U S GLOBAL INVESTORS INC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CGAU	CENTERRA GOLD IN	721,921	$10,381	1.1%	$12.52	0.0%	COM	152006102
AAUC	ALLIED GOLD CORP	242,753	$5,565	0.6%	$19.26	0.0%	COM NEW	01921D204
GAU	GALIANO GOLD INC	2,193,071	$5,548	0.6%	$2.47	0.0%	COM	36352H100
FSM	FORTUNA MINING C	560,601	$5,499	0.6%	$9.00	0.0%	COM NEW	349942102
EQX	EQUINOX GOLD CORP	200,000	$2,808	0.3%	$12.62	0.0%	COM	29446Y502
ELE	ELEMENTAL ROYALT	150,000	$2,540	0.3%	$15.55	0.0%	COM NEW	28620K106
MUX	MCEWEN INC	100,000	$1,857	0.2%	$18.60	0.0%	COM NEW	58039P305
MAR	MARRIOTT INTL INC NEW	5,800	$1,799	0.2%	$285.32	0.0%	CL A	571903202
EGO	ELDORADO GOLD CORP NEW	50,000	$1,796	0.2%	$29.93	0.0%	COM	284902509
UBS	UBS GROUP AG	24,500	$1,135	0.1%	$40.40	0.0%	SHS	H42097107
VIK	VIKING HOLDINGS LTD	15,700	$1,121	0.1%	$63.81	0.0%	ORD SHS	G93A5A101
TTE	TOTALENERGIES SE	15,000	$981	0.1%	$63.23	0.0%	ACT	F92124100
LVS	LAS VEGAS SANDS CORP	12,200	$794	0.1%	$61.19	0.0%	COM	517834107
WDS	WOODSIDE ENERGY GROUP LTD	40,000	$624	0.1%	$15.59	—	SPONSORED ADR	980228308
CAT	CATERPILLAR INC	1,000	$573	0.1%	$555.50	0.0%	COM	149123101
TGB	TASEKO MINES	100,000	$566	0.1%	$4.70	0.0%	COM	876511106
J	JACOBS SOLUTIONS INC	3,500	$464	0.0%	$146.41	0.0%	COM	46982L108
SIG	SIGNET JEWELERS LIMITED	5,500	$456	0.0%	$94.99	0.0%	SHS	G81276100
MATX	MATSON INC	3,587	$443	0.0%	$107.05	0.0%	COM	57686G105
FSLR	FIRST SOLAR INC	1,500	$392	0.0%	$252.20	0.0%	COM	336433107
BG	BUNGE GLOBAL SA	4,000	$356	0.0%	$91.86	0.0%	COM SHS	H11356104
EFXT	ENERFLEX LTD	17,000	$262	0.0%	$13.30	0.0%	COM	29269R105
HYMC	HYCROFT MINING HOLDING CORP	10,000	$238	0.0%	$11.07	0.0%	CL A NEW	44862P208
AEP	AMERICAN ELEC PWR CO INC	2,000	$231	0.0%	$117.70	0.0%	COM	025537101
BWLP	BW LPG LTD	17,049	$223	0.0%	$12.78	0.0%	COM	Y10230103
DAC	DANAOS CORP	2,169	$204	0.0%	$92.12	0.0%	SHS	Y1968P121
ELBM	ELECTRA BATTERY	250,000	$202	0.0%	$1.33	0.0%	COM	28474P706
ES	EVERSOURCE ENERGY	3,000	$202	0.0%	$69.55	0.0%	COM	30040W108
TNK	TEEKAY TANK-CL A	3,768	$201	0.0%	$56.15	0.0%	CL A	G8726X106
TDW	TIDEWATER INC	3,519	$178	0.0%	$52.82	0.0%	COM	88642R109
CHIQ	GLOBAL X FDS	4,500	$96	0.0%	$21.27	—	MSCI CHINA CNSMR	37950E408
AURE	AURELION INC	300,000	$75	0.0%	$0.25	—	USD CL A ORD SHS	G7244A119

Increased Positions (38)

RGLD ROYAL GOLD INC 2.1%

Value ($000) $19,325 (+4125.8%) Shares 86,938 (+3713.1%) Est. Cost $196.34 Unrealized +1.0%

UAL UNITED AIRLINES 9.5%

Value ($000) $88,570 (+17.6%) Shares 792,076 (+1.5%) Est. Cost $42.34 Unrealized +138.7%

B BARRICK MNG CORP 1.5%

Value ($000) $13,718 (+318.6%) Shares 315,000 (+215.0%) Est. Cost $33.53 Unrealized +11.6%

USAS AMERICAS GOLD AN 1.0%

Value ($000) $9,237 (+327.4%) Shares 1,800,000 (+210.3%) Est. Cost $3.89 Unrealized +15.6%

MTA METALLA ROYALTY 1.2%

Value ($000) $11,145 (+115.5%) Shares 1,432,510 (+75.9%) Est. Cost $5.80 Unrealized +24.0%

ITRG INTEGRA RES CORP 0.6%

Value ($000) $5,558 (+1156.1%) Shares 1,386,127 (+824.1%) Est. Cost $3.18 Unrealized +6.0%

LTM LATAM AIRLINES G 0.9%

Value ($000) $8,189 (+125.7%) Shares 151,613 (+89.1%) Est. Cost $46.94 Unrealized —

ALK ALASKA AIR GROUP 2.5%

Value ($000) $22,933 (+24.1%) Shares 455,934 (+22.8%) Est. Cost $42.97 Unrealized +7.6%

TFPM TRIPLE FLAG 1.0%

Value ($000) $9,277 (+48.4%) Shares 279,270 (+30.7%) Est. Cost $17.54 Unrealized +78.4%

IAG IAMGOLD CORP 1.0%

Value ($000) $9,482 (+46.7%) Shares 575,000 (+15.0%) Est. Cost $6.87 Unrealized +105.0%

ARMN ARIS MINING CORP 0.6%

Value ($000) $5,517 (+87.8%) Shares 340,000 (+13.3%) Est. Cost $6.98 Unrealized +76.1%

BA BOEING CO/THE 1.8%

Value ($000) $16,782 (+17.3%) Shares 77,292 (+16.6%) Est. Cost $169.64 Unrealized +21.2%

SABR SABRE CORP 1.5%

Value ($000) $13,836 (-13.1%) Shares 10,173,592 (+17.0%) Est. Cost $2.88 Unrealized -40.1%

WPM WHEATON PRECIOUS 2.0%

Value ($000) $18,659 (+12.4%) Shares 158,776 (+6.9%) Est. Cost $36.65 Unrealized +192.1%

CMCL CALEDONIA MINING 0.6%

Value ($000) $5,688 (+55.9%) Shares 217,334 (+115.7%) Est. Cost $27.56 Unrealized +6.7%

TSLA TESLA INC 0.3%

Value ($000) $2,626 (+107.9%) Shares 5,840 (+105.6%) Est. Cost $357.40 Unrealized +24.0%

BKNG BOOKING HOLDINGS 1.7%

Value ($000) $16,227 (+8.0%) Shares 3,030 (+8.9%) Est. Cost $2557.66 Unrealized +100.9%

DRD DRDGOLD LIMITED 0.7%

Value ($000) $6,885 (+19.3%) Shares 222,033 (+6.2%) Est. Cost $15.42 Unrealized —

CALI BLACKROCK ETF TRUST II 0.1%

Value ($000) $1,110 (+1845.7%) Shares 22,000 (+1853.8%) Est. Cost $50.47 Unrealized —

HLT HILTON WORLDWIDE HLDGS INC 0.2%

Value ($000) $2,154 (+88.7%) Shares 7,500 (+70.5%) Est. Cost $239.08 Unrealized +13.9%

TRIP TRIPADVISOR INC 1.6%

Value ($000) $15,111 (+6.5%) Shares 1,037,854 (+18.9%) Est. Cost $24.76 Unrealized -38.5%

SKYW SKYWEST INC 2.4%

Value ($000) $22,392 (+3.8%) Shares 223,006 (+4.0%) Est. Cost $32.42 Unrealized +208.8%

JBLU JETBLUE AIRWAYS 2.3%

Value ($000) $21,516 (-3.0%) Shares 4,728,754 (+4.9%) Est. Cost $8.64 Unrealized -47.2%

OMAB GRUPO AEROPO-ADR 0.4%

Value ($000) $4,003 (+19.6%) Shares 36,805 (+14.2%) Est. Cost $104.48 Unrealized —

MMYT MAKEMYTRIP LTD 0.4%

Value ($000) $4,177 (+14.8%) Shares 50,870 (+30.8%) Est. Cost $48.91 Unrealized +67.7%

XOM EXXON MOBIL CORP 0.2%

Value ($000) $1,625 (+37.2%) Shares 13,500 (+28.6%) Est. Cost $109.08 Unrealized +5.9%

GS GOLDMAN SACHS GROUP INC 0.2%

Value ($000) $2,088 (+26.3%) Shares 2,375 (+14.5%) Est. Cost $488.81 Unrealized +66.4%

CCL CARNIVAL CORP 0.2%

Value ($000) $2,153 (+25.2%) Shares 70,500 (+18.5%) Est. Cost $19.32 Unrealized +44.3%

ASR GRUPO AEROPO-ADR 0.4%

Value ($000) $4,021 (+9.9%) Shares 12,434 (+9.9%) Est. Cost $292.73 Unrealized —

TCOM TRIP.COM GRO-ADR 0.9%

Value ($000) $8,189 (+4.2%) Shares 113,885 (+9.0%) Est. Cost $37.09 Unrealized —

IE IVANHOE ELECTRIC 0.1%

Value ($000) $823 (+63.9%) Shares 51,499 (+28.7%) Est. Cost $10.86 Unrealized +31.8%

CCJ CAMECO CORP 0.0%

Value ($000) $457 (+118.2%) Shares 5,000 (+100.0%) Est. Cost $64.67 Unrealized +39.1%

BKR BAKER HUGHES COMPANY 0.0%

Value ($000) $387 (+127.0%) Shares 8,500 (+142.9%) Est. Cost $41.90 Unrealized +13.0%

HAL HALLIBURTON CO 0.0%

Value ($000) $283 (+282.9%) Shares 10,000 (+233.3%) Est. Cost $26.08 Unrealized +0.8%

FNV FRANCO NEV CORP 2.0%

Value ($000) $18,512 (+0.6%) Shares 89,311 (+8.2%) Est. Cost $129.31 Unrealized +56.8%

CPA COPA HOLDIN-CL A 0.4%

Value ($000) $4,067 (+2.6%) Shares 33,720 (+1.1%) Est. Cost $81.41 Unrealized +48.9%

RCL ROYAL CARIBBEAN GROUP 0.3%

Value ($000) $2,632 (+3.8%) Shares 9,435 (+20.4%) Est. Cost $187.96 Unrealized +49.8%

ZTO ZTO EXPRESS -ADR 0.0%

Value ($000) $313 (+10.5%) Shares 14,992 (+1.5%) Est. Cost $20.82 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RGLD	ROYAL GOLD INC	86,938 (+3713.1%)	$19,325 (+4125.8%)	2.1%	$196.34	+1.0%	COM	780287108
UAL	UNITED AIRLINES	792,076 (+1.5%)	$88,570 (+17.6%)	9.5%	$42.34	+138.7%	COM	910047109
B	BARRICK MNG CORP	315,000 (+215.0%)	$13,718 (+318.6%)	1.5%	$33.53	+11.6%	COM SHS	06849F108
USAS	AMERICAS GOLD AN	1,800,000 (+210.3%)	$9,237 (+327.4%)	1.0%	$3.89	+15.6%	COM NEW	03062D803
MTA	METALLA ROYALTY	1,432,510 (+75.9%)	$11,145 (+115.5%)	1.2%	$5.80	+24.0%	COM NEW	59124U605
ITRG	INTEGRA RES CORP	1,386,127 (+824.1%)	$5,558 (+1156.1%)	0.6%	$3.18	+6.0%	COM	45826T509
LTM	LATAM AIRLINES G	151,613 (+89.1%)	$8,189 (+125.7%)	0.9%	$46.94	—	SPONSORED ADR	51817R205
ALK	ALASKA AIR GROUP	455,934 (+22.8%)	$22,933 (+24.1%)	2.5%	$42.97	+7.6%	COM	011659109
TFPM	TRIPLE FLAG	279,270 (+30.7%)	$9,277 (+48.4%)	1.0%	$17.54	+78.4%	COM	89679M104
IAG	IAMGOLD CORP	575,000 (+15.0%)	$9,482 (+46.7%)	1.0%	$6.87	+105.0%	COM	450913108
ARMN	ARIS MINING CORP	340,000 (+13.3%)	$5,517 (+87.8%)	0.6%	$6.98	+76.1%	COM	04040Y109
BA	BOEING CO/THE	77,292 (+16.6%)	$16,782 (+17.3%)	1.8%	$169.64	+21.2%	COM	097023105
SABR	SABRE CORP	10,173,592 (+17.0%)	$13,836 (-13.1%)	1.5%	$2.88	-40.1%	COM	78573M104
WPM	WHEATON PRECIOUS	158,776 (+6.9%)	$18,659 (+12.4%)	2.0%	$36.65	+192.1%	COM	962879102
CMCL	CALEDONIA MINING	217,334 (+115.7%)	$5,688 (+55.9%)	0.6%	$27.56	+6.7%	SHS NEW	G1757E113
TSLA	TESLA INC	5,840 (+105.6%)	$2,626 (+107.9%)	0.3%	$357.40	+24.0%	COM	88160R101
BKNG	BOOKING HOLDINGS	3,030 (+8.9%)	$16,227 (+8.0%)	1.7%	$2557.66	+100.9%	COM	09857L108
DRD	DRDGOLD LIMITED	222,033 (+6.2%)	$6,885 (+19.3%)	0.7%	$15.42	—	SPON ADR REPSTG	26152H301
CALI	BLACKROCK ETF TRUST II	22,000 (+1853.8%)	$1,110 (+1845.7%)	0.1%	$50.47	—	ISHARES SHORT-TE	092528884
HLT	HILTON WORLDWIDE HLDGS INC	7,500 (+70.5%)	$2,154 (+88.7%)	0.2%	$239.08	+13.9%	COM	43300A203
TRIP	TRIPADVISOR INC	1,037,854 (+18.9%)	$15,111 (+6.5%)	1.6%	$24.76	-38.5%	COM	896945201
SKYW	SKYWEST INC	223,006 (+4.0%)	$22,392 (+3.8%)	2.4%	$32.42	+208.8%	COM	830879102
JBLU	JETBLUE AIRWAYS	4,728,754 (+4.9%)	$21,516 (-3.0%)	2.3%	$8.64	-47.2%	COM	477143101
OMAB	GRUPO AEROPO-ADR	36,805 (+14.2%)	$4,003 (+19.6%)	0.4%	$104.48	—	SPON ADR	400501102
MMYT	MAKEMYTRIP LTD	50,870 (+30.8%)	$4,177 (+14.8%)	0.4%	$48.91	+67.7%	SHS	V5633W109
XOM	EXXON MOBIL CORP	13,500 (+28.6%)	$1,625 (+37.2%)	0.2%	$109.08	+5.9%	COM	30231G102
GS	GOLDMAN SACHS GROUP INC	2,375 (+14.5%)	$2,088 (+26.3%)	0.2%	$488.81	+66.4%	COM	38141G104
CCL	CARNIVAL CORP	70,500 (+18.5%)	$2,153 (+25.2%)	0.2%	$19.32	+44.3%	UNIT 99/99/9999	143658300
ASR	GRUPO AEROPO-ADR	12,434 (+9.9%)	$4,021 (+9.9%)	0.4%	$292.73	—	SPON ADR SER B	40051E202
TCOM	TRIP.COM GRO-ADR	113,885 (+9.0%)	$8,189 (+4.2%)	0.9%	$37.09	—	ADS	89677Q107
IE	IVANHOE ELECTRIC	51,499 (+28.7%)	$823 (+63.9%)	0.1%	$10.86	+31.8%	COM	46578C108
CCJ	CAMECO CORP	5,000 (+100.0%)	$457 (+118.2%)	0.0%	$64.67	+39.1%	COM	13321L108
BKR	BAKER HUGHES COMPANY	8,500 (+142.9%)	$387 (+127.0%)	0.0%	$41.90	+13.0%	CL A	05722G100
HAL	HALLIBURTON CO	10,000 (+233.3%)	$283 (+282.9%)	0.0%	$26.08	+0.8%	COM	406216101
FNV	FRANCO NEV CORP	89,311 (+8.2%)	$18,512 (+0.6%)	2.0%	$129.31	+56.8%	COM	351858105
CPA	COPA HOLDIN-CL A	33,720 (+1.1%)	$4,067 (+2.6%)	0.4%	$81.41	+48.9%	CL A	P31076105
RCL	ROYAL CARIBBEAN GROUP	9,435 (+20.4%)	$2,632 (+3.8%)	0.3%	$187.96	+49.8%	COM	V7780T103
ZTO	ZTO EXPRESS -ADR	14,992 (+1.5%)	$313 (+10.5%)	0.0%	$20.82	—	SPONSORED ADS A	98980A105

Exited Positions (39)

BTG B2GOLD CORP 1.1%

Value ($000) $10,289 Shares 2,078,516 Est. Cost $3.67 Unrealized +26.9%

SSRM SSR MINING IN 1.1%

Value ($000) $10,150 Shares 415,642 Est. Cost $16.92 Unrealized +31.5%

HL HECLA MNG CO 0.8%

Value ($000) $7,260 Shares 600,000 Est. Cost $5.87 Unrealized +160.2%

ORLA ORLA MINING LTD 0.6%

Value ($000) $5,965 Shares 552,301 Est. Cost $10.51 Unrealized +15.5%

EMX EMX ROYALTY CORP 0.3%

Value ($000) $2,556 Shares 500,000 Est. Cost $1.27 Unrealized —

B BARRICK GOLD CORP 0.2%

Value ($000) $1,828 Shares 1,165 Est. Cost $33.53 Unrealized +11.6%

NEM NEWMONT CORP 0.2%

Value ($000) $1,686 Shares 20,000 Est. Cost $52.90 Unrealized +70.5%

NEM NEWMONT CORP 0.1%

Value ($000) $1,377 Shares 335 Est. Cost $52.90 Unrealized +70.5%

NTRS NORTHERN TR CORP 0.1%

Value ($000) $1,151 Shares 8,550 Est. Cost $91.89 Unrealized +42.3%

NCLH NORWEGIAN CRUISE LINE HLDG L 0.1%

Value ($000) $961 Shares 39,000 Est. Cost $24.32 Unrealized -13.2%

— TOTALENERGIES SE 0.1%

Value ($000) $895 Shares 15,000 Est. Cost $62.80 Unrealized —

TOL TOLL BROTHERS INC 0.1%

Value ($000) $601 Shares 4,350 Est. Cost $120.06 Unrealized +13.1%

FCX FREEPORT-MCMORAN INC 0.1%

Value ($000) $588 Shares 15,000 Est. Cost $37.70 Unrealized +14.9%

LULU LULULEMON ATHLETICA INC 0.1%

Value ($000) $569 Shares 3,200 Est. Cost $275.46 Unrealized -34.2%

ZIM ZIM INTEGRATED S 0.1%

Value ($000) $481 Shares 35,525 Est. Cost $18.42 Unrealized -8.9%

GEV GE VERNOVA INC 0.0%

Value ($000) $461 Shares 750 Est. Cost $415.97 Unrealized +46.4%

CTVA CORTEVA INC 0.0%

Value ($000) $406 Shares 6,000 Est. Cost $61.25 Unrealized +5.4%

LIN LINDE PLC 0.0%

Value ($000) $380 Shares 800 Est. Cost $352.90 Unrealized +21.1%

ONON ON HLDG AG 0.0%

Value ($000) $366 Shares 8,650 Est. Cost $50.25 Unrealized -14.2%

TK TEEKAY CORP LTD 0.0%

Value ($000) $362 Shares 44,216 Est. Cost $7.77 Unrealized +18.4%

ARLP ALLIANCE RESOURCE PARTNERS L 0.0%

Value ($000) $354 Shares 14,000 Est. Cost $27.28 Unrealized —

DVN DEVON ENERGY CORP NEW 0.0%

Value ($000) $351 Shares 10,000 Est. Cost $34.59 Unrealized +0.4%

IP INTERNATIONAL PAPER CO 0.0%

Value ($000) $348 Shares 7,500 Est. Cost $52.74 Unrealized -22.5%

WY WEYERHAEUSER CO MTN BE 0.0%

Value ($000) $322 Shares 13,000 Est. Cost $28.86 Unrealized -20.3%

ICL ICL GROUP LTD 0.0%

Value ($000) $307 Shares 49,300 Est. Cost $6.53 Unrealized -11.3%

RIVN RIVIAN AUTOMOTIVE INC 0.0%

Value ($000) $279 Shares 19,000 Est. Cost $13.40 Unrealized +18.5%

TSLA TESLA INC 0.0%

Value ($000) $269 Shares 60 Est. Cost $357.40 Unrealized +24.0%

STZ CONSTELLATION BRANDS INC 0.0%

Value ($000) $242 Shares 1,800 Est. Cost $229.20 Unrealized -40.3%

— CANGO INC 0.0%

Value ($000) $212 Shares 50,000 Est. Cost $4.24 Unrealized —

PR PERMIAN RESOURCES CORP 0.0%

Value ($000) $192 Shares 15,000 Est. Cost $13.69 Unrealized -1.9%

STNG SCORPIO TANKERS 0.0%

Value ($000) $188 Shares 3,347 Est. Cost $57.66 Unrealized —

HAFN HAFNIA LTD 0.0%

Value ($000) $187 Shares 31,161 Est. Cost $5.42 Unrealized +9.9%

PPL PPL CORP 0.0%

Value ($000) $186 Shares 5,000 Est. Cost $34.05 Unrealized +5.2%

VFC VF CORP 0.0%

Value ($000) $159 Shares 11,000 Est. Cost $20.37 Unrealized -20.4%

MGM MGM RESORTS INTERNATIONAL 0.0%

Value ($000) $139 Shares 4,000 Est. Cost $33.13 Unrealized +2.4%

PPIH PERMA-PIPE INTL HLDGS INC 0.0%

Value ($000) $117 Shares 5,000 Est. Cost $23.56 Unrealized +16.4%

BCC BOISE CASCADE CO DEL 0.0%

Value ($000) $116 Shares 1,500 Est. Cost $112.24 Unrealized -35.2%

ALB ALBEMARLE CORP 0.0%

Value ($000) $81 Shares 1,000 Est. Cost $97.25 Unrealized +16.5%

SGML SIGMA LITHIUM CORPORATION 0.0%

Value ($000) $64 Shares 10,000 Est. Cost $17.53 Unrealized -50.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BTG	B2GOLD CORP	2,078,516	$10,289	1.1%	$3.67	+26.9%	—	11777Q209
SSRM	SSR MINING IN	415,642	$10,150	1.1%	$16.92	+31.5%	—	784730103
HL	HECLA MNG CO	600,000	$7,260	0.8%	$5.87	+160.2%	—	422704106
ORLA	ORLA MINING LTD	552,301	$5,965	0.6%	$10.51	+15.5%	—	68634K106
EMX	EMX ROYALTY CORP	500,000	$2,556	0.3%	$1.27	—	—	26873J107
B	BARRICK GOLD CORP	1,165	$1,828	0.2%	$33.53	+11.6%	CALL	06849F108
NEM	NEWMONT CORP	20,000	$1,686	0.2%	$52.90	+70.5%	—	651639106
NEM	NEWMONT CORP	335	$1,377	0.1%	$52.90	+70.5%	CALL	651639106
NTRS	NORTHERN TR CORP	8,550	$1,151	0.1%	$91.89	+42.3%	—	665859104
NCLH	NORWEGIAN CRUISE LINE HLDG L	39,000	$961	0.1%	$24.32	-13.2%	—	G66721104
—	TOTALENERGIES SE	15,000	$895	0.1%	$62.80	—	—	89151E109
TOL	TOLL BROTHERS INC	4,350	$601	0.1%	$120.06	+13.1%	—	889478103
FCX	FREEPORT-MCMORAN INC	15,000	$588	0.1%	$37.70	+14.9%	—	35671D857
LULU	LULULEMON ATHLETICA INC	3,200	$569	0.1%	$275.46	-34.2%	—	550021109
ZIM	ZIM INTEGRATED S	35,525	$481	0.1%	$18.42	-8.9%	—	M9T951109
GEV	GE VERNOVA INC	750	$461	0.0%	$415.97	+46.4%	—	36828A101
CTVA	CORTEVA INC	6,000	$406	0.0%	$61.25	+5.4%	—	22052L104
LIN	LINDE PLC	800	$380	0.0%	$352.90	+21.1%	—	G54950103
ONON	ON HLDG AG	8,650	$366	0.0%	$50.25	-14.2%	—	H5919C104
TK	TEEKAY CORP LTD	44,216	$362	0.0%	$7.77	+18.4%	—	G8726T105
ARLP	ALLIANCE RESOURCE PARTNERS L	14,000	$354	0.0%	$27.28	—	—	01877R108
DVN	DEVON ENERGY CORP NEW	10,000	$351	0.0%	$34.59	+0.4%	—	25179M103
IP	INTERNATIONAL PAPER CO	7,500	$348	0.0%	$52.74	-22.5%	—	460146103
WY	WEYERHAEUSER CO MTN BE	13,000	$322	0.0%	$28.86	-20.3%	—	962166104
ICL	ICL GROUP LTD	49,300	$307	0.0%	$6.53	-11.3%	—	M53213100
RIVN	RIVIAN AUTOMOTIVE INC	19,000	$279	0.0%	$13.40	+18.5%	—	76954A103
TSLA	TESLA INC	60	$269	0.0%	$357.40	+24.0%	CALL	88160R101
STZ	CONSTELLATION BRANDS INC	1,800	$242	0.0%	$229.20	-40.3%	—	21036P108
—	CANGO INC	50,000	$212	0.0%	$4.24	—	—	137586103
PR	PERMIAN RESOURCES CORP	15,000	$192	0.0%	$13.69	-1.9%	—	71424F105
STNG	SCORPIO TANKERS	3,347	$188	0.0%	$57.66	—	—	Y7542C130
HAFN	HAFNIA LTD	31,161	$187	0.0%	$5.42	+9.9%	—	Y2990R101
PPL	PPL CORP	5,000	$186	0.0%	$34.05	+5.2%	—	69351T106
VFC	VF CORP	11,000	$159	0.0%	$20.37	-20.4%	—	918204108
MGM	MGM RESORTS INTERNATIONAL	4,000	$139	0.0%	$33.13	+2.4%	—	552953101
PPIH	PERMA-PIPE INTL HLDGS INC	5,000	$117	0.0%	$23.56	+16.4%	—	714167103
BCC	BOISE CASCADE CO DEL	1,500	$116	0.0%	$112.24	-35.2%	—	09739D100
ALB	ALBEMARLE CORP	1,000	$81	0.0%	$97.25	+16.5%	—	012653101
SGML	SIGMA LITHIUM CORPORATION	10,000	$64	0.0%	$17.53	-50.8%	—	826599102

Decreased Positions (32)

OR OR ROYALTIES INC 1.3%

Value ($000) $12,147 (-67.4%) Shares 343,245 (-63.1%) Est. Cost $26.81 Unrealized +30.7%

AAL AMERICAN AIRLINE 9.1%

Value ($000) $85,386 (+17.1%) Shares 5,569,844 (-14.1%) Est. Cost $14.81 Unrealized -8.9%

SVM SILVERCORP METALS INC 0.2%

Value ($000) $2,085 (-78.9%) Shares 250,000 (-84.0%) Est. Cost $3.92 Unrealized +85.5%

KGC KINROSS GOLD CORP 0.3%

Value ($000) $2,816 (-72.8%) Shares 100,000 (-76.0%) Est. Cost $12.20 Unrealized +112.9%

AGI ALAMOS GOLD INC NEW 0.1%

Value ($000) $1,350 (-84.5%) Shares 35,000 (-86.0%) Est. Cost $10.92 Unrealized +219.0%

DAL DELTA AIR LI 9.0%

Value ($000) $84,441 (+9.3%) Shares 1,216,731 (-10.6%) Est. Cost $34.35 Unrealized +81.8%

NGD NEW GOLD INC CDA 0.2%

Value ($000) $1,481 (-79.3%) Shares 170,000 (-83.0%) Est. Cost $4.18 Unrealized +80.3%

GFI GOLD FIELDS LTD 0.7%

Value ($000) $6,549 (-43.6%) Shares 150,000 (-45.8%) Est. Cost $32.89 Unrealized —

AU ANGLOGOLD ASHANTI PLC 0.8%

Value ($000) $7,675 (-33.4%) Shares 90,000 (-45.1%) Est. Cost $42.00 Unrealized +84.5%

CDE COEUR MNG INC 0.7%

Value ($000) $6,330 (-29.6%) Shares 355,000 (-25.9%) Est. Cost $5.46 Unrealized +218.6%

SBSW SIBANYE STILLWATER LTD 0.4%

Value ($000) $3,919 (-36.0%) Shares 275,000 (-49.5%) Est. Cost $7.22 Unrealized —

LUV SOUTHWEST AIR 9.3%

Value ($000) $87,096 (+2.5%) Shares 2,107,325 (-20.9%) Est. Cost $35.24 Unrealized -1.3%

RACE FERRARI N V 0.2%

Value ($000) $2,149 (-45.8%) Shares 5,815 (-28.8%) Est. Cost $437.66 Unrealized -8.6%

SNCY SUN COUNTRY HOLD 2.5%

Value ($000) $23,186 (+7.4%) Shares 1,611,228 (-11.9%) Est. Cost $16.76 Unrealized -23.7%

ALGT ALLEGIANT TRAVEL 2.6%

Value ($000) $24,275 (+4.9%) Shares 284,685 (-25.2%) Est. Cost $81.15 Unrealized -11.9%

EXPE EXPEDIA GROUP IN 1.7%

Value ($000) $16,095 (+6.6%) Shares 56,812 (-19.6%) Est. Cost $158.71 Unrealized +55.6%

LNG CHENIERE ENERGY INC 0.1%

Value ($000) $583 (-58.6%) Shares 3,000 (-50.0%) Est. Cost $111.54 Unrealized +88.3%

ULCC FRONTIER GROUP H 2.1%

Value ($000) $19,490 (-3.3%) Shares 4,137,964 (-9.3%) Est. Cost $5.06 Unrealized -12.5%

GD GENERAL DYNAMICS 1.7%

Value ($000) $15,749 (-2.6%) Shares 46,780 (-1.4%) Est. Cost $162.35 Unrealized +110.0%

RYAAY RYANAIR HLDG-ADR 0.9%

Value ($000) $8,205 (+4.3%) Shares 113,653 (-13.0%) Est. Cost $63.70 Unrealized —

EXK ENDEAVOUR SILVER 0.3%

Value ($000) $3,247 (-8.3%) Shares 345,000 (-23.8%) Est. Cost $3.82 Unrealized +122.0%

BIRK BIRKENSTOCK HOLDING PLC 0.0%

Value ($000) $61 (-81.9%) Shares 1,500 (-80.0%) Est. Cost $51.40 Unrealized -17.6%

HMY HARMONY GOLD-ADR 0.6%

Value ($000) $5,302 (-4.8%) Shares 266,409 (-13.2%) Est. Cost $8.74 Unrealized —

BP BP PLC 0.0%

Value ($000) $243 (-41.2%) Shares 7,000 (-41.7%) Est. Cost $35.07 Unrealized —

AR ANTERO RESOURCES CORP 0.0%

Value ($000) $172 (-48.7%) Shares 5,000 (-50.0%) Est. Cost $30.73 Unrealized +10.2%

PPTA PERPETUA RESOURCES CORP 0.1%

Value ($000) $896 (-11.4%) Shares 37,000 (-26.0%) Est. Cost $10.12 Unrealized +143.0%

EMBJ EMBRAER SA-ADR 0.9%

Value ($000) $7,969 (-0.7%) Shares 123,795 (-6.8%) Est. Cost $40.50 Unrealized —

FDX FEDEX CORP 0.0%

Value ($000) $343 (+16.6%) Shares 1,188 (-4.8%) Est. Cost $226.52 Unrealized +15.5%

EXPD EXPEDITORS INTL 0.0%

Value ($000) $330 (+14.8%) Shares 2,213 (-5.6%) Est. Cost $111.59 Unrealized +21.5%

TXT TEXTRON INC 1.7%

Value ($000) $16,032 (-0.2%) Shares 183,921 (-3.2%) Est. Cost $67.05 Unrealized +24.8%

GSL GLOBAL SHIP-CL A 0.0%

Value ($000) $204 (+12.7%) Shares 5,834 (-1.2%) Est. Cost $23.39 Unrealized +38.9%

EL LAUDER ESTEE COS INC 0.1%

Value ($000) $681 (+3.0%) Shares 6,500 (-13.3%) Est. Cost $88.65 Unrealized +9.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OR	OR ROYALTIES INC	343,245 (-63.1%)	$12,147 (-67.4%)	1.3%	$26.81	+30.7%	COM SHS	68390D106
AAL	AMERICAN AIRLINE	5,569,844 (-14.1%)	$85,386 (+17.1%)	9.1%	$14.81	-8.9%	COM	02376R102
SVM	SILVERCORP METALS INC	250,000 (-84.0%)	$2,085 (-78.9%)	0.2%	$3.92	+85.5%	COM	82835P103
KGC	KINROSS GOLD CORP	100,000 (-76.0%)	$2,816 (-72.8%)	0.3%	$12.20	+112.9%	COM	496902404
AGI	ALAMOS GOLD INC NEW	35,000 (-86.0%)	$1,350 (-84.5%)	0.1%	$10.92	+219.0%	COM CL A	011532108
DAL	DELTA AIR LI	1,216,731 (-10.6%)	$84,441 (+9.3%)	9.0%	$34.35	+81.8%	COM NEW	247361702
NGD	NEW GOLD INC CDA	170,000 (-83.0%)	$1,481 (-79.3%)	0.2%	$4.18	+80.3%	COM	644535106
GFI	GOLD FIELDS LTD	150,000 (-45.8%)	$6,549 (-43.6%)	0.7%	$32.89	—	SPONSORED ADR	38059T106
AU	ANGLOGOLD ASHANTI PLC	90,000 (-45.1%)	$7,675 (-33.4%)	0.8%	$42.00	+84.5%	COM SHS	G0378L100
CDE	COEUR MNG INC	355,000 (-25.9%)	$6,330 (-29.6%)	0.7%	$5.46	+218.6%	COM NEW	192108504
SBSW	SIBANYE STILLWATER LTD	275,000 (-49.5%)	$3,919 (-36.0%)	0.4%	$7.22	—	SPONSORED ADR	82575P107
LUV	SOUTHWEST AIR	2,107,325 (-20.9%)	$87,096 (+2.5%)	9.3%	$35.24	-1.3%	COM	844741108
RACE	FERRARI N V	5,815 (-28.8%)	$2,149 (-45.8%)	0.2%	$437.66	-8.6%	COM	N3167Y103
SNCY	SUN COUNTRY HOLD	1,611,228 (-11.9%)	$23,186 (+7.4%)	2.5%	$16.76	-23.7%	COM	866683105
ALGT	ALLEGIANT TRAVEL	284,685 (-25.2%)	$24,275 (+4.9%)	2.6%	$81.15	-11.9%	COM	01748X102
EXPE	EXPEDIA GROUP IN	56,812 (-19.6%)	$16,095 (+6.6%)	1.7%	$158.71	+55.6%	COM NEW	30212P303
LNG	CHENIERE ENERGY INC	3,000 (-50.0%)	$583 (-58.6%)	0.1%	$111.54	+88.3%	COM NEW	16411R208
ULCC	FRONTIER GROUP H	4,137,964 (-9.3%)	$19,490 (-3.3%)	2.1%	$5.06	-12.5%	COM	35909R108
GD	GENERAL DYNAMICS	46,780 (-1.4%)	$15,749 (-2.6%)	1.7%	$162.35	+110.0%	COM	369550108
RYAAY	RYANAIR HLDG-ADR	113,653 (-13.0%)	$8,205 (+4.3%)	0.9%	$63.70	—	SPONSORED ADR	783513203
EXK	ENDEAVOUR SILVER	345,000 (-23.8%)	$3,247 (-8.3%)	0.3%	$3.82	+122.0%	COM	29258Y103
BIRK	BIRKENSTOCK HOLDING PLC	1,500 (-80.0%)	$61 (-81.9%)	0.0%	$51.40	-17.6%	COM SHS	M2029K104
HMY	HARMONY GOLD-ADR	266,409 (-13.2%)	$5,302 (-4.8%)	0.6%	$8.74	—	SPONSORED ADR	413216300
BP	BP PLC	7,000 (-41.7%)	$243 (-41.2%)	0.0%	$35.07	—	SPONSORED ADR	055622104
AR	ANTERO RESOURCES CORP	5,000 (-50.0%)	$172 (-48.7%)	0.0%	$30.73	+10.2%	COM	03674X106
PPTA	PERPETUA RESOURCES CORP	37,000 (-26.0%)	$896 (-11.4%)	0.1%	$10.12	+143.0%	COM	714266103
EMBJ	EMBRAER SA-ADR	123,795 (-6.8%)	$7,969 (-0.7%)	0.9%	$40.50	—	SPONSORED ADS	29082A107
FDX	FEDEX CORP	1,188 (-4.8%)	$343 (+16.6%)	0.0%	$226.52	+15.5%	COM	31428X106
EXPD	EXPEDITORS INTL	2,213 (-5.6%)	$330 (+14.8%)	0.0%	$111.59	+21.5%	COM	302130109
TXT	TEXTRON INC	183,921 (-3.2%)	$16,032 (-0.2%)	1.7%	$67.05	+24.8%	COM	883203101
GSL	GLOBAL SHIP-CL A	5,834 (-1.2%)	$204 (+12.7%)	0.0%	$23.39	+38.9%	COM CL A	Y27183600
EL	LAUDER ESTEE COS INC	6,500 (-13.3%)	$681 (+3.0%)	0.1%	$88.65	+9.2%	CL A	518439104

Unchanged Positions (27)

AUGO AURA MINERALS INC 0.5%

Value ($000) $5,042 Shares 100,000 Est. Cost $28.59 Unrealized +37.4%

VZLA VIZSLA SILVER CO 0.6%

Value ($000) $5,756 Shares 1,050,000 Est. Cost $1.62 Unrealized +189.3%

PAAS PAN AMERN SILVER CORP 0.4%

Value ($000) $3,811 Shares 73,555 Est. Cost $32.15 Unrealized +30.2%

VOXR VOX ROYALTY CORP 0.8%

Value ($000) $7,404 Shares 1,562,000 Est. Cost $2.30 Unrealized +96.8%

HBM HUDBAY MINERALS INC 0.2%

Value ($000) $1,886 Shares 95,000 Est. Cost $8.32 Unrealized +103.3%

DVS DOLLY VARDEN SIL 0.2%

Value ($000) $1,531 Shares 350,000 Est. Cost $2.92 Unrealized +50.1%

SA SEABRIDGE GOLD INC 0.1%

Value ($000) $1,184 Shares 40,000 Est. Cost $13.43 Unrealized +95.8%

TPR TAPESTRY INC 0.1%

Value ($000) $831 Shares 6,500 Est. Cost $74.95 Unrealized +52.1%

SLI STANDARD LITHIUM LTD 0.0%

Value ($000) $335 Shares 75,000 Est. Cost $1.84 Unrealized +130.4%

NTR NUTRIEN LTD 0.2%

Value ($000) $1,543 Shares 25,000 Est. Cost $51.89 Unrealized +13.4%

UPS UNITED PARCEL-B 0.0%

Value ($000) $335 Shares 3,373 Est. Cost $117.16 Unrealized -20.8%

STLD STEEL DYNAMICS INC 0.0%

Value ($000) $254 Shares 1,500 Est. Cost $124.96 Unrealized +26.7%

EU ENCORE ENERGY CO 0.0%

Value ($000) $119 Shares 50,000 Est. Cost $2.33 Unrealized +22.5%

LTH LIFE TIME GROUP HOLDINGS INC 0.1%

Value ($000) $893 Shares 33,600 Est. Cost $29.66 Unrealized -12.2%

AEM AGNICO EAGLE MINES LTD 0.5%

Value ($000) $5,086 Shares 30,000 Est. Cost $71.33 Unrealized +135.3%

RRC RANGE RES CORP 0.0%

Value ($000) $370 Shares 10,500 Est. Cost $23.37 Unrealized +59.4%

SHEL SHELL PLC 0.1%

Value ($000) $808 Shares 11,000 Est. Cost $71.71 Unrealized —

TECK TECK RESOURCES LTD 0.0%

Value ($000) $239 Shares 5,000 Est. Cost $47.62 Unrealized -9.0%

SLB SCHLUMBERGER LTD 0.0%

Value ($000) $173 Shares 4,500 Est. Cost $15.47 Unrealized +133.0%

BHP BHP GROUP LTD 0.0%

Value ($000) $211 Shares 3,500 Est. Cost $57.69 Unrealized —

VLO VALERO ENERGY CORP 0.0%

Value ($000) $163 Shares 1,000 Est. Cost $122.29 Unrealized +38.1%

ODV OSISKO DEVELOPME 0.1%

Value ($000) $847 Shares 250,000 Est. Cost $1.70 Unrealized +101.7%

PZG PARAMOUNT GOLD NEV CORP 0.0%

Value ($000) $214 Shares 170,000 Est. Cost $1.07 Unrealized +8.2%

CNL COLLECTIVE MININ 0.1%

Value ($000) $510 Shares 35,000 Est. Cost $2.97 Unrealized +309.5%

WTTR SELECT WATER SOLUTIONS INC 0.0%

Value ($000) $105 Shares 10,000 Est. Cost $7.59 Unrealized —

CME CME GROUP INC 0.0%

Value ($000) $126 Shares 461 Est. Cost $219.66 Unrealized +23.3%

XPL SOLITARIO RESOURCES CORP 0.0%

Value ($000) $216 Shares 310,000 Est. Cost $0.79 Unrealized -16.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AUGO	AURA MINERALS INC	100,000	$5,042	0.5%	$28.59	+37.4%	SHS NEW	G06973112
VZLA	VIZSLA SILVER CO	1,050,000	$5,756	0.6%	$1.62	+189.3%	COM NEW	92859G608
PAAS	PAN AMERN SILVER CORP	73,555	$3,811	0.4%	$32.15	+30.2%	COM	697900108
VOXR	VOX ROYALTY CORP	1,562,000	$7,404	0.8%	$2.30	+96.8%	COM	92919F103
HBM	HUDBAY MINERALS INC	95,000	$1,886	0.2%	$8.32	+103.3%	COM	443628102
DVS	DOLLY VARDEN SIL	350,000	$1,531	0.2%	$2.92	+50.1%	COM NO PAR	256827783
SA	SEABRIDGE GOLD INC	40,000	$1,184	0.1%	$13.43	+95.8%	COM	811916105
TPR	TAPESTRY INC	6,500	$831	0.1%	$74.95	+52.1%	COM	876030107
SLI	STANDARD LITHIUM LTD	75,000	$335	0.0%	$1.84	+130.4%	COM	853606101
NTR	NUTRIEN LTD	25,000	$1,543	0.2%	$51.89	+13.4%	COM	67077M108
UPS	UNITED PARCEL-B	3,373	$335	0.0%	$117.16	-20.8%	CL B	911312106
STLD	STEEL DYNAMICS INC	1,500	$254	0.0%	$124.96	+26.7%	COM	858119100
EU	ENCORE ENERGY CO	50,000	$119	0.0%	$2.33	+22.5%	COM NEW	29259W700
LTH	LIFE TIME GROUP HOLDINGS INC	33,600	$893	0.1%	$29.66	-12.2%	COMMON STOCK	53190C102
AEM	AGNICO EAGLE MINES LTD	30,000	$5,086	0.5%	$71.33	+135.3%	COM	008474108
RRC	RANGE RES CORP	10,500	$370	0.0%	$23.37	+59.4%	COM	75281A109
SHEL	SHELL PLC	11,000	$808	0.1%	$71.71	—	SPON ADS	780259305
TECK	TECK RESOURCES LTD	5,000	$239	0.0%	$47.62	-9.0%	CL B	878742204
SLB	SCHLUMBERGER LTD	4,500	$173	0.0%	$15.47	+133.0%	COM STK	806857108
BHP	BHP GROUP LTD	3,500	$211	0.0%	$57.69	—	SPONSORED ADS	088606108
VLO	VALERO ENERGY CORP	1,000	$163	0.0%	$122.29	+38.1%	COM	91913Y100
ODV	OSISKO DEVELOPME	250,000	$847	0.1%	$1.70	+101.7%	COM NEW	68828E809
PZG	PARAMOUNT GOLD NEV CORP	170,000	$214	0.0%	$1.07	+8.2%	COM	69924M109
CNL	COLLECTIVE MININ	35,000	$510	0.1%	$2.97	+309.5%	COM	19425C100
WTTR	SELECT WATER SOLUTIONS INC	10,000	$105	0.0%	$7.59	—	CL A COM	81617J301
CME	CME GROUP INC	461	$126	0.0%	$219.66	+23.3%	COM	12572Q105
XPL	SOLITARIO RESOURCES CORP	310,000	$216	0.0%	$0.79	-16.0%	COM	8342EP107