Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ITRG	INTEGRA RES CORP	3,536,056	$9.653M	2.8%	$3.96	0.0%	COM	45826T509
MINE	MAYFAIR GOLD CORP	2,438,552	$7.547M	2.2%	$3.09	—	COM NEW	57808L305
CVE	CENOVUS ENERGY INC	174,700	$4.635M	1.3%	$19.61	0.0%	COM	15135U109
BMM	BLUE MOON METALS INC	244,866	$1.601M	0.5%	$4.07	0.0%	COM	09570Q509
JILL	J JILL INC	115,865	$1.328M	0.4%	$16.13	0.0%	COM	46620W201
AAOI	APPLIED OPTOELECTRONICS INC	7,900	$668K	0.2%	$41.81	0.0%	COM	03823U102
AAOI	APPLIED OPTOELECTRONICS INC	200	$16,918	0.0%	$41.81	0.0%	CALL	03823U102

Increased Positions (8)

CDE COEUR MNG INC 8.9%

Value $31.2M (+140.3%) Shares 1,662,133 (+128.3%) Est. Cost $15.49 Unrealized +44.1%

LAD LITHIA MTRS INC 5.4%

Value $18.79M (+591.8%) Shares 75,241 (+820.7%) Est. Cost $321.30 Unrealized +0.1%

ASTS AST SPACEMOBILE INC 4.7%

Value $16.56M (+320.6%) Shares 199,800 (+268.6%) Est. Cost — Unrealized —

OVV OVINTIV INC 2.3%

Value $7.85M (+1000.7%) Shares 132,252 (+626.7%) Est. Cost $43.00 Unrealized +1.6%

KREF KKR REAL ESTATE FIN TR INC 2.0%

Value $6.853M (-23.6%) Shares 1,119,822 (+2.6%) Est. Cost $8.42 Unrealized —

DC DAKOTA GOLD CORP 2.9%

Value $10.13M (+20.4%) Shares 2,005,427 (+35.4%) Est. Cost $5.16 Unrealized +19.6%

MLP MAUI LD & PINEAPPLE INC 0.9%

Value $3.266M (+43.4%) Shares 212,218 (+57.9%) Est. Cost $18.36 Unrealized -7.7%

ARKR ARK RESTAURANTS CORP 0.2%

Value $754K (+4.8%) Shares 114,946 (+7.1%) Est. Cost $7.11 Unrealized -5.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CDE	COEUR MNG INC	1,662,133 (+128.3%)	$31.2M (+140.3%)	8.9%	$15.49	+44.1%	COM NEW	192108504
LAD	LITHIA MTRS INC	75,241 (+820.7%)	$18.79M (+591.8%)	5.4%	$321.30	+0.1%	COM	536797103
ASTS	AST SPACEMOBILE INC	199,800 (+268.6%)	$16.56M (+320.6%)	4.7%	—	—	PUT	00217D100
OVV	OVINTIV INC	132,252 (+626.7%)	$7.85M (+1000.7%)	2.3%	$43.00	+1.6%	COM	69047Q102
KREF	KKR REAL ESTATE FIN TR INC	1,119,822 (+2.6%)	$6.853M (-23.6%)	2.0%	$8.42	—	COM	48251K100
DC	DAKOTA GOLD CORP	2,005,427 (+35.4%)	$10.13M (+20.4%)	2.9%	$5.16	+19.6%	COM	46655E100
MLP	MAUI LD & PINEAPPLE INC	212,218 (+57.9%)	$3.266M (+43.4%)	0.9%	$18.36	-7.7%	COM	577345101
ARKR	ARK RESTAURANTS CORP	114,946 (+7.1%)	$754K (+4.8%)	0.2%	$7.11	-5.6%	COM	040712101

Exited Positions (14)

NGD NEW GOLD INC CDA 4.7%

Value $16.31M Shares 1,872,682 Est. Cost $2.66 Unrealized +312.0%

SLV ISHARES SILVER TR 4.3%

Value $15.07M Shares 234,000 Est. Cost — Unrealized —

CRDO CREDO TECHNOLOGY GROUP HOLDI 3.1%

Value $10.71M Shares 74,400 Est. Cost — Unrealized —

QQQ INVESCO QQQ TR 2.9%

Value $10.14M Shares 16,500 Est. Cost — Unrealized —

SDRL SEADRILL LTD 1.2%

Value $4.305M Shares 124,431 Est. Cost $37.67 Unrealized +3.5%

GLD SPDR GOLD TR 1.1%

Value $3.772M Shares 9,517 Est. Cost $318.53 Unrealized —

FEIM FREQUENCY ELECTRS INC 0.9%

Value $3.102M Shares 57,617 Est. Cost $14.06 Unrealized +277.0%

PK PARK HOTELS & RESORTS INC 0.6%

Value $2.129M Shares 203,524 Est. Cost $10.46 Unrealized —

MNR MACH NATURAL RESOURCES LP 0.4%

Value $1.488M Shares 134,780 Est. Cost $16.49 Unrealized —

BBWI BATH & BODY WORKS INC 0.3%

Value $1.185M Shares 59,017 Est. Cost $21.72 Unrealized +3.2%

SOC SABLE OFFSHORE CORP 0.2%

Value $749K Shares 83,005 Est. Cost $18.00 Unrealized -46.6%

CGAU CENTERRA GOLD INC 0.2%

Value $587K Shares 40,818 Est. Cost $5.17 Unrealized +240.2%

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value $298K Shares 6,000 Est. Cost — Unrealized —

SILJ AMPLIFY ETF TR 0.0%

Value $58,107 Shares 2,100 Est. Cost $9.93 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NGD	NEW GOLD INC CDA	1,872,682	$16.31M	4.7%	$2.66	+312.0%	—	644535106
SLV	ISHARES SILVER TR	234,000	$15.07M	4.3%	—	—	CALL	46428Q109
CRDO	CREDO TECHNOLOGY GROUP HOLDI	74,400	$10.71M	3.1%	—	—	PUT	G25457105
QQQ	INVESCO QQQ TR	16,500	$10.14M	2.9%	—	—	PUT	46090E103
SDRL	SEADRILL LTD	124,431	$4.305M	1.2%	$37.67	+3.5%	—	G7997W102
GLD	SPDR GOLD TR	9,517	$3.772M	1.1%	$318.53	—	—	78463V107
FEIM	FREQUENCY ELECTRS INC	57,617	$3.102M	0.9%	$14.06	+277.0%	—	358010106
PK	PARK HOTELS & RESORTS INC	203,524	$2.129M	0.6%	$10.46	—	—	700517105
MNR	MACH NATURAL RESOURCES LP	134,780	$1.488M	0.4%	$16.49	—	—	55445L100
BBWI	BATH & BODY WORKS INC	59,017	$1.185M	0.3%	$21.72	+3.2%	—	070830104
SOC	SABLE OFFSHORE CORP	83,005	$749K	0.2%	$18.00	-46.6%	—	78574H104
CGAU	CENTERRA GOLD INC	40,818	$587K	0.2%	$5.17	+240.2%	—	152006102
IBIT	ISHARES BITCOIN TRUST ETF	6,000	$298K	0.1%	—	—	CALL	46438F101
SILJ	AMPLIFY ETF TR	2,100	$58,107	0.0%	$9.93	—	CALL	032108649

Decreased Positions (33)

GDX VANECK ETF TRUST 2.0%

Value $7.027M (-58.9%) Shares 76,571 (-61.6%) Est. Cost $30.18 Unrealized —

MGM MGM RESORTS INTERNATIONAL 4.5%

Value $15.52M (-34.4%) Shares 419,339 (-35.3%) Est. Cost $37.08 Unrealized -5.4%

HBM HUDBAY MINERALS INC 2.7%

Value $9.483M (-45.0%) Shares 453,745 (-47.7%) Est. Cost $6.24 Unrealized +292.1%

GLD SPDR GOLD TR 0.1%

Value $215K (-97.3%) Shares 500 (-97.5%) Est. Cost $318.53 Unrealized —

NVDA NVIDIA CORPORATION 0.2%

Value $558K (-93.0%) Shares 3,200 (-92.6%) Est. Cost — Unrealized —

HNRG HALLADOR ENERGY COMPANY 0.6%

Value $2.198M (-76.8%) Shares 135,000 (-72.9%) Est. Cost $13.68 Unrealized +40.1%

DIA STATE STR SPDR DOW JONES IND 5.2%

Value $18.01M (-28.2%) Shares 38,880 (-25.5%) Est. Cost $480.57 Unrealized —

GDXJ VANECK ETF TRUST 0.9%

Value $3.039M (-69.1%) Shares 25,315 (-70.7%) Est. Cost $41.70 Unrealized —

EOSE EOS ENERGY ENTERPRISES INC 0.1%

Value $245K (-95.1%) Shares 49,400 (-88.8%) Est. Cost — Unrealized —

CTRA COTERRA ENERGY INC 1.2%

Value $4.203M (-50.8%) Shares 119,608 (-63.2%) Est. Cost $25.84 Unrealized +9.6%

SPPP SPROTT ASSET MANAGEMENT LP 2.4%

Value $8.492M (-26.1%) Shares 546,814 (-19.9%) Est. Cost $11.72 Unrealized —

VZLA VIZSLA SILVER CORP 1.0%

Value $3.467M (-44.6%) Shares 1,050,567 (-8.2%) Est. Cost $2.13 Unrealized +141.1%

SCVL SHOE CARNIVAL INC 2.4%

Value $8.385M (-19.8%) Shares 537,845 (-13.2%) Est. Cost $18.94 Unrealized +3.2%

GDX VANECK ETF TRUST 0.0%

Value $36,708 (-97.9%) Shares 400 (-98.0%) Est. Cost $30.18 Unrealized —

LWLG LIGHTWAVE LOGIC INC 1.2%

Value $4.044M (+66.4%) Shares 575,198 (-23.3%) Est. Cost $4.44 Unrealized -14.2%

ACR ACRES COMMERCIAL REALTY CORP 1.0%

Value $3.618M (-24.6%) Shares 187,283 (-16.8%) Est. Cost $14.08 Unrealized —

BZH BEAZER HOMES USA INC 3.3%

Value $11.56M (-9.0%) Shares 600,677 (-4.1%) Est. Cost $24.94 Unrealized -2.5%

APLE APPLE HOSPITALITY REIT INC 1.3%

Value $4.662M (-18.0%) Shares 405,027 (-15.5%) Est. Cost $11.85 Unrealized —

GFR GREENFIRE RES LTD NEW 3.2%

Value $11.07M (+10.1%) Shares 1,751,837 (-17.1%) Est. Cost $5.38 Unrealized +0.2%

TRTX TPG RE FIN TR INC 0.7%

Value $2.444M (-27.1%) Shares 312,898 (-19.6%) Est. Cost $7.97 Unrealized —

SILJ AMPLIFY ETF TR 1.8%

Value $6.394M (-10.7%) Shares 215,126 (-16.8%) Est. Cost $9.93 Unrealized —

OTGA OTG ACQUISITION CORP. I 0.5%

Value $1.626M (-30.8%) Shares 161,644 (-31.2%) Est. Cost $10.02 Unrealized +0.3%

SBSW SIBANYE STILLWATER LTD 0.4%

Value $1.487M (-30.5%) Shares 120,666 (-19.6%) Est. Cost $11.24 Unrealized —

CRGY CRESCENT ENERGY COMPANY 0.7%

Value $2.363M (+29.3%) Shares 175,035 (-19.7%) Est. Cost $9.74 Unrealized -4.2%

NXE NEXGEN ENERGY LTD 4.3%

Value $15.04M (+2.2%) Shares 1,296,448 (-18.9%) Est. Cost $6.26 Unrealized +90.1%

IAUX I-80 GOLD CORP 9.7%

Value $33.71M (+1.0%) Shares 22,177,102 (-3.0%) Est. Cost $0.59 Unrealized +199.1%

AR ANTERO RESOURCES CORP 3.4%

Value $11.77M (+1.9%) Shares 277,302 (-17.3%) Est. Cost $30.93 Unrealized +9.3%

CNTY CENTURY CASINOS INC 0.8%

Value $2.685M (-7.4%) Shares 1,931,668 (-11.4%) Est. Cost $5.54 Unrealized -71.8%

PPTA PERPETUA RESOURCES CORP 0.4%

Value $1.34M (-10.8%) Shares 47,649 (-23.2%) Est. Cost $3.30 Unrealized +819.3%

AGI ALAMOS GOLD INC 0.5%

Value $1.739M (-6.9%) Shares 39,132 (-19.2%) Est. Cost $12.54 Unrealized +239.2%

IAUX/WS I-80 GOLD CORP 3.5%

Value $12.34M (+1.0%) Shares 12,857,543 (-1.1%) Est. Cost $0.44 Unrealized —

GDXJ VANECK ETF TRUST 0.0%

Value $120K (-18.8%) Shares 1,000 (-23.1%) Est. Cost $41.70 Unrealized —

OTGAW OTG ACQUISITION CORP. I 0.0%

Value $20,214 (-46.2%) Shares 80,822 (-31.2%) Est. Cost $0.32 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GDX	VANECK ETF TRUST	76,571 (-61.6%)	$7.027M (-58.9%)	2.0%	$30.18	—	GOLD MINERS ETF	92189F106
MGM	MGM RESORTS INTERNATIONAL	419,339 (-35.3%)	$15.52M (-34.4%)	4.5%	$37.08	-5.4%	COM	552953101
HBM	HUDBAY MINERALS INC	453,745 (-47.7%)	$9.483M (-45.0%)	2.7%	$6.24	+292.1%	COM	443628102
GLD	SPDR GOLD TR	500 (-97.5%)	$215K (-97.3%)	0.1%	$318.53	—	CALL	78463V107
NVDA	NVIDIA CORPORATION	3,200 (-92.6%)	$558K (-93.0%)	0.2%	—	—	PUT	67066G104
HNRG	HALLADOR ENERGY COMPANY	135,000 (-72.9%)	$2.198M (-76.8%)	0.6%	$13.68	+40.1%	COM	40609P105
DIA	STATE STR SPDR DOW JONES IND	38,880 (-25.5%)	$18.01M (-28.2%)	5.2%	$480.57	—	UT SER 1	78467X109
GDXJ	VANECK ETF TRUST	25,315 (-70.7%)	$3.039M (-69.1%)	0.9%	$41.70	—	JUNIOR GOLD MINE	92189F791
EOSE	EOS ENERGY ENTERPRISES INC	49,400 (-88.8%)	$245K (-95.1%)	0.1%	—	—	PUT	29415C101
CTRA	COTERRA ENERGY INC	119,608 (-63.2%)	$4.203M (-50.8%)	1.2%	$25.84	+9.6%	COM	127097103
SPPP	SPROTT ASSET MANAGEMENT LP	546,814 (-19.9%)	$8.492M (-26.1%)	2.4%	$11.72	—	PHYSICAL PLATINU	85207Q104
VZLA	VIZSLA SILVER CORP	1,050,567 (-8.2%)	$3.467M (-44.6%)	1.0%	$2.13	+141.1%	COM NEW	92859G608
SCVL	SHOE CARNIVAL INC	537,845 (-13.2%)	$8.385M (-19.8%)	2.4%	$18.94	+3.2%	COM	824889109
GDX	VANECK ETF TRUST	400 (-98.0%)	$36,708 (-97.9%)	0.0%	$30.18	—	CALL	92189F106
LWLG	LIGHTWAVE LOGIC INC	575,198 (-23.3%)	$4.044M (+66.4%)	1.2%	$4.44	-14.2%	COM	532275104
ACR	ACRES COMMERCIAL REALTY CORP	187,283 (-16.8%)	$3.618M (-24.6%)	1.0%	$14.08	—	COM NEW	00489Q102
BZH	BEAZER HOMES USA INC	600,677 (-4.1%)	$11.56M (-9.0%)	3.3%	$24.94	-2.5%	COM NEW	07556Q881
APLE	APPLE HOSPITALITY REIT INC	405,027 (-15.5%)	$4.662M (-18.0%)	1.3%	$11.85	—	COM NEW	03784Y200
GFR	GREENFIRE RES LTD NEW	1,751,837 (-17.1%)	$11.07M (+10.1%)	3.2%	$5.38	+0.2%	COM SHS	39525U107
TRTX	TPG RE FIN TR INC	312,898 (-19.6%)	$2.444M (-27.1%)	0.7%	$7.97	—	COM	87266M107
SILJ	AMPLIFY ETF TR	215,126 (-16.8%)	$6.394M (-10.7%)	1.8%	$9.93	—	AMPLIFY JUNIOR S	032108649
OTGA	OTG ACQUISITION CORP. I	161,644 (-31.2%)	$1.626M (-30.8%)	0.5%	$10.02	+0.3%	ORD CL A	G6791A100
SBSW	SIBANYE STILLWATER LTD	120,666 (-19.6%)	$1.487M (-30.5%)	0.4%	$11.24	—	SPONSORED ADR	82575P107
CRGY	CRESCENT ENERGY COMPANY	175,035 (-19.7%)	$2.363M (+29.3%)	0.7%	$9.74	-4.2%	CL A COM	44952J104
NXE	NEXGEN ENERGY LTD	1,296,448 (-18.9%)	$15.04M (+2.2%)	4.3%	$6.26	+90.1%	COM	65340P106
IAUX	I-80 GOLD CORP	22,177,102 (-3.0%)	$33.71M (+1.0%)	9.7%	$0.59	+199.1%	COM	44955L106
AR	ANTERO RESOURCES CORP	277,302 (-17.3%)	$11.77M (+1.9%)	3.4%	$30.93	+9.3%	COM	03674X106
CNTY	CENTURY CASINOS INC	1,931,668 (-11.4%)	$2.685M (-7.4%)	0.8%	$5.54	-71.8%	COM	156492100
PPTA	PERPETUA RESOURCES CORP	47,649 (-23.2%)	$1.34M (-10.8%)	0.4%	$3.30	+819.3%	COM	714266103
AGI	ALAMOS GOLD INC	39,132 (-19.2%)	$1.739M (-6.9%)	0.5%	$12.54	+239.2%	COM CL A	011532108
IAUX/WS	I-80 GOLD CORP	12,857,543 (-1.1%)	$12.34M (+1.0%)	3.5%	$0.44	—	*W EXP 11/16/202	44955L155
GDXJ	VANECK ETF TRUST	1,000 (-23.1%)	$120K (-18.8%)	0.0%	$41.70	—	CALL	92189F791
OTGAW	OTG ACQUISITION CORP. I	80,822 (-31.2%)	$20,214 (-46.2%)	0.0%	$0.32	—	*W EXP 09/05/203	G6791A118

Unchanged Positions (7)

ODV OSISKO DEVELOPMENT CORP 1.9%

Value $6.5M Shares 2,000,000 Est. Cost $2.65 Unrealized +40.2%

PSLV SPROTT ASSET MANAGEMENT LP 2.9%

Value $10.22M Shares 419,082 Est. Cost $11.90 Unrealized —

EWZ ISHARES INC 0.2%

Value $599K Shares 15,600 Est. Cost $31.77 Unrealized —

SOUN SOUNDHOUND AI INC 0.0%

Value $168K Shares 24,500 Est. Cost — Unrealized —

DRDBW ROMAN DBDR ACQUISITION CORP 0.0%

Value $35,092 Shares 165,217 Est. Cost $0.32 Unrealized —

DRDB ROMAN DBDR ACQUISITION CORP 0.4%

Value $1.361M Shares 130,026 Est. Cost $9.96 Unrealized +5.1%

MOBXW MOBIX LABS INC 0.0%

Value $3,762 Shares 30,093 Est. Cost $0.21 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ODV	OSISKO DEVELOPMENT CORP	2,000,000	$6.5M	1.9%	$2.65	+40.2%	COM NEW	68828E809
PSLV	SPROTT ASSET MANAGEMENT LP	419,082	$10.22M	2.9%	$11.90	—	PHYSICAL SILVER	85207K107
EWZ	ISHARES INC	15,600	$599K	0.2%	$31.77	—	MSCI BRAZIL ETF	464286400
SOUN	SOUNDHOUND AI INC	24,500	$168K	0.0%	—	—	PUT	836100107
DRDBW	ROMAN DBDR ACQUISITION CORP	165,217	$35,092	0.0%	$0.32	—	*W EXP 10/31/203	G7633M112
DRDB	ROMAN DBDR ACQUISITION CORP	130,026	$1.361M	0.4%	$9.96	+5.1%	ORD SHS CL A	G7633M104
MOBXW	MOBIX LABS INC	30,093	$3,762	0.0%	$0.21	—	*W EXP 12/21/202	60743G118