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LM Asset Management Inc.

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13F filer, CIK 2057190, VANCOUVER, British Columbia, Canada

LM Asset Management Inc. reported $132,247,083 across 11 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 100% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000935836-25-000670

Period
2025-09-30
Reported value
$132M
Holdings
11
Top 10 weight
100%
New
3
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GTnew+510,000$3.81M
GTEadded+846,000$3.68M
JHXnew+140,000$2.69M
VETadded+152,000$1.19M
ASTLadded+260,000$924K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
STNGexited-170,000-$6.65M
PSLVexited-330,000-$4.04M
LUMNreduced-180,000-$1.1M
HYMCreduced-126,000-$781K
TSATreduced-14,000-$366K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0000935836-25-000670, largest first. % of portfolio is the value over $125,909,083, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
LUMNLUMEN TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 8,807,000 shares; 2025Q1: 9,803,900 shares; 2025Q2: 10,367,000 shares; 2025Q3: 10,187,000 shares 10,187,000$62.3M49.52%-180,000Timeline
VETVERMILION ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 2,000,000 shares; 2025Q1: 2,440,000 shares; 2025Q2: 2,790,000 shares; 2025Q3: 2,942,000 shares 2,942,000$23M18.25%+152,000Timeline
GTEGRAN TIERRA ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 1,096,589 shares; 2025Q1: 1,716,600 shares; 2025Q2: 1,945,800 shares; 2025Q3: 2,791,800 shares 2,791,800$12.1M9.65%+846,000Timeline
TSATTELESAT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: 809,200 shares; 2025Q1: 531,450 shares; 2025Q2: 466,450 shares; 2025Q3: 452,450 shares 452,450$11.8M9.39%-14,000Timeline
ARISARIS MINING CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: 520,000 shares; 2025Q2: 470,000 shares; 2025Q3: 455,000 shares 455,000$4.46M3.54%-15,000Timeline
ASTLALGOMA STL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: 910,000 shares; 2025Q2: 890,000 shares; 2025Q3: 1,150,000 shares 1,150,000$4.09M3.25%+260,000Timeline
GTGOODYEAR TIRE & RUBR COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 510,000 shares 510,000$3.81M3.03%newTimeline
JHXJAMES HARDIE INDS PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 140,000 shares 140,000$2.69M2.14%newTimeline
HYMCHYCROFT MINING HOLDING CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not loaded; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 380,000 shares; 2025Q3: 254,000 shares 254,000$1.57M1.25%-126,000Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
PSLVSPROTT ASSET MANAGEMENT LP TR UNITcall330,000$5.18Mnew
LUMNLUMEN TECHNOLOGIES INC COMcall23,600$1.16M+11,400

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
STNGSCORPIO TANKERS INC170,000$6.65Mshares
PSLVSPROTT ASSET MANAGEMENT LP330,000$4.04Mshares
OSGOCTAVE SPECIALTY GROUP INC6,000$42.6Kshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000935836-25-000670 base2025-11-14acceptance time not in the bulk data set