NewGen Asset Management Ltd

Name: NewGen Asset Management Ltd 13F holdings, Q3 2025
Creator: NewGen Asset Management Ltd
Published: 2025-12-17

Q2 2026Q1 2026Q4 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed December 17, 2025), NewGen Asset Management Ltd reported 21 stock positions worth $149.4 million. Its top holding was Americas Gold and Silver Cor (USAS) at 24.7% of the portfolio, followed by Barrick Mining (B, 9.3%) and Blackberry (BB, 9.1%). Compared with Q2 2025, it opened 10 new positions, sold out of 12, added to 2 and reduced 6. The biggest buy was a new position in Barrick Mining (B) and the biggest sale an exit from Celestica (CLS).

Most Recent 13F: Q2 2026
Location: TORONTO, A6
CIK: 0001845012
Portfolio Value: $149.4M (Q3 2025)
SEC Filing: 0001845012-25-000006 ↗ filed Dec 17, 2025

Holdings Value

Holdings 21 stocks · $149.4M


USAS Americas Gold and Silver Cor	24.67%	9,285,312	$36.9M	Reduce -27.7%
B Barrick Mining Corp.	9.33%	425,000	$13.9M	New
BB Blackberry Ltd.	9.14%	2,800,000	$13.7M	Add +3.7%
CCJ Cameco Corp.	8.85%	129,400	$13.2M	Reduce -32.6%
SLSR Solaris Resources Inc.	7.30%	1,648,200	$10.9M	Add +9.9%
IAG Iamgold Corp.	6.04%	780,000	$9.0M	Reduce -15.8%
EFXT Enerflex Ltd.	6.01%	713,344	$9.0M	No change
BEP Brookfield Renewable Partner	4.89%	239,500	$7.3M	Reduce -1.0%
UEC Uranium Energy Corp.	4.05%	400,000	$6.1M	New
PPTA Perpetua Resources Corp.	3.94%	245,000	$5.9M	Reduce -10.9%
NOA North American Construction	3.16%	302,908	$4.7M	New
ENB Enbridge Inc.	2.81%	90,000	$4.2M	No change
BAM Brookfield Asset Mgmt-A	2.66%	75,000	$4.0M	New
NTSK Netskope Inc. Class A	2.37%	150,000	$3.5M	New
VOXR Vox Royalty Corp.	1.76%	617,500	$2.6M	New
DEFT Defi Technologies Inc.	1.75%	1,369,864	$2.6M	New
ASTL Algoma Steel Group Inc.	0.69%	246,097	$1.0M	Reduce -78.3%
LITS Lite Strategy Inc.	0.42%	300,000	$627K	New
POET Poet Technologies Inc.	0.08%	18,900	$122K	New
ANNA Aleanna Inc.	0.06%	28,283	$92K	No change
SUIG Sui Group Holdings Ltd.	0.00%	1,300	$4K	New

Options reported separately and not counted above: SPY puts ($68.2M), QQQ puts ($62.9M), HYG puts ($48.5M), SLV calls ($22.0M), CGAU calls ($7.0M), UEC calls ($5.4M).

Other holdings (2): bonds, preferreds, convertibles and warrants · $10.6M (not counted above)

Security	Class	Shares / Principal	Value	Change
IAUX.WS I-80 Gold Corp. -26	*W EXP 11/16/202	10,000,000	$9.7M	New
CHEGG INC (CHGG 0 09/01/26)	NOTE 9/0 · principal	1,002,000	$884K	New

Total filed on the 13F, all lines: $160.0M.

Portfolio Sells Q2 2025 → Q3 2025


CLS Celestica Inc.	Sold out	0.00%	−9.19
SAND Sandstorm Gold Ltd.	Sold out	0.00%	−6.15
NXE Nexgen Energy Ltd.	Sold out	0.00%	−5.45
PRMB Primo Brands Corp.	Sold out	0.00%	−4.56
ASTL Algoma Steel Group Inc.	Reduce -78.3%	0.69%	−4.42
IAUX I-80 Gold Corp.	Sold out	0.00%	−3.40
SQNS Sequans Communications S A	Sold out	0.00%	−3.03
CABLE ONE INC (CABO 1.125 03/15/28)	Sold out	0.00%	−2.33
RBA RB Global Inc.	Sold out	0.00%	−1.74
UPXI Upexi Inc.	Sold out	0.00%	−1.12
BITDEER TECHNOLOGIES GRP (BTDR 8.5 08/15/29)	Sold out	0.00%	−0.73
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26)	Sold out	0.00%	−0.68
CHEGG INC (CHGG 0 09/01/26)	Sold out	0.00%	−0.51
CCJ Cameco Corp.	Reduce -32.6%	8.85%	−0.47
BEP Brookfield Renewable Partner	Reduce -1.0%	4.89%	+0.86
IAG Iamgold Corp.	Reduce -15.8%	6.04%	+1.59
PPTA Perpetua Resources Corp.	Reduce -10.9%	3.94%	+1.76
USAS Americas Gold and Silver Cor	Reduce -27.7%	24.67%	+7.71

Portfolio Buys Q2 2025 → Q3 2025


B Barrick Mining Corp.	New	9.33%	+9.33
UEC Uranium Energy Corp.	New	4.05%	+4.05
NOA North American Construction	New	3.16%	+3.16
SLSR Solaris Resources Inc.	Add +9.9%	7.30%	+2.81
BAM Brookfield Asset Mgmt-A	New	2.66%	+2.66
NTSK Netskope Inc. Class A	New	2.37%	+2.37
VOXR Vox Royalty Corp.	New	1.76%	+1.76
DEFT Defi Technologies Inc.	New	1.75%	+1.75
BB Blackberry Ltd.	Add +3.7%	9.14%	+1.06
LITS Lite Strategy Inc.	New	0.42%	+0.42
POET Poet Technologies Inc.	New	0.08%	+0.08
SUIG Sui Group Holdings Ltd.	New	0.00%	+0.00

Options Activity Q2 2025 → Q3 2025


SPY SS SPDR S&P 500 ETF Trust-US	put	New	100,000	$68.2M
QQQ Invesco QQQ Trust Series 1	put	New	100,000	$62.9M
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	put	Add +200.0%	600,000	$48.5M
SLV iShares Silver Trust	call	New	500,000	$22.0M
CNQ Canadian Natural Resources	call	Sold out	300,000	$9.4Mbefore exit
CGAU Centerra Gold Inc.	call	New	600,000	$7.0M
UEC Uranium Energy Corp.	call	New	354,900	$5.4M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025


IAUX.WS I-80 Gold Corp. -26	*W EXP 11/16/202	New	10,000,000	$9.7M
CHEGG INC (CHGG 0 09/01/26)	NOTE 9/0 · principal	New	1,002,000	$884K

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 2025Amended	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