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
ADVANSIX INC COM 00773T101 2,020,491 82,807 SH SOLE 82,807 0 0
ALAMOS GOLD INC COM CL A 011532108 19,958,133 449,204 SH SOLE 449,204 0 0
ALLIED GOLD CORP COM NEW 01921D204 4,965,783 160,234 SH SOLE 160,234 0 0
APPIAN CORP CL A 03782L101 20,237,935 839,400 SH SOLE 839,400 0 0
BARRICK MNG CORP COM SHS 06849F108 456,848 11,200 SH SOLE 11,200 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 11,504,460 760,877 SH SOLE 760,877 0 0
BUNGE GLOBAL SA COM SHS H11356104 9,819,840 77,200 SH SOLE 77,200 0 0
CANADIAN NAT RES LTD MED TER COM 136385101 25,942,195 532,366 SH SOLE 532,366 0 0
CORE NATURAL RESOURCES INC COM SHS 218937100 15,123,012 144,400 SH SOLE 144,400 0 0
DARLING INGREDIENTS INC COM 237266101 26,276,415 424,841 SH SOLE 424,841 0 0
ESTABLISHMENT LABS HLDGS INC COM G31249108 43,411,888 764,563 SH SOLE 764,563 0 0
EXPAND ENERGY CORPORATION COM 165167735 13,579,786 123,700 SH SOLE 123,700 0 0
FLUTTER ENTMT PLC SHS G3643J108 11,926,016 116,976 SH SOLE 116,976 0 0
HILTON GRAND VACATIONS INC COM 43283X105 108,702,979 2,778,706 SH SOLE 2,778,706 0 0
HUDBAY MINERALS INC COM 443628102 6,633,729 317,389 SH SOLE 317,389 0 0
IAMGOLD CORP COM 450913108 44,690,120 2,375,300 SH SOLE 2,375,300 0 0
KINROSS GOLD CORP COM 496902404 5,320,704 174,335 SH SOLE 174,335 0 0
MAXCYTE INC COM 57777K106 2,367,909 3,370,689 SH SOLE 3,370,689 0 0
MGM RESORTS INTERNATIONAL COM 552953101 35,009,166 945,938 SH SOLE 945,938 0 0
NACCO INDS INC CL A 629579103 4,808,265 92,520 SH SOLE 92,520 0 0
ORLA MNG LTD NEW COM 68634K106 21,247,644 1,317,600 SH SOLE 1,317,600 0 0
OSISKO DEVELOPMENT CORP COM NEW 68828E809 3,575,000 1,100,000 SH SOLE 1,100,000 0 0
S&P GLOBAL INC COM 78409V104 5,954,760 14,000 SH SOLE 14,000 0 0
SASOL LTD SPONSORED ADR 803866300 7,870,931 607,325 SH SOLE 607,325 0 0
TASEKO MINES LTD COM 876511106 13,243,199 2,053,209 SH SOLE 2,053,209 0 0
VERSABANK NEW COM 92512J106 2,875,447 202,925 SH SOLE 202,925 0 0
WARRIOR MET COAL INC COM 93627C101 16,208,099 174,000 SH SOLE 174,000 0 0
ZOOM COMMUNICATIONS INC CL A 98980L101 6,334,732 78,800 SH SOLE 78,800 0 0