Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BE	BLOOM ENERGY CORP	35,000	$4.742M	4.7%	$144.65	0.0%	COM CL A	093712107
EQT	EQT CORP	14,814	$943K	0.9%	$55.27	0.0%	COM	26884L109
IPI	INTREPID POTASH INC	18,462	$790K	0.8%	$32.64	0.0%	COM	46121Y201
NOW	SERVICENOW INC	6,900	$721K	0.7%	$121.19	0.0%	COM	81762P102
TSM	TAIWAN SEMICONDUCTOR MANUFAC	1,000	$338K	0.3%	$337.95	—	SPONSORED ADS	874039100
KWEB	KRANESHARES TRUST	11,000	$313K	0.3%	$28.43	—	CSI CHI INTERNET	500767306
BHC	BAUSCH HEALTH COS INC	37,506	$203K	0.2%	$6.41	0.0%	COM	071734107

Increased Positions (8)

GOOG ALPHABET INC 8.5%

Value $8.519M (+84.8%) Shares 29,698 (+102.2%) Est. Cost $305.20 Unrealized +6.1%

IAUX I-80 GOLD CORP 13.6%

Value $13.68M (+24.9%) Shares 9,000,000 (+20.0%) Est. Cost $0.79 Unrealized +124.6%

GDXJ VANECK ETF TRUST 25.2%

Value $25.26M (+11.0%) Shares 210,448 (+5.2%) Est. Cost $101.85 Unrealized —

KSPI KASPI KZ JSC 2.3%

Value $2.331M (+113.5%) Shares 31,473 (+125.2%) Est. Cost $77.46 Unrealized —

MELI MERCADOLIBRE INC 1.3%

Value $1.297M (+76.9%) Shares 750 (+106.0%) Est. Cost $2145.76 Unrealized -3.7%

RERE ATRENEW INC 0.7%

Value $667K (+102.1%) Shares 142,300 (+128.4%) Est. Cost $3.91 Unrealized —

BZ KANZHUN LIMITED 3.3%

Value $3.348M (+9.5%) Shares 250,000 (+66.7%) Est. Cost $16.06 Unrealized —

HCA HCA HEALTHCARE INC 1.1%

Value $1.096M (+22.9%) Shares 2,315 (+21.2%) Est. Cost $469.72 Unrealized +6.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	29,698 (+102.2%)	$8.519M (+84.8%)	8.5%	$305.20	+6.1%	CAP STK CL C	02079K107
IAUX	I-80 GOLD CORP	9,000,000 (+20.0%)	$13.68M (+24.9%)	13.6%	$0.79	+124.6%	COM	44955L106
GDXJ	VANECK ETF TRUST	210,448 (+5.2%)	$25.26M (+11.0%)	25.2%	$101.85	—	JUNIOR GOLD MINE	92189F791
KSPI	KASPI KZ JSC	31,473 (+125.2%)	$2.331M (+113.5%)	2.3%	$77.46	—	SPONSORED ADS	48581R205
MELI	MERCADOLIBRE INC	750 (+106.0%)	$1.297M (+76.9%)	1.3%	$2145.76	-3.7%	COM	58733R102
RERE	ATRENEW INC	142,300 (+128.4%)	$667K (+102.1%)	0.7%	$3.91	—	SPONSORED ADS	00138L108
BZ	KANZHUN LIMITED	250,000 (+66.7%)	$3.348M (+9.5%)	3.3%	$16.06	—	SPONSORED ADS	48553T106
HCA	HCA HEALTHCARE INC	2,315 (+21.2%)	$1.096M (+22.9%)	1.1%	$469.72	+6.0%	COM	40412C101

Exited Positions (30)

AGI ALAMOS GOLD INC NEW 20.1%

Value $20.12M Shares 521,620 Est. Cost $30.54 Unrealized +39.3%

HL HECLA MNG CO 4.8%

Value $4.798M Shares 250,000 Est. Cost $15.27 Unrealized +57.7%

BSV VANGUARD BD INDEX FDS 3.8%

Value $3.837M Shares 48,682 Est. Cost $78.81 Unrealized —

SBSW SIBANYE STILLWATER LTD 3.3%

Value $3.356M Shares 235,475 Est. Cost $12.11 Unrealized —

CDE COEUR MNG INC 2.3%

Value $2.295M Shares 128,690 Est. Cost $17.39 Unrealized +28.4%

AVGO BROADCOM INC 2.2%

Value $2.232M Shares 6,449 Est. Cost $357.00 Unrealized -6.4%

SSRM SSR MINING IN 2.2%

Value $2.169M Shares 98,930 Est. Cost $22.26 Unrealized +14.4%

BTG B2GOLD CORP 2.1%

Value $2.116M Shares 469,257 Est. Cost $4.66 Unrealized +10.0%

EZA ISHARES INC 1.9%

Value $1.858M Shares 27,000 Est. Cost $68.80 Unrealized —

HMY HARMONY GOLD MINING CO LTD 1.4%

Value $1.405M Shares 70,596 Est. Cost $19.61 Unrealized —

MSOS ADVISORSHARES TR 1.4%

Value $1.401M Shares 296,784 Est. Cost $4.74 Unrealized —

IAG IAMGOLD CORP 1.4%

Value $1.397M Shares 84,717 Est. Cost $14.09 Unrealized +40.4%

ENVA ENOVA INTL INC 1.4%

Value $1.385M Shares 8,812 Est. Cost $116.87 Unrealized +33.5%

ARKX ARK ETF TR 1.3%

Value $1.315M Shares 45,383 Est. Cost $28.98 Unrealized —

— ISHARES SILVER TR 1.2%

Value $1.23M Shares 1,000 Est. Cost — Unrealized —

GDS GDS HLDGS LTD 0.6%

Value $569K Shares 16,300 Est. Cost $32.76 Unrealized —

SA SEABRIDGE GOLD INC 0.5%

Value $533K Shares 18,000 Est. Cost $11.86 Unrealized +175.5%

RGLD ROYAL GOLD INC 0.5%

Value $517K Shares 2,325 Est. Cost $198.37 Unrealized +36.1%

FLUT FLUTTER ENTMT PLC 0.5%

Value $508K Shares 2,363 Est. Cost $245.37 Unrealized -32.1%

PONY PONY AI INC 0.5%

Value $503K Shares 34,700 Est. Cost $13.25 Unrealized —

VALE VALE S A 0.5%

Value $456K Shares 35,000 Est. Cost $13.03 Unrealized —

WWD WOODWARD INC 0.4%

Value $441K Shares 1,460 Est. Cost $274.80 Unrealized +28.5%

SE SEA LTD 0.4%

Value $434K Shares 3,400 Est. Cost $170.01 Unrealized —

KTOS KRATOS DEFENSE & SEC SOLUTIO 0.4%

Value $431K Shares 5,679 Est. Cost $81.87 Unrealized +25.1%

FSLR FIRST SOLAR INC 0.4%

Value $419K Shares 1,604 Est. Cost $211.89 Unrealized +11.9%

HUT HUT 8 CORP 0.4%

Value $413K Shares 8,990 Est. Cost $44.08 Unrealized +28.4%

CRON CRONOS GROUP INC 0.4%

Value $379K Shares 143,998 Est. Cost $2.59 Unrealized +2.2%

PPTA PERPETUA RESOURCES CORP 0.4%

Value $363K Shares 15,000 Est. Cost $13.47 Unrealized +124.9%

VOXR VOX ROYALTY CORP 0.3%

Value $304K Shares 64,200 Est. Cost $1.95 Unrealized +166.9%

MU MICRON TECHNOLOGY INC 0.3%

Value $285K Shares 1,000 Est. Cost $229.35 Unrealized +68.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AGI	ALAMOS GOLD INC NEW	521,620	$20.12M	20.1%	$30.54	+39.3%	—	011532108
HL	HECLA MNG CO	250,000	$4.798M	4.8%	$15.27	+57.7%	—	422704106
BSV	VANGUARD BD INDEX FDS	48,682	$3.837M	3.8%	$78.81	—	—	921937827
SBSW	SIBANYE STILLWATER LTD	235,475	$3.356M	3.3%	$12.11	—	—	82575P107
CDE	COEUR MNG INC	128,690	$2.295M	2.3%	$17.39	+28.4%	—	192108504
AVGO	BROADCOM INC	6,449	$2.232M	2.2%	$357.00	-6.4%	—	11135F101
SSRM	SSR MINING IN	98,930	$2.169M	2.2%	$22.26	+14.4%	—	784730103
BTG	B2GOLD CORP	469,257	$2.116M	2.1%	$4.66	+10.0%	—	11777Q209
EZA	ISHARES INC	27,000	$1.858M	1.9%	$68.80	—	—	464286780
HMY	HARMONY GOLD MINING CO LTD	70,596	$1.405M	1.4%	$19.61	—	—	413216300
MSOS	ADVISORSHARES TR	296,784	$1.401M	1.4%	$4.74	—	—	00768Y453
IAG	IAMGOLD CORP	84,717	$1.397M	1.4%	$14.09	+40.4%	—	450913108
ENVA	ENOVA INTL INC	8,812	$1.385M	1.4%	$116.87	+33.5%	—	29357K103
ARKX	ARK ETF TR	45,383	$1.315M	1.3%	$28.98	—	—	00214Q807
—	ISHARES SILVER TR	1,000	$1.23M	1.2%	—	—	CALL	46428Q909
GDS	GDS HLDGS LTD	16,300	$569K	0.6%	$32.76	—	—	36165L108
SA	SEABRIDGE GOLD INC	18,000	$533K	0.5%	$11.86	+175.5%	—	811916105
RGLD	ROYAL GOLD INC	2,325	$517K	0.5%	$198.37	+36.1%	—	780287108
FLUT	FLUTTER ENTMT PLC	2,363	$508K	0.5%	$245.37	-32.1%	—	G3643J108
PONY	PONY AI INC	34,700	$503K	0.5%	$13.25	—	—	732908108
VALE	VALE S A	35,000	$456K	0.5%	$13.03	—	—	91912E105
WWD	WOODWARD INC	1,460	$441K	0.4%	$274.80	+28.5%	—	980745103
SE	SEA LTD	3,400	$434K	0.4%	$170.01	—	—	81141R100
KTOS	KRATOS DEFENSE & SEC SOLUTIO	5,679	$431K	0.4%	$81.87	+25.1%	—	50077B207
FSLR	FIRST SOLAR INC	1,604	$419K	0.4%	$211.89	+11.9%	—	336433107
HUT	HUT 8 CORP	8,990	$413K	0.4%	$44.08	+28.4%	—	44812J104
CRON	CRONOS GROUP INC	143,998	$379K	0.4%	$2.59	+2.2%	—	22717L101
PPTA	PERPETUA RESOURCES CORP	15,000	$363K	0.4%	$13.47	+124.9%	—	714266103
VOXR	VOX ROYALTY CORP	64,200	$304K	0.3%	$1.95	+166.9%	—	92919F103
MU	MICRON TECHNOLOGY INC	1,000	$285K	0.3%	$229.35	+68.8%	—	595112103

Decreased Positions (6)

NEM NEWMONT CORP 10.8%

Value $10.82M (-38.0%) Shares 100,000 (-42.9%) Est. Cost $59.97 Unrealized +97.0%

NVDA NVIDIA CORPORATION 1.0%

Value $1.008M (-69.8%) Shares 5,782 (-67.8%) Est. Cost $166.77 Unrealized +11.9%

HSAI HESAI GROUP 0.3%

Value $331K (-55.3%) Shares 17,300 (-47.6%) Est. Cost $21.57 Unrealized —

BLK BLACKROCK INC 0.7%

Value $708K (-13.2%) Shares 736 (-3.4%) Est. Cost $1006.61 Unrealized +9.0%

AMZN AMAZON COM INC 0.4%

Value $425K (-15.3%) Shares 2,040 (-6.1%) Est. Cost $148.09 Unrealized +53.2%

RIG TRANSOCEAN LTD 0.6%

Value $623K (+4.8%) Shares 94,000 (-34.7%) Est. Cost $3.16 Unrealized +63.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NEM	NEWMONT CORP	100,000 (-42.9%)	$10.82M (-38.0%)	10.8%	$59.97	+97.0%	COM	651639106
NVDA	NVIDIA CORPORATION	5,782 (-67.8%)	$1.008M (-69.8%)	1.0%	$166.77	+11.9%	COM	67066G104
HSAI	HESAI GROUP	17,300 (-47.6%)	$331K (-55.3%)	0.3%	$21.57	—	SPONSORED ADS	428050108
BLK	BLACKROCK INC	736 (-3.4%)	$708K (-13.2%)	0.7%	$1006.61	+9.0%	COM	09290D101
AMZN	AMAZON COM INC	2,040 (-6.1%)	$425K (-15.3%)	0.4%	$148.09	+53.2%	COM	023135106
RIG	TRANSOCEAN LTD	94,000 (-34.7%)	$623K (+4.8%)	0.6%	$3.16	+63.4%	REGISTERED SHS	H8817H100

Unchanged Positions (12)

VAL VALARIS LTD 1.4%

Value $1.402M Shares 14,300 Est. Cost $49.22 Unrealized +37.5%

META META PLATFORMS INC 3.1%

Value $3.064M Shares 5,355 Est. Cost $368.60 Unrealized +77.9%

IMCR IMMUNOCORE HLDGS PLC 2.4%

Value $2.412M Shares 80,000 Est. Cost $33.05 Unrealized —

FUTU FUTU HLDGS LTD 1.5%

Value $1.504M Shares 11,000 Est. Cost $164.21 Unrealized —

VOO VANGUARD INDEX FDS 4.5%

Value $4.513M Shares 7,552 Est. Cost $627.13 Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.8%

Value $795K Shares 9,660 Est. Cost $112.38 Unrealized +4.6%

RBLX ROBLOX CORP 0.4%

Value $387K Shares 6,850 Est. Cost $47.68 Unrealized +50.5%

NU NU HLDGS LTD 1.0%

Value $1.006M Shares 70,000 Est. Cost $11.97 Unrealized +44.8%

SAM BOSTON BEER INC 1.1%

Value $1.06M Shares 4,600 Est. Cost $209.76 Unrealized +6.1%

NRP NATURAL RESOURCE PARTNERS LP 1.0%

Value $968K Shares 8,000 Est. Cost $103.90 Unrealized —

VXUS VANGUARD STAR FDS 4.8%

Value $4.798M Shares 62,218 Est. Cost $75.44 Unrealized —

NOAH NOAH HLDGS LTD 0.2%

Value $244K Shares 24,600 Est. Cost $12.79 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VAL	VALARIS LTD	14,300	$1.402M	1.4%	$49.22	+37.5%	CL A	G9460G101
META	META PLATFORMS INC	5,355	$3.064M	3.1%	$368.60	+77.9%	CL A	30303M102
IMCR	IMMUNOCORE HLDGS PLC	80,000	$2.412M	2.4%	$33.05	—	ADS	45258D105
FUTU	FUTU HLDGS LTD	11,000	$1.504M	1.5%	$164.21	—	SPON ADS CL A	36118L106
VOO	VANGUARD INDEX FDS	7,552	$4.513M	4.5%	$627.13	—	S&P 500 ETF SHS	922908363
BLDR	BUILDERS FIRSTSOURCE INC	9,660	$795K	0.8%	$112.38	+4.6%	COM	12008R107
RBLX	ROBLOX CORP	6,850	$387K	0.4%	$47.68	+50.5%	CL A	771049103
NU	NU HLDGS LTD	70,000	$1.006M	1.0%	$11.97	+44.8%	ORD SHS CL A	G6683N103
SAM	BOSTON BEER INC	4,600	$1.06M	1.1%	$209.76	+6.1%	CL A	100557107
NRP	NATURAL RESOURCE PARTNERS LP	8,000	$968K	1.0%	$103.90	—	COM UNIT LTD PAR	63900P608
VXUS	VANGUARD STAR FDS	62,218	$4.798M	4.8%	$75.44	—	VG TL INTL STK F	921909768
NOAH	NOAH HLDGS LTD	24,600	$244K	0.2%	$12.79	—	SPON ADS	65487X102