Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SCHW	Charles Schwab Corp/The	355,524	$33.41M	1.8%	$100.12	0.0%	COM	808513105
DIS	Walt Disney Co/The	230,300	$22.2M	1.2%	$109.45	0.0%	COM	254687106
XOM	Exxon Mobil Corp	112,410	$19.07M	1.0%	$138.74	0.0%	COM	30231G102
CVX	Chevron Corp	69,071	$14.29M	0.8%	$171.87	0.0%	COM	166764100
VALE	Vale SA	390,855	$6.219M	0.3%	$15.91	—	SPONSORED ADS	91912E105
COP	ConocoPhillips	44,410	$5.862M	0.3%	$102.65	0.0%	COM	20825C104
FNV	Franco-Nevada Corp	23,218	$5.736M	0.3%	$245.78	0.0%	COM	351858105
SHAZ	SharonAI Holdings Inc	202,415	$4.601M	0.3%	$22.73	—	COM CL A	778920306
GWRE	Guidewire Software Inc	22,949	$3.432M	0.2%	$150.20	0.0%	COM	40171V100
VNET	Vnet Group Inc	368,879	$3.095M	0.2%	$8.39	—	SPONSORED ADS A	90138A103
DUOT	Duos Technologies Group Inc	439,680	$3.016M	0.2%	$9.79	0.0%	COM	266042407
FIGR	Figure Technology Solutions In	70,656	$2.399M	0.1%	$49.37	0.0%	COM CL A	349381103
WPM	Wheaton Precious Metals Corp	15,053	$1.972M	0.1%	$139.84	0.0%	COM	962879102
IAG	IAMGOLD Corp	86,206	$1.622M	0.1%	$19.78	0.0%	COM	450913108
LITE	Lumentum Holdings Inc	2,013	$1.415M	0.1%	$467.14	0.0%	COM	55024U109
CIEN	Ciena Corp	3,000	$1.165M	0.1%	$270.92	0.0%	COM NEW	171779309
MP	MP Materials Corp	23,816	$1.149M	0.1%	$61.74	0.0%	COM CL A	553368101
DVN	Devon Energy Corp	22,230	$1.119M	0.1%	$40.25	0.0%	COM	25179M103
LIF	Life360 Inc	20,954	$855K	0.0%	$56.98	0.0%	COM	532206109
BORR	Borr Drilling Ltd	147,068	$849K	0.0%	$4.91	0.0%	SHS	G1466R173
EXC	Exelon Corp	15,000	$735K	0.0%	$45.14	0.0%	COM	30161N101
COHR	Coherent Corp	3,000	$715K	0.0%	$213.35	0.0%	COM	19247G107
PCG	PG&E Corp	40,618	$714K	0.0%	$16.39	0.0%	COM	69331C108
PR	Permian Resources Corp	31,991	$682K	0.0%	$15.78	0.0%	CLASS A COM	71424F105
RIG	Transocean Ltd	92,593	$614K	0.0%	$5.16	0.0%	REGISTERED SHS	H8817H100
LODE	Comstock Inc	180,000	$549K	0.0%	$3.38	0.0%	COM SHS	205750409
FN	Fabrinet	1,000	$522K	0.0%	$492.64	0.0%	SHS	G3323L100
FTAI	FTAI Aviation Ltd	2,107	$516K	0.0%	$270.82	0.0%	SHS	G3730V105
PWR	Quanta Services Inc	937	$514K	0.0%	$486.21	0.0%	COM	74762E102
AIR	AAR Corp	4,604	$504K	0.0%	$106.17	0.0%	COM	000361105
STRL	Sterling Infrastructure Inc	1,233	$502K	0.0%	$376.45	0.0%	COM	859241101
MTDR	Matador Resources Co	7,934	$501K	0.0%	$45.39	0.0%	COM	576485205
SNDK	Sandisk Corp/DE	755	$480K	0.0%	$516.50	0.0%	COM	80004C200
SN	SharkNinja Inc	4,184	$443K	0.0%	$122.72	0.0%	COM SHS	G8068L108
MRX	Marex Group PLC	7,675	$342K	0.0%	$40.08	0.0%	ORD	G5S37H101
NHC	National HealthCare Corp	1,906	$304K	0.0%	$147.73	0.0%	COM	635906100
SITM	SiTime Corp	835	$288K	0.0%	$377.59	0.0%	COM	82982T106
SKYT	SkyWater Technology Inc	9,691	$266K	0.0%	$30.04	0.0%	COM	83089J108
SQM	Sociedad Quimica y Minera de C	3,193	$258K	0.0%	$80.94	—	SPON ADR SER B	833635105
EOG	EOG Resources Inc	1,638	$237K	0.0%	$112.14	0.0%	COM	26875P101
SPY	State Street SPDR S&P 500 ETF	360	$234K	0.0%	$650.34	—	TR UNIT	78462F103
NBIS	Nebius Group NV	2,000	$208K	0.0%	$96.40	0.0%	SHS CLASS A	N97284108
ELE	Elemental Royalty Corp	10,800	$203K	0.0%	$20.22	0.0%	COM NEW	28620K106

Increased Positions (24)

SNY Sanofi SA 6.7%

Value $123M (+32.4%) Shares 2,545,432 (+33.2%) Est. Cost $48.33 Unrealized —

AA Alcoa Corp 1.3%

Value $23.64M (+733.1%) Shares 356,330 (+567.4%) Est. Cost $56.76 Unrealized +7.6%

NUE Nucor Corp 1.1%

Value $20.62M (+555.3%) Shares 121,945 (+532.1%) Est. Cost $172.69 Unrealized +3.3%

STLD Steel Dynamics Inc 0.8%

Value $14.31M (+286.3%) Shares 79,493 (+263.6%) Est. Cost $177.04 Unrealized +4.0%

TFC Truist Financial Corp 3.0%

Value $54.91M (+21.6%) Shares 1,194,516 (+30.1%) Est. Cost $36.58 Unrealized +39.8%

HBM Hudbay Minerals Inc 0.8%

Value $15.23M (+125.7%) Shares 728,828 (+114.4%) Est. Cost $17.08 Unrealized +43.2%

BTG B2Gold Corp 0.8%

Value $14.62M (+136.6%) Shares 3,227,648 (+135.5%) Est. Cost $4.93 Unrealized +4.0%

WYNN Wynn Resorts Ltd 5.0%

Value $91.16M (-6.0%) Shares 897,646 (+11.4%) Est. Cost $88.74 Unrealized +28.6%

DNN Denison Mines Corp 0.4%

Value $7.362M (+231.5%) Shares 2,085,414 (+149.8%) Est. Cost $3.35 Unrealized +12.6%

ALB Albemarle Corp 0.5%

Value $8.513M (+103.4%) Shares 47,418 (+60.2%) Est. Cost $135.05 Unrealized +26.8%

UBER Uber Technologies Inc 0.3%

Value $5.088M (+470.7%) Shares 70,731 (+548.3%) Est. Cost $78.26 Unrealized +0.6%

WFC Wells Fargo & Co 2.9%

Value $52.83M (-6.2%) Shares 663,572 (+9.8%) Est. Cost $47.50 Unrealized +89.5%

BAC Bank of America Corp 7.0%

Value $128M (+1.9%) Shares 2,630,869 (+15.0%) Est. Cost $35.28 Unrealized +52.1%

GEHC GE HealthCare Technologies Inc 0.9%

Value $16.49M (-11.6%) Shares 231,641 (+1.9%) Est. Cost $77.09 Unrealized +6.7%

CRM Salesforce Inc 0.3%

Value $5.226M (-27.8%) Shares 27,995 (+2.5%) Est. Cost $250.56 Unrealized -13.9%

AMZN Amazon.com Inc 1.1%

Value $20.6M (-8.8%) Shares 98,911 (+1.1%) Est. Cost $129.92 Unrealized +74.6%

APO Apollo Global Management Inc 7.7%

Value $141M (-1.2%) Shares 1,269,689 (+28.4%) Est. Cost $118.28 Unrealized +12.8%

GRAB Grab Holdings Ltd 0.1%

Value $2.67M (+149.5%) Shares 729,615 (+240.2%) Est. Cost $4.70 Unrealized -4.4%

NET Cloudflare Inc 0.1%

Value $1.565M (+429.2%) Shares 7,584 (+405.6%) Est. Cost $188.16 Unrealized -3.1%

VRT Vertiv Holdings Co 0.1%

Value $1.253M (+209.3%) Shares 5,000 (+100.0%) Est. Cost $166.58 Unrealized +20.0%

OR OR Royalties Inc 0.1%

Value $1.449M (+115.4%) Shares 38,102 (+100.5%) Est. Cost $36.56 Unrealized +14.6%

BKD Brookdale Senior Living Inc 0.1%

Value $1.811M (+67.9%) Shares 132,403 (+32.4%) Est. Cost $10.81 Unrealized +28.0%

WWD Woodward Inc 0.1%

Value $1.163M (+92.3%) Shares 3,249 (+62.5%) Est. Cost $304.95 Unrealized +15.8%

META Meta Platforms Inc 0.2%

Value $3.323M (-12.0%) Shares 5,808 (+1.5%) Est. Cost $364.15 Unrealized +80.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SNY	Sanofi SA	2,545,432 (+33.2%)	$123M (+32.4%)	6.7%	$48.33	—	SPONSORED ADR	80105N105
AA	Alcoa Corp	356,330 (+567.4%)	$23.64M (+733.1%)	1.3%	$56.76	+7.6%	COM	013872106
NUE	Nucor Corp	121,945 (+532.1%)	$20.62M (+555.3%)	1.1%	$172.69	+3.3%	COM	670346105
STLD	Steel Dynamics Inc	79,493 (+263.6%)	$14.31M (+286.3%)	0.8%	$177.04	+4.0%	COM	858119100
TFC	Truist Financial Corp	1,194,516 (+30.1%)	$54.91M (+21.6%)	3.0%	$36.58	+39.8%	COM	89832Q109
HBM	Hudbay Minerals Inc	728,828 (+114.4%)	$15.23M (+125.7%)	0.8%	$17.08	+43.2%	COM	443628102
BTG	B2Gold Corp	3,227,648 (+135.5%)	$14.62M (+136.6%)	0.8%	$4.93	+4.0%	COM	11777Q209
WYNN	Wynn Resorts Ltd	897,646 (+11.4%)	$91.16M (-6.0%)	5.0%	$88.74	+28.6%	COM	983134107
DNN	Denison Mines Corp	2,085,414 (+149.8%)	$7.362M (+231.5%)	0.4%	$3.35	+12.6%	COM	248356107
ALB	Albemarle Corp	47,418 (+60.2%)	$8.513M (+103.4%)	0.5%	$135.05	+26.8%	COM	012653101
UBER	Uber Technologies Inc	70,731 (+548.3%)	$5.088M (+470.7%)	0.3%	$78.26	+0.6%	COM	90353T100
WFC	Wells Fargo & Co	663,572 (+9.8%)	$52.83M (-6.2%)	2.9%	$47.50	+89.5%	COM	949746101
BAC	Bank of America Corp	2,630,869 (+15.0%)	$128M (+1.9%)	7.0%	$35.28	+52.1%	COM	060505104
GEHC	GE HealthCare Technologies Inc	231,641 (+1.9%)	$16.49M (-11.6%)	0.9%	$77.09	+6.7%	COMMON STOCK	36266G107
CRM	Salesforce Inc	27,995 (+2.5%)	$5.226M (-27.8%)	0.3%	$250.56	-13.9%	COM	79466L302
AMZN	Amazon.com Inc	98,911 (+1.1%)	$20.6M (-8.8%)	1.1%	$129.92	+74.6%	COM	023135106
APO	Apollo Global Management Inc	1,269,689 (+28.4%)	$141M (-1.2%)	7.7%	$118.28	+12.8%	COM	03769M106
GRAB	Grab Holdings Ltd	729,615 (+240.2%)	$2.67M (+149.5%)	0.1%	$4.70	-4.4%	CLASS A ORD	G4124C109
NET	Cloudflare Inc	7,584 (+405.6%)	$1.565M (+429.2%)	0.1%	$188.16	-3.1%	CL A COM	18915M107
VRT	Vertiv Holdings Co	5,000 (+100.0%)	$1.253M (+209.3%)	0.1%	$166.58	+20.0%	COM CL A	92537N108
OR	OR Royalties Inc	38,102 (+100.5%)	$1.449M (+115.4%)	0.1%	$36.56	+14.6%	COM SHS	68390D106
BKD	Brookdale Senior Living Inc	132,403 (+32.4%)	$1.811M (+67.9%)	0.1%	$10.81	+28.0%	COM	112463104
WWD	Woodward Inc	3,249 (+62.5%)	$1.163M (+92.3%)	0.1%	$304.95	+15.8%	COM	980745103
META	Meta Platforms Inc	5,808 (+1.5%)	$3.323M (-12.0%)	0.2%	$364.15	+80.0%	CL A	30303M102

Exited Positions (34)

UEC Uranium Energy Corp 0.3%

Value $5.44M Shares 465,780 Est. Cost $13.12 Unrealized +25.6%

CNR Core Natural Resources Inc 0.2%

Value $4.148M Shares 46,863 Est. Cost $85.17 Unrealized +9.0%

XLF State Street Financial Select 0.2%

Value $3.798M Shares 69,346 Est. Cost $54.77 Unrealized —

XLU State Street Utilities Select 0.2%

Value $3.317M Shares 77,698 Est. Cost $42.69 Unrealized —

NWS News Corp 0.1%

Value $2.525M Shares 85,213 Est. Cost $33.03 Unrealized -12.9%

CVNA Carvana Co 0.1%

Value $2.342M Shares 5,550 Est. Cost $365.12 Unrealized +11.9%

LC LendingClub Corp 0.1%

Value $2.112M Shares 111,509 Est. Cost $17.67 Unrealized +2.8%

NTRA Natera Inc 0.1%

Value $1.718M Shares 7,500 Est. Cost $208.59 Unrealized +8.3%

HOOD Robinhood Markets Inc 0.1%

Value $1.537M Shares 13,590 Est. Cost $82.51 Unrealized +16.1%

SOFI SoFi Technologies Inc 0.1%

Value $1.49M Shares 56,917 Est. Cost $20.13 Unrealized +15.7%

LNT Alliant Energy Corp 0.1%

Value $1.332M Shares 20,482 Est. Cost $66.83 Unrealized +1.1%

PM Philip Morris International In 0.1%

Value $1.268M Shares 7,908 Est. Cost $153.57 Unrealized +14.5%

FICO Fair Isaac Corp 0.1%

Value $1.268M Shares 750 Est. Cost $1721.38 Unrealized -14.8%

CVS CVS Health Corp 0.1%

Value $1.214M Shares 15,299 Est. Cost $78.67 Unrealized -0.9%

HSAI Hesai Group 0.1%

Value $1.193M Shares 53,252 Est. Cost $28.10 Unrealized —

RCL Royal Caribbean Cruises Ltd 0.1%

Value $1.15M Shares 4,123 Est. Cost $281.58 Unrealized +9.7%

MHK Mohawk Industries Inc 0.1%

Value $1.146M Shares 10,483 Est. Cost $114.84 Unrealized +7.5%

DHR Danaher Corp 0.1%

Value $1.102M Shares 4,816 Est. Cost $219.54 Unrealized +2.3%

APLD Applied Digital Corp 0.1%

Value $1.089M Shares 44,400 Est. Cost $17.77 Unrealized +93.1%

LGN Legence Corp 0.1%

Value $1.076M Shares 25,000 Est. Cost $39.53 Unrealized +23.5%

TMDX TransMedics Group Inc 0.1%

Value $1.046M Shares 8,600 Est. Cost $125.49 Unrealized +7.9%

AMR Alpha Metallurgical Resources 0.1%

Value $977K Shares 4,888 Est. Cost $172.83 Unrealized +21.8%

WGS GeneDx Holdings Corp 0.0%

Value $910K Shares 7,000 Est. Cost $127.15 Unrealized -20.5%

HHH Howard Hughes Holdings Inc 0.0%

Value $798K Shares 10,000 Est. Cost $82.83 Unrealized -2.6%

RMBS Rambus Inc 0.0%

Value $551K Shares 6,000 Est. Cost $84.19 Unrealized +24.4%

TEM Tempus AI Inc 0.0%

Value $531K Shares 9,000 Est. Cost $78.23 Unrealized -21.7%

FSLR First Solar Inc 0.0%

Value $522K Shares 2,000 Est. Cost $252.20 Unrealized -6.0%

NXDR Nextdoor Holdings Inc 0.0%

Value $472K Shares 224,700 Est. Cost $1.95 Unrealized -4.4%

CLS Celestica Inc 0.0%

Value $443K Shares 1,500 Est. Cost $234.87 Unrealized +28.1%

RMD ResMed Inc 0.0%

Value $434K Shares 1,800 Est. Cost $242.32 Unrealized +5.6%

ZETA Zeta Global Holdings Corp 0.0%

Value $407K Shares 20,000 Est. Cost $17.02 Unrealized +12.9%

GRAL GRAIL Inc 0.0%

Value $342K Shares 4,000 Est. Cost $86.40 Unrealized +9.2%

CCLD CareCloud Inc 0.0%

Value $292K Shares 100,000 Est. Cost $2.90 Unrealized -7.4%

PODD Insulet Corp 0.0%

Value $256K Shares 900 Est. Cost $313.31 Unrealized -15.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UEC	Uranium Energy Corp	465,780	$5.44M	0.3%	$13.12	+25.6%	—	916896103
CNR	Core Natural Resources Inc	46,863	$4.148M	0.2%	$85.17	+9.0%	—	218937100
XLF	State Street Financial Select	69,346	$3.798M	0.2%	$54.77	—	—	81369Y605
XLU	State Street Utilities Select	77,698	$3.317M	0.2%	$42.69	—	—	81369Y886
NWS	News Corp	85,213	$2.525M	0.1%	$33.03	-12.9%	—	65249B208
CVNA	Carvana Co	5,550	$2.342M	0.1%	$365.12	+11.9%	—	146869102
LC	LendingClub Corp	111,509	$2.112M	0.1%	$17.67	+2.8%	—	52603A208
NTRA	Natera Inc	7,500	$1.718M	0.1%	$208.59	+8.3%	—	632307104
HOOD	Robinhood Markets Inc	13,590	$1.537M	0.1%	$82.51	+16.1%	—	770700102
SOFI	SoFi Technologies Inc	56,917	$1.49M	0.1%	$20.13	+15.7%	—	83406F102
LNT	Alliant Energy Corp	20,482	$1.332M	0.1%	$66.83	+1.1%	—	018802108
PM	Philip Morris International In	7,908	$1.268M	0.1%	$153.57	+14.5%	—	718172109
FICO	Fair Isaac Corp	750	$1.268M	0.1%	$1721.38	-14.8%	—	303250104
CVS	CVS Health Corp	15,299	$1.214M	0.1%	$78.67	-0.9%	—	126650100
HSAI	Hesai Group	53,252	$1.193M	0.1%	$28.10	—	—	428050108
RCL	Royal Caribbean Cruises Ltd	4,123	$1.15M	0.1%	$281.58	+9.7%	—	V7780T103
MHK	Mohawk Industries Inc	10,483	$1.146M	0.1%	$114.84	+7.5%	—	608190104
DHR	Danaher Corp	4,816	$1.102M	0.1%	$219.54	+2.3%	—	235851102
APLD	Applied Digital Corp	44,400	$1.089M	0.1%	$17.77	+93.1%	—	038169207
LGN	Legence Corp	25,000	$1.076M	0.1%	$39.53	+23.5%	—	52476L109
TMDX	TransMedics Group Inc	8,600	$1.046M	0.1%	$125.49	+7.9%	—	89377M109
AMR	Alpha Metallurgical Resources	4,888	$977K	0.1%	$172.83	+21.8%	—	020764106
WGS	GeneDx Holdings Corp	7,000	$910K	0.0%	$127.15	-20.5%	—	81663L200
HHH	Howard Hughes Holdings Inc	10,000	$798K	0.0%	$82.83	-2.6%	—	44267T102
RMBS	Rambus Inc	6,000	$551K	0.0%	$84.19	+24.4%	—	750917106
TEM	Tempus AI Inc	9,000	$531K	0.0%	$78.23	-21.7%	—	88023B103
FSLR	First Solar Inc	2,000	$522K	0.0%	$252.20	-6.0%	—	336433107
NXDR	Nextdoor Holdings Inc	224,700	$472K	0.0%	$1.95	-4.4%	—	65345M108
CLS	Celestica Inc	1,500	$443K	0.0%	$234.87	+28.1%	—	15101Q207
RMD	ResMed Inc	1,800	$434K	0.0%	$242.32	+5.6%	—	761152107
ZETA	Zeta Global Holdings Corp	20,000	$407K	0.0%	$17.02	+12.9%	—	98956A105
GRAL	GRAIL Inc	4,000	$342K	0.0%	$86.40	+9.2%	—	384747101
CCLD	CareCloud Inc	100,000	$292K	0.0%	$2.90	-7.4%	—	14167R100
PODD	Insulet Corp	900	$256K	0.0%	$313.31	-15.6%	—	45784P101

Decreased Positions (25)

TECK Teck Resources Ltd 7.1%

Value $130M (-22.9%) Shares 2,512,870 (-28.6%) Est. Cost $39.68 Unrealized +38.5%

FCX Freeport-McMoRan Inc 7.8%

Value $143M (-11.7%) Shares 2,435,382 (-23.7%) Est. Cost $40.39 Unrealized +51.3%

B Barrick Mining Corp 1.0%

Value $18.58M (-48.8%) Shares 455,557 (-45.3%) Est. Cost $24.70 Unrealized +95.5%

INSP Inspire Medical Systems Inc 0.4%

Value $7.003M (-64.1%) Shares 135,767 (-35.7%) Est. Cost $98.36 Unrealized -21.3%

HYMC Hycroft Mining Holding Corp 0.0%

Value $679K (-90.9%) Shares 19,298 (-93.9%) Est. Cost $11.07 Unrealized +247.2%

GOOG Alphabet Inc 2.5%

Value $45.86M (-11.5%) Shares 159,857 (-3.2%) Est. Cost $164.79 Unrealized +96.4%

SCCO Southern Copper Corp 0.6%

Value $10.84M (-30.1%) Shares 62,992 (-41.7%) Est. Cost $108.52 Unrealized +72.6%

CCJ Cameco Corp 1.6%

Value $30.11M (-12.5%) Shares 277,200 (-26.3%) Est. Cost $69.63 Unrealized +67.0%

APP AppLovin Corp 0.1%

Value $1.016M (-79.7%) Shares 2,552 (-65.7%) Est. Cost $509.80 Unrealized -0.5%

SEZL Sezzle Inc 0.0%

Value $251K (-93.3%) Shares 3,967 (-93.3%) Est. Cost $68.16 Unrealized -1.0%

NEM Newmont Corp 11.4%

Value $210M (+1.6%) Shares 1,940,248 (-6.3%) Est. Cost $42.46 Unrealized +178.2%

NU NU Holdings Ltd/Cayman Islands 0.0%

Value $236K (-93.0%) Shares 16,390 (-91.9%) Est. Cost $15.96 Unrealized +8.7%

HCC Warrior Met Coal Inc 0.0%

Value $825K (-77.5%) Shares 8,857 (-78.7%) Est. Cost $75.18 Unrealized +22.3%

DAVE Dave Inc 0.0%

Value $519K (-84.4%) Shares 2,981 (-80.1%) Est. Cost $184.11 Unrealized +2.1%

CIFR Cipher Digital Inc 0.0%

Value $736K (-72.3%) Shares 57,196 (-68.2%) Est. Cost $7.54 Unrealized +121.0%

SII Sprott Inc 0.6%

Value $11.84M (+17.6%) Shares 82,862 (-19.4%) Est. Cost $45.73 Unrealized +171.4%

IREN IREN Ltd 0.2%

Value $3.915M (-26.7%) Shares 114,207 (-19.3%) Est. Cost $9.22 Unrealized +423.3%

NXE NexGen Energy Ltd 0.0%

Value $532K (-71.8%) Shares 45,841 (-77.6%) Est. Cost $8.40 Unrealized +41.5%

GDX VanEck Gold Miners ETF/USA 0.1%

Value $1.871M (-38.6%) Shares 20,391 (-42.6%) Est. Cost $76.76 Unrealized —

XLI State Street Industrial Select 0.0%

Value $598K (-65.4%) Shares 3,697 (-66.9%) Est. Cost $155.12 Unrealized —

BTU Peabody Energy Corp 0.3%

Value $5.185M (-17.8%) Shares 157,350 (-25.9%) Est. Cost $29.35 Unrealized +18.4%

RADX Radiopharm Theranostics Ltd 0.0%

Value $173K (-63.6%) Shares 40,138 (-55.8%) Est. Cost $4.49 Unrealized —

FIX Comfort Systems USA Inc 0.1%

Value $2.285M (+11.3%) Shares 1,657 (-24.7%) Est. Cost $600.73 Unrealized +99.1%

GDXJ VanEck Junior Gold Miners ETF 0.1%

Value $2.265M (-2.3%) Shares 18,870 (-7.4%) Est. Cost $96.14 Unrealized —

FORM FormFactor Inc 0.0%

Value $524K (-6.1%) Shares 5,402 (-46.0%) Est. Cost $50.39 Unrealized +61.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TECK	Teck Resources Ltd	2,512,870 (-28.6%)	$130M (-22.9%)	7.1%	$39.68	+38.5%	CL B	878742204
FCX	Freeport-McMoRan Inc	2,435,382 (-23.7%)	$143M (-11.7%)	7.8%	$40.39	+51.3%	CL B	35671D857
B	Barrick Mining Corp	455,557 (-45.3%)	$18.58M (-48.8%)	1.0%	$24.70	+95.5%	COM SHS	06849F108
INSP	Inspire Medical Systems Inc	135,767 (-35.7%)	$7.003M (-64.1%)	0.4%	$98.36	-21.3%	COM	457730109
HYMC	Hycroft Mining Holding Corp	19,298 (-93.9%)	$679K (-90.9%)	0.0%	$11.07	+247.2%	CL A NEW	44862P208
GOOG	Alphabet Inc	159,857 (-3.2%)	$45.86M (-11.5%)	2.5%	$164.79	+96.4%	CAP STK CL C	02079K107
SCCO	Southern Copper Corp	62,992 (-41.7%)	$10.84M (-30.1%)	0.6%	$108.52	+72.6%	COM	84265V105
CCJ	Cameco Corp	277,200 (-26.3%)	$30.11M (-12.5%)	1.6%	$69.63	+67.0%	COM	13321L108
APP	AppLovin Corp	2,552 (-65.7%)	$1.016M (-79.7%)	0.1%	$509.80	-0.5%	COM CL A	03831W108
SEZL	Sezzle Inc	3,967 (-93.3%)	$251K (-93.3%)	0.0%	$68.16	-1.0%	COM	78435P105
NEM	Newmont Corp	1,940,248 (-6.3%)	$210M (+1.6%)	11.4%	$42.46	+178.2%	COM	651639106
NU	NU Holdings Ltd/Cayman Islands	16,390 (-91.9%)	$236K (-93.0%)	0.0%	$15.96	+8.7%	ORD SHS CL A	G6683N103
HCC	Warrior Met Coal Inc	8,857 (-78.7%)	$825K (-77.5%)	0.0%	$75.18	+22.3%	COM	93627C101
DAVE	Dave Inc	2,981 (-80.1%)	$519K (-84.4%)	0.0%	$184.11	+2.1%	CLASS A COM NEW	23834J201
CIFR	Cipher Digital Inc	57,196 (-68.2%)	$736K (-72.3%)	0.0%	$7.54	+121.0%	COM	17253J106
SII	Sprott Inc	82,862 (-19.4%)	$11.84M (+17.6%)	0.6%	$45.73	+171.4%	COM NEW	852066208
IREN	IREN Ltd	114,207 (-19.3%)	$3.915M (-26.7%)	0.2%	$9.22	+423.3%	ORDINARY SHARES	Q4982L109
NXE	NexGen Energy Ltd	45,841 (-77.6%)	$532K (-71.8%)	0.0%	$8.40	+41.5%	COM	65340P106
GDX	VanEck Gold Miners ETF/USA	20,391 (-42.6%)	$1.871M (-38.6%)	0.1%	$76.76	—	GOLD MINERS ETF	92189F106
XLI	State Street Industrial Select	3,697 (-66.9%)	$598K (-65.4%)	0.0%	$155.12	—	STATE STREET IND	81369Y704
BTU	Peabody Energy Corp	157,350 (-25.9%)	$5.185M (-17.8%)	0.3%	$29.35	+18.4%	COM	704551100
RADX	Radiopharm Theranostics Ltd	40,138 (-55.8%)	$173K (-63.6%)	0.0%	$4.49	—	SPONSORED ADS	75041J101
FIX	Comfort Systems USA Inc	1,657 (-24.7%)	$2.285M (+11.3%)	0.1%	$600.73	+99.1%	COM	199908104
GDXJ	VanEck Junior Gold Miners ETF	18,870 (-7.4%)	$2.265M (-2.3%)	0.1%	$96.14	—	JUNIOR GOLD MINE	92189F791
FORM	FormFactor Inc	5,402 (-46.0%)	$524K (-6.1%)	0.0%	$50.39	+61.1%	COM	346375108

Unchanged Positions (14)

RPRX Royalty Pharma PLC 6.8%

Value $126M Shares 2,624,472 Est. Cost $33.25 Unrealized +27.2%

NNE NANO Nuclear Energy Inc 1.1%

Value $20.03M Shares 978,201 Est. Cost $38.28 Unrealized -22.0%

UNP Union Pacific Corp 3.6%

Value $66.14M Shares 272,599 Est. Cost $225.52 Unrealized +7.9%

GROY GOLD ROYALTY CORP 1.1%

Value $20.45M Shares 5,712,223 Est. Cost $3.82 Unrealized +18.5%

AEM Agnico Eagle Mines Ltd 1.0%

Value $17.69M Shares 87,175 Est. Cost $92.55 Unrealized +122.6%

KGC Kinross Gold Corp 1.3%

Value $24.57M Shares 805,031 Est. Cost $16.63 Unrealized +103.1%

TW Tradeweb Markets Inc 0.7%

Value $12.51M Shares 106,364 Est. Cost $129.69 Unrealized -15.7%

TGB Taseko Mines Ltd 0.4%

Value $6.45M Shares 1,000,000 Est. Cost $4.70 Unrealized +59.6%

VNOM Viper Energy Inc 0.2%

Value $3.53M Shares 75,130 Est. Cost $38.04 Unrealized +7.8%

KRP Kimbell Royalty Partners LP 0.1%

Value $1.636M Shares 113,041 Est. Cost $11.76 Unrealized —

EQX Equinox Gold Corp 0.5%

Value $9.16M Shares 633,462 Est. Cost $12.62 Unrealized +23.0%

APEI American Public Education Inc 0.0%

Value $417K Shares 7,338 Est. Cost $26.44 Unrealized +59.4%

TKO TKO Group Holdings Inc 0.1%

Value $1.66M Shares 8,233 Est. Cost $193.76 Unrealized +6.1%

SYM Symbotic Inc 0.0%

Value $213K Shares 4,000 Est. Cost $50.54 Unrealized +20.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RPRX	Royalty Pharma PLC	2,624,472	$126M	6.8%	$33.25	+27.2%	SHS CLASS A	G7709Q104
NNE	NANO Nuclear Energy Inc	978,201	$20.03M	1.1%	$38.28	-22.0%	COM	63010H108
UNP	Union Pacific Corp	272,599	$66.14M	3.6%	$225.52	+7.9%	COM	907818108
GROY	GOLD ROYALTY CORP	5,712,223	$20.45M	1.1%	$3.82	+18.5%	COMMON SHARES	38071H106
AEM	Agnico Eagle Mines Ltd	87,175	$17.69M	1.0%	$92.55	+122.6%	COM	008474108
KGC	Kinross Gold Corp	805,031	$24.57M	1.3%	$16.63	+103.1%	COM	496902404
TW	Tradeweb Markets Inc	106,364	$12.51M	0.7%	$129.69	-15.7%	CL A	892672106
TGB	Taseko Mines Ltd	1,000,000	$6.45M	0.4%	$4.70	+59.6%	COM	876511106
VNOM	Viper Energy Inc	75,130	$3.53M	0.2%	$38.04	+7.8%	CL A	64361Q101
KRP	Kimbell Royalty Partners LP	113,041	$1.636M	0.1%	$11.76	—	UNIT	49435R102
EQX	Equinox Gold Corp	633,462	$9.16M	0.5%	$12.62	+23.0%	COM	29446Y502
APEI	American Public Education Inc	7,338	$417K	0.0%	$26.44	+59.4%	COM	02913V103
TKO	TKO Group Holdings Inc	8,233	$1.66M	0.1%	$193.76	+6.1%	CL A	87256C101
SYM	Symbotic Inc	4,000	$213K	0.0%	$50.54	+20.1%	CLASS A COM	87151X101