0 | 7338 | 0 |
| Applied Digital Corp | COM NEW | 038169207 |  | 1088688 | 44400 | SH |  | DFND | 2 | 0 | 44400 | 0 |
| Apollo Global Management Inc | COM | 03769M106 |  | 2573254 | 17776 | SH |  | DFND | 2 | 0 | 17776 | 0 |
| AppLovin Corp | COM CL A | 03831W108 |  | 5011873 | 7438 | SH |  | DFND | 2 | 0 | 7438 | 0 |
| Barrick Mining Corp | COM SHS | 06849F108 |  | 25700249 | 590132 | SH |  | DFND | 2 | 0 | 590132 | 0 |
| Brookdale Senior Living Inc | COM | 112463104 |  | 1079000 | 100000 | SH |  | DFND | 2 | 0 | 100000 | 0 |
| B2Gold Corp | COM | 11777Q209 |  | 4034763 | 894626 | SH |  | DFND | 2 | 0 | 894626 | 0 |
| Peabody Energy Corp | COM | 704551100 |  | 3460139 | 116503 | SH |  | DFND | 2 | 0 | 116503 | 0 |
| Cameco Corp | COM | 13321L108 |  | 9175075 | 100285 | SH |  | DFND | 2 | 0 | 100285 | 0 |
| CareCloud Inc | COM | 14167R100 |  | 292000 | 100000 | SH |  | DFND | 2 | 0 | 100000 | 0 |
| Cipher Mining Inc | COM | 17253J106 |  | 2656800 | 180000 | SH |  | DFND | 2 | 0 | 180000 | 0 |
| Celestica Inc | COM | 15101Q207 |  | 443415 | 1500 | SH |  | DFND | 2 | 0 | 1500 | 0 |
| Core Natural Resources Inc | COM SHS | 218937100 |  | 2430662 | 27462 | SH |  | DFND | 2 | 0 | 27462 | 0 |
| Salesforce Inc | COM | 79466L302 |  | 813009 | 3069 | SH |  | DFND | 2 | 0 | 3069 | 0 |
| Carvana Co | CL A | 146869102 |  | 2342211 | 5550 | SH |  | DFND | 2 | 0 | 5550 | 0 |
| CVS Health Corp | COM | 126650100 |  | 745667 | 9396 | SH |  | DFND | 2 | 0 | 9396 | 0 |
| Dave Inc | CLASS A COM NEW | 23834J201 |  | 3321371 | 15001 | SH |  | DFND | 2 | 0 | 15001 | 0 |
| Danaher Corp | COM | 235851102 |  | 677145 | 2958 | SH |  | DFND | 2 | 0 | 2958 | 0 |
| Denison Mines Corp | COM | 248356107 |  | 1108268 | 416642 | SH |  | DFND | 2 | 0 | 416642 | 0 |
| Equinox Gold Corp | COM | 29446Y502 |  | 5596695 | 398625 | SH |  | DFND | 2 | 0 | 398625 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 28821243 | 567459 | SH |  | DFND | 2 | 0 | 567459 | 0 |
| Fair Isaac Corp | COM | 303250104 |  | 1267965 | 750 | SH |  | DFND | 2 | 0 | 750 | 0 |
| Comfort Systems USA Inc | COM | 199908104 |  | 2053238 | 2200 | SH |  | DFND | 2 | 0 | 2200 | 0 |
| FormFactor Inc | COM | 346375108 |  | 557800 | 10000 | SH |  | DFND | 2 | 0 | 10000 | 0 |
| First Solar Inc | COM | 336433107 |  | 522460 | 2000 | SH |  | DFND | 2 | 0 | 2000 | 0 |
| VanEck Gold Miners ETF/USA | GOLD MINERS ETF | 92189F106 |  | 3049209 | 35551 | SH |  | DFND | 2 | 0 | 35551 | 0 |
| VanEck Junior Gold Miners ETF | JUNIOR GOLD MINE | 92189F791 |  | 2317471 | 20368 | SH |  | DFND | 2 | 0 | 20368 | 0 |
| GE HealthCare Technologies Inc | COMMON STOCK | 36266G107 |  | 2221266 | 27082 | SH |  | DFND | 2 | 0 | 27082 | 0 |
| Grab Holdings Ltd | CLASS A ORD | G4124C109 |  | 1070165 | 214462 | SH |  | DFND | 2 | 0 | 214462 | 0 |
| GRAIL Inc | COM | 384747101 |  | 342360 | 4000 | SH |  | DFND | 2 | 0 | 4000 | 0 |
| Hudbay Minerals Inc | COM | 443628102 |  | 5238494 | 263904 | SH |  | DFND | 2 | 0 | 263904 | 0 |
| Warrior Met Coal Inc | COM | 93627C101 |  | 1922106 | 21800 | SH |  | DFND | 2 | 0 | 21800 | 0 |
| Howard Hughes Holdings Inc | COM | 44267T102 |  | 797700 | 10000 | SH |  | DFND | 2 | 0 | 10000 | 0 |
| Robinhood Markets Inc | COM CL A | 770700102 |  | 1537029 | 13590 | SH |  | DFND | 2 | 0 | 13590 | 0 |
| Hesai Group | SPONSORED ADS | 428050108 |  | 752550 | 33596 | SH |  | DFND | 2 | 0 | 33596 | 0 |
| Hycroft Mining Holding Corp | CL A NEW | 44862P208 |  | 5024312 | 211372 | SH |  | DFND | 2 | 0 | 211372 | 0 |
| Inspire Medical Systems Inc | COM | 457730109 |  | 293384 | 3181 | SH |  | DFND | 2 | 0 | 3181 | 0 |
| IREN Ltd | ORDINARY SHARES | Q4982L109 |  | 5342831 | 141457 | SH |  | DFND | 2 | 0 | 141457 | 0 |
| Kinross Gold Corp | COM | 496902404 |  | 17953098 | 637539 | SH |  | DFND | 2 | 0 | 637539 | 0 |
| LendingClub Corp | COM NEW | 52603A208 |  | 2111980 | 111509 | SH |  | DFND | 2 | 0 | 111509 | 0 |
| Legence Corp | CL A | 52476L109 |  | 660104 | 15337 | SH |  | DFND | 2 | 0 | 15337 | 0 |
| Alliant Energy Corp | COM | 018802108 |  | 817826 | 12580 | SH |  | DFND | 2 | 0 | 12580 | 0 |
| Meta Platforms Inc | CL A | 30303M102 |  | 458102 | 694 | SH |  | DFND | 2 | 0 | 694 | 0 |
| Mohawk Industries Inc | COM | 608190104 |  | 703673 | 6438 | SH |  | DFND | 2 | 0 | 6438 | 0 |
| Newmont Corp | COM | 651639106 |  | 7367732 | 73788 | SH |  | DFND | 2 | 0 | 73788 | 0 |
| Cloudflare Inc | CL A COM | 18915M107 |  | 295725 | 1500 | SH |  | DFND | 2 | 0 | 1500 | 0 |
| NANO Nuclear Energy Inc | COM | 63010H108 |  | 8735078 | 363810 | SH |  | DFND | 2 | 0 | 363810 | 0 |
| Natera Inc | COM | 632307104 |  | 1718175 | 7500 | SH |  | DFND | 2 | 0 | 7500 | 0 |
| NU Holdings Ltd/Cayman Islands | ORD SHS CL A | G6683N103 |  | 3371269 | 201390 | SH |  | DFND | 2 | 0 | 201390 | 0 |
| Nucor Corp | COM | 670346105 |  | 1794047 | 10999 | SH |  | DFND | 2 | 0 | 10999 | 0 |
| News Corp | CL B | 65249B208 |  | 1518212 | 51239 | SH |  | DFND | 2 | 0 | 51239 | 0 |
| Nextdoor Holdings Inc | COM CL A | 65345M108 |  | 471870 | 224700 | SH |  | DFND | 2 | 0 | 224700 | 0 |
| NexGen Energy Ltd | COM | 65340P106 |  | 1886000 | 205000 | SH |  | DFND | 2 | 0 | 205000 | 0 |
| Philip Morris International In | COM | 718172109 |  | 779063 | 4857 | SH |  | DFND | 2 | 0 | 4857 | 0 |
| Insulet Corp | COM | 45784P101 |  | 255816 | 900 | SH |  | DFND | 2 | 0 | 900 | 0 |
| Radiopharm Theranostics Ltd | SPONSORED ADS | 75041J101 |  | 474545 | 90909 | SH |  | DFND | 2 | 0 | 90909 | 0 |
| Royal Caribbean Cruises Ltd | COM | V7780T103 |  | 706225 | 2532 | SH |  | DFND | 2 | 0 | 2532 | 0 |
| Rambus Inc | COM | 750917106 |  | 551340 | 6000 | SH |  | DFND | 2 | 0 | 6000 | 0 |
| ResMed Inc | COM | 761152107 |  | 433566 | 1800 | SH |  | DFND | 2 | 0 | 1800 | 0 |
| Royalty Pharma PLC | SHS CLASS A | G7709Q104 |  | 4263151 | 110330 | SH |  | DFND | 2 | 0 | 110330 | 0 |
| Southern Copper Corp | COM | 84265V105 |  | 10359682 | 72208 | SH |  | DFND | 2 | 0 | 72208 | 0 |
| Sezzle Inc | COM | 78435P105 |  | 3748453 | 59054 | SH |  | DFND | 2 | 0 | 59054 | 0 |
| Sprott Inc | COM NEW | 852066208 |  | 1943418 | 19847 | SH |  | DFND | 2 | 0 | 19847 | 0 |
| Sanofi SA | SPONSORED ADR | 80105N105 |  | 1621908 | 33469 | SH |  | DFND | 2 | 0 | 33469 | 0 |
| SoFi Technologies Inc | COM | 83406F102 |  | 1490087 | 56917 | SH |  | DFND | 2 | 0 | 56917 | 0 |
| Steel Dynamics Inc | COM | 858119100 |  | 1853105 | 10936 | SH |  | DFND | 2 | 0 | 10936 | 0 |
| Symbotic Inc | CLASS A COM | 87151X101 |  | 238000 | 4000 | SH |  | DFND | 2 | 0 | 4000 | 0 |
| Teck Resources Ltd | CL B | 878742204 |  | 6903296 | 144149 | SH |  | DFND | 2 | 0 | 144149 | 0 |
| Tempus AI Inc | CL A | 88023B103 |  | 531450 | 9000 | SH |  | DFND | 2 | 0 | 9000 | 0 |
| Taseko Mines Ltd | COM | 876511106 |  | 3551554 | 627483 | SH |  | DFND | 2 | 0 | 627483 | 0 |
| TKO Group Holdings Inc | CL A | 87256C101 |  | 1720697 | 8233 | SH |  | DFND | 2 | 0 | 8233 | 0 |
| TransMedics Group Inc | COM | 89377M109 |  | 1046190 | 8600 | SH |  | DFND | 2 | 0 | 8600 | 0 |
| Tradeweb Markets Inc | CL A | 892672106 |  | 1574601 | 14642 | SH |  | DFND | 2 | 0 | 14642 | 0 |
| Uranium Energy Corp | COM | 916896103 |  | 3337338 | 285731 | SH |  | DFND | 2 | 0 | 285731 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 1183896 | 5118 | SH |  | DFND | 2 | 0 | 5118 | 0 |
| Vertiv Holdings Co | COM CL A | 92537N108 |  | 405025 | 2500 | SH |  | DFND | 2 | 0 | 2500 | 0 |
| GeneDx Holdings Corp | COM CL A | 81663L200 |  | 910420 | 7000 | SH |  | DFND | 2 | 0 | 7000 | 0 |
| Woodward Inc | COM | 980745103 |  | 604640 | 2000 | SH |  | DFND | 2 | 0 | 2000 | 0 |
| State Street Financial Select | STATE STREET FIN | 81369Y605 |  | 2330135 | 42544 | SH |  | DFND | 2 | 0 | 42544 | 0 |
| State Street Industrial Select | STATE STREET IND | 81369Y704 |  | 1058539 | 6824 | SH |  | DFND | 2 | 0 | 6824 | 0 |
| State Street Utilities Select | STATE STREET UTI | 81369Y886 |  | 2029226 | 47534 | SH |  | DFND | 2 | 0 | 47534 | 0 |
| Zeta Global Holdings Corp | CL A | 98956A105 |  | 407000 | 20000 | SH |  | DFND | 2 | 0 | 20000 | 0 |
| Viper Energy Inc | CL A | 64361Q101 |  | 2902272 | 75130 | SH |  | DFND | 2 | 0 | 75130 | 0 |
| Kimbell Royalty Partners LP | UNIT | 49435R102 |  | 1329362 | 113041 | SH |  | DFND | 2 | 0 | 113041 | 0 |
| OR Royalties Inc | COM SHS | 68390D106 |  | 672410 | 19000 | SH |  | DFND | 2 | 0 | 19000 | 0 |
| Agnico Eagle Mines Ltd | COM | 008474108 |  | 3630824 | 21417 | SH |  | DFND | 3 | 0 | 21417 | 0 |
| Albemarle Corp | COM | 012653101 |  | 2149747 | 15199 | SH |  | DFND | 3 | 0 | 15199 | 0 |
| Alpha Metallurgical Resources | COM | 020764106 |  | 486108 | 2432 | SH |  | DFND | 3 | 0 | 2432 | 0 |
| Barrick Mining Corp | COM SHS | 06849F108 |  | 10589052 | 243147 | SH |  | DFND | 3 | 0 | 243147 | 0 |
| B2Gold Corp | COM | 11777Q209 |  | 2146029 | 475838 | SH |  | DFND | 3 | 0 | 475838 | 0 |
| Peabody Energy Corp | COM | 704551100 |  | 2849329 | 95937 | SH |  | DFND | 3 | 0 | 95937 | 0 |
| Cameco Corp | COM | 13321L108 |  | 18819950 | 205705 | SH |  | DFND | 3 | 0 | 205705 | 0 |
| Core Natural Resources Inc | COM SHS | 218937100 |  | 1717183 | 19401 | SH |  | DFND | 3 | 0 | 19401 | 0 |
| CVS Health Corp | COM | 126650100 |  | 468462 | 5903 | SH |  | DFND | 3 | 0 | 5903 | 0 |
| Danaher Corp | COM | 235851102 |  | 425333 | 1858 | SH |  | DFND | 3 | 0 | 1858 | 0 |
| Denison Mines Corp | COM | 248356107 |  | 1112295 | 418156 | SH |  | DFND | 3 | 0 | 418156 | 0 |
| Equinox Gold Corp | COM | 29446Y502 |  | 3297111 | 234837 | SH |  | DFND | 3 | 0 | 234837 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 10301634 | 202828 | SH |  | DFND | 3 | 0 | 202828 | 0 |
| Hudbay Minerals Inc | COM | 443628102 |  | 1510009 | 76071 | SH |  | DFND | 3 | 0 | 76071 | 0 |
| Warrior Met Coal Inc | COM | 93627C101 |  | 1741093 | 19747 | SH |  | DFND | 3 | 0 | 19747 | 0 |
| Hesai Group | SPONSORED ADS | 428050108 |  | 440294 | 19656 | SH |  | DFND | 3 | 0 | 19656 | 0 |
| Hycroft Mining Holding Corp | CL A NEW | 44862P208 |  | 2455560 | 103305 | SH |  | DFND | 3 | 0 | 103305 | 0 |
| Kinross Gold Corp | COM | 496902404 |  | 4530071 | 160869 | SH |  | DFND | 3 | 0 | 160869 | 0 |
| Legence Corp | CL A | 52476L109 |  | 415896 | 9663 | SH |  | DFND | 3 | 0 | 9663 | 0 |
| Alliant Energy Corp | COM | 018802108 |  | 513709 | 7902 | SH |  | DFND | 3 | 0 | 7902 | 0 |
| Mohawk Industries Inc | COM | 608190104 |  | 442119 | 4045 | SH |  | DFND | 3 | 0 | 4045 | 0 |
| Newmont Corp | COM | 651639106 |  | 1349173 | 13512 | SH |  | DFND | 3 | 0 | 13512 | 0 |
| NANO Nuclear Energy Inc | COM | 63010H108 |  | 14799548 | 616391 | SH |  | DFND | 3 | 0 | 616391 | 0 |
| Nucor Corp | COM | 670346105 |  | 1352508 | 8292 | SH |  | DFND | 3 | 0 | 8292 | 0 |
| News Corp | CL B | 65249B208 |  | 1006650 | 33974 | SH |  | DFND | 3 | 0 | 33974 | 0 |
| Philip Morris International In | COM | 718172109 |  | 489380 | 3051 | SH |  | DFND | 3 | 0 | 3051 | 0 |
| Royal Caribbean Cruises Ltd | COM | V7780T103 |  | 443762 | 1591 | SH |  | DFND | 3 | 0 | 1591 | 0 |
| Southern Copper Corp | COM | 84265V105 |  | 5146699 | 35873 | SH |  | DFND | 3 | 0 | 35873 | 0 |
| Steel Dynamics Inc | COM | 858119100 |  | 1851241 | 10925 | SH |  | DFND | 3 | 0 | 10925 | 0 |
| Taseko Mines Ltd | COM | 876511106 |  | 2108446 | 372517 | SH |  | DFND | 3 | 0 | 372517 | 0 |
| Uranium Energy Corp | COM | 916896103 |  | 2102972 | 180049 | SH |  | DFND | 3 | 0 | 180049 | 0 |
| State Street Financial Select | STATE STREET FIN | 81369Y605 |  | 1467946 | 26802 | SH |  | DFND | 3 | 0 | 26802 | 0 |
| State Street Industrial Select | STATE STREET IND | 81369Y704 |  | 671670 | 4330 | SH |  | DFND | 3 | 0 | 4330 | 0 |
| State Street Utilities Select | STATE STREET UTI | 81369Y886 |  | 1287701 | 30164 | SH |  | DFND | 3 | 0 | 30164 | 0 |
| GOLD ROYALTY CORP | COMMON SHARES | 38071H106 |  | 23534359 | 5712223 | SH |  | DFND |  | 5712223 | 0 | 0 |

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