# EDGAR Filing Document

**Accession Number:** 0001577774
**File Stem:** 0001577774-26-000005
**Filing Date:** 2026-5
**Character Count:** 20284
**Document Hash:** 1800a03efcb5cfc2471ebaaaa29a1a30
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001577774-26-000005.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001577774-26-000005

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**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:** 26982948

**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:** 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:** 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:** Faiz Farrukh<br>**Title:** Head of Compliance<br>**Phone:** 001161281974360

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

Faiz Farrukh  Sydney, C3  05-15-2026<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:** 159

**Form 13F Information Table Value Total:** $1839418169

      (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                      | 028-26626              |
|  | Regal Partners Funds Management Pty Ltd | 028-26625              |
|  | REGAL FUNDS MANAGEMENT ASIA PTE Ltd     | 028-26750              |

### 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 |  | 16181329 | 77694 | SH |  | DFND |  | 77694 | 0 | 0 |
| Apollo Global Management Inc | COM | 03769M106 |  | 16417514 | 147348 | SH |  | DFND |  | 147348 | 0 | 0 |
| Salesforce Inc | COM | 79466L302 |  | 4152847 | 22247 | SH |  | DFND |  | 22247 | 0 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 16134228 | 274485 | SH |  | DFND |  | 274485 | 0 | 0 |
| GE HealthCare Technologies Inc | COMMON STOCK | 36266G107 |  | 13050711 | 183348 | SH |  | DFND |  | 183348 | 0 | 0 |
| Inspire Medical Systems Inc | COM | 457730109 |  | 2650180 | 51380 | SH |  | DFND |  | 51380 | 0 | 0 |
| Meta Platforms Inc | CL A | 30303M102 |  | 2663837 | 4656 | SH |  | DFND |  | 4656 | 0 | 0 |
| Newmont Corp | COM | 651639106 |  | 10268812 | 94862 | SH |  | DFND |  | 94862 | 0 | 0 |
| Royalty Pharma PLC | SHS CLASS A | G7709Q104 |  | 14206939 | 296163 | SH |  | DFND |  | 296163 | 0 | 0 |
| Charles Schwab Corp/The | COM | 808513105 |  | 3864270 | 41118 | SH |  | DFND |  | 41118 | 0 | 0 |
| Sprott Inc | COM NEW | 852066208 |  | 8567712 | 59956 | SH |  | DFND |  | 59956 | 0 | 0 |
| Sanofi SA | SPONSORED ADR | 80105N105 |  | 13283756 | 275711 | SH |  | DFND |  | 275711 | 0 | 0 |
| Teck Resources Ltd | CL B | 878742204 |  | 17652029 | 341102 | SH |  | DFND |  | 341102 | 0 | 0 |
| Tradeweb Markets Inc | CL A | 892672106 |  | 9825551 | 83508 | SH |  | DFND |  | 83508 | 0 | 0 |
| Uber Technologies Inc | COM | 90353T100 |  | 3976290 | 55280 | SH |  | DFND |  | 55280 | 0 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 8053286 | 33193 | SH |  | DFND |  | 33193 | 0 | 0 |
| Apollo Global Management Inc | COM | 03769M106 |  | 120802233 | 1084206 | SH |  | DFND | 1 | 0 | 1084206 | 0 |
| Bank of America Corp | COM | 060505104 |  | 128254864 | 2630869 | SH |  | DFND | 1 | 0 | 2630869 | 0 |
| Walt Disney Co/The | COM | 254687106 |  | 22196314 | 230300 | SH |  | DFND | 1 | 0 | 230300 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 84745066 | 1441733 | SH |  | DFND | 1 | 0 | 1441733 | 0 |
| Alphabet Inc | CAP STK CL C | 02079K107 |  | 45856579 | 159857 | SH |  | DFND | 1 | 0 | 159857 | 0 |
| Inspire Medical Systems Inc | COM | 457730109 |  | 3750949 | 72721 | SH |  | DFND | 1 | 0 | 72721 | 0 |
| Newmont Corp | COM | 651639106 |  | 188096174 | 1737609 | SH |  | DFND | 1 | 0 | 1737609 | 0 |
| Royalty Pharma PLC | SHS CLASS A | G7709Q104 |  | 105880391 | 2207221 | SH |  | DFND | 1 | 0 | 2207221 | 0 |
| Charles Schwab Corp/The | COM | 808513105 |  | 28467388 | 302909 | SH |  | DFND | 1 | 0 | 302909 | 0 |
| Sanofi SA | SPONSORED ADR | 80105N105 |  | 105767482 | 2195257 | SH |  | DFND | 1 | 0 | 2195257 | 0 |
| Teck Resources Ltd | CL B | 878742204 |  | 106005942 | 2048424 | SH |  | DFND | 1 | 0 | 2048424 | 0 |
| Truist Financial Corp | COM | 89832Q109 |  | 54911901 | 1194516 | SH |  | DFND | 1 | 0 | 1194516 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 55887517 | 230350 | SH |  | DFND | 1 | 0 | 230350 | 0 |
| Wells Fargo  Co | COM | 949746101 |  | 52826967 | 663572 | SH |  | DFND | 1 | 0 | 663572 | 0 |
| Wynn Resorts Ltd | COM | 983134107 |  | 91155951 | 897646 | SH |  | DFND | 1 | 0 | 897646 | 0 |
| Alcoa Corp | COM | 013872106 |  | 16341125 | 246361 | SH |  | DFND | 2 | 0 | 246361 | 0 |
| Agnico Eagle Mines Ltd | COM | 008474108 |  | 14653938 | 72194 | SH |  | DFND | 2 | 0 | 72194 | 0 |
| AAR Corp | COM | 000361105 |  | 503954 | 4604 | SH |  | DFND | 2 | 0 | 4604 | 0 |
| Albemarle Corp | COM | 012653101 |  | 5820183 | 32419 | SH |  | DFND | 2 | 0 | 32419 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 4418865 | 21217 | SH |  | DFND | 2 | 0 | 21217 | 0 |
| American Public Education Inc | COM | 02913V103 |  | 417385 | 7338 | SH |  | DFND | 2 | 0 | 7338 | 0 |
| Apollo Global Management Inc | COM | 03769M106 |  | 4249002 | 38135 | SH |  | DFND | 2 | 0 | 38135 | 0 |
| AppLovin Corp | COM CL A | 03831W108 |  | 1015696 | 2552 | SH |  | DFND | 2 | 0 | 2552 | 0 |
| Barrick Mining Corp | COM SHS | 06849F108 |  | 15039762 | 368712 | SH |  | DFND | 2 | 0 | 368712 | 0 |
| Brookdale Senior Living Inc | COM | 112463104 |  | 1811273 | 132403 | SH |  | DFND | 2 | 0 | 132403 | 0 |
| Borr Drilling Ltd | SHS | G1466R173 |  | 848582 | 147068 | SH |  | DFND | 2 | 0 | 147068 | 0 |
| B2Gold Corp | COM | 11777Q209 |  | 10771393 | 2377791 | SH |  | DFND | 2 | 0 | 2377791 | 0 |
| Peabody Energy Corp | COM | 704551100 |  | 2981217 | 90477 | SH |  | DFND | 2 | 0 | 90477 | 0 |
| Cameco Corp | COM | 13321L108 |  | 10159814 | 93544 | SH |  | DFND | 2 | 0 | 93544 | 0 |
| Ciena Corp | COM NEW | 171779309 |  | 1164690 | 3000 | SH |  | DFND | 2 | 0 | 3000 | 0 |
| Cipher Digital Inc | COM | 17253J106 |  | 736113 | 57196 | SH |  | DFND | 2 | 0 | 57196 | 0 |
| Coherent Corp | COM | 19247G107 |  | 714630 | 3000 | SH |  | DFND | 2 | 0 | 3000 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 4050816 | 30688 | SH |  | DFND | 2 | 0 | 30688 | 0 |
| Salesforce Inc | COM | 79466L302 |  | 1072979 | 5748 | SH |  | DFND | 2 | 0 | 5748 | 0 |
| Chevron Corp | COM | 166764100 |  | 10280654 | 49689 | SH |  | DFND | 2 | 0 | 49689 | 0 |
| Dave Inc | CLASS A COM NEW | 23834J201 |  | 518962 | 2981 | SH |  | DFND | 2 | 0 | 2981 | 0 |
| Denison Mines Corp | COM | 248356107 |  | 5469329 | 1549385 | SH |  | DFND | 2 | 0 | 1549385 | 0 |
| Duos Technologies Group Inc | COM | 266042407 |  | 3016205 | 439680 | SH |  | DFND | 2 | 0 | 439680 | 0 |
| Devon Energy Corp | COM | 25179M103 |  | 1118614 | 22230 | SH |  | DFND | 2 | 0 | 22230 | 0 |
| EOG Resources Inc | COM | 26875P101 |  | 236806 | 1638 | SH |  | DFND | 2 | 0 | 1638 | 0 |
| Equinox Gold Corp | COM | 29446Y502 |  | 5764118 | 398625 | SH |  | DFND | 2 | 0 | 398625 | 0 |
| Exelon Corp | COM | 30161N101 |  | 735300 | 15000 | SH |  | DFND | 2 | 0 | 15000 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 30956487 | 526650 | SH |  | DFND | 2 | 0 | 526650 | 0 |
| Figure Technology Solutions In | COM CL A | 349381103 |  | 2398771 | 70656 | SH |  | DFND | 2 | 0 | 70656 | 0 |
| Comfort Systems USA Inc | COM | 199908104 |  | 2284986 | 1657 | SH |  | DFND | 2 | 0 | 1657 | 0 |
| Fabrinet | SHS | G3323L100 |  | 521520 | 1000 | SH |  | DFND | 2 | 0 | 1000 | 0 |
| FormFactor Inc | COM | 346375108 |  | 523940 | 5402 | SH |  | DFND | 2 | 0 | 5402 | 0 |
| FTAI Aviation Ltd | SHS | G3730V105 |  | 516215 | 2107 | SH |  | DFND | 2 | 0 | 2107 | 0 |
| VanEck Gold Miners ETF/USA | GOLD MINERS ETF | 92189F106 |  | 1871282 | 20391 | SH |  | DFND | 2 | 0 | 20391 | 0 |
| VanEck Junior Gold Miners ETF | JUNIOR GOLD MINE | 92189F791 |  | 2265155 | 18870 | SH |  | DFND | 2 | 0 | 18870 | 0 |
| GE HealthCare Technologies Inc | COMMON STOCK | 36266G107 |  | 3437496 | 48293 | SH |  | DFND | 2 | 0 | 48293 | 0 |
| Grab Holdings Ltd | CLASS A ORD | G4124C109 |  | 1689020 | 461481 | SH |  | DFND | 2 | 0 | 461481 | 0 |
| Guidewire Software Inc | COM | 40171V100 |  | 2348541 | 15703 | SH |  | DFND | 2 | 0 | 15703 | 0 |
| Hudbay Minerals Inc | COM | 443628102 |  | 10281233 | 491925 | SH |  | DFND | 2 | 0 | 491925 | 0 |
| Warrior Met Coal Inc | COM | 93627C101 |  | 324721 | 3486 | SH |  | DFND | 2 | 0 | 3486 | 0 |
| Hycroft Mining Holding Corp | CL A NEW | 44862P208 |  | 679290 | 19298 | SH |  | DFND | 2 | 0 | 19298 | 0 |
| IAMGOLD Corp | COM | 450913108 |  | 1622397 | 86206 | SH |  | DFND | 2 | 0 | 86206 | 0 |
| Inspire Medical Systems Inc | COM | 457730109 |  | 601732 | 11666 | SH |  | DFND | 2 | 0 | 11666 | 0 |
| IREN Ltd | ORDINARY SHARES | Q4982L109 |  | 3915016 | 114207 | SH |  | DFND | 2 | 0 | 114207 | 0 |
| Kinross Gold Corp | COM | 496902404 |  | 19005781 | 622732 | SH |  | DFND | 2 | 0 | 622732 | 0 |
| Life360 Inc | COM | 532206109 |  | 855342 | 20954 | SH |  | DFND | 2 | 0 | 20954 | 0 |
| Lumentum Holdings Inc | COM | 55024U109 |  | 1414656 | 2013 | SH |  | DFND | 2 | 0 | 2013 | 0 |
| Comstock Inc | COM SHS | 205750409 |  | 152979 | 50157 | SH |  | DFND | 2 | 0 | 50157 | 0 |
| Meta Platforms Inc | CL A | 30303M102 |  | 659094 | 1152 | SH |  | DFND | 2 | 0 | 1152 | 0 |
| MP Materials Corp | COM CL A | 553368101 |  | 1149360 | 23816 | SH |  | DFND | 2 | 0 | 23816 | 0 |
| Marex Group PLC | ORD | G5S37H101 |  | 342152 | 7675 | SH |  | DFND | 2 | 0 | 7675 | 0 |
| Matador Resources Co | COM | 576485205 |  | 501270 | 7934 | SH |  | DFND | 2 | 0 | 7934 | 0 |
| Nebius Group NV | SHS CLASS A | N97284108 |  | 207520 | 2000 | SH |  | DFND | 2 | 0 | 2000 | 0 |
| Newmont Corp | COM | 651639106 |  | 9772161 | 90274 | SH |  | DFND | 2 | 0 | 90274 | 0 |
| Cloudflare Inc | CL A COM | 18915M107 |  | 1564883 | 7584 | SH |  | DFND | 2 | 0 | 7584 | 0 |
| National HealthCare Corp | COM | 635906100 |  | 304388 | 1906 | SH |  | DFND | 2 | 0 | 1906 | 0 |
| NANO Nuclear Energy Inc | COM | 63010H108 |  | 7409869 | 361810 | SH |  | DFND | 2 | 0 | 361810 | 0 |
| NU Holdings Ltd/Cayman Islands | ORD SHS CL A | G6683N103 |  | 235524 | 16390 | SH |  | DFND | 2 | 0 | 16390 | 0 |
| Nucor Corp | COM | 670346105 |  | 15096741 | 89277 | SH |  | DFND | 2 | 0 | 89277 | 0 |
| NexGen Energy Ltd | COM | 65340P106 |  | 531756 | 45841 | SH |  | DFND | 2 | 0 | 45841 | 0 |
| PG Corp | COM | 69331C108 |  | 713658 | 40618 | SH |  | DFND | 2 | 0 | 40618 | 0 |
| Permian Resources Corp | CLASS A COM | 71424F105 |  | 682048 | 31991 | SH |  | DFND | 2 | 0 | 31991 | 0 |
| Quanta Services Inc | COM | 74762E102 |  | 514432 | 937 | SH |  | DFND | 2 | 0 | 937 | 0 |
| Radiopharm Theranostics Ltd | SPONSORED ADS | 75041J101 |  | 172593 | 40138 | SH |  | DFND | 2 | 0 | 40138 | 0 |
| Transocean Ltd | REGISTERED SHS | H8817H100 |  | 613892 | 92593 | SH |  | DFND | 2 | 0 | 92593 | 0 |
| Royalty Pharma PLC | SHS CLASS A | G7709Q104 |  | 5808591 | 121088 | SH |  | DFND | 2 | 0 | 121088 | 0 |
| Southern Copper Corp | COM | 84265V105 |  | 7530206 | 43765 | SH |  | DFND | 2 | 0 | 43765 | 0 |
| Charles Schwab Corp/The | COM | 808513105 |  | 1080488 | 11497 | SH |  | DFND | 2 | 0 | 11497 | 0 |
| Sezzle Inc | COM | 78435P105 |  | 251071 | 3967 | SH |  | DFND | 2 | 0 | 3967 | 0 |
| SharonAI Holdings Inc | COM CL A | 778920306 |  | 4600893 | 202415 | SH |  | DFND | 2 | 0 | 202415 | 0 |
| Sprott Inc | COM NEW | 852066208 |  | 3273267 | 22906 | SH |  | DFND | 2 | 0 | 22906 | 0 |
| SiTime Corp | COM | 82982T106 |  | 288367 | 835 | SH |  | DFND | 2 | 0 | 835 | 0 |
| SkyWater Technology Inc | COM | 83089J108 |  | 265630 | 9691 | SH |  | DFND | 2 | 0 | 9691 | 0 |
| SharkNinja Inc | COM SHS | G8068L108 |  | 443086 | 4184 | SH |  | DFND | 2 | 0 | 4184 | 0 |
| Sandisk Corp/DE | COM | 80004C200 |  | 479682 | 755 | SH |  | DFND | 2 | 0 | 755 | 0 |
| Sanofi SA | SPONSORED ADR | 80105N105 |  | 3587676 | 74464 | SH |  | DFND | 2 | 0 | 74464 | 0 |
| State Street SPDR S 500 ETF | TR UNIT | 78462F103 |  | 234122 | 360 | SH |  | DFND | 2 | 0 | 360 | 0 |
| Steel Dynamics Inc | COM | 858119100 |  | 11017080 | 61206 | SH |  | DFND | 2 | 0 | 61206 | 0 |
| Sterling Infrastructure Inc | COM | 859241101 |  | 502164 | 1233 | SH |  | DFND | 2 | 0 | 1233 | 0 |
| Symbotic Inc | CLASS A COM | 87151X101 |  | 212800 | 4000 | SH |  | DFND | 2 | 0 | 4000 | 0 |
| Teck Resources Ltd | CL B | 878742204 |  | 6383052 | 123344 | SH |  | DFND | 2 | 0 | 123344 | 0 |
| Taseko Mines Ltd | COM | 876511106 |  | 4047265 | 627483 | SH |  | DFND | 2 | 0 | 627483 | 0 |
| TKO Group Holdings Inc | CL A | 87256C101 |  | 1660184 | 8233 | SH |  | DFND | 2 | 0 | 8233 | 0 |
| Tradeweb Markets Inc | CL A | 892672106 |  | 2689237 | 22856 | SH |  | DFND | 2 | 0 | 22856 | 0 |
| Uber Technologies Inc | COM | 90353T100 |  | 1111390 | 15451 | SH |  | DFND | 2 | 0 | 15451 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 2197167 | 9056 | SH |  | DFND | 2 | 0 | 9056 | 0 |
| Vale SA | SPONSORED ADS | 91912E105 |  | 4500509 | 282873 | SH |  | DFND | 2 | 0 | 282873 | 0 |
| Vnet Group Inc | SPONSORED ADS A | 90138A103 |  | 1894479 | 225802 | SH |  | DFND | 2 | 0 | 225802 | 0 |
| Vertiv Holdings Co | COM CL A | 92537N108 |  | 1252900 | 5000 | SH |  | DFND | 2 | 0 | 5000 | 0 |
| Woodward Inc | COM | 980745103 |  | 1162882 | 3249 | SH |  | DFND | 2 | 0 | 3249 | 0 |
| State Street Industrial Select | STATE STREET IND | 81369Y704 |  | 334296 | 2067 | SH |  | DFND | 2 | 0 | 2067 | 0 |
| Exxon Mobil Corp | COM | 30231G102 |  | 12541776 | 73923 | SH |  | DFND | 2 | 0 | 73923 | 0 |
| Franco-Nevada Corp | COM | 351858105 |  | 5736007 | 23218 | SH |  | DFND | 2 | 0 | 23218 | 0 |
| Viper Energy Inc | CL A | 64361Q101 |  | 3530359 | 75130 | SH |  | DFND | 2 | 0 | 75130 | 0 |
| Wheaton Precious Metals Corp | COM | 962879102 |  | 1972094 | 15053 | SH |  | DFND | 2 | 0 | 15053 | 0 |
| Kimbell Royalty Partners LP | UNIT | 49435R102 |  | 1635703 | 113041 | SH |  | DFND | 2 | 0 | 113041 | 0 |
| OR Royalties Inc | COM SHS | 68390D106 |  | 1448638 | 38102 | SH |  | DFND | 2 | 0 | 38102 | 0 |
| Elemental Royalty Corp | COM NEW | 28620K106 |  | 203472 | 10800 | SH |  | DFND | 2 | 0 | 10800 | 0 |
| Alcoa Corp | COM | 013872106 |  | 7294244 | 109969 | SH |  | DFND | 3 | 0 | 109969 | 0 |
| Agnico Eagle Mines Ltd | COM | 008474108 |  | 3040843 | 14981 | SH |  | DFND | 3 | 0 | 14981 | 0 |
| Albemarle Corp | COM | 012653101 |  | 2692770 | 14999 | SH |  | DFND | 3 | 0 | 14999 | 0 |
| Barrick Mining Corp | COM SHS | 06849F108 |  | 3542408 | 86845 | SH |  | DFND | 3 | 0 | 86845 | 0 |
| B2Gold Corp | COM | 11777Q209 |  | 3849852 | 849857 | SH |  | DFND | 3 | 0 | 849857 | 0 |
| Peabody Energy Corp | COM | 704551100 |  | 2203465 | 66873 | SH |  | DFND | 3 | 0 | 66873 | 0 |
| Cameco Corp | COM | 13321L108 |  | 19946878 | 183656 | SH |  | DFND | 3 | 0 | 183656 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 1811304 | 13722 | SH |  | DFND | 3 | 0 | 13722 | 0 |
| Chevron Corp | COM | 166764100 |  | 4010136 | 19382 | SH |  | DFND | 3 | 0 | 19382 | 0 |
| Denison Mines Corp | COM | 248356107 |  | 1892182 | 536029 | SH |  | DFND | 3 | 0 | 536029 | 0 |
| Equinox Gold Corp | COM | 29446Y502 |  | 3395743 | 234837 | SH |  | DFND | 3 | 0 | 234837 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 11315973 | 192514 | SH |  | DFND | 3 | 0 | 192514 | 0 |
| Grab Holdings Ltd | CLASS A ORD | G4124C109 |  | 981370 | 268134 | SH |  | DFND | 3 | 0 | 268134 | 0 |
| Guidewire Software Inc | COM | 40171V100 |  | 1083712 | 7246 | SH |  | DFND | 3 | 0 | 7246 | 0 |
| Hudbay Minerals Inc | COM | 443628102 |  | 4951273 | 236903 | SH |  | DFND | 3 | 0 | 236903 | 0 |
| Warrior Met Coal Inc | COM | 93627C101 |  | 500309 | 5371 | SH |  | DFND | 3 | 0 | 5371 | 0 |
| Kinross Gold Corp | COM | 496902404 |  | 5563765 | 182299 | SH |  | DFND | 3 | 0 | 182299 | 0 |
| Comstock Inc | COM SHS | 205750409 |  | 396021 | 129843 | SH |  | DFND | 3 | 0 | 129843 | 0 |
| Newmont Corp | COM | 651639106 |  | 1894700 | 17503 | SH |  | DFND | 3 | 0 | 17503 | 0 |
| NANO Nuclear Energy Inc | COM | 63010H108 |  | 12623688 | 616391 | SH |  | DFND | 3 | 0 | 616391 | 0 |
| Nucor Corp | COM | 670346105 |  | 5524159 | 32668 | SH |  | DFND | 3 | 0 | 32668 | 0 |
| Southern Copper Corp | COM | 84265V105 |  | 3308198 | 19227 | SH |  | DFND | 3 | 0 | 19227 | 0 |
| Sociedad Quimica y Minera de C | SPON ADR SER B | 833635105 |  | 258441 | 3193 | SH |  | DFND | 3 | 0 | 3193 | 0 |
| Steel Dynamics Inc | COM | 858119100 |  | 3291660 | 18287 | SH |  | DFND | 3 | 0 | 18287 | 0 |
| Taseko Mines Ltd | COM | 876511106 |  | 2402735 | 372517 | SH |  | DFND | 3 | 0 | 372517 | 0 |
| Vale SA | SPONSORED ADS | 91912E105 |  | 1717994 | 107982 | SH |  | DFND | 3 | 0 | 107982 | 0 |
| Vnet Group Inc | SPONSORED ADS A | 90138A103 |  | 1200416 | 143077 | SH |  | DFND | 3 | 0 | 143077 | 0 |
| State Street Industrial Select | STATE STREET IND | 81369Y704 |  | 263620 | 1630 | SH |  | DFND | 3 | 0 | 1630 | 0 |
| Exxon Mobil Corp | COM | 30231G102 |  | 6529704 | 38487 | SH |  | DFND | 3 | 0 | 38487 | 0 |
| GOLD ROYALTY CORP | COMMON SHARES | 38071H106 |  | 20449758 | 5712223 | SH |  | DFND |  | 5712223 | 0 | 0 |

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