NewGen Asset Management Ltd In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 25, 2025), NewGen Asset Management Ltd reported 23 stock positions worth $152.9 million . Its top holding was Americas Gold and Silver Cor (USAS) at 17.0% of the portfolio, followed by Cameco (CCJ, 9.3% ) and Celestica (CLS, 9.2% ). Compared with Q1 2025, it opened 8 new positions, sold out of 10, added to 10 and reduced 3. The biggest buy was a new position in Cameco (CCJ) and the biggest sale an exit from Coeur Mining (CDE).
Location TORONTO, A6
CIK 0001845012
Portfolio Value $152.9M (Q2 2025) Holdings 23 stocks · $152.9M 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 Q1 2025 USAS Americas Gold and Silver Cor 32,100,000 $25.9M Add +1.6% CCJ Cameco Corp. 192,000 $14.3M New CLS Celestica Inc. 90,000 $14.0M Add +28.6% BB Blackberry Ltd. 2,700,000 $12.4M Add +58.8% SAND Sandstorm Gold Ltd. 1,000,000 $9.4M New NXE Nexgen Energy Ltd. 1,200,000 $8.3M New ASTL Algoma Steel Group Inc. 1,132,909 $7.8M Add +54.7% PRMB Primo Brands Corp. 235,200 $7.0M Add +16.0% SLSR Solaris Resources Inc. 1,500,000 $6.9M Add +25.0% IAG Iamgold Corp. 926,200 $6.8M Reduce -36.1% BEP Brookfield Renewable Partner 241,900 $6.2M Reduce -3.2% EFXT Enerflex Ltd. 713,344 $5.6M Add +31.2% IAUX I-80 Gold Corp. 8,699,284 $5.2M New SQNS Sequans Communications S A 3,155,264 $4.6M New ENB Enbridge Inc. 90,000 $4.1M Reduce -21.7% CABLE ONE INC (CABO 1.125 03/15/28) 4,626,000 $3.6M Add +112.7% PPTA Perpetua Resources Corp. 275,000 $3.3M New RBA RB Global Inc. 25,000 $2.7M New UPXI Upexi Inc. 577,193 $1.7M New BITDEER TECHNOLOGIES GRP (BTDR 8.5 08/15/29) 700,000 $1.1M No change JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) 1,100,000 $1.0M Add +10.0% CHEGG INC (CHGG 0 09/01/26) 1,002,000 $785K Add +1.0% ANNA Aleanna Inc. 28,283 $204K No change
Options reported separately and not counted above: HYG puts ($16.1M), CNQ calls ($9.4M).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ CDE Coeur Mining Inc. Sold out 0.00% −7.49 IAG Iamgold Corp. Reduce -36.1% 4.46% −4.36 GFL GFL Environmental Inc.-Sub VT Sold out 0.00% −3.88 MEOH Methanex Corp. Sold out 0.00% −3.58 TD Toronto-Dominion Bank Sold out 0.00% −3.45 PBA Pembina Pipeline Corp. Sold out 0.00% −3.07 NOA North American Construction Sold out 0.00% −2.30 ENB Enbridge Inc. Reduce -21.7% 2.67% −2.29 VRN Veren Inc. Sold out 0.00% −2.25 SKE Skeena Resources Ltd. Sold out 0.00% −2.16 BEP Brookfield Renewable Partner Reduce -3.2% 4.03% −1.36 BMEZ BlackRock HLTH Sci TRM TR II Sold out 0.00% −1.25 LW Lamb Weston Holdings Inc. Sold out 0.00% −0.14
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ CCJ Cameco Corp. New 9.32% +9.32 SAND Sandstorm Gold Ltd. New 6.15% +6.15 NXE Nexgen Energy Ltd. New 5.45% +5.45 CLS Celestica Inc. Add +28.6% 9.19% +3.82 IAUX I-80 Gold Corp. New 3.40% +3.40 SQNS Sequans Communications S A New 3.03% +3.03 PPTA Perpetua Resources Corp. New 2.18% +2.18 BB Blackberry Ltd. Add +58.8% 8.09% +1.85 RBA RB Global Inc. New 1.74% +1.74 ASTL Algoma Steel Group Inc. Add +54.7% 5.10% +1.24 UPXI Upexi Inc. New 1.12% +1.12 USAS Americas Gold and Silver Cor Add +1.6% 16.95% +0.74 CABLE ONE INC (CABO 1.125 03/15/28) Add +112.7% 2.33% +0.65 SLSR Solaris Resources Inc. Add +25.0% 4.49% +0.53 JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) Add +10.0% 0.68% −0.24 CHEGG INC (CHGG 0 09/01/26) Add +1.0% 0.51% −0.32 EFXT Enerflex Ltd. Add +31.2% 3.68% −0.41 PRMB Primo Brands Corp. Add +16.0% 4.56% −2.44
Options Activity Q1 2025 → Q2 2025 Security Type Change vs Q1 2025 Underlying Shares Value ▼ HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Reduce -42.9% 200,000 $16.1M RCI Rogers Communications Inc. Class B call Sold out 289,200 $7.7Mbefore exit SLV iShares Silver Trust call Sold out 200,000 $6.2Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ GROY.WS Gold Royalty Corp. -29 *W EXP 05/31/202 Sold out 2,174,500 $522Kbefore exit
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