Amitell Capital Pte Ltd Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VT	VANGUARD INTL EQUITY INDEX F	97,540	$13,759	15.4%	$141.06	—	TT WRLD ST ETF	922042742
COPX	GLOBAL X FDS	124,165	$8,914	10.0%	$71.79	—	GLOBAL X COPPER	37954Y830
GDX	VANECK ETF TRUST	103,661	$8,891	9.9%	$85.77	—	GOLD MINERS ETF	92189F106
AMZN	AMAZON COM INC	30,542	$7,050	7.9%	$228.79	0.0%	COM	023135106
XME	SPDR SERIES TRUST	51,573	$5,343	6.0%	$103.61	—	STATE STREET SPD	78464A755
AVGO	BROADCOM INC	15,226	$5,270	5.9%	$357.00	0.0%	COM	11135F101
CNC	CENTENE CORP DEL	86,255	$3,549	4.0%	$37.43	0.0%	COM	15135B101
BIL	SPDR SERIES TRUST	35,366	$3,232	3.6%	$91.38	—	STATE STREET SPD	78468R663
BRK/B	BERKSHIRE HATHAWAY INC DEL	4,234	$2,128	2.4%	$497.53	0.0%	CL B NEW	084670702
IEMG	ISHARES INC	31,616	$2,125	2.4%	$67.22	—	CORE MSCI EMKT	46434G103
VGK	VANGUARD INTL EQUITY INDEX F	25,379	$2,122	2.4%	$83.61	—	FTSE EUROPE ETF	922042874
FUTU	FUTU HLDGS LTD	5,377	$883	1.0%	$164.21	—	SPON ADS CL A	36118L106
KSPI	KASPI KZ JSC	11,241	$878	1.0%	$78.13	—	SPONSORED ADS	48581R205
FOUR	SHIFT4 PMTS INC	13,792	$868	1.0%	$70.65	0.0%	CL A	82452J109

Increased Positions (1)

NET CLOUDFLARE INC 2.9%

Value ($000) $2,630 (+3.0%) Shares 13,341 (+12.2%) Est. Cost $204.95 Unrealized +3.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NET	CLOUDFLARE INC	13,341 (+12.2%)	$2,630 (+3.0%)	2.9%	$204.95	+3.2%	CL A COM	18915M107

Exited Positions (38)

SOXX ISHARES TR 16.6%

Value ($000) $14,803 Shares 54,600 Est. Cost — Unrealized —

GDXJ VANECK ETF TRUST 15.6%

Value ($000) $13,963 Shares 141,000 Est. Cost — Unrealized —

AGI ALAMOS GOLD INC NEW 7.3%

Value ($000) $6,513 Shares 186,831 Est. Cost $7.81 Unrealized +346.0%

PAX PATRIA INVESTMENTS LIMITED 6.5%

Value ($000) $5,827 Shares 399,087 Est. Cost $12.00 Unrealized +22.8%

TLT ISHARES TR 6.3%

Value ($000) $5,630 Shares 63,000 Est. Cost $94.64 Unrealized —

AVAV AEROVIRONMENT INC 6.1%

Value ($000) $5,466 Shares 17,357 Est. Cost $258.71 Unrealized +21.5%

EZPW EZCORP INC 6.1%

Value ($000) $5,421 Shares 284,699 Est. Cost $14.54 Unrealized +29.6%

KWEB KRANESHARES TRUST 5.9%

Value ($000) $5,314 Shares 126,503 Est. Cost $42.01 Unrealized —

NATL NCR ATLEOS CORPORATION 5.9%

Value ($000) $5,251 Shares 133,585 Est. Cost $22.62 Unrealized +65.8%

TGB TASEKO MINES LTD 5.5%

Value ($000) $4,887 Shares 1,155,287 Est. Cost $2.12 Unrealized +121.7%

AEM AGNICO EAGLE MINES LTD 5.2%

Value ($000) $4,681 Shares 27,773 Est. Cost $39.44 Unrealized +325.6%

APO APOLLO GLOBAL MGMT INC 4.6%

Value ($000) $4,082 Shares 30,629 Est. Cost $131.37 Unrealized +0.9%

OLN OLIN CORP 4.3%

Value ($000) $3,867 Shares 154,731 Est. Cost $21.88 Unrealized -2.0%

NG NOVAGOLD RES INC 4.1%

Value ($000) $3,662 Shares 416,178 Est. Cost $3.74 Unrealized +147.7%

CENX CENTURY ALUM CO 3.5%

Value ($000) $3,171 Shares 108,000 Est. Cost $22.67 Unrealized +37.9%

GLNG GOLAR LNG LTD 3.5%

Value ($000) $3,095 Shares 76,586 Est. Cost $40.92 Unrealized -6.9%

NGD NEW GOLD INC CDA 3.5%

Value ($000) $3,092 Shares 430,710 Est. Cost $1.59 Unrealized +373.3%

ASTL ALGOMA STL GROUP INC 3.4%

Value ($000) $3,074 Shares 864,585 Est. Cost $5.56 Unrealized -28.3%

PSLV SPROTT PHYSICAL SILVER TR 3.4%

Value ($000) $3,064 Shares 195,173 Est. Cost $10.53 Unrealized —

PPTA PERPETUA RESOURCES CORP 2.9%

Value ($000) $2,633 Shares 130,141 Est. Cost $13.47 Unrealized +82.7%

HII HUNTINGTON INGALLS INDS INC 2.8%

Value ($000) $2,545 Shares 8,839 Est. Cost $220.44 Unrealized +40.4%

VAL VALARIS LTD 2.8%

Value ($000) $2,542 Shares 52,115 Est. Cost $44.82 Unrealized +19.7%

BN BROOKFIELD CORP 2.8%

Value ($000) $2,508 Shares 36,572 Est. Cost $44.20 Unrealized +3.0%

ELV ELEVANCE HEALTH INC FORMERLY 2.6%

Value ($000) $2,320 Shares 7,180 Est. Cost $308.14 Unrealized +9.3%

TDW TIDEWATER INC NEW 2.4%

Value ($000) $2,139 Shares 40,105 Est. Cost $49.35 Unrealized +7.0%

HBM HUDBAY MINERALS INC 2.4%

Value ($000) $2,139 Shares 141,077 Est. Cost $8.14 Unrealized +107.7%

BKR BAKER HUGHES COMPANY 2.3%

Value ($000) $2,100 Shares 43,099 Est. Cost $37.27 Unrealized +27.0%

NTB BANK OF NT BUTTERFIELD&SON L 1.8%

Value ($000) $1,645 Shares 38,322 Est. Cost $36.78 Unrealized +25.3%

CRC CALIFORNIA RES CORP 1.6%

Value ($000) $1,401 Shares 26,350 Est. Cost $49.44 Unrealized -4.6%

CACI CACI INTL INC 1.4%

Value ($000) $1,230 Shares 2,466 Est. Cost $443.01 Unrealized +27.6%

LMT LOCKHEED MARTIN CORP 1.3%

Value ($000) $1,174 Shares 2,352 Est. Cost $453.67 Unrealized +5.0%

ORLA ORLA MNG LTD NEW 1.2%

Value ($000) $1,102 Shares 102,000 Est. Cost $10.06 Unrealized +20.7%

Z ZILLOW GROUP INC 1.2%

Value ($000) $1,071 Shares 13,905 Est. Cost $81.72 Unrealized -11.4%

EE EXCELERATE ENERGY INC 0.8%

Value ($000) $737 Shares 29,244 Est. Cost $24.85 Unrealized +8.7%

AEXA AMERICAN EXCEPTIONALISM ACQU 0.7%

Value ($000) $656 Shares 60,000 Est. Cost $10.77 Unrealized +4.2%

— NUVEEN TAXABLE MUNICPAL INM 0.6%

Value ($000) $507 Shares 31,270 Est. Cost $15.32 Unrealized —

ARCC ARES CAPITAL CORP 0.6%

Value ($000) $497 Shares 24,366 Est. Cost $16.97 Unrealized +16.6%

IAUX I-80 GOLD CORP 0.2%

Value ($000) $181 Shares 189,131 Est. Cost $0.81 Unrealized +40.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SOXX	ISHARES TR	54,600	$14,803	16.6%	—	—	PUT	464287523
GDXJ	VANECK ETF TRUST	141,000	$13,963	15.6%	—	—	PUT	92189F791
AGI	ALAMOS GOLD INC NEW	186,831	$6,513	7.3%	$7.81	+346.0%	—	011532108
PAX	PATRIA INVESTMENTS LIMITED	399,087	$5,827	6.5%	$12.00	+22.8%	—	G69451105
TLT	ISHARES TR	63,000	$5,630	6.3%	$94.64	—	—	464287432
AVAV	AEROVIRONMENT INC	17,357	$5,466	6.1%	$258.71	+21.5%	—	008073108
EZPW	EZCORP INC	284,699	$5,421	6.1%	$14.54	+29.6%	—	302301106
KWEB	KRANESHARES TRUST	126,503	$5,314	5.9%	$42.01	—	—	500767306
NATL	NCR ATLEOS CORPORATION	133,585	$5,251	5.9%	$22.62	+65.8%	—	63001N106
TGB	TASEKO MINES LTD	1,155,287	$4,887	5.5%	$2.12	+121.7%	—	876511106
AEM	AGNICO EAGLE MINES LTD	27,773	$4,681	5.2%	$39.44	+325.6%	—	008474108
APO	APOLLO GLOBAL MGMT INC	30,629	$4,082	4.6%	$131.37	+0.9%	—	03769M106
OLN	OLIN CORP	154,731	$3,867	4.3%	$21.88	-2.0%	—	680665205
NG	NOVAGOLD RES INC	416,178	$3,662	4.1%	$3.74	+147.7%	—	66987E206
CENX	CENTURY ALUM CO	108,000	$3,171	3.5%	$22.67	+37.9%	—	156431108
GLNG	GOLAR LNG LTD	76,586	$3,095	3.5%	$40.92	-6.9%	—	G9456A100
NGD	NEW GOLD INC CDA	430,710	$3,092	3.5%	$1.59	+373.3%	—	644535106
ASTL	ALGOMA STL GROUP INC	864,585	$3,074	3.4%	$5.56	-28.3%	—	015658107
PSLV	SPROTT PHYSICAL SILVER TR	195,173	$3,064	3.4%	$10.53	—	—	85207K107
PPTA	PERPETUA RESOURCES CORP	130,141	$2,633	2.9%	$13.47	+82.7%	—	714266103
HII	HUNTINGTON INGALLS INDS INC	8,839	$2,545	2.8%	$220.44	+40.4%	—	446413106
VAL	VALARIS LTD	52,115	$2,542	2.8%	$44.82	+19.7%	—	G9460G101
BN	BROOKFIELD CORP	36,572	$2,508	2.8%	$44.20	+3.0%	—	11271J107
ELV	ELEVANCE HEALTH INC FORMERLY	7,180	$2,320	2.6%	$308.14	+9.3%	—	036752103
TDW	TIDEWATER INC NEW	40,105	$2,139	2.4%	$49.35	+7.0%	—	88642R109
HBM	HUDBAY MINERALS INC	141,077	$2,139	2.4%	$8.14	+107.7%	—	443628102
BKR	BAKER HUGHES COMPANY	43,099	$2,100	2.3%	$37.27	+27.0%	—	05722G100
NTB	BANK OF NT BUTTERFIELD&SON L	38,322	$1,645	1.8%	$36.78	+25.3%	—	G0772R208
CRC	CALIFORNIA RES CORP	26,350	$1,401	1.6%	$49.44	-4.6%	—	13057Q305
CACI	CACI INTL INC	2,466	$1,230	1.4%	$443.01	+27.6%	—	127190304
LMT	LOCKHEED MARTIN CORP	2,352	$1,174	1.3%	$453.67	+5.0%	—	539830109
ORLA	ORLA MNG LTD NEW	102,000	$1,102	1.2%	$10.06	+20.7%	—	68634K106
Z	ZILLOW GROUP INC	13,905	$1,071	1.2%	$81.72	-11.4%	—	98954M200
EE	EXCELERATE ENERGY INC	29,244	$737	0.8%	$24.85	+8.7%	—	30069T101
AEXA	AMERICAN EXCEPTIONALISM ACQU	60,000	$656	0.7%	$10.77	+4.2%	—	G0273J101
—	NUVEEN TAXABLE MUNICPAL INM	31,270	$507	0.6%	$15.32	—	—	67074C103
ARCC	ARES CAPITAL CORP	24,366	$497	0.6%	$16.97	+16.6%	—	04010L103
IAUX	I-80 GOLD CORP	189,131	$181	0.2%	$0.81	+40.6%	—	44955L106

Decreased Positions (4)

MOH MOLINA HEALTHCARE INC 4.0%

Value ($000) $3,615 (-50.4%) Shares 20,829 (-45.3%) Est. Cost $184.06 Unrealized -10.7%

THC TENET HEALTHCARE CORP 7.8%

Value ($000) $6,957 (-23.2%) Shares 35,008 (-21.5%) Est. Cost $68.94 Unrealized +193.2%

PHYS SPROTT ASSET MANAGEMENT LP 6.0%

Value ($000) $5,370 (+10.2%) Shares 162,638 (-1.2%) Est. Cost $15.05 Unrealized —

CIEN CIENA CORP 5.8%

Value ($000) $5,226 (-7.8%) Shares 22,346 (-42.6%) Est. Cost $71.73 Unrealized +170.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MOH	MOLINA HEALTHCARE INC	20,829 (-45.3%)	$3,615 (-50.4%)	4.0%	$184.06	-10.7%	COM	60855R100
THC	TENET HEALTHCARE CORP	35,008 (-21.5%)	$6,957 (-23.2%)	7.8%	$68.94	+193.2%	COM NEW	88033G407
PHYS	SPROTT ASSET MANAGEMENT LP	162,638 (-1.2%)	$5,370 (+10.2%)	6.0%	$15.05	—	PHYSICAL GOLD TR	85207H104
CIEN	CIENA CORP	22,346 (-42.6%)	$5,226 (-7.8%)	5.8%	$71.73	+170.5%	COM NEW	171779309

Unchanged Positions (1)

RCKT ROCKET PHARMACEUTICALS INC 0.7%

Value ($000) $627 Shares 178,769 Est. Cost $5.07 Unrealized -32.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RCKT	ROCKET PHARMACEUTICALS INC	178,769	$627	0.7%	$5.07	-32.4%	COM	77313F106