Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TGB	TREKOR METALS LTD	34,687,011	$239M	8.0%	—	—	COM	89472Y107
HBM	HUDBAY MINERALS INC	9,977,133	$236M	7.9%	—	—	COM	443628102
BTG	B2GOLD CORP	48,837,914	$183M	6.1%	—	—	COM	11777Q209
OCANF	OCEANAGOLD CORP	3,157,907	$79.13M	2.7%	—	—	COM NEW	675222400
AA	ALCOA CORP	1,435,645	$74.85M	2.5%	—	—	COM	013872106
AYASF	AYA GOLD & SILVER INC	2,074,017	$39.26M	1.3%	—	—	COM	05466C109
FERG	FERGUSON ENTERPRISES INC	84,104	$19.96M	0.7%	—	—	COMMON STOCK NEW	31488V107
INTU	INTUIT	49,972	$13.04M	0.4%	—	—	COM	461202103
LAR	LITHIUM ARGENTINA AG	1,369,956	$11.33M	0.4%	—	—	COM SHS	H5012F103
SGML	SIGMA LITHIUM CORPORATION	767,428	$9.708M	0.3%	—	—	COM	826599102

Increased Positions (8)

CGAU CENTERRA GOLD INC 8.7%

Value $259M (+107.3%) Shares 16,337,154 (+131.7%) Est. Cost — Unrealized —

AMCR AMCOR PLC 9.8%

Value $291M (+66.3%) Shares 6,710,648 (+52.5%) Est. Cost — Unrealized —

EGO ELDORADO GOLD CORP NEW 15.1%

Value $448M (+25.1%) Shares 14,417,557 (+38.1%) Est. Cost — Unrealized —

EQX EQUINOX GOLD CORP 8.8%

Value $263M (-25.3%) Shares 27,055,865 (+11.2%) Est. Cost — Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 1.8%

Value $53.71M (+123.0%) Shares 600,269 (+105.2%) Est. Cost — Unrealized —

HDB HDFC BANK LTD 1.9%

Value $56.68M (+79.5%) Shares 2,194,495 (+72.9%) Est. Cost — Unrealized —

NU NU HLDGS LTD 1.2%

Value $35.19M (+15.0%) Shares 2,634,319 (+23.7%) Est. Cost — Unrealized —

ISOU ISOENERGY LTD 0.9%

Value $27.69M (+5.3%) Shares 2,778,857 (+11.8%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CGAU	CENTERRA GOLD INC	16,337,154 (+131.7%)	$259M (+107.3%)	8.7%	—	—	COM	152006102
AMCR	AMCOR PLC	6,710,648 (+52.5%)	$291M (+66.3%)	9.8%	—	—	COM NEW	G0250X149
EGO	ELDORADO GOLD CORP NEW	14,417,557 (+38.1%)	$448M (+25.1%)	15.1%	—	—	COM	284902509
EQX	EQUINOX GOLD CORP	27,055,865 (+11.2%)	$263M (-25.3%)	8.8%	—	—	COM	29446Y502
BLDR	BUILDERS FIRSTSOURCE INC	600,269 (+105.2%)	$53.71M (+123.0%)	1.8%	—	—	COM	12008R107
HDB	HDFC BANK LTD	2,194,495 (+72.9%)	$56.68M (+79.5%)	1.9%	—	—	SPONSORED ADS	40415F101
NU	NU HLDGS LTD	2,634,319 (+23.7%)	$35.19M (+15.0%)	1.2%	—	—	ORD SHS CL A	G6683N103
ISOU	ISOENERGY LTD	2,778,857 (+11.8%)	$27.69M (+5.3%)	0.9%	—	—	COM NEW	46500E867

Exited Positions (8)

TGB TASEKO MINES LTD 7.6%

Value $227M Shares 35,110,589 Est. Cost — Unrealized —

FLUT FLUTTER ENTMT PLC 6.1%

Value $180M Shares 1,769,255 Est. Cost — Unrealized —

SCO PROSHARES TR II 1.5%

Value $43.16M Shares 5,187,995 Est. Cost — Unrealized —

EXP EAGLE MATLS INC 1.4%

Value $40.64M Shares 214,538 Est. Cost — Unrealized —

TECK TECK RESOURCES LTD 1.1%

Value $32.84M Shares 634,547 Est. Cost — Unrealized —

CCL CARNIVAL CORP 0.6%

Value $18.53M Shares 715,980 Est. Cost — Unrealized —

NCLH NORWEGIAN CRUISE LINE HLDGS 0.6%

Value $17.04M Shares 911,342 Est. Cost — Unrealized —

SLSR SOLARIS RES INC 0.6%

Value $16.97M Shares 1,967,387 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TGB	TASEKO MINES LTD	35,110,589	$227M	7.6%	—	—	—	876511106
FLUT	FLUTTER ENTMT PLC	1,769,255	$180M	6.1%	—	—	—	G3643J108
SCO	PROSHARES TR II	5,187,995	$43.16M	1.5%	—	—	—	74347Y797
EXP	EAGLE MATLS INC	214,538	$40.64M	1.4%	—	—	—	26969P108
TECK	TECK RESOURCES LTD	634,547	$32.84M	1.1%	—	—	—	878742204
CCL	CARNIVAL CORP	715,980	$18.53M	0.6%	—	—	—	143658300
NCLH	NORWEGIAN CRUISE LINE HLDGS	911,342	$17.04M	0.6%	—	—	—	G66721104
SLSR	SOLARIS RES INC	1,967,387	$16.97M	0.6%	—	—	—	83419D201

Decreased Positions (3)

NWS NEWS CORP NEW 1.9%

Value $56M (-53.6%) Shares 1,995,900 (-52.9%) Est. Cost — Unrealized —

CRH CRH PLC 4.5%

Value $135M (-30.4%) Shares 1,264,527 (-31.7%) Est. Cost — Unrealized —

Z ZILLOW GROUP INC 0.5%

Value $15.74M (-70.0%) Shares 499,342 (-60.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NWS	NEWS CORP NEW	1,995,900 (-52.9%)	$56M (-53.6%)	1.9%	—	—	CL B	65249B208
CRH	CRH PLC	1,264,527 (-31.7%)	$135M (-30.4%)	4.5%	—	—	ORD	G25508105
Z	ZILLOW GROUP INC	499,342 (-60.7%)	$15.74M (-70.0%)	0.5%	—	—	CL C CAP STK	98954M200

Unchanged Positions (3)

NXE NEXGEN ENERGY LTD 11.0%

Value $329M Shares 34,992,263 Est. Cost — Unrealized —

AVR ANTERIS TECHNOLOGIES GLOBAL 2.6%

Value $76.72M Shares 7,789,000 Est. Cost — Unrealized —

IAG IAMGOLD CORP 0.8%

Value $23.96M Shares 1,512,374 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NXE	NEXGEN ENERGY LTD	34,992,263	$329M	11.0%	—	—	COM	65340P106
AVR	ANTERIS TECHNOLOGIES GLOBAL	7,789,000	$76.72M	2.6%	—	—	COM	03675P102
IAG	IAMGOLD CORP	1,512,374	$23.96M	0.8%	—	—	COM	450913108