Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	37,500,000	$30M	8.9%	$0.80	—	GOLD SHS	78463V107
BMA	BANCO MACRO S A	237,969	$22.03M	6.5%	$92.59	—	SPON ADR B	05961W105
PBR	PETROLEO BRASILEIRO S A	937,800	$15.15M	4.5%	$16.16	—	SPONSORED ADR	71654V408
YPF	YPF SOCIEDAD ANONIMA	317,699	$14.45M	4.3%	$45.47	—	SPON ADR CL D	984245100
CAAP	CORPORACION AMER ARPTS S A	308,364	$7.765M	2.3%	$25.18	—	COM	L1995B107

Increased Positions (4)

GDX VANECK ETF TRUST 17.2%

Value $57.88M (+209.0%) Shares 767,100 (+275.8%) Est. Cost $79.79 Unrealized —

VIST VISTA ENERGY S.A.B. DE C.V 13.5%

Value $45.49M (-10.1%) Shares 713,004 (+6.4%) Est. Cost $51.61 Unrealized —

NU NU HLDGS LTD 5.9%

Value $19.8M (+5.7%) Shares 1,481,697 (+13.7%) Est. Cost $16.86 Unrealized —

EGO ELDORADO GOLD CORP NEW 3.3%

Value $11.19M (+3.5%) Shares 360,000 (+14.2%) Est. Cost $41.20 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GDX	VANECK ETF TRUST	767,100 (+275.8%)	$57.88M (+209.0%)	17.2%	$79.79	—	GOLD MINERS ETF	92189F106
VIST	VISTA ENERGY S.A.B. DE C.V	713,004 (+6.4%)	$45.49M (-10.1%)	13.5%	$51.61	—	SPONSORED ADS	92837L109
NU	NU HLDGS LTD	1,481,697 (+13.7%)	$19.8M (+5.7%)	5.9%	$16.86	—	ORD SHS CL A	G6683N103
EGO	ELDORADO GOLD CORP NEW	360,000 (+14.2%)	$11.19M (+3.5%)	3.3%	$41.20	—	COM	284902509

Exited Positions (19)

AMZN AMAZON COM INC 17.9%

Value $60.25M Shares 289,300 Est. Cost $228.31 Unrealized —

B BARRICK MNG CORP 16.5%

Value $55.61M Shares 1,363,284 Est. Cost $24.87 Unrealized —

EXE EXPAND ENERGY CORPORATION 14.2%

Value $48.07M Shares 437,900 Est. Cost $104.20 Unrealized —

EQT EQT CORP 13.9%

Value $46.84M Shares 735,967 Est. Cost $52.51 Unrealized —

AR ANTERO RESOURCES CORP 12.5%

Value $42.12M Shares 992,354 Est. Cost $35.76 Unrealized —

NEM NEWMONT CORP 12.0%

Value $40.41M Shares 373,315 Est. Cost $58.64 Unrealized —

GOOG ALPHABET INC 11.1%

Value $37.58M Shares 131,020 Est. Cost $323.67 Unrealized —

UBS UBS GROUP AG 7.2%

Value $24.24M Shares 630,741 Est. Cost $45.56 Unrealized —

GGAL GRUPO FINANCIERO GALICIA S.A 6.6%

Value $22.11M Shares 473,448 Est. Cost $46.71 Unrealized —

TECK TECK RESOURCES LTD 6.4%

Value $21.56M Shares 416,670 Est. Cost $45.37 Unrealized —

DB DEUTSCHE BK AG 6.1%

Value $20.66M Shares 711,800 Est. Cost $38.03 Unrealized —

VALE VALE S A 6.0%

Value $20.26M Shares 1,273,217 Est. Cost $15.91 Unrealized —

NVDA NVIDIA CORPORATION 5.7%

Value $19.18M Shares 110,000 Est. Cost $186.63 Unrealized —

CRM SALESFORCE INC 5.6%

Value $18.76M Shares 100,500 Est. Cost $215.77 Unrealized —

JPM JPMORGAN CHASE & CO 5.5%

Value $18.65M Shares 63,400 Est. Cost $309.80 Unrealized —

COPX GLOBAL X FDS 5.5%

Value $18.42M Shares 241,200 Est. Cost $76.35 Unrealized —

CRK COMSTOCK RES INC 5.1%

Value $17.16M Shares 813,937 Est. Cost $22.04 Unrealized —

SLV ISHARES SILVER TR 4.0%

Value $13.63M Shares 200,000 Est. Cost $68.14 Unrealized —

TUR ISHARES INC 0.2%

Value $514K Shares 13,300 Est. Cost $38.65 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	289,300	$60.25M	17.9%	$228.31	—	—	023135106
B	BARRICK MNG CORP	1,363,284	$55.61M	16.5%	$24.87	—	—	06849F108
EXE	EXPAND ENERGY CORPORATION	437,900	$48.07M	14.2%	$104.20	—	—	165167735
EQT	EQT CORP	735,967	$46.84M	13.9%	$52.51	—	—	26884L109
AR	ANTERO RESOURCES CORP	992,354	$42.12M	12.5%	$35.76	—	—	03674X106
NEM	NEWMONT CORP	373,315	$40.41M	12.0%	$58.64	—	—	651639106
GOOG	ALPHABET INC	131,020	$37.58M	11.1%	$323.67	—	—	02079K107
UBS	UBS GROUP AG	630,741	$24.24M	7.2%	$45.56	—	—	H42097107
GGAL	GRUPO FINANCIERO GALICIA S.A	473,448	$22.11M	6.6%	$46.71	—	—	399909100
TECK	TECK RESOURCES LTD	416,670	$21.56M	6.4%	$45.37	—	—	878742204
DB	DEUTSCHE BK AG	711,800	$20.66M	6.1%	$38.03	—	—	D18190898
VALE	VALE S A	1,273,217	$20.26M	6.0%	$15.91	—	—	91912E105
NVDA	NVIDIA CORPORATION	110,000	$19.18M	5.7%	$186.63	—	—	67066G104
CRM	SALESFORCE INC	100,500	$18.76M	5.6%	$215.77	—	—	79466L302
JPM	JPMORGAN CHASE & CO	63,400	$18.65M	5.5%	$309.80	—	—	46625H100
COPX	GLOBAL X FDS	241,200	$18.42M	5.5%	$76.35	—	—	37954Y830
CRK	COMSTOCK RES INC	813,937	$17.16M	5.1%	$22.04	—	—	205768302
SLV	ISHARES SILVER TR	200,000	$13.63M	4.0%	$68.14	—	—	46428Q109
TUR	ISHARES INC	13,300	$514K	0.2%	$38.65	—	—	464286715

Decreased Positions (4)

EQX EQUINOX GOLD CORP 5.5%

Value $18.47M (-84.6%) Shares 1,900,000 (-77.1%) Est. Cost $9.57 Unrealized —

GPOR GULFPORT ENERGY CORP 7.0%

Value $23.74M (-77.9%) Shares 139,899 (-72.5%) Est. Cost $189.87 Unrealized —

KSPI KASPI KZ JSC 10.1%

Value $34.18M (-9.4%) Shares 394,491 (-22.5%) Est. Cost $81.24 Unrealized —

ITUB ITAU UNIBANCO HLDG S A 5.6%

Value $18.93M (-6.2%) Shares 2,316,513 (-3.8%) Est. Cost $7.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EQX	EQUINOX GOLD CORP	1,900,000 (-77.1%)	$18.47M (-84.6%)	5.5%	$9.57	—	COM	29446Y502
GPOR	GULFPORT ENERGY CORP	139,899 (-72.5%)	$23.74M (-77.9%)	7.0%	$189.87	—	COMMON SHARES	402635502
KSPI	KASPI KZ JSC	394,491 (-22.5%)	$34.18M (-9.4%)	10.1%	$81.24	—	SPONSORED ADS	48581R205
ITUB	ITAU UNIBANCO HLDG S A	2,316,513 (-3.8%)	$18.93M (-6.2%)	5.6%	$7.40	—	SPON ADR REP PFD	465562106

Unchanged Positions (1)

MELI MERCADOLIBRE INC 5.4%

Value $18.38M Shares 10,830 Est. Cost $2093.15 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MELI	MERCADOLIBRE INC	10,830	$18.38M	5.4%	$2093.15	—	COM	58733R102