NewGen Asset Management Ltd In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), NewGen Asset Management Ltd reported 21 stock positions worth $141.8 million . Its top holding was Americas Gold and Silver Cor (USAS) at 22.3% of the portfolio, followed by Coeur Mining (CDE, 9.0% ) and Enerflex (EFXT, 8.6% ). Compared with Q3 2025, it opened 11 new positions, sold out of 11, added to 2 and reduced 5. The biggest buy was a new position in Coeur Mining (CDE) and the biggest sale an exit from Barrick Mining (B).
Location TORONTO, A6
CIK 0001845012
Portfolio Value $141.8M (Q4 2025) Holdings 21 stocks · $141.8M 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 Q3 2025 USAS Americas Gold and Silver Cor 6,200,000 $31.7M Reduce -33.2% CDE Coeur Mining Inc. 717,800 $12.8M New EFXT Enerflex Ltd. 786,744 $12.1M Add +10.3% CCJ Cameco Corp. 124,900 $11.4M Reduce -3.5% BB Blackberry Ltd. 2,689,000 $10.2M Reduce -4.0% SLSR Solaris Resources Inc. 1,219,657 $9.8M Reduce -26.0% BEP Brookfield Renewable Partner 239,500 $6.5M No change GIL Gildan Activewear Inc. 98,798 $6.2M New DSGX The Descartes Systems Grp 70,000 $6.1M New BAM Brookfield Asset Mgmt-A 100,000 $5.2M Add +33.3% VZLA Vizsla Silver Corp. 900,000 $4.9M New CVE Cenovus Energy Inc. 290,500 $4.9M New BGSI Boyd Group Services Inc. 27,300 $4.3M New ENB Enbridge Inc. 90,000 $4.3M No change TRS Trimas Corp. 99,500 $3.5M New CHAC Crane Harbor Acqu Corp. Class A 185,300 $2.0M New RDNT Radnet Inc. 25,000 $1.8M New USAU US Gold Corp. 80,000 $1.6M New NOA North American Construction 87,699 $1.3M Reduce -71.0% TII Titan Mining Corp. 374,858 $1.1M New ANNA Aleanna Inc. 28,283 $81K No change
Options reported separately and not counted above: GIL calls ($5.6M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $14.6M (not counted above) Security Class Shares / Principal Value Change IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 10,011,000 $14.6M Add +0.1%
Total filed on the 13F, all lines: $156.4M.
Portfolio Sells Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▲ B Barrick Mining Corp. Sold out 0.00% −9.33 IAG Iamgold Corp. Sold out 0.00% −6.04 UEC Uranium Energy Corp. Sold out 0.00% −4.05 PPTA Perpetua Resources Corp. Sold out 0.00% −3.94 NTSK Netskope Inc. Class A Sold out 0.00% −2.37 USAS Americas Gold and Silver Cor Reduce -33.2% 22.35% −2.32 NOA North American Construction Reduce -71.0% 0.89% −2.27 BB Blackberry Ltd. Reduce -4.0% 7.19% −1.96 VOXR Vox Royalty Corp. Sold out 0.00% −1.76 DEFT Defi Technologies Inc. Sold out 0.00% −1.75 CCJ Cameco Corp. Reduce -3.5% 8.06% −0.79 ASTL Algoma Steel Group Inc. Sold out 0.00% −0.69 LITS Lite Strategy Inc. Sold out 0.00% −0.42 SLSR Solaris Resources Inc. Reduce -26.0% 6.90% −0.41 POET Poet Technologies Inc. Sold out 0.00% −0.08 SUIG Sui Group Holdings Ltd. Sold out 0.00% −0.00
Portfolio Buys Q3 2025 → Q4 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 Q3 2025 % Of Portfolio Change To Portfolio ▼ CDE Coeur Mining Inc. New 9.03% +9.03 GIL Gildan Activewear Inc. New 4.35% +4.35 DSGX The Descartes Systems Grp New 4.33% +4.33 VZLA Vizsla Silver Corp. New 3.47% +3.47 CVE Cenovus Energy Inc. New 3.47% +3.47 BGSI Boyd Group Services Inc. New 3.07% +3.07 EFXT Enerflex Ltd. Add +10.3% 8.56% +2.55 TRS Trimas Corp. New 2.49% +2.49 CHAC Crane Harbor Acqu Corp. Class A New 1.41% +1.41 RDNT Radnet Inc. New 1.26% +1.26 USAU US Gold Corp. New 1.10% +1.10 BAM Brookfield Asset Mgmt-A Add +33.3% 3.69% +1.03 TII Titan Mining Corp. New 0.74% +0.74
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Sold out 100,000 $68.2Mbefore exit QQQ Invesco QQQ Trust Series 1 put Sold out 100,000 $62.9Mbefore exit HYG Ishr Ibx Usd Hiyld CB ETF-Ui put Sold out 600,000 $48.5Mbefore exit SLV iShares Silver Trust call Sold out 500,000 $22.0Mbefore exit CGAU Centerra Gold Inc. call Sold out 600,000 $7.0Mbefore exit GIL Gildan Activewear Inc. call New 89,600 $5.6M UEC Uranium Energy Corp. call Sold out 354,900 $5.4Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2025 → Q4 2025 Security Class Change vs Q3 2025 Shares / Principal Value ▼ IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 Add +0.1% 10,011,000 $14.6M CHEGG INC (CHGG 0 09/01/26) NOTE 9/0 · principal Sold out 1,002,000 $884Kbefore 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