Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	90,000	$47.08M	15.7%	—	—	Put	78462F103
APLD	APPLIED DIGITAL CORP	4,637,160	$19.85M	6.6%	$4.76	+6.1%	COM NEW	038169207
VST	VISTRA CORP	269,534	$18.77M	6.3%	$22.16	+119.9%	COM	92840M102
GSL	GLOBAL SHIP LEASE INC NEW	853,423	$17.32M	5.8%	$11.56	+76.3%	COM CL A	Y27183600
—	LANDSEA HOMES CORP	1,096,475	$15.93M	5.3%	$9.15	—	COM	51509P103
OEC	ORION S.A.	669,050	$15.74M	5.3%	$19.04	+21.4%	COM	L72967109
GDX	VANECK ETF TRUST	446,828	$14.13M	4.7%	$30.18	—	GOLD MINERS ETF	92189F106
SDRL	SEADRILL 2021 LTD	263,384	$13.25M	4.4%	$45.30	+0.3%	COM	G7997W102
FANG	DIAMONDBACK ENERGY INC	62,674	$12.42M	4.1%	$126.93	+25.3%	COM	25278X109
NXE	NEXGEN ENERGY LTD	1,339,548	$10.41M	3.5%	$6.13	+21.2%	COM	65340P106
GLD	SPDR GOLD TR	42,300	$8.702M	2.9%	$128.10	—	Call	78463V107
AEM	AGNICO EAGLE MINES LTD	141,549	$8.443M	2.8%	$47.89	+3.4%	COM	008474108
GDX	VANECK ETF TRUST	223,100	$7.054M	2.4%	$30.18	—	Call	92189F106
BZH	BEAZER HOMES USA INC	202,595	$6.645M	2.2%	$27.67	+11.7%	COM NEW	07556Q881
NFE	NEW FORTRESS ENERGY INC	215,749	$6.6M	2.2%	$32.85	0.0%	COM CL A	644393100
CNTY	CENTURY CASINOS INC	1,953,657	$6.174M	2.1%	$6.45	-47.7%	COM	156492100
KRP	KIMBELL RTY PARTNERS LP	316,734	$4.916M	1.6%	$12.74	—	UNIT	49435R102
AR	ANTERO RESOURCES CORP	157,869	$4.578M	1.5%	$22.97	+5.1%	COM	03674X106
HBM	HUDBAY MINERALS INC	633,922	$4.437M	1.5%	$5.13	+13.4%	COM	443628102
SILJ	AMPLIFY ETF TR	437,547	$4.345M	1.5%	$9.93	—	AMPLIFY JUNIOR S	032108649
MNR	MACH NATURAL RESOURCES LP	218,118	$4.21M	1.4%	$16.49	—	COM UNIT LTD PAR	55445L100
GDXJ	VANECK ETF TRUST	101,615	$3.937M	1.3%	$41.70	—	JUNIOR GOLD MINE	92189F791
—	ARCH RESOURCES INC	23,434	$3.768M	1.3%	$131.06	—	CL A	03940R107
ACR	ACRES COMMERCIAL REALTY CORP	265,231	$3.729M	1.2%	$14.06	—	COM NEW	00489Q102
CGAU	CENTERRA GOLD INC	537,644	$3.177M	1.1%	$5.17	0.0%	COM	152006102
AGI	ALAMOS GOLD INC NEW	204,000	$3.009M	1.0%	$12.54	0.0%	COM CL A	011532108
RILY	B. RILEY FINANCIAL INC	131,892	$2.792M	0.9%	$31.66	-36.6%	COM	05580M108
SLV	ISHARES SILVER TR	122,600	$2.789M	0.9%	—	—	Call	46428Q109
TXO	TXO PARTNERS LP	153,950	$2.763M	0.9%	$21.27	—	COM UNIT	87313P103
—	ROTH CH ACQUISITION V CO	200,100	$2.155M	0.7%	$9.96	—	UNIT 12/10/2026	77867R209
—	LAZYDAYS HLDGS INC	509,649	$2.054M	0.7%	$16.60	—	COM	52110H100
GFR	GREENFIRE RES LTD NEW	332,725	$1.988M	0.7%	$5.50	0.0%	COM SHS	39525U107
URNM	SPROTT FDS TR	39,482	$1.946M	0.6%	$43.94	—	URANIUM MINERS E	85208P303
AEAEU	ALTENERGY ACQUISITION CORP	168,938	$1.848M	0.6%	$10.94	—	UNIT 10/29/2026	02157M207
GDXJ	VANECK ETF TRUST	41,900	$1.623M	0.5%	$41.70	—	Call	92189F791
APLD	APPLIED DIGITAL CORP	359,200	$1.537M	0.5%	$4.76	+6.1%	Call	038169207
ET	ENERGY TRANSFER L P	92,879	$1.461M	0.5%	$9.55	—	COM UT LTD PTN	29273V100
TRTX	TPG RE FIN TR INC	186,173	$1.437M	0.5%	$7.72	—	COM	87266M107
SILJ	AMPLIFY ETF TR	135,200	$1.343M	0.4%	$9.93	—	Call	032108649
—	DESKTOP METAL INC	1,209,600	$1.064M	0.4%	—	—	Put	25058X105
GLD	SPDR GOLD TR	4,298	$884K	0.3%	$128.10	—	GOLD SHS	78463V107
KGC	KINROSS GOLD CORP	89,900	$551K	0.2%	—	—	Call	496902404
AEM	AGNICO EAGLE MINES LTD	8,600	$513K	0.2%	$47.89	+3.4%	Call	008474108
PPTA	PERPETUA RESOURCES CORP	97,633	$406K	0.1%	$3.30	0.0%	COM	714266103
SPPP	SPROTT PHYSICAL PLAT PALLAD	34,877	$337K	0.1%	$9.65	—	UNIT	85207Q104
—	MAG SILVER CORP	28,900	$306K	0.1%	$10.58	—	COM	55903Q104
FNKO	FUNKO INC	46,300	$289K	0.1%	—	—	Put	361008105
—	VELO3D INC	560,400	$255K	0.1%	—	—	Put	92259N104
PSLV	SPROTT PHYSICAL SILVER TR	24,500	$203K	0.1%	$7.58	—	TR UNIT	85207K107
SKE	SKEENA RES LTD NEW	33,600	$155K	0.1%	$4.22	0.0%	COM	83056P715
BRCC	BRC INC	24,300	$104K	0.0%	—	—	Put	05601U105
—	NIKOLA CORP	23,500	$24,440	0.0%	—	—	Put	654110105
MOBXW	MOBIX LABS INC	30,093	$6,320	0.0%	$0.21	—	*W EXP 99/99/999	60743G118