Appian Way Asset Management LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	330,000	$79,847	14.3%	—	—	PUT	464287655
CE	CELANESE CORP DEL	224,589	$9,451	1.7%	$49.73	0.0%	COM	150870103
NXE	NEXGEN ENERGY LTD	1,055,403	$9,446	1.7%	$7.37	0.0%	COM	65340P106
SEI	SOLARIS ENERGY INFRAS INC	116,740	$4,666	0.8%	$31.12	0.0%	COM CL A	83418M103
JBS	JBS N.V.	310,681	$4,638	0.8%	$14.58	0.0%	CL A SHS	N4732M103
OLN	OLIN CORP	171,672	$4,290	0.8%	$21.88	0.0%	COM PAR $1	680665205
CCJ	CAMECO CORP	49,259	$4,131	0.7%	$77.39	0.0%	COM	13321L108
PKG	PACKAGING CORP AMER	12,784	$2,786	0.5%	$204.01	0.0%	COM	695156109
CALM	CAL MAINE FOODS INC	19,442	$1,829	0.3%	$103.42	0.0%	COM NEW	128030202
FUL	FULLER H B CO	29,675	$1,759	0.3%	$59.56	0.0%	COM	359694106
JBHT	HUNT J B TRANS SVCS INC	8,110	$1,088	0.2%	$143.22	0.0%	COM	445658107
DRIO	DARIOHEALTH CORP	56,862	$987	0.2%	$11.02	0.0%	COM	23725P308
AXTA	AXALTA COATING SYS LTD	25,469	$729	0.1%	$30.10	0.0%	COM	G0750C108
TROX	TRONOX HOLDINGS PLC	157,446	$633	0.1%	$4.58	0.0%	SHS	G9087Q102

Increased Positions (7)

DAR DARLING INGREDIENTS INC 9.7%

Value ($000) $53,864 (+2057.6%) Shares 1,744,864 (+2551.8%) Est. Cost $33.38 Unrealized +0.1%

KEX KIRBY CORP 10.1%

Value ($000) $56,374 (+220.7%) Shares 675,546 (+335.8%) Est. Cost $101.48 Unrealized -1.0%

SEE SEALED AIR CORP NEW 8.0%

Value ($000) $44,492 (+103.9%) Shares 1,258,601 (+79.0%) Est. Cost $33.09 Unrealized -4.6%

GLNG GOLAR LNG LTD 11.8%

Value ($000) $66,013 (+32.2%) Shares 1,633,582 (+34.8%) Est. Cost $37.52 Unrealized +9.1%

IAG IAMGOLD CORP 3.3%

Value ($000) $18,295 (+397.9%) Shares 1,414,929 (+183.1%) Est. Cost $8.14 Unrealized +7.6%

PCT PURECYCLE TECHNOLOGIES INC 10.2%

Value ($000) $56,751 (+7.4%) Shares 4,315,655 (+11.9%) Est. Cost $7.15 Unrealized +94.3%

KNX KNIGHT-SWIFT TRANSN HLDGS IN 1.8%

Value ($000) $10,114 (+55.6%) Shares 255,978 (+74.2%) Est. Cost $44.97 Unrealized -4.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DAR	DARLING INGREDIENTS INC	1,744,864 (+2551.8%)	$53,864 (+2057.6%)	9.7%	$33.38	+0.1%	COM	237266101
KEX	KIRBY CORP	675,546 (+335.8%)	$56,374 (+220.7%)	10.1%	$101.48	-1.0%	COM	497266106
SEE	SEALED AIR CORP NEW	1,258,601 (+79.0%)	$44,492 (+103.9%)	8.0%	$33.09	-4.6%	COM	81211K100
GLNG	GOLAR LNG LTD	1,633,582 (+34.8%)	$66,013 (+32.2%)	11.8%	$37.52	+9.1%	SHS	G9456A100
IAG	IAMGOLD CORP	1,414,929 (+183.1%)	$18,295 (+397.9%)	3.3%	$8.14	+7.6%	COM	450913108
PCT	PURECYCLE TECHNOLOGIES INC	4,315,655 (+11.9%)	$56,751 (+7.4%)	10.2%	$7.15	+94.3%	COM	74623V103
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	255,978 (+74.2%)	$10,114 (+55.6%)	1.8%	$44.97	-4.3%	CL A	499049104

Exited Positions (12)

SGML SIGMA LITHIUM CORPORATION 4.3%

Value ($000) $24,116 Shares 5,359,019 Est. Cost $16.74 Unrealized -64.1%

CF CF INDS HLDGS INC 1.5%

Value ($000) $8,280 Shares 90,000 Est. Cost — Unrealized —

MOS MOSAIC CO NEW 1.5%

Value ($000) $8,208 Shares 225,000 Est. Cost — Unrealized —

DY DYCOM INDS INC 1.2%

Value ($000) $6,949 Shares 28,435 Est. Cost $147.02 Unrealized +78.5%

PCT PURECYCLE TECHNOLOGIES INC 1.0%

Value ($000) $5,480 Shares 400,000 Est. Cost $7.15 Unrealized +94.3%

MTZ MASTEC INC 1.0%

Value ($000) $5,479 Shares 32,147 Est. Cost $136.11 Unrealized +34.5%

FCX FREEPORT-MCMORAN INC 0.7%

Value ($000) $4,039 Shares 93,167 Est. Cost $37.81 Unrealized +14.3%

CC CHEMOURS CO 0.7%

Value ($000) $4,008 Shares 350,000 Est. Cost $16.25 Unrealized -11.6%

CSL CARLISLE COS INC 0.6%

Value ($000) $3,192 Shares 8,548 Est. Cost $367.43 Unrealized +3.0%

KTOS KRATOS DEFENSE & SEC SOLUTIO 0.4%

Value ($000) $2,288 Shares 49,255 Est. Cost $36.21 Unrealized +76.8%

JBTM JBT MAREL CORPORATION 0.4%

Value ($000) $1,996 Shares 16,600 Est. Cost $111.53 Unrealized +22.4%

— DARIOHEALTH CORP 0.2%

Value ($000) $858 Shares 1,280,880 Est. Cost $7.30 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SGML	SIGMA LITHIUM CORPORATION	5,359,019	$24,116	4.3%	$16.74	-64.1%	—	826599102
CF	CF INDS HLDGS INC	90,000	$8,280	1.5%	—	—	CALL	125269100
MOS	MOSAIC CO NEW	225,000	$8,208	1.5%	—	—	CALL	61945C103
DY	DYCOM INDS INC	28,435	$6,949	1.2%	$147.02	+78.5%	—	267475101
PCT	PURECYCLE TECHNOLOGIES INC	400,000	$5,480	1.0%	$7.15	+94.3%	CALL	74623V103
MTZ	MASTEC INC	32,147	$5,479	1.0%	$136.11	+34.5%	—	576323109
FCX	FREEPORT-MCMORAN INC	93,167	$4,039	0.7%	$37.81	+14.3%	—	35671D857
CC	CHEMOURS CO	350,000	$4,008	0.7%	$16.25	-11.6%	CALL	163851108
CSL	CARLISLE COS INC	8,548	$3,192	0.6%	$367.43	+3.0%	—	142339100
KTOS	KRATOS DEFENSE & SEC SOLUTIO	49,255	$2,288	0.4%	$36.21	+76.8%	—	50077B207
JBTM	JBT MAREL CORPORATION	16,600	$1,996	0.4%	$111.53	+22.4%	—	477839104
—	DARIOHEALTH CORP	1,280,880	$858	0.2%	$7.30	—	—	23725P209

Decreased Positions (9)

CC CHEMOURS CO 2.6%

Value ($000) $14,615 (-66.5%) Shares 922,656 (-75.8%) Est. Cost $16.25 Unrealized -11.6%

ESI ELEMENT SOLUTIONS INC 2.9%

Value ($000) $16,382 (-51.8%) Shares 650,872 (-56.6%) Est. Cost $23.33 Unrealized +6.3%

— AMCOR PLC 3.4%

Value ($000) $18,844 (-45.8%) Shares 2,303,717 (-39.1%) Est. Cost $9.39 Unrealized -4.5%

FTAI FTAI AVIATION LTD 5.7%

Value ($000) $31,942 (-33.1%) Shares 191,431 (-53.9%) Est. Cost $121.17 Unrealized +17.0%

DAR DARLING INGREDIENTS INC 3.3%

Value ($000) $18,213 (-34.2%) Shares 590,000 (-19.2%) Est. Cost $33.38 Unrealized +0.1%

GXO GXO LOGISTICS INCORPORATED 0.3%

Value ($000) $1,597 (-74.4%) Shares 30,186 (-76.5%) Est. Cost $39.85 Unrealized +29.0%

TH TARGET HOSPITALITY CORP 2.1%

Value ($000) $11,538 (-14.4%) Shares 1,360,609 (-28.1%) Est. Cost $7.97 Unrealized +3.4%

GEO GEO GROUP INC NEW 0.9%

Value ($000) $4,901 (-20.9%) Shares 239,168 (-7.5%) Est. Cost $23.28 Unrealized -1.9%

CORZ CORE SCIENTIFIC INC NEW 1.4%

Value ($000) $7,798 (-8.1%) Shares 434,661 (-12.6%) Est. Cost $11.38 Unrealized +28.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CC	CHEMOURS CO	922,656 (-75.8%)	$14,615 (-66.5%)	2.6%	$16.25	-11.6%	COM	163851108
ESI	ELEMENT SOLUTIONS INC	650,872 (-56.6%)	$16,382 (-51.8%)	2.9%	$23.33	+6.3%	COM	28618M106
—	AMCOR PLC	2,303,717 (-39.1%)	$18,844 (-45.8%)	3.4%	$9.39	-4.5%	ORD	G0250X107
FTAI	FTAI AVIATION LTD	191,431 (-53.9%)	$31,942 (-33.1%)	5.7%	$121.17	+17.0%	SHS	G3730V105
DAR	DARLING INGREDIENTS INC	590,000 (-19.2%)	$18,213 (-34.2%)	3.3%	$33.38	+0.1%	CALL	237266101
GXO	GXO LOGISTICS INCORPORATED	30,186 (-76.5%)	$1,597 (-74.4%)	0.3%	$39.85	+29.0%	COMMON STOCK	36262G101
TH	TARGET HOSPITALITY CORP	1,360,609 (-28.1%)	$11,538 (-14.4%)	2.1%	$7.97	+3.4%	COM	87615L107
GEO	GEO GROUP INC NEW	239,168 (-7.5%)	$4,901 (-20.9%)	0.9%	$23.28	-1.9%	COM	36162J106
CORZ	CORE SCIENTIFIC INC NEW	434,661 (-12.6%)	$7,798 (-8.1%)	1.4%	$11.38	+28.9%	COM	21874A106