# EDGAR Filing Document

**Accession Number:** 0001304857
**File Stem:** 0001062993-25-013723
**Filing Date:** 2025-8
**Character Count:** 19765
**Document Hash:** 5705966cf31e59976b66eae7c75c1f22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-013723.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001062993-25-013723

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**EFFECTIVENESS DATE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MMCAP International Inc. SPC
- **CENTRAL INDEX KEY:** 0001304857

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20111
- **FILM NUMBER:** 251190065

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MOURANT GOVERNANCE SVCS (CAYMAN) LTD
- **STREET 2:** 94 SOLARIS AVE., CAMANA BAY, PO BOX 1348
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1108
- **BUSINESS PHONE:** 416-408-0997

**MAIL ADDRESS:**
- **STREET 1:** C/O MOURANT GOVERNANCE SVCS (CAYMAN) LTD
- **STREET 2:** 94 SOLARIS AVE., CAMANA BAY, PO BOX 1348
- **CITY:** GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1108

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** MMCAP International Inc. SPC<br>**Address:** C/O MOURANT GOVERNANCE SVCS (CAYMAN) LTD<br>94 SOLARIS AVE. CAMANA BAY PO BOX 1348<br>GRAND CAYMAN, E9 KY1-1108

**Form 13F File Number:** 028-20111

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:** Ulla Vestergaard<br>**Title:** Director MMCAP International Inc. SPC<br>**Phone:** 416-408-0994

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

/s/ Ulla Vestergaard  Toronto, A6  08-06-2025<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:** 0

**Form 13F Information Table Entry Total:** 144

**Form 13F Information Table Value Total:** $831384149

      (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.]

**NONE**

### 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 |
| GEN DIGITAL INC | RIGHT 99/99/9999 | 668771116 |  | 4349310 | 542308 | SH |  | SOLE |  | 542308 | 0 | 0 |
| NATIONAL ENERGY SERVICES REU | SHS | G6375R107 |  | 3620169 | 601357 | SH |  | SOLE |  | 601357 | 0 | 0 |
| NATIONAL ENERGY SERVICES REU | *W EXP 06/06/202 | G6375R115 |  | 1984552 | 3595203 | SH |  | SOLE |  | 3595203 | 0 | 0 |
| VALENS SEMICONDUCTOR LTD | *W EXP 09/30/202 | M9607U107 |  | 11046 | 214067 | SH |  | SOLE |  | 214067 | 0 | 0 |
| FORAFRIC GLOBAL PLC | *W EXP 06/09/202 | X3R81D110 |  | 238694 | 518900 | SH |  | SOLE |  | 518900 | 0 | 0 |
| ALPHA TAU MEDICAL LTD | *W EXP 99/99/999 | M0740A116 |  | 107474 | 447622 | SH |  | SOLE |  | 447622 | 0 | 0 |
| SATELLOGIC INC | *W EXP 01/25/202 | 80401C118 |  | 71666 | 166666 | SH |  | SOLE |  | 166666 | 0 | 0 |
| ALLIANCE ENTERTAINMENT HOLDI | *W EXP 02/10/202 | 01861F110 |  | 52920 | 294000 | SH |  | SOLE |  | 294000 | 0 | 0 |
| LIMINATUS PHARMA INC. | *W EXP 04/30/203 | 53271X116 |  | 26808 | 111745 | SH |  | SOLE |  | 111745 | 0 | 0 |
| BLUE GOLD LTD | *W EXP 04/01/203 | G1331C112 |  | 2375 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| CID HOLDCO INC | *W EXP 12/31/202 | 171756117 |  | 7900 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| FOLD HLDGS INC | *W EXP 02/14/203 | 29103K118 |  | 124250 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| ELONG POWER HOLDING LTD. | SHS CL A | G3016G103 |  | 20811 | 23670 | SH |  | SOLE |  | 23670 | 0 | 0 |
| ALCHEMY INVTS ACQUISITN CORP | *W EXP 11/30/202 | G0232F133 |  | 16935 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| KEEN VISION ACQUISITION CORP | *W EXP 03/15/202 | G52443127 |  | 8100 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| HAYMAKER ACQUISITION CORP IV | CLASS A | G4375F108 |  | 9990000 | 900000 | SH |  | SOLE |  | 900000 | 0 | 0 |
| HAYMAKER ACQUISITION CORP IV | *W EXP 05/31/202 | G4375F116 |  | 162000 | 450000 | SH |  | SOLE |  | 450000 | 0 | 0 |
| SPARK I ACQUISITION CORP | ORD SHS | G8316B100 |  | 3815000 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| SPARK I ACQUISITION CORP | *W EXP 10/01/203 | G8316B118 |  | 34055 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| JVSPAC ACQUISITION CORP | SHS CL A | G5212E105 |  | 418600 | 115000 | SH |  | SOLE |  | 115000 | 0 | 0 |
| JVSPAC ACQUISITION CORP | RIGHT 11/26/2026 | G5212E113 |  | 100050 | 115000 | SH |  | SOLE |  | 115000 | 0 | 0 |
| LEGATO MERGER CORP III | ORD SHS | G5451A103 |  | 1068000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| LEGATO MERGER CORP III | *W EXP 05/08/203 | G5451A111 |  | 13500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| CHURCHILL CAPITAL CORP IX | CL A SHS | G21301109 |  | 14202000 | 1350000 | SH |  | SOLE |  | 1350000 | 0 | 0 |
| CHURCHILL CAPITAL CORP IX | *W EXP 03/31/203 | G21301117 |  | 320659 | 337500 | SH |  | SOLE |  | 337500 | 0 | 0 |
| SILVERBOX CORP IV | SHS CL A | G81354105 |  | 10740800 | 980000 | SH |  | SOLE |  | 980000 | 0 | 0 |
| SILVERBOX CORP IV | *W EXP 08/19/202 | G81354121 |  | 391967 | 326666 | SH |  | SOLE |  | 326666 | 0 | 0 |
| COHEN CIRCLE ACQUISITION COR | SHS CL A | G3730H106 |  | 4986699 | 454576 | SH |  | SOLE |  | 454576 | 0 | 0 |
| COHEN CIRCLE ACQUISITION COR | *W EXP 01/31/202 | G3730H114 |  | 653332 | 326666 | SH |  | SOLE |  | 326666 | 0 | 0 |
| NEWBURY STR II ACQUISITION C | ORD SHS CL A | G6439S109 |  | 4630500 | 450000 | SH |  | SOLE |  | 450000 | 0 | 0 |
| NEWBURY STR II ACQUISITION C | *W EXP 06/01/203 | G6439S117 |  | 56250 | 225000 | SH |  | SOLE |  | 225000 | 0 | 0 |
| CO2 ENERGY TRANSITION CORP | COM | 12664M103 |  | 5941300 | 590000 | SH |  | SOLE |  | 590000 | 0 | 0 |
| CO2 ENERGY TRANSITION CORP | *W EXP 08/17/202 | 12664M111 |  | 53100 | 590000 | SH |  | SOLE |  | 590000 | 0 | 0 |
| CO2 ENERGY TRANSITION CORP | RIGHT 10/15/2028 | 12664M129 |  | 103250 | 590000 | SH |  | SOLE |  | 590000 | 0 | 0 |
| JACKSON ACQUISITION CO II | RIGHT 99/99/9999 | G4992A136 |  | 140000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| TRANSLATIONAL DEV ACQUISITIO | UNIT 99/99/9999 | G9008W121 |  | 3622500 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| CANTOR EQUITY PARTNERS I INC | SHS CL A | G1827K107 |  | 9492523 | 797691 | SH |  | SOLE |  | 797691 | 0 | 0 |
| CANTOR EQUITY PARTNERS II IN | CL A ORD SHS | G1827P106 |  | 8272500 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| STELLAR V CAP CORP | UNIT 99/99/9999 | G8475V129 |  | 2895200 | 280000 | SH |  | SOLE |  | 280000 | 0 | 0 |
| ARCHIMEDES TECH SPAC PARTNER | UNIT 10/15/2029 | G04537117 |  | 1288125 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| GESHER ACQUISITION CORP. II | UNIT 03/11/2030 | G3852D123 |  | 1792000 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| INFLECTION PT ACQUISITION CO | UNIT 03/01/2027 | G47875128 |  | 14707000 | 1400000 | SH |  | SOLE |  | 1400000 | 0 | 0 |
| REPUBLIC DIGITAL ACQUISITION | UNIT 99/99/9999 | G7515A111 |  | 16745500 | 1565000 | SH |  | SOLE |  | 1565000 | 0 | 0 |
| CARTESIAN GROWTH CORP III | UNIT 02/28/2032 | G19307118 |  | 13675500 | 1350000 | SH |  | SOLE |  | 1350000 | 0 | 0 |
| GORES HLDGS X INC | UNIT 05/02/2030 | G4002F117 |  | 7273000 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| CHURCHILL CAP CORP X | UNIT 05/14/2030 | G2130T124 |  | 20601400 | 2000000 | SH |  | SOLE |  | 2000000 | 0 | 0 |
| PROCAP ACQUISITION CORP | UNIT 05/16/2030 | G7257A113 |  | 1072000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| OYSTER ENTERPRISES II ACQUIS | UNIT 05/22/2030 | G6861F120 |  | 2024000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| BLUE ACQUISITION CORP. | UNIT 06/02/2030 | G1331A124 |  | 2510000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| BLUE WTR ACQUISITION CORP. I | UNIT 05/23/2030 | G1368E122 |  | 2002000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| BEST SPAC I ACQUISITION CORP | UNIT 05/27/2030 | G1069P137 |  | 1255000 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| PIONEER ACQUISITION I CORP | UNIT 06/16/2030 | G7117W123 |  | 7503750 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| LIGHTWAVE ACQUISITION CORP | UNIT 06/06/2030 | G5490M118 |  | 2515000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| OXLEY BRIDGE ACQ LTD | UNIT 06/17/2030 | G6858G123 |  | 7507500 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| FIGX CAP ACQUISITION CORP. | UNIT 06/17/2030 | G3473K126 |  | 5007500 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| CANTOR EQUITY PARTNERS III I | SHS CL A | G1828A108 |  | 7912500 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| WAG GROUP CO | COMMON STOCK | 93042P109 |  | 35534 | 153695 | SH |  | SOLE |  | 153695 | 0 | 0 |
| WAG GROUP CO | *W EXP 07/30/202 | 93042P117 |  | 15612 | 975750 | SH |  | SOLE |  | 975750 | 0 | 0 |
| ALPHA MODUS HLDGS INC | *W EXP 12/13/202 | 020952115 |  | 65268 | 588000 | SH |  | SOLE |  | 588000 | 0 | 0 |
| CENTURION ACQUISITION CORP | SHS CL A | G20315100 |  | 12361000 | 1175000 | SH |  | SOLE |  | 1175000 | 0 | 0 |
| CENTURION ACQUISITION CORP | *W EXP 05/31/203 | G20315118 |  | 371250 | 1237500 | SH |  | SOLE |  | 1237500 | 0 | 0 |
| LIONHEART HOLDINGS | SHS CL A | G5501C109 |  | 10290000 | 980000 | SH |  | SOLE |  | 980000 | 0 | 0 |
| LIONHEART HOLDINGS | *W EXP 06/07/203 | G5501C117 |  | 336699 | 990000 | SH |  | SOLE |  | 990000 | 0 | 0 |
| GRAF GLOBAL CORP | *W EXP 05/31/203 | G4036C122 |  | 120433 | 415000 | SH |  | SOLE |  | 415000 | 0 | 0 |
| GRAF GLOBAL CORP | ORD SHS CL A | G4036C106 |  | 8681800 | 830000 | SH |  | SOLE |  | 830000 | 0 | 0 |
| GP-ACT III ACQUISITION CORP | CL A | G4035N103 |  | 13451250 | 1275000 | SH |  | SOLE |  | 1275000 | 0 | 0 |
| GP-ACT III ACQUISITION CORP | *W EXP 05/13/202 | G4035N129 |  | 321625 | 1037500 | SH |  | SOLE |  | 1037500 | 0 | 0 |
| M3BRIGADE ACQUISITION V CORP | CL A | G63212107 |  | 16935000 | 1500000 | SH |  | SOLE |  | 1500000 | 0 | 0 |
| M3BRIGADE ACQUISITION V CORP | *W EXP 99/99/999 | G63212115 |  | 1378125 | 787500 | SH |  | SOLE |  | 787500 | 0 | 0 |
| SIM ACQUISITION CORP. I | SHS CL A | G8431T101 |  | 10213658 | 980000 | SH |  | SOLE |  | 980000 | 0 | 0 |
| SIM ACQUISITION CORP. I | *W EXP 06/01/203 | G8431T119 |  | 270963 | 990000 | SH |  | SOLE |  | 990000 | 0 | 0 |
| HCM II ACQUISITION CORP | SHS CL A | G43658106 |  | 10678955 | 962068 | SH |  | SOLE |  | 962068 | 0 | 0 |
| HCM II ACQUISITION CORP | *W EXP 99/99/999 | G43658122 |  | 1151500 | 490000 | SH |  | SOLE |  | 490000 | 0 | 0 |
| LAUNCH TWO ACQUISITION CORP. | ORD SHS CL A | G5S87A105 |  | 5001600 | 480000 | SH |  | SOLE |  | 480000 | 0 | 0 |
| LAUNCH TWO ACQUISITION CORP. | *W EXP 10/09/202 | G5S87A113 |  | 226429 | 490000 | SH |  | SOLE |  | 490000 | 0 | 0 |
| LAUNCH ONE ACQUISITION CORP | SHS CLASS A | G5S86M100 |  | 15414200 | 1480000 | SH |  | SOLE |  | 1480000 | 0 | 0 |
| LAUNCH ONE ACQUISITION CORP | *W EXP 06/01/203 | G5S86M126 |  | 267300 | 990000 | SH |  | SOLE |  | 990000 | 0 | 0 |
| VOYAGER ACQUISITION CORP | CL A | G93A7H104 |  | 2596700 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| VOYAGER ACQUISITION CORP | *W EXP 05/16/203 | G93A7H112 |  | 37488 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| ANDRETTI ACQUISITION CORP II | ORD SHS CL A | G26745102 |  | 6020400 | 580000 | SH |  | SOLE |  | 580000 | 0 | 0 |
| ANDRETTI ACQUISITION CORP II | *W EXP 06/01/203 | G26745128 |  | 58000 | 290000 | SH |  | SOLE |  | 290000 | 0 | 0 |
| NEWHOLD INVT CORP III | UNIT 99/99/9999 | G6486E128 |  | 2092000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| FIFTH ERA ACQUISITION CORP I | UNIT 99/99/9999 | G3415K127 |  | 19760000 | 1900000 | SH |  | SOLE |  | 1900000 | 0 | 0 |
| NEW PROVIDENCE ACQUISITION C | UNIT 99/99/9999 | G6476A128 |  | 23012000 | 2200000 | SH |  | SOLE |  | 2200000 | 0 | 0 |
| WEN ACQUISITION CORP | UNIT 05/16/2030 | G9R39C129 |  | 12684000 | 1200000 | SH |  | SOLE |  | 1200000 | 0 | 0 |
| POET TECHNOLOGIES INC | COM NEW | 73044W302 |  | 30709741 | 5894384 | SH |  | SOLE |  | 5894384 | 0 | 0 |
| VIEWBIX INC | COM | 926711300 |  | 407142 | 115995 | SH |  | SOLE |  | 115995 | 0 | 0 |
| BITFARMS LTD | COM | 09173B107 |  | 5547083 | 6602098 | SH |  | SOLE |  | 6602098 | 0 | 0 |
| SONNET BIOTHERAPEUTC HLDNG I | COM NEW | 83548R402 |  | 165652 | 133590 | SH |  | SOLE |  | 133590 | 0 | 0 |
| CARDIOL THERAPEUTICS INC | COM CL A | 14161Y200 |  | 398556 | 293056 | SH |  | SOLE |  | 293056 | 0 | 0 |
| CRONOS GROUP INC | COM | 22717L101 |  | 3220990 | 1686382 | SH |  | SOLE |  | 1686382 | 0 | 0 |
| URANIUM RTY CORP | COM | 91702V101 |  | 57060 | 22824 | SH |  | SOLE |  | 22824 | 0 | 0 |
| ALGOMA STL GROUP INC | COM | 015658107 |  | 49733522 | 7218218 | SH |  | SOLE |  | 7218218 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 2103728 | 42750 | SH |  | SOLE |  | 42750 | 0 | 0 |
| BORGWARNER INC | COM | 099724106 |  | 7432058 | 221985 | SH |  | SOLE |  | 221985 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 1049484 | 15615 | SH |  | SOLE |  | 15615 | 0 | 0 |
| HUB CYBER SECURITY LTD | *W EXP 02/27/202 | M6000J127 |  | 22205 | 898991 | SH |  | SOLE |  | 898991 | 0 | 0 |
| DIGIASIA CORP | SHS | G27617110 |  | 19960 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| NEWGENIVF GROUP LIMITED | *W EXP 04/03/202 | G0544E113 |  | 9975 | 375000 | SH |  | SOLE |  | 375000 | 0 | 0 |
| BANZAI INTERNATIONAL INC | *W EXP 12/14/202 | 06682J118 |  | 8740 | 352409 | SH |  | SOLE |  | 352409 | 0 | 0 |
| NAUTICUS ROBOTICS INC | *W EXP 03/15/202 | 63911H116 |  | 49400 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| DRAGONFLY ENERGY HOLDINGS CO | *W EXP 10/07/202 | 26145B114 |  | 9382 | 675000 | SH |  | SOLE |  | 675000 | 0 | 0 |
| CERO THERAPEUTICS HLDGS INC | *W EXP 02/13/202 | 71902K113 |  | 8925 | 375000 | SH |  | SOLE |  | 375000 | 0 | 0 |
| MULTISENSOR AI HOLDINGS INC | *W EXP 12/19/202 | 456948116 |  | 5661 | 175250 | SH |  | SOLE |  | 175250 | 0 | 0 |
| ZEO ENERGY CORP | *W EXP 03/13/202 | 98944F117 |  | 12497 | 195575 | SH |  | SOLE |  | 195575 | 0 | 0 |
| TEVOGEN BIO HLDGS INC | *W EXP 02/14/202 | 88165K119 |  | 45435 | 650000 | SH |  | SOLE |  | 650000 | 0 | 0 |
| ROADZEN INC | *W EXP 11/30/202 | G7606H116 |  | 7665 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| VSEE HEALTH INC | *W EXP 99/99/999 | 92919Y110 |  | 17750 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| REZOLVE AI PLC | *W EXP 08/15/202 | G75398118 |  | 199975 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| PROFOUND MED CORP | COM NEW | 74319B502 |  | 2896068 | 490859 | SH |  | SOLE |  | 490859 | 0 | 0 |
| BLAIZE HLDGS INC | *W EXP 01/13/203 | 092915115 |  | 288150 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| OCULIS HOLDING AG | *W EXP 03/06/202 | H5870P110 |  | 626801 | 73525 | SH |  | SOLE |  | 73525 | 0 | 0 |
| OMNIAB INC | *W EXP 99/99/999 | 68218J111 |  | 27407 | 158333 | SH |  | SOLE |  | 158333 | 0 | 0 |
| BENEFICIENT | *W EXP 06/07/202 | 08178Q119 |  | 5175 | 750000 | SH |  | SOLE |  | 750000 | 0 | 0 |
| APOLLOMICS INC | *W EXP 04/01/202 | G0411D115 |  | 11075 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| PSYENCE BIOMEDICAL LTD | *W EXP 01/25/202 | 74449F118 |  | 12180 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| CRITICAL METALS CORP | *W EXP 02/27/202 | G2662B111 |  | 136860 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| SMX SEC MATTERS PLC | *W EXP 03/07/202 | G8267K117 |  | 1875 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| BITFUFU INC | *W EXP 03/01/202 | G1152A120 |  | 99825 | 330000 | SH |  | SOLE |  | 330000 | 0 | 0 |
| ABPRO HLDGS INC | *W EXP 11/12/202 | 000847111 |  | 13972 | 675000 | SH |  | SOLE |  | 675000 | 0 | 0 |
| MURANO GLOBAL INVTS PLC | *W EXP 03/19/202 | G63369113 |  | 97500 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| CONDUIT PHARMACEUTICALS INC | *W EXP 09/22/202 | 20678X114 |  | 7630 | 700000 | SH |  | SOLE |  | 700000 | 0 | 0 |
| ESGL HLDGS LTD | *W EXP 10/19/202 | G3R95P116 |  | 4797 | 154750 | SH |  | SOLE |  | 154750 | 0 | 0 |
| EON RESOURCES INC | *W EXP 02/04/202 | 40472A128 |  | 13158 | 257500 | SH |  | SOLE |  | 257500 | 0 | 0 |
| FOXX DEV HLDGS INC | *W EXP 09/26/202 | 351665112 |  | 22400 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| SBC MED GROUP HLDGS INC | *W EXP 09/17/202 | 73245B115 |  | 63723 | 330000 | SH |  | SOLE |  | 330000 | 0 | 0 |
| CYCURION INC | *W EXP 02/13/203 | 95758L115 |  | 30000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| USA RARE EARTH INC | COM | 91733P107 |  | 260729 | 23800 | SH |  | SOLE |  | 23800 | 0 | 0 |
| USA RARE EARTH INC | *W EXP 03/13/203 | 91733P115 |  | 1190000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| CLASSOVER HLDGS INC | *W EXP 04/03/203 | 182744110 |  | 24938 | 187500 | SH |  | SOLE |  | 187500 | 0 | 0 |
| GIBO HOLDINGS LTD. | ORD SH CL A | G38617109 |  | 3650 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| GIBO HOLDINGS LTD. | *W EXP 05/08/203 | G38617117 |  | 4350 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| DOLLY VARDEN SILVER CORP | COM NO PAR | 256827783 |  | 669970 | 108000 | SH |  | SOLE |  | 108000 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 13922508 | 2006125 | SH |  | SOLE |  | 2006125 | 0 | 0 |
| ENERGY FUELS INC | COM NEW | 292671708 |  | 8705069 | 1513925 | SH |  | SOLE |  | 1513925 | 0 | 0 |
| DENISON MINES CORP | COM | 248356107 |  | 24410357 | 13412284 | SH |  | SOLE |  | 13412284 | 0 | 0 |
| ISOENERGY LTD | COM NEW | 46500E867 |  | 8731041 | 661649 | SH |  | SOLE |  | 661649 | 0 | 0 |
| UR-ENERGY INC | COM | 91688R108 |  | 9454981 | 9004744 | SH |  | SOLE |  | 9004744 | 0 | 0 |
| URANIUM ENERGY CORP | COM | 916896103 |  | 107324196 | 15782970 | SH |  | SOLE |  | 15782970 | 0 | 0 |
| ARIS MNG CORP | COM | 04040Y109 |  | 141272728 | 11324587 | SH |  | SOLE |  | 11324587 | 0 | 0 |
| GALAXY DIGITAL INC. | CL A | 36317J209 |  | 16645883 | 760086 | SH |  | SOLE |  | 760086 | 0 | 0 |
| ENCORE ENERGY CORP | COM NEW | 29259W700 |  | 10948092 | 3819501 | SH |  | SOLE |  | 3819501 | 0 | 0 |
| LIFEZONE METALS LIMITED | *W EXP 07/05/202 | G5568L117 |  | 27016 | 69810 | SH |  | SOLE |  | 69810 | 0 | 0 |
| LIFEZONE METALS LIMITED | ORD SHS | G5568L109 |  | 200100 | 48568 | SH |  | SOLE |  | 48568 | 0 | 0 |

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