Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CENX	CENTURY ALUM CO	68,837	$4.04M	1.8%	—	—	COM	156431108
FNV	FRANCO NEV CORP	14,833	$3.671M	1.7%	—	—	COM	351858105
NEWP	NEW PAC METALS CORP	616,769	$2.557M	1.2%	—	—	COM	64782A107
EAF	GRAFTECH INTL LTD SR NT	245,668	$1.666M	0.8%	—	—	COM NEW	384313607
PPTA	PERPETUA RESOURCES CORP	56,935	$1.601M	0.7%	—	—	COM	714266103
LAR	LITHIUM ARGENTINA AG	221,317	$1.478M	0.7%	—	—	COM SHS	H5012F103

Increased Positions (9)

SQM SOCIEDAD QUIMICA Y MINERA DE 4.7%

Value $10.31M (+277.1%) Shares 127,379 (+220.5%) Est. Cost — Unrealized —

AU ANGLOGOLD ASHANTI PLC 3.6%

Value $7.905M (+261.4%) Shares 81,189 (+216.6%) Est. Cost — Unrealized —

IAG IAMGOLD CORP 3.3%

Value $7.329M (+256.9%) Shares 389,851 (+213.3%) Est. Cost — Unrealized —

SVM SILVERCORP METALS INC 3.3%

Value $7.116M (+137.0%) Shares 661,970 (+84.4%) Est. Cost — Unrealized —

SSRM SSR MINING IN 2.2%

Value $4.752M (+144.1%) Shares 161,838 (+82.3%) Est. Cost — Unrealized —

STLD STEEL DYNAMICS INC 2.2%

Value $4.743M (+139.6%) Shares 26,350 (+125.5%) Est. Cost — Unrealized —

FCX FREEPORT MCMORAN INC 1.7%

Value $3.814M (+84.7%) Shares 64,893 (+59.6%) Est. Cost — Unrealized —

CCJ CAMECO CORP 1.6%

Value $3.408M (+66.9%) Shares 31,378 (+40.6%) Est. Cost — Unrealized —

EQX EQUINOX GOLD CORP 1.4%

Value $3.053M (+49.2%) Shares 211,493 (+45.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SQM	SOCIEDAD QUIMICA Y MINERA DE	127,379 (+220.5%)	$10.31M (+277.1%)	4.7%	—	—	SPON ADR SER B	833635105
AU	ANGLOGOLD ASHANTI PLC	81,189 (+216.6%)	$7.905M (+261.4%)	3.6%	—	—	COM SHS	G0378L100
IAG	IAMGOLD CORP	389,851 (+213.3%)	$7.329M (+256.9%)	3.3%	—	—	COM	450913108
SVM	SILVERCORP METALS INC	661,970 (+84.4%)	$7.116M (+137.0%)	3.3%	—	—	COM	82835P103
SSRM	SSR MINING IN	161,838 (+82.3%)	$4.752M (+144.1%)	2.2%	—	—	COM	784730103
STLD	STEEL DYNAMICS INC	26,350 (+125.5%)	$4.743M (+139.6%)	2.2%	—	—	COM	858119100
FCX	FREEPORT MCMORAN INC	64,893 (+59.6%)	$3.814M (+84.7%)	1.7%	—	—	CL B	35671D857
CCJ	CAMECO CORP	31,378 (+40.6%)	$3.408M (+66.9%)	1.6%	—	—	COM	13321L108
EQX	EQUINOX GOLD CORP	211,493 (+45.3%)	$3.053M (+49.2%)	1.4%	—	—	COM	29446Y502

Exited Positions (7)

B BARRICK MNG CORP 1.9%

Value $4.189M Shares 96,183 Est. Cost — Unrealized —

EGO ELDORADO GOLD CORP NEW 1.8%

Value $3.975M Shares 110,608 Est. Cost — Unrealized —

ERO ERO COPPER CORP 1.2%

Value $2.692M Shares 94,874 Est. Cost — Unrealized —

CDE COEUR MNG INC 0.9%

Value $2.036M Shares 114,205 Est. Cost — Unrealized —

NEM NEWMONT CORP 0.9%

Value $1.947M Shares 19,495 Est. Cost — Unrealized —

ASTL ALGOMA STL GROUP INC 0.7%

Value $1.571M Shares 381,728 Est. Cost — Unrealized —

GSM FERROGLOBE PLC 0.4%

Value $858K Shares 184,883 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
B	BARRICK MNG CORP	96,183	$4.189M	1.9%	—	—	—	06849F108
EGO	ELDORADO GOLD CORP NEW	110,608	$3.975M	1.8%	—	—	—	284902509
ERO	ERO COPPER CORP	94,874	$2.692M	1.2%	—	—	—	296006109
CDE	COEUR MNG INC	114,205	$2.036M	0.9%	—	—	—	192108504
NEM	NEWMONT CORP	19,495	$1.947M	0.9%	—	—	—	651639106
ASTL	ALGOMA STL GROUP INC	381,728	$1.571M	0.7%	—	—	—	015658107
GSM	FERROGLOBE PLC	184,883	$858K	0.4%	—	—	—	G33856108

Decreased Positions (4)

SLSR SOLARIS RES INC 10.6%

Value $23.17M (-42.2%) Shares 2,700,000 (-46.0%) Est. Cost — Unrealized —

DC DAKOTA GOLD CORP 9.6%

Value $21.12M (-28.2%) Shares 4,181,766 (-19.3%) Est. Cost — Unrealized —

IAUX I-80 GOLD CORP 8.7%

Value $19.01M (-25.7%) Shares 12,537,281 (-27.8%) Est. Cost — Unrealized —

MEOH METHANEX CORP 2.5%

Value $5.486M (+9.5%) Shares 92,107 (-27.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SLSR	SOLARIS RES INC	2,700,000 (-46.0%)	$23.17M (-42.2%)	10.6%	—	—	COM NEW	83419D201
DC	DAKOTA GOLD CORP	4,181,766 (-19.3%)	$21.12M (-28.2%)	9.6%	—	—	COM	46655E100
IAUX	I-80 GOLD CORP	12,537,281 (-27.8%)	$19.01M (-25.7%)	8.7%	—	—	COM	44955L106
MEOH	METHANEX CORP	92,107 (-27.1%)	$5.486M (+9.5%)	2.5%	—	—	COM	59151K108

Unchanged Positions (1)

SKE SKEENA RES LTD NEW 37.8%

Value $82.64M Shares 2,775,640 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SKE	SKEENA RES LTD NEW	2,775,640	$82.64M	37.8%	—	—	COM	83056P715