Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
STLD	STEEL DYNAMICS INC	305,700	$34.8M	9.0%	$113.85 *	$130.47	0.0%	COM	858119100
ASTL	ALGOMA STL GROUP INC	3,497,531	$33.82M	8.8%	$9.67 *	$7.59	+33.4%	COM	015658107
—	WARRIOR MET COAL INC	588,900	$32.16M	8.4%	$54.61	—	—	Call	93627C901
SDRL	SEADRILL 2021 LTD	700,448	$26.86M	7.0%	$38.35	$43.27	-10.4%	COM	G7997W102
CHRD	CHORD ENERGY CORPORATION	161,300	$18.45M	4.8%	$114.36 *	$118.27	0.0%	COM NEW	674215207
DAR	DARLING INGREDIENTS INC	520,354	$17.19M	4.5%	$33.04 *	$38.01	-0.5%	COM	237266101
—	NUCOR CORP	146,100	$16.93M	4.4%	$115.86	—	—	Call	670346905
NUE	NUCOR CORP	143,700	$16.67M	4.3%	$116.03 *	$140.88	0.0%	COM	670346105
PSX	PHILLIPS 66	148,500	$16.63M	4.3%	$111.99 *	$131.90	-7.5%	COM	718546104
—	STEEL DYNAMICS INC	139,600	$15.88M	4.1%	$113.73	—	—	Call	858119900
HCC	WARRIOR MET COAL INC	220,682	$12.04M	3.1%	$54.58 *	$63.89	0.0%	COM	93627C101
BTU	PEABODY ENERGY CORP	533,817	$11.09M	2.9%	$20.78 *	$22.87	+6.1%	COM	704551100
CF	CF INDS HLDGS INC	131,700	$11.07M	2.9%	$84.08	$84.24	0.0%	COM	125269100
ADM	ARCHER DANIELS MIDLAND CO	215,190	$10.78M	2.8%	$50.10 *	$53.18	-2.6%	COM	039483102
DINO	HF SINCLAIR CORP	274,158	$9.447M	2.5%	$34.46 *	$44.46	-13.1%	COM	403949100
GSM	FERROGLOBE PLC	2,482,895	$9.385M	2.4%	$3.78 *	$5.20	-18.9%	SHS	G33856108
—	CNX RES CORP	200,000	$7.41M	1.9%	$37.05	—	—	Call	12653C908
SOC	SABLE OFFSHORE CORP	300,000	$7.089M	1.8%	$23.63 *	$18.00	+21.6%	COM SHS	78574H104
GLD	SPDR GOLD TR	26,374	$6.346M	1.6%	$240.63	$230.99	—	GOLD SHS	78463V107
CLF	CLEVELAND-CLIFFS INC NEW	590,300	$5.522M	1.4%	$9.35 *	$12.58	-4.2%	COM	185899101
—	CONSOL ENERGY INC NEW	47,341	$5.016M	1.3%	$105.96	$105.96	—	COM	20854L108
XOP	SPDR SER TR	37,464	$4.894M	1.3%	$130.63	$130.63	—	S&P OILGAS EXP	78468R556
AA	ALCOA CORP	130,100	$4.833M	1.3%	$37.15 *	$39.05	+5.0%	COM	013872106
—	UNITED STATES STL CORP NEW	136,400	$4.232M	1.1%	$31.03	$31.03	—	COM	912909108
CIVI	CIVITAS RESOURCES INC	90,600	$4.043M	1.1%	$44.62 *	$57.69	-19.7%	COM NEW	17888H103
VLO	VALERO ENERGY CORP	31,500	$3.767M	1.0%	$119.59 *	$129.14	0.0%	COM	91913Y100
PTEN	PATTERSON-UTI ENERGY INC	431,625	$3.5M	0.9%	$8.11	$8.02	0.0%	COM	703481101
IPX	IPERIONX LTD	939,088	$3.478M	0.9%	$3.70	$3.70	—	SPONSORED ADS	44916E100
HUN	HUNTSMAN CORP	172,900	$3.038M	0.8%	$17.57 *	$22.18	-6.1%	COM	447011107
HON	HONEYWELL INTL INC	13,100	$2.968M	0.8%	$226.60 *	$203.59	0.0%	COM	438516106
SLV	ISHARES SILVER TR	112,200	$2.965M	0.8%	$26.43	$26.43	—	ISHARES	46428Q109
EOG	EOG RES INC	16,600	$2.022M	0.5%	$121.80	$123.33	0.0%	COM	26875P101
COP	CONOCOPHILLIPS	20,300	$2.005M	0.5%	$98.79 *	$102.31	0.0%	COM	20825C104
PR	PERMIAN RESOURCES CORP	138,500	$1.997M	0.5%	$14.42	$14.49	0.0%	CLASS A COM	71424F105
FANG	DIAMONDBACK ENERGY INC	12,200	$1.993M	0.5%	$163.38 *	$170.91	0.0%	COM	25278X109
WFRD	WEATHERFORD INTL PLC	27,800	$1.931M	0.5%	$69.47 *	$82.00	0.0%	ORD SHS	G48833118
—	DARLING INGREDIENTS INC	50,000	$1.65M	0.4%	$33.00	—	—	Call	237266901
CDE	COEUR MNG INC	280,000	$1.571M	0.4%	$5.61 *	$5.16	+25.5%	COM NEW	192108504
IREN	IREN LIMITED	139,000	$1.382M	0.4%	$9.94 *	$10.66	0.0%	ORDINARY SHARES	Q4982L109
GPRE	GREEN PLAINS INC	126,033	$1.123M	0.3%	$8.91 *	$15.89	-29.1%	COM	393222104
NBR	NABORS INDUSTRIES LTD	20,000	$1.085M	0.3%	$54.25 *	$71.01	0.0%	SHS	G6359F137
NPKI	NPK INTERNATIONAL INC	110,700	$825K	0.2%	$7.45	$7.35	0.0%	COM SHS	651718504
CVI	CVR ENERGY INC	42,100	$781K	0.2%	$18.56 *	$20.21	0.0%	COM	12662P108
SGML	SIGMA LITHIUM CORPORATION	70,000	$773K	0.2%	$11.04 *	$29.91	-56.3%	COM	826599102
ATLX	ATLAS LITHIUM CORP	102,058	$662K	0.2%	$6.49 *	$25.22	-69.8%	COM NEW	105861306
APLD	APPLIED DIGITAL CORP	74,756	$596K	0.2%	$7.97 *	$3.88	+114.2%	COM NEW	038169207
—	DIVERSIFIED ENERGY COMPANY P	32,700	$547K	0.1%	$16.72	$16.72	—	SHS NEW	G2891G204
HUT	HUT 8 CORP	24,200	$502K	0.1%	$20.73	$20.42	0.0%	COM	44812J104
CORZ	CORE SCIENTIFIC INC NEW	35,360	$491K	0.1%	$13.88 *	$14.77	0.0%	COM	21874A106
PARR	PAR PAC HOLDINGS INC	23,468	$378K	0.1%	$16.10 *	$31.45	-46.3%	COM NEW	69888T207