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
ABBVIE INC COM 00287Y109 298,697 1,187 SH SOLE 1,187 0 0
ADVANCED MICRO DEVICES INC COM 007903107 898,668 1,547 SH SOLE 1,547 0 0
AEHR TEST SYSTEMS COM 00760J108 960,216 9,996 SH SOLE 9,996 0 0
AERCAP HOLDINGS NV COM N00985106 1,379,225 9,461 SH SOLE 9,461 0 0
AGNICO EAGLE MINES LTD COM 008474108 9,284,531 59,850 SH SOLE 59,850 0 0
ALAMOS GOLD INC CLASS A COM 011532108 9,055,458 298,466 SH SOLE 298,466 0 0
ALLIANT ENERGY CORP COM 018802108 1,593,088 20,882 SH SOLE 20,882 0 0
ALPHABET INC CLASS A COM 02079K305 5,319,810 14,886 SH SOLE 14,886 0 0
ALPHABET INC CLASS C COM 02079K107 2,839,007 8,035 SH SOLE 8,035 0 0
AMAZON INC COM 023135106 2,233,961 9,373 SH SOLE 9,373 0 0
AMEREN CORP COM 023608102 1,548,196 13,696 SH SOLE 13,696 0 0
AMERICAN ELECTRIC POWER INC COM 025537101 1,591,921 11,636 SH SOLE 11,636 0 0
AMERICAN TOWER CORP COM 03027X100 1,862,899 11,389 SH SOLE 11,389 0 0
AMPHENOL CORP CLASS A COM 032095101 320,373 1,817 SH SOLE 1,817 0 0
ANALOG DEVICES INC COM 032654105 294,303 741 SH SOLE 741 0 0
ANGLOGOLD ASHANTI PLC COM G0378L100 6,030,350 74,550 SH SOLE 74,550 0 0
APPLE INC COM 037833100 1,801,845 6,227 SH SOLE 6,227 0 0
APPLIED MATERIAL INC COM 038222105 576,231 797 SH SOLE 797 0 0
ARCELORMITTAL SA COM 03938L203 2,168 36 SH SOLE 36 0 0
ARGENX SE COM 04016X101 1,639,370 1,767 SH SOLE 1,767 0 0
ARM HOLDINGS COM 042068205 3,900 11 SH SOLE 11 0 0
ASCENDIS PHARMA COM 04351P101 6,935 26 SH SOLE 26 0 0
ASML HOLDING NV COM N07059210 465,529 234 SH SOLE 234 0 0
BAE SYSTEMS PLC COM 05523R107 3,624 37 SH SOLE 37 0 0
BAIDU INC CLASS A COM 056752108 3,657 32 SH SOLE 32 0 0
BARRICK MINING CORP COM 06849F108 17,031,995 463,708 SH SOLE 463,708 0 0
BAYTEX ENERGY CORP COM 07317Q105 68,000,000 17,000,000 SH SOLE 17,000,000 0 0
BCE INC COM 05534B760 14,522,713 675,161 SH SOLE 675,161 0 0
BITWISE HYPERLIQUID ETF COM 09175T106 269,965 7,340 SH SOLE 7,340 0 0
BROADCOM INC COM 11135F101 1,718,763 4,550 SH SOLE 4,550 0 0
BROOKFIELD INFRASTRUCTURE PARTNERS COM G16252101 2,452,168 149,888 SH SOLE 149,888 0 0
BUENAVENTURA COM 204448104 3,674,899 125,466 SH SOLE 125,466 0 0
CAMECO CORP COM 13321L108 35,967,479 353,107 SH SOLE 353,107 0 0
CANADIAN IMPERIAL BANK OF COMMERCE COM 136069101 6,709,790 58,346 SH SOLE 58,346 0 0
CANADIAN NATIONAL RAILWAY COM 136375102 27,933,162 234,260 SH SOLE 234,260 0 0
CANADIAN NATURAL RESOURCES LTD COM 136385101 14,844,377 375,807 SH SOLE 375,807 0 0
CANADIAN PACIFIC KANSAS CITY LTD COM 13646K108 7,784,983 89,844 SH SOLE 89,844 0 0
CARDINAL HEALTH INC COM 14149Y108 315,955 1,330 SH SOLE 1,330 0 0
CATERPILLAR INC COM 149123101 604,863 568 SH SOLE 568 0 0
CELESTICA INC COM 15101Q207 2,879,731 7,894 SH SOLE 7,894 0 0
CENOVUS ENERGY COM 15135U109 126,531,000 5,100,000 SH SOLE 5,100,000 0 0
CENTERPOINT ENERGY INC COM 15189T107 1,567,296 35,588 SH SOLE 35,588 0 0
CHENIERE ENERGY INC COM 16411R208 1,396,296 5,842 SH SOLE 5,842 0 0
CHEVRON CORP COM 166764100 228,915 1,381 SH SOLE 1,381 0 0
CHORD ENERGY CORP COM 674215207 5,143,500 45,000 SH SOLE 45,000 0 0
CIPHER DIGITAL INC COM 17253J106 744,580 30,391 SH SOLE 30,391 0 0
CIRCLE INTERNET GROUP INC CLASS A COM 172573107 250,520 4,000 SH SOLE 4,000 0 0
CISCO SYSTEMS INC COM 17275R102 482,526 4,108 SH SOLE 4,108 0 0
CITIGROUP INC COM 172967424 579,714 4,142 SH SOLE 4,142 0 0
COCA-COLA COM 191216100 353,118 4,345 SH SOLE 4,345 0 0
COEUR MINING INC COM 192108504 10,677,246 654,243 SH SOLE 654,243 0 0
COINBASE GLOBAL INC CLASS A COM 19260Q107 752,440 5,147 SH SOLE 5,147 0 0
COLLECTIVE MINING LTD COM 19425C100 3,744,997 305,714 SH SOLE 305,714 0 0
COMPANHIA DE SANEAMENTO BASICO DO COM 20441A102 4,740 820 SH SOLE 820 0 0
CONTANGO SILVER AND GOLD INC COM 21077F100 5,714,385 361,899 SH SOLE 361,899 0 0
CORNING INC COM 219350105 2,034,245 7,964 SH SOLE 7,964 0 0
COSTCO WHOLESALE CORP COM 22160K105 692,248 740 SH SOLE 740 0 0
CROWDSTRIKE HOLDINGS INC CLASS A COM 22788C105 2,412,286 3,161 SH SOLE 3,161 0 0
CSX CORP COM 126408103 2,078,582 43,732 SH SOLE 43,732 0 0
DATADOG INC CLASS A COM 23804L103 2,334,388 8,966 SH SOLE 8,966 0 0
DENISON MINES CORP COM 248356107 581,400 190,000 SH SOLE 190,000 0 0
DEVON ENERGY CORP COM 25179M103 70,244,000 1,700,000 SH SOLE 1,700,000 0 0
DIAMONDBACK ENERGY INC COM 25278X109 69,889,776 397,598 SH SOLE 397,598 0 0
DIGITAL REALTY TRUST INC COM 253868103 1,509,729 8,407 SH SOLE 8,407 0 0
DIGITALOCEAN HOLDINGS INC COM 25402D102 1,707,858 10,876 SH SOLE 10,876 0 0
DUTCH BROS INC CLASS A COM 26701L100 2,706,591 37,691 SH SOLE 37,691 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 1,787,761 19,763 SH SOLE 19,763 0 0
ELI LILLY COM 532457108 3,370,398 2,810 SH SOLE 2,810 0 0
ENBRIDGE INC COM 29250N105 27,518,405 507,626 SH SOLE 507,626 0 0
ENTERGY CORP COM 29364G103 1,667,308 14,516 SH SOLE 14,516 0 0
EQUINIX INC COM 29444U700 3,320,012 3,185 SH SOLE 3,185 0 0
ERO COPPER CORP COM 296006109 668,750 25,000 SH SOLE 25,000 0 0
EVERGY INC COM 30034W106 1,528,428 17,684 SH SOLE 17,684 0 0
EXPAND ENERGY CORP COM 165167735 4,559,500 50,000 SH SOLE 50,000 0 0
EXXONMOBIL HOLDINGS CORP COM 30231G102 478,110 3,497 SH SOLE 3,497 0 0
FASTENAL COM 311900104 1,050,944 21,881 SH SOLE 21,881 0 0
FIGURE TECHNOLOGY SOLUTIONS COM 349381103 746,038 24,293 SH SOLE 24,293 0 0
FORTIS INC COM 349553107 5,600,585 97,861 SH SOLE 97,861 0 0
FREEPORT MCMORAN INC COM 35671D857 5,066,607 80,563 SH SOLE 80,563 0 0
GALAXY DIGITAL INC CLASS A COM 36317J209 802,238 29,343 SH SOLE 29,343 0 0
GE AEROSPACE COM 369604301 586,009 1,568 SH SOLE 1,568 0 0
GE VERNOVA INC COM 36828A101 1,812,809 1,543 SH SOLE 1,543 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 553,219 547 SH SOLE 547 0 0
GUARDANT HEALTH INC COM 40131M109 2,853,271 19,018 SH SOLE 19,018 0 0
HECLA MINING COM 422704106 5,533,198 358,600 SH SOLE 358,600 0 0
HOWMET AEROSPACE INC COM 443201108 362,692 1,349 SH SOLE 1,349 0 0
HSBC HOLDINGS COM 404280406 4,279 45 SH SOLE 45 0 0
HYCROFT MINING HOLDING CORP COM 44862P208 14,704,677 628,405 SH SOLE 628,405 0 0
IAMGOLD CORP COM 450913108 6,429,329 405,892 SH SOLE 405,892 0 0
ING GROEP COM 456837103 9,163 292 SH SOLE 292 0 0
INTEL CORPORATION CORP COM 458140100 2,070,713 14,830 SH SOLE 14,830 0 0
INTERACTIVE BROKERS GROUP INC COM 45841N107 310,036 3,562 SH SOLE 3,562 0 0
IREN LTD COM Q4982L109 534,309 11,684 SH SOLE 11,684 0 0
ISHARES 20 YR TR BD ETF PUT 464287952 69,136,000 800,000 SH Put SOLE 800,000 0 0
ISHARES IBOXX INV CP ETF CALL 464287902 43,628,000 400,000 SH Call SOLE 400,000 0 0
ISHARES IBOXX INV CP ETF PUT 464287952 43,628,000 400,000 SH Put SOLE 400,000 0 0
JFROG LTD COM M6191J100 2,261,731 24,887 SH SOLE 24,887 0 0
JOHNSON & JOHNSON COM 478160104 640,004 2,520 SH SOLE 2,520 0 0
JPMORGAN CHASE COM 46625H100 936,491 2,861 SH SOLE 2,861 0 0
KINROSS GOLD CORP COM 496902404 25,216,051 1,067,572 SH SOLE 1,067,572 0 0
L3HARRIS TECHNOLOGIES INC COM 502431109 247,583 852 SH SOLE 852 0 0
LAM RESEARCH CORP COM 512807306 2,048,784 4,728 SH SOLE 4,728 0 0
LINDE PLC COM G54950103 2,756,090 5,311 SH SOLE 5,311 0 0
LIVANOVA PLC COM G5509L101 6,907 84 SH SOLE 84 0 0
MASTEC INC COM 576323109 1,679,634 4,037 SH SOLE 4,037 0 0
META PLATFORMS INC CLASS A COM 30303M102 932,808 1,656 SH SOLE 1,656 0 0
MICROSOFT CORP COM 594918104 1,587,573 4,256 SH SOLE 4,256 0 0
MIZUHO FINANCIAL GROUP COM 60687Y109 7,204 752 SH SOLE 752 0 0
MONSTER BEVERAGE CORP COM 61174X109 2,212,106 23,014 SH SOLE 23,014 0 0
MORGAN STANLEY COM 617446448 914,550 4,375 SH SOLE 4,375 0 0
NASDAQ INC COM 631103108 193,503 2,455 SH SOLE 2,455 0 0
NATERA INC COM 632307104 2,589,090 9,538 SH SOLE 9,538 0 0
NEBIUS NV CLASS A COM N97284108 3,590 13 SH SOLE 13 0 0
NEWMONT COM 651639106 1,861,462 19,930 SH SOLE 19,930 0 0
NEXGEN ENERGY LTD COM 65340P106 3,333,450 355,000 SH SOLE 355,000 0 0
NEXTERA ENERGY INC COM 65339F101 1,709,233 19,474 SH SOLE 19,474 0 0
NISOURCE INC COM 65473P105 1,793,586 37,720 SH SOLE 37,720 0 0
NORTHERN OIL AND GAS INC COM 665531307 1,815,000 100,000 SH SOLE 100,000 0 0
NVENT ELECTRIC PLC COM G6700G107 2,544 15 SH SOLE 15 0 0
NVIDIA CORP COM 67066G104 5,038,666 25,182 SH SOLE 25,182 0 0
ORLA MINING LTD COM 68634K106 2,178,275 222,500 SH SOLE 222,500 0 0
OVINTIV INC COM 69047Q102 1,474 28 SH SOLE 28 0 0
PALANTIR TECHNOLOGIES INC CLASS A COM 69608A108 2,242,281 19,219 SH SOLE 19,219 0 0
PALO ALTO NETWORKS INC COM 697435105 773,092 2,267 SH SOLE 2,267 0 0
PAN AMERICAN SILVER CORP COM 697900108 7,224,896 161,306 SH SOLE 161,306 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 1,402,000 25,000 SH SOLE 25,000 0 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105 6,443,500 350,000 SH SOLE 350,000 0 0
QUANTA SERVICES INC COM 74762E102 1,541,606 2,141 SH SOLE 2,141 0 0
RIOT PLATFORMS INC COM 767292105 720,395 26,311 SH SOLE 26,311 0 0
ROBINHOOD MARKETS INC CLASS A COM 770700102 1,079,614 10,766 SH SOLE 10,766 0 0
ROYAL BANK OF CANADA COM 780087102 29,767,874 143,827 SH SOLE 143,827 0 0
SEMPRA COM 816851109 1,423,840 15,358 SH SOLE 15,358 0 0
SHOPIFY INC COM 82509L107 29,027,068 254,222 SH SOLE 254,222 0 0
SILICON MOTION TECHNOLOGY COM 82706C108 4,000 12 SH SOLE 12 0 0
SILVER BOW MINING CORP COM 827427105 1,014,000 150,000 SH SOLE 150,000 0 0
SOUTH BOW CORP COM 83671M105 6,167,000 175,000 SH SOLE 175,000 0 0
SPACE EXPLORATION TECHNOLOGIES COM 84615Q103 2,871,473 16,806 SH SOLE 16,806 0 0
SPHERE ENTERTAINMENT CLASS A COM 55826T102 2,219,629 12,828 SH SOLE 12,828 0 0
SPDR S&P 500 COM 78462F103 30,692,247 41,100 SH SOLE 41,100 0 0
SPDR S&P 500 PUT 78462F953 32,111,110 43,000 SH Put SOLE 43,000 0 0
STERLING INFRASTRUCTURE INC COM 859241101 1,696,347 2,021 SH SOLE 2,021 0 0
STMICROELECTRONICS NV COM 861012102 1,455,412 19,434 SH SOLE 19,434 0 0
SUMITOMO MITSUI FIN GRP COM 86562M209 2,521,386 106,929 SH SOLE 106,929 0 0
SUNCOR ENERGY INC COM 867224107 130,814,724 2,436,936 SH SOLE 2,436,936 0 0
SUNSHINE SILVER MINING AND REFINING COM 867866105 9,254,000 700,000 SH SOLE 700,000 0 0
TAIWAN SEMICONDUCTOR MANUFACTURING COM 874039100 6,245,660 13,078 SH SOLE 13,078 0 0
TALEN ENERGY CORP COM 87422Q109 1,694,202 4,409 SH SOLE 4,409 0 0
TARGA RESOURCES CORP COM 87612G101 2,159,868 8,055 SH SOLE 8,055 0 0
TC ENERGY CORP COM 87807B107 7,393,987 111,540 SH SOLE 111,540 0 0
TECHNIPFMC PLC COM G87110105 6,100 92 SH SOLE 92 0 0
TENARIS SA COM 88031M109 2,331 42 SH SOLE 42 0 0
TERAWULF INC COM 88080T104 847,358 34,306 SH SOLE 34,306 0 0
TESLA INC COM 88160R101 1,848,116 4,394 SH SOLE 4,394 0 0
TJX INC COM 872540109 264,671 1,747 SH SOLE 1,747 0 0
TORONTO DOMINION BK COM 891160509 29,902,866 246,256 SH SOLE 246,256 0 0
TRANSOCEAN LTD COM H8817H100 34,230,000 7,000,000 SH SOLE 7,000,000 0 0
UNION PACIFIC CORP COM 907818108 2,347,088 8,629 SH SOLE 8,629 0 0
URANIUM ENERGY CORP COM 916896103 1,124,619 105,499 SH SOLE 105,499 0 0
VIPER ENERGY INC CLASS A COM 64361Q101 10,600,000 250,000 SH SOLE 250,000 0 0
VIZSLA SILVER CORP COM 92859G608 11,253,000 3,410,000 SH SOLE 3,410,000 0 0
WALMART INC COM 931142103 813,320 7,181 SH SOLE 7,181 0 0
WEC ENERGY GROUP INC COM 92939U106 1,502,013 12,863 SH SOLE 12,863 0 0
WELLTOWER INC COM 95040Q104 332,738 1,466 SH SOLE 1,466 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 11,294,562 100,557 SH SOLE 100,557 0 0
WILLIAMS INC COM 969457100 2,023,312 27,217 SH SOLE 27,217 0 0
XCEL ENERGY INC COM 98389B100 1,520,802 18,939 SH SOLE 18,939 0 0