# EDGAR Filing Document

**Accession Number:** 0001539919
**File Stem:** 0002060757-26-000003
**Filing Date:** 2026-2
**Character Count:** 19485
**Document Hash:** 8be4cbc92d49b2dfe75208ca0e8264fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002060757-26-000003.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0002060757-26-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**EFFECTIVENESS DATE**: 20260209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Waratah Capital Advisors Ltd.
- **CENTRAL INDEX KEY:** 0001539919

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1212

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15447
- **FILM NUMBER:** 26610670

**BUSINESS ADDRESS:**
- **STREET 1:** 1133 YONGE STREET, 5TH FLOOR
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4T 2Y7
- **BUSINESS PHONE:** 416 637 5622

**MAIL ADDRESS:**
- **STREET 1:** 1133 YONGE STREET, 5TH FLOOR
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4T 2Y7

### 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:** Waratah Capital Advisors Ltd.<br>**Address:** 1133 YONGE STREET 5TH FLOOR<br>TORONTO, A6 M4T 2Y7

**Form 13F File Number:** 028-15447

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:** Dimitri Michalopoulos<br>**Title:** Chief Compliance Officer<br>**Phone:** 416-637-5622

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

Dimitri Michalopoulos  Toronto, A6  02-09-2026<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:** 0

**Form 13F Information Table Entry Total:** 152

**Form 13F Information Table Value Total:** $2970401737

      (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 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 28286420 | 166852 | SH |  | SOLE | N/A | 166852 | 0 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 36250308 | 939614 | SH |  | SOLE | N/A | 939614 | 0 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 5234836 | 37011 | SH |  | SOLE | N/A | 37011 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 12520000 | 40000 | SH | Put | SOLE | N/A | 40000 | 0 | 0 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 18808000 | 400000 | SH | Call | SOLE | N/A | 400000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 33281013 | 144186 | SH |  | SOLE | N/A | 144186 | 0 | 0 |
| AMERICAN EXCEPTIONALISM ACQU | ORD CL A | G0273J101 |  | 1823812 | 160124 | SH |  | SOLE | N/A | 160124 | 0 | 0 |
| AMERICAS GOLD AND SILVER COR | COM NEW | 03062D803 |  | 4541334 | 888715 | SH |  | SOLE | N/A | 888715 | 0 | 0 |
| AMETEK INC | COM | 031100100 |  | 9602554 | 46771 | SH |  | SOLE | N/A | 46771 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 24804406 | 183546 | SH |  | SOLE | N/A | 183546 | 0 | 0 |
| AMPLIFY ETF TR | AMPLIFY JUNIOR S | 032108649 |  | 3635838 | 131400 | SH |  | SOLE | N/A | 131400 | 0 | 0 |
| ANALOG DEVICES INC | COM | 032654105 |  | 745258 | 2748 | SH |  | SOLE | N/A | 2748 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 20331400 | 590000 | SH |  | SOLE | N/A | 590000 | 0 | 0 |
| APPLIED INDL TECHNOLOGIES IN | COM | 03820C105 |  | 355626 | 1385 | SH |  | SOLE | N/A | 1385 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 5830835 | 44500 | SH |  | SOLE | N/A | 44500 | 0 | 0 |
| ATLAS LITHIUM CORP | COM NEW | 105861306 |  | 3169188 | 749217 | SH |  | SOLE | N/A | 749217 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 14906925 | 271035 | SH |  | SOLE | N/A | 271035 | 0 | 0 |
| BANK MONTREAL QUE | COM | 063671101 |  | 3360782 | 25894 | SH |  | SOLE | N/A | 25894 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 44514763 | 1022153 | SH |  | SOLE | N/A | 1022153 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 24544780 | 563600 | SH | Call | SOLE | N/A | 563600 | 0 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 3523195 | 80900 | SH | Call | SOLE | N/A | 80900 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 5850846 | 11640 | SH |  | SOLE | N/A | 11640 | 0 | 0 |
| BOLD EAGLE ACQUISITION CORP | CL A | G2003N105 |  | 1486924 | 140541 | SH |  | SOLE | N/A | 140541 | 0 | 0 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 1746252 | 20700 | SH | Call | SOLE | N/A | 20700 | 0 | 0 |
| BOYD GROUP SERVICES INC | COM | 103310108 |  | 46497440 | 291886 | SH |  | SOLE | N/A | 291886 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 5506797 | 15911 | SH |  | SOLE | N/A | 15911 | 0 | 0 |
| BRP INC | COM SUN VTG | 05577W200 |  | 23559754 | 332953 | SH |  | SOLE | N/A | 332953 | 0 | 0 |
| C H ROBINSON WORLDWIDE INC | COM NEW | 12541W209 |  | 9929663 | 61767 | SH |  | SOLE | N/A | 61767 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 9513794 | 312748 | SH |  | SOLE | N/A | 312748 | 0 | 0 |
| CAE INC | COM | 124765108 |  | 3042000 | 100000 | SH | Call | SOLE | N/A | 100000 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 13723500 | 150000 | SH | Call | SOLE | N/A | 150000 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 18195303 | 200809 | SH |  | SOLE | N/A | 200809 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF CO | COM | 136069101 |  | 13591500 | 150000 | SH | Call | SOLE | N/A | 150000 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 12965498 | 383028 | SH |  | SOLE | N/A | 383028 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 18225370 | 184374 | SH |  | SOLE | N/A | 184374 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 19924204 | 270599 | SH |  | SOLE | N/A | 270599 | 0 | 0 |
| CANTOR EQUITY PARTNERS II IN | CL A ORD SHS | G1827P106 |  | 3462157 | 307474 | SH |  | SOLE | N/A | 307474 | 0 | 0 |
| CANTOR EQUITY PARTNERS IV IN | SHS CL A | G1828E100 |  | 1474584 | 143442 | SH |  | SOLE | N/A | 143442 | 0 | 0 |
| CANTOR EQUITY PARTNERS V INC | SHS CL A S | G1828S109 |  | 102500 | 10000 | SH |  | SOLE | N/A | 10000 | 0 | 0 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 1859968 | 35200 | SH | Call | SOLE | N/A | 35200 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 16504958 | 28811 | SH |  | SOLE | N/A | 28811 | 0 | 0 |
| CENTERRA GOLD INC | COM | 152006102 |  | 53218835 | 3703468 | SH |  | SOLE | N/A | 3703468 | 0 | 0 |
| COLLIERS INTL GROUP INC | SUB VTG SHS | 194693107 |  | 2956077 | 20108 | SH |  | SOLE | N/A | 20108 | 0 | 0 |
| COMFORT SYS USA INC | COM | 199908104 |  | 28148960 | 30161 | SH |  | SOLE | N/A | 30161 | 0 | 0 |
| COMFORT SYS USA INC | COM | 199908104 |  | 13066060 | 14000 | SH | Put | SOLE | N/A | 14000 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 6021270 | 153800 | SH | Call | SOLE | N/A | 153800 | 0 | 0 |
| CORE SCIENTIFIC INC NEW | COM | 21874A106 |  | 1456000 | 100000 | SH | Call | SOLE | N/A | 100000 | 0 | 0 |
| CORNING INC | COM | 219350105 |  | 1835433 | 20962 | SH |  | SOLE | N/A | 20962 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 7564500 | 112500 | SH | Call | SOLE | N/A | 112500 | 0 | 0 |
| CRANE COMPANY | COMMON STOCK | 224408104 |  | 27598290 | 149641 | SH |  | SOLE | N/A | 149641 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 1673766 | 3279 | SH |  | SOLE | N/A | 3279 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 21327534 | 38688 | SH |  | SOLE | N/A | 38688 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 32296491 | 141082 | SH |  | SOLE | N/A | 141082 | 0 | 0 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 9752964 | 111259 | SH |  | SOLE | N/A | 111259 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 10523100 | 70000 | SH |  | SOLE | N/A | 70000 | 0 | 0 |
| DIGITAL ASSET ACQUISITION CO | SHS CL A | G2868C103 |  | 1451671 | 142881 | SH |  | SOLE | N/A | 142881 | 0 | 0 |
| DUTCH BROS INC | CL A | 26701L100 |  | 16085004 | 262741 | SH |  | SOLE | N/A | 262741 | 0 | 0 |
| ENDEAVOUR SILVER CORP | COM | 29258Y103 |  | 35128035 | 3737025 | SH |  | SOLE | N/A | 3737025 | 0 | 0 |
| EQT CORP | COM | 26884L109 |  | 5360000 | 100000 | SH | Call | SOLE | N/A | 100000 | 0 | 0 |
| EQUITY LIFESTYLE PPTYS INC | COM | 29472R108 |  | 9493890 | 156639 | SH |  | SOLE | N/A | 156639 | 0 | 0 |
| EQUITY LIFESTYLE PPTYS INC | COM | 29472R108 |  | 10909800 | 180000 | SH | Call | SOLE | N/A | 180000 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 9190153 | 27010 | SH |  | SOLE | N/A | 27010 | 0 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 26155320 | 237000 | SH |  | SOLE | N/A | 237000 | 0 | 0 |
| FIRSTSERVICE CORP NEW | COM | 33767E202 |  | 4926724 | 31677 | SH |  | SOLE | N/A | 31677 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 2908461 | 43300 | SH | Call | SOLE | N/A | 43300 | 0 | 0 |
| FLEX LTD | ORD | Y2573F102 |  | 417925 | 6917 | SH |  | SOLE | N/A | 6917 | 0 | 0 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 21665758 | 355818 | SH |  | SOLE | N/A | 355818 | 0 | 0 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 4992980 | 82000 | SH | Call | SOLE | N/A | 82000 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 1422965 | 19474 | SH |  | SOLE | N/A | 19474 | 0 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 11560627 | 55773 | SH |  | SOLE | N/A | 55773 | 0 | 0 |
| GENERAC HLDGS INC | COM | 368736104 |  | 10227750 | 75000 | SH | Call | SOLE | N/A | 75000 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 5135412 | 15254 | SH |  | SOLE | N/A | 15254 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 24178828 | 387109 | SH |  | SOLE | N/A | 387109 | 0 | 0 |
| HCM III ACQUISITION CORP | UNIT 07/23/2030 | G4365E129 |  | 1478201 | 143724 | SH |  | SOLE | N/A | 143724 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 5732370 | 31500 | SH | Call | SOLE | N/A | 31500 | 0 | 0 |
| HOST HOTELS  RESORTS INC | COM | 44107P104 |  | 3477438 | 196133 | SH |  | SOLE | N/A | 196133 | 0 | 0 |
| HUNT J B TRANS SVCS INC | COM | 445658107 |  | 9717000 | 50000 | SH | Put | SOLE | N/A | 50000 | 0 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 42927906 | 2603269 | SH |  | SOLE | N/A | 2603269 | 0 | 0 |
| IDEX CORP | COM | 45167R104 |  | 4503306 | 25308 | SH |  | SOLE | N/A | 25308 | 0 | 0 |
| IDEX CORP | COM | 45167R104 |  | 10996692 | 61800 | SH | Call | SOLE | N/A | 61800 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 699532 | 1034 | SH |  | SOLE | N/A | 1034 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 28734000 | 150000 | SH | Call | SOLE | N/A | 150000 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 283319772 | 461200 | SH | Put | SOLE | N/A | 461200 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 4225215 | 85100 | SH | Call | SOLE | N/A | 85100 | 0 | 0 |
| ISHARES ETHEREUM TR | SHS | 46438R105 |  | 15701000 | 700000 | SH | Call | SOLE | N/A | 700000 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 12708000 | 400000 | SH | Call | SOLE | N/A | 400000 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 17019764 | 264200 | SH | Call | SOLE | N/A | 264200 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 58235680 | 904000 | SH | Put | SOLE | N/A | 904000 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 156148058 | 1936600 | SH | Put | SOLE | N/A | 1936600 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 13588032 | 55200 | SH | Call | SOLE | N/A | 55200 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 345098 | 1071 | SH |  | SOLE | N/A | 1071 | 0 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 59550290 | 2114712 | SH |  | SOLE | N/A | 2114712 | 0 | 0 |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 |  | 10215000 | 300000 | SH | Call | SOLE | N/A | 300000 | 0 | 0 |
| KRANESHARES TRUST | GLOBAL HUMANOID | 500767751 |  | 398886 | 12525 | SH |  | SOLE | N/A | 12525 | 0 | 0 |
| LEGENCE CORP | CL A | 52476L109 |  | 3684310 | 85602 | SH |  | SOLE | N/A | 85602 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 12939497 | 62266 | SH |  | SOLE | N/A | 62266 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 11726000 | 220000 | SH |  | SOLE | N/A | 220000 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 13869129 | 22274 | SH |  | SOLE | N/A | 22274 | 0 | 0 |
| MCCORMICK  CO INC | COM NON VTG | 579780206 |  | 11319882 | 166200 | SH | Call | SOLE | N/A | 166200 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 14124171 | 1535236 | SH |  | SOLE | N/A | 1535236 | 0 | 0 |
| NEXGEN ENERGY LTD | COM | 65340P106 |  | 644000 | 70000 | SH | Call | SOLE | N/A | 70000 | 0 | 0 |
| NVENT ELECTRIC PLC | SHS | G6700G107 |  | 336501 | 3300 | SH |  | SOLE | N/A | 3300 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 429323 | 2302 | SH |  | SOLE | N/A | 2302 | 0 | 0 |
| OLD DOMINION FREIGHT LINE IN | COM | 679580100 |  | 9209805 | 58736 | SH |  | SOLE | N/A | 58736 | 0 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 7996096 | 154335 | SH |  | SOLE | N/A | 154335 | 0 | 0 |
| POOL CORP | COM | 73278L105 |  | 9721875 | 42500 | SH | Call | SOLE | N/A | 42500 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 1683452 | 13187 | SH |  | SOLE | N/A | 13187 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 10486503 | 24846 | SH |  | SOLE | N/A | 24846 | 0 | 0 |
| RBC BEARINGS INC | COM | 75524B104 |  | 414349 | 924 | SH |  | SOLE | N/A | 924 | 0 | 0 |
| REGAL REXNORD CORPORATION | COM | 758750103 |  | 359921 | 2565 | SH |  | SOLE | N/A | 2565 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 7546000 | 200000 | SH | Call | SOLE | N/A | 200000 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 28728690 | 64540 | SH |  | SOLE | N/A | 64540 | 0 | 0 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 47762449 | 107300 | SH | Call | SOLE | N/A | 107300 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 18925754 | 111008 | SH |  | SOLE | N/A | 111008 | 0 | 0 |
| ROYAL BK CDA | COM | 780087102 |  | 34098000 | 200000 | SH | Call | SOLE | N/A | 200000 | 0 | 0 |
| SENSIENT TECHNOLOGIES CORP | COM | 81725T100 |  | 13745918 | 146311 | SH |  | SOLE | N/A | 146311 | 0 | 0 |
| SHAKE SHACK INC | CL A | 819047101 |  | 1136380 | 14000 | SH | Call | SOLE | N/A | 14000 | 0 | 0 |
| SHARKNINJA INC | COM SHS | G8068L108 |  | 17458190 | 156016 | SH |  | SOLE | N/A | 156016 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 347360 | 1072 | SH |  | SOLE | N/A | 1072 | 0 | 0 |
| SIGMA LITHIUM CORPORATION | COM | 826599102 |  | 3908593 | 296330 | SH |  | SOLE | N/A | 296330 | 0 | 0 |
| SKEENA RES LTD NEW | COM | 83056P715 |  | 36230940 | 1526799 | SH |  | SOLE | N/A | 1526799 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 182302600 | 460000 | SH | Call | SOLE | N/A | 460000 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 494674142 | 1248200 | SH | Put | SOLE | N/A | 1248200 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A698 |  | 12962000 | 200000 | SH | Call | SOLE | N/A | 200000 | 0 | 0 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL SILVER | 85207K107 |  | 656926 | 27777 | SH |  | SOLE | N/A | 27777 | 0 | 0 |
| SPROTT INC | COM NEW | 852066208 |  | 14701415 | 150137 | SH |  | SOLE | N/A | 150137 | 0 | 0 |
| SPX TECHNOLOGIES INC | COM | 78473E103 |  | 7131939 | 35649 | SH |  | SOLE | N/A | 35649 | 0 | 0 |
| STANTEC INC | COM | 85472N109 |  | 6090089 | 64541 | SH |  | SOLE | N/A | 64541 | 0 | 0 |
| STERIS PLC | SHS USD | G8473T100 |  | 8525371 | 33628 | SH |  | SOLE | N/A | 33628 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 1664389 | 17027 | SH |  | SOLE | N/A | 17027 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 3274625 | 33500 | SH | Call | SOLE | N/A | 33500 | 0 | 0 |
| TELEDYNE TECHNOLOGIES INC | COM | 879360105 |  | 10455154 | 20471 | SH |  | SOLE | N/A | 20471 | 0 | 0 |
| TERADYNE INC | COM | 880770102 |  | 606811 | 3135 | SH |  | SOLE | N/A | 3135 | 0 | 0 |
| TEXAS VENTURES ACQUISITION I | USD CL A ORD SHS | G8772L105 |  | 3233415 | 303607 | SH |  | SOLE | N/A | 303607 | 0 | 0 |
| TFI INTL INC | COM | 87241L109 |  | 10397010 | 100600 | SH | Call | SOLE | N/A | 100600 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 28125671 | 298574 | SH |  | SOLE | N/A | 298574 | 0 | 0 |
| UL SOLUTIONS INC | CLASS A COM SHS | 903731107 |  | 4875677 | 61827 | SH |  | SOLE | N/A | 61827 | 0 | 0 |
| UNITED AIRLS HLDGS INC | COM | 910047109 |  | 13152828 | 117625 | SH |  | SOLE | N/A | 117625 | 0 | 0 |
| UNITED STS OIL FD LP | UNITS | 91232N207 |  | 13832000 | 200000 | SH | Call | SOLE | N/A | 200000 | 0 | 0 |
| UNITED STS OIL FD LP | UNITS | 91232N207 |  | 21439600 | 310000 | SH | Put | SOLE | N/A | 310000 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 20799402 | 156622 | SH |  | SOLE | N/A | 156622 | 0 | 0 |
| VAIL RESORTS INC | COM | 91879Q109 |  | 7702400 | 58000 | SH | Call | SOLE | N/A | 58000 | 0 | 0 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 8577000 | 100000 | SH | Put | SOLE | N/A | 100000 | 0 | 0 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 5689000 | 50000 | SH | Put | SOLE | N/A | 50000 | 0 | 0 |
| VANECK ETF TRUST | OIL SERVICES ETF | 92189H607 |  | 10536490 | 37000 | SH |  | SOLE | N/A | 37000 | 0 | 0 |
| VICOR CORP | COM | 925815102 |  | 3156261 | 28798 | SH |  | SOLE | N/A | 28798 | 0 | 0 |
| VINE HILL CAP INVTS CORP II | UNIT 11/25/2030 | G9709D125 |  | 1002100 | 100000 | SH |  | SOLE | N/A | 100000 | 0 | 0 |
| VIZSLA SILVER CORP | COM NEW | 92859G608 |  | 34696872 | 6343121 | SH |  | SOLE | N/A | 6343121 | 0 | 0 |
| WARRIOR MET COAL INC | COM | 93627C101 |  | 2096154 | 23774 | SH |  | SOLE | N/A | 23774 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 14427465 | 77730 | SH |  | SOLE | N/A | 77730 | 0 | 0 |
| WESCO INTL INC | COM | 95082P105 |  | 18847066 | 77040 | SH |  | SOLE | N/A | 77040 | 0 | 0 |
| XPO INC | COM | 983793100 |  | 330669 | 2433 | SH |  | SOLE | N/A | 2433 | 0 | 0 |

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