Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OCANF	OCEANAGOLD CORP	736,825	$18.48M	6.2%	—	—	COM NEW	675222400
SVC	SERVICE PPTYS TR	3,446,168	$5.824M	2.0%	—	—	COM SH BEN INT	81761L102
CZR	CAESARS ENTERTAINMENT INC NE	122,773	$3.705M	1.2%	—	—	COM	12769G100
DVN	DEVON ENERGY CORP NEW	72,202	$2.983M	1.0%	—	—	COM	25179M103
QQQ	INVESCO QQQ TR	1,200	$884K	0.3%	—	—	PUT	46090E103
ODVWZ	OSISKO DEVELOPMENT CORP	999,999	$60,200	0.0%	—	—	*W EXP 05/27/202	68828E239

Increased Positions (6)

HBM HUDBAY MINERALS INC 6.1%

Value $18.32M (+93.1%) Shares 775,735 (+71.0%) Est. Cost — Unrealized —

MINE MAYFAIR GOLD CORP 2.1%

Value $6.349M (-15.9%) Shares 2,586,215 (+6.1%) Est. Cost — Unrealized —

AR ANTERO RESOURCES CORP 4.2%

Value $12.43M (+5.6%) Shares 353,602 (+27.5%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.3%

Value $1M (+79.3%) Shares 5,000 (+56.3%) Est. Cost — Unrealized —

GLD SPDR GOLD TR 0.1%

Value $405K (+88.3%) Shares 1,100 (+120.0%) Est. Cost — Unrealized —

GDXJ VANECK ETF TRUST 0.1%

Value $197K (+63.7%) Shares 2,000 (+100.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HBM	HUDBAY MINERALS INC	775,735 (+71.0%)	$18.32M (+93.1%)	6.1%	—	—	COM	443628102
MINE	MAYFAIR GOLD CORP	2,586,215 (+6.1%)	$6.349M (-15.9%)	2.1%	—	—	COM NEW	57808L305
AR	ANTERO RESOURCES CORP	353,602 (+27.5%)	$12.43M (+5.6%)	4.2%	—	—	COM	03674X106
NVDA	NVIDIA CORPORATION	5,000 (+56.3%)	$1M (+79.3%)	0.3%	—	—	PUT	67066G104
GLD	SPDR GOLD TR	1,100 (+120.0%)	$405K (+88.3%)	0.1%	—	—	CALL	78463V107
GDXJ	VANECK ETF TRUST	2,000 (+100.0%)	$197K (+63.7%)	0.1%	—	—	CALL	92189F791

Exited Positions (4)

GDX VANECK ETF TRUST 2.4%

Value $7.027M Shares 76,571 Est. Cost — Unrealized —

CTRA COTERRA ENERGY INC 1.4%

Value $4.203M Shares 119,608 Est. Cost — Unrealized —

GDX VANECK ETF TRUST 0.0%

Value $36,708 Shares 400 Est. Cost — Unrealized —

AAOI APPLIED OPTOELECTRONICS INC 0.0%

Value $16,918 Shares 200 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GDX	VANECK ETF TRUST	76,571	$7.027M	2.4%	—	—	—	92189F106
CTRA	COTERRA ENERGY INC	119,608	$4.203M	1.4%	—	—	—	127097103
GDX	VANECK ETF TRUST	400	$36,708	0.0%	—	—	CALL	92189F106
AAOI	APPLIED OPTOELECTRONICS INC	200	$16,918	0.0%	—	—	CALL	03823U102

Decreased Positions (31)

MGM MGM RESORTS INTERNATIONAL 0.6%

Value $1.832M (-88.2%) Shares 38,308 (-90.9%) Est. Cost — Unrealized —

CDE COEUR MNG INC 7.5%

Value $22.23M (-28.8%) Shares 1,362,024 (-18.1%) Est. Cost — Unrealized —

PSLV SPROTT ASSET MANAGEMENT LP 0.6%

Value $1.745M (-82.9%) Shares 92,500 (-77.9%) Est. Cost — Unrealized —

NXE NEXGEN ENERGY LTD 2.2%

Value $6.58M (-56.2%) Shares 700,757 (-45.9%) Est. Cost — Unrealized —

DIA STATE STR SPDR DOW JONES IND 3.3%

Value $9.81M (-45.5%) Shares 18,779 (-51.7%) Est. Cost — Unrealized —

IAUX I-80 GOLD CORP 8.9%

Value $26.51M (-21.4%) Shares 18,408,054 (-17.0%) Est. Cost — Unrealized —

KREF KKR REAL ESTATE FIN TR INC 1.0%

Value $2.98M (-56.5%) Shares 435,600 (-61.1%) Est. Cost — Unrealized —

DC DAKOTA GOLD CORP 2.3%

Value $6.913M (-31.7%) Shares 1,622,729 (-19.1%) Est. Cost — Unrealized —

ODV OSISKO DEVELOPMENT CORP 1.3%

Value $3.733M (-42.6%) Shares 1,517,491 (-24.1%) Est. Cost — Unrealized —

BZH BEAZER HOMES USA INC 4.8%

Value $14.28M (+23.6%) Shares 509,170 (-15.2%) Est. Cost — Unrealized —

ITRG INTEGRA RES CORP 2.4%

Value $7.144M (-26.0%) Shares 3,147,335 (-11.0%) Est. Cost — Unrealized —

OVV OVINTIV INC 1.9%

Value $5.689M (-27.5%) Shares 108,052 (-18.3%) Est. Cost — Unrealized —

GFR GREENFIRE RES LTD NEW 3.1%

Value $9.111M (-17.7%) Shares 1,612,581 (-7.9%) Est. Cost — Unrealized —

ASTS AST SPACEMOBILE INC 5.0%

Value $14.8M (-10.6%) Shares 166,500 (-16.7%) Est. Cost — Unrealized —

IAUX/WS I-80 GOLD CORP 3.6%

Value $10.69M (-13.4%) Shares 12,572,868 (-2.2%) Est. Cost — Unrealized —

APLE APPLE HOSPITALITY REIT INC 2.1%

Value $6.249M (+34.0%) Shares 371,727 (-8.2%) Est. Cost — Unrealized —

OTGA OTG ACQUISITION CORP. I 0.1%

Value $159K (-90.2%) Shares 15,644 (-90.3%) Est. Cost — Unrealized —

CRGY CRESCENT ENERGY COMPANY 0.3%

Value $903K (-61.8%) Shares 91,925 (-47.5%) Est. Cost — Unrealized —

ACR ACRES COMMERCIAL REALTY CORP 0.9%

Value $2.593M (-28.3%) Shares 145,768 (-22.2%) Est. Cost — Unrealized —

SCVL SHOE STA GROUP INC 2.5%

Value $7.365M (-12.2%) Shares 496,612 (-7.7%) Est. Cost — Unrealized —

GDXJ VANECK ETF TRUST 0.7%

Value $2.114M (-30.4%) Shares 21,515 (-15.0%) Est. Cost — Unrealized —

VZLA VIZSLA SILVER CORP 1.0%

Value $2.878M (-17.0%) Shares 872,153 (-17.0%) Est. Cost — Unrealized —

LAD LITHIA MTRS INC 6.1%

Value $18.27M (-2.8%) Shares 62,888 (-16.4%) Est. Cost — Unrealized —

CVE CENOVUS ENERGY INC 1.4%

Value $4.151M (-10.4%) Shares 167,300 (-4.2%) Est. Cost — Unrealized —

CNTY CENTURY CASINOS INC 0.8%

Value $2.244M (-16.4%) Shares 1,752,854 (-9.3%) Est. Cost — Unrealized —

ARKR ARK RESTAURANTS CORP 0.2%

Value $549K (-27.1%) Shares 93,767 (-18.4%) Est. Cost — Unrealized —

EWZ ISHARES INC 0.1%

Value $432K (-27.9%) Shares 12,524 (-19.7%) Est. Cost — Unrealized —

MLP MAUI LD & PINEAPPLE INC 1.0%

Value $3.122M (-4.4%) Shares 175,598 (-17.3%) Est. Cost — Unrealized —

SOUN SOUNDHOUND AI INC 0.0%

Value $114K (-32.3%) Shares 17,600 (-28.2%) Est. Cost — Unrealized —

DRDBW ROMAN DBDR ACQUISITION CORP 0.0%

Value $19,304 (-45.0%) Shares 78,473 (-52.5%) Est. Cost — Unrealized —

MOBXW MOBIX LABS INC 0.0%

Value $1,024 (-72.8%) Shares 11,493 (-61.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MGM	MGM RESORTS INTERNATIONAL	38,308 (-90.9%)	$1.832M (-88.2%)	0.6%	—	—	COM	552953101
CDE	COEUR MNG INC	1,362,024 (-18.1%)	$22.23M (-28.8%)	7.5%	—	—	COM NEW	192108504
PSLV	SPROTT ASSET MANAGEMENT LP	92,500 (-77.9%)	$1.745M (-82.9%)	0.6%	—	—	PHYSICAL SILVER	85207K107
NXE	NEXGEN ENERGY LTD	700,757 (-45.9%)	$6.58M (-56.2%)	2.2%	—	—	COM	65340P106
DIA	STATE STR SPDR DOW JONES IND	18,779 (-51.7%)	$9.81M (-45.5%)	3.3%	—	—	UT SER 1	78467X109
IAUX	I-80 GOLD CORP	18,408,054 (-17.0%)	$26.51M (-21.4%)	8.9%	—	—	COM	44955L106
KREF	KKR REAL ESTATE FIN TR INC	435,600 (-61.1%)	$2.98M (-56.5%)	1.0%	—	—	COM	48251K100
DC	DAKOTA GOLD CORP	1,622,729 (-19.1%)	$6.913M (-31.7%)	2.3%	—	—	COM	46655E100
ODV	OSISKO DEVELOPMENT CORP	1,517,491 (-24.1%)	$3.733M (-42.6%)	1.3%	—	—	COM NEW	68828E809
BZH	BEAZER HOMES USA INC	509,170 (-15.2%)	$14.28M (+23.6%)	4.8%	—	—	COM NEW	07556Q881
ITRG	INTEGRA RES CORP	3,147,335 (-11.0%)	$7.144M (-26.0%)	2.4%	—	—	COM	45826T509
OVV	OVINTIV INC	108,052 (-18.3%)	$5.689M (-27.5%)	1.9%	—	—	COM	69047Q102
GFR	GREENFIRE RES LTD NEW	1,612,581 (-7.9%)	$9.111M (-17.7%)	3.1%	—	—	COM SHS	39525U107
ASTS	AST SPACEMOBILE INC	166,500 (-16.7%)	$14.8M (-10.6%)	5.0%	—	—	PUT	00217D100
IAUX/WS	I-80 GOLD CORP	12,572,868 (-2.2%)	$10.69M (-13.4%)	3.6%	—	—	*W EXP 11/16/202	44955L155
APLE	APPLE HOSPITALITY REIT INC	371,727 (-8.2%)	$6.249M (+34.0%)	2.1%	—	—	COM NEW	03784Y200
OTGA	OTG ACQUISITION CORP. I	15,644 (-90.3%)	$159K (-90.2%)	0.1%	—	—	ORD CL A	G6791A100
CRGY	CRESCENT ENERGY COMPANY	91,925 (-47.5%)	$903K (-61.8%)	0.3%	—	—	CL A COM	44952J104
ACR	ACRES COMMERCIAL REALTY CORP	145,768 (-22.2%)	$2.593M (-28.3%)	0.9%	—	—	COM NEW	00489Q102
SCVL	SHOE STA GROUP INC	496,612 (-7.7%)	$7.365M (-12.2%)	2.5%	—	—	COM	824889109
GDXJ	VANECK ETF TRUST	21,515 (-15.0%)	$2.114M (-30.4%)	0.7%	—	—	JUNIOR GOLD MINE	92189F791
VZLA	VIZSLA SILVER CORP	872,153 (-17.0%)	$2.878M (-17.0%)	1.0%	—	—	COM NEW	92859G608
LAD	LITHIA MTRS INC	62,888 (-16.4%)	$18.27M (-2.8%)	6.1%	—	—	COM	536797103
CVE	CENOVUS ENERGY INC	167,300 (-4.2%)	$4.151M (-10.4%)	1.4%	—	—	COM	15135U109
CNTY	CENTURY CASINOS INC	1,752,854 (-9.3%)	$2.244M (-16.4%)	0.8%	—	—	COM	156492100
ARKR	ARK RESTAURANTS CORP	93,767 (-18.4%)	$549K (-27.1%)	0.2%	—	—	COM	040712101
EWZ	ISHARES INC	12,524 (-19.7%)	$432K (-27.9%)	0.1%	—	—	MSCI BRAZIL ETF	464286400
MLP	MAUI LD & PINEAPPLE INC	175,598 (-17.3%)	$3.122M (-4.4%)	1.0%	—	—	COM	577345101
SOUN	SOUNDHOUND AI INC	17,600 (-28.2%)	$114K (-32.3%)	0.0%	—	—	PUT	836100107
DRDBW	ROMAN DBDR ACQUISITION CORP	78,473 (-52.5%)	$19,304 (-45.0%)	0.0%	—	—	*W EXP 10/31/203	G7633M112
MOBXW	MOBIX LABS INC	11,493 (-61.8%)	$1,024 (-72.8%)	0.0%	—	—	*W EXP 12/21/202	60743G118

Unchanged Positions (14)

SPPP SPROTT ASSET MANAGEMENT LP 2.3%

Value $6.808M Shares 546,814 Est. Cost — Unrealized —

LWLG LIGHTWAVE LOGIC INC 1.8%

Value $5.441M Shares 575,198 Est. Cost — Unrealized —

SILJ AMPLIFY ETF TR 1.9%

Value $5.576M Shares 215,126 Est. Cost — Unrealized —

AGI ALAMOS GOLD INC 0.4%

Value $1.187M Shares 39,132 Est. Cost — Unrealized —

JILL J JILL INC 0.6%

Value $1.839M Shares 115,865 Est. Cost — Unrealized —

AAOI APPLIED OPTOELECTRONICS INC 0.4%

Value $1.17M Shares 7,900 Est. Cost — Unrealized —

SBSW SIBANYE STILLWATER LTD 0.3%

Value $1.024M Shares 120,666 Est. Cost — Unrealized —

PPTA PERPETUA RESOURCES CORP 0.3%

Value $989K Shares 47,649 Est. Cost — Unrealized —

TRTX TPG RE FIN TR INC 0.9%

Value $2.619M Shares 312,898 Est. Cost — Unrealized —

HNRG HALLADOR ENERGY COMPANY 0.8%

Value $2.348M Shares 135,000 Est. Cost — Unrealized —

EOSE EOS ENERGY ENTERPRISES INC 0.1%

Value $290K Shares 49,400 Est. Cost — Unrealized —

BMM BLUE MOON METALS INC 0.5%

Value $1.565M Shares 244,866 Est. Cost — Unrealized —

OTGAW OTG ACQUISITION CORP. I 0.0%

Value $33,206 Shares 80,822 Est. Cost — Unrealized —

DRDB ROMAN DBDR ACQUISITION CORP 0.5%

Value $1.37M Shares 130,026 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPPP	SPROTT ASSET MANAGEMENT LP	546,814	$6.808M	2.3%	—	—	PHYSICAL PLATINU	85207Q104
LWLG	LIGHTWAVE LOGIC INC	575,198	$5.441M	1.8%	—	—	COM	532275104
SILJ	AMPLIFY ETF TR	215,126	$5.576M	1.9%	—	—	JR SILV MINE ETF	032108649
AGI	ALAMOS GOLD INC	39,132	$1.187M	0.4%	—	—	COM CL A	011532108
JILL	J JILL INC	115,865	$1.839M	0.6%	—	—	COM	46620W201
AAOI	APPLIED OPTOELECTRONICS INC	7,900	$1.17M	0.4%	—	—	COM	03823U102
SBSW	SIBANYE STILLWATER LTD	120,666	$1.024M	0.3%	—	—	SPONSORED ADR	82575P107
PPTA	PERPETUA RESOURCES CORP	47,649	$989K	0.3%	—	—	COM	714266103
TRTX	TPG RE FIN TR INC	312,898	$2.619M	0.9%	—	—	COM	87266M107
HNRG	HALLADOR ENERGY COMPANY	135,000	$2.348M	0.8%	—	—	COM	40609P105
EOSE	EOS ENERGY ENTERPRISES INC	49,400	$290K	0.1%	—	—	PUT	29415C101
BMM	BLUE MOON METALS INC	244,866	$1.565M	0.5%	—	—	COM	09570Q509
OTGAW	OTG ACQUISITION CORP. I	80,822	$33,206	0.0%	—	—	*W EXP 09/05/203	G6791A118
DRDB	ROMAN DBDR ACQUISITION CORP	130,026	$1.37M	0.5%	—	—	ORD SHS CL A	G7633M104