RBC Capital Markets

Hudson's Bay Company (HBC), founded in 1670, is the oldest company in North America and has evolved into one of the fastest-growing department store retailers globally. The company operates a diverse portfolio of eight retail banners, which include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, and Saks OFF 5TH in North America, as well as GALERIA Kaufhof and Galeria INNO in Europe. With over 460 stores and approximately 65,000 employees worldwide, HBC caters to various market segments, offering luxury, better department store, and off-price formats. The recent acquisition of GALERIA Kaufhof Group has further strengthened its European presence. HBC also has substantial investments in real estate joint ventures, collaborating with Simon Property Group in the HBS Global Properties Joint Venture and partnering with RioCan Real Estate Investment Trust in Canada. This strategic focus on enhancing store performance, expanding all-channel offerings, and leveraging real estate assets underlines HBC's growth strategy.

First Capital REIT is a mixed-use urban real estate developer, owner, and operator primarily focused on grocery-anchored, open-air centers located in Canada’s populated neighborhoods. The company aims to develop vibrant communities that enhance the experiences of local businesses, consumers, and residents. Through its commitment to creating thriving neighborhoods, First Capital REIT seeks to deliver value to all stakeholders, including investors and the communities it serves.

First Capital REIT is a mixed-use urban real estate developer, owner, and operator primarily focused on grocery-anchored, open-air centers located in Canada’s populated neighborhoods. The company aims to develop vibrant communities that enhance the experiences of local businesses, consumers, and residents. Through its commitment to creating thriving neighborhoods, First Capital REIT seeks to deliver value to all stakeholders, including investors and the communities it serves.

Keyera Corp. is a midstream energy company based in Alberta, primarily engaged in the oil and gas sector. It operates through two main business units: Gathering and Processing, and Liquids. The Gathering and Processing unit focuses on the collection and processing of raw natural gas, utilizing a network of over 4,000 kilometers of pipelines and numerous active gas plants to remove waste and separate valuable components. The Liquids unit encompasses two segments: NGL Infrastructure, which includes facilities for processing, fractionation, storage, and transportation of natural gas liquids, and Marketing, which involves the sale of products such as propane, butane, iso-octane, and crude oil. Keyera plays a crucial role in the midstream operations, facilitating the transition of energy products from upstream production to downstream markets.

Morguard Corp is a real estate company that specializes in the acquisition, ownership, and development of properties in Canada and the United States. It operates through three primary business divisions: multi-suite residential, retail, and office and hotel properties. The majority of its revenue is derived from the Multi-suite Residential segment. In addition to property management, Morguard provides leasing services for various types of real estate, including hotels, offices, industrial spaces, apartments, and retail establishments. The company also offers real estate management and investment advisory services, contributing to its diverse portfolio and operational expertise in the real estate sector.

Manulife Financial Corporation, established in 1887, is a diversified global financial services company with principal operations in Asia, Canada, and the United States. It offers a broad range of financial protection and wealth management products and services, including life insurance, annuities, retirement plans, and asset management. Manulife's extensive network of over 84,000 employees and agents serves millions of customers across its three operating divisions. The company's investment arm, Manulife Capital, specializes in private equity and venture capital, focusing on fintech, insurtech, and B2B SaaS startups, as well as growth and expansion capital for mature and middle-market companies. Manulife Real Estate, the company's real estate investment arm, invests in residential, office, industrial, and other real estate classes, as well as infrastructure equity. Manulife Bank provides banking, financial, and investment services. The company's executive management team oversees the management of its assets.

Corus Entertainment is a prominent integrated media and entertainment company based in Canada, founded by JR Shaw. Originally part of Shaw Communications, Corus became a separate publicly-traded entity in 1999. The company has expanded significantly through strategic acquisitions, establishing a diverse portfolio that includes television and radio segments. Its television segment, which features a variety of channels, serves as the primary revenue driver, while the radio segment operates numerous stations focused on music, news, and talk radio. Corus generates most of its revenue within Canada, positioning itself as a key player in the country's media landscape.

Frontier Lithium Inc. is a mining exploration company focused on the acquisition, exploration, and development of lithium and other rare metal resources in Canada. The company primarily holds a 100% interest in the PAK Lithium Project, which spans 26,774 hectares in northwestern Ontario. Frontier Lithium's expertise lies in exploring LCT (lithium-cesium-tantalum) classified pegmatites, and it aims to capitalize on the growing demand for lithium driven by the electric vehicle and consumer electronics markets. In addition to the PAK Lithium Project, Frontier Lithium's portfolio includes the Spark Deposit, Bolt Pegmatite, and Pennock Pegmatite. The company has also formed a strategic partnership with XPS Expert Process Solutions to refine spodumene concentrate into lithium hydroxide. Founded in 1995 and headquartered in Val Caron, Ontario, Frontier Lithium was previously known as Houston Lake Mining Inc. before rebranding in 2016.

Loblaw Companies Limited is Canada's largest food and pharmacy retailer, operating approximately 2,500 stores across the country. The company offers a diverse range of products and services, including groceries, pharmaceuticals, health and beauty items, clothing, and general merchandise. Its grocery operations feature well-known banners such as Loblaw, No Frills, and Maxi, while its pharmacy stores primarily operate under the Shoppers Drug Mart brand. In addition to brand-name products, Loblaw provides private-label options under the President's Choice and No Name brands. Beyond retail, the company engages in financial services, offering credit cards, insurance brokerage, and the PC Optimum loyalty program. Loblaw also promotes health and wellness through the PC Health app, which connects Canadians with healthcare resources. Founded in 1919 and headquartered in Brampton, Canada, Loblaw Companies Limited is a subsidiary of George Weston Limited.

Chemtrade Logistics Income Fund is a prominent provider of industrial chemicals and services across Canada, the United States, and South America. The company operates through three main segments: Sulphur Products and Performance Chemicals, Water Solutions and Specialty Chemicals, and Electrochemicals. In the Sulphur Products and Performance Chemicals segment, Chemtrade specializes in producing and processing various forms of sulphuric acid and related products, while also offering industrial services for by-products and waste streams. The Water Solutions and Specialty Chemicals segment focuses on manufacturing inorganic coagulants for water treatment and a variety of specialty chemicals. The Electrochemicals segment produces sodium chlorate and chlor-alkali products, serving key industries such as pulp and paper, oil and gas, and water treatment. Chemtrade is recognized as one of the largest suppliers of sulphuric acid and a leading North American processor of spent acid, with a comprehensive distribution network supported by its production facilities and long-term marketing agreements. Established in 2001, the company is headquartered in Toronto, Canada.

Emera Inc. is a geographically diverse energy and services company based in Halifax, Nova Scotia, with approximately $10 billion in assets. The company focuses on investments in electricity generation, transmission, and distribution, along with gas transmission and utility energy services. Emera aims to transform the electricity industry by promoting cleaner energy generation and ensuring its delivery to the market. The company operates across northeastern North America and in four Caribbean countries, with a strategic goal of deriving 75-85 percent of its adjusted earnings from rate-regulated businesses.

Morguard Corp is a real estate company that specializes in the acquisition, ownership, and development of properties in Canada and the United States. It operates through three primary business divisions: multi-suite residential, retail, and office and hotel properties. The majority of its revenue is derived from the Multi-suite Residential segment. In addition to property management, Morguard provides leasing services for various types of real estate, including hotels, offices, industrial spaces, apartments, and retail establishments. The company also offers real estate management and investment advisory services, contributing to its diverse portfolio and operational expertise in the real estate sector.

Sabina Gold & Silver Corp. is a mining company based in Vancouver, Canada, focused on the exploration and development of precious metal resources, primarily gold. The company's main assets include the Back River gold project, which encompasses several properties such as Goose, George, Boulder, and Boot, along with a port facility at Bathurst Inlet in southwestern Nunavut. Additionally, Sabina holds a silver royalty on the Hackett River project, which spans over 10,600 hectares in Nunavut. Established in 1966, the company aims to become a significant gold producer through the phased development of its projects in politically stable mining regions.

Marathon Gold Corporation is a Canadian company focused on the acquisition, exploration, and development of mineral resource projects, primarily targeting gold and other precious and base metals. Established in 2009 and headquartered in Toronto, the company’s flagship asset is the Valentine Lake gold property located in Newfoundland and Labrador. This project encompasses a series of four mineralized deposits along a 20-kilometer system, highlighting its potential for significant mineral resources.

Chorus Aviation Inc. is a Canadian airline company that operates scheduled passenger services under the Air Canada Express brand, providing approximately 690 daily departures to 59 destinations within Canada and 28 destinations in the United States. In addition to passenger services, the company offers charter flights and specialized contract flying, including medical, logistical, and humanitarian missions primarily for government entities and international non-governmental organizations. Chorus Aviation is also involved in aircraft leasing and maintenance, repair, and overhaul services, which encompass parts sales and technical support. Originally known as Jazz Air Income Fund, the company rebranded as Chorus Aviation Inc. in January 2011 and was incorporated in 2010. Its headquarters are located in Dartmouth, Canada.

Lumina Gold Corp. is a Canadian exploration and development company based in Vancouver, focused on acquiring and evaluating precious and base metals in Ecuador. Established in 1988, the company primarily targets gold and copper deposits, with its principal project being the Cangrejos project. This project consists of 10 mineral concessions spanning approximately 6,373 hectares in El Oro Province, located in southwest Ecuador. Currently, the Cangrejos project is advancing towards a Pre-Feasibility Study and is recognized as the primary gold deposit in the country. Lumina Gold is managed by a team with extensive experience in advancing and monetizing exploration projects.

Marathon Gold Corporation is a Canadian company focused on the acquisition, exploration, and development of mineral resource projects, primarily targeting gold and other precious and base metals. Established in 2009 and headquartered in Toronto, the company’s flagship asset is the Valentine Lake gold property located in Newfoundland and Labrador. This project encompasses a series of four mineralized deposits along a 20-kilometer system, highlighting its potential for significant mineral resources.

Emera Inc. is a geographically diverse energy and services company based in Halifax, Nova Scotia, with approximately $10 billion in assets. The company focuses on investments in electricity generation, transmission, and distribution, along with gas transmission and utility energy services. Emera aims to transform the electricity industry by promoting cleaner energy generation and ensuring its delivery to the market. The company operates across northeastern North America and in four Caribbean countries, with a strategic goal of deriving 75-85 percent of its adjusted earnings from rate-regulated businesses.

Chorus Aviation Inc. is a Canadian airline company that operates scheduled passenger services under the Air Canada Express brand, providing approximately 690 daily departures to 59 destinations within Canada and 28 destinations in the United States. In addition to passenger services, the company offers charter flights and specialized contract flying, including medical, logistical, and humanitarian missions primarily for government entities and international non-governmental organizations. Chorus Aviation is also involved in aircraft leasing and maintenance, repair, and overhaul services, which encompass parts sales and technical support. Originally known as Jazz Air Income Fund, the company rebranded as Chorus Aviation Inc. in January 2011 and was incorporated in 2010. Its headquarters are located in Dartmouth, Canada.

Emera Inc. is a geographically diverse energy and services company based in Halifax, Nova Scotia, with approximately $10 billion in assets. The company focuses on investments in electricity generation, transmission, and distribution, along with gas transmission and utility energy services. Emera aims to transform the electricity industry by promoting cleaner energy generation and ensuring its delivery to the market. The company operates across northeastern North America and in four Caribbean countries, with a strategic goal of deriving 75-85 percent of its adjusted earnings from rate-regulated businesses.

Skeena Resources Limited is a Canadian mining exploration company dedicated to the development of precious and base metal properties, primarily in the Golden Triangle of northwest British Columbia. The company holds a 100% interest in the Snip gold mine, the Spectrum-GJ copper-gold properties, and the Blackdome gold mine property. Skeena is notably focused on the exploration and development of the past-producing Eskay Creek mine, which has a significant indicated and inferred gold-equivalent resource. The company recently completed a Preliminary Economic Assessment (PEA) for Eskay Creek, demonstrating strong economic potential with an after-tax net present value and an impressive internal rate of return. Skeena Resources is based in Vancouver, Canada.

Tricon Residential, established in 1988, is a leading North American rental housing company focused on serving the middle-market demographic. With a portfolio of over 30,000 single-family and multi-family rental homes across 21 markets in the United States and Canada, Tricon prioritizes providing an exceptional rental experience to its residents. The company's integrated, technology-enabled operating platform empowers its team to deliver superior service, fostering longer tenancies and positive community impact. Headquartered in Toronto, with significant operations in Orange County, California, Tricon aims to be the premier rental housing provider, generating positive returns for its investors and shareholders.

Tricon Residential, established in 1988, is a leading North American rental housing company focused on serving the middle-market demographic. With a portfolio of over 30,000 single-family and multi-family rental homes across 21 markets in the United States and Canada, Tricon prioritizes providing an exceptional rental experience to its residents. The company's integrated, technology-enabled operating platform empowers its team to deliver superior service, fostering longer tenancies and positive community impact. Headquartered in Toronto, with significant operations in Orange County, California, Tricon aims to be the premier rental housing provider, generating positive returns for its investors and shareholders.

Opsens Inc. is a Canadian company that specializes in developing, manufacturing, and selling fiber optic sensors for various applications, primarily in interventional cardiology and industrial markets. It operates in two main segments: Medical and Industrial. The Medical segment focuses on physiological measurements, including Fractional Flow Reserve (FFR) and Diastolic Pressure Ratio (dPR), and offers products such as the OptoWire, an advanced optical pressure guidewire, and miniature optical sensors for pressure and temperature measurement. These sensors are designed for integration into medical devices, catering to needs in areas like transcatheter aortic valve replacement. The Industrial segment provides fiber optic sensing solutions for diverse applications, including life sciences, energy, and civil engineering. Opsens markets its products through a direct sales force and distributors across the United States, Japan, Canada, and internationally, with its headquarters located in Québec, Canada.

Gran Tierra Energy is an independent energy company focused on the acquisition, exploration, development, and production of oil and gas properties. Founded in 2003 and headquartered in Calgary, Canada, the company primarily operates in Colombia and Ecuador. As of December 31, 2019, Gran Tierra had total proved undeveloped reserves of 31.0 million barrels of oil equivalent in Colombia. The firm produces light crude oil, supplemented with medium crude and natural gas, deriving its revenue mainly from Colombian operations.

Checkfront, Inc. is a cloud-based booking management and e-commerce platform designed for tour providers, accommodation managers, and rental businesses globally. Founded in 2008 and headquartered in Victoria, Canada, with an additional office in Vancouver, Checkfront serves over 45,000 customers across 120 countries. The platform enables users to efficiently manage various aspects of their operations, including activities, tours, accommodations, events, and rentals, while also facilitating reservations and customer tracking. Operating on a Software as a Service model, Checkfront offers a fully managed solution that includes automated updates, backups, and robust security, ensuring high-speed and reliable service for its clients.

Guyana Goldfields Inc. is a Canadian-based company engaged in the exploration and production of gold, primarily within the Guiana Shield of South America. Established in 1994 and headquartered in Toronto, the company has been actively operating in Guyana since 1996. It focuses on the acquisition, exploration, development, and operation of gold mineral properties, with its primary asset being the Aurora Gold Mine. The company also holds advanced exploration projects, including the Aranka Properties, and is dedicated to conducting ongoing exploration and development work in these areas. In 2020, Guyana Goldfields became a subsidiary of Zijin Mining Group Company Limited, reflecting its strategic positioning within the gold mining sector.

Dundee Precious Metals Inc. is a Canadian international gold mining company focused on the acquisition, exploration, development, mining, and processing of precious metals. The company operates key projects, including Chelopech and Ada Tepe, located in Bulgaria. Through these initiatives, Dundee Precious Metals aims to enhance its production capabilities and contribute to the global precious metals market.

Primero Mining Corp. is a Canadian-based precious metals producer engaged in the acquisition, exploration, development, and operation of mineral resource properties primarily in Mexico. The company holds a 100% interest in the San Dimas gold-silver mine project and the Cerro del Gallo gold-silver-copper development project, alongside the Black Fox mine in Ontario, Canada. Primero Mining focuses on gold and silver exploration, emphasizing low-cost production and a substantial resource base in politically stable regions. Founded in 2007 and based in Toronto, it was originally known as Mala Noche Resources Corp. and rebranded in 2010. As of May 2018, Primero operates as a subsidiary of First Majestic Silver Corp.

Versature Corp. is a Canadian company that specializes in providing hosted PBX phone services to small and medium enterprises. Founded in 2003 and based in Ottawa, Versature offers a range of voice-over-IP business telephony solutions, including desktop phones, conference phones, cordless phones, softphones, and headsets. The company caters to diverse clients, from small two-person shops to larger call centers, and has developed a strong and growing subscriber base across the country. Versature is known for its cost-effective technology and Canadian-based support, positioning itself as a key player in the Canadian telecom industry. As of September 2018, it operates as a subsidiary of Net2Phone, Inc., further expanding its reach and capabilities in cloud-based communication solutions.

Liminal BioSciences Inc. is a clinical-stage biopharmaceutical company that specializes in the discovery, development, and commercialization of innovative treatments for patients with unmet medical needs, particularly focusing on rare and orphan diseases. The company operates through two main segments: Small Molecule Therapeutics and Plasma Derived Therapeutics. Its lead product candidate, fezagepras, targets idiopathic pulmonary fibrosis, respiratory diseases, and Alström Syndrome. In the Plasma Derived Therapeutics segment, Liminal BioSciences offers a Plasma Protein Purification System for extracting and purifying therapeutic proteins from human plasma and is developing Ryplazim for congenital plasminogen deficiency. Founded in 1992 and headquartered in Laval, Quebec, the company has a presence in Canada, the United Kingdom, and the United States. It was previously known as Prometic Life Sciences Inc. before rebranding in October 2019.

Tamarack Valley Energy Ltd. is an oil and gas company focused on the acquisition, exploration, development, and production of crude oil and natural gas in the Western Canadian sedimentary basin. The company has significant interests in various oil plays, particularly in the Cardium light oil regions of Wilson Creek, Alder Flats, and Pembina, as well as Viking light oil plays in Redwater and southeast Alberta. Additionally, Tamarack holds assets in the Barons and Banff light oil plays in Southern Alberta and has heavy oil properties in Saskatchewan. The company's strategy emphasizes the identification and operation of resource plays that offer predictable, long-life production, enabling them to manage risk while pursuing growth opportunities in the energy sector. Tamarack Valley Energy is headquartered in Calgary, Canada.

Osisko Gold Royalties is a North American-focused intermediate precious metal royalty company that commenced operations in June 2014. The company specializes in acquiring and managing a diverse portfolio of over 175 royalties, streams, and precious metal offtakes, primarily centered in North America. Its flagship asset is a 5% net smelter return royalty on the Canadian Malartic mine, the largest gold mine in Canada. In addition to its royalty and stream interests, Osisko engages in the exploration, evaluation, and development of mining projects, contributing to its growth and diversification. The majority of its income is derived from North American operations, reflecting its strategic focus on the region's mining potential.

Opsens Inc. is a Canadian company that specializes in developing, manufacturing, and selling fiber optic sensors for various applications, primarily in interventional cardiology and industrial markets. It operates in two main segments: Medical and Industrial. The Medical segment focuses on physiological measurements, including Fractional Flow Reserve (FFR) and Diastolic Pressure Ratio (dPR), and offers products such as the OptoWire, an advanced optical pressure guidewire, and miniature optical sensors for pressure and temperature measurement. These sensors are designed for integration into medical devices, catering to needs in areas like transcatheter aortic valve replacement. The Industrial segment provides fiber optic sensing solutions for diverse applications, including life sciences, energy, and civil engineering. Opsens markets its products through a direct sales force and distributors across the United States, Japan, Canada, and internationally, with its headquarters located in Québec, Canada.

Tricon Residential, established in 1988, is a leading North American rental housing company focused on serving the middle-market demographic. With a portfolio of over 30,000 single-family and multi-family rental homes across 21 markets in the United States and Canada, Tricon prioritizes providing an exceptional rental experience to its residents. The company's integrated, technology-enabled operating platform empowers its team to deliver superior service, fostering longer tenancies and positive community impact. Headquartered in Toronto, with significant operations in Orange County, California, Tricon aims to be the premier rental housing provider, generating positive returns for its investors and shareholders.

Osisko Gold Royalties is a North American-focused intermediate precious metal royalty company that commenced operations in June 2014. The company specializes in acquiring and managing a diverse portfolio of over 175 royalties, streams, and precious metal offtakes, primarily centered in North America. Its flagship asset is a 5% net smelter return royalty on the Canadian Malartic mine, the largest gold mine in Canada. In addition to its royalty and stream interests, Osisko engages in the exploration, evaluation, and development of mining projects, contributing to its growth and diversification. The majority of its income is derived from North American operations, reflecting its strategic focus on the region's mining potential.

Gear Energy Ltd. is a junior oil and gas company based in Calgary, Canada, focused on the acquisition, exploration, development, and production of petroleum and natural gas properties. The company holds interests in oil and gas assets primarily located in east central Alberta and west central Saskatchewan. Its operations are concentrated in three key regions: Lloydminster Heavy Oil, Central Alberta Light/Medium Oil, and Southeast Saskatchewan Light Oil.

Element Fleet Management is a fleet management company that specializes in providing management services and financing solutions for commercial vehicle and equipment fleets. The company operates across multiple regions, including the United States, Canada, Mexico, Australia, and New Zealand. By offering a comprehensive range of services, Element Fleet Management aims to optimize fleet operations and enhance the efficiency of its clients' transportation assets.

Detour Gold Corporation is a Canadian intermediate gold producer that operates the Detour Lake mine, a large-scale open-pit operation located in northeastern Ontario. This mine is recognized as the second largest gold-producing site in Canada and holds the largest gold reserves in the country. The Detour Lake mine spans approximately 625 square kilometers of mining claims and leases, situated about 300 kilometers northeast of Timmins. Detour Gold is focused on delivering sustainable returns through its growing cash flow, organic growth initiatives, and extensive exploration potential within its land holdings. The company prioritizes responsible mining practices, adhering to high safety and environmental standards while maintaining a strong commitment to the surrounding communities.

Seven Generations Energy Ltd. is an independent energy company based in Calgary, Canada, engaged in the exploration and development of oil and natural gas properties. Founded in 2001, the company focuses on non-conventional resource plays, particularly in Canada. It holds interests in the Kakwa River project, encompassing approximately 528,000 net acres in northwest Alberta. Utilizing advanced techniques such as long-reach and horizontal drilling, Seven Generations produces natural gas, condensate, and natural gas liquids. The company also owns several gathering lines and processing facilities, which support its operations. A skilled technical and business team drives the company's efforts to identify and optimize high-quality resource plays.

NuVista Energy Ltd. is a Calgary-based company engaged in the exploration, development, and production of condensate, oil, and natural gas reserves within the Western Canadian Sedimentary Basin. The company primarily focuses on the condensate-rich Montney formation located in the Wapiti area of the Alberta Deep Basin. Established in 2003, NuVista has transformed its operations by emphasizing the development of its valuable Wapiti Montney play, which significantly contributes to its hydrocarbon production. Condensate, which constitutes nearly half of the company's sales, plays a crucial role in the heavy oil industry by enhancing the viscosity required for pipeline transportation. To support its production capabilities, NuVista operates compressor and dehydration stations, further optimizing its service assets in the region. The company has also made strides in financial management, reducing long-term debt substantially, which allows for continued investment in its core operations and growth opportunities.

Tricon Residential, established in 1988, is a leading North American rental housing company focused on serving the middle-market demographic. With a portfolio of over 30,000 single-family and multi-family rental homes across 21 markets in the United States and Canada, Tricon prioritizes providing an exceptional rental experience to its residents. The company's integrated, technology-enabled operating platform empowers its team to deliver superior service, fostering longer tenancies and positive community impact. Headquartered in Toronto, with significant operations in Orange County, California, Tricon aims to be the premier rental housing provider, generating positive returns for its investors and shareholders.

Alaris Equity Partners is a Canadian company based in Calgary, Alberta, that specializes in providing alternative financing to a diverse range of profitable private businesses across North America. Established in 2004, Alaris focuses on offering long-term equity capital to privately held companies, particularly those for whom traditional debt or private equity options may not be suitable. The company employs an innovative financing structure that enables business owners to retain long-term control while maximizing valuations and ensuring tax efficiency. Alaris primarily invests in sectors such as business services, healthcare services, industrial services, professional services, information technology services, and construction-related services. Through its unique approach, Alaris generates predictable cash flows from its Private Company Partners, offering investors an attractive and stable yield along with liquidity.

Constellation Software Inc. is a Canadian company that specializes in the development, installation, and customization of software solutions for both public and private sectors. Established in 1995 and headquartered in Toronto, the company operates through two main segments: the Public Sector, which focuses on government-related software solutions, and the Private Sector, which serves commercial customers. Constellation Software is known for acquiring and managing mission-critical vertical market software businesses, with a diverse portfolio that includes over 1,000 distinct software entities across more than 150 vertical markets worldwide. The company's operations are characterized by a decentralized management structure, allowing individual portfolio companies to maintain autonomy while receiving financial and strategic support from centralized teams.

Labrador Iron Mines is a mineral resource company focused on mining iron ore and exploring direct shipping iron ore projects in the Labrador Trough region, primarily near Schefferville, Quebec. The company's key assets include the James Mine, adjacent deposits, and the Silver Yards processing facility, along with the Houston property, which encompasses the Malcolm 1 deposit. These projects are connected to the Port of Sept-Iles by a direct railway and are supported by established infrastructure, including local transportation and power services. The Schefferville Projects consist of 20 distinct iron ore deposits, originally part of the Iron Ore Company of Canada's operations from 1954 to 1982, which are associated with significant historical reserves. Since commencing production in 2011, Labrador Iron Mines has sold 3.6 million dry tonnes of iron ore, primarily to the Chinese market. However, the company suspended operations in 2014 due to low iron ore prices and is currently focused on securing financing, restructuring debt, and preparing for future development of the Houston Mine when market conditions improve.

Oncolytics Biotech Inc. is a clinical-stage biopharmaceutical company based in Calgary, Canada, focused on developing innovative therapies for cancer treatment. Its primary product, pelareorep, is an immuno-oncology agent derived from reovirus, designed to enhance the immune system's ability to target and eliminate tumors, particularly those with an activated Ras pathway. The company has established collaboration agreements with Merck KGaA and Pfizer to explore the use of pelareorep in combination with other treatments for specific types of cancer, including hormone-receptor positive, human epidermal growth factor 2-negative metastatic breast cancer. In addition to pelareorep, Oncolytics Biotech is advancing other projects in its pipeline aimed at various cancers, including breast and gastrointestinal cancers. Founded in 1998, Oncolytics Biotech continues to seek novel approaches to address unmet medical needs in oncology.

Victoria Gold Corp. is a mining company focused on the acquisition, exploration, and development of mineral properties, primarily targeting gold deposits. Its flagship asset is the Dublin Gulch property in central Yukon, Canada, which encompasses the Eagle and Olive-Shamrock gold deposits over an area of approximately 555 square kilometers. The Eagle Gold Mine Project, located about 375 kilometers north of Whitehorse, is an open-pit, heap leach operation that exemplifies the company's commitment to gold mining. Founded in 1981 and headquartered in Toronto, Canada, Victoria Gold Corp. was formerly known as Victoria Resource Corporation before rebranding in 2008.

Detour Gold Corporation is a Canadian intermediate gold producer that operates the Detour Lake mine, a large-scale open-pit operation located in northeastern Ontario. This mine is recognized as the second largest gold-producing site in Canada and holds the largest gold reserves in the country. The Detour Lake mine spans approximately 625 square kilometers of mining claims and leases, situated about 300 kilometers northeast of Timmins. Detour Gold is focused on delivering sustainable returns through its growing cash flow, organic growth initiatives, and extensive exploration potential within its land holdings. The company prioritizes responsible mining practices, adhering to high safety and environmental standards while maintaining a strong commitment to the surrounding communities.

HighRoads, Inc. specializes in developing cloud-based benefits plan management and compliance solutions tailored for the health care market. Its flagship product, P2 Advance, is a SaaS-based enterprise solution that addresses the challenges faced by payers through comprehensive product and plan configuration, media management, and compliance document generation. The platform streamlines the entire product creation process, allowing clients to develop and launch new health care products quickly and efficiently, while ensuring accuracy and compliance with regulatory requirements. By automating many manual processes, HighRoads enables payers to reduce administrative costs and focus on innovative offerings that meet customer demands. Founded in 1999 and originally named IE-Engine, Inc., HighRoads is headquartered in Burlington, Massachusetts, with an additional office in Ottawa, Canada.

Agile Systems is a leading manufacturer based in Waterloo, Ontario, specializing in the design, development, and production of advanced motion control technology. The company focuses on energy-efficient electronic controls for electric motors and integrates power electronics, digital controls, and network communications into compact and cost-effective solutions. Agile Systems serves a diverse range of industries, including semiconductor, life sciences, robotics, automation equipment, automotive, industrial machinery, and alternative energy. With a skilled team, Agile Systems is committed to delivering innovative motion control solutions that meet the evolving needs of its customers.

HighRoads, Inc. specializes in developing cloud-based benefits plan management and compliance solutions tailored for the health care market. Its flagship product, P2 Advance, is a SaaS-based enterprise solution that addresses the challenges faced by payers through comprehensive product and plan configuration, media management, and compliance document generation. The platform streamlines the entire product creation process, allowing clients to develop and launch new health care products quickly and efficiently, while ensuring accuracy and compliance with regulatory requirements. By automating many manual processes, HighRoads enables payers to reduce administrative costs and focus on innovative offerings that meet customer demands. Founded in 1999 and originally named IE-Engine, Inc., HighRoads is headquartered in Burlington, Massachusetts, with an additional office in Ottawa, Canada.