The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADVANCED MICRO DEVICES INC COM 007903107 756,043 5,328 SH SOLE 5,328 0 0
AGNICO EAGLE MINES LTD COM 008474108 7,573,106 63,677 SH SOLE 63,677 0 0
ALAMOS GOLD INC CLASS A COM 011311107 8,764,800 330,000 SH SOLE 330,000 0 0
ALPHABET INC CLASS C COM 02079K107 988,949 5,575 SH SOLE 5,575 0 0
AMAZON INC COM 023135106 994,275 4,532 SH SOLE 4,532 0 0
AMEREN CORP COM 023608102 1,342,159 13,975 SH SOLE 13,975 0 0
AMERICAN ELECTRIC POWER INC COM 025537101 1,482,523 14,288 SH SOLE 14,288 0 0
AMERICAN TOWER CORP COM 03027X100 2,595,217 11,742 SH SOLE 11,742 0 0
AMPHENOL CORP CLASS A COM 032095101 851,423 8,622 SH SOLE 8,622 0 0
ANTERO RESOURCES CORP COM 03674X106 56,392,000 1,400,000 SH SOLE 1,400,000 0 0
APPLE INC COM 037833100 150,595 734 SH SOLE 734 0 0
BLACKROCK INC COM 09290D101 764,903 729 SH SOLE 729 0 0
BOSTON SCIENTIFIC CORP COM 101137107 805,790 7,502 SH SOLE 7,502 0 0
BROADCOM INC COM 11135F101 1,666,029 6,044 SH SOLE 6,044 0 0
CAMECO CORP COM 13321L108 3,711,500 50,000 SH SOLE 50,000 0 0
CANADIAN IMPERIAL BANK OF COMMERCE COM 136069101 3,460,400 48,855 SH SOLE 48,855 0 0
CANADIAN NATURAL RESOURCES LTD COM 136385101 2,836,488 90,334 SH SOLE 90,334 0 0
CANADIAN PACIFIC KANSAS CITY LTD COM 13646K108 1,519,210 19,165 SH SOLE 19,165 0 0
CENOVUS ENERGY INC COM 15135U109 8,160,000 600,000 SH SOLE 600,000 0 0
CHENIERE ENERGY INC COM 16411R208 1,531,984 6,291 SH SOLE 6,291 0 0
CHORD ENERGY CORP COM 674215207 4,842,500 50,000 SH SOLE 50,000 0 0
CIRCLE INTERNET GROUP INC CLASS A COM 172573107 271,935 1,500 SH SOLE 1,500 0 0
CME GROUP INC CLASS A COM 12572Q105 584,314 2,120 SH SOLE 2,120 0 0
CMS ENERGY CORP COM 125896100 1,437,421 20,748 SH SOLE 20,748 0 0
COINBASE GLOBAL INC CLASS A COM 19260Q107 2,162,523 6,170 SH SOLE 6,170 0 0
COLLECTIVE MINING LTD COM 19425C100 4,211,900 385,000 SH SOLE 385,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109 1,752,587 5,430 SH SOLE 5,430 0 0
COSTCO WHOLESALE CORP COM 22160K105 898,866 908 SH SOLE 908 0 0
DELL TECHNOLOGIES INC CLASS C COM 24703L202 708,260 5,777 SH SOLE 5,777 0 0
DENISON MINES CORP COM 248356107 427,700 235,000 SH SOLE 235,000 0 0
DUKE ENERGY CORP COM 26441C204 1,483,614 12,573 SH SOLE 12,573 0 0
EATON CORP PLC COM G29183103 743,253 2,082 SH SOLE 2,082 0 0
ENBRIDGE INC COM 29250N105 4,684,230 103,359 SH SOLE 103,359 0 0
ENERGY TRANSFER COM 29273V100 1,429,224 78,832 SH SOLE 78,832 0 0
EQT CORP COM 26884L109 93,312,000 1,600,000 SH SOLE 1,600,000 0 0
EQUINIX INC COM 29444U700 1,415,141 1,779 SH SOLE 1,779 0 0
EQUINOX GOLD CORP COM 29446Y502 376,848 47,945 SH SOLE 47,945 0 0
ERO COPPER CORP COM 296006109 1,432,250 85,000 SH SOLE 85,000 0 0
EXPAND ENERGY CORP COM 165167735 93,552,000 800,000 SH SOLE 800,000 0 0
FORTIS INC COM 349553107 2,913,153 61,034 SH SOLE 61,034 0 0
FREEPORT MCMORAN INC COM 35671D857 2,601,000 60,000 SH SOLE 60,000 0 0
GE VERNOVA INC COM 36828A101 764,093 1,444 SH SOLE 1,444 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 852,131 1,204 SH SOLE 1,204 0 0
HUT 8 CORP COM 44812J104 796,043 42,798 SH SOLE 42,798 0 0
IAMGOLD CORP COM 450913108 3,078,915 418,900 SH SOLE 418,900 0 0
ISHARES 20 YR TR BD ETF PUT 464287952 52,950,000 600,000 SH Put SOLE 600,000 0 0
JPMORGAN CHASE COM 46625H100 1,143,985 3,946 SH SOLE 3,946 0 0
KINROSS GOLD CORP COM 496902404 8,312,347 531,820 SH SOLE 531,820 0 0
MAG SILVER CORP COM 55903Q104 380,340 18,000 SH SOLE 18,000 0 0
MANULIFE FINANCIAL CORP COM 56501R106 4,020,248 125,790 SH SOLE 125,790 0 0
MASTERCARD INC CLASS A COM 57636Q104 779,973 1,388 SH SOLE 1,388 0 0
META PLATFORMS INC CLASS A COM 30303M102 1,091,635 1,479 SH SOLE 1,479 0 0
MICROSOFT CORP COM 594918104 3,181,434 6,396 SH SOLE 6,396 0 0
NEXGEN ENERGY LTD COM 65340P106 2,637,200 380,000 SH SOLE 380,000 0 0
NISOURCE INC COM 65473P105 1,454,902 36,066 SH SOLE 36,066 0 0
NORTHERN OIL AND GAS INC COM 665531307 4,252,500 150,000 SH SOLE 150,000 0 0
NVIDIA CORP COM 67066G104 3,334,537 21,106 SH SOLE 21,106 0 0
ORACLE CORP COM 68389X105 1,135,346 5,193 SH SOLE 5,193 0 0
PAN AMERICAN SILVER CORP COM 697900108 1,353,402 47,655 SH SOLE 47,655 0 0
PAYPAL HOLDINGS INC COM 70450Y103 1,238,023 16,658 SH SOLE 16,658 0 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105 4,767,000 350,000 SH SOLE 350,000 0 0
PPL CORP COM 69351T106 1,462,828 43,164 SH SOLE 43,164 0 0
RANGE RESOURCES CORP COM 75281A109 61,005,000 1,500,000 SH SOLE 1,500,000 0 0
ROBINHOOD MARKETS INC CLASS A COM 770700102 1,453,980 15,529 SH SOLE 15,529 0 0
ROBLOX CORP CLASS A COM 771049103 984,251 9,356 SH SOLE 9,356 0 0
ROYAL BANK OF CANADA COM 780087102 3,428,325 26,061 SH SOLE 26,061 0 0
SAP COM 803054204 732,881 2,410 SH SOLE 2,410 0 0
SBA COMMUNICATIONS COM 78410G104 1,993,557 8,489 SH SOLE 8,489 0 0
SOUTH BOW CORP COM 83671M105 7,773,000 300,000 SH SOLE 300,000 0 0
SPDR S&P 500 COM 78462F103 32,251,770 52,200 SH SOLE 52,200 0 0
SPDR S&P 500 PUT 78462F953 37,688,850 61,000 SH Put SOLE 61,000 0 0
SUN LIFE FINANCIAL INC COM 866796105 3,232,992 48,653 SH SOLE 48,653 0 0
SUNCOR ENERGY INC COM 867224107 3,033,263 80,995 SH SOLE 80,995 0 0
T MOBILE US INC COM 872590104 679,756 2,853 SH SOLE 2,853 0 0
TALEN ENERGY CORP COM 87422Q109 1,933,330 6,649 SH SOLE 6,649 0 0
TARGA RESOURCES CORP COM 87612G101 1,534,341 8,814 SH SOLE 8,814 0 0
TC ENERGY CORP COM 87807B107 2,182,767 44,738 SH SOLE 44,738 0 0
TELUS CORP COM 87971M103 3,081,609 191,881 SH SOLE 191,881 0 0
TJX INC COM 872540109 743,410 6,020 SH SOLE 6,020 0 0
UNION PACIFIC CORP COM 907818108 1,997,324 8,681 SH SOLE 8,681 0 0
URANIUM ENERGY CORP COM 916896103 765,850 112,625 SH SOLE 112,625 0 0
VIPER ENERGY INC CLASS A COM 927959106 3,813,000 100,000 SH SOLE 100,000 0 0
VISA INC CLASS A COM 92826C839 985,974 2,777 SH SOLE 2,777 0 0
VIZSLA SILVER CORP COM 92859G608 4,121,660 1,401,925 SH SOLE 1,401,925 0 0
WALMART INC COM 931142103 947,390 9,689 SH SOLE 9,689 0 0
WASTE CONNECTIONS INC COM 94106B101 2,235,038 11,970 SH SOLE 11,970 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 2,190,312 24,391 SH SOLE 24,391 0 0