Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DAR	DARLING INGREDIENTS INC	566,094	$30.92M	9.8%	—	—	COM	237266101
GPRE	GREEN PLAINS INC	1,270,612	$19.54M	6.2%	—	—	COM	393222104
HBM	HUDBAY MINERALS INC	734,227	$17.31M	5.5%	—	—	COM	443628102
—	PILGRIMS PRIDE CORP	500,000	$14.05M	4.5%	—	—	CALL	72147K908
FRO	FRONTLINE PLC	369,740	$12.86M	4.1%	—	—	COM	M46528101
—	MOSAIC CO	500,000	$10.6M	3.4%	—	—	CALL	61945C903
—	ISHARES TR	35,000	$10.52M	3.3%	—	—	PUT	464287955
—	VANECK ETF TRUST	70,000	$6.878M	2.2%	—	—	CALL	92189F901
IAG	IAMGOLD CORP	404,362	$6.405M	2.0%	—	—	COM	450913108
PPG	PPG INDS INC	45,100	$5.47M	1.7%	—	—	COM	693506107
UAL	UNITED AIRLS HLDGS INC	36,990	$5.03M	1.6%	—	—	COM	910047109
TGB	TREKOR METALS LTD	608,925	$4.189M	1.3%	—	—	COM	89472Y107
MTDR	MATADOR RES CO	80,200	$3.992M	1.3%	—	—	COM	576485205
AAL	AMERICAN AIRLINES GROUP INC	195,020	$3.524M	1.1%	—	—	COM	02376R102
HMH	HMH HLDG INC	158,161	$2.964M	0.9%	—	—	CL A	40445M100
CC	CHEMOURS CO	142,900	$2.932M	0.9%	—	—	COM	163851108
CVI	CVR ENERGY INC	93,326	$2.57M	0.8%	—	—	COM	12662P108
EROK	EAGLEROCK LD LLC	70,000	$1.488M	0.5%	—	—	CL A SHS REP LTD	27005A105
MU	MICRON TECHNOLOGY INC	830	$958K	0.3%	—	—	COM	595112103
—	CEREBRAS SYSTEMS INC	3,000	$663K	0.2%	—	—	CALL	15675D903
—	ISHARES TR	1,000	$641K	0.2%	—	—	PUT	464287953
GLND	GREENLAND ENERGY CO	276,500	$608K	0.2%	—	—	SHS	70580B106
CBRS	CEREBRAS SYSTEMS INC	2,700	$597K	0.2%	—	—	COM CL A	15675D103
KEEL	KEEL INFRASTRUCTURE CORP	82,800	$475K	0.2%	—	—	COM SHS	486917107
BTDR	BITDEER TECHNOLOGIES GROUP	28,700	$455K	0.1%	—	—	CL A ORD SHS	G11448100
GLNDW	GREENLAND ENERGY CO	265,000	$225K	0.1%	—	—	*W EXP 04/21/203	70580B114
SOC	SABLE OFFSHORE CORP	59,794	$184K	0.1%	—	—	COM SHS	78574H104

Increased Positions (11)

DHT DHT HOLDINGS INC 7.3%

Value $22.96M (+420.0%) Shares 1,389,095 (+474.7%) Est. Cost — Unrealized —

VLRS CONTROLADORA VUELA COMP DE A 5.2%

Value $16.44M (+47.6%) Shares 1,754,714 (+14.0%) Est. Cost — Unrealized —

ARIS ARIS MINING CORPORATION 8.3%

Value $26.11M (+22.5%) Shares 1,751,221 (+52.6%) Est. Cost — Unrealized —

ECO OKEANIS ECO TANKERS COR 2.1%

Value $6.712M (+140.8%) Shares 133,922 (+143.1%) Est. Cost — Unrealized —

CNR CORE NATURAL RESOURCES INC 6.8%

Value $21.33M (-9.4%) Shares 266,532 (+18.6%) Est. Cost — Unrealized —

BTU PEABODY ENGR CORP 3.1%

Value $9.767M (+28.0%) Shares 422,432 (+82.4%) Est. Cost — Unrealized —

WLK WESTLAKE CORPORATION 2.2%

Value $7.023M (-17.7%) Shares 96,200 (+31.8%) Est. Cost — Unrealized —

PARR PAR PAC HOLDINGS INC 1.2%

Value $3.705M (+32.2%) Shares 66,060 (+47.6%) Est. Cost — Unrealized —

RNGR RANGER ENERGY SVCS INC 0.6%

Value $1.816M (+43.4%) Shares 113,460 (+53.6%) Est. Cost — Unrealized —

SLSR SOLARIS RES INC 0.3%

Value $984K (-25.9%) Shares 182,360 (+17.9%) Est. Cost — Unrealized —

KRSP/U RICE ACQUISITION CORP 3 1.8%

Value $5.694M (+6.1%) Shares 531,645 (+5.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DHT	DHT HOLDINGS INC	1,389,095 (+474.7%)	$22.96M (+420.0%)	7.3%	—	—	SHS NEW	Y2065G121
VLRS	CONTROLADORA VUELA COMP DE A	1,754,714 (+14.0%)	$16.44M (+47.6%)	5.2%	—	—	SPON ADR RP 10	21240E105
ARIS	ARIS MINING CORPORATION	1,751,221 (+52.6%)	$26.11M (+22.5%)	8.3%	—	—	COM	04040Y109
ECO	OKEANIS ECO TANKERS COR	133,922 (+143.1%)	$6.712M (+140.8%)	2.1%	—	—	SHS	Y64177101
CNR	CORE NATURAL RESOURCES INC	266,532 (+18.6%)	$21.33M (-9.4%)	6.8%	—	—	COM SHS	218937100
BTU	PEABODY ENGR CORP	422,432 (+82.4%)	$9.767M (+28.0%)	3.1%	—	—	COM	704551100
WLK	WESTLAKE CORPORATION	96,200 (+31.8%)	$7.023M (-17.7%)	2.2%	—	—	COM	960413102
PARR	PAR PAC HOLDINGS INC	66,060 (+47.6%)	$3.705M (+32.2%)	1.2%	—	—	COM NEW	69888T207
RNGR	RANGER ENERGY SVCS INC	113,460 (+53.6%)	$1.816M (+43.4%)	0.6%	—	—	COM CL A	75282U104
SLSR	SOLARIS RES INC	182,360 (+17.9%)	$984K (-25.9%)	0.3%	—	—	COM NEW	83419D201
KRSP/U	RICE ACQUISITION CORP 3	531,645 (+5.0%)	$5.694M (+6.1%)	1.8%	—	—	UNIT 99/99/9999	G7553X122

Exited Positions (39)

— DARLING INGREDIENTS INC 8.8%

Value $27.83M Shares 450,000 Est. Cost — Unrealized —

— CF INDUSTRIES HOLD 6.2%

Value $19.48M Shares 150,000 Est. Cost — Unrealized —

STLD STEEL DYNAMICS INC 6.0%

Value $18.95M Shares 105,300 Est. Cost — Unrealized —

SSRM SSR MINING IN 5.1%

Value $16.14M Shares 548,900 Est. Cost — Unrealized —

EQX EQUINOX GOLD CORP 4.1%

Value $12.88M Shares 890,919 Est. Cost — Unrealized —

PR PERMIAN RESOURCES CORP 3.5%

Value $10.9M Shares 511,346 Est. Cost — Unrealized —

LUV SOUTHWEST AIRLS CO 3.4%

Value $10.82M Shares 288,001 Est. Cost — Unrealized —

VOO VANGUARD INDEX FDS 3.2%

Value $10.16M Shares 17,000 Est. Cost — Unrealized —

RGLD ROYAL GOLD INC 3.0%

Value $9.483M Shares 37,262 Est. Cost — Unrealized —

— FREEPORT MCMORAN INC 2.8%

Value $8.817M Shares 150,000 Est. Cost — Unrealized —

BTE BAYTEX ENERGY CORP 2.7%

Value $8.427M Shares 1,885,306 Est. Cost — Unrealized —

— BUNGE GLOBAL SA 2.1%

Value $6.5M Shares 51,100 Est. Cost — Unrealized —

EMN EASTMAN CHEM CO 2.1%

Value $6.464M Shares 84,700 Est. Cost — Unrealized —

STNG SCORPIO TANKERS INC 1.5%

Value $4.618M Shares 61,855 Est. Cost — Unrealized —

— HF SINCLAIR CORP 1.4%

Value $4.367M Shares 70,000 Est. Cost — Unrealized —

OLN OLIN CORP 1.3%

Value $3.984M Shares 134,000 Est. Cost — Unrealized —

PII POLARIS INC 1.2%

Value $3.749M Shares 68,785 Est. Cost — Unrealized —

CWH CAMPING WORLD HLDGS INC 1.0%

Value $3.123M Shares 457,270 Est. Cost — Unrealized —

DOO BRP INC 0.9%

Value $2.879M Shares 40,085 Est. Cost — Unrealized —

HOG HARLEY DAVIDSON INC 0.9%

Value $2.843M Shares 140,600 Est. Cost — Unrealized —

— VANECK ETF TRUST 0.9%

Value $2.753M Shares 30,000 Est. Cost — Unrealized —

— FUTUREFUEL CORP 0.9%

Value $2.695M Shares 700,000 Est. Cost — Unrealized —

KOS KOSMOS ENERGY LTD 0.8%

Value $2.578M Shares 927,209 Est. Cost — Unrealized —

ODV OSISKO DEVELOPMENT CORP 0.8%

Value $2.567M Shares 790,000 Est. Cost — Unrealized —

LNG CHENIERE ENERGY INC 0.7%

Value $2.298M Shares 8,100 Est. Cost — Unrealized —

— DELEK US HLDGS INC NEW 0.7%

Value $2.253M Shares 50,000 Est. Cost — Unrealized —

NAT NORDIC AMERICAN TANKERS LIMI 0.6%

Value $1.986M Shares 338,900 Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.5%

Value $1.42M Shares 8,140 Est. Cost — Unrealized —

— B2GOLD CORP 0.4%

Value $1.133M Shares 250,100 Est. Cost — Unrealized —

ALK ALASKA AIR GROUP INC 0.3%

Value $1.046M Shares 28,430 Est. Cost — Unrealized —

— MP MATERIALS CORP 0.3%

Value $965K Shares 20,000 Est. Cost — Unrealized —

XPRO EXPRO GROUP HOLDINGS NV 0.3%

Value $951K Shares 54,600 Est. Cost — Unrealized —

— JETBLUE AIRWAYS CORP 0.3%

Value $853K Shares 193,000 Est. Cost — Unrealized —

AMPY AMPLIFY ENERGY CORP NEW 0.3%

Value $816K Shares 130,842 Est. Cost — Unrealized —

— ADVANCED MICRO DEVICES INC 0.2%

Value $712K Shares 3,500 Est. Cost — Unrealized —

IREN IREN LIMITED 0.2%

Value $703K Shares 20,500 Est. Cost — Unrealized —

— FRONTIER GROUP HLDGS INC 0.1%

Value $353K Shares 100,000 Est. Cost — Unrealized —

— FERMI INC 0.1%

Value $292K Shares 50,000 Est. Cost — Unrealized —

INR INFINITY NAT RES INC 0.1%

Value $207K Shares 11,770 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	DARLING INGREDIENTS INC	450,000	$27.83M	8.8%	—	—	CALL	237266901
—	CF INDUSTRIES HOLD	150,000	$19.48M	6.2%	—	—	PUT	125269950
STLD	STEEL DYNAMICS INC	105,300	$18.95M	6.0%	—	—	—	858119100
SSRM	SSR MINING IN	548,900	$16.14M	5.1%	—	—	—	784730103
EQX	EQUINOX GOLD CORP	890,919	$12.88M	4.1%	—	—	—	29446Y502
PR	PERMIAN RESOURCES CORP	511,346	$10.9M	3.5%	—	—	—	71424F105
LUV	SOUTHWEST AIRLS CO	288,001	$10.82M	3.4%	—	—	—	844741108
VOO	VANGUARD INDEX FDS	17,000	$10.16M	3.2%	—	—	—	922908363
RGLD	ROYAL GOLD INC	37,262	$9.483M	3.0%	—	—	—	780287108
—	FREEPORT MCMORAN INC	150,000	$8.817M	2.8%	—	—	CALL	35671D907
BTE	BAYTEX ENERGY CORP	1,885,306	$8.427M	2.7%	—	—	—	07317Q105
—	BUNGE GLOBAL SA	51,100	$6.5M	2.1%	—	—	CALL	H11356904
EMN	EASTMAN CHEM CO	84,700	$6.464M	2.1%	—	—	—	277432100
STNG	SCORPIO TANKERS INC	61,855	$4.618M	1.5%	—	—	—	Y7542C130
—	HF SINCLAIR CORP	70,000	$4.367M	1.4%	—	—	CALL	403949900
OLN	OLIN CORP	134,000	$3.984M	1.3%	—	—	—	680665205
PII	POLARIS INC	68,785	$3.749M	1.2%	—	—	—	731068102
CWH	CAMPING WORLD HLDGS INC	457,270	$3.123M	1.0%	—	—	—	13462K109
DOO	BRP INC	40,085	$2.879M	0.9%	—	—	—	05577W200
HOG	HARLEY DAVIDSON INC	140,600	$2.843M	0.9%	—	—	—	412822108
—	VANECK ETF TRUST	30,000	$2.753M	0.9%	—	—	CALL	92189F906
—	FUTUREFUEL CORP	700,000	$2.695M	0.9%	—	—	CALL	36116M906
KOS	KOSMOS ENERGY LTD	927,209	$2.578M	0.8%	—	—	—	500688106
ODV	OSISKO DEVELOPMENT CORP	790,000	$2.567M	0.8%	—	—	—	68828E809
LNG	CHENIERE ENERGY INC	8,100	$2.298M	0.7%	—	—	—	16411R208
—	DELEK US HLDGS INC NEW	50,000	$2.253M	0.7%	—	—	CALL	24665A903
NAT	NORDIC AMERICAN TANKERS LIMI	338,900	$1.986M	0.6%	—	—	—	G65773106
NVDA	NVIDIA CORPORATION	8,140	$1.42M	0.5%	—	—	—	67066G104
—	B2GOLD CORP	250,100	$1.133M	0.4%	—	—	CALL	11777Q909
ALK	ALASKA AIR GROUP INC	28,430	$1.046M	0.3%	—	—	—	011659109
—	MP MATERIALS CORP	20,000	$965K	0.3%	—	—	CALL	553368901
XPRO	EXPRO GROUP HOLDINGS NV	54,600	$951K	0.3%	—	—	—	N3144W105
—	JETBLUE AIRWAYS CORP	193,000	$853K	0.3%	—	—	CALL	477143901
AMPY	AMPLIFY ENERGY CORP NEW	130,842	$816K	0.3%	—	—	—	03212B103
—	ADVANCED MICRO DEVICES INC	3,500	$712K	0.2%	—	—	CALL	007903907
IREN	IREN LIMITED	20,500	$703K	0.2%	—	—	—	Q4982L109
—	FRONTIER GROUP HLDGS INC	100,000	$353K	0.1%	—	—	CALL	35909R908
—	FERMI INC	50,000	$292K	0.1%	—	—	PUT	314911958
INR	INFINITY NAT RES INC	11,770	$207K	0.1%	—	—	—	456941103

Decreased Positions (7)

DINO HF SINCLAIR CORP 2.1%

Value $6.76M (-80.9%) Shares 97,063 (-82.9%) Est. Cost — Unrealized —

DK DELEK US HLDGS INC NEW 3.3%

Value $10.28M (-38.8%) Shares 202,300 (-45.8%) Est. Cost — Unrealized —

GSM FERROGLOBE PLC 0.9%

Value $2.933M (-34.3%) Shares 922,217 (-14.9%) Est. Cost — Unrealized —

HUT HUT 8 CORP 0.8%

Value $2.446M (+76.3%) Shares 21,185 (-28.4%) Est. Cost — Unrealized —

RYAAY RYANAIR HOLDINGS PLC 0.7%

Value $2.225M (-30.0%) Shares 34,370 (-37.5%) Est. Cost — Unrealized —

RIOT RIOT PLATFORMS INC 0.3%

Value $1.002M (+20.1%) Shares 36,600 (-45.8%) Est. Cost — Unrealized —

FF FUTUREFUEL CORP 0.1%

Value $338K (-7.5%) Shares 74,727 (-21.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DINO	HF SINCLAIR CORP	97,063 (-82.9%)	$6.76M (-80.9%)	2.1%	—	—	COM	403949100
DK	DELEK US HLDGS INC NEW	202,300 (-45.8%)	$10.28M (-38.8%)	3.3%	—	—	COM	24665A103
GSM	FERROGLOBE PLC	922,217 (-14.9%)	$2.933M (-34.3%)	0.9%	—	—	SHS	G33856108
HUT	HUT 8 CORP	21,185 (-28.4%)	$2.446M (+76.3%)	0.8%	—	—	COM	44812J104
RYAAY	RYANAIR HOLDINGS PLC	34,370 (-37.5%)	$2.225M (-30.0%)	0.7%	—	—	SPONSORED ADR	783513203
RIOT	RIOT PLATFORMS INC	36,600 (-45.8%)	$1.002M (+20.1%)	0.3%	—	—	COM	767292105
FF	FUTUREFUEL CORP	74,727 (-21.2%)	$338K (-7.5%)	0.1%	—	—	COM	36116M106