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
ACACIA RESH CORP ACACIA TCH COM 003881307 2,362,124 491,086 SH SOLE 491,086 0 0
ADVANSIX INC COM 00773T101 29,514,948 1,209,629 SH SOLE 1,209,629 0 0
ALGOMA STL GROUP INC COM 015658107 7,376,684 1,786,122 SH SOLE 1,786,122 0 0
ARDMORE SHIPPING CORP COM Y0207T100 1,366,583 89,612 SH SOLE 89,612 0 0
BASSETT FURNITURE INDS INC COM 070203104 7,457,008 526,997 SH SOLE 526,997 0 0
CENOVUS ENERGY INC COM 15135U109 91,576,811 3,451,821 SH SOLE 3,451,821 0 0
CHATHAM LODGING TR COM 16208T102 5,340,031 678,530 SH SOLE 678,530 0 0
DAKOTA GOLD CORP COM 46655e100 151,500 30,000 SH SOLE 30,000 0 0
ELDORADO GOLD CORP NEW COM 284902509 13,275,184 387,779 SH SOLE 387,779 0 0
ENERFLEX LTD COM 29269R105 11,493,826 551,151 SH SOLE 551,151 0 0
EQUINOX GOLD CORP COM 29446Y502 55,875,391 3,880,964 SH SOLE 3,880,964 0 0
FIRST INTERNET BANCORP COM 320557101 7,219,839 354,261 SH SOLE 354,261 0 0
GALIANO GOLD INC COM 36352H100 15,984,251 6,409,321 SH SOLE 6,409,321 0 0
GREENFIRE RES LTD NEW COM SHS 39525U107 2,638,903 417,548 SH SOLE 417,548 0 0
HALLADOR ENERGY COMPANY COM 40609P105 29,532,343 1,814,026 SH SOLE 1,814,026 0 0
HARLEY DAVIDSON INC COM 412822108 27,681,180 1,369,000 SH SOLE 1,369,000 0 0
HENNESSY ADVISORS INC COM 425885100 1,378,192 141,353 SH SOLE 141,353 0 0
I-80 GOLD CORP COM 44955L106 1,703,164 1,126,349 SH SOLE 1,126,349 0 0
ISHARES SILVER TR ISHARES 46428Q109 602,494 8,842 SH SOLE 8,842 0 0
MERCER INTL INC COM 588056101 438,676 308,927 SH SOLE 308,927 0 0
MOSAIC CO COM 61945C103 21,767,769 853,638 SH SOLE 853,638 0 0
NATURAL GAS SVCS GROUP INC COM 63886Q109 22,153,833 587,012 SH SOLE 587,012 0 0
NORTH AMERN CONSTR GROUP LTD COM 656811106 13,964,863 1,038,177 SH SOLE 1,038,177 0 0
PBF ENERGY INC CL A 69318G106 29,538,162 620,289 SH SOLE 620,289 0 0
PRECISION DRILLING CORP COM NEW 74022D407 49,452,228 504,059 SH SOLE 504,059 0 0
RADIAN GROUP INC COM 750236101 9,767,664 295,274 SH SOLE 295,274 0 0
RLJ LODGING TR COM 74965L101 14,835,734 1,999,425 SH SOLE 1,999,425 0 0
RYERSON HLDG CORP COM 783754104 25,109,665 1,116,978 SH SOLE 1,116,978 0 0
SM ENERGY COMPANY COM 78454L100 17,204,157 551,769 SH SOLE 551,769 0 0
SOLITARIO RESOURCES CORP COM 8342EP107 518,616 632,458 SH SOLE 632,458 0 0
SPDR GOLD TR GOLD SHS 78463V107 356,280 828 SH SOLE 828 0 0
SPROTT ASSET MANAGEMENT LP PHYSICAL GOLD AN 85208R101 356,659 7,474 SH SOLE 7,474 0 0
TIDEWATER INC NEW COM 88642R109 23,103,998 276,529 SH SOLE 276,529 0 0
VERMILION ENERGY INC COM 923725105 35,175,129 2,560,428 SH SOLE 2,560,428 0 0
VILLAGE SUPER MKT INC CL A NEW 927107409 2,353,605 55,733 SH SOLE 55,733 0 0
WEST FRASER TIMBER LTD COM 952845105 204,588 3,142 SH SOLE 3,142 0 0
WESTWOOD HLDGS GROUP INC COM 961765104 1,645,781 99,926 SH SOLE 99,926 0 0