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
ALAMOS GOLD INC COM CL A 011532108 30,505,060 686,587 SH SOLE 608,280 0 78,307
ALPHA METALLURGICAL RESOUR I COM 020764106 49,683,346 242,039 SH SOLE 237,085 0 4,954
ANTERO RESOURCES CORP COM 03674X106 68,631,337 1,617,138 SH SOLE 1,367,370 0 249,768
BORR DRILLING LTD SHS G1466R173 12,229,313 2,119,465 SH SOLE 1,880,615 0 238,850
CALEDONIA MNG CORP SHS NEW G1757E113 3,462,234 153,264 SH SOLE 143,910 0 9,354
CAMECO CORP COM 13321L108 90,844,771 836,431 SH SOLE 745,105 0 91,326
CANADIAN NAT RES LTD MED TER COM 136385101 137,877,092 2,827,853 SH SOLE 2,767,846 0 60,007
CENTRUS ENERGY CORP CL A 15643U104 35,075,248 202,058 SH SOLE 180,468 0 21,590
CHORD ENERGY CORPORATION COM NEW 674215207 40,302,485 283,461 SH SOLE 259,416 0 24,045
COMSTOCK RES INC COM 205768302 18,167,967 861,858 SH SOLE 729,062 0 132,796
CORE NATURAL RESOURCES INC COM SHS 218937100 74,172,404 708,225 SH SOLE 693,303 0 14,922
DENISON MINES CORP COM 248356107 16,663,771 4,720,615 SH SOLE 4,184,063 0 536,552
DIAMONDBACK ENERGY INC COM 25278X109 22,446,989 113,489 SH SOLE 96,205 0 17,284
ENCORE ENERGY CORP COM NEW 29259W700 2,636,503 1,464,724 SH SOLE 1,282,125 0 182,599
ENERGY FUELS INC COM NEW 292671708 27,099,462 1,484,902 SH SOLE 1,311,780 0 173,122
EQT CORP COM 26884L109 73,771,679 1,159,203 SH SOLE 978,759 0 180,444
EQUINOX GOLD CORP COM 29446Y502 18,525,836 1,283,253 SH SOLE 1,136,757 0 146,496
EXPAND ENERGY CORPORATION COM 165167735 24,794,911 225,860 SH SOLE 190,855 0 35,005
FREEPORT MCMORAN INC CL B 35671D857 7,244,753 123,252 SH SOLE 101,340 0 21,912
INTREPID POTASH INC COM 46121Y201 11,423,739 267,097 SH SOLE 235,408 0 31,689
IVANHOE ELECTRIC INC COM 46578C108 24,999,406 2,115,009 SH SOLE 1,908,578 0 206,431
MATADOR RES CO COM 576485205 28,929,743 457,894 SH SOLE 385,906 0 71,988
MOSAIC CO COM 61945C103 23,518,778 922,305 SH SOLE 849,246 0 73,059
NEXGEN ENERGY LTD COM 65340P106 21,006,939 1,810,943 SH SOLE 1,604,036 0 206,907
NOBLE CORP PLC ORD SHS A G65431127 90,347,978 1,841,206 SH SOLE 1,641,532 0 199,674
NOVAGOLD RESOURCES INC COM NEW 66987E206 6,220,814 692,741 SH SOLE 613,530 0 79,211
NUTRIEN LTD COM 67077M108 62,050,079 822,291 SH SOLE 741,362 0 80,929
OCEANEERING INTL INC COM 675232102 25,310,895 713,586 SH SOLE 622,363 0 91,223
ORLA MNG LTD NEW COM 68634K106 2,597,466 161,584 SH SOLE 143,174 0 18,410
PERMIAN RESOURCES CORP CLASS A COM 71424F105 38,689,404 1,814,700 SH SOLE 1,553,105 0 261,595
RANGE RES CORP COM 75281A109 122,968,620 2,721,749 SH SOLE 2,297,805 0 423,944
SEADRILL LTD COM G7997W102 111,455,208 2,449,565 SH SOLE 2,183,936 0 265,629
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 52,607,250 4,270,069 SH SOLE 3,800,076 0 469,993
SLB LIMITED COM STK 806857108 118,122,485 2,298,550 SH SOLE 2,070,414 0 228,136
SM ENERGY COMPANY COM 78454L100 15,207,421 487,730 SH SOLE 410,562 0 77,168
SUNCOR ENERGY INC NEW COM 867224107 121,667,621 1,840,155 SH SOLE 1,799,186 0 40,969
TIDEWATER INC NEW COM 88642R109 327,015 3,914 SH SOLE 3,914 0 0
TRILOGY METALS INC NEW COM 89621C105 6,221,454 1,728,153 SH SOLE 1,524,397 0 203,756
TRIPLE FLAG PRECIOUS METAL COM 89679M104 2,091,901 60,271 SH SOLE 51,804 0 8,467
URANIUM ENERGY CORP COM 916896103 29,725,934 2,201,921 SH SOLE 1,944,208 0 257,713
UR-ENERGY INC COM 91688R108 6,337,110 4,253,094 SH SOLE 3,737,114 0 515,980
VALARIS LTD CL A G9460G101 129,349,172 1,319,351 SH SOLE 1,176,680 0 142,671
WARRIOR MET COAL INC COM 93627C101 55,714,226 598,113 SH SOLE 587,358 0 10,755