MMCAP International Inc. SPC Q3 2025 Filing

Filed November 10, 2025

Portfolio Value

$859.8M

Holdings

172

Report Date

Q3 2025

Filing Type

13F-HR

All Holdings (172 positions)

#	Stock	Shares	Value	% Portfolio
1	ARISARIS MNG CORP	16,436,882	$161.1M	18.74%
2	ASTLALGOMA STL GROUP INC	8,078,828	$28.7M	3.34%
3	U6ZUranium Energy Corp	2,091,198	$27.9M	3.24%
4	DMIIDrugs Made In America Acquisit	2,700,000	$26.9M	3.12%
5	DMLDenison Mines Corp	9,505,871	$26.1M	3.04%
6	ASSTSTRIVE INC	18,518,519	$25.0M	2.91%
7	NPACNew Providence Acquisition Cor	2,200,000	$22.4M	2.60%
8	CCCXChurchill Capital Corp X	1,579,831	$20.3M	2.36%
9	RI4APOET Technologies Inc	3,585,240	$19.9M	2.31%
10	FERAFifth Era Acquisition Corp I	1,900,000	$19.3M	2.25%
11	SUIGSUI GROUP HOLDINGS LIMITED	4,771,507	$18.4M	2.14%
12	RDAGRepublic Digital Acquisition C	1,565,000	$16.0M	1.86%
13	—M3-Brigade Acquisition V Corp	1,500,000	$15.8M	1.84%
14	LPAALaunch One Acquisition Corp	1,480,000	$15.5M	1.81%
15	CEPFCantor Equity Partners IV Inc	1,500,000	$15.3M	1.78%
16	CCIXChurchill Capital Corp IX	1,350,000	$14.1M	1.65%
17	IPCXINFLECTION PT ACQUISITION CO	1,400,000	$14.1M	1.64%
18	EUEncore Energy Corp	4,316,838	$13.9M	1.61%
19	CGCTCARTESIAN GROWTH CORP III	1,350,000	$13.6M	1.58%
20	GPATGP-Act III Acquisition Corp	1,275,000	$13.5M	1.57%
21	ALFCenturion Acquisition Corp	1,175,000	$12.4M	1.44%
22	WENNWen Acquisition Corp	1,200,000	$12.1M	1.41%
23	MBVIM3-Brigade Acquisition VI Corp	1,100,000	$11.1M	1.29%
24	FCRSFutureCrest Acquisition Corp	1,000,000	$10.6M	1.23%
25	SIMASIM Acquisition Corp I	980,000	$10.3M	1.20%
26	HCMAHCM III Acquisition Corp	1,000,000	$10.3M	1.20%
27	CUBLionheart Holdings	980,000	$10.3M	1.20%
28	SBXDSilverbox Corp IV	980,000	$10.3M	1.19%
29	BLZRTrailblazer Acquisition Corp	1,000,000	$10.2M	1.19%
30	HYACHaymaker Acquisition Corp 4	900,000	$10.2M	1.19%
31	GRAFGraf Global Corp	830,000	$8.7M	1.02%
32	NESRNational Energy Services Reuni	845,142	$8.7M	1.01%
33	SBETSharplink Gaming Inc	498,700	$8.5M	0.99%
34	BITFBitfarms Ltd/Canada	2,795,298	$7.9M	0.92%
35	CEPFCantor Equity Partners II Inc	750,000	$7.9M	0.92%
36	CEPFCantor Equity Partners III Inc	750,000	$7.7M	0.90%
37	PACHPioneer Acquisition I Corp	750,000	$7.5M	0.88%
38	OBAOxley Bridge Acquisition Ltd	750,000	$7.5M	0.88%
39	GTENGores Holdings X Inc	700,000	$7.1M	0.83%
40	AEXAAmerican Exceptionalism Acquis	631,066	$6.9M	0.80%
41	UREUr-Energy Inc	3,849,280	$6.9M	0.80%
42	CEPFCantor Equity Partners I Inc	638,027	$6.7M	0.78%
43	ONCH1RT Acquisition Corp	600,000	$6.3M	0.74%
44	POLEAndretti Acquisition Corp II	580,000	$6.1M	0.71%
45	NOEMCO2 Energy Transition Corp	590,000	$6.0M	0.70%
46	EFREnergy Fuels Inc/Canada	364,925	$5.6M	0.65%
47	—FIGX Capital Acquisition Corp	500,000	$5.0M	0.59%
48	LPBBLaunch Two Acquisition Corp	480,000	$5.0M	0.58%
49	CRONCronos Group Inc	1,769,082	$4.9M	0.57%
50	—Newbury Street II Acquisition	450,000	$4.7M	0.54%
51	UPXIUpexi Inc	766,933	$4.4M	0.51%
52	FLRFluor Corp	100,000	$4.2M	0.49%
53	GENVRGen Digital Inc	542,308	$4.0M	0.47%
54	TDACWTranslational Development Acqu	350,000	$3.6M	0.42%
55	USARUSA Rare Earth Inc	500,000	$3.6M	0.42%
56	GMGENERAL MTRS CO	57,750	$3.5M	0.41%
57	BWABORGWARNER INC	78,776	$3.5M	0.40%
58	ISOIsoEnergy Ltd	345,645	$3.5M	0.40%
59	APTVAPTIV PLC	33,607	$2.9M	0.34%
60	SVCCUStellar V Capital Corp	280,000	$2.9M	0.34%
61	VACHVoyager Acquisition Corp	250,000	$2.6M	0.31%
62	BNCCEA Industries Inc	334,039	$2.6M	0.30%
63	KMXCARMAX INC	56,770	$2.5M	0.30%
64	LWACLightwave Acquisition Corp	250,000	$2.5M	0.29%
65	BACCBlue Acquisition Corp	250,000	$2.5M	0.29%
66	PRNPROFOUND MED CORP	500,859	$2.4M	0.28%
67	STLDSteel Dynamics Inc	15,311	$2.1M	0.25%
68	NHICNewHold Invt Corp III	200,000	$2.0M	0.24%
69	OYSEOyster Enterprises II Acquisit	200,000	$2.0M	0.23%
70	BLUWBLUE WTR ACQUISITION CORP. I	200,000	$2.0M	0.23%
71	GSHRGesher Acquisition Corp II	175,000	$1.8M	0.21%
72	—Churchill Capital Corp X	500,000	$1.8M	0.21%
73	CHECChenghe Acquisition III Co	150,000	$1.5M	0.17%
74	ATIIArchimedes Tech SPAC Partners	125,000	$1.3M	0.15%
75	BSAABEST SPAC I Acquisition Corp	125,000	$1.3M	0.15%
76	GFRGREENFIRE RES LTD NEW	249,200	$1.1M	0.13%
77	STKESol Strategies Inc	250,000	$1.1M	0.13%
78	LEGTLegato Merger Corp III	100,000	$1.1M	0.12%
79	PCAPProCap Acquisition Corp	100,000	$1.0M	0.12%
80	LATAGalata Acquisition Corp II	100,000	$998K	0.12%
81	—M3-Brigade Acquisition V Corp	787,500	$961K	0.11%
82	CPCanadian Pacific Kansas City L	12,800	$953K	0.11%
83	KYIVKyivstar Group Ltd	213,666	$867K	0.10%
84	ETHAiShares Ethereum Trust ETF	25,000	$788K	0.09%
85	CRMLCritical Metals Corp	300,000	$631K	0.07%
86	—INFLECTION PT ACQUISITION CO	1,400,000	$616K	0.07%
87	GAUGaliano Gold Inc	250,000	$544K	0.06%
88	RDAGRepublic Digital Acquisition C	782,500	$509K	0.06%
89	FERAFifth Era Acquisition Corp I	1,900,000	$504K	0.06%
90	OCSOculis Holding AG	73,525	$497K	0.06%
91	BZAIWBlaize Holdings Inc	750,000	$466K	0.05%
92	NXENexGen Energy Ltd	50,007	$448K	0.05%
93	ALFCenturion Acquisition Corp	1,237,500	$421K	0.05%
94	AFRIForafric Global PLC	518,900	$408K	0.05%
95	RZLVRezolve AI PLC	250,000	$401K	0.05%
96	VBIXViewBix Inc	115,995	$394K	0.05%
97	AECAnfield Energy Inc	38,346	$392K	0.05%
98	SIMASIM Acquisition Corp I	990,000	$366K	0.04%
99	WENNWen Acquisition Corp	600,000	$336K	0.04%
100	NPACNew Providence Acquisition Cor	733,333	$323K	0.04%

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