Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HGV	HILTON GRAND VACATIONS INC	2,808,706 (+1.1%)	$147M (+35.3%)	30.6%	—	—	COM	43283X105
CNR	CORE NATURAL RESOURCES INC	169,400 (+17.3%)	$13.56M (-10.4%)	2.8%	—	—	COM SHS	218937100
ASIX	ADVANSIX INC	170,490 (+105.9%)	$3.389M (+67.7%)	0.7%	—	—	COM	00773T101
FLUT	FLUTTER ENTMT PLC	121,976 (+4.3%)	$12.45M (+4.4%)	2.6%	—	—	SHS	G3643J108

Exited Positions (5)

EXE EXPAND ENERGY CORPORATION 2.8%

Value $13.58M Shares 123,700 Est. Cost — Unrealized —

TGB TASEKO MINES LTD 2.8%

Value $13.24M Shares 2,053,209 Est. Cost — Unrealized —

BG BUNGE GLOBAL SA 2.0%

Value $9.82M Shares 77,200 Est. Cost — Unrealized —

SSL SASOL LTD 1.6%

Value $7.871M Shares 607,325 Est. Cost — Unrealized —

ZM ZOOM COMMUNICATIONS INC 1.3%

Value $6.335M Shares 78,800 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXE	EXPAND ENERGY CORPORATION	123,700	$13.58M	2.8%	—	—	—	165167735
TGB	TASEKO MINES LTD	2,053,209	$13.24M	2.8%	—	—	—	876511106
BG	BUNGE GLOBAL SA	77,200	$9.82M	2.0%	—	—	—	H11356104
SSL	SASOL LTD	607,325	$7.871M	1.6%	—	—	—	803866300
ZM	ZOOM COMMUNICATIONS INC	78,800	$6.335M	1.3%	—	—	—	98980L101

Decreased Positions (3)

ESTA ESTABLISHMENT LABS HLDGS INC 12.9%

Value $62.05M (+42.9%) Shares 723,063 (-5.4%) Est. Cost — Unrealized —

ORLA ORLA MNG LTD NEW 1.6%

Value $7.736M (-63.6%) Shares 790,319 (-40.0%) Est. Cost — Unrealized —

AAUC ALLIED GOLD CORP 0.4%

Value $2.025M (-59.2%) Shares 85,234 (-46.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ESTA	ESTABLISHMENT LABS HLDGS INC	723,063 (-5.4%)	$62.05M (+42.9%)	12.9%	—	—	COM	G31249108
ORLA	ORLA MNG LTD NEW	790,319 (-40.0%)	$7.736M (-63.6%)	1.6%	—	—	COM	68634K106
AAUC	ALLIED GOLD CORP	85,234 (-46.8%)	$2.025M (-59.2%)	0.4%	—	—	COM NEW	01921D204

Unchanged Positions (16)

MGM MGM RESORTS INTERNATIONAL 9.4%

Value $45.23M Shares 945,938 Est. Cost — Unrealized —

IAG IAMGOLD CORP 7.8%

Value $37.65M Shares 2,375,300 Est. Cost — Unrealized —

AGI ALAMOS GOLD INC 2.8%

Value $13.63M Shares 449,204 Est. Cost — Unrealized —

CNQ CANADIAN NAT RES LTD MED TER 4.4%

Value $21.03M Shares 532,366 Est. Cost — Unrealized —

DAR DARLING INGREDIENTS INC 4.8%

Value $23.2M Shares 424,841 Est. Cost — Unrealized —

HCC WARRIOR MET COAL INC 2.9%

Value $14.12M Shares 174,000 Est. Cost — Unrealized —

VBNK VERSABANK NEW 1.0%

Value $4.71M Shares 202,925 Est. Cost — Unrealized —

MXCT MAXCYTE INC 0.9%

Value $4.146M Shares 3,370,689 Est. Cost — Unrealized —

KGC KINROSS GOLD CORP 0.9%

Value $4.118M Shares 174,335 Est. Cost — Unrealized —

APPN APPIAN CORP 4.0%

Value $19.22M Shares 839,400 Est. Cost — Unrealized —

BSM BLACK STONE MINERALS L P 2.2%

Value $10.63M Shares 760,877 Est. Cost — Unrealized —

ODV OSISKO DEVELOPMENT CORP 0.6%

Value $2.706M Shares 1,100,000 Est. Cost — Unrealized —

HBM HUDBAY MINERALS INC 1.6%

Value $7.494M Shares 317,389 Est. Cost — Unrealized —

SPGI S&P GLOBAL INC 1.2%

Value $5.702M Shares 14,000 Est. Cost — Unrealized —

NC NACCO INDS INC 1.0%

Value $4.631M Shares 92,520 Est. Cost — Unrealized —

B BARRICK MNG CORP 0.1%

Value $411K Shares 11,200 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MGM	MGM RESORTS INTERNATIONAL	945,938	$45.23M	9.4%	—	—	COM	552953101
IAG	IAMGOLD CORP	2,375,300	$37.65M	7.8%	—	—	COM	450913108
AGI	ALAMOS GOLD INC	449,204	$13.63M	2.8%	—	—	COM CL A	011532108
CNQ	CANADIAN NAT RES LTD MED TER	532,366	$21.03M	4.4%	—	—	COM	136385101
DAR	DARLING INGREDIENTS INC	424,841	$23.2M	4.8%	—	—	COM	237266101
HCC	WARRIOR MET COAL INC	174,000	$14.12M	2.9%	—	—	COM	93627C101
VBNK	VERSABANK NEW	202,925	$4.71M	1.0%	—	—	COM	92512J106
MXCT	MAXCYTE INC	3,370,689	$4.146M	0.9%	—	—	COM	57777K106
KGC	KINROSS GOLD CORP	174,335	$4.118M	0.9%	—	—	COM	496902404
APPN	APPIAN CORP	839,400	$19.22M	4.0%	—	—	CL A	03782L101
BSM	BLACK STONE MINERALS L P	760,877	$10.63M	2.2%	—	—	COM UNIT	09225M101
ODV	OSISKO DEVELOPMENT CORP	1,100,000	$2.706M	0.6%	—	—	COM NEW	68828E809
HBM	HUDBAY MINERALS INC	317,389	$7.494M	1.6%	—	—	COM	443628102
SPGI	S&P GLOBAL INC	14,000	$5.702M	1.2%	—	—	COM	78409V104
NC	NACCO INDS INC	92,520	$4.631M	1.0%	—	—	CL A	629579103
B	BARRICK MNG CORP	11,200	$411K	0.1%	—	—	COM SHS	06849F108