Nokomis Capital, L.L.C. Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DIA	SPDR DOW JONES INDL AVERAGE	52,218	$25,094	5.9%	$480.57	—	UT SER 1	78467X109
DC	DAKOTA GOLD CORP	1,480,885	$8,411	2.0%	$4.80	0.0%	COM	46655E100
APLE	APPLE HOSPITALITY REIT INC	479,576	$5,683	1.3%	$11.85	—	COM NEW	03784Y200
LAD	LITHIA MTRS INC	8,172	$2,716	0.6%	$317.53	0.0%	COM	536797103
LWLG	LIGHTWAVE LOGIC INC	750,000	$2,430	0.6%	$4.44	0.0%	COM	532275104
OTGA	OTG ACQUISITION CORP. I	235,030	$2,350	0.6%	$10.02	0.0%	ORD CL A	G6791A100
PK	PARK HOTELS & RESORTS INC	203,524	$2,129	0.5%	$10.46	—	COM	700517105
BBWI	BATH & BODY WORKS INC	59,017	$1,185	0.3%	$21.72	0.0%	COM	070830104
OVV	OVINTIV INC	18,200	$713	0.2%	$38.77	0.0%	COM	69047Q102
EWZ	ISHARES INC	15,600	$496	0.1%	$31.77	—	MSCI BRAZIL ETF	464286400
GDXJ	VANECK ETF TRUST	1,300	$148	0.0%	$41.70	—	CALL	92189F791
OTGAW	OTG ACQUISITION CORP. I	117,515	$38	0.0%	$0.32	—	*W EXP 09/05/203	G6791A118

Increased Positions (15)

CRDO CREDO TECHNOLOGY GROUP HOLDI 2.5%

Value ($000) $10,705 (+1287.2%) Shares 74,400 (+1303.8%) Est. Cost — Unrealized —

KREF KKR REAL ESTATE FIN TR INC 2.1%

Value ($000) $8,975 (+115.9%) Shares 1,091,820 (+136.4%) Est. Cost $8.48 Unrealized —

GFR GREENFIRE RES LTD NEW 2.4%

Value ($000) $10,059 (+87.4%) Shares 2,113,249 (+81.9%) Est. Cost $5.38 Unrealized -11.7%

SPPP SPROTT ASSET MANAGEMENT LP 2.7%

Value ($000) $11,493 (+56.4%) Shares 682,500 (+26.1%) Est. Cost $11.72 Unrealized —

NVDA NVIDIA CORPORATION 1.9%

Value ($000) $8,020 (+56.9%) Shares 43,000 (+56.9%) Est. Cost — Unrealized —

ASTS AST SPACEMOBILE INC 0.9%

Value ($000) $3,937 (+278.3%) Shares 54,200 (+155.7%) Est. Cost — Unrealized —

SCVL SHOE CARNIVAL INC 2.5%

Value ($000) $10,461 (+34.5%) Shares 619,747 (+65.7%) Est. Cost $18.94 Unrealized -3.0%

HNRG HALLADOR ENERGY COMPANY 2.2%

Value ($000) $9,473 (+33.5%) Shares 497,531 (+37.2%) Est. Cost $13.68 Unrealized +48.1%

GLD SPDR GOLD TR 0.9%

Value ($000) $3,772 (+85.6%) Shares 9,517 (+66.5%) Est. Cost $318.53 Unrealized —

NXE NEXGEN ENERGY LTD 3.5%

Value ($000) $14,710 (+10.5%) Shares 1,598,948 (+7.5%) Est. Cost $6.26 Unrealized +41.1%

CTRA COTERRA ENERGY INC 2.0%

Value ($000) $8,547 (+16.4%) Shares 324,717 (+4.6%) Est. Cost $25.84 Unrealized -2.9%

BZH BEAZER HOMES USA INC 3.0%

Value ($000) $12,697 (+10.2%) Shares 626,394 (+33.4%) Est. Cost $24.94 Unrealized -10.8%

MLP MAUI LD & PINEAPPLE INC 0.5%

Value ($000) $2,277 (+33.8%) Shares 134,419 (+47.3%) Est. Cost $19.18 Unrealized -15.9%

ARKR ARK RESTAURANTS CORP 0.2%

Value ($000) $720 (+386.6%) Shares 107,327 (+416.7%) Est. Cost $7.13 Unrealized -1.9%

SOUN SOUNDHOUND AI INC 0.1%

Value ($000) $244 (-30.6%) Shares 24,500 (+11.9%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRDO	CREDO TECHNOLOGY GROUP HOLDI	74,400 (+1303.8%)	$10,705 (+1287.2%)	2.5%	—	—	PUT	G25457105
KREF	KKR REAL ESTATE FIN TR INC	1,091,820 (+136.4%)	$8,975 (+115.9%)	2.1%	$8.48	—	COM	48251K100
GFR	GREENFIRE RES LTD NEW	2,113,249 (+81.9%)	$10,059 (+87.4%)	2.4%	$5.38	-11.7%	COM SHS	39525U107
SPPP	SPROTT ASSET MANAGEMENT LP	682,500 (+26.1%)	$11,493 (+56.4%)	2.7%	$11.72	—	PHYSICAL PLATINU	85207Q104
NVDA	NVIDIA CORPORATION	43,000 (+56.9%)	$8,020 (+56.9%)	1.9%	—	—	PUT	67066G104
ASTS	AST SPACEMOBILE INC	54,200 (+155.7%)	$3,937 (+278.3%)	0.9%	—	—	PUT	00217D100
SCVL	SHOE CARNIVAL INC	619,747 (+65.7%)	$10,461 (+34.5%)	2.5%	$18.94	-3.0%	COM	824889109
HNRG	HALLADOR ENERGY COMPANY	497,531 (+37.2%)	$9,473 (+33.5%)	2.2%	$13.68	+48.1%	COM	40609P105
GLD	SPDR GOLD TR	9,517 (+66.5%)	$3,772 (+85.6%)	0.9%	$318.53	—	GOLD SHS	78463V107
NXE	NEXGEN ENERGY LTD	1,598,948 (+7.5%)	$14,710 (+10.5%)	3.5%	$6.26	+41.1%	COM	65340P106
CTRA	COTERRA ENERGY INC	324,717 (+4.6%)	$8,547 (+16.4%)	2.0%	$25.84	-2.9%	COM	127097103
BZH	BEAZER HOMES USA INC	626,394 (+33.4%)	$12,697 (+10.2%)	3.0%	$24.94	-10.8%	COM NEW	07556Q881
MLP	MAUI LD & PINEAPPLE INC	134,419 (+47.3%)	$2,277 (+33.8%)	0.5%	$19.18	-15.9%	COM	577345101
ARKR	ARK RESTAURANTS CORP	107,327 (+416.7%)	$720 (+386.6%)	0.2%	$7.13	-1.9%	COM	040712101
SOUN	SOUNDHOUND AI INC	24,500 (+11.9%)	$244 (-30.6%)	0.1%	—	—	PUT	836100107

Exited Positions (9)

OTGAU OTG ACQUISITION CORP. I 1.0%

Value ($000) $4,242 Shares 421,300 Est. Cost $10.07 Unrealized —

C CITIGROUP INC 0.9%

Value ($000) $3,618 Shares 35,642 Est. Cost $65.38 Unrealized +58.5%

AAPL APPLE INC 0.5%

Value ($000) $2,012 Shares 7,900 Est. Cost $225.58 Unrealized +19.0%

SLV ISHARES SILVER TR 0.4%

Value ($000) $1,796 Shares 42,400 Est. Cost $42.37 Unrealized —

AEM AGNICO EAGLE MINES LTD 0.4%

Value ($000) $1,723 Shares 10,220 Est. Cost $47.89 Unrealized +250.5%

IBIT ISHARES BITCOIN TRUST ETF 0.3%

Value ($000) $1,417 Shares 21,800 Est. Cost $65.00 Unrealized —

CHPT CHARGEPOINT HOLDINGS INC 0.1%

Value ($000) $503 Shares 46,100 Est. Cost — Unrealized —

XOP SPDR SERIES TRUST 0.1%

Value ($000) $397 Shares 3,000 Est. Cost $132.20 Unrealized —

EEM ISHARES TR 0.1%

Value ($000) $336 Shares 6,300 Est. Cost $53.40 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OTGAU	OTG ACQUISITION CORP. I	421,300	$4,242	1.0%	$10.07	—	—	G6791A126
C	CITIGROUP INC	35,642	$3,618	0.9%	$65.38	+58.5%	—	172967424
AAPL	APPLE INC	7,900	$2,012	0.5%	$225.58	+19.0%	—	037833100
SLV	ISHARES SILVER TR	42,400	$1,796	0.4%	$42.37	—	—	46428Q109
AEM	AGNICO EAGLE MINES LTD	10,220	$1,723	0.4%	$47.89	+250.5%	—	008474108
IBIT	ISHARES BITCOIN TRUST ETF	21,800	$1,417	0.3%	$65.00	—	—	46438F101
CHPT	CHARGEPOINT HOLDINGS INC	46,100	$503	0.1%	—	—	PUT	15961R303
XOP	SPDR SERIES TRUST	3,000	$397	0.1%	$132.20	—	—	78468R556
EEM	ISHARES TR	6,300	$336	0.1%	$53.40	—	—	464287234

Decreased Positions (13)

GLD SPDR GOLD TR 1.9%

Value ($000) $7,926 (-74.9%) Shares 20,000 (-77.5%) Est. Cost $318.53 Unrealized —

QQQ INVESCO QQQ TR 2.4%

Value ($000) $10,136 (-65.0%) Shares 16,500 (-65.8%) Est. Cost — Unrealized —

DRDB ROMAN DBDR ACQUISITION CORP 0.3%

Value ($000) $1,356 (-80.7%) Shares 130,026 (-80.9%) Est. Cost $9.96 Unrealized +4.6%

SDRL SEADRILL LTD 1.0%

Value ($000) $4,305 (-49.5%) Shares 124,431 (-55.9%) Est. Cost $37.67 Unrealized -17.3%

SLV ISHARES SILVER TR 3.6%

Value ($000) $15,074 (-15.9%) Shares 234,000 (-44.7%) Est. Cost $42.37 Unrealized —

PSLV SPROTT ASSET MANAGEMENT LP 2.3%

Value ($000) $9,911 (+18.9%) Shares 419,082 (-21.1%) Est. Cost $11.90 Unrealized —

MGM MGM RESORTS INTERNATIONAL 5.6%

Value ($000) $23,660 (+3.7%) Shares 648,387 (-1.5%) Est. Cost $37.08 Unrealized -8.5%

SILJ AMPLIFY ETF TR 1.7%

Value ($000) $7,156 (-10.3%) Shares 258,634 (-25.2%) Est. Cost $9.93 Unrealized —

EOSE EOS ENERGY ENTERPRISES INC 1.2%

Value ($000) $5,040 (-6.9%) Shares 439,800 (-7.5%) Est. Cost — Unrealized —

ACR ACRES COMMERCIAL REALTY CORP 1.1%

Value ($000) $4,801 (-2.3%) Shares 224,973 (-3.1%) Est. Cost $14.08 Unrealized —

FEIM FREQUENCY ELECTRS INC 0.7%

Value ($000) $3,102 (-2.9%) Shares 57,617 (-38.8%) Est. Cost $14.06 Unrealized +161.7%

DRDBW ROMAN DBDR ACQUISITION CORP 0.0%

Value ($000) $101 (-47.7%) Shares 165,317 (-55.8%) Est. Cost $0.32 Unrealized —

GDX VANECK ETF TRUST 4.1%

Value ($000) $17,115 (+0.5%) Shares 199,551 (-10.5%) Est. Cost $30.18 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	20,000 (-77.5%)	$7,926 (-74.9%)	1.9%	$318.53	—	CALL	78463V107
QQQ	INVESCO QQQ TR	16,500 (-65.8%)	$10,136 (-65.0%)	2.4%	—	—	PUT	46090E103
DRDB	ROMAN DBDR ACQUISITION CORP	130,026 (-80.9%)	$1,356 (-80.7%)	0.3%	$9.96	+4.6%	ORD SHS CL A	G7633M104
SDRL	SEADRILL LTD	124,431 (-55.9%)	$4,305 (-49.5%)	1.0%	$37.67	-17.3%	COM	G7997W102
SLV	ISHARES SILVER TR	234,000 (-44.7%)	$15,074 (-15.9%)	3.6%	$42.37	—	CALL	46428Q109
PSLV	SPROTT ASSET MANAGEMENT LP	419,082 (-21.1%)	$9,911 (+18.9%)	2.3%	$11.90	—	PHYSICAL SILVER	85207K107
MGM	MGM RESORTS INTERNATIONAL	648,387 (-1.5%)	$23,660 (+3.7%)	5.6%	$37.08	-8.5%	COM	552953101
SILJ	AMPLIFY ETF TR	258,634 (-25.2%)	$7,156 (-10.3%)	1.7%	$9.93	—	AMPLIFY JUNIOR S	032108649
EOSE	EOS ENERGY ENTERPRISES INC	439,800 (-7.5%)	$5,040 (-6.9%)	1.2%	—	—	PUT	29415C101
ACR	ACRES COMMERCIAL REALTY CORP	224,973 (-3.1%)	$4,801 (-2.3%)	1.1%	$14.08	—	COM NEW	00489Q102
FEIM	FREQUENCY ELECTRS INC	57,617 (-38.8%)	$3,102 (-2.9%)	0.7%	$14.06	+161.7%	COM	358010106
DRDBW	ROMAN DBDR ACQUISITION CORP	165,317 (-55.8%)	$101 (-47.7%)	0.0%	$0.32	—	*W EXP 10/31/203	G7633M112
GDX	VANECK ETF TRUST	199,551 (-10.5%)	$17,115 (+0.5%)	4.1%	$30.18	—	GOLD MINERS ETF	92189F106

Unchanged Positions (22)

IAUX I-80 GOLD CORP 7.9%

Value ($000) $33,391 Shares 22,870,369 Est. Cost $0.59 Unrealized +92.8%

IAUX/WS I-80 GOLD CORP 2.9%

Value ($000) $12,219 Shares 12,999,999 Est. Cost $0.44 Unrealized —

HBM HUDBAY MINERALS INC 4.1%

Value ($000) $17,234 Shares 868,230 Est. Cost $6.24 Unrealized +171.1%

CNTY CENTURY CASINOS INC 0.7%

Value ($000) $2,899 Shares 2,179,575 Est. Cost $5.54 Unrealized -67.8%

NGD NEW GOLD INC CDA 3.9%

Value ($000) $16,311 Shares 1,872,682 Est. Cost $2.66 Unrealized +182.7%

VZLA VIZSLA SILVER CORP 1.5%

Value ($000) $6,257 Shares 1,143,852 Est. Cost $2.13 Unrealized +120.6%

GDXJ VANECK ETF TRUST 2.3%

Value ($000) $9,821 Shares 86,315 Est. Cost $41.70 Unrealized —

SOC SABLE OFFSHORE CORP 0.2%

Value ($000) $749 Shares 83,005 Est. Cost $18.00 Unrealized -47.5%

CDE COEUR MNG INC 3.1%

Value ($000) $12,983 Shares 728,171 Est. Cost $6.73 Unrealized +158.3%

SBSW SIBANYE STILLWATER LTD 0.5%

Value ($000) $2,139 Shares 150,100 Est. Cost $11.24 Unrealized —

AR ANTERO RESOURCES CORP 2.7%

Value ($000) $11,551 Shares 335,208 Est. Cost $30.93 Unrealized +9.5%

MNR MACH NATURAL RESOURCES LP 0.4%

Value ($000) $1,488 Shares 134,780 Est. Cost $16.49 Unrealized —

PPTA PERPETUA RESOURCES CORP 0.4%

Value ($000) $1,502 Shares 62,033 Est. Cost $3.30 Unrealized +646.6%

ODV OSISKO DEVELOPMENT CORP 1.7%

Value ($000) $6,980 Shares 2,000,000 Est. Cost $2.65 Unrealized +29.5%

GDX VANECK ETF TRUST 0.4%

Value ($000) $1,733 Shares 20,200 Est. Cost $30.18 Unrealized —

AGI ALAMOS GOLD INC NEW 0.4%

Value ($000) $1,867 Shares 48,405 Est. Cost $12.54 Unrealized +177.9%

CGAU CENTERRA GOLD INC 0.1%

Value ($000) $587 Shares 40,818 Est. Cost $5.17 Unrealized +142.0%

CRGY CRESCENT ENERGY COMPANY 0.4%

Value ($000) $1,828 Shares 217,903 Est. Cost $9.74 Unrealized -10.4%

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value ($000) $298 Shares 6,000 Est. Cost $65.00 Unrealized —

TRTX TPG RE FIN TR INC 0.8%

Value ($000) $3,350 Shares 389,074 Est. Cost $7.97 Unrealized —

SILJ AMPLIFY ETF TR 0.0%

Value ($000) $58 Shares 2,100 Est. Cost $9.93 Unrealized —

MOBXW MOBIX LABS INC 0.0%

Value ($000) $3 Shares 30,093 Est. Cost $0.21 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAUX	I-80 GOLD CORP	22,870,369	$33,391	7.9%	$0.59	+92.8%	COM	44955L106
IAUX/WS	I-80 GOLD CORP	12,999,999	$12,219	2.9%	$0.44	—	*W EXP 11/16/202	44955L155
HBM	HUDBAY MINERALS INC	868,230	$17,234	4.1%	$6.24	+171.1%	COM	443628102
CNTY	CENTURY CASINOS INC	2,179,575	$2,899	0.7%	$5.54	-67.8%	COM	156492100
NGD	NEW GOLD INC CDA	1,872,682	$16,311	3.9%	$2.66	+182.7%	COM	644535106
VZLA	VIZSLA SILVER CORP	1,143,852	$6,257	1.5%	$2.13	+120.6%	COM NEW	92859G608
GDXJ	VANECK ETF TRUST	86,315	$9,821	2.3%	$41.70	—	JUNIOR GOLD MINE	92189F791
SOC	SABLE OFFSHORE CORP	83,005	$749	0.2%	$18.00	-47.5%	COM SHS	78574H104
CDE	COEUR MNG INC	728,171	$12,983	3.1%	$6.73	+158.3%	COM NEW	192108504
SBSW	SIBANYE STILLWATER LTD	150,100	$2,139	0.5%	$11.24	—	SPONSORED ADR	82575P107
AR	ANTERO RESOURCES CORP	335,208	$11,551	2.7%	$30.93	+9.5%	COM	03674X106
MNR	MACH NATURAL RESOURCES LP	134,780	$1,488	0.4%	$16.49	—	COM UNIT LTD PAR	55445L100
PPTA	PERPETUA RESOURCES CORP	62,033	$1,502	0.4%	$3.30	+646.6%	COM	714266103
ODV	OSISKO DEVELOPMENT CORP	2,000,000	$6,980	1.7%	$2.65	+29.5%	COM NEW	68828E809
GDX	VANECK ETF TRUST	20,200	$1,733	0.4%	$30.18	—	CALL	92189F106
AGI	ALAMOS GOLD INC NEW	48,405	$1,867	0.4%	$12.54	+177.9%	COM CL A	011532108
CGAU	CENTERRA GOLD INC	40,818	$587	0.1%	$5.17	+142.0%	COM	152006102
CRGY	CRESCENT ENERGY COMPANY	217,903	$1,828	0.4%	$9.74	-10.4%	CL A COM	44952J104
IBIT	ISHARES BITCOIN TRUST ETF	6,000	$298	0.1%	$65.00	—	CALL	46438F101
TRTX	TPG RE FIN TR INC	389,074	$3,350	0.8%	$7.97	—	COM	87266M107
SILJ	AMPLIFY ETF TR	2,100	$58	0.0%	$9.93	—	CALL	032108649
MOBXW	MOBIX LABS INC	30,093	$3	0.0%	$0.21	—	*W EXP 12/21/202	60743G118