NewGen Asset Management Ltd In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 15, 2025), NewGen Asset Management Ltd reported 25 stock positions worth $102.8 million . Its top holding was Americas Gold and Silver Cor (USAS) at 16.2% of the portfolio, followed by Iamgold (IAG, 8.8% ) and Coeur Mining (CDE, 7.5% ). Compared with Q4 2024, it opened 10 new positions, sold out of 11, added to 6 and reduced 3. The biggest buy was Americas Gold and Silver Cor (USAS, shares +448% ) and the biggest sale an exit from Lightspeed Commerce (LSPD).
Location TORONTO, A6
CIK 0001845012
Portfolio Value $102.8M (Q1 2025) Holdings 25 stocks · $102.8M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 USAS Americas Gold and Silver Cor 31,609,000 $16.7M Add +447.7% IAG Iamgold Corp. 1,450,000 $9.1M New CDE Coeur Mining Inc. 1,300,000 $7.7M Add +62.5% PRMB Primo Brands Corp. 202,700 $7.2M Add +62.2% BB Blackberry Ltd. 1,700,000 $6.4M Reduce -55.0% BEP Brookfield Renewable Partner 250,000 $5.5M New CLS Celestica Inc. 70,000 $5.5M New ENB Enbridge Inc. 115,000 $5.1M No change EFXT Enerflex Ltd. 543,644 $4.2M Reduce -18.9% SLSR Solaris Resources Inc. 1,200,000 $4.1M Add +100.0% GFL GFL Environmental Inc.-Sub VT 82,500 $4.0M New ASTL Algoma Steel Group Inc. 732,500 $4.0M Add +26.5% MEOH Methanex Corp. 105,000 $3.7M No change TD Toronto-Dominion Bank 59,200 $3.5M New PBA Pembina Pipeline Corp. 78,900 $3.2M No change NOA North American Construction 150,000 $2.4M New VRN Veren Inc. 350,000 $2.3M New SKE Skeena Resources Ltd. 220,000 $2.2M No change CABLE ONE INC (CABO 1.125 03/15/28) 2,175,000 $1.7M New BMEZ BlackRock HLTH Sci TRM TR II 86,128 $1.3M New JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) 1,000,000 $945K New BITDEER TECHNOLOGIES GRP (BTDR 8.5 08/15/29) 700,000 $923K Reduce -21.5% CHEGG INC (CHGG 0 09/01/26) 992,000 $853K Add +31.0% ANNA Aleanna Inc. 28,283 $213K No change LW Lamb Weston Holdings Inc. 2,700 $144K No change
Options reported separately and not counted above: HYG puts ($27.6M), CNQ calls ($9.2M), RCI calls ($7.7M), SLV calls ($6.2M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $522K (not counted above) Security Class Shares / Principal Value Change GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 2,174,500 $522K Reduce -9.0%
Total filed on the 13F, all lines: $103.3M.
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ LSPD Lightspeed Commerce Inc. Sold out 0.00% −13.58 BB Blackberry Ltd. Reduce -55.0% 6.24% −8.92 DNN Denison Mines Corp. Sold out 0.00% −5.77 SPIR Spire Global Inc. Sold out 0.00% −3.97 SILV Silvercrest Metals Inc. Sold out 0.00% −3.45 AAPL Apple Inc. Sold out 0.00% −3.32 RDNT Radnet Inc. Sold out 0.00% −3.20 EFXT Enerflex Ltd. Reduce -18.9% 4.09% −2.98 BBU Brookfield Business PT-Unit Sold out 0.00% −2.50 BITDEER TECHNOLOGIES GRP (BTDR 8.5 08/15/29) Reduce -21.5% 0.90% −1.69 CHEGG INC (CHGG 0.125 03/15/25) Sold out 0.00% −1.56 IAUX I-80 Gold Corp. Sold out 0.00% −1.50 SU Suncor Energy Inc. Sold out 0.00% −0.15 LEVGQ The Lion Electric Co. Sold out 0.00% −0.02
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ USAS Americas Gold and Silver Cor Add +447.7% 16.21% +13.87 IAG Iamgold Corp. New 8.82% +8.82 BEP Brookfield Renewable Partner New 5.39% +5.39 CLS Celestica Inc. New 5.37% +5.37 GFL GFL Environmental Inc.-Sub VT New 3.88% +3.88 TD Toronto-Dominion Bank New 3.45% +3.45 PRMB Primo Brands Corp. Add +62.2% 7.00% +2.92 CDE Coeur Mining Inc. Add +62.5% 7.49% +2.63 NOA North American Construction New 2.30% +2.30 VRN Veren Inc. New 2.25% +2.25 SLSR Solaris Resources Inc. Add +100.0% 3.96% +1.98 CABLE ONE INC (CABO 1.125 03/15/28) New 1.68% +1.68 BMEZ BlackRock HLTH Sci TRM TR II New 1.25% +1.25 JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) New 0.92% +0.92 CHEGG INC (CHGG 0 09/01/26) Add +31.0% 0.83% +0.17 ASTL Algoma Steel Group Inc. Add +26.5% 3.86% −2.14
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 350,000 $27.6M CNQ Canadian Natural Resources call New 300,000 $9.2M RCI Rogers Communications Inc. Class B call New 289,200 $7.7M BCE Bce Inc. call Sold out 200,000 $4.6Mbefore exit AAPL Apple Inc. put Sold out 12,500 $3.1Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 Reduce -9.0% 2,174,500 $522K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 29 $182.2M MDA, HSLV, USAS, EFXT, GIL Q1 2026 26 $164.5M HSLV, USAS, MDA, EFXT, CDE Q4 2025 21 $141.8M USAS, CDE, EFXT, CCJ, BB Q3 2025 21 $149.4M USAS, B, BB, CCJ, SLSR Q2 2025 Amended 23 $152.9M USAS, CCJ, CLS, BB, SAND Q1 2025 25 $102.8M USAS, IAG, CDE, PRMB, BB Q4 2024 26 $94.2M BB, LSPD, EFXT, ASTL, DNN Q3 2024 26 $183.3M CDE, BEP, CLS, LSPD, KGC Q2 2024 25 $163.3M CDE, HUBS, LSPD, TECK, CLS Q1 2024 27 $186.2M CDE, BEPC, FNV, TECK, CLS