Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RDN	RADIAN GROUP INC	817,512 (+176.9%)	$30.8M (+215.3%)	4.9%	$36.25	—	COM	750236101
GAU	GALIANO GOLD INC	14,125,317 (+120.4%)	$26.39M (+65.1%)	4.2%	$1.66	—	COM	36352H100
RLJ	RLJ LODGING TR	2,049,425 (+2.5%)	$24.29M (+63.7%)	3.8%	$7.55	—	COM	74965L101
VET	VERMILION ENERGY INC	3,260,428 (+27.3%)	$30.5M (-13.3%)	4.8%	$8.75	—	COM	923725105
SM	SM ENERGY COMPANY	778,851 (+41.2%)	$20.33M (+18.2%)	3.2%	$21.70	—	COM	78454L100
BSET	BASSETT FURNITURE INDS INC	550,413 (+4.4%)	$9.753M (+30.8%)	1.5%	$14.48	—	COM	070203104
GFR	GREENFIRE RES LTD NEW	777,716 (+86.3%)	$4.394M (+66.5%)	0.7%	$5.36	—	COM SHS	39525U107
HNNA	HENNESSY ADVISORS INC	170,768 (+20.8%)	$1.733M (+25.8%)	0.3%	$7.65	—	COM	425885100

Unchanged Positions (29)

EQX EQUINOX GOLD CORP 6.0%

Value $37.7M Shares 3,870,237 Est. Cost $4.87 Unrealized —

PDS PRECISION DRILLING CORP 6.1%

Value $38.7M Shares 504,059 Est. Cost $56.91 Unrealized —

CVE CENOVUS ENERGY INC 13.5%

Value $85.64M Shares 3,451,821 Est. Cost $16.90 Unrealized —

HOG HARLEY DAVIDSON INC 5.3%

Value $33.49M Shares 1,369,000 Est. Cost $20.30 Unrealized —

ASIX ADVANSIX INC 3.8%

Value $24.05M Shares 1,209,629 Est. Cost $17.36 Unrealized —

TDW TIDEWATER INC NEW 2.9%

Value $18.43M Shares 276,529 Est. Cost $47.23 Unrealized —

MOS MOSAIC CO 2.9%

Value $18.09M Shares 853,638 Est. Cost $26.75 Unrealized —

CLDT CHATHAM LODGING TR 1.4%

Value $8.977M Shares 678,530 Est. Cost $6.81 Unrealized —

NGS NATURAL GAS SVCS GROUP INC 4.0%

Value $25.23M Shares 584,872 Est. Cost $10.23 Unrealized —

INBK FIRST INTERNET BANCORP 1.6%

Value $9.848M Shares 354,261 Est. Cost $20.50 Unrealized —

RYZ RYERSON HLDG CORP 4.3%

Value $27.49M Shares 1,116,978 Est. Cost $24.86 Unrealized —

EFXT ENERFLEX LTD 2.1%

Value $13.53M Shares 551,151 Est. Cost $5.50 Unrealized —

HNRG HALLADOR ENERGY COMPANY 5.0%

Value $31.51M Shares 1,812,026 Est. Cost $8.24 Unrealized —

PBF PBF ENERGY INC 4.5%

Value $28.24M Shares 620,289 Est. Cost $19.01 Unrealized —

EGO ELDORADO GOLD CORP NEW 1.9%

Value $12.07M Shares 387,779 Est. Cost $7.12 Unrealized —

WHG WESTWOOD HLDGS GROUP INC 0.3%

Value $1.915M Shares 99,926 Est. Cost $10.53 Unrealized —

MERC MERCER INTL INC 0.0%

Value $204K Shares 308,927 Est. Cost $7.06 Unrealized —

NOA NORTH AMERN CONSTR GROUP LTD 2.2%

Value $13.8M Shares 1,038,177 Est. Cost $14.50 Unrealized —

ASTL ALGOMA STL GROUP INC 1.1%

Value $7.234M Shares 1,786,122 Est. Cost $6.49 Unrealized —

SLV ISHARES SILVER TR 0.1%

Value $473K Shares 8,842 Est. Cost $22.02 Unrealized —

ASC ARDMORE SHIPPING CORP 0.2%

Value $1.255M Shares 89,612 Est. Cost $7.85 Unrealized —

ACTG ACACIA RESH CORP 0.4%

Value $2.288M Shares 491,086 Est. Cost $3.94 Unrealized —

IAUX I-80 GOLD CORP 0.3%

Value $1.636M Shares 1,126,349 Est. Cost $2.30 Unrealized —

CEF SPROTT ASSET MANAGEMENT LP 0.0%

Value $301K Shares 7,474 Est. Cost $28.41 Unrealized —

GLD SPDR GOLD TR 0.0%

Value $305K Shares 828 Est. Cost $191.17 Unrealized —

XPL SOLITARIO RESOURCES CORP 0.1%

Value $476K Shares 632,458 Est. Cost $0.39 Unrealized —

— DAKOTA GOLD CORP 0.0%

Value $128K Shares 30,000 Est. Cost $5.05 Unrealized —

WFG WEST FRASER TIMBER CO LTD 0.0%

Value $213K Shares 3,142 Est. Cost $69.34 Unrealized —

VLGEA VILLAGE SUPER MKT INC 0.4%

Value $2.351M Shares 55,733 Est. Cost $34.33 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EQX	EQUINOX GOLD CORP	3,870,237	$37.7M	6.0%	$4.87	—	COM	29446Y502
PDS	PRECISION DRILLING CORP	504,059	$38.7M	6.1%	$56.91	—	COM NEW	74022D407
CVE	CENOVUS ENERGY INC	3,451,821	$85.64M	13.5%	$16.90	—	COM	15135U109
HOG	HARLEY DAVIDSON INC	1,369,000	$33.49M	5.3%	$20.30	—	COM	412822108
ASIX	ADVANSIX INC	1,209,629	$24.05M	3.8%	$17.36	—	COM	00773T101
TDW	TIDEWATER INC NEW	276,529	$18.43M	2.9%	$47.23	—	COM	88642R109
MOS	MOSAIC CO	853,638	$18.09M	2.9%	$26.75	—	COM	61945C103
CLDT	CHATHAM LODGING TR	678,530	$8.977M	1.4%	$6.81	—	COM	16208T102
NGS	NATURAL GAS SVCS GROUP INC	584,872	$25.23M	4.0%	$10.23	—	COM	63886Q109
INBK	FIRST INTERNET BANCORP	354,261	$9.848M	1.6%	$20.50	—	COM	320557101
RYZ	RYERSON HLDG CORP	1,116,978	$27.49M	4.3%	$24.86	—	COM	783754104
EFXT	ENERFLEX LTD	551,151	$13.53M	2.1%	$5.50	—	COM	29269R105
HNRG	HALLADOR ENERGY COMPANY	1,812,026	$31.51M	5.0%	$8.24	—	COM	40609P105
PBF	PBF ENERGY INC	620,289	$28.24M	4.5%	$19.01	—	CL A	69318G106
EGO	ELDORADO GOLD CORP NEW	387,779	$12.07M	1.9%	$7.12	—	COM	284902509
WHG	WESTWOOD HLDGS GROUP INC	99,926	$1.915M	0.3%	$10.53	—	COM	961765104
MERC	MERCER INTL INC	308,927	$204K	0.0%	$7.06	—	COM	588056101
NOA	NORTH AMERN CONSTR GROUP LTD	1,038,177	$13.8M	2.2%	$14.50	—	COM	656811106
ASTL	ALGOMA STL GROUP INC	1,786,122	$7.234M	1.1%	$6.49	—	COM	015658107
SLV	ISHARES SILVER TR	8,842	$473K	0.1%	$22.02	—	ISHARES	46428Q109
ASC	ARDMORE SHIPPING CORP	89,612	$1.255M	0.2%	$7.85	—	COM	Y0207T100
ACTG	ACACIA RESH CORP	491,086	$2.288M	0.4%	$3.94	—	ACACIA TCH COM	003881307
IAUX	I-80 GOLD CORP	1,126,349	$1.636M	0.3%	$2.30	—	COM	44955L106
CEF	SPROTT ASSET MANAGEMENT LP	7,474	$301K	0.0%	$28.41	—	PHYSICAL GOLD AN	85208R101
GLD	SPDR GOLD TR	828	$305K	0.0%	$191.17	—	GOLD SHS	78463V107
XPL	SOLITARIO RESOURCES CORP	632,458	$476K	0.1%	$0.39	—	COM	8342EP107
—	DAKOTA GOLD CORP	30,000	$128K	0.0%	$5.05	—	COM	46655e100
WFG	WEST FRASER TIMBER CO LTD	3,142	$213K	0.0%	$69.34	—	COM	952845105
VLGEA	VILLAGE SUPER MKT INC	55,733	$2.351M	0.4%	$34.33	—	CL A NEW	927107409