Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CEF	SPROTT ASSET MANAGEMENT LP	16,980	$683K	0.5%	$40.23	—	PHYSICAL GOLD AN	85208R101
GDX	VANECK ETF TRUST	8,325	$628K	0.5%	$75.45	—	GOLD MINERS ETF	92189F106
ITRG	INTEGRA RES CORP	114,577	$260K	0.2%	$2.27	—	COM	45826T509
DC	DAKOTA GOLD CORP	23,955	$102K	0.1%	$4.26	—	COM	46655E100
EQX	EQUINOX GOLD CORP	10,083	$98,007	0.1%	$9.72	—	COM	29446Y502
NFGC	NEW FOUND GOLD CORP	56,079	$86,362	0.1%	$1.54	—	COM	64440N103
VGZ	VISTA GOLD CORP	37,866	$72,324	0.1%	$1.91	—	COM NEW	927926303
BTBT	BIT DIGITAL INC	13,500	$24,300	0.0%	$1.80	—	SHS	G1144A105

Increased Positions (28)

COP CONOCOPHILLIPS 3.8%

Value $5.064M (-20.7%) Shares 48,711 (+1.3%) Est. Cost $94.90 Unrealized —

RGLD ROYAL GOLD INC 8.0%

Value $10.72M (-9.5%) Shares 53,692 (+8.2%) Est. Cost $204.11 Unrealized —

BTG B2GOLD CORP 3.4%

Value $4.484M (+32.6%) Shares 1,198,966 (+49.6%) Est. Cost $4.36 Unrealized —

IAUX I-80 GOLD CORP 3.3%

Value $4.438M (+25.5%) Shares 3,081,942 (+22.9%) Est. Cost $1.70 Unrealized —

AGI ALAMOS GOLD INC 2.7%

Value $3.575M (-19.6%) Shares 117,838 (+10.7%) Est. Cost $35.49 Unrealized —

SILJ AMPLIFY ETF TR 3.3%

Value $4.468M (+22.8%) Shares 172,395 (+29.3%) Est. Cost $26.99 Unrealized —

RRC RANGE RES CORP 4.2%

Value $5.592M (-12.2%) Shares 150,357 (+9.1%) Est. Cost $36.85 Unrealized —

CVX CHEVRON CORPORATION 2.3%

Value $3.029M (-20.1%) Shares 18,275 (+1.6%) Est. Cost $159.07 Unrealized —

EQT EQT CORP 3.3%

Value $4.35M (+18.7%) Shares 81,822 (+43.8%) Est. Cost $54.94 Unrealized —

XOM EXXON MOBIL CORP 2.0%

Value $2.696M (-19.0%) Shares 19,721 (+1.5%) Est. Cost $127.68 Unrealized —

VOXR VOX ROYALTY CORP 3.0%

Value $4.018M (+14.4%) Shares 849,534 (+15.8%) Est. Cost $4.70 Unrealized —

AEM AGNICO EAGLE MINES LTD 4.3%

Value $5.757M (-7.8%) Shares 37,108 (+14.0%) Est. Cost $166.29 Unrealized —

WDS WOODSIDE ENERGY GROUP LTD 1.6%

Value $2.126M (-18.1%) Shares 110,051 (+2.8%) Est. Cost $16.65 Unrealized —

NTR NUTRIEN LTD 2.2%

Value $2.974M (-11.5%) Shares 47,250 (+7.6%) Est. Cost $59.74 Unrealized —

SCCO SOUTHERN COPPER CORP 1.9%

Value $2.542M (+17.9%) Shares 14,588 (+7.8%) Est. Cost $139.20 Unrealized —

NE NOBLE CORP PLC 1.0%

Value $1.276M (-22.9%) Shares 34,214 (+1.1%) Est. Cost $29.73 Unrealized —

PPLT ABRDN PLATINUM ETF TRUST 1.3%

Value $1.752M (-17.2%) Shares 123,987 (+908.7%) Est. Cost $31.18 Unrealized —

TFPM TRIPLE FLAG PRECIOUS METAL 3.9%

Value $5.245M (+7.2%) Shares 175,021 (+17.6%) Est. Cost $31.09 Unrealized —

MTA METALLA RTY & STREAMING LTD 0.9%

Value $1.137M (+38.9%) Shares 149,380 (+10.6%) Est. Cost $7.23 Unrealized —

REPX RILEY EXPLORATION PERMIAN IN 2.1%

Value $2.819M (-9.0%) Shares 85,523 (+1.3%) Est. Cost $26.87 Unrealized —

CNQ CANADIAN NAT RES LTD MED TER 0.9%

Value $1.234M (-17.8%) Shares 31,242 (+2.7%) Est. Cost $37.26 Unrealized —

EXE EXPAND ENERGY CORPORATION 1.3%

Value $1.711M (-8.3%) Shares 18,758 (+12.0%) Est. Cost $108.24 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 2.2%

Value $2.963M (-3.2%) Shares 80,615 (+2.9%) Est. Cost $32.89 Unrealized —

VNOM VIPER ENERGY INC 0.9%

Value $1.181M (-6.5%) Shares 27,866 (+3.0%) Est. Cost $41.03 Unrealized —

RIO RIO TINTO PLC 0.6%

Value $834K (+9.7%) Shares 8,785 (+2.7%) Est. Cost $80.85 Unrealized —

ENB ENBRIDGE INC 1.2%

Value $1.65M (+2.6%) Shares 30,445 (+2.8%) Est. Cost $47.38 Unrealized —

OR OR ROYALTIES INC. 2.1%

Value $2.782M (-0.4%) Shares 87,970 (+11.0%) Est. Cost $34.83 Unrealized —

CCJ CAMECO CORP 0.7%

Value $945K (+1.2%) Shares 9,278 (+2.2%) Est. Cost $90.79 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COP	CONOCOPHILLIPS	48,711 (+1.3%)	$5.064M (-20.7%)	3.8%	$94.90	—	COM	20825C104
RGLD	ROYAL GOLD INC	53,692 (+8.2%)	$10.72M (-9.5%)	8.0%	$204.11	—	COM	780287108
BTG	B2GOLD CORP	1,198,966 (+49.6%)	$4.484M (+32.6%)	3.4%	$4.36	—	COM	11777Q209
IAUX	I-80 GOLD CORP	3,081,942 (+22.9%)	$4.438M (+25.5%)	3.3%	$1.70	—	COM	44955L106
AGI	ALAMOS GOLD INC	117,838 (+10.7%)	$3.575M (-19.6%)	2.7%	$35.49	—	COM CL A	011532108
SILJ	AMPLIFY ETF TR	172,395 (+29.3%)	$4.468M (+22.8%)	3.3%	$26.99	—	JR SILV MINE ETF	032108649
RRC	RANGE RES CORP	150,357 (+9.1%)	$5.592M (-12.2%)	4.2%	$36.85	—	COM	75281A109
CVX	CHEVRON CORPORATION	18,275 (+1.6%)	$3.029M (-20.1%)	2.3%	$159.07	—	COM	166764100
EQT	EQT CORP	81,822 (+43.8%)	$4.35M (+18.7%)	3.3%	$54.94	—	COM	26884L109
XOM	EXXON MOBIL CORP	19,721 (+1.5%)	$2.696M (-19.0%)	2.0%	$127.68	—	COM	30231G102
VOXR	VOX ROYALTY CORP	849,534 (+15.8%)	$4.018M (+14.4%)	3.0%	$4.70	—	COM	92919F103
AEM	AGNICO EAGLE MINES LTD	37,108 (+14.0%)	$5.757M (-7.8%)	4.3%	$166.29	—	COM	008474108
WDS	WOODSIDE ENERGY GROUP LTD	110,051 (+2.8%)	$2.126M (-18.1%)	1.6%	$16.65	—	SPONSORED ADR	980228308
NTR	NUTRIEN LTD	47,250 (+7.6%)	$2.974M (-11.5%)	2.2%	$59.74	—	COM	67077M108
SCCO	SOUTHERN COPPER CORP	14,588 (+7.8%)	$2.542M (+17.9%)	1.9%	$139.20	—	COM	84265V105
NE	NOBLE CORP PLC	34,214 (+1.1%)	$1.276M (-22.9%)	1.0%	$29.73	—	ORD SHS A	G65431127
PPLT	ABRDN PLATINUM ETF TRUST	123,987 (+908.7%)	$1.752M (-17.2%)	1.3%	$31.18	—	PHYSCL PLATM SHS	003260106
TFPM	TRIPLE FLAG PRECIOUS METAL	175,021 (+17.6%)	$5.245M (+7.2%)	3.9%	$31.09	—	COM	89679M104
MTA	METALLA RTY & STREAMING LTD	149,380 (+10.6%)	$1.137M (+38.9%)	0.9%	$7.23	—	COM NEW	59124U605
REPX	RILEY EXPLORATION PERMIAN IN	85,523 (+1.3%)	$2.819M (-9.0%)	2.1%	$26.87	—	COM	76665T102
CNQ	CANADIAN NAT RES LTD MED TER	31,242 (+2.7%)	$1.234M (-17.8%)	0.9%	$37.26	—	COM	136385101
EXE	EXPAND ENERGY CORPORATION	18,758 (+12.0%)	$1.711M (-8.3%)	1.3%	$108.24	—	COM	165167735
EPD	ENTERPRISE PRODS PARTNERS L	80,615 (+2.9%)	$2.963M (-3.2%)	2.2%	$32.89	—	COM	293792107
VNOM	VIPER ENERGY INC	27,866 (+3.0%)	$1.181M (-6.5%)	0.9%	$41.03	—	CL A	64361Q101
RIO	RIO TINTO PLC	8,785 (+2.7%)	$834K (+9.7%)	0.6%	$80.85	—	SPONSORED ADR	767204100
ENB	ENBRIDGE INC	30,445 (+2.8%)	$1.65M (+2.6%)	1.2%	$47.38	—	COM	29250N105
OR	OR ROYALTIES INC.	87,970 (+11.0%)	$2.782M (-0.4%)	2.1%	$34.83	—	COM SHS	68390D106
CCJ	CAMECO CORP	9,278 (+2.2%)	$945K (+1.2%)	0.7%	$90.79	—	COM	13321L108

Exited Positions (1)

GDXW ROUNDHILL ETF TRUST 0.6%

Value $807K Shares 9,403 Est. Cost $85.77 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GDXW	ROUNDHILL ETF TRUST	9,403	$807K	0.6%	$85.77	—	—	77926X486

Decreased Positions (10)

GLDM WORLD GOLD TR 8.2%

Value $10.95M (-22.9%) Shares 137,885 (-13.3%) Est. Cost $85.37 Unrealized —

SLV ISHARES SILVER TR 5.5%

Value $7.3M (-23.9%) Shares 136,523 (-9.5%) Est. Cost $64.42 Unrealized —

B BARRICK MNG CORP 1.7%

Value $2.222M (-41.6%) Shares 60,501 (-30.7%) Est. Cost $37.42 Unrealized —

GLD SPDR GOLD TR 2.7%

Value $3.657M (-27.6%) Shares 9,927 (-18.5%) Est. Cost $396.31 Unrealized —

NEM NEWMONT CORP 1.1%

Value $1.489M (-43.1%) Shares 15,944 (-37.2%) Est. Cost $90.20 Unrealized —

FNV FRANCO NEV CORP 3.5%

Value $4.683M (-15.4%) Shares 22,468 (-5.2%) Est. Cost $205.04 Unrealized —

PAAS PAN AMERN SILVER CORP 1.8%

Value $2.394M (-21.3%) Shares 53,461 (-10.1%) Est. Cost $41.86 Unrealized —

WPM WHEATON PRECIOUS METALS CORP 2.6%

Value $3.474M (-11.4%) Shares 30,933 (-2.4%) Est. Cost $107.08 Unrealized —

IAU ISHARES GOLD TR 0.4%

Value $513K (-25.2%) Shares 6,800 (-15.9%) Est. Cost $81.17 Unrealized —

GNR SPDR INDEX SHS FDS 0.3%

Value $437K (-11.3%) Shares 6,492 (-3.7%) Est. Cost $65.86 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLDM	WORLD GOLD TR	137,885 (-13.3%)	$10.95M (-22.9%)	8.2%	$85.37	—	SPDR GLD MINIS	98149E303
SLV	ISHARES SILVER TR	136,523 (-9.5%)	$7.3M (-23.9%)	5.5%	$64.42	—	ISHARES	46428Q109
B	BARRICK MNG CORP	60,501 (-30.7%)	$2.222M (-41.6%)	1.7%	$37.42	—	COM SHS	06849F108
GLD	SPDR GOLD TR	9,927 (-18.5%)	$3.657M (-27.6%)	2.7%	$396.31	—	GOLD SHS	78463V107
NEM	NEWMONT CORP	15,944 (-37.2%)	$1.489M (-43.1%)	1.1%	$90.20	—	COM	651639106
FNV	FRANCO NEV CORP	22,468 (-5.2%)	$4.683M (-15.4%)	3.5%	$205.04	—	COM	351858105
PAAS	PAN AMERN SILVER CORP	53,461 (-10.1%)	$2.394M (-21.3%)	1.8%	$41.86	—	COM	697900108
WPM	WHEATON PRECIOUS METALS CORP	30,933 (-2.4%)	$3.474M (-11.4%)	2.6%	$107.08	—	COM	962879102
IAU	ISHARES GOLD TR	6,800 (-15.9%)	$513K (-25.2%)	0.4%	$81.17	—	ISHARES NEW	464285204
GNR	SPDR INDEX SHS FDS	6,492 (-3.7%)	$437K (-11.3%)	0.3%	$65.86	—	ST STR NAT ETF	78463X541

Unchanged Positions (2)

CRGY CRESCENT ENERGY COMPANY 1.7%

Value $2.287M Shares 232,846 Est. Cost $8.97 Unrealized —

CLIP GLOBAL X FDS 0.7%

Value $951K Shares 9,478 Est. Cost $100.11 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CRGY	CRESCENT ENERGY COMPANY	232,846	$2.287M	1.7%	$8.97	—	CL A COM	44952J104
CLIP	GLOBAL X FDS	9,478	$951K	0.7%	$100.11	—	1 3 MO T BI ET	37960A438