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 9,986,085 64,372 SH SOLE 64,372 0 0
AIR PRODUCTS AND CHEMICALS I COM 009158106 16,141,904 55,058 SH SOLE 55,058 0 0
ALAMOS GOLD INC COM CL A 011532108 10,190,220 335,867 SH SOLE 335,867 0 0
ALBEMARLE CORP COM 012653101 12,743,208 94,373 SH SOLE 94,373 0 0
ALCOA CORP COM 013872106 12,342,482 236,718 SH SOLE 236,718 0 0
ALMONTY INDS INC COM NEW 020398707 5,897,777 356,146 SH SOLE 356,146 0 0
ALPHA METALLURGICAL RESOUR I COM 020764106 9,931,532 60,213 SH SOLE 60,213 0 0
ALPHABET INC CAP STK CL A 02079K305 500,318 1,400 SH SOLE 1,400 0 0
ALPHABET INC CAP STK CL C 02079K107 496,428 1,405 SH SOLE 1,405 0 0
AMENTUM HOLDINGS INC COM 023939101 679,526 32,875 SH SOLE 32,875 0 0
AMERICAN TOWER CORP COM 03027X100 543,215 3,321 SH SOLE 3,321 0 0
AMETEK INC COM 031100100 3,137,961 12,970 SH SOLE 12,970 0 0
APPLE INC COM 037833100 2,802,451 9,685 SH SOLE 9,685 0 0
APPLIED MATLS INC COM 038222105 6,651,600 9,200 SH SOLE 9,200 0 0
ASML HLDG NV N Y REGISTRY SHS N07059210 21,883,862 11,000 SH SOLE 11,000 0 0
ATI INC COM 01741R102 2,474,590 12,555 SH SOLE 12,555 0 0
ATKORE INC COM 047649108 1,728,921 22,737 SH SOLE 22,737 0 0
AXCELIS TECHNOLOGIES INC COM NEW 054540208 17,113,776 90,334 SH SOLE 90,334 0 0
Antero Resources Corporation COM 03674x106 18,742,094 533,355 SH SOLE 533,355 0 0
BANK OF AMER CORP COM 060505104 4,064,611 71,334 SH SOLE 71,334 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 11,171,707 22,326 SH SOLE 22,326 0 0
BOEING CO COM 097023105 15,034,707 69,454 SH SOLE 69,454 0 0
BRUKER CORP COM 116794108 40,146,307 667,103 SH SOLE 667,103 0 0
BUNGE GLOBAL SA COM SHS H11356104 14,488,731 135,751 SH SOLE 135,751 0 0
CABOT CORP COM 127055101 1,119,447 12,326 SH SOLE 12,326 0 0
CAMECO CORP COM 13321L108 19,726,625 193,664 SH SOLE 193,664 0 0
CANADIAN NAT RES LTD MED TER COM 136385101 22,000,174 556,966 SH SOLE 556,966 0 0
CANADIAN NATL RY CO COM 136375102 5,511,272 46,220 SH SOLE 46,220 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646k108 5,111,050 58,985 SH SOLE 58,985 0 0
CATERPILLAR INC COM 149123101 4,747,324 4,458 SH SOLE 4,458 0 0
CELANESE CORP DEL COM 150870103 5,634,310 122,485 SH SOLE 122,485 0 0
CF INDUSTRIES HOLD COM 125269100 12,519,186 115,640 SH SOLE 115,640 0 0
CHEMOURS CO COM 163851108 7,152,225 348,549 SH SOLE 348,549 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101 5,784,446 616,022 SH SOLE 616,022 0 0
COHERENT CORP COM 19247G107 3,944,700 10,000 SH SOLE 10,000 0 0
COMSTOCK RES INC COM 205768302 4,104,238 275,083 SH SOLE 275,083 0 0
CORE LABORATORIES INC COM 21867A105 697,951 59,910 SH SOLE 59,910 0 0
CORE NATURAL RESOURCES INC COM SHS 218937100 17,597,518 219,914 SH SOLE 219,914 0 0
CSX CORP COM 126408103 5,651,697 118,908 SH SOLE 118,908 0 0
CTS CORP COM 126501105 2,204,334 33,814 SH SOLE 33,814 0 0
DENISON MINES CORP COM 248356107 2,023,440 661,255 SH SOLE 661,255 0 0
DOW HLDGS INC COM 260557103 7,683,973 280,847 SH SOLE 280,847 0 0
DUKE ENERGY CORP NEW COM NEW 26441C204 210,882 1,666 SH SOLE 1,666 0 0
EAST WEST BANCORP INC COM 27579R104 6,169,856 47,795 SH SOLE 47,795 0 0
ELANCO ANIMAL HEALTH INC COM 28414H103 222,720 9,050 SH SOLE 9,050 0 0
ENPHASE ENERGY INC COM 29355A107 785,279 15,948 SH SOLE 15,948 0 0
EQT CORP COM 26884L109 15,815,629 297,454 SH SOLE 297,454 0 0
EXPAND ENERGY CORPORATION COM 165167735 15,934,814 174,743 SH SOLE 174,743 0 0
Energy Recovery Inc COM 29270j100 693,908 76,930 SH SOLE 76,930 0 0
FERROGLOBE PLC SHS G33856108 13,360,124 4,201,296 SH SOLE 4,201,296 0 0
FLUOR CORP COM 343412102 13,347,976 254,781 SH SOLE 254,781 0 0
FMC CORP COM NEW 302491303 582,670 50,667 SH SOLE 50,667 0 0
FORD MTR CO COM 345370860 6,392,095 459,863 SH SOLE 459,863 0 0
FREEPORT MCMORAN INC CL B 35671D857 13,152,647 209,137 SH SOLE 209,137 0 0
GE VERNOVA INC COM 36828A101 12,706,110 10,815 SH SOLE 10,815 0 0
GENIE ENERGY LTD CL B 372284208 2,320,670 160,600 SH SOLE 160,600 0 0
GLOBALFOUNDRIES INC ORDINARY S ORDINARY SHARES g39387108 9,383,202 113,860 SH SOLE 113,860 0 0
GOLAR LNG LTD SHS G9456A100 3,811,663 76,478 SH SOLE 76,478 0 0
HEXCEL CORP NEW COM 428291108 932,259 9,317 SH SOLE 9,317 0 0
HUNTSMAN CORP COM 447011107 1,401,064 131,927 SH SOLE 131,927 0 0
ILLUMINA INC COM 452327109 22,471,777 127,804 SH SOLE 127,804 0 0
INTEL CORP COM 458140100 508,392 3,641 SH SOLE 3,641 0 0
IPERIONX LTD SPONSORED ADS 44916E100 10,262,350 345,185 SH SOLE 345,185 0 0
IPG PHOTONICS CORP COM 44980X109 9,525,093 81,189 SH SOLE 81,189 0 0
KBR INC COM 48242W106 975,403 28,248 SH SOLE 28,248 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103 5,172,284 14,775 SH SOLE 14,775 0 0
KINDER MORGAN INC DEL COM 49456B101 1,707,773 53,418 SH SOLE 53,418 0 0
L3HARRIS TECHNOLOGIES INC COM 502431109 2,445,314 8,415 SH SOLE 8,415 0 0
LAM RESEARCH CORP COM NEW 512807306 2,166,650 5,000 SH SOLE 5,000 0 0
LINDE PLC SHS G54950103 1,203,940 2,320 SH SOLE 2,320 0 0
LITHIUM AMERS CORP NEW COM SHS 53681J103 3,428,363 890,484 SH SOLE 890,484 0 0
LITHIUM ARGENTINA AG COM SHS H5012F103 1,183,205 143,072 SH SOLE 143,072 0 0
LOCKHEED MARTIN CORP COM 539830109 24,678,873 48,441 SH SOLE 48,441 0 0
LOWES COS INC COM 548661107 294,133 1,334 SH SOLE 1,334 0 0
LUMEN TECHNOLOGIES INC COM 550241103 504,844 65,735 SH SOLE 65,735 0 0
LYONDELLBASELL INDUSTRIES NV SHS - A - N53745100 6,701,397 127,282 SH SOLE 127,282 0 0
MATERION CORP COM 576690101 2,134,070 7,176 SH SOLE 7,176 0 0
MKS INC. COM 55306N104 3,909,792 8,790 SH SOLE 8,790 0 0
MOSAIC CO COM 61945C103 1,796,615 84,786 SH SOLE 84,786 0 0
MP MATERIALS CORP COM CL A 553368101 1,249,023 22,300 SH SOLE 22,300 0 0
NAVITAS SEMICONDUCTOR CORP COM 63942X106 7,657,610 427,322 SH SOLE 427,322 0 0
NEXGEN ENERGY LTD COM 65340P106 19,114,593 2,035,633 SH SOLE 2,035,633 0 0
NOBLE CORP PLC ORD SHS A G65431127 8,025,206 215,153 SH SOLE 215,153 0 0
NOKIA CORP SPONSORED ADR 654902204 18,058,588 1,359,833 SH SOLE 1,359,833 0 0
NORFOLK SOUTHN CORP COM 655844108 4,503,355 14,315 SH SOLE 14,315 0 0
NORTHROP GRUMMAN CORP COM 666807102 12,326,837 24,203 SH SOLE 24,203 0 0
NOV INC COM 62955J103 1,693,726 91,306 SH SOLE 91,306 0 0
NUTRIEN LTD COM 67077M108 16,307,059 259,047 SH SOLE 259,047 0 0
OCEANEERING INTL INC COM 675232102 28,102,605 693,549 SH SOLE 693,549 0 0
ODYSSEY MARINE EXPL INC COM NEW 676118201 3,829,073 4,502,674 SH SOLE 4,502,674 0 0
OLIN CORP COM PAR $1 680665205 6,419,083 323,869 SH SOLE 323,869 0 0
ONEOK INC NEW COM 682680103 846,534 9,737 SH SOLE 9,737 0 0
PBF ENERGY INC CL A 69318G106 6,404,208 140,690 SH SOLE 140,690 0 0
PETROLEO BRASILEIRO S A SPONSORED ADR 71654V408 5,520,983 341,645 SH SOLE 341,645 0 0
POWER INTEGRATIONS INC COM 739276103 1,552,575 18,536 SH SOLE 18,536 0 0
RALLIANT CORP COM 750940108 2,201,757 29,903 SH SOLE 29,903 0 0
RIO TINTO PLC SPONSORED ADR 767204100 13,834,766 145,736 SH SOLE 145,736 0 0
RTX CORPORATION COM 75513E101 295,789 1,559 SH SOLE 1,559 0 0
Range Resources Corp COM 75281a109 12,824,195 344,829 SH SOLE 344,829 0 0
SASOL LTD SPONSORED ADR 803866300 779,099 79,338 SH SOLE 79,338 0 0
SCIENCE APPLICATIONS INTL CO COM 808625107 1,082,018 9,800 SH SOLE 9,800 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 20,005,949 295,073 SH SOLE 295,073 0 0
SLB LIMITED COM STK 806857108 22,290,960 479,478 SH SOLE 479,478 0 0
SPDR GOLD TR GOLD SHS 78463V107 368,380 1,000 SH SOLE 1,000 0 0
STELLANTIS N.V SHS N82405106 2,313,834 403,107 SH SOLE 403,107 0 0
SUNCOR ENERGY INC NEW COM 867224107 22,453,964 418,292 SH SOLE 418,292 0 0
TECK RESOURCES LTD CL B 878742204 4,526,868 76,133 SH SOLE 76,133 0 0
TELEDYNE TECHNOLOGIES INC COM 879360105 2,840,994 4,260 SH SOLE 4,260 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 5,055,212 10,083 SH SOLE 10,083 0 0
TIDEWATER INC NEW COM 88642R109 26,238,094 393,788 SH SOLE 393,788 0 0
TMC The Metals Co Inc. COM 87261y106 5,333,888 1,204,038 SH SOLE 1,204,038 0 0
TRANSOCEAN LTD REGISTERED SHS H8817H100 464,550 95,000 SH SOLE 95,000 0 0
TRILOGY METALS INC NEW COM 89621C105 21,385,226 6,092,657 SH SOLE 6,092,657 0 0
UNION PAC CORP COM 907818108 14,380,640 52,870 SH SOLE 52,870 0 0
VALE S A SPONSORED ADS 91912E105 2,578,698 171,456 SH SOLE 171,456 0 0
VEECO INSTRS INC DEL COM 922417100 4,731,663 62,423 SH SOLE 62,423 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 2,044,725 48,293 SH SOLE 48,293 0 0
VERTIV HOLDINGS CO COM CL A 92537N108 10,197,955 30,458 SH SOLE 30,458 0 0
VIRTU FINL INC CL A 928254101 222,613 3,737 SH SOLE 3,737 0 0
WASTE MGMT INC DEL COM 94106L109 435,061 1,952 SH SOLE 1,952 0 0
WEATHERFORD INTL PLC ORD SHS G48833118 6,890,580 84,547 SH SOLE 84,547 0 0
WELLS FARGO & CO COM 949746101 664,177 8,037 SH SOLE 8,037 0 0
WILLIAMS COS INC COM 969457100 572,120 7,696 SH SOLE 7,696 0 0
WOLFSPEED INC COMMON STOCK 97785W106 5,146,393 106,661 SH SOLE 106,661 0 0