Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ELE	ELEMENTAL ROYALT	470,694	$9.03M	0.9%	$19.19	$18.97	+0.7%	COM NEW	28620K106
KGC	KINROSS GOLD ⚠	289,004	$6.959M	0.7%	$24.08	$26.74	-10.0%	COM	496902404
GFI	GOLD FIELDS-ADR ⚠	183,031	$6.611M	0.7%	$36.12	$39.26	-8.0%	SPONSORED ADR	38059T106
AU	ANGLOGOLD ASHANT ⚠	60,364	$5.671M	0.6%	$93.95	$90.13	+4.2%	COM SHS	G0378L100
CDE	COEUR MINING INC ⚠	308,292	$5.426M	0.5%	$17.60	$16.17	+8.9%	COM NEW	192108504
ITRG	INTEGRA RESOURCE ⚠	2,051,982	$5.274M	0.5%	$2.57	$2.62	-2.1%	COM	45826T509
GROY	GOLD ROYALTY COR	1,708,319	$5.125M	0.5%	$3.00	$3.01	-0.5%	COMMON SHARES	38071H106
BVN	BUENAVENTURA-ADR	123,572	$3.902M	0.4%	$31.58	$32.67	-3.3%	SPONSORED ADR	204448104
SIL	GLOBAL X FDS	40,000	$3.44M	0.3%	$86.01	$87.04	-1.2%	GLOBAL X SILVER	37954Y848
GDXJ	VANECK ETF TRUST	29,800	$3.396M	0.3%	$113.95	$113.60	+0.3%	JUNIOR GOLD MINE	92189F791
EGO	ELDORADO GOLD CORP NEW	75,000	$2.887M	0.3%	$38.49	$37.88	+1.6%	COM	284902509
KGC	KINROSS GOLD CORP ⚠	100,000	$2.408M	0.2%	$24.08	$26.74	-10.0%	COM	496902404
XOM	EXXONMOBIL HOLDINGS CORP	14,500	$2.36M	0.2%	$162.75	$162.75	—	COM SHS	30233Q108
GS	GOLDMAN SACHS GROUP INC	1,500	$1.351M	0.1%	$900.36	$1023.15	-12.0%	COM	38141G104
ECO	OKEANIS ECO TANK	12,363	$1M	0.1%	$80.88	$65.24	+24.0%	SHS	Y64177101
AUXX	GOLD X2 MINING I	200,000	$982K	0.1%	$4.91	$5.92	-17.8%	COM	38076G509
FRO	FRONTLINE PLC	14,847	$732K	0.1%	$49.27	$42.59	+15.7%	COM	M46528101
OGG	OSISKO GOLD GROU	250,000	$702K	0.1%	$2.81	$2.66	+5.9%	COM NEW	68827X105
NCLH	NORWEGIAN CRUISE LINE HLDGS	44,500	$652K	0.1%	$14.66	$17.51	-16.3%	SHS	G66721104
ASC	ARDMORE SHIPPING	18,942	$353K	0.0%	$18.66	$17.22	+8.3%	COM	Y0207T100
SA	SEABRIDGE GOLD INC	12,000	$340K	0.0%	$28.34	$28.34	—	COM	811927102
MATX	MATSON INC	1,527	$335K	0.0%	$219.64	$217.16	+1.1%	COM	57686G105
MPC	MARATHON PETE CORP	800	$316K	0.0%	$395.42	$345.71	+14.4%	COM	56585A102
PSX	PHILLIPS 66	1,200	$306K	0.0%	$255.31	$228.44	+11.8%	COM	718546104
DINO	HF SINCLAIR CORP	2,500	$268K	0.0%	$107.32	$94.63	+13.4%	COM	403949100
RL	RALPH LAUREN CORP	650	$231K	0.0%	$355.07	$368.43	-3.6%	CL A	751212101
SLI	STANDARD LITHIUM CORP	110,000	$201K	0.0%	$1.83	$2.29	-19.9%	COM	853606101
FSM	FORTUNA MNG CORP ⚠	14,000	$157K	0.0%	$11.24	$9.34	+20.4%	COM NEW	349942102
GAU	GALIANO GOLD INC	70,000	$136K	0.0%	$1.94	$2.03	-4.4%	COM	36352H100

Increased Positions (37)

RGLD ROYAL GOLD INC 2.0%

Value $19.69M (+7761.9%) Shares 83,453 (+6549.6%) Share Price $236.00 Est. Cost/Share $228.72 Unrealized @ Report Date +3.2%

AAL AMERICAN AIRLINE 9.0%

Value $90.75M (-16.3%) Shares 6,787,455 (+13.1%) Share Price $13.37 Est. Cost/Share $14.60 Unrealized @ Report Date -8.4%

UAL UNITED AIRLINES 8.9%

Value $89.67M (-15.5%) Shares 808,203 (+3.5%) Share Price $110.95 Est. Cost/Share $44.91 Unrealized @ Report Date +147.1%

ALGT ALLEGIANT TRAVEL 2.9%

Value $29.12M (-28.7%) Shares 384,198 (+10.6%) Share Price $75.79 Est. Cost/Share $83.08 Unrealized @ Report Date -8.8%

DAL DELTA AIR LI 9.1%

Value $91.8M (-8.8%) Shares 1,099,975 (+2.3%) Share Price $83.46 Est. Cost/Share $35.50 Unrealized @ Report Date +135.1%

LUV SOUTHWEST AIR 9.4%

Value $94.14M (-7.8%) Shares 2,260,841 (+13.9%) Share Price $41.64 Est. Cost/Share $37.24 Unrealized @ Report Date +11.8%

ULCC FRONTIER GROUP H 3.1%

Value $31.14M (-19.9%) Shares 5,216,198 (+6.1%) Share Price $5.97 Est. Cost/Share $4.96 Unrealized @ Report Date +20.4%

JBLU JETBLUE AIRWAYS 2.7%

Value $27.5M (-20.0%) Shares 6,501,298 (+8.4%) Share Price $4.23 Est. Cost/Share $7.68 Unrealized @ Report Date -44.9%

ALK ALASKA AIR GROUP 2.8%

Value $28.2M (-15.6%) Shares 728,679 (+13.9%) Share Price $38.70 Est. Cost/Share $44.16 Unrealized @ Report Date -12.4%

TFPM TRIPLE FLAG 0.8%

Value $7.815M (+132.8%) Shares 253,667 (+126.5%) Share Price $30.81 Est. Cost/Share $28.43 Unrealized @ Report Date +8.4%

MUX MCEWEN INC 0.6%

Value $5.728M (+215.3%) Shares 320,914 (+220.9%) Share Price $17.85 Est. Cost/Share $18.72 Unrealized @ Report Date -4.6%

TRIP TRIPADVISOR INC 1.5%

Value $15.4M (-19.4%) Shares 1,840,229 (+32.0%) Share Price $8.37 Est. Cost/Share $18.96 Unrealized @ Report Date -55.8%

FNV FRANCO-NEVADA CO ⚠ 1.9%

Value $19.09M (+16.6%) Shares 80,190 (+2.1%) Share Price $238.11 Est. Cost/Share $130.74 Unrealized @ Report Date +82.1%

SSRM SSR MINING IN 0.5%

Value $4.998M (+60.7%) Shares 150,000 (+36.4%) Share Price $33.32 Est. Cost/Share $28.05 Unrealized @ Report Date +18.8%

BA BOEING CO/THE 1.5%

Value $14.75M (-9.1%) Shares 79,260 (+5.8%) Share Price $186.05 Est. Cost/Share $180.31 Unrealized @ Report Date +3.2%

TCOM TRIP.COM GRO-ADR 0.8%

Value $8.203M (+17.5%) Shares 209,805 (+19.7%) Share Price $39.10 Est. Cost/Share $41.42 Unrealized @ Report Date -5.6%

SHEL SHELL PLC 0.2%

Value $2.281M (+63.4%) Shares 24,000 (+33.3%) Share Price $95.05 Est. Cost/Share $76.92 Unrealized @ Report Date +23.6%

MAR MARRIOTT INTL INC NEW 0.2%

Value $1.725M (+82.5%) Shares 4,850 (+90.2%) Share Price $355.67 Est. Cost/Share $318.98 Unrealized @ Report Date +11.5%

PAAS PAN AMERN SILVER CORP 0.4%

Value $4.03M (+22.3%) Shares 88,555 (+20.4%) Share Price $45.51 Est. Cost/Share $44.65 Unrealized @ Report Date +1.9%

ASR GRUPO AEROPO-ADR 0.4%

Value $3.792M (-15.4%) Shares 16,125 (+10.3%) Share Price $235.19 Est. Cost/Share $266.80 Unrealized @ Report Date -11.8%

TXT TEXTRON INC 1.6%

Value $15.62M (-3.9%) Shares 204,973 (+15.7%) Share Price $76.20 Est. Cost/Share $73.85 Unrealized @ Report Date +3.2%

RYAAY RYANAIR HLDG-ADR 0.8%

Value $8.425M (-6.9%) Shares 153,149 (+9.6%) Share Price $55.01 Est. Cost/Share $47.98 Unrealized @ Report Date +14.7%

TNK TEEKAY TANK-CL A 0.1%

Value $911K (+179.2%) Shares 9,385 (+86.6%) Share Price $97.06 Est. Cost/Share $70.94 Unrealized @ Report Date +36.8%

STZ CONSTELLATION BRANDS INC 0.1%

Value $678K (+387.7%) Shares 6,000 (+500.0%) Share Price $113.06 Est. Cost/Share $133.15 Unrealized @ Report Date -15.1%

CPA COPA HOLDIN-CL A 0.4%

Value $4.155M (-10.5%) Shares 31,516 (+5.6%) Share Price $131.85 Est. Cost/Share $86.42 Unrealized @ Report Date +52.6%

HAFN HAFNIA LTD 0.1%

Value $770K (+131.4%) Shares 77,419 (+54.6%) Share Price $9.94 Est. Cost/Share $7.17 Unrealized @ Report Date +38.7%

OR OR ROYALTIES INC. ⚠ 0.3%

Value $3.022M (+15.8%) Shares 88,000 (+6.7%) Share Price $34.34 Est. Cost/Share $32.31 Unrealized @ Report Date +6.3%

VMET VERSAMET ROYALTI 0.2%

Value $2.419M (+12.7%) Shares 275,000 (+10.0%) Share Price $8.80 Est. Cost/Share $10.21 Unrealized @ Report Date -13.8%

LVS LAS VEGAS SANDS CORP 0.1%

Value $1.085M (+32.7%) Shares 28,700 (+62.1%) Share Price $37.81 Est. Cost/Share $53.05 Unrealized @ Report Date -28.7%

HLT HILTON WORLDWIDE HLDGS INC 0.2%

Value $1.568M (+20.1%) Shares 4,930 (+24.8%) Share Price $318.12 Est. Cost/Share $255.27 Unrealized @ Report Date +24.6%

STNG SCORPIO TANKERS 0.1%

Value $880K (+34.0%) Shares 10,513 (+10.9%) Share Price $83.70 Est. Cost/Share $70.68 Unrealized @ Report Date —

REAL THE REALREAL INC 0.1%

Value $548K (+45.3%) Shares 62,000 (+93.8%) Share Price $8.84 Est. Cost/Share $11.76 Unrealized @ Report Date -24.8%

BMM BLUE MOON METALS 0.1%

Value $1.097M (-13.4%) Shares 220,000 (+10.0%) Share Price $4.99 Est. Cost/Share $5.94 Unrealized @ Report Date -15.5%

ZTO ZTO EXPRESS -ADR 0.0%

Value $489K (-10.1%) Shares 25,184 (+3.7%) Share Price $19.42 Est. Cost/Share $22.06 Unrealized @ Report Date -12.0%

UPS UNITED PARCEL-B 0.0%

Value $490K (-9.5%) Shares 5,241 (+4.1%) Share Price $93.44 Est. Cost/Share $112.89 Unrealized @ Report Date -17.2%

TPR TAPESTRY INC 0.1%

Value $557K (-5.9%) Shares 4,845 (+19.8%) Share Price $115.04 Est. Cost/Share $84.64 Unrealized @ Report Date +35.9%

FDX FEDEX CORP 0.0%

Value $478K (-5.7%) Shares 1,676 (+3.6%) Share Price $285.09 Est. Cost/Share $261.78 Unrealized @ Report Date +8.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
RGLD	ROYAL GOLD INC	83,453 (+6549.6%)	$19.69M (+7761.9%)	2.0%	$236.00	$228.72	+3.2%	COM	780287108
AAL	AMERICAN AIRLINE	6,787,455 (+13.1%)	$90.75M (-16.3%)	9.0%	$13.37	$14.60	-8.4%	COM	02376R102
UAL	UNITED AIRLINES	808,203 (+3.5%)	$89.67M (-15.5%)	8.9%	$110.95	$44.91	+147.1%	COM	910047109
ALGT	ALLEGIANT TRAVEL	384,198 (+10.6%)	$29.12M (-28.7%)	2.9%	$75.79	$83.08	-8.8%	COM	01748X102
DAL	DELTA AIR LI	1,099,975 (+2.3%)	$91.8M (-8.8%)	9.1%	$83.46	$35.50	+135.1%	COM NEW	247361702
LUV	SOUTHWEST AIR	2,260,841 (+13.9%)	$94.14M (-7.8%)	9.4%	$41.64	$37.24	+11.8%	COM	844741108
ULCC	FRONTIER GROUP H	5,216,198 (+6.1%)	$31.14M (-19.9%)	3.1%	$5.97	$4.96	+20.4%	COM	35909R108
JBLU	JETBLUE AIRWAYS	6,501,298 (+8.4%)	$27.5M (-20.0%)	2.7%	$4.23	$7.68	-44.9%	COM	477143101
ALK	ALASKA AIR GROUP	728,679 (+13.9%)	$28.2M (-15.6%)	2.8%	$38.70	$44.16	-12.4%	COM	011659109
TFPM	TRIPLE FLAG	253,667 (+126.5%)	$7.815M (+132.8%)	0.8%	$30.81	$28.43	+8.4%	COM	89679M104
MUX	MCEWEN INC	320,914 (+220.9%)	$5.728M (+215.3%)	0.6%	$17.85	$18.72	-4.6%	COM NEW	58039P305
TRIP	TRIPADVISOR INC	1,840,229 (+32.0%)	$15.4M (-19.4%)	1.5%	$8.37	$18.96	-55.8%	COM	896945201
FNV	FRANCO-NEVADA CO ⚠	80,190 (+2.1%)	$19.09M (+16.6%)	1.9%	$238.11	$130.74	+82.1%	COM	351858105
SSRM	SSR MINING IN	150,000 (+36.4%)	$4.998M (+60.7%)	0.5%	$33.32	$28.05	+18.8%	COM	784730103
BA	BOEING CO/THE	79,260 (+5.8%)	$14.75M (-9.1%)	1.5%	$186.05	$180.31	+3.2%	COM	097023105
TCOM	TRIP.COM GRO-ADR	209,805 (+19.7%)	$8.203M (+17.5%)	0.8%	$39.10	$41.42	-5.6%	ADS	89677Q107
SHEL	SHELL PLC	24,000 (+33.3%)	$2.281M (+63.4%)	0.2%	$95.05	$76.92	+23.6%	SPON ADS	780259305
MAR	MARRIOTT INTL INC NEW	4,850 (+90.2%)	$1.725M (+82.5%)	0.2%	$355.67	$318.98	+11.5%	CL A	571903202
PAAS	PAN AMERN SILVER CORP	88,555 (+20.4%)	$4.03M (+22.3%)	0.4%	$45.51	$44.65	+1.9%	COM	697900108
ASR	GRUPO AEROPO-ADR	16,125 (+10.3%)	$3.792M (-15.4%)	0.4%	$235.19	$266.80	-11.8%	SPON ADR SER B	40051E202
TXT	TEXTRON INC	204,973 (+15.7%)	$15.62M (-3.9%)	1.6%	$76.20	$73.85	+3.2%	COM	883203101
RYAAY	RYANAIR HLDG-ADR	153,149 (+9.6%)	$8.425M (-6.9%)	0.8%	$55.01	$47.98	+14.7%	SPONSORED ADR	783513203
TNK	TEEKAY TANK-CL A	9,385 (+86.6%)	$911K (+179.2%)	0.1%	$97.06	$70.94	+36.8%	CL A	G8726X106
STZ	CONSTELLATION BRANDS INC	6,000 (+500.0%)	$678K (+387.7%)	0.1%	$113.06	$133.15	-15.1%	CL A	21036P108
CPA	COPA HOLDIN-CL A	31,516 (+5.6%)	$4.155M (-10.5%)	0.4%	$131.85	$86.42	+52.6%	CL A	P31076105
HAFN	HAFNIA LTD	77,419 (+54.6%)	$770K (+131.4%)	0.1%	$9.94	$7.17	+38.7%	SHS	Y2990R101
OR	OR ROYALTIES INC. ⚠	88,000 (+6.7%)	$3.022M (+15.8%)	0.3%	$34.34	$32.31	+6.3%	COM SHS	68390D106
VMET	VERSAMET ROYALTI	275,000 (+10.0%)	$2.419M (+12.7%)	0.2%	$8.80	$10.21	-13.8%	COM NEW	92528V200
LVS	LAS VEGAS SANDS CORP	28,700 (+62.1%)	$1.085M (+32.7%)	0.1%	$37.81	$53.05	-28.7%	COM	517834107
HLT	HILTON WORLDWIDE HLDGS INC	4,930 (+24.8%)	$1.568M (+20.1%)	0.2%	$318.12	$255.27	+24.6%	COM	43300A203
STNG	SCORPIO TANKERS	10,513 (+10.9%)	$880K (+34.0%)	0.1%	$83.70	$70.68	—	SHS	Y7542C130
REAL	THE REALREAL INC	62,000 (+93.8%)	$548K (+45.3%)	0.1%	$8.84	$11.76	-24.8%	COM	88339P101
BMM	BLUE MOON METALS	220,000 (+10.0%)	$1.097M (-13.4%)	0.1%	$4.99	$5.94	-15.5%	COM	09570Q509
ZTO	ZTO EXPRESS -ADR	25,184 (+3.7%)	$489K (-10.1%)	0.0%	$19.42	$22.06	-12.0%	SPONSORED ADS A	98980A105
UPS	UNITED PARCEL-B	5,241 (+4.1%)	$490K (-9.5%)	0.0%	$93.44	$112.89	-17.2%	CL B	911312106
TPR	TAPESTRY INC	4,845 (+19.8%)	$557K (-5.9%)	0.1%	$115.04	$84.64	+35.9%	COM	876030107
FDX	FEDEX CORP	1,676 (+3.6%)	$478K (-5.7%)	0.0%	$285.09	$261.78	+8.9%	COM	31428X106

Exited Positions (16)

NEM NEWMONT CORP 0.5%

Value $4.646M Shares 49,739 Share Price $93.40 * Est. Cost/Share $113.58 Unrealized @ Report Date +1.5%

PAAS PAN AMER SILVER 0.5%

Value $4.613M Shares 103,000 Share Price $44.79 Est. Cost/Share $44.65 Unrealized @ Report Date +1.9%

ASM AVINO SILVER 0.3%

Value $3.226M Shares 510,000 Share Price $6.33 * Est. Cost/Share $6.95 Unrealized @ Report Date -20.2%

TFPM TRIPLE FLAG PRECIOUS METAL 0.2%

Value $1.798M Shares 60,000 Share Price $29.97 * Est. Cost/Share $28.43 Unrealized @ Report Date +8.4%

AMZN AMAZON COM INC 0.2%

Value $1.788M Shares 7,500 Share Price $238.34 * Est. Cost/Share $220.17 Unrealized @ Report Date +13.2%

AXP AMERICAN EXPRESS CO 0.1%

Value $1.329M Shares 3,930 Share Price $338.25 * Est. Cost/Share $320.17 Unrealized @ Report Date -5.0%

XOM EXXON MOBIL CORP 0.1%

Value $1.162M Shares 8,500 Share Price $136.72 * Est. Cost/Share $117.50 Unrealized @ Report Date +38.5%

CAT CATERPILLAR INC 0.1%

Value $1.065M Shares 1,000 Share Price $1064.90 * Est. Cost/Share $555.50 Unrealized @ Report Date +46.0%

BX BLACKSTONE INC 0.1%

Value $741K Shares 6,300 Share Price $117.67 * Est. Cost/Share $120.16 Unrealized @ Report Date -6.7%

ODV OSISKO DEVELOPMENT CORP 0.1%

Value $607K Shares 250,000 Share Price $2.43 * Est. Cost/Share $1.70 Unrealized @ Report Date +35.6%

AAPL APPLE INC 0.1%

Value $579K Shares 2,000 Share Price $289.36 * Est. Cost/Share $286.04 Unrealized @ Report Date +16.4%

EFXT ENERFLEX LTD 0.0%

Value $417K Shares 17,000 Share Price $24.51 * Est. Cost/Share $13.30 Unrealized @ Report Date +71.4%

MWH SOLV ENERGY INC 0.0%

Value $409K Shares 12,000 Share Price $34.05 * Est. Cost/Share $29.63 Unrealized @ Report Date -18.9%

ESEA EUROSEAS LTD 0.0%

Value $332K Shares 5,000 Share Price $66.37 * Est. Cost/Share $68.78 Unrealized @ Report Date +3.7%

FRVO FERVO ENERGY CO 0.0%

Value $292K Shares 10,000 Share Price $29.23 * Est. Cost/Share $36.11 Unrealized @ Report Date -62.4%

AEP AMERICAN ELEC PWR CO INC 0.0%

Value $274K Shares 2,000 Share Price $136.81 * Est. Cost/Share $117.70 Unrealized @ Report Date +0.8%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
NEM	NEWMONT CORP	49,739	$4.646M	0.5%	$93.40 *	$113.58	+1.5%	—	651639106
PAAS	PAN AMER SILVER	103,000	$4.613M	0.5%	$44.79	$44.65	+1.9%	COM	697900108
ASM	AVINO SILVER	510,000	$3.226M	0.3%	$6.33 *	$6.95	-20.2%	COM	053906103
TFPM	TRIPLE FLAG PRECIOUS METAL	60,000	$1.798M	0.2%	$29.97 *	$28.43	+8.4%	COM	89679M104
AMZN	AMAZON COM INC	7,500	$1.788M	0.2%	$238.34 *	$220.17	+13.2%	—	023135106
AXP	AMERICAN EXPRESS CO	3,930	$1.329M	0.1%	$338.25 *	$320.17	-5.0%	—	025816109
XOM	EXXON MOBIL CORP	8,500	$1.162M	0.1%	$136.72 *	$117.50	+38.5%	—	30231G102
CAT	CATERPILLAR INC	1,000	$1.065M	0.1%	$1064.90 *	$555.50	+46.0%	—	149123101
BX	BLACKSTONE INC	6,300	$741K	0.1%	$117.67 *	$120.16	-6.7%	—	09260D107
ODV	OSISKO DEVELOPMENT CORP	250,000	$607K	0.1%	$2.43 *	$1.70	+35.6%	—	68828E809
AAPL	APPLE INC	2,000	$579K	0.1%	$289.36 *	$286.04	+16.4%	—	037833100
EFXT	ENERFLEX LTD	17,000	$417K	0.0%	$24.51 *	$13.30	+71.4%	—	29269R105
MWH	SOLV ENERGY INC	12,000	$409K	0.0%	$34.05 *	$29.63	-18.9%	—	78475V103
ESEA	EUROSEAS LTD	5,000	$332K	0.0%	$66.37 *	$68.78	+3.7%	—	Y23592135
FRVO	FERVO ENERGY CO	10,000	$292K	0.0%	$29.23 *	$36.11	-62.4%	—	31556C106
AEP	AMERICAN ELEC PWR CO INC	2,000	$274K	0.0%	$136.81 *	$117.70	+0.8%	—	025537101

Decreased Positions (31)

OR OR ROYALTIES INC ⚠ 0.8%

Value $8.011M (-49.2%) Shares 233,284 (-53.2%) Share Price $34.34 Est. Cost/Share $32.31 Unrealized @ Report Date +6.3%

EXK ENDEAVOUR SILVER 0.3%

Value $2.53M (-70.7%) Shares 295,200 (-71.7%) Share Price $8.57 Est. Cost/Share $7.75 Unrealized @ Report Date +10.7%

AYASF AYA GOLD & SILVE 1.5%

Value $15.47M (-27.2%) Shares 575,000 (-48.9%) Share Price $26.91 Est. Cost/Share $17.86 Unrealized @ Report Date —

SABR SABRE CORP 1.6%

Value $15.69M (-24.1%) Shares 7,400,275 (-25.1%) Share Price $2.12 Est. Cost/Share $2.61 Unrealized @ Report Date -18.7%

SKYW SKYWEST INC 2.9%

Value $29.57M (-10.6%) Shares 305,130 (-8.4%) Share Price $96.92 Est. Cost/Share $52.12 Unrealized @ Report Date +86.0%

EXPE EXPEDIA GROUP IN 1.5%

Value $15.44M (-18.4%) Shares 58,645 (-20.7%) Share Price $263.36 Est. Cost/Share $177.80 Unrealized @ Report Date +48.1%

BKNG BOOKING HOLDINGS 1.5%

Value $15.18M (-16.1%) Shares 93,179 (-8.2%) Share Price $162.91 Est. Cost/Share $241.30 Unrealized @ Report Date -32.5%

VIK VIKING HOLDINGS LTD 0.0%

Value $175K (-91.2%) Shares 2,235 (-88.2%) Share Price $78.33 Est. Cost/Share $71.73 Unrealized @ Report Date +9.2%

FSM FORTUNA MINING C ⚠ 0.8%

Value $7.799M (+24.1%) Shares 693,851 (-6.7%) Share Price $11.24 Est. Cost/Share $9.34 Unrealized @ Report Date +20.4%

MMYT MAKEMYTRIP LTD 0.4%

Value $3.903M (-26.3%) Shares 82,701 (-16.8%) Share Price $47.20 Est. Cost/Share $54.66 Unrealized @ Report Date -13.7%

GD GENERAL DYNAMICS 1.5%

Value $15.21M (-7.3%) Shares 45,826 (-1.0%) Share Price $331.83 Est. Cost/Share $202.04 Unrealized @ Report Date +64.2%

AUGO AURA MINERALS INC 0.2%

Value $1.967M (-37.5%) Shares 25,000 (-50.0%) Share Price $78.68 Est. Cost/Share $28.59 Unrealized @ Report Date +175.2%

HMY HARMONY GOLD-ADR 0.5%

Value $5.504M (-15.6%) Shares 310,584 (-27.5%) Share Price $17.72 Est. Cost/Share $13.21 Unrealized @ Report Date +34.1%

RCL ROYAL CARIBBEAN GROUP 0.2%

Value $1.736M (-35.9%) Shares 6,530 (-23.4%) Share Price $265.86 Est. Cost/Share $187.96 Unrealized @ Report Date +41.4%

MTA METALLA RTY & STREAMING LTD 0.5%

Value $5.007M (+17.8%) Shares 531,500 (-4.8%) Share Price $9.42 Est. Cost/Share $5.80 Unrealized @ Report Date +62.5%

OMAB GRUPO AEROPO-ADR 0.4%

Value $3.993M (-15.7%) Shares 41,326 (-1.3%) Share Price $96.61 Est. Cost/Share $107.16 Unrealized @ Report Date -9.8%

EMBJ EMBRAER SA-ADR 0.4%

Value $4.087M (-13.4%) Shares 54,263 (-26.7%) Share Price $75.32 Est. Cost/Share $34.14 Unrealized @ Report Date +120.6%

LTH LIFE TIME GROUP HOLDINGS INC 0.1%

Value $762K (-41.0%) Shares 19,100 (-39.6%) Share Price $39.88 Est. Cost/Share $29.30 Unrealized @ Report Date +36.1%

GSL GLOBAL SHIP-CL A 0.0%

Value $339K (-52.0%) Shares 7,677 (-59.1%) Share Price $44.14 Est. Cost/Share $33.20 Unrealized @ Report Date +33.0%

TOL TOLL BROTHERS INC 0.1%

Value $741K (-28.6%) Shares 5,500 (-12.7%) Share Price $134.75 Est. Cost/Share $146.18 Unrealized @ Report Date -7.8%

TK TEEKAY CORP LTD 0.1%

Value $743K (+21.8%) Shares 52,160 (-14.5%) Share Price $14.25 Est. Cost/Share $11.02 Unrealized @ Report Date +29.3%

CNL COLLECTIVE MININ 0.0%

Value $306K (-28.7%) Shares 25,000 (-28.6%) Share Price $12.25 Est. Cost/Share $2.97 Unrealized @ Report Date +312.8%

BWLP BW LPG LTD 0.1%

Value $705K (+19.3%) Shares 28,161 (-17.1%) Share Price $25.04 Est. Cost/Share $14.77 Unrealized @ Report Date +69.6%

INSW INTERNATIONAL SE 0.1%

Value $762K (-10.6%) Shares 6,916 (-37.9%) Share Price $110.14 Est. Cost/Share $81.05 Unrealized @ Report Date +35.9%

RACE FERRARI N V 0.3%

Value $2.862M (-3.0%) Shares 7,285 (-8.1%) Share Price $392.85 Est. Cost/Share $414.30 Unrealized @ Report Date -5.2%

FNV FRANCO NEV CORP ⚠ 0.0%

Value $360K (-17.5%) Shares 1,510 (-27.8%) Share Price $238.11 Est. Cost/Share $130.74 Unrealized @ Report Date +82.1%

EL LAUDER ESTEE COS INC 0.1%

Value $1.178M (-5.5%) Shares 12,700 (-19.6%) Share Price $92.77 Est. Cost/Share $92.83 Unrealized @ Report Date -0.1%

DHT DHT HOLDINGS INC 0.1%

Value $942K (+5.0%) Shares 41,717 (-23.1%) Share Price $22.57 Est. Cost/Share $17.05 Unrealized @ Report Date +32.4%

EXPD EXPEDITORS INTL 0.1%

Value $512K (-4.4%) Shares 2,774 (-15.6%) Share Price $184.64 Est. Cost/Share $127.73 Unrealized @ Report Date +44.6%

SSMR SUNSHINE SILVER MNG & REFNG 0.1%

Value $736K (+1.2%) Shares 50,000 (-9.1%) Share Price $14.72 Est. Cost/Share $14.14 Unrealized @ Report Date +4.1%

DAC DANAOS CORP 0.0%

Value $342K (-0.2%) Shares 2,219 (-20.9%) Share Price $154.31 Est. Cost/Share $101.78 Unrealized @ Report Date +51.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
OR	OR ROYALTIES INC ⚠	233,284 (-53.2%)	$8.011M (-49.2%)	0.8%	$34.34	$32.31	+6.3%	COM SHS	68390D106
EXK	ENDEAVOUR SILVER	295,200 (-71.7%)	$2.53M (-70.7%)	0.3%	$8.57	$7.75	+10.7%	COM	29258Y103
AYASF	AYA GOLD & SILVE	575,000 (-48.9%)	$15.47M (-27.2%)	1.5%	$26.91	$17.86	—	COM	05466C109
SABR	SABRE CORP	7,400,275 (-25.1%)	$15.69M (-24.1%)	1.6%	$2.12	$2.61	-18.7%	COM	78573M104
SKYW	SKYWEST INC	305,130 (-8.4%)	$29.57M (-10.6%)	2.9%	$96.92	$52.12	+86.0%	COM	830879102
EXPE	EXPEDIA GROUP IN	58,645 (-20.7%)	$15.44M (-18.4%)	1.5%	$263.36	$177.80	+48.1%	COM NEW	30212P303
BKNG	BOOKING HOLDINGS	93,179 (-8.2%)	$15.18M (-16.1%)	1.5%	$162.91	$241.30	-32.5%	COM	09857L108
VIK	VIKING HOLDINGS LTD	2,235 (-88.2%)	$175K (-91.2%)	0.0%	$78.33	$71.73	+9.2%	ORD SHS	G93A5A101
FSM	FORTUNA MINING C ⚠	693,851 (-6.7%)	$7.799M (+24.1%)	0.8%	$11.24	$9.34	+20.4%	COM NEW	349942102
MMYT	MAKEMYTRIP LTD	82,701 (-16.8%)	$3.903M (-26.3%)	0.4%	$47.20	$54.66	-13.7%	SHS	V5633W109
GD	GENERAL DYNAMICS	45,826 (-1.0%)	$15.21M (-7.3%)	1.5%	$331.83	$202.04	+64.2%	COM	369550108
AUGO	AURA MINERALS INC	25,000 (-50.0%)	$1.967M (-37.5%)	0.2%	$78.68	$28.59	+175.2%	SHS NEW	G06973112
HMY	HARMONY GOLD-ADR	310,584 (-27.5%)	$5.504M (-15.6%)	0.5%	$17.72	$13.21	+34.1%	SPONSORED ADR	413216300
RCL	ROYAL CARIBBEAN GROUP	6,530 (-23.4%)	$1.736M (-35.9%)	0.2%	$265.86	$187.96	+41.4%	COM	V7780T103
MTA	METALLA RTY & STREAMING LTD	531,500 (-4.8%)	$5.007M (+17.8%)	0.5%	$9.42	$5.80	+62.5%	COM NEW	59124U605
OMAB	GRUPO AEROPO-ADR	41,326 (-1.3%)	$3.993M (-15.7%)	0.4%	$96.61	$107.16	-9.8%	SPON ADR	400501102
EMBJ	EMBRAER SA-ADR	54,263 (-26.7%)	$4.087M (-13.4%)	0.4%	$75.32	$34.14	+120.6%	SPONSORED ADS	29082A107
LTH	LIFE TIME GROUP HOLDINGS INC	19,100 (-39.6%)	$762K (-41.0%)	0.1%	$39.88	$29.30	+36.1%	COMMON STOCK	53190C102
GSL	GLOBAL SHIP-CL A	7,677 (-59.1%)	$339K (-52.0%)	0.0%	$44.14	$33.20	+33.0%	COM CL A	Y27183600
TOL	TOLL BROTHERS INC	5,500 (-12.7%)	$741K (-28.6%)	0.1%	$134.75	$146.18	-7.8%	COM	889478103
TK	TEEKAY CORP LTD	52,160 (-14.5%)	$743K (+21.8%)	0.1%	$14.25	$11.02	+29.3%	SHS	G8726T105
CNL	COLLECTIVE MININ	25,000 (-28.6%)	$306K (-28.7%)	0.0%	$12.25	$2.97	+312.8%	COM	19425C100
BWLP	BW LPG LTD	28,161 (-17.1%)	$705K (+19.3%)	0.1%	$25.04	$14.77	+69.6%	COM	Y10230103
INSW	INTERNATIONAL SE	6,916 (-37.9%)	$762K (-10.6%)	0.1%	$110.14	$81.05	+35.9%	COM	Y41053102
RACE	FERRARI N V	7,285 (-8.1%)	$2.862M (-3.0%)	0.3%	$392.85	$414.30	-5.2%	COM	N3167Y103
FNV	FRANCO NEV CORP ⚠	1,510 (-27.8%)	$360K (-17.5%)	0.0%	$238.11	$130.74	+82.1%	COM	351858105
EL	LAUDER ESTEE COS INC	12,700 (-19.6%)	$1.178M (-5.5%)	0.1%	$92.77	$92.83	-0.1%	CL A	518439104
DHT	DHT HOLDINGS INC	41,717 (-23.1%)	$942K (+5.0%)	0.1%	$22.57	$17.05	+32.4%	SHS NEW	Y2065G121
EXPD	EXPEDITORS INTL	2,774 (-15.6%)	$512K (-4.4%)	0.1%	$184.64	$127.73	+44.6%	COM	302130109
SSMR	SUNSHINE SILVER MNG & REFNG	50,000 (-9.1%)	$736K (+1.2%)	0.1%	$14.72	$14.14	+4.1%	COMMON STOCK	867866105
DAC	DANAOS CORP	2,219 (-20.9%)	$342K (-0.2%)	0.0%	$154.31	$101.78	+51.6%	SHS	Y1968P121

Unchanged Positions (48)

WPM WHEATON PRECIOUS 1.8%

Value $18.51M Shares 138,444 Share Price $133.72 Est. Cost/Share $110.62 Unrealized @ Report Date +20.9%

IAG IAMGOLD CORP 1.6%

Value $16.33M Shares 887,130 Share Price $18.41 Est. Cost/Share $12.15 Unrealized @ Report Date +51.5%

CGAU CENTERRA GOLD IN 0.7%

Value $6.54M Shares 300,000 Share Price $21.80 Est. Cost/Share $12.52 Unrealized @ Report Date +74.0%

LTM LATAM AIRLINES G 0.8%

Value $7.991M Shares 160,165 Share Price $49.89 Est. Cost/Share $42.29 Unrealized @ Report Date +18.0%

ARIS ARIS MINING CORP 0.7%

Value $6.96M Shares 400,000 Share Price $17.40 Est. Cost/Share $8.63 Unrealized @ Report Date +101.7%

USAS AMERICAS GOLD AN 1.1%

Value $11.4M Shares 2,600,000 Share Price $4.38 Est. Cost/Share $4.48 Unrealized @ Report Date -2.7%

AEM AGNICO EAGLE MINES LTD 0.5%

Value $5.498M Shares 30,000 Share Price $183.27 Est. Cost/Share $138.75 Unrealized @ Report Date +32.1%

SCZM SANTACRUZ SILVER 0.3%

Value $3.091M Shares 350,000 Share Price $8.83 Est. Cost/Share $10.78 Unrealized @ Report Date -18.1%

B BARRICK MNG CORP 0.7%

Value $6.914M Shares 170,000 Share Price $40.67 Est. Cost/Share $34.72 Unrealized @ Report Date +17.1%

CDE COEUR MNG INC ⚠ 0.8%

Value $7.732M Shares 439,303 Share Price $17.60 Est. Cost/Share $16.17 Unrealized @ Report Date +8.9%

VZLA VIZSLA SILVER CO 0.4%

Value $3.983M Shares 1,050,000 Share Price $3.79 Est. Cost/Share $1.62 Unrealized @ Report Date +133.5%

VOXR VOX ROYALTY CORP 0.8%

Value $8.343M Shares 1,662,000 Share Price $5.02 Est. Cost/Share $2.48 Unrealized @ Report Date +102.3%

SBSW SIBANYE STILLWATER LTD 0.3%

Value $2.808M Shares 275,000 Share Price $10.21 Est. Cost/Share $5.47 Unrealized @ Report Date +86.8%

TSLA TESLA INC 0.2%

Value $2.289M Shares 6,450 Share Price $354.81 Est. Cost/Share $367.09 Unrealized @ Report Date -3.3%

WDS WOODSIDE ENERGY GROUP LTD 0.3%

Value $2.771M Shares 125,000 Share Price $22.17 Est. Cost/Share $19.45 Unrealized @ Report Date +14.0%

CCL CARNIVAL CORP LTD 0.1%

Value $1.288M Shares 52,500 Share Price $24.54 Est. Cost/Share $28.57 Unrealized @ Report Date —

MAKO MAKO MINING CORP 0.1%

Value $941K Shares 100,000 Share Price $9.41 Est. Cost/Share $6.99 Unrealized @ Report Date +34.2%

AGI ALAMOS GOLD INC NEW 0.3%

Value $3.239M Shares 100,000 Share Price $32.39 Est. Cost/Share $38.30 Unrealized @ Report Date -15.4%

VLO VALERO ENERGY CORP 0.1%

Value $581K Shares 1,500 Share Price $387.61 Est. Cost/Share $178.15 Unrealized @ Report Date +117.6%

LNG CHENIERE ENERGY INC 0.2%

Value $1.668M Shares 6,200 Share Price $269.03 Est. Cost/Share $173.04 Unrealized @ Report Date +55.5%

NTR NUTRIEN LTD 0.2%

Value $1.756M Shares 25,000 Share Price $70.25 Est. Cost/Share $55.13 Unrealized @ Report Date +27.4%

HSLV HIGHLANDER SILVE 0.2%

Value $1.701M Shares 325,000 Share Price $5.23 Est. Cost/Share $5.62 Unrealized @ Report Date -7.2%

TTE TOTALENERGIES SE 0.2%

Value $1.881M Shares 22,000 Share Price $85.50 Est. Cost/Share $67.42 Unrealized @ Report Date +26.8%

SVM SILVERCORP METALS INC 0.3%

Value $2.667M Shares 250,000 Share Price $10.67 Est. Cost/Share $8.13 Unrealized @ Report Date +31.2%

AU ANGLOGOLD ASHANTI PLC ⚠ 0.1%

Value $940K Shares 10,000 Share Price $93.95 Est. Cost/Share $90.13 Unrealized @ Report Date +4.2%

OCANF OCEANAGOLD CORP 0.1%

Value $1.377M Shares 50,000 Share Price $27.53 Est. Cost/Share $32.49 Unrealized @ Report Date —

HL HECLA MINING COMPANY 0.1%

Value $1.277M Shares 75,000 Share Price $17.03 Est. Cost/Share $22.48 Unrealized @ Report Date -24.3%

ITRG INTEGRA RES CORP ⚠ 0.1%

Value $900K Shares 350,000 Share Price $2.57 Est. Cost/Share $2.62 Unrealized @ Report Date -2.1%

MGM MGM RESORTS INTERNATIONAL 0.0%

Value $158K Shares 5,100 Share Price $31.05 Est. Cost/Share $38.64 Unrealized @ Report Date -19.6%

ASM AVINO SILVER & GOLD MINES LT 0.1%

Value $555K Shares 100,000 Share Price $5.55 Est. Cost/Share $6.95 Unrealized @ Report Date -20.2%

GFI GOLD FIELDS LTD ⚠ 0.1%

Value $903K Shares 25,000 Share Price $36.12 Est. Cost/Share $39.26 Unrealized @ Report Date -8.0%

SIND SINDA LTD 0.0%

Value $483K Shares 35,000 Share Price $13.80 Est. Cost/Share $12.00 Unrealized @ Report Date +15.0%

XPL SOLITARIO RESOURCES CORP 0.0%

Value $179K Shares 310,000 Share Price $0.58 Est. Cost/Share $0.79 Unrealized @ Report Date -26.2%

BP BP PLC 0.0%

Value $308K Shares 7,000 Share Price $43.99 Est. Cost/Share $36.11 Unrealized @ Report Date +21.8%

CCJ CAMECO CORP 0.0%

Value $217K Shares 2,500 Share Price $86.67 Est. Cost/Share $64.67 Unrealized @ Report Date +34.0%

UBS UBS GROUP AG 0.1%

Value $1.073M Shares 22,300 Share Price $48.13 Est. Cost/Share $40.69 Unrealized @ Report Date +18.3%

PPTA PERPETUA RESOURCES CORP 0.1%

Value $647K Shares 30,000 Share Price $21.57 Est. Cost/Share $10.12 Unrealized @ Report Date +113.0%

HAL HALLIBURTON CO 0.0%

Value $318K Shares 10,000 Share Price $31.80 Est. Cost/Share $26.08 Unrealized @ Report Date +21.9%

CME CME GROUP INC 0.0%

Value $121K Shares 461 Share Price $261.98 Est. Cost/Share $219.66 Unrealized @ Report Date +19.3%

AR ANTERO RESOURCES CORP 0.0%

Value $334K Shares 10,000 Share Price $33.39 Est. Cost/Share $33.61 Unrealized @ Report Date -0.7%

PZG PARAMOUNT GOLD NEV CORP 0.0%

Value $244K Shares 200,000 Share Price $1.22 Est. Cost/Share $1.12 Unrealized @ Report Date +8.6%

IE IVANHOE ELECTRIC 0.1%

Value $511K Shares 51,499 Share Price $9.92 Est. Cost/Share $11.72 Unrealized @ Report Date -15.4%

SLB SCHLUMBERGER LTD 0.0%

Value $219K Shares 4,500 Share Price $48.72 Est. Cost/Share $15.47 Unrealized @ Report Date +214.8%

MLCO MELCO RESORTS AND ENTMNT LTD 0.0%

Value $53,760 Shares 12,000 Share Price $4.48 Est. Cost/Share $6.05 Unrealized @ Report Date -26.0%

BKR BAKER HUGHES COMPANY 0.0%

Value $275K Shares 5,000 Share Price $54.90 Est. Cost/Share $41.90 Unrealized @ Report Date +31.0%

WTTR SELECT WATER SOLUTIONS INC 0.0%

Value $198K Shares 10,000 Share Price $19.79 Est. Cost/Share $7.59 Unrealized @ Report Date —

RRC RANGE RES CORP 0.0%

Value $389K Shares 10,500 Share Price $37.04 Est. Cost/Share $23.37 Unrealized @ Report Date +58.5%

CHIQ GLOBAL X FDS 0.0%

Value $70,965 Shares 4,500 Share Price $15.77 Est. Cost/Share $22.56 Unrealized @ Report Date -30.1%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
WPM	WHEATON PRECIOUS	138,444	$18.51M	1.8%	$133.72	$110.62	+20.9%	COM	962879102
IAG	IAMGOLD CORP	887,130	$16.33M	1.6%	$18.41	$12.15	+51.5%	COM	450913108
CGAU	CENTERRA GOLD IN	300,000	$6.54M	0.7%	$21.80	$12.52	+74.0%	COM	152006102
LTM	LATAM AIRLINES G	160,165	$7.991M	0.8%	$49.89	$42.29	+18.0%	SPONSORED ADR	51817R205
ARIS	ARIS MINING CORP	400,000	$6.96M	0.7%	$17.40	$8.63	+101.7%	COM	04040Y109
USAS	AMERICAS GOLD AN	2,600,000	$11.4M	1.1%	$4.38	$4.48	-2.7%	COM NEW	03062D803
AEM	AGNICO EAGLE MINES LTD	30,000	$5.498M	0.5%	$183.27	$138.75	+32.1%	COM	008474108
SCZM	SANTACRUZ SILVER	350,000	$3.091M	0.3%	$8.83	$10.78	-18.1%	COM NEW SHS	80280U205
B	BARRICK MNG CORP	170,000	$6.914M	0.7%	$40.67	$34.72	+17.1%	COM SHS	06849F108
CDE	COEUR MNG INC ⚠	439,303	$7.732M	0.8%	$17.60	$16.17	+8.9%	COM NEW	192108504
VZLA	VIZSLA SILVER CO	1,050,000	$3.983M	0.4%	$3.79	$1.62	+133.5%	COM NEW	92859G608
VOXR	VOX ROYALTY CORP	1,662,000	$8.343M	0.8%	$5.02	$2.48	+102.3%	COM	92919F103
SBSW	SIBANYE STILLWATER LTD	275,000	$2.808M	0.3%	$10.21	$5.47	+86.8%	SPONSORED ADR	82575P107
TSLA	TESLA INC	6,450	$2.289M	0.2%	$354.81	$367.09	-3.3%	COM	88160R101
WDS	WOODSIDE ENERGY GROUP LTD	125,000	$2.771M	0.3%	$22.17	$19.45	+14.0%	SPONSORED ADR	980228308
CCL	CARNIVAL CORP LTD	52,500	$1.288M	0.1%	$24.54	$28.57	—	COMMON SHARES	G2004J103
MAKO	MAKO MINING CORP	100,000	$941K	0.1%	$9.41	$6.99	+34.2%	COM NEW	56089A400
AGI	ALAMOS GOLD INC NEW	100,000	$3.239M	0.3%	$32.39	$38.30	-15.4%	COM CL A	011532108
VLO	VALERO ENERGY CORP	1,500	$581K	0.1%	$387.61	$178.15	+117.6%	COM	91913Y100
LNG	CHENIERE ENERGY INC	6,200	$1.668M	0.2%	$269.03	$173.04	+55.5%	COM NEW	16411R208
NTR	NUTRIEN LTD	25,000	$1.756M	0.2%	$70.25	$55.13	+27.4%	COM	67077M108
HSLV	HIGHLANDER SILVE	325,000	$1.701M	0.2%	$5.23	$5.62	-7.2%	COM	43087N204
TTE	TOTALENERGIES SE	22,000	$1.881M	0.2%	$85.50	$67.42	+26.8%	ACT	F92124100
SVM	SILVERCORP METALS INC	250,000	$2.667M	0.3%	$10.67	$8.13	+31.2%	COM	82835P103
AU	ANGLOGOLD ASHANTI PLC ⚠	10,000	$940K	0.1%	$93.95	$90.13	+4.2%	COM SHS	G0378L100
OCANF	OCEANAGOLD CORP	50,000	$1.377M	0.1%	$27.53	$32.49	—	COM NEW	675222400
HL	HECLA MINING COMPANY	75,000	$1.277M	0.1%	$17.03	$22.48	-24.3%	COM	422704106
ITRG	INTEGRA RES CORP ⚠	350,000	$900K	0.1%	$2.57	$2.62	-2.1%	COM	45826T509
MGM	MGM RESORTS INTERNATIONAL	5,100	$158K	0.0%	$31.05	$38.64	-19.6%	COM	552953101
ASM	AVINO SILVER & GOLD MINES LT	100,000	$555K	0.1%	$5.55	$6.95	-20.2%	COM	053906103
GFI	GOLD FIELDS LTD ⚠	25,000	$903K	0.1%	$36.12	$39.26	-8.0%	SPONSORED ADR	38059T106
SIND	SINDA LTD	35,000	$483K	0.0%	$13.80	$12.00	+15.0%	COMMON STOCK	G81569108
XPL	SOLITARIO RESOURCES CORP	310,000	$179K	0.0%	$0.58	$0.79	-26.2%	COM	8342EP107
BP	BP PLC	7,000	$308K	0.0%	$43.99	$36.11	+21.8%	SPONSORED ADR	055622104
CCJ	CAMECO CORP	2,500	$217K	0.0%	$86.67	$64.67	+34.0%	COM	13321L108
UBS	UBS GROUP AG	22,300	$1.073M	0.1%	$48.13	$40.69	+18.3%	SHS	H42097107
PPTA	PERPETUA RESOURCES CORP	30,000	$647K	0.1%	$21.57	$10.12	+113.0%	COM	714266103
HAL	HALLIBURTON CO	10,000	$318K	0.0%	$31.80	$26.08	+21.9%	COM	406216101
CME	CME GROUP INC	461	$121K	0.0%	$261.98	$219.66	+19.3%	COM	12572Q105
AR	ANTERO RESOURCES CORP	10,000	$334K	0.0%	$33.39	$33.61	-0.7%	COM	03674X106
PZG	PARAMOUNT GOLD NEV CORP	200,000	$244K	0.0%	$1.22	$1.12	+8.6%	COM	69924M109
IE	IVANHOE ELECTRIC	51,499	$511K	0.1%	$9.92	$11.72	-15.4%	COM	46578C108
SLB	SCHLUMBERGER LTD	4,500	$219K	0.0%	$48.72	$15.47	+214.8%	COM STK	806857108
MLCO	MELCO RESORTS AND ENTMNT LTD	12,000	$53,760	0.0%	$4.48	$6.05	-26.0%	ADR	585464100
BKR	BAKER HUGHES COMPANY	5,000	$275K	0.0%	$54.90	$41.90	+31.0%	CL A	05722G100
WTTR	SELECT WATER SOLUTIONS INC	10,000	$198K	0.0%	$19.79	$7.59	—	CL A COM	81617J301
RRC	RANGE RES CORP	10,500	$389K	0.0%	$37.04	$23.37	+58.5%	COM	75281A109
CHIQ	GLOBAL X FDS	4,500	$70,965	0.0%	$15.77	$22.56	-30.1%	MSCI CHINA CNSMR	37950E408