GeoSphere Capital Management, LLC Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GDXJ	VANECK ETF TRUST	240,000	$27,307	9.0%	—	—	PUT	92189F791
MSTR	STRATEGY INC	104,400	$15,864	5.2%	—	—	PUT	594972408
LEU	CENTRUS ENERGY CORP	32,400	$7,865	2.6%	—	—	PUT	15643U104
NEM	NEWMONT CORP	74,500	$7,439	2.4%	—	—	PUT	651639106
BORR	BORR DRILLING LTD	1,385,000	$5,582	1.8%	$3.31	0.0%	SHS	G1466R173
BE	BLOOM ENERGY CORP	46,000	$3,997	1.3%	$105.07	0.0%	COM CL A	093712107
WULF	TERAWULF INC	250,000	$2,873	0.9%	$13.40	0.0%	COM	88080T104
PUMP	PROPETRO HLDG CORP	300,000	$2,853	0.9%	$8.69	0.0%	COM	74347M108
SBSW	SIBANYE STILLWATER LTD	200,000	$2,850	0.9%	$14.25	—	SPONSORED ADR	82575P107
ECO	OKEANIS ECO TANKERS COR	72,500	$2,453	0.8%	$33.92	0.0%	SHS	Y64177101
AEM	AGNICO EAGLE MINES LTD	14,300	$2,424	0.8%	—	—	PUT	008474108
B	BARRICK MNG CORP	45,000	$1,960	0.6%	$37.42	0.0%	COM SHS	06849F108
DHT	DHT HOLDINGS INC	155,000	$1,893	0.6%	$12.28	0.0%	SHS NEW	Y2065G121
TTI	TETRA TECHNOLOGIES INC DEL	175,000	$1,640	0.5%	$7.72	0.0%	COM	88162F105
PPTA	PERPETUA RESOURCES CORP	50,000	$1,211	0.4%	$24.60	0.0%	COM	714266103
NKLR	TERRA INNOVATUM GLOBAL NV	150,000	$693	0.2%	$7.45	0.0%	ORD SHS	N85083108
HL	HECLA MNG CO	31,951	$613	0.2%	$15.27	0.0%	COM	422704106

Increased Positions (11)

SPY SPDR S&P 500 ETF TR 32.3%

Value ($000) $98,128 (+24450.0%) Shares 143,900 (+23883.3%) Est. Cost — Unrealized —

BKV BKV CORP 5.0%

Value ($000) $15,064 (+132.7%) Shares 554,857 (+98.3%) Est. Cost $22.08 Unrealized +13.7%

HUT HUT 8 CORP 1.7%

Value ($000) $5,283 (+116.8%) Shares 115,000 (+64.3%) Est. Cost $32.72 Unrealized +34.7%

CNR CORE NATURAL RESOURCES INC 2.5%

Value ($000) $7,523 (+50.2%) Shares 85,000 (+41.7%) Est. Cost $81.01 Unrealized +5.1%

EQT EQT CORP 1.3%

Value ($000) $3,859 (+183.6%) Shares 72,000 (+188.0%) Est. Cost $48.99 Unrealized +14.6%

EU ENCORE ENERGY CORP 1.1%

Value ($000) $3,224 (+234.8%) Shares 1,300,000 (+333.3%) Est. Cost $2.82 Unrealized +1.4%

FCX FREEPORT-MCMORAN INC 1.6%

Value ($000) $4,825 (+53.8%) Shares 95,000 (+18.8%) Est. Cost $39.16 Unrealized +10.6%

FRO FRONTLINE PLC 1.4%

Value ($000) $4,364 (+59.6%) Shares 200,000 (+66.7%) Est. Cost $21.50 Unrealized +8.7%

WFRD WEATHERFORD INTL PLC 1.1%

Value ($000) $3,326 (+94.4%) Shares 42,500 (+70.0%) Est. Cost $64.83 Unrealized +12.0%

EE EXCELERATE ENERGY INC 1.9%

Value ($000) $5,750 (+26.8%) Shares 205,000 (+13.9%) Est. Cost $25.99 Unrealized +4.0%

CCJ CAMECO CORP 2.2%

Value ($000) $6,721 (+17.1%) Shares 73,460 (+7.3%) Est. Cost $41.94 Unrealized +114.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	143,900 (+23883.3%)	$98,128 (+24450.0%)	32.3%	—	—	PUT	78462F103
BKV	BKV CORP	554,857 (+98.3%)	$15,064 (+132.7%)	5.0%	$22.08	+13.7%	COM	05603J108
HUT	HUT 8 CORP	115,000 (+64.3%)	$5,283 (+116.8%)	1.7%	$32.72	+34.7%	COM	44812J104
CNR	CORE NATURAL RESOURCES INC	85,000 (+41.7%)	$7,523 (+50.2%)	2.5%	$81.01	+5.1%	COM SHS	218937100
EQT	EQT CORP	72,000 (+188.0%)	$3,859 (+183.6%)	1.3%	$48.99	+14.6%	COM	26884L109
EU	ENCORE ENERGY CORP	1,300,000 (+333.3%)	$3,224 (+234.8%)	1.1%	$2.82	+1.4%	COM NEW	29259W700
FCX	FREEPORT-MCMORAN INC	95,000 (+18.8%)	$4,825 (+53.8%)	1.6%	$39.16	+10.6%	CL B	35671D857
FRO	FRONTLINE PLC	200,000 (+66.7%)	$4,364 (+59.6%)	1.4%	$21.50	+8.7%	COM	M46528101
WFRD	WEATHERFORD INTL PLC	42,500 (+70.0%)	$3,326 (+94.4%)	1.1%	$64.83	+12.0%	ORD SHS	G48833118
EE	EXCELERATE ENERGY INC	205,000 (+13.9%)	$5,750 (+26.8%)	1.9%	$25.99	+4.0%	CL A COM	30069T101
CCJ	CAMECO CORP	73,460 (+7.3%)	$6,721 (+17.1%)	2.2%	$41.94	+114.4%	COM	13321L108

Exited Positions (19)

GLNG GOLAR LNG LTD 1.6%

Value ($000) $4,849 Shares 120,000 Est. Cost $38.88 Unrealized -2.0%

ORLA ORLA MNG LTD NEW 1.3%

Value ($000) $3,848 Shares 356,342 Est. Cost $8.88 Unrealized +36.7%

PAAS PAN AMERN SILVER CORP 1.0%

Value ($000) $3,098 Shares 80,000 Est. Cost $25.88 Unrealized +61.8%

XPRO EXPRO GROUP HOLDINGS NV 1.0%

Value ($000) $2,970 Shares 250,000 Est. Cost $10.86 Unrealized +24.2%

INSW INTERNATIONAL SEAWAYS INC 0.9%

Value ($000) $2,765 Shares 60,000 Est. Cost $37.47 Unrealized +30.3%

OKLO OKLO INC 0.8%

Value ($000) $2,464 Shares 22,075 Est. Cost $38.57 Unrealized +189.1%

WBI WATERBRIDGE INFRASTRUCTURE L 0.7%

Value ($000) $2,018 Shares 80,000 Est. Cost $23.45 Unrealized -1.0%

URG UR-ENERGY INC 0.6%

Value ($000) $1,880 Shares 1,050,000 Est. Cost $0.80 Unrealized +85.5%

LBRT LIBERTY ENERGY INC 0.6%

Value ($000) $1,851 Shares 150,000 Est. Cost $12.11 Unrealized +38.0%

NMM NAVIOS MARITIME PARTNERS L P 0.6%

Value ($000) $1,802 Shares 40,000 Est. Cost $45.05 Unrealized —

CORZ CORE SCIENTIFIC INC NEW 0.6%

Value ($000) $1,794 Shares 100,000 Est. Cost $11.14 Unrealized +56.6%

SIL GLOBAL X FDS 0.6%

Value ($000) $1,791 Shares 25,000 Est. Cost $48.14 Unrealized —

FNV FRANCO NEV CORP 0.6%

Value ($000) $1,783 Shares 8,000 Est. Cost $132.11 Unrealized +53.5%

METC RAMACO RES INC 0.5%

Value ($000) $1,660 Shares 50,000 Est. Cost $23.24 Unrealized +13.0%

CIVI CIVITAS RESOURCES INC 0.5%

Value ($000) $1,625 Shares 50,000 Est. Cost $31.09 Unrealized -8.2%

GNK GENCO SHIPPING & TRADING LTD 0.4%

Value ($000) $1,335 Shares 75,000 Est. Cost $16.54 Unrealized +6.2%

GDX VANECK ETF TRUST 0.4%

Value ($000) $1,161 Shares 15,202 Est. Cost $45.97 Unrealized —

SOC SABLE OFFSHORE CORP 0.4%

Value ($000) $1,130 Shares 64,717 Est. Cost $23.99 Unrealized -60.6%

IWM ISHARES TR 0.1%

Value ($000) $242 Shares 1,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLNG	GOLAR LNG LTD	120,000	$4,849	1.6%	$38.88	-2.0%	—	G9456A100
ORLA	ORLA MNG LTD NEW	356,342	$3,848	1.3%	$8.88	+36.7%	—	68634K106
PAAS	PAN AMERN SILVER CORP	80,000	$3,098	1.0%	$25.88	+61.8%	—	697900108
XPRO	EXPRO GROUP HOLDINGS NV	250,000	$2,970	1.0%	$10.86	+24.2%	—	N3144W105
INSW	INTERNATIONAL SEAWAYS INC	60,000	$2,765	0.9%	$37.47	+30.3%	—	Y41053102
OKLO	OKLO INC	22,075	$2,464	0.8%	$38.57	+189.1%	—	02156V109
WBI	WATERBRIDGE INFRASTRUCTURE L	80,000	$2,018	0.7%	$23.45	-1.0%	—	940923105
URG	UR-ENERGY INC	1,050,000	$1,880	0.6%	$0.80	+85.5%	—	91688R108
LBRT	LIBERTY ENERGY INC	150,000	$1,851	0.6%	$12.11	+38.0%	—	53115L104
NMM	NAVIOS MARITIME PARTNERS L P	40,000	$1,802	0.6%	$45.05	—	—	Y62267409
CORZ	CORE SCIENTIFIC INC NEW	100,000	$1,794	0.6%	$11.14	+56.6%	—	21874A106
SIL	GLOBAL X FDS	25,000	$1,791	0.6%	$48.14	—	—	37954Y848
FNV	FRANCO NEV CORP	8,000	$1,783	0.6%	$132.11	+53.5%	—	351858105
METC	RAMACO RES INC	50,000	$1,660	0.5%	$23.24	+13.0%	—	75134P600
CIVI	CIVITAS RESOURCES INC	50,000	$1,625	0.5%	$31.09	-8.2%	—	17888H103
GNK	GENCO SHIPPING & TRADING LTD	75,000	$1,335	0.4%	$16.54	+6.2%	—	Y2685T131
GDX	VANECK ETF TRUST	15,202	$1,161	0.4%	$45.97	—	—	92189F106
SOC	SABLE OFFSHORE CORP	64,717	$1,130	0.4%	$23.99	-60.6%	—	78574H104
IWM	ISHARES TR	1,000	$242	0.1%	—	—	PUT	464287655

Decreased Positions (10)

NESR NATIONAL ENERGY SERVICES REU 7.3%

Value ($000) $22,161 (+45.1%) Shares 1,415,124 (-4.9%) Est. Cost $8.30 Unrealized +58.0%

CVE CENOVUS ENERGY INC 0.9%

Value ($000) $2,792 (-48.6%) Shares 165,000 (-48.4%) Est. Cost $14.76 Unrealized +17.7%

DK DELEK US HLDGS INC NEW 1.1%

Value ($000) $3,485 (-28.0%) Shares 117,500 (-21.7%) Est. Cost $25.83 Unrealized +37.8%

NXE NEXGEN ENERGY LTD 1.2%

Value ($000) $3,680 (-25.2%) Shares 400,000 (-27.3%) Est. Cost $6.43 Unrealized +37.3%

WPM WHEATON PRECIOUS METALS CORP 1.0%

Value ($000) $2,938 (-24.9%) Shares 25,000 (-28.6%) Est. Cost $71.24 Unrealized +50.3%

DNN DENISON MINES CORP 1.2%

Value ($000) $3,724 (-20.3%) Shares 1,400,000 (-17.6%) Est. Cost $1.68 Unrealized +62.0%

INVX INNOVEX INTERNATIONAL INC 0.4%

Value ($000) $1,094 (-41.0%) Shares 50,000 (-50.0%) Est. Cost $15.37 Unrealized +35.8%

BTU PEABODY ENERGY CORP 0.5%

Value ($000) $1,485 (-29.3%) Shares 50,000 (-36.9%) Est. Cost $17.75 Unrealized +65.4%

GPOR GULFPORT ENERGY CORP 1.2%

Value ($000) $3,536 (-11.2%) Shares 17,000 (-22.7%) Est. Cost $174.05 Unrealized +14.5%

SEI SOLARIS ENERGY INFRAS INC 2.0%

Value ($000) $5,952 (+6.8%) Shares 129,472 (-7.2%) Est. Cost $27.03 Unrealized +78.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NESR	NATIONAL ENERGY SERVICES REU	1,415,124 (-4.9%)	$22,161 (+45.1%)	7.3%	$8.30	+58.0%	SHS	G6375R107
CVE	CENOVUS ENERGY INC	165,000 (-48.4%)	$2,792 (-48.6%)	0.9%	$14.76	+17.7%	COM	15135U109
DK	DELEK US HLDGS INC NEW	117,500 (-21.7%)	$3,485 (-28.0%)	1.1%	$25.83	+37.8%	COM	24665A103
NXE	NEXGEN ENERGY LTD	400,000 (-27.3%)	$3,680 (-25.2%)	1.2%	$6.43	+37.3%	COM	65340P106
WPM	WHEATON PRECIOUS METALS CORP	25,000 (-28.6%)	$2,938 (-24.9%)	1.0%	$71.24	+50.3%	COM	962879102
DNN	DENISON MINES CORP	1,400,000 (-17.6%)	$3,724 (-20.3%)	1.2%	$1.68	+62.0%	COM	248356107
INVX	INNOVEX INTERNATIONAL INC	50,000 (-50.0%)	$1,094 (-41.0%)	0.4%	$15.37	+35.8%	COM	457651107
BTU	PEABODY ENERGY CORP	50,000 (-36.9%)	$1,485 (-29.3%)	0.5%	$17.75	+65.4%	COM	704551100
GPOR	GULFPORT ENERGY CORP	17,000 (-22.7%)	$3,536 (-11.2%)	1.2%	$174.05	+14.5%	COMMON SHARES	402635502
SEI	SOLARIS ENERGY INFRAS INC	129,472 (-7.2%)	$5,952 (+6.8%)	2.0%	$27.03	+78.7%	COM CL A	83418M103

Unchanged Positions (2)

IAG IAMGOLD CORP 1.2%

Value ($000) $3,710 Shares 225,000 Est. Cost $6.23 Unrealized +126.2%

FANG DIAMONDBACK ENERGY INC 0.6%

Value ($000) $1,691 Shares 11,250 Est. Cost $136.16 Unrealized +8.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAG	IAMGOLD CORP	225,000	$3,710	1.2%	$6.23	+126.2%	COM	450913108
FANG	DIAMONDBACK ENERGY INC	11,250	$1,691	0.6%	$136.16	+8.0%	COM	25278X109