Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VIST	VISTA ENERGY S.A.B. DE C.V.	230,000	$17.36M	2.7%	$75.47	—	SPONSORED ADS	92837L109
BKD	BROOKDALE SR LIVING INC	980,000	$13.41M	2.1%	$13.85	0.0%	COM	112463104
ANAB	ANAPTYSBIO INC	238,000	$13.2M	2.0%	$49.37	0.0%	COM	032724106
VVX	V2X INC	187,000	$12.81M	2.0%	$66.31	0.0%	COM	92242T101
ON	ON SEMICONDUCTOR CORP	198,000	$12.26M	1.9%	$64.12	0.0%	COM	682189105
PVLA	PALVELLA THERAPEUTICS INC NE	89,000	$11.09M	1.7%	$91.38	0.0%	COM	697947109
ADUS	ADDUS HOMECARE CORP	79,000	$7.398M	1.1%	$109.29	0.0%	COM	006739106
AIP	ARTERIS INC	190,000	$3.124M	0.5%	$15.81	0.0%	COM	04302A104
AAOI	APPLIED OPTOELECTRONICS INC	30,921	$2.616M	0.4%	$41.81	0.0%	COM	03823U102
AMPX	AMPRIUS TECHNOLOGIES INC	108,000	$1.821M	0.3%	$10.86	0.0%	COMMON STOCK	03214Q108
EVLV	EVOLV TECHNOLOGIES HLDNGS IN	300,000	$1.815M	0.3%	$6.08	0.0%	COM CL A	30049H102
HIMX	HIMAX TECHNOLOGIES INC	200,000	$1.574M	0.2%	$7.87	—	SPONSORED ADR	43289P106
CGEM	CULLINAN THERAPEUTICS INC	60,000	$853K	0.1%	$11.97	0.0%	COM	230031106
MPTI	M-TRON INDS INC	12,000	$802K	0.1%	$62.91	0.0%	COM	55380K109
ATEX	ANTERIX INC	19,740	$754K	0.1%	$27.41	0.0%	COM	03676C100
TLSI	TRISALUS LIFE SCIENCES INC	180,000	$720K	0.1%	$5.29	0.0%	COM	89680M101
VELO	VELO3D INC	68,000	$639K	0.1%	$9.39	—	COM NEW	92259N302
CTGO	CONTANGO SILVER & GOLD INC	21,521	$404K	0.1%	$28.64	0.0%	COM	21077F100
IPX	IPERIONX LTD	14,000	$365K	0.1%	$26.04	—	SPONSORED ADS	44916E100
SKYH	SKY HARBOUR GROUP CORPORATIO	24,543	$236K	0.0%	$9.13	0.0%	COM CL A	83085C107
TGEN	TECOGEN INC NEW	77,000	$197K	0.0%	$4.21	0.0%	COM NEW	87876P201

Increased Positions (14)

ARIS ARIS MINING CORPORATION 10.0%

Value $65.06M (+65.5%) Shares 2,518,968 (+3.9%) Est. Cost $6.92 Unrealized +173.4%

GTX GARRETT MOTION INC 7.5%

Value $48.43M (+24.6%) Shares 2,665,350 (+19.5%) Est. Cost $15.99 Unrealized +18.2%

LASR NLIGHT INC 2.9%

Value $18.82M (+100.0%) Shares 330,000 (+31.6%) Est. Cost $34.93 Unrealized +36.6%

SIMO SILICON MOTION TECHNOLOGY CO 4.3%

Value $27.98M (+41.0%) Shares 249,200 (+16.4%) Est. Cost $75.58 Unrealized —

TOST TOAST INC 2.6%

Value $16.7M (+94.3%) Shares 630,000 (+160.3%) Est. Cost $32.95 Unrealized -5.9%

CLBT CELLEBRITE DI LTD 2.9%

Value $19.02M (+28.6%) Shares 1,380,000 (+68.3%) Est. Cost $17.19 Unrealized -9.5%

TPB TURNING PT BRANDS INC 3.4%

Value $22.04M (+23.7%) Shares 254,000 (+54.5%) Est. Cost $95.51 Unrealized +28.5%

SITM SITIME CORP 1.5%

Value $9.463M (+69.6%) Shares 27,400 (+73.4%) Est. Cost $340.30 Unrealized +11.0%

ABVX ABIVAX SA 2.2%

Value $14.34M (+19.5%) Shares 128,800 (+44.7%) Est. Cost $93.07 Unrealized —

BTU PEABODY ENGR CORP 1.8%

Value $11.53M (+25.3%) Shares 350,000 (+12.9%) Est. Cost $29.97 Unrealized +16.0%

HNGE HINGE HEALTH INC 1.3%

Value $8.136M (+26.9%) Shares 211,000 (+52.9%) Est. Cost $45.54 Unrealized -10.9%

ALMU AELUMA INC 0.4%

Value $2.697M (-22.3%) Shares 206,000 (+2.0%) Est. Cost $7.46 Unrealized +137.1%

SPCB SUPERCOM LTD NEW 0.1%

Value $861K (-3.9%) Shares 110,000 (+11.1%) Est. Cost $9.45 Unrealized -7.8%

MOB MOBILICOM LTD 0.1%

Value $688K (+2.5%) Shares 133,916 (+21.7%) Est. Cost $7.21 Unrealized -5.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ARIS	ARIS MINING CORPORATION	2,518,968 (+3.9%)	$65.06M (+65.5%)	10.0%	$6.92	+173.4%	COM	04040Y109
GTX	GARRETT MOTION INC	2,665,350 (+19.5%)	$48.43M (+24.6%)	7.5%	$15.99	+18.2%	COM	366505105
LASR	NLIGHT INC	330,000 (+31.6%)	$18.82M (+100.0%)	2.9%	$34.93	+36.6%	COM	65487K100
SIMO	SILICON MOTION TECHNOLOGY CO	249,200 (+16.4%)	$27.98M (+41.0%)	4.3%	$75.58	—	SPONSORED ADR	82706C108
TOST	TOAST INC	630,000 (+160.3%)	$16.7M (+94.3%)	2.6%	$32.95	-5.9%	CL A	888787108
CLBT	CELLEBRITE DI LTD	1,380,000 (+68.3%)	$19.02M (+28.6%)	2.9%	$17.19	-9.5%	ORDINARY SHARES	M2197Q107
TPB	TURNING PT BRANDS INC	254,000 (+54.5%)	$22.04M (+23.7%)	3.4%	$95.51	+28.5%	COM	90041L105
SITM	SITIME CORP	27,400 (+73.4%)	$9.463M (+69.6%)	1.5%	$340.30	+11.0%	COM	82982T106
ABVX	ABIVAX SA	128,800 (+44.7%)	$14.34M (+19.5%)	2.2%	$93.07	—	SPONSORED ADS	00370M103
BTU	PEABODY ENGR CORP	350,000 (+12.9%)	$11.53M (+25.3%)	1.8%	$29.97	+16.0%	COM	704551100
HNGE	HINGE HEALTH INC	211,000 (+52.9%)	$8.136M (+26.9%)	1.3%	$45.54	-10.9%	CL A	433313103
ALMU	AELUMA INC	206,000 (+2.0%)	$2.697M (-22.3%)	0.4%	$7.46	+137.1%	COM	00776X109
SPCB	SUPERCOM LTD NEW	110,000 (+11.1%)	$861K (-3.9%)	0.1%	$9.45	-7.8%	ORD SHS	M87095309
MOB	MOBILICOM LTD	133,916 (+21.7%)	$688K (+2.5%)	0.1%	$7.21	-5.2%	ORD SHS NEW	Q6297L120

Exited Positions (12)

NGD NEW GOLD INC CDA 3.9%

Value $24.96M Shares 2,866,000 Est. Cost $4.37 Unrealized +151.1%

ANIP ANI PHARMACEUTICALS INC 2.4%

Value $15.47M Shares 196,000 Est. Cost $69.85 Unrealized +15.1%

MGNI MAGNITE INC 1.5%

Value $9.803M Shares 604,000 Est. Cost $14.73 Unrealized -6.3%

TVTX TRAVERE THERAPEUTICS INC 1.1%

Value $7.107M Shares 186,002 Est. Cost $20.28 Unrealized +53.0%

CLS CELESTICA INC 1.1%

Value $7.025M Shares 23,764 Est. Cost $50.56 Unrealized +495.3%

MNKD MANNKIND CORP 1.0%

Value $6.805M Shares 1,200,100 Est. Cost $5.51 Unrealized +1.1%

TATT TAT TECHNOLOGIES LTD 0.9%

Value $5.649M Shares 126,496 Est. Cost $35.95 Unrealized +43.3%

APLS APELLIS PHARMACEUTICALS INC 0.7%

Value $4.823M Shares 192,000 Est. Cost $23.46 Unrealized -3.3%

RIOT RIOT PLATFORMS INC 0.7%

Value $4.426M Shares 349,334 Est. Cost $15.01 Unrealized +5.7%

FENC FENNEC PHARMACEUTICALS INC 0.2%

Value $1.571M Shares 204,000 Est. Cost $8.21 Unrealized -3.2%

DCTH DELCATH SYS INC 0.2%

Value $1.374M Shares 136,000 Est. Cost $11.68 Unrealized -14.5%

VICR VICOR CORP 0.1%

Value $658K Shares 6,000 Est. Cost $85.01 Unrealized +84.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NGD	NEW GOLD INC CDA	2,866,000	$24.96M	3.9%	$4.37	+151.1%	—	644535106
ANIP	ANI PHARMACEUTICALS INC	196,000	$15.47M	2.4%	$69.85	+15.1%	—	00182C103
MGNI	MAGNITE INC	604,000	$9.803M	1.5%	$14.73	-6.3%	—	55955D100
TVTX	TRAVERE THERAPEUTICS INC	186,002	$7.107M	1.1%	$20.28	+53.0%	—	89422G107
CLS	CELESTICA INC	23,764	$7.025M	1.1%	$50.56	+495.3%	—	15101Q207
MNKD	MANNKIND CORP	1,200,100	$6.805M	1.0%	$5.51	+1.1%	—	56400P706
TATT	TAT TECHNOLOGIES LTD	126,496	$5.649M	0.9%	$35.95	+43.3%	—	M8740S227
APLS	APELLIS PHARMACEUTICALS INC	192,000	$4.823M	0.7%	$23.46	-3.3%	—	03753U106
RIOT	RIOT PLATFORMS INC	349,334	$4.426M	0.7%	$15.01	+5.7%	—	767292105
FENC	FENNEC PHARMACEUTICALS INC	204,000	$1.571M	0.2%	$8.21	-3.2%	—	31447P100
DCTH	DELCATH SYS INC	136,000	$1.374M	0.2%	$11.68	-14.5%	—	24661P807
VICR	VICOR CORP	6,000	$658K	0.1%	$85.01	+84.8%	—	925815102

Decreased Positions (17)

SSRM SSR MINING IN 6.3%

Value $40.98M (+26.2%) Shares 1,394,000 (-5.9%) Est. Cost $14.53 Unrealized +75.2%

TLN TALEN ENERGY CORP 3.9%

Value $25.54M (-21.9%) Shares 80,000 (-8.3%) Est. Cost $173.79 Unrealized +111.9%

SN SHARKNINJA INC 2.8%

Value $18.11M (-22.9%) Shares 171,000 (-18.6%) Est. Cost $69.33 Unrealized +77.0%

HNRG HALLADOR ENERGY COMPANY 2.1%

Value $13.66M (-21.5%) Shares 839,000 (-8.2%) Est. Cost $10.49 Unrealized +82.9%

SNDK SANDISK CORP 4.8%

Value $31.13M (+13.1%) Shares 49,000 (-57.8%) Est. Cost $58.39 Unrealized +784.5%

SNDX SYNDAX PHARMACEUTICALS INC 2.0%

Value $12.85M (-15.5%) Shares 550,000 (-24.0%) Est. Cost $13.61 Unrealized +52.6%

STX SEAGATE TECHNOLOGY HLDNGS PL 3.6%

Value $23.35M (-8.2%) Shares 59,600 (-35.5%) Est. Cost $137.93 Unrealized +172.9%

VUZI VUZIX CORP 0.1%

Value $739K (-71.7%) Shares 320,000 (-53.8%) Est. Cost $2.40 Unrealized +22.0%

LPTH LIGHTPATH TECHNOLOGIES INC 0.4%

Value $2.768M (-39.5%) Shares 276,000 (-34.9%) Est. Cost $7.42 Unrealized +57.9%

FEIM FREQUENCY ELECTRS INC 0.6%

Value $3.804M (-28.9%) Shares 85,953 (-13.5%) Est. Cost $34.07 Unrealized +55.6%

WDC WESTERN DIGITAL CORP 4.6%

Value $29.65M (-4.3%) Shares 109,600 (-39.1%) Est. Cost $81.60 Unrealized +207.9%

CELC CELCUITY INC 9.1%

Value $58.78M (-2.1%) Shares 515,000 (-14.5%) Est. Cost $40.03 Unrealized +168.5%

LQDA LIQUIDIA CORPORATION 1.7%

Value $11.17M (-8.8%) Shares 296,000 (-16.7%) Est. Cost $21.69 Unrealized +74.8%

LODE COMSTOCK INC 0.1%

Value $915K (-49.7%) Shares 300,000 (-38.0%) Est. Cost $2.89 Unrealized +16.8%

ALM ALMONTY INDS INC 0.5%

Value $3.475M (+16.7%) Shares 240,000 (-29.0%) Est. Cost $4.80 Unrealized +147.9%

DYAI DYADIC INTL INC DEL 0.2%

Value $1.042M (-25.6%) Shares 1,270,972 (-14.7%) Est. Cost $0.97 Unrealized -10.8%

SLDB SOLID BIOSCIENCES INC 0.2%

Value $1.152M (+4.2%) Shares 160,000 (-18.4%) Est. Cost $3.95 Unrealized +53.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SSRM	SSR MINING IN	1,394,000 (-5.9%)	$40.98M (+26.2%)	6.3%	$14.53	+75.2%	COM	784730103
TLN	TALEN ENERGY CORP	80,000 (-8.3%)	$25.54M (-21.9%)	3.9%	$173.79	+111.9%	COM	87422Q109
SN	SHARKNINJA INC	171,000 (-18.6%)	$18.11M (-22.9%)	2.8%	$69.33	+77.0%	COM SHS	G8068L108
HNRG	HALLADOR ENERGY COMPANY	839,000 (-8.2%)	$13.66M (-21.5%)	2.1%	$10.49	+82.9%	COM	40609P105
SNDK	SANDISK CORP	49,000 (-57.8%)	$31.13M (+13.1%)	4.8%	$58.39	+784.5%	COM	80004C200
SNDX	SYNDAX PHARMACEUTICALS INC	550,000 (-24.0%)	$12.85M (-15.5%)	2.0%	$13.61	+52.6%	COM	87164F105
STX	SEAGATE TECHNOLOGY HLDNGS PL	59,600 (-35.5%)	$23.35M (-8.2%)	3.6%	$137.93	+172.9%	ORD SHS	G7997R103
VUZI	VUZIX CORP	320,000 (-53.8%)	$739K (-71.7%)	0.1%	$2.40	+22.0%	COM NEW	92921W300
LPTH	LIGHTPATH TECHNOLOGIES INC	276,000 (-34.9%)	$2.768M (-39.5%)	0.4%	$7.42	+57.9%	COM CL A	532257805
FEIM	FREQUENCY ELECTRS INC	85,953 (-13.5%)	$3.804M (-28.9%)	0.6%	$34.07	+55.6%	COM	358010106
WDC	WESTERN DIGITAL CORP	109,600 (-39.1%)	$29.65M (-4.3%)	4.6%	$81.60	+207.9%	COM	958102105
CELC	CELCUITY INC	515,000 (-14.5%)	$58.78M (-2.1%)	9.1%	$40.03	+168.5%	COM	15102K100
LQDA	LIQUIDIA CORPORATION	296,000 (-16.7%)	$11.17M (-8.8%)	1.7%	$21.69	+74.8%	COM NEW	53635D202
LODE	COMSTOCK INC	300,000 (-38.0%)	$915K (-49.7%)	0.1%	$2.89	+16.8%	COM SHS	205750409
ALM	ALMONTY INDS INC	240,000 (-29.0%)	$3.475M (+16.7%)	0.5%	$4.80	+147.9%	COM NEW	020398707
DYAI	DYADIC INTL INC DEL	1,270,972 (-14.7%)	$1.042M (-25.6%)	0.2%	$0.97	-10.8%	COM	26745T101
SLDB	SOLID BIOSCIENCES INC	160,000 (-18.4%)	$1.152M (+4.2%)	0.2%	$3.95	+53.3%	COM NEW	83422E204