AEGIS FINANCIAL CORP Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ASIX	ADVANSIX INC	1,209,629	$20,927	5.0%	$17.36	0.0%	COM	00773T101
MOS	MOSAIC CO NEW	853,638	$20,564	4.9%	$26.75	0.0%	COM	61945C103
RYI	RYERSON HLDG CORP	707,390	$17,798	4.2%	$23.00	0.0%	COM	783754104
RLJ	RLJ LODGING TR	1,271,817	$9,475	2.3%	$7.45	—	COM	74965L101
INBK	FIRST INTERNET BANCORP	250,320	$5,224	1.2%	$20.11	0.0%	COM	320557101
CLDT	CHATHAM LODGING TR	678,530	$4,621	1.1%	$6.81	—	COM	16208T102
ZEUS	OLYMPIC STEEL INC	73,515	$3,145	0.8%	$35.69	0.0%	COM	68162K106
VLGEA	VILLAGE SUPER MKT INC	55,733	$1,973	0.5%	$34.33	0.0%	CL A NEW	927107409
GFR	GREENFIRE RES LTD NEW	179,131	$853	0.2%	$4.75	0.0%	COM SHS	39525U107

Increased Positions (5)

CVE CENOVUS ENERGY INC 13.9%

Value ($000) $58,444 (+273.7%) Shares 3,454,121 (+275.2%) Est. Cost $16.90 Unrealized +2.8%

PDS PRECISION DRILLING CORP 8.6%

Value ($000) $36,221 (+42.1%) Shares 504,059 (+11.4%) Est. Cost $56.91 Unrealized +7.9%

VET VERMILION ENERGY INC 2.6%

Value ($000) $11,002 (+61.8%) Shares 1,320,492 (+51.7%) Est. Cost $7.73 Unrealized +6.8%

NOA NORTH AMERN CONSTR GROUP LTD 3.6%

Value ($000) $14,967 (+25.1%) Shares 1,038,177 (+23.3%) Est. Cost $14.50 Unrealized -1.9%

BSET BASSETT FURNITURE INDS INC 2.0%

Value ($000) $8,399 (+12.8%) Shares 501,119 (+5.3%) Est. Cost $14.26 Unrealized +7.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CVE	CENOVUS ENERGY INC	3,454,121 (+275.2%)	$58,444 (+273.7%)	13.9%	$16.90	+2.8%	COM	15135U109
PDS	PRECISION DRILLING CORP	504,059 (+11.4%)	$36,221 (+42.1%)	8.6%	$56.91	+7.9%	COM NEW	74022D407
VET	VERMILION ENERGY INC	1,320,492 (+51.7%)	$11,002 (+61.8%)	2.6%	$7.73	+6.8%	COM	923725105
NOA	NORTH AMERN CONSTR GROUP LTD	1,038,177 (+23.3%)	$14,967 (+25.1%)	3.6%	$14.50	-1.9%	COM	656811106
BSET	BASSETT FURNITURE INDS INC	501,119 (+5.3%)	$8,399 (+12.8%)	2.0%	$14.26	+7.8%	COM	070203104

Exited Positions (2)

MIND MIND TECHNOLOGY INC 0.2%

Value ($000) $644 Shares 79,572 Est. Cost $4.20 Unrealized +138.7%

WFG WEST FRASER TIMBER CO LTD 0.1%

Value ($000) $214 Shares 3,142 Est. Cost $76.27 Unrealized -17.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MIND	MIND TECHNOLOGY INC	79,572	$644	0.2%	$4.20	+138.7%	—	602566309
WFG	WEST FRASER TIMBER CO LTD	3,142	$214	0.1%	$76.27	-17.9%	—	952845105

Decreased Positions (5)

EQX EQUINOX GOLD CORP 15.0%

Value ($000) $62,969 (+16.6%) Shares 4,474,089 (-7.1%) Est. Cost $4.87 Unrealized +158.9%

HNRG HALLADOR ENERGY COMPANY 8.2%

Value ($000) $34,539 (-12.2%) Shares 1,814,026 (-9.8%) Est. Cost $8.24 Unrealized +146.0%

EGO ELDORADO GOLD CORP NEW 3.3%

Value ($000) $13,929 (+16.8%) Shares 387,779 (-6.1%) Est. Cost $7.12 Unrealized +320.6%

GAU GALIANO GOLD INC 3.9%

Value ($000) $16,320 (+12.5%) Shares 6,409,321 (-3.8%) Est. Cost $1.40 Unrealized +76.4%

SLV ISHARES SILVER TR 0.3%

Value ($000) $1,140 (-24.0%) Shares 17,698 (-50.0%) Est. Cost $22.02 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EQX	EQUINOX GOLD CORP	4,474,089 (-7.1%)	$62,969 (+16.6%)	15.0%	$4.87	+158.9%	COM	29446Y502
HNRG	HALLADOR ENERGY COMPANY	1,814,026 (-9.8%)	$34,539 (-12.2%)	8.2%	$8.24	+146.0%	COM	40609P105
EGO	ELDORADO GOLD CORP NEW	387,779 (-6.1%)	$13,929 (+16.8%)	3.3%	$7.12	+320.6%	COM	284902509
GAU	GALIANO GOLD INC	6,409,321 (-3.8%)	$16,320 (+12.5%)	3.9%	$1.40	+76.4%	COM	36352H100
SLV	ISHARES SILVER TR	17,698 (-50.0%)	$1,140 (-24.0%)	0.3%	$22.02	—	ISHARES	46428Q109

Unchanged Positions (14)

NGS NATURAL GAS SVCS GROUP INC 5.4%

Value ($000) $22,583 Shares 671,112 Est. Cost $10.23 Unrealized +190.3%

EFXT ENERFLEX LTD 2.0%

Value ($000) $8,509 Shares 551,151 Est. Cost $5.50 Unrealized +141.7%

PBF PBF ENERGY INC 4.0%

Value ($000) $16,822 Shares 620,289 Est. Cost $19.01 Unrealized +68.5%

ASTL ALGOMA STL GROUP INC 1.7%

Value ($000) $7,323 Shares 1,786,122 Est. Cost $6.49 Unrealized -38.6%

TDW TIDEWATER INC NEW 3.3%

Value ($000) $13,967 Shares 276,529 Est. Cost $47.23 Unrealized +11.8%

IAUX I-80 GOLD CORP 0.4%

Value ($000) $1,660 Shares 1,126,349 Est. Cost $2.30 Unrealized -50.6%

MERC MERCER INTL INC 0.1%

Value ($000) $612 Shares 308,927 Est. Cost $7.06 Unrealized -70.2%

HNNA HENNESSY ADVISORS INC 0.3%

Value ($000) $1,357 Shares 141,353 Est. Cost $7.13 Unrealized +38.8%

ASC ARDMORE SHIPPING CORP 0.2%

Value ($000) $949 Shares 89,612 Est. Cost $7.85 Unrealized +51.4%

WHG WESTWOOD HLDGS GROUP INC 0.4%

Value ($000) $1,720 Shares 99,926 Est. Cost $10.53 Unrealized +59.4%

CEF SPROTT ASSET MANAGEMENT LP 0.1%

Value ($000) $342 Shares 7,474 Est. Cost $28.41 Unrealized —

DC DAKOTA GOLD CORP 0.0%

Value ($000) $170 Shares 30,000 Est. Cost $3.13 Unrealized +53.6%

GLD SPDR GOLD TR 0.1%

Value ($000) $328 Shares 828 Est. Cost $191.17 Unrealized —

XPL SOLITARIO RESOURCES CORP 0.1%

Value ($000) $441 Shares 632,458 Est. Cost $0.39 Unrealized +69.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NGS	NATURAL GAS SVCS GROUP INC	671,112	$22,583	5.4%	$10.23	+190.3%	COM	63886Q109
EFXT	ENERFLEX LTD	551,151	$8,509	2.0%	$5.50	+141.7%	COM	29269R105
PBF	PBF ENERGY INC	620,289	$16,822	4.0%	$19.01	+68.5%	CL A	69318G106
ASTL	ALGOMA STL GROUP INC	1,786,122	$7,323	1.7%	$6.49	-38.6%	COM	015658107
TDW	TIDEWATER INC NEW	276,529	$13,967	3.3%	$47.23	+11.8%	COM	88642R109
IAUX	I-80 GOLD CORP	1,126,349	$1,660	0.4%	$2.30	-50.6%	COM	44955L106
MERC	MERCER INTL INC	308,927	$612	0.1%	$7.06	-70.2%	COM	588056101
HNNA	HENNESSY ADVISORS INC	141,353	$1,357	0.3%	$7.13	+38.8%	COM	425885100
ASC	ARDMORE SHIPPING CORP	89,612	$949	0.2%	$7.85	+51.4%	COM	Y0207T100
WHG	WESTWOOD HLDGS GROUP INC	99,926	$1,720	0.4%	$10.53	+59.4%	COM	961765104
CEF	SPROTT ASSET MANAGEMENT LP	7,474	$342	0.1%	$28.41	—	PHYSICAL GOLD AN	85208R101
DC	DAKOTA GOLD CORP	30,000	$170	0.0%	$3.13	+53.6%	COM	46655E100
GLD	SPDR GOLD TR	828	$328	0.1%	$191.17	—	GOLD SHS	78463V107
XPL	SOLITARIO RESOURCES CORP	632,458	$441	0.1%	$0.39	+69.3%	COM	8342EP107