# EDGAR Filing Document

**Accession Number:** 0001577774
**File Stem:** 0001577774-25-000016
**Filing Date:** 2025-11
**Character Count:** 16623
**Document Hash:** eb2ba97e99fb8b1ed0a98490027b6ed5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001577774-25-000016.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001577774-25-000016

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251113

**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:** 251475155

**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:** 09-30-2025

**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  11-12-2025<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:** 2

**Form 13F Information Table Entry Total:** 124

**Form 13F Information Table Value Total:** $1397801512

      (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 Ltd                 | 028-16861              |
|  | REGAL FUNDS MANAGEMENT PTY LTD | 028-24259              |

### 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 |
| Alcoa Corp | COM | 013872106 |  | 4300137 | 130743 | SH |  | DFND |  | 130743 | 0 | 0 |
| Agnico Eagle Mines Ltd | COM | 008474108 |  | 8384006 | 49739 | SH |  | DFND |  | 49739 | 0 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 18766428 | 85469 | SH |  | DFND |  | 85469 | 0 | 0 |
| Barrick Mining Corp | COM SHS | 06849F108 |  | 6075951 | 185412 | SH |  | DFND |  | 185412 | 0 | 0 |
| Alibaba Group Holding Ltd | SPONSORED ADS | 01609W102 |  | 590524 | 3304 | SH |  | DFND |  | 3304 | 0 | 0 |
| Cameco Corp | COM | 13321L108 |  | 29435699 | 351010 | SH |  | DFND |  | 351010 | 0 | 0 |
| Coupang Inc | CL A | 22266T109 |  | 354651 | 11014 | SH |  | DFND |  | 11014 | 0 | 0 |
| Salesforce Inc | COM | 79466L302 |  | 5773557 | 24361 | SH |  | DFND |  | 24361 | 0 | 0 |
| Eldorado Gold Corp | COM | 284902509 |  | 250679 | 8677 | SH |  | DFND |  | 8677 | 0 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 12906165 | 329071 | SH |  | DFND |  | 329071 | 0 | 0 |
| Fox Corp | CL B COM | 35137L204 |  | 2013973 | 35154 | SH |  | DFND |  | 35154 | 0 | 0 |
| GE HealthCare Technologies Inc | COMMON STOCK | 36266G107 |  | 17742150 | 236247 | SH |  | DFND |  | 236247 | 0 | 0 |
| Alphabet Inc | CAP STK CL C | 02079K107 |  | 1129098 | 4636 | SH |  | DFND |  | 4636 | 0 | 0 |
| Hudbay Minerals Inc | COM | 443628102 |  | 5158402 | 340264 | SH |  | DFND |  | 340264 | 0 | 0 |
| Hesai Group | SPONSORED ADS | 428050108 |  | 654337 | 23286 | SH |  | DFND |  | 23286 | 0 | 0 |
| IAMGOLD Corp | COM | 450913108 |  | 2075330 | 160505 | SH |  | DFND |  | 160505 | 0 | 0 |
| JD.com Inc | SPON ADS CL A | 47215P106 |  | 470061 | 13438 | SH |  | DFND |  | 13438 | 0 | 0 |
| Kinross Gold Corp | COM | 496902404 |  | 7304732 | 293953 | SH |  | DFND |  | 293953 | 0 | 0 |
| Comstock Inc | COM SHS | 205750409 |  | 3331189 | 974032 | SH |  | DFND |  | 974032 | 0 | 0 |
| Meta Platforms Inc | CL A | 30303M102 |  | 3919386 | 5337 | SH |  | DFND |  | 5337 | 0 | 0 |
| MAC Copper Ltd | ORD SHS | G60409110 |  | 2402549 | 196769 | SH |  | DFND |  | 196769 | 0 | 0 |
| Newmont Corp | COM | 651639106 |  | 8957853 | 106249 | SH |  | DFND |  | 106249 | 0 | 0 |
| NetEase Inc | SPONSORED ADS | 64110W102 |  | 267806 | 1762 | SH |  | DFND |  | 1762 | 0 | 0 |
| Nucor Corp | COM | 670346105 |  | 1431901 | 10573 | SH |  | DFND |  | 10573 | 0 | 0 |
| News Corp | CL B | 65249B208 |  | 2559153 | 74071 | SH |  | DFND |  | 74071 | 0 | 0 |
| Opthea Ltd | SPONSORED ADS | 68386J208 |  | 0 | 4109018 | SH |  | DFND |  | 4109018 | 0 | 0 |
| Occidental Petroleum Corp | COM | 674599105 |  | 2428697 | 51401 | SH |  | DFND |  | 51401 | 0 | 0 |
| Southern Copper Corp | COM | 84265V105 |  | 3096258 | 25513 | SH |  | DFND |  | 25513 | 0 | 0 |
| Sprott Inc | COM NEW | 852066208 |  | 7153508 | 85990 | SH |  | DFND |  | 85990 | 0 | 0 |
| Sanofi SA | SPONSORED ADR | 80105N105 |  | 7204655 | 152641 | SH |  | DFND |  | 152641 | 0 | 0 |
| Teck Resources Ltd | CL B | 878742204 |  | 19280570 | 439293 | SH |  | DFND |  | 439293 | 0 | 0 |
| Tradeweb Markets Inc | CL A | 892672106 |  | 9161732 | 82553 | SH |  | DFND |  | 82553 | 0 | 0 |
| Uber Technologies Inc | COM | 90353T100 |  | 1116172 | 11393 | SH |  | DFND |  | 11393 | 0 | 0 |
| Alcoa Corp | COM | 013872106 |  | 10564169 | 321197 | SH |  | DFND | 2 | 0 | 321197 | 0 |
| Agnico Eagle Mines Ltd | COM | 008474108 |  | 20089486 | 119183 | SH |  | DFND | 2 | 0 | 119183 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 2138612 | 9740 | SH |  | DFND | 2 | 0 | 9740 | 0 |
| American Public Education Inc | COM | 02913V103 |  | 289631 | 7338 | SH |  | DFND | 2 | 0 | 7338 | 0 |
| Applied Digital Corp | COM NEW | 038169207 |  | 802900 | 35000 | SH |  | DFND | 2 | 0 | 35000 | 0 |
| AppLovin Corp | COM CL A | 03831W108 |  | 2694525 | 3750 | SH |  | DFND | 2 | 0 | 3750 | 0 |
| A2Z Cust2Mate Solutions Corp | COM | 002205102 |  | 152633 | 19103 | SH |  | DFND | 2 | 0 | 19103 | 0 |
| Barrick Mining Corp | COM SHS | 06849F108 |  | 17616398 | 537577 | SH |  | DFND | 2 | 0 | 537577 | 0 |
| Alibaba Group Holding Ltd | SPONSORED ADS | 01609W102 |  | 1018046 | 5696 | SH |  | DFND | 2 | 0 | 5696 | 0 |
| Bakkt Holdings Inc/US | COM CL A NEW | 05759B305 |  | 217244 | 6456 | SH |  | DFND | 2 | 0 | 6456 | 0 |
| Cameco Corp | COM | 13321L108 |  | 8098528 | 96572 | SH |  | DFND | 2 | 0 | 96572 | 0 |
| CareCloud Inc | COM | 14167R100 |  | 321000 | 100000 | SH |  | DFND | 2 | 0 | 100000 | 0 |
| Cipher Mining Inc | COM | 17253J106 |  | 3009199 | 239015 | SH |  | DFND | 2 | 0 | 239015 | 0 |
| Celestica Inc | COM | 15101Q207 |  | 246380 | 1000 | SH |  | DFND | 2 | 0 | 1000 | 0 |
| Core Scientific Inc | COM | 21874A106 |  | 4988576 | 278070 | SH |  | DFND | 2 | 0 | 278070 | 0 |
| Coupang Inc | CL A | 22266T109 |  | 611349 | 18986 | SH |  | DFND | 2 | 0 | 18986 | 0 |
| Salesforce Inc | COM | 79466L302 |  | 727353 | 3069 | SH |  | DFND | 2 | 0 | 3069 | 0 |
| CoreWeave Inc | COM CL A | 21873S108 |  | 1094800 | 8000 | SH |  | DFND | 2 | 0 | 8000 | 0 |
| Carvana Co | CL A | 146869102 |  | 980824 | 2600 | SH |  | DFND | 2 | 0 | 2600 | 0 |
| Dave Inc | CLASS A COM NEW | 23834J201 |  | 1049777 | 5266 | SH |  | DFND | 2 | 0 | 5266 | 0 |
| Eldorado Gold Corp | COM | 284902509 |  | 273993 | 9484 | SH |  | DFND | 2 | 0 | 9484 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 7900987 | 201453 | SH |  | DFND | 2 | 0 | 201453 | 0 |
| Comfort Systems USA Inc | COM | 199908104 |  | 1831900 | 2220 | SH |  | DFND | 2 | 0 | 2220 | 0 |
| FLEX LNG Ltd | SHS | G35947202 |  | 263869 | 10471 | SH |  | DFND | 2 | 0 | 10471 | 0 |
| Fox Corp | CL B COM | 35137L204 |  | 2912681 | 50841 | SH |  | DFND | 2 | 0 | 50841 | 0 |
| Futu Holdings Ltd | SPON ADS CL A | 36118L106 |  | 208692 | 1200 | SH |  | DFND | 2 | 0 | 1200 | 0 |
| VanEck Gold Miners ETF/USA | GOLD MINERS ETF | 92189F106 |  | 1553136 | 20329 | SH |  | DFND | 2 | 0 | 20329 | 0 |
| VanEck Junior Gold Miners ETF | JUNIOR GOLD MINE | 92189F791 |  | 1612704 | 16285 | SH |  | DFND | 2 | 0 | 16285 | 0 |
| GE HealthCare Technologies Inc | COMMON STOCK | 36266G107 |  | 2105053 | 28030 | SH |  | DFND | 2 | 0 | 28030 | 0 |
| Galaxy Digital Inc | CL A | 36317J209 |  | 1377622 | 40746 | SH |  | DFND | 2 | 0 | 40746 | 0 |
| Grab Holdings Ltd | CLASS A ORD | G4124C109 |  | 719161 | 119462 | SH |  | DFND | 2 | 0 | 119462 | 0 |
| Hudbay Minerals Inc | COM | 443628102 |  | 4574196 | 301728 | SH |  | DFND | 2 | 0 | 301728 | 0 |
| Robinhood Markets Inc | COM CL A | 770700102 |  | 1229916 | 8590 | SH |  | DFND | 2 | 0 | 8590 | 0 |
| Hesai Group | SPONSORED ADS | 428050108 |  | 1136224 | 40435 | SH |  | DFND | 2 | 0 | 40435 | 0 |
| Hut 8 Corp | COM | 44812J104 |  | 3302077 | 94860 | SH |  | DFND | 2 | 0 | 94860 | 0 |
| IAMGOLD Corp | COM | 450913108 |  | 3245314 | 250991 | SH |  | DFND | 2 | 0 | 250991 | 0 |
| IREN Ltd | ORDINARY SHARES | Q4982L109 |  | 6685507 | 142457 | SH |  | DFND | 2 | 0 | 142457 | 0 |
| JD.com Inc | SPON ADS CL A | 47215P106 |  | 810207 | 23162 | SH |  | DFND | 2 | 0 | 23162 | 0 |
| Kinross Gold Corp | COM | 496902404 |  | 16979757 | 683290 | SH |  | DFND | 2 | 0 | 683290 | 0 |
| Life360 Inc | COM | 532206109 |  | 538410 | 5065 | SH |  | DFND | 2 | 0 | 5065 | 0 |
| Lite Strategy Inc | COM | 55279B301 |  | 845354 | 349320 | SH |  | DFND | 2 | 0 | 349320 | 0 |
| Comstock Inc | COM SHS | 205750409 |  | 622331 | 181968 | SH |  | DFND | 2 | 0 | 181968 | 0 |
| Meta Platforms Inc | CL A | 30303M102 |  | 509660 | 694 | SH |  | DFND | 2 | 0 | 694 | 0 |
| MINISO Group Holding Ltd | SPONSORED ADS | 66981J102 |  | 341730 | 15188 | SH |  | DFND | 2 | 0 | 15188 | 0 |
| Mobilicom Ltd/Australia | SPON ADS | 60742B102 |  | 716584 | 77052 | SH |  | DFND | 2 | 0 | 77052 | 0 |
| MAC Copper Ltd | ORD SHS | G60409110 |  | 2489314 | 203875 | SH |  | DFND | 2 | 0 | 203875 | 0 |
| Nebius Group NV | SHS CLASS A | N97284108 |  | 224540 | 2000 | SH |  | DFND | 2 | 0 | 2000 | 0 |
| Newmont Corp | COM | 651639106 |  | 20609074 | 244444 | SH |  | DFND | 2 | 0 | 244444 | 0 |
| NetEase Inc | SPONSORED ADS | 64110W102 |  | 461746 | 3038 | SH |  | DFND | 2 | 0 | 3038 | 0 |
| NU Holdings Ltd/Cayman Islands | ORD SHS CL A | G6683N103 |  | 174109 | 10875 | SH |  | DFND | 2 | 0 | 10875 | 0 |
| Nucor Corp | COM | 670346105 |  | 1561237 | 11528 | SH |  | DFND | 2 | 0 | 11528 | 0 |
| News Corp | CL B | 65249B208 |  | 4316815 | 124944 | SH |  | DFND | 2 | 0 | 124944 | 0 |
| Nextdoor Holdings Inc | COM CL A | 65345M108 |  | 261250 | 125000 | SH |  | DFND | 2 | 0 | 125000 | 0 |
| NexGen Energy Ltd | COM | 65340P106 |  | 358000 | 40000 | SH |  | DFND | 2 | 0 | 40000 | 0 |
| Opthea Ltd | SPONSORED ADS | 68386J208 |  | 0 | 1084670 | SH |  | DFND | 2 | 0 | 1084670 | 0 |
| OR Royalties Inc | COM SHS | 68390D106 |  | 761520 | 19000 | SH |  | DFND | 2 | 0 | 19000 | 0 |
| Ouster Inc | COM NEW | 68989M202 |  | 246642 | 9118 | SH |  | DFND | 2 | 0 | 9118 | 0 |
| Occidental Petroleum Corp | COM | 674599105 |  | 4186303 | 88599 | SH |  | DFND | 2 | 0 | 88599 | 0 |
| Insulet Corp | COM | 45784P101 |  | 277857 | 900 | SH |  | DFND | 2 | 0 | 900 | 0 |
| Radiopharm Theranostics Ltd | SPONSORED ADS | 75041J101 |  | 501818 | 90909 | SH |  | DFND | 2 | 0 | 90909 | 0 |
| Rambus Inc | COM | 750917106 |  | 416800 | 4000 | SH |  | DFND | 2 | 0 | 4000 | 0 |
| ResMed Inc | COM | 761152107 |  | 355849 | 1300 | SH |  | DFND | 2 | 0 | 1300 | 0 |
| Southern Copper Corp | COM | 84265V105 |  | 4484252 | 36950 | SH |  | DFND | 2 | 0 | 36950 | 0 |
| Sprott Inc | COM NEW | 852066208 |  | 1075813 | 12932 | SH |  | DFND | 2 | 0 | 12932 | 0 |
| iShares Silver Trust | ISHARES | 46428Q109 |  | 877059 | 20700 | SH |  | DFND | 2 | 0 | 20700 | 0 |
| Sanofi SA | SPONSORED ADR | 80105N105 |  | 1014800 | 21500 | SH |  | DFND | 2 | 0 | 21500 | 0 |
| SoFi Technologies Inc | COM | 83406F102 |  | 792785 | 30007 | SH |  | DFND | 2 | 0 | 30007 | 0 |
| Symbotic Inc | CLASS A COM | 87151X101 |  | 406298 | 7538 | SH |  | DFND | 2 | 0 | 7538 | 0 |
| Trip.com Group Ltd | ADS | 89677Q107 |  | 342686 | 4557 | SH |  | DFND | 2 | 0 | 4557 | 0 |
| Teck Resources Ltd | CL B | 878742204 |  | 2593811 | 59098 | SH |  | DFND | 2 | 0 | 59098 | 0 |
| Tradeweb Markets Inc | CL A | 892672106 |  | 1320107 | 11895 | SH |  | DFND | 2 | 0 | 11895 | 0 |
| Viper Energy Inc | CL A | 64361Q101 |  | 2103327 | 55162 | SH |  | DFND | 2 | 0 | 55162 | 0 |
| Vertiv Holdings Co | COM CL A | 92537N108 |  | 377150 | 2500 | SH |  | DFND | 2 | 0 | 2500 | 0 |
| GeneDx Holdings Corp | COM CL A | 81663L200 |  | 269350 | 2500 | SH |  | DFND | 2 | 0 | 2500 | 0 |
| Zeta Global Holdings Corp | CL A | 98956A105 |  | 993500 | 50000 | SH |  | DFND | 2 | 0 | 50000 | 0 |
| Cleancore Solutions Inc | CLASS B COM SHS | 184492106 |  | 6060000 | 3000000 | SH |  | DFND | 2 | 0 | 3000000 | 0 |
| Apollo Global Management Inc | COM | 03769M106 |  | 84578340 | 634639 | SH |  | DFND | 1 | 0 | 634639 | 0 |
| Bank of America Corp | COM | 060505104 |  | 104123839 | 2018295 | SH |  | DFND | 1 | 0 | 2018295 | 0 |
| Freeport-McMoRan Inc | CL B | 35671D857 |  | 74528629 | 1900271 | SH |  | DFND | 1 | 0 | 1900271 | 0 |
| Fox Corp | CL B COM | 35137L204 |  | 37831394 | 660349 | SH |  | DFND | 1 | 0 | 660349 | 0 |
| Alphabet Inc | CAP STK CL C | 02079K107 |  | 51058066 | 209641 | SH |  | DFND | 1 | 0 | 209641 | 0 |
| Inspire Medical Systems Inc | COM | 457730109 |  | 7547179 | 101714 | SH |  | DFND | 1 | 0 | 101714 | 0 |
| Newmont Corp | COM | 651639106 |  | 158545714 | 1880509 | SH |  | DFND | 1 | 0 | 1880509 | 0 |
| Royalty Pharma PLC | SHS CLASS A | G7709Q104 |  | 50631245 | 1435126 | SH |  | DFND | 1 | 0 | 1435126 | 0 |
| Sanofi SA | SPONSORED ADR | 80105N105 |  | 70016386 | 1483398 | SH |  | DFND | 1 | 0 | 1483398 | 0 |
| Teck Resources Ltd | CL B | 878742204 |  | 130943401 | 2983445 | SH |  | DFND | 1 | 0 | 2983445 | 0 |
| Truist Financial Corp | COM | 89832Q109 |  | 41961999 | 917804 | SH |  | DFND | 1 | 0 | 917804 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 27642290 | 116945 | SH |  | DFND | 1 | 0 | 116945 | 0 |
| Wells Fargo  Co | COM | 949746101 |  | 60337659 | 719848 | SH |  | DFND | 1 | 0 | 719848 | 0 |
| Wynn Resorts Ltd | COM | 983134107 |  | 103340212 | 805646 | SH |  | DFND | 1 | 0 | 805646 | 0 |
| GOLD ROYALTY CORP | COMMON SHARES | 38071H106 |  | 95543 | 24752 | SH |  | DFND |  | 24752 | 0 | 0 |

---