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
AGNICO EAGLE MINES LTD COM 008474108 4,653,900 30,000 SH SOLE 0 30,000 0
ALAMOS GOLD INC NEW COM CL A 011532108 3,034,000 100,000 SH SOLE 0 100,000 0
ALASKA AIR GROUP COM 011659109 33,393,019 639,713 SH SOLE 0 639,713 0
ALLEGIANT TRAVEL COM 01748X102 40,836,012 347,245 SH SOLE 0 347,245 0
AMAZON COM INC COM 023135106 1,787,550 7,500 SH SOLE 0 7,500 0
AMERICAN AIRLINE COM 02376R102 108,441,178 6,001,172 SH SOLE 0 6,001,172 0
AMERICAN ELEC PWR CO INC COM 025537101 273,620 2,000 SH SOLE 0 2,000 0
AMERICAN EXPRESS CO COM 025816109 1,329,323 3,930 SH SOLE 0 3,930 0
AMERICAS GOLD AN COM NEW 03062D803 11,331,269 2,400,000 SH SOLE 0 2,400,000 0
AMERICAS GOLD AN COM NEW 03062D803 1,062,307 225,000 SH SOLE 0 225,000 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100 808,900 10,000 SH SOLE 0 10,000 0
ANTERO RESOURCES CORP COM 03674X106 351,400 10,000 SH SOLE 0 10,000 0
APPLE INC COM 037833100 578,720 2,000 SH SOLE 0 2,000 0
ARIS MINING CORP COM 04040Y109 5,952,716 400,000 SH SOLE 0 400,000 0
AURA MINERALS INC SHS NEW G06973112 3,147,500 50,000 SH SOLE 0 50,000 0
AVINO SILVER COM 053906103 3,226,077 510,000 SH SOLE 0 510,000 0
AVINO SILVER & GOLD MINES LT COM 053906103 634,000 100,000 SH SOLE 0 100,000 0
AYA GOLD & SILVE COM 05466C109 14,647,129 775,000 SH SOLE 0 775,000 0
AYA GOLD & SILVE COM 05466C109 6,614,833 350,000 SH SOLE 0 350,000 0
BAKER HUGHES COMPANY CL A 05722G100 277,500 5,000 SH SOLE 0 5,000 0
BARRICK MNG CORP COM SHS 06849F108 6,244,100 170,000 SH SOLE 0 170,000 0
BLACKSTONE INC COM 09260D107 741,321 6,300 SH SOLE 0 6,300 0
BLUE MOON METALS COM 09570Q509 633,268 100,000 SH SOLE 0 100,000 0
BLUE MOON METALS COM 09570Q509 633,268 100,000 SH SOLE 0 100,000 0
BOEING CO/THE COM 097023105 16,215,118 74,907 SH SOLE 0 74,907 0
BOOKING HOLDINGS COM 09857L108 18,099,559 101,546 SH SOLE 0 101,546 0
BP PLC SPONSORED ADR 055622104 258,650 7,000 SH SOLE 0 7,000 0
BW LPG LTD COM Y10230103 590,874 33,953 SH SOLE 0 33,953 0
CAMECO CORP COM 13321L108 254,650 2,500 SH SOLE 0 2,500 0
CARNIVAL CORP LTD COMMON SHARES G2004J103 1,499,925 52,500 SH SOLE 0 52,500 0
CATERPILLAR INC COM 149123101 1,064,900 1,000 SH SOLE 0 1,000 0
CENTERRA GOLD IN COM 152006102 4,747,397 300,000 SH SOLE 0 300,000 0
CHENIERE ENERGY INC COM NEW 16411R208 1,481,862 6,200 SH SOLE 0 6,200 0
CME GROUP INC COM 12572Q105 101,803 461 SH SOLE 0 461 0
COEUR MNG INC COM NEW 192108504 244,800 15,000 SH SOLE 0 15,000 0
COEUR MNG INC COM NEW 192108504 1,222,662 74,918 SH SOLE 0 74,918 0
COEUR MNG INC COM NEW 192108504 5,701,963 349,385 SH SOLE 0 349,385 0
COLLECTIVE MININ COM 19425C100 245,567 20,000 SH SOLE 0 20,000 0
COLLECTIVE MININ COM 19425C100 184,175 15,000 SH SOLE 0 15,000 0
CONSTELLATION BRANDS INC CL A 21036P108 139,090 1,000 SH SOLE 0 1,000 0
COPA HOLDIN-CL A CL A P31076105 4,641,120 29,833 SH SOLE 0 29,833 0
DANAOS CORP SHS Y1968P121 343,125 2,804 SH SOLE 0 2,804 0
DELTA AIR LI COM NEW 247361702 100,685,718 1,075,013 SH SOLE 0 1,075,013 0
DHT HOLDINGS INC SHS NEW Y2065G121 896,521 54,236 SH SOLE 0 54,236 0
EMBRAER SA-ADR SPONSORED ADS 29082A107 4,720,052 73,982 SH SOLE 0 73,982 0
ENDEAVOUR SILVER COM 29258Y103 6,193,440 748,000 SH SOLE 0 748,000 0
ENDEAVOUR SILVER COM 29258Y103 248,874 30,000 SH SOLE 0 30,000 0
ENDEAVOUR SILVER COM 29258Y103 1,951,174 235,200 SH SOLE 0 235,200 0
ENDEAVOUR SILVER COM 29258Y103 248,874 30,000 SH SOLE 0 30,000 0
ENERFLEX LTD COM 29269R105 416,670 17,000 SH SOLE 0 17,000 0
EUROSEAS LTD SHS Y23592135 331,850 5,000 SH SOLE 0 5,000 0
EXPEDIA GROUP IN COM NEW 30212P303 18,919,767 73,940 SH SOLE 0 73,940 0
EXPEDITORS INTL COM 302130109 535,552 3,286 SH SOLE 0 3,286 0
EXXON MOBIL CORP COM 30231G102 1,162,120 8,500 SH SOLE 0 8,500 0
FEDEX CORP COM 31428X106 506,644 1,618 SH SOLE 0 1,618 0
FERRARI N V COM N3167Y103 2,950,398 7,925 SH SOLE 0 7,925 0
FERVO ENERGY CO CL A COM 31556C106 292,300 10,000 SH SOLE 0 10,000 0
FORTUNA MINING C COM NEW 349942102 6,283,344 743,591 SH SOLE 0 743,591 0
FRANCO NEV CORP COM 351858105 435,640 2,090 SH SOLE 0 2,090 0
FRANCO-NEVADA CO COM 351858105 16,369,210 78,532 SH SOLE 0 78,532 0
FRONTIER GROUP H COM 35909R108 38,874,921 4,914,655 SH SOLE 0 4,914,655 0
GENERAL DYNAMICS COM 369550108 16,399,541 46,295 SH SOLE 0 46,295 0
GLOBAL SHIP-CL A COM CL A Y27183600 705,602 18,766 SH SOLE 0 18,766 0
GLOBAL X FDS MSCI CHINA CNSMR 37950E408 71,145 4,500 SH SOLE 0 4,500 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 839,750 25,000 SH SOLE 0 25,000 0
GRUPO AEROPO-ADR SPON ADR SER B 40051E202 4,485,181 14,624 SH SOLE 0 14,624 0
GRUPO AEROPO-ADR SPON ADR 400501102 4,733,608 41,857 SH SOLE 0 41,857 0
HAFNIA LTD SHS Y2990R101 332,558 50,084 SH SOLE 0 50,084 0
HALLIBURTON CO COM 406216101 339,500 10,000 SH SOLE 0 10,000 0
HARMONY GOLD-ADR SPONSORED ADR 413216300 6,519,721 428,647 SH SOLE 0 428,647 0
HECLA MINING COMPANY COM 422704106 1,157,250 75,000 SH SOLE 0 75,000 0
HIGHLANDER SILVE COM 43087N204 1,523,009 325,000 SH SOLE 0 325,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,305,317 3,950 SH SOLE 0 3,950 0
IAMGOLD CORP COM 450913108 9,108,000 575,000 SH SOLE 0 575,000 0
IAMGOLD CORP COM 450913108 4,807,218 303,486 SH SOLE 0 303,486 0
INTEGRA RES CORP COM 45826T509 794,500 350,000 SH SOLE 0 350,000 0
INTERNATIONAL SE COM Y41053102 852,447 11,130 SH SOLE 0 11,130 0
IVANHOE ELECTRIC COM 46578C108 494,905 51,499 SH SOLE 0 51,499 0
JETBLUE AIRWAYS COM 477143101 34,358,404 5,996,231 SH SOLE 0 5,996,231 0
LAS VEGAS SANDS CORP COM 517834107 817,563 17,700 SH SOLE 0 17,700 0
LATAM AIRLINES G SPONSORED ADR 51817R205 9,393,007 161,198 SH SOLE 0 161,198 0
LAUDER ESTEE COS INC CL A 518439104 1,247,410 15,800 SH SOLE 0 15,800 0
LIFE TIME GROUP HOLDINGS INC COMMON STOCK 53190C102 1,290,544 31,600 SH SOLE 0 31,600 0
MAKEMYTRIP LTD SHS V5633W109 5,295,907 99,379 SH SOLE 0 99,379 0
MAKO MINING CORP COM NEW 56089A400 733,887 100,000 SH SOLE 0 100,000 0
MARRIOTT INTL INC NEW CL A 571903202 945,005 2,550 SH SOLE 0 2,550 0
MCEWEN INC COM NEW 58039P305 1,816,775 100,000 SH SOLE 0 100,000 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100 63,240 12,000 SH SOLE 0 12,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 445,185 58,500 SH SOLE 0 58,500 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 3,805,000 500,000 SH SOLE 0 500,000 0
MGM RESORTS INTERNATIONAL COM 552953101 243,831 5,100 SH SOLE 0 5,100 0
NEWMONT CORP COM 651639106 4,645,623 49,739 SH SOLE 0 49,739 0
NUTRIEN LTD COM 67077M108 1,573,750 25,000 SH SOLE 0 25,000 0
OCEANAGOLD CORP COM NEW 675222400 1,250,704 50,000 SH SOLE 0 50,000 0
OR ROYALTIES INC COM SHS 68390D106 15,758,793 498,223 SH SOLE 0 498,223 0
OR ROYALTIES INC. COM SHS 68390D106 395,375 12,500 SH SOLE 0 12,500 0
OR ROYALTIES INC. COM SHS 68390D106 2,214,100 70,000 SH SOLE 0 70,000 0
OSISKO DEVELOPMENT CORP COM NEW 68828E809 606,882 250,000 SH SOLE 0 250,000 0
PAN AMER SILVER COM 697900108 4,613,370 103,000 SH SOLE 0 103,000 0
PAN AMERN SILVER CORP COM 697900108 3,294,528 73,555 SH SOLE 0 73,555 0
PARAMOUNT GOLD NEV CORP COM 69924M109 228,000 200,000 SH SOLE 0 200,000 0
PERPETUA RESOURCES CORP COM 714266103 622,800 30,000 SH SOLE 0 30,000 0
RANGE RES CORP COM 75281A109 390,495 10,500 SH SOLE 0 10,500 0
ROYAL CARIBBEAN GROUP COM V7780T103 2,708,531 8,530 SH SOLE 0 8,530 0
ROYAL GOLD INC COM 780287108 250,511 1,255 SH SOLE 0 1,255 0
RYANAIR HLDG-ADR SPONSORED ADR 783513203 9,049,007 139,753 SH SOLE 0 139,753 0
SABRE CORP COM 78573M104 20,661,621 9,885,943 SH SOLE 0 9,885,943 0
SANTACRUZ SILVER COM NEW SHS 80280U205 2,265,691 350,000 SH SOLE 0 350,000 0
SCHLUMBERGER LTD COM STK 806857108 209,205 4,500 SH SOLE 0 4,500 0
SCORPIO TANKERS SHS Y7542C130 656,585 9,480 SH SOLE 0 9,480 0
SELECT WATER SOLUTIONS INC CL A COM 81617J301 199,800 10,000 SH SOLE 0 10,000 0
SHELL PLC SPON ADS 780259305 1,395,720 18,000 SH SOLE 0 18,000 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 2,334,750 275,000 SH SOLE 0 275,000 0
SILVERCORP METALS INC COM 82835P103 2,525,000 250,000 SH SOLE 0 250,000 0
SINDA LTD COMMON STOCK G81569108 420,000 35,000 SH SOLE 0 35,000 0
SKYWEST INC COM 830879102 33,085,532 333,087 SH SOLE 0 333,087 0
SOLITARIO RESOURCES CORP COM 8342EP107 233,244 310,000 SH SOLE 0 310,000 0
SOLV ENERGY INC COM SHS CL A 78475V103 408,600 12,000 SH SOLE 0 12,000 0
SOUTHWEST AIR COM 844741108 102,101,455 1,985,637 SH SOLE 0 1,985,637 0
SSR MINING IN COM 784730103 3,110,800 110,000 SH SOLE 0 110,000 0
SUNSHINE SILVER MNG & REFNG COMMON STOCK 867866105 727,100 55,000 SH SOLE 0 55,000 0
TAPESTRY INC COM 876030107 592,107 4,045 SH SOLE 0 4,045 0
TEEKAY CORP LTD SHS G8726T105 610,090 61,009 SH SOLE 0 61,009 0
TEEKAY TANK-CL A CL A G8726X106 326,296 5,030 SH SOLE 0 5,030 0
TESLA INC COM 88160R101 2,712,870 6,450 SH SOLE 0 6,450 0
TEXTRON INC COM 883203101 16,251,529 177,167 SH SOLE 0 177,167 0
THE REALREAL INC COM 88339P101 377,280 32,000 SH SOLE 0 32,000 0
TOLL BROTHERS INC COM 889478103 1,037,925 6,300 SH SOLE 0 6,300 0
TOTALENERGIES SE ACT F92124100 1,710,720 22,000 SH SOLE 0 22,000 0
TRIP.COM GRO-ADR ADS 89677Q107 6,982,757 175,270 SH SOLE 0 175,270 0
TRIPADVISOR INC COM 896945201 19,111,384 1,393,974 SH SOLE 0 1,393,974 0
TRIPLE FLAG COM 89679M104 3,356,640 112,000 SH SOLE 0 112,000 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104 1,798,200 60,000 SH SOLE 0 60,000 0
UBS GROUP AG SHS H42097107 1,105,188 22,300 SH SOLE 0 22,300 0
UNITED AIRLINES COM 910047109 106,170,657 780,724 SH SOLE 0 780,724 0
UNITED PARCEL-B CL B 911312106 541,155 5,034 SH SOLE 0 5,034 0
VALERO ENERGY CORP COM 91913Y100 390,660 1,500 SH SOLE 0 1,500 0
VERSAMET ROYALTI COM NEW 92528V200 2,146,074 250,000 SH SOLE 0 250,000 0
VIKING HOLDINGS LTD ORD SHS G93A5A101 1,981,926 18,935 SH SOLE 0 18,935 0
VIZSLA SILVER CO COM NEW 92859G608 819,730 250,000 SH SOLE 0 250,000 0
VIZSLA SILVER CO COM NEW 92859G608 2,623,135 800,000 SH SOLE 0 800,000 0
VOX ROYALTY CORP COM 92919F103 709,500 150,000 SH SOLE 0 150,000 0
VOX ROYALTY CORP COM 92919F103 7,151,760 1,512,000 SH SOLE 0 1,512,000 0
WHEATON PRECIOUS COM 962879102 15,660,328 139,426 SH SOLE 0 139,426 0
WOODSIDE ENERGY GROUP LTD SPONSORED ADR 980228308 2,415,000 125,000 SH SOLE 0 125,000 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105 543,744 24,296 SH SOLE 0 24,296 0