Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EMN	EASTMAN CHEM CO	115,000	$8.777M	4.1%	$72.75	0.0%	COM	277432100
PPG	PPG INDS INC	82,000	$8.764M	4.1%	$116.87	0.0%	COM	693506107
AA	ALCOA CORP	130,000	$8.623M	4.0%	$61.09	0.0%	COM	013872106
SLB	SLB LIMITED COM STK	157,284	$8.083M	3.8%	$48.30	0.0%	COM STK	806857108
CE	CELANESE CORP DEL	110,000	$7.235M	3.4%	$49.52	0.0%	COM	150870103
ANF	ABERCROMBIE & FITCH CO CL A	67,000	$6.122M	2.9%	$102.30	0.0%	CL A	002896207
WFG	WEST FRASER TIMBER CO LTD	44,826	$2.93M	1.4%	$69.34	0.0%	COM	952845105
AEO	AMERICAN EAGLE OUTFITTERS INC	145,300	$2.427M	1.1%	$24.93	0.0%	COM	02553E106
LULU	LULULEMON ATHLETICA INC	15,000	$2.296M	1.1%	$188.79	0.0%	COM	550021109
CRC	CALIFORNIA RES CORP COM STOCK	25,000	$1.73M	0.8%	$52.09	0.0%	COM STOCK	13057Q305
BLDR	BUILDERS FIRSTSOURCE INC	20,000	$1.647M	0.8%	$117.53	0.0%	COM	12008R107
APA	APA CORPORATION	25,000	$1.061M	0.5%	$26.43	0.0%	COM	03743Q108
DHT	DHT HOLDINGS INC SHS NEW	50,000	$914K	0.4%	$14.32	0.0%	SHS NEW	Y2065G121

Increased Positions (4)

CENX CENTURY ALUM CO 26.7%

Value $57.22M (+70.3%) Shares 975,000 (+13.7%) Est. Cost $20.95 Unrealized +131.1%

ERO ERO COPPER CORP 12.8%

Value $27.39M (+1.6%) Shares 1,027,956 (+8.2%) Est. Cost $18.91 Unrealized +67.9%

DKS DICKS SPORTING GOODS INC 2.1%

Value $4.462M (+5.8%) Shares 22,500 (+5.6%) Est. Cost $216.64 Unrealized -4.0%

BKE BUCKLE INC 9.8%

Value $21.13M (-1.1%) Shares 419,578 (+4.9%) Est. Cost $41.18 Unrealized +25.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CENX	CENTURY ALUM CO	975,000 (+13.7%)	$57.22M (+70.3%)	26.7%	$20.95	+131.1%	COM	156431108
ERO	ERO COPPER CORP	1,027,956 (+8.2%)	$27.39M (+1.6%)	12.8%	$18.91	+67.9%	COM	296006109
DKS	DICKS SPORTING GOODS INC	22,500 (+5.6%)	$4.462M (+5.8%)	2.1%	$216.64	-4.0%	COM	253393102
BKE	BUCKLE INC	419,578 (+4.9%)	$21.13M (-1.1%)	9.8%	$41.18	+25.7%	COM	118440106

Exited Positions (10)

WHR WHIRLPOOL CORP 3.7%

Value $7.935M Shares 110,000 Est. Cost $73.83 Unrealized +12.9%

AMR ALPHA METALLURGICAL RESOUR INC 2.0%

Value $4.397M Shares 22,000 Est. Cost $172.83 Unrealized +21.8%

OLN OLIN CORP 1.6%

Value $3.479M Shares 167,000 Est. Cost $21.76 Unrealized +8.6%

RIO RIO TINTO PLC 1.5%

Value $3.217M Shares 40,194 Est. Cost $80.03 Unrealized —

NGD NEW GOLD INC CDA 1.2%

Value $2.613M Shares 300,000 Est. Cost $1.91 Unrealized +475.7%

VALE VALE S A 1.0%

Value $2.085M Shares 160,000 Est. Cost $13.03 Unrealized —

HY HYSTER-YALE INC 0.7%

Value $1.486M Shares 50,000 Est. Cost $32.71 Unrealized +7.2%

FLNC FLUENCE ENERGY INC 0.6%

Value $1.187M Shares 60,000 Est. Cost $18.84 Unrealized +20.7%

VRA VERA BRADLEY INC 0.5%

Value $976K Shares 403,447 Est. Cost $2.32 Unrealized +17.0%

PGEN PRECIGEN INC 0.3%

Value $690K Shares 165,000 Est. Cost $3.87 Unrealized +16.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WHR	WHIRLPOOL CORP	110,000	$7.935M	3.7%	$73.83	+12.9%	—	963320106
AMR	ALPHA METALLURGICAL RESOUR INC	22,000	$4.397M	2.0%	$172.83	+21.8%	—	020764106
OLN	OLIN CORP	167,000	$3.479M	1.6%	$21.76	+8.6%	—	680665205
RIO	RIO TINTO PLC	40,194	$3.217M	1.5%	$80.03	—	—	767204100
NGD	NEW GOLD INC CDA	300,000	$2.613M	1.2%	$1.91	+475.7%	—	644535106
VALE	VALE S A	160,000	$2.085M	1.0%	$13.03	—	—	91912E105
HY	HYSTER-YALE INC	50,000	$1.486M	0.7%	$32.71	+7.2%	—	449172105
FLNC	FLUENCE ENERGY INC	60,000	$1.187M	0.6%	$18.84	+20.7%	—	34379V103
VRA	VERA BRADLEY INC	403,447	$976K	0.5%	$2.32	+17.0%	—	92335C106
PGEN	PRECIGEN INC	165,000	$690K	0.3%	$3.87	+16.3%	—	74017N105

Decreased Positions (8)

— TRONOX HOLDINGS PLC 5.3%

Value $11.41M (+115.6%) Shares 1,168,200 (-8.0%) Est. Cost $4.18 Unrealized —

ARCB ARCBEST CORP 0.9%

Value $1.967M (-62.1%) Shares 20,000 (-71.4%) Est. Cost $65.13 Unrealized +46.0%

MT ARCELORMITTAL SA LUXEMBOURG 2.6%

Value $5.671M (-22.1%) Shares 110,887 (-30.2%) Est. Cost $45.83 Unrealized —

HUN HUNTSMAN CORP 3.3%

Value $7.187M (-17.1%) Shares 540,000 (-37.7%) Est. Cost $12.52 Unrealized -3.1%

FANG DIAMONDBACK ENERGY INC 0.9%

Value $1.978M (-34.2%) Shares 10,000 (-50.0%) Est. Cost $147.05 Unrealized +8.7%

— HUNTSMAN CORP 2.8%

Value $6.003M (+11.8%) Shares 451,000 (-16.0%) Est. Cost $10.00 Unrealized —

SBLK STAR BULK CARRIERS CORP 1.3%

Value $2.756M (-14.1%) Shares 120,000 (-28.1%) Est. Cost $18.79 Unrealized +18.9%

TROX TRONOX HOLDINGS PLC 2.4%

Value $5.178M (+8.6%) Shares 530,000 (-53.7%) Est. Cost $7.74 Unrealized -16.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	TRONOX HOLDINGS PLC	1,168,200 (-8.0%)	$11.41M (+115.6%)	5.3%	$4.18	—	CALL	G9087Q902
ARCB	ARCBEST CORP	20,000 (-71.4%)	$1.967M (-62.1%)	0.9%	$65.13	+46.0%	COM	03937C105
MT	ARCELORMITTAL SA LUXEMBOURG	110,887 (-30.2%)	$5.671M (-22.1%)	2.6%	$45.83	—	NY REGISTRY SH	03938L203
HUN	HUNTSMAN CORP	540,000 (-37.7%)	$7.187M (-17.1%)	3.3%	$12.52	-3.1%	COM	447011107
FANG	DIAMONDBACK ENERGY INC	10,000 (-50.0%)	$1.978M (-34.2%)	0.9%	$147.05	+8.7%	COM	25278X109
—	HUNTSMAN CORP	451,000 (-16.0%)	$6.003M (+11.8%)	2.8%	$10.00	—	CALL	447011907
SBLK	STAR BULK CARRIERS CORP	120,000 (-28.1%)	$2.756M (-14.1%)	1.3%	$18.79	+18.9%	SHS PAR	Y8162K204
TROX	TRONOX HOLDINGS PLC	530,000 (-53.7%)	$5.178M (+8.6%)	2.4%	$7.74	-16.0%	SHS	G9087Q102

Unchanged Positions (1)

MLI MUELLER INDS INC 0.8%

Value $1.662M Shares 15,000 Est. Cost $107.37 Unrealized +15.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MLI	MUELLER INDS INC	15,000	$1.662M	0.8%	$107.37	+15.8%	COM	624756102