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
ALPHA METALLURGICAL RESOUR I COM 020764106 93,143,927 564,714 SH SOLE 554,700 0 10,014
ANTERO RESOURCES CORP COM 03674X106 60,853,027 1,731,731 SH SOLE 1,476,655 0 255,076
BORR DRILLING LTD SHS G1466R173 9,245,728 2,238,675 SH SOLE 1,991,575 0 247,100
CALEDONIA MNG CORP SHS NEW G1757E113 2,996,905 156,906 SH SOLE 147,552 0 9,354
CAMECO CORP COM 13321L108 90,994,390 893,328 SH SOLE 797,627 0 95,701
CANADIAN NAT RES LTD MED TER COM 136385101 120,306,700 3,043,255 SH SOLE 2,967,978 0 75,277
CENTRUS ENERGY CORP CL A 15643U104 36,385,823 216,750 SH SOLE 194,400 0 22,350
CHORD ENERGY CORPORATION COM NEW 674215207 35,087,928 306,981 SH SOLE 281,879 0 25,102
COMSTOCK RES INC COM 205768302 13,536,424 907,267 SH SOLE 771,591 0 135,676
CORE NATURAL RESOURCES INC COM SHS 218937100 88,100,180 1,100,977 SH SOLE 1,074,702 0 26,275
DENISON MINES CORP COM 248356107 15,658,494 5,117,155 SH SOLE 4,563,948 0 553,207
DIAMONDBACK ENERGY INC COM 25278X109 21,019,069 119,576 SH SOLE 101,890 0 17,686
ENCORE ENERGY CORP COM NEW 29259W700 1,976,113 1,508,483 SH SOLE 1,322,335 0 186,148
ENERGY FUELS INC COM NEW 292671708 23,057,465 1,590,170 SH SOLE 1,411,823 0 178,347
EQT CORP COM 26884L109 65,952,547 1,240,409 SH SOLE 1,056,159 0 184,250
EXPAND ENERGY CORPORATION COM 165167735 21,688,356 237,837 SH SOLE 202,041 0 35,796
FREEPORT MCMORAN INC CL B 35671D857 1,374,708 21,912 SH SOLE 0 0 21,912
INTREPID POTASH INC COM 46121Y201 9,764,047 297,866 SH SOLE 265,390 0 32,476
IVANHOE ELECTRIC INC COM 46578C108 21,794,596 2,267,908 SH SOLE 2,053,883 0 214,025
MATADOR RES CO COM 576485205 24,004,712 482,216 SH SOLE 408,657 0 73,559
MOSAIC CO COM 61945C103 24,982,078 1,178,956 SH SOLE 1,104,185 0 74,771
NEXGEN ENERGY LTD COM 65340P106 18,448,552 1,964,702 SH SOLE 1,749,535 0 215,167
NOBLE CORP PLC ORD SHS A G65431127 74,137,517 1,987,601 SH SOLE 1,775,188 0 212,413
NOVAGOLD RESOURCES INC COM NEW 66987E206 4,243,004 710,721 SH SOLE 631,510 0 79,211
NUTRIEN LTD COM 67077M108 91,593,446 1,455,019 SH SOLE 1,316,665 0 138,354
OCEANEERING INTL INC COM 675232102 31,422,288 775,476 SH SOLE 681,780 0 93,696
ORLA MNG LTD NEW COM 68634K106 1,614,024 165,196 SH SOLE 146,786 0 18,410
PERMIAN RESOURCES CORP CLASS A COM 71424F105 35,244,104 1,914,400 SH SOLE 1,646,722 0 267,678
RANGE RES CORP COM 75281A109 108,617,597 2,920,613 SH SOLE 2,483,399 0 437,214
SEADRILL LTD COM G7997W102 99,718,708 2,636,666 SH SOLE 2,358,633 0 278,033
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 38,890,941 4,580,794 SH SOLE 4,095,695 0 485,099
SLB LIMITED COM STK 806857108 114,127,046 2,454,873 SH SOLE 2,215,174 0 239,699
SM ENERGY COMPANY COM 78454L100 13,399,897 513,406 SH SOLE 434,739 0 78,667
SUNCOR ENERGY INC NEW COM 867224107 106,135,256 1,974,700 SH SOLE 1,926,192 0 48,508
TIDEWATER INC NEW COM 88642R109 260,790 3,914 SH SOLE 3,914 0 0
TRILOGY METALS INC NEW COM 89621C105 6,203,906 1,775,530 SH SOLE 1,571,774 0 203,756
TRIPLE FLAG PRECIOUS METAL COM 89679M104 1,843,269 61,584 SH SOLE 53,117 0 8,467
URANIUM ENERGY CORP COM 916896103 25,133,999 2,357,786 SH SOLE 2,092,336 0 265,450
UR-ENERGY INC COM 91688R108 5,962,409 4,384,124 SH SOLE 3,854,778 0 529,346
VALARIS LTD CL A G9460G101 102,623,149 1,413,542 SH SOLE 1,264,266 0 149,276
WARRIOR MET COAL INC COM 93627C101 77,186,812 951,045 SH SOLE 928,175 0 22,870