BN Scotia discloses 13.9M shares of TransAlta common stock (4.67%)

Rhea-AI Filing Summary

Bank of Nova Scotia reported beneficial ownership of 13,865,341 shares of TransAlta Corp., representing 4.67% of the outstanding common stock as of 09/30/2025. The filing, submitted as a Schedule 13G/A, shows the bank holds sole voting and sole dispositive power over these shares and classifies itself as a parent holding company. The report states the ownership is below the 5% threshold for required Schedule 13D treatment, and no group members, subsidiaries, or additional parties are identified as holding or acquiring the securities on the bank’s behalf. The signing official certifies comparability of foreign regulatory oversight and agrees to provide additional disclosure to the Commission if requested.

Positive

• Transparent disclosure of beneficial ownership: 13,865,341 shares (4.67%)
• Sole voting and dispositive power clearly stated for the reported shares
• Filing uses Schedule 13G/A, indicating passive/non-activist position under current rules

Negative

• Ownership below 5% (4.67%), limiting influence compared with a >5% position
• No subsidiary or group details provided, so indirect exposures or allocations are not disclosed

Insights

Corporate Governance Analyst

BN Scotia holds a notable passive stake with full voting and dispositive control.

The filing discloses 13,865,341 shares, equal to 4.67% ownership as of 09/30/2025, and reports sole voting and sole dispositive power. This indicates the institution directly controls how the shares are voted and sold, rather than sharing that authority with other parties.

Because the position is under the 5% threshold, it is reported under Schedule 13G/A and treated as non‑activist/passive in this filing. Monitor any future amendments or additional filings that would show increases above 5% or the formation of a group, which could require Schedule 13D disclosure within a short regulatory timeframe.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

TransAlta Corp.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

89346D107

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 89346D107

1

Names of Reporting Persons

BANK OF NOVA SCOTIA

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 13,865,341.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,865,341.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,865,341.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.67 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TransAlta Corp.
(b)	Address of issuer's principal executive offices: Transalta Place, Suite 1400, 1100 1 St SE, Calgary, ALBERTA, CANADA T2G 1B1
Item 2.
(a)	Name of person filing: BANK OF NOVA SCOTIA
(b)	Address or principal business office or, if none, residence: 40 TEMPERANCE STREET TORONTO, Ontario, Canada M5H 0B4
(c)	Citizenship: BANK OF NOVA SCOTIA - CANADA (FEDERAL LEVEL)
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 89346D107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	a parent holding company, in accordance with 13d-1(b)(1)(ii)(g)
Item 4.	Ownership
(a)	Amount beneficially owned: 13,865,341
(b)	Percent of class: 4.67 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: BANK OF NOVA SCOTIA - 13,865,341
	(ii) Shared power to vote or to direct the vote: BANK OF NOVA SCOTIA - 0
	(iii) Sole power to dispose or to direct the disposition of: BANK OF NOVA SCOTIA - 13,865,341
	(iv) Shared power to dispose or to direct the disposition of: BANK OF NOVA SCOTIA - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to The Bank of Nova Scotia is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BANK OF NOVA SCOTIA

Signature:	Raj Sachdeva
Name/Title:	Vice President, Head of GBM&T Compliance Canada
Date:	10/07/2025

FAQ

What stake does BANK OF NOVA SCOTIA report in TransAlta (TAC)?

The filing reports beneficial ownership of 13,865,341 shares, equal to 4.67% of TransAlta common stock as of 09/30/2025.

Does the filing indicate voting control for the reported TAC shares?

Yes. The filer reports sole voting power and sole dispositive power over all 13,865,341 shares.

Why was a Schedule 13G/A used instead of a Schedule 13D for TAC?

Because the disclosed ownership is under the 5% threshold (4.67%), the filer classified the position as non‑activist and used Schedule 13G/A.

Did the filer report acting as part of a group for TAC shares?

No. The filing indicates the filer is not part of any reporting group and lists related group items as "Not Applicable."

Who signed the Schedule 13G/A for the Bank of Nova Scotia?

The filing is signed by Raj Sachdeva, Vice President, Head of GBM&T Compliance Canada, dated 10/07/2025.