NewGen Asset Management Ltd In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 8, 2026), NewGen Asset Management Ltd reported 26 stock positions worth $164.5 million . Its top holding was Highlander Silver (HSLV) at 17.5% of the portfolio, followed by Americas Gold and Silver Cor (USAS, 14.1% ) and Mda Space (MDA, 9.6% ). Compared with Q4 2025, it opened 15 new positions, sold out of 10, added to 2 and reduced 6. The biggest buy was a new position in Highlander Silver (HSLV) and the biggest sale Americas Gold and Silver Cor (USAS, shares −28% ).
Location TORONTO, A6
CIK 0001845012
Portfolio Value $164.5M (Q1 2026) Holdings 26 stocks · $164.5M 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 2025 HSLV Highlander Silver Corp. 4,900,000 $28.8M New USAS Americas Gold and Silver Cor 4,449,900 $23.2M Reduce -28.2% MDA Mda Space Ltd. 625,000 $15.8M New EFXT Enerflex Ltd. 736,744 $15.4M Reduce -6.4% CDE Coeur Mining Inc. 625,000 $11.7M Reduce -12.9% GIL Gildan Activewear Inc. 202,598 $11.3M Add +105.1% BGSI Boyd Group Services Inc. 69,800 $8.9M Add +155.7% SSRM SSR Mining Inc. 280,000 $8.2M New BEP Brookfield Renewable Partner 239,500 $7.8M No change WFG West Fraser Timber Co. Ltd. 100,000 $6.5M New ENB Enbridge Inc. 90,000 $4.9M No change CAE Cae Inc. 158,200 $4.1M New ARI Apollo Commercial Real Estat 305,670 $3.2M New VZLA Vizsla Silver Corp. 893,700 $2.9M Reduce -0.7% BAM Brookfield Asset Mgmt-A 54,000 $2.4M Reduce -46.0% ZD Ziff Davis Inc. 52,500 $2.2M New DCBO Docebo Inc. 89,172 $1.6M New TRS Trimas Corp. 40,000 $1.4M Reduce -59.8% ELME Elme Communities 576,764 $1.2M New PSBD Palmer Square Capital BDC Inc. 73,684 $720K New OCSL Oaktree Specialty Lending Co. 40,500 $458K New MFIC Midcap Financial Investment 35,000 $393K New NCDL Nuveen Churchill Direct Lend 27,900 $355K New MSDL Morgan Stanley Direct Lendin 24,300 $339K New GBDC Golub Capital BDC Inc. 25,600 $324K New ANNA Aleanna Inc. 28,283 $234K No change
Options reported separately and not counted above: SPY puts ($65.0M), HYG puts ($23.9M), USAS calls ($4.9M), BW calls ($329K).
Portfolio Sells Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▲ USAS Americas Gold and Silver Cor Reduce -28.2% 14.12% −8.22 CCJ Cameco Corp. Sold out 0.00% −8.06 BB Blackberry Ltd. Sold out 0.00% −7.19 SLSR Solaris Resources Inc. Sold out 0.00% −6.90 DSGX The Descartes Systems Grp Sold out 0.00% −4.33 CVE Cenovus Energy Inc. Sold out 0.00% −3.47 BAM Brookfield Asset Mgmt-A Reduce -46.0% 1.46% −2.24 CDE Coeur Mining Inc. Reduce -12.9% 7.13% −1.89 VZLA Vizsla Silver Corp. Reduce -0.7% 1.79% −1.68 TRS Trimas Corp. Reduce -59.8% 0.87% −1.61 CHAC Crane Harbor Acqu Corp. Class A Sold out 0.00% −1.41 RDNT Radnet Inc. Sold out 0.00% −1.26 USAU US Gold Corp. Sold out 0.00% −1.10 NOA North American Construction Sold out 0.00% −0.89 TII Titan Mining Corp. Sold out 0.00% −0.74 EFXT Enerflex Ltd. Reduce -6.4% 9.37% +0.81
Portfolio Buys Q4 2025 → Q1 2026 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 2025 % Of Portfolio Change To Portfolio ▼ HSLV Highlander Silver Corp. New 17.52% +17.52 MDA Mda Space Ltd. New 9.62% +9.62 SSRM SSR Mining Inc. New 5.00% +5.00 WFG West Fraser Timber Co. Ltd. New 3.97% +3.97 CAE Cae Inc. New 2.51% +2.51 GIL Gildan Activewear Inc. Add +105.1% 6.85% +2.50 BGSI Boyd Group Services Inc. Add +155.7% 5.41% +2.34 ARI Apollo Commercial Real Estat New 1.96% +1.96 ZD Ziff Davis Inc. New 1.34% +1.34 DCBO Docebo Inc. New 0.95% +0.95 ELME Elme Communities New 0.70% +0.70 PSBD Palmer Square Capital BDC Inc. New 0.44% +0.44 OCSL Oaktree Specialty Lending Co. New 0.28% +0.28 MFIC Midcap Financial Investment New 0.24% +0.24 NCDL Nuveen Churchill Direct Lend New 0.22% +0.22 MSDL Morgan Stanley Direct Lendin New 0.21% +0.21 GBDC Golub Capital BDC Inc. New 0.20% +0.20
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 100,000 $65.0M HYG Ishr Ibx Usd Hiyld CB ETF-Ui put New 300,000 $23.9M GIL Gildan Activewear Inc. call Sold out 89,600 $5.6Mbefore exit USAS Americas Gold and Silver Cor call New 940,200 $4.9M BW Babcock & Wilcox Enterpr call New 22,400 $329K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ IAUX.WS I-80 Gold Corp. -26 *W EXP 11/16/202 Sold out 10,011,000 $14.6Mbefore 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