Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HNRG	HALLADOR ENERGY COMPANY	1,000,000	$16.28M	6.2%	$19.36	-1.0%	CALL	40609P105
CLF	CLEVELAND-CLIFFS INC NEW	1,300,000	$10.98M	4.2%	$12.85	0.0%	CALL	185899101
FLR	FLUOR CORP	180,215	$8.407M	3.2%	$46.79	0.0%	COM	343412102
DOW	DOW HLDGS INC	200,000	$8.33M	3.2%	—	—	CALL	260557103
LYB	LYONDELLBASELL INDUSTRIES NV	100,000	$8.056M	3.1%	—	—	CALL	N53745100
ATR	APTARGROUP INC	59,000	$7.435M	2.8%	$130.09	0.0%	COM	038336103
ECVT	ECOVYST INC	470,000	$6.044M	2.3%	$10.96	0.0%	COM	27923Q109
CC	CHEMOURS CO	255,300	$5.624M	2.2%	$16.62	0.0%	CALL	163851108
CC	CHEMOURS CO	253,903	$5.593M	2.1%	$16.62	0.0%	COM	163851108
ASH	ASHLAND INC	100,000	$5.561M	2.1%	$62.37	0.0%	COM	044186104
OI	O-I GLASS INC	414,897	$4.361M	1.7%	$15.33	0.0%	COM	67098H104
BG	BUNGE GLOBAL SA	33,000	$4.198M	1.6%	$112.04	0.0%	COM SHS	H11356104
CLF	CLEVELAND-CLIFFS INC NEW	480,000	$4.056M	1.6%	$12.85	0.0%	COM	185899101
PKG	PACKAGING CORP AMER	15,000	$3.183M	1.2%	$226.32	0.0%	COM	695156109
VITL	VITAL FARMS INC	200,000	$2.824M	1.1%	$35.19	-20.9%	CALL	92847W103
NUE	NUCOR CORP	12,000	$2.029M	0.8%	$178.45	0.0%	COM	670346105
STLD	STEEL DYNAMICS INC	11,000	$1.98M	0.8%	$184.13	0.0%	COM	858119100
SFD	SMITHFIELD FOODS INC	70,000	$1.958M	0.7%	$23.77	0.0%	COM	832248207
ARLP	ALLIANCE RESOURCE PARTNERS L	66,000	$1.825M	0.7%	$27.65	—	UT LTD PART	01877R108
WMS	ADVANCED DRAIN SYS INC DEL	12,801	$1.755M	0.7%	$161.20	0.0%	COM	00790R104
BCC	BOISE CASCADE CO DEL	5,000	$379K	0.1%	$83.74	0.0%	COM	09739D100
ATCX	ATLAS CRITICAL MINERALS CORP	47,000	$261K	0.1%	$5.56	—	ORD SHS NEW	G5211G200

Increased Positions (6)

METC RAMACO RES INC 18.1%

Value $47.15M (+56.4%) Shares 3,050,000 (+82.1%) Est. Cost $23.28 Unrealized -15.6%

METC RAMACO RES INC 11.8%

Value $30.92M (+66.6%) Shares 2,000,000 (+94.0%) Est. Cost $23.28 Unrealized -15.6%

HNRG HALLADOR ENERGY COMPANY 4.0%

Value $10.55M (+399.0%) Shares 648,300 (+483.6%) Est. Cost $19.36 Unrealized -1.0%

DAR DARLING INGREDIENTS INC 1.3%

Value $3.377M (+406.9%) Shares 54,605 (+195.0%) Est. Cost $41.36 Unrealized +9.3%

SGML SIGMA LITHIUM CORPORATION 7.2%

Value $18.68M (+12.6%) Shares 1,513,578 (+20.3%) Est. Cost $9.43 Unrealized +42.6%

HUT HUT 8 CORP 3.9%

Value $10.22M (+15.0%) Shares 217,920 (+12.6%) Est. Cost $45.48 Unrealized +24.4%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
METC	RAMACO RES INC	3,050,000 (+82.1%)	$47.15M (+56.4%)	18.1%	$23.28	-15.6%	COM CL A	75134P600
METC	RAMACO RES INC	2,000,000 (+94.0%)	$30.92M (+66.6%)	11.8%	$23.28	-15.6%	CALL	75134P600
HNRG	HALLADOR ENERGY COMPANY	648,300 (+483.6%)	$10.55M (+399.0%)	4.0%	$19.36	-1.0%	COM	40609P105
DAR	DARLING INGREDIENTS INC	54,605 (+195.0%)	$3.377M (+406.9%)	1.3%	$41.36	+9.3%	COM	237266101
SGML	SIGMA LITHIUM CORPORATION	1,513,578 (+20.3%)	$18.68M (+12.6%)	7.2%	$9.43	+42.6%	COM	826599102
HUT	HUT 8 CORP	217,920 (+12.6%)	$10.22M (+15.0%)	3.9%	$45.48	+24.4%	COM	44812J104

Exited Positions (21)

SPY SPDR S&P 500 ETF TR 78.3%

Value $205M Shares 300,000 Est. Cost — Unrealized —

CNR CORE NATURAL RESOURCES INC 3.0%

Value $7.894M Shares 89,187 Est. Cost $85.17 Unrealized +9.0%

MOS MOSAIC CO NEW 2.1%

Value $5.613M Shares 233,021 Est. Cost $26.75 Unrealized +4.2%

TE T1 ENERGY INC 1.7%

Value $4.503M Shares 674,080 Est. Cost $4.41 Unrealized +72.0%

FCX FREEPORT-MCMORAN INC 1.7%

Value $4.501M Shares 88,618 Est. Cost $43.31 Unrealized +41.1%

NB NIOCORP DEVS LTD 1.7%

Value $4.452M Shares 840,000 Est. Cost $6.88 Unrealized -8.5%

SOLS SOLSTICE ADVANCED MATLS INC 1.5%

Value $4.042M Shares 83,207 Est. Cost $47.08 Unrealized +38.5%

SLVM SYLVAMO CORP 1.5%

Value $3.956M Shares 82,157 Est. Cost $45.07 Unrealized +10.0%

VITL VITAL FARMS INC 1.3%

Value $3.512M Shares 109,948 Est. Cost $35.19 Unrealized -20.9%

RUN SUNRUN INC 1.3%

Value $3.333M Shares 181,153 Est. Cost $19.17 Unrealized -0.0%

BA BOEING CO 1.2%

Value $3.259M Shares 15,008 Est. Cost $205.66 Unrealized +16.0%

USAR USA RARE EARTH INC 0.8%

Value $2.178M Shares 183,000 Est. Cost $19.05 Unrealized +5.8%

PPTA PERPETUA RESOURCES CORP 0.8%

Value $2.164M Shares 89,369 Est. Cost $24.60 Unrealized +23.1%

UUUU ENERGY FUELS INC 0.8%

Value $2.036M Shares 140,000 Est. Cost $16.97 Unrealized +27.3%

MT ARCELORMITTAL SA LUXEMBOURG 0.5%

Value $1.372M Shares 30,099 Est. Cost $45.57 Unrealized —

KNX KNIGHT-SWIFT TRANSN HLDGS IN 0.4%

Value $1.046M Shares 20,000 Est. Cost $46.76 Unrealized +23.7%

UAMY UNITED STATES ANTIMONY CORP 0.3%

Value $904K Shares 180,000 Est. Cost $7.85 Unrealized +5.1%

FSLR FIRST SOLAR INC 0.3%

Value $682K Shares 2,609 Est. Cost $252.20 Unrealized -6.0%

ALM ALMONTY INDS INC 0.2%

Value $617K Shares 70,000 Est. Cost $7.35 Unrealized +61.7%

WERN WERNER ENTERPRISES INC 0.2%

Value $510K Shares 17,000 Est. Cost $27.47 Unrealized +23.4%

IDR IDAHO STRATEGIC RESOURCES 0.2%

Value $403K Shares 10,000 Est. Cost $38.21 Unrealized +8.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	300,000	$205M	78.3%	—	—	PUT	78462F103
CNR	CORE NATURAL RESOURCES INC	89,187	$7.894M	3.0%	$85.17	+9.0%	—	218937100
MOS	MOSAIC CO NEW	233,021	$5.613M	2.1%	$26.75	+4.2%	—	61945C103
TE	T1 ENERGY INC	674,080	$4.503M	1.7%	$4.41	+72.0%	—	35834F104
FCX	FREEPORT-MCMORAN INC	88,618	$4.501M	1.7%	$43.31	+41.1%	—	35671D857
NB	NIOCORP DEVS LTD	840,000	$4.452M	1.7%	$6.88	-8.5%	—	654484609
SOLS	SOLSTICE ADVANCED MATLS INC	83,207	$4.042M	1.5%	$47.08	+38.5%	—	83443Q103
SLVM	SYLVAMO CORP	82,157	$3.956M	1.5%	$45.07	+10.0%	—	871332102
VITL	VITAL FARMS INC	109,948	$3.512M	1.3%	$35.19	-20.9%	—	92847W103
RUN	SUNRUN INC	181,153	$3.333M	1.3%	$19.17	-0.0%	—	86771W105
BA	BOEING CO	15,008	$3.259M	1.2%	$205.66	+16.0%	—	097023105
USAR	USA RARE EARTH INC	183,000	$2.178M	0.8%	$19.05	+5.8%	—	91733P107
PPTA	PERPETUA RESOURCES CORP	89,369	$2.164M	0.8%	$24.60	+23.1%	—	714266103
UUUU	ENERGY FUELS INC	140,000	$2.036M	0.8%	$16.97	+27.3%	—	292671708
MT	ARCELORMITTAL SA LUXEMBOURG	30,099	$1.372M	0.5%	$45.57	—	—	03938L203
KNX	KNIGHT-SWIFT TRANSN HLDGS IN	20,000	$1.046M	0.4%	$46.76	+23.7%	—	499049104
UAMY	UNITED STATES ANTIMONY CORP	180,000	$904K	0.3%	$7.85	+5.1%	—	911549103
FSLR	FIRST SOLAR INC	2,609	$682K	0.3%	$252.20	-6.0%	—	336433107
ALM	ALMONTY INDS INC	70,000	$617K	0.2%	$7.35	+61.7%	—	020398707
WERN	WERNER ENTERPRISES INC	17,000	$510K	0.2%	$27.47	+23.4%	—	950755108
IDR	IDAHO STRATEGIC RESOURCES	10,000	$403K	0.2%	$38.21	+8.8%	—	645827205

Decreased Positions (8)

SGML SIGMA LITHIUM CORPORATION 2.6%

Value $6.787M (-47.5%) Shares 550,000 (-43.9%) Est. Cost $9.43 Unrealized +42.6%

MEOH METHANEX CORP 0.9%

Value $2.378M (-63.7%) Shares 39,934 (-75.8%) Est. Cost $37.20 Unrealized +27.6%

DD DUPONT DE NEMOURS INC 0.6%

Value $1.608M (-71.0%) Shares 35,109 (-74.5%) Est. Cost $37.39 Unrealized +23.3%

FLS FLOWSERVE CORP 1.0%

Value $2.495M (-28.3%) Shares 33,944 (-32.3%) Est. Cost $64.09 Unrealized +25.9%

NGVT INGEVITY CORP 2.3%

Value $6.111M (-13.1%) Shares 85,795 (-27.8%) Est. Cost $54.27 Unrealized +26.6%

Q QNITY ELECTRONICS INC 2.2%

Value $5.818M (-5.3%) Shares 50,425 (-33.0%) Est. Cost $84.91 Unrealized +19.2%

ATI ATI INC 0.5%

Value $1.432M (-16.8%) Shares 9,842 (-34.4%) Est. Cost $97.45 Unrealized +35.1%

FDX FEDEX CORP 1.0%

Value $2.53M (-7.8%) Shares 7,103 (-25.2%) Est. Cost $261.56 Unrealized +29.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SGML	SIGMA LITHIUM CORPORATION	550,000 (-43.9%)	$6.787M (-47.5%)	2.6%	$9.43	+42.6%	CALL	826599102
MEOH	METHANEX CORP	39,934 (-75.8%)	$2.378M (-63.7%)	0.9%	$37.20	+27.6%	COM	59151K108
DD	DUPONT DE NEMOURS INC	35,109 (-74.5%)	$1.608M (-71.0%)	0.6%	$37.39	+23.3%	COM	26614N102
FLS	FLOWSERVE CORP	33,944 (-32.3%)	$2.495M (-28.3%)	1.0%	$64.09	+25.9%	COM	34354P105
NGVT	INGEVITY CORP	85,795 (-27.8%)	$6.111M (-13.1%)	2.3%	$54.27	+26.6%	COM	45688C107
Q	QNITY ELECTRONICS INC	50,425 (-33.0%)	$5.818M (-5.3%)	2.2%	$84.91	+19.2%	COMMON STOCK	74743L100
ATI	ATI INC	9,842 (-34.4%)	$1.432M (-16.8%)	0.5%	$97.45	+35.1%	COM	01741R102
FDX	FEDEX CORP	7,103 (-25.2%)	$2.53M (-7.8%)	1.0%	$261.56	+29.6%	COM	31428X106

Unchanged Positions (1)

URG UR-ENERGY INC 0.0%

Value $29,903 Shares 20,069 Est. Cost $1.48 Unrealized +15.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
URG	UR-ENERGY INC	20,069	$29,903	0.0%	$1.48	+15.7%	COM	91688R108