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
ADVANCED MICRO DEVICES INC COM 007903107 740,485 3,640 SH SOLE 3,640 0 0
AERCAP HOLDINGS NV COM N00985106 998,945 7,282 SH SOLE 7,282 0 0
AGNICO EAGLE MINES LTD COM 008474108 13,943,711 68,695 SH SOLE 68,695 0 0
ALAMOS GOLD INC CLASS A COM 011532108 13,260,844 298,466 SH SOLE 298,466 0 0
ALBEMARLE CORP COM 012653101 954,381 5,316 SH SOLE 5,316 0 0
ALLIANT ENERGY CORP COM 018802108 1,498,492 20,882 SH SOLE 20,882 0 0
ALPHABET INC CLASS A COM 02079K305 2,143,185 7,453 SH SOLE 7,453 0 0
ALPHABET INC CLASS C COM 02079K107 2,075,432 7,235 SH SOLE 7,235 0 0
AMAZON INC COM 023135106 1,747,802 8,392 SH SOLE 8,392 0 0
AMEREN CORP COM 023608102 1,505,464 13,696 SH SOLE 13,696 0 0
AMERICAN ELECTRIC POWER INC COM 025537101 1,525,247 11,636 SH SOLE 11,636 0 0
AMERICAN TOWER CORP COM 03027X100 1,334,389 7,732 SH SOLE 7,732 0 0
AMPHENOL CORP CLASS A COM 032095101 245,245 1,941 SH SOLE 1,941 0 0
ANGLOGOLD ASHANTI PLC COM G0378L100 7,254,878 74,516 SH SOLE 74,516 0 0
APPLE INC COM 037833100 1,462,846 5,764 SH SOLE 5,764 0 0
ASCENDIS PHARMA COM 04351P101 1,241,089 5,426 SH SOLE 5,426 0 0
ASML HOLDING NV COM N07059210 5,283 4 SH SOLE 4 0 0
ASTRAZENECA PLC COM G0593M107 4,536 23 SH SOLE 23 0 0
BAE SYSTEMS PLC COM 05523R107 4,078 35 SH SOLE 35 0 0
BAIDU INC CLASS A COM 056752108 2,674 24 SH SOLE 24 0 0
BARRICK MINING CORP COM 06849F108 13,953,525 342,082 SH SOLE 342,082 0 0
BCE INC COM 05534B760 12,329,462 488,489 SH SOLE 488,489 0 0
BROADCOM INC COM 11135F101 1,617,190 5,225 SH SOLE 5,225 0 0
BROOKFIELD INFRASTRUCTURE PARTNERS COM G16252101 3,054,705 84,571 SH SOLE 84,571 0 0
BUENAVENTURA COM 204448104 4,521,795 125,466 SH SOLE 125,466 0 0
CAMECO CORP COM 13321L108 31,421,959 289,310 SH SOLE 289,310 0 0
CAMTEK LTD COM M20791105 1,971 13 SH SOLE 13 0 0
CANADIAN IMPERIAL BANK OF COMMERCE COM 136069101 3,817,383 40,289 SH SOLE 40,289 0 0
CANADIAN NATIONAL RAILWAY COM 136375102 21,204,534 206,330 SH SOLE 206,330 0 0
CANADIAN NATURAL RESOURCES LTD COM 136385101 11,503,545 236,067 SH SOLE 236,067 0 0
CANADIAN PACIFIC KANSAS CITY LTD COM 13646K108 4,901,069 62,307 SH SOLE 62,307 0 0
CARETRUST INC COM 14174T107 647,239 17,660 SH SOLE 17,660 0 0
CATERPILLAR INC COM 149123101 592,273 836 SH SOLE 836 0 0
CBOE GLOBAL MARKETS INC COM 12503M108 1,436,268 5,110 SH SOLE 5,110 0 0
CELESTICA INC COM 15101Q207 1,253,194 4,449 SH SOLE 4,449 0 0
CELSIUS HOLDINGS INC COM 15118V207 718,115 20,240 SH SOLE 20,240 0 0
CENOVUS ENERGY COM 15135U109 119,049,837 4,500,000 SH SOLE 4,500,000 0 0
CENTERPOINT ENERGY INC COM 15189T107 1,535,978 35,588 SH SOLE 35,588 0 0
CIPHER DIGITAL INC COM 17253J106 649,240 50,446 SH SOLE 50,446 0 0
CIRCLE INTERNET GROUP INC CLASS A COM 172573107 381,640 4,000 SH SOLE 4,000 0 0
CISCO SYSTEMS INC COM 17275R102 573,235 7,388 SH SOLE 7,388 0 0
CITIGROUP INC COM 172967424 265,833 2,344 SH SOLE 2,344 0 0
CME GROUP INC CLASS A COM 12572Q105 255,182 864 SH SOLE 864 0 0
COCA-COLA COM 191216100 548,473 7,212 SH SOLE 7,212 0 0
COEUR MINING INC COM 192108504 12,280,141 654,243 SH SOLE 654,243 0 0
COINBASE GLOBAL INC CLASS A COM 19260Q107 805,476 4,613 SH SOLE 4,613 0 0
COLLECTIVE MINING LTD COM 19425C100 6,447,021 366,100 SH SOLE 366,100 0 0
COMPANHIA DE SANEAMENTO BASICO DO COM 20441A102 5,522 181 SH SOLE 181 0 0
CONTANGO SILVER AND GOLD INC COM 21077F100 6,785,606 361,899 SH SOLE 361,899 0 0
CORNING INC COM 219350105 2,446,236 17,991 SH SOLE 17,991 0 0
COSTCO WHOLESALE CORP COM 22160K105 2,124,389 2,132 SH SOLE 2,132 0 0
CSX CORP COM 126408103 1,795,199 43,732 SH SOLE 43,732 0 0
DENISON MINES CORP COM 248356107 670,700 190,000 SH SOLE 190,000 0 0
DIGITAL REALTY TRUST INC COM 253868103 1,515,025 8,407 SH SOLE 8,407 0 0
DIGITALOCEAN HOLDINGS INC COM 25402D102 1,565,228 18,247 SH SOLE 18,247 0 0
ELI LILLY COM 532457108 720,180 783 SH SOLE 783 0 0
ENBRIDGE INC COM 29250N105 20,290,697 374,782 SH SOLE 374,782 0 0
ENTERGY CORP COM 29364G103 1,631,018 14,516 SH SOLE 14,516 0 0
EQT CORP COM 26884L109 1,453,792 22,844 SH SOLE 22,844 0 0
EQUINIX INC COM 29444U700 1,839,910 1,877 SH SOLE 1,877 0 0
EQUINOR COM 29446M102 7,891 187 SH SOLE 187 0 0
ERO COPPER CORP COM 296006109 666,750 25,000 SH SOLE 25,000 0 0
EVERGY INC COM 30034W106 1,448,673 17,684 SH SOLE 17,684 0 0
EXXON MOBIL CORP COM 30231G102 723,770 4,266 SH SOLE 4,266 0 0
FABRINET COM G3323L100 4,172 8 SH SOLE 8 0 0
FASTLY INC CLASS A COM 31188V100 1,472,412 50,668 SH SOLE 50,668 0 0
FERROVIAL COM N3168P101 893,592 13,737 SH SOLE 13,737 0 0
FIGURE TECHNOLOGY SOLUTIONS COM 349381103 825,392 24,312 SH SOLE 24,312 0 0
FORTIS INC COM 349553107 3,179,807 56,996 SH SOLE 56,996 0 0
FREEPORT MCMORAN INC COM 35671D857 2,945,289 50,107 SH SOLE 50,107 0 0
FRONTLINE PLC COM M46528101 5,229,000 150,000 SH SOLE 150,000 0 0
GALAXY DIGITAL INC CLASS A COM 36317J209 773,848 41,943 SH SOLE 41,943 0 0
GE AEROSPACE COM 369604301 444,951 1,568 SH SOLE 1,568 0 0
GE VERNOVA INC COM 36828A101 1,572,093 1,801 SH SOLE 1,801 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 462,757 547 SH SOLE 547 0 0
GUARDANT HEALTH INC COM 40131M109 1,200,256 12,994 SH SOLE 12,994 0 0
HECLA MINING COM 422704106 6,680,718 358,600 SH SOLE 358,600 0 0
HOME DEPOT INC COM 437076102 334,481 1,017 SH SOLE 1,017 0 0
HOWMET AEROSPACE INC COM 443201108 310,891 1,349 SH SOLE 1,349 0 0
HSBC HOLDINGS PLC COM 404280406 4,207 51 SH SOLE 51 0 0
HYCROFT MINING HOLDING CLASS A COM 44862P208 22,457,882 638,008 SH SOLE 638,008 0 0
IAMGOLD CORP COM 450913108 7,883,698 418,900 SH SOLE 418,900 0 0
ING GROEP NV COM 456837103 7,607 292 SH SOLE 292 0 0
IREN LTD COM Q4982L109 659,993 19,253 SH SOLE 19,253 0 0
JOHNSON & JOHNSON COM 478160104 615,989 2,520 SH SOLE 2,520 0 0
JPMORGAN CHASE COM 46625H100 881,598 2,997 SH SOLE 2,997 0 0
KARMAN HOLDINGS INC COM 485924104 732,297 9,148 SH SOLE 9,148 0 0
KINROSS GOLD CORP COM 496902404 23,614,575 773,741 SH SOLE 773,741 0 0
L3HARRIS TECHNOLOGIES INC COM 502431109 294,068 852 SH SOLE 852 0 0
LINDE PLC COM G54950103 243,914 492 SH SOLE 492 0 0
LIVANOVA PLC COM G5509L101 2,860 45 SH SOLE 45 0 0
MASTEC INC COM 576323109 3,003,121 9,334 SH SOLE 9,334 0 0
MCDONALDS CORP COM 580135101 519,019 1,670 SH SOLE 1,670 0 0
META PLATFORMS INC CLASS A COM 30303M102 742,625 1,298 SH SOLE 1,298 0 0
MICROSOFT CORP COM 594918104 1,740,169 4,701 SH SOLE 4,701 0 0
MIZUHO FINANCIAL GROUP COM 60687Y109 2,263 285 SH SOLE 285 0 0
MONOLITHIC POWER SYSTEMS INC COM 609839105 1,201,592 1,099 SH SOLE 1,099 0 0
MORGAN STANLEY COM 617446448 719,994 4,375 SH SOLE 4,375 0 0
NASDAQ INC COM 631103108 267,743 3,154 SH SOLE 3,154 0 0
NATERA INC COM 632307104 1,568,322 7,842 SH SOLE 7,842 0 0
NEBIUS NV CLASS A COM N97284108 2,075 20 SH SOLE 20 0 0
NEWMONT COM 651639106 2,157,423 19,930 SH SOLE 19,930 0 0
NEXGEN ENERGY LTD COM 65340P106 4,118,000 355,000 SH SOLE 355,000 0 0
NEXTERA ENERGY INC COM 65339F101 1,808,745 19,474 SH SOLE 19,474 0 0
NISOURCE INC COM 65473P105 1,760,015 37,720 SH SOLE 37,720 0 0
NRG ENERGY INC COM 629377508 1,246,282 8,528 SH SOLE 8,528 0 0
NVENT ELECTRIC PLC COM G6700G107 4,731 40 SH SOLE 40 0 0
NVIDIA CORP COM 67066G104 3,240,178 18,579 SH SOLE 18,579 0 0
ORLA MINING LTD COM 68634K106 3,588,925 222,500 SH SOLE 222,500 0 0
OVINTIV INC COM 69047Q102 6,292 106 SH SOLE 106 0 0
PALO ALTO NETWORKS INC COM 697435105 487,052 3,038 SH SOLE 3,038 0 0
PAN AMERICAN SILVER CORP COM 697900108 8,812,147 161,306 SH SOLE 161,306 0 0
PAR PACIFIC HOLDINGS INC COM 69888T207 34,452,000 550,000 SH SOLE 550,000 0 0
PLANET LABS CLASS A COM 72703X106 1,409,435 50,427 SH SOLE 50,427 0 0
QUANTA SERVICES INC COM 74762E102 1,430,746 2,606 SH SOLE 2,606 0 0
RIOT PLATFORMS INC COM 767292105 388,722 31,450 SH SOLE 31,450 0 0
ROBINHOOD MARKETS INC CLASS A COM 770700102 637,283 9,196 SH SOLE 9,196 0 0
ROYAL BANK OF CANADA COM 780087102 16,374,886 101,217 SH SOLE 101,217 0 0
SEMPRA COM 816851109 1,492,337 15,358 SH SOLE 15,358 0 0
SHOPIFY INC CLA COM 82509L107 20,904,403 176,230 SH SOLE 176,230 0 0
SILICON MOTION TECHNOLOGY COM 82706C108 3,818 34 SH SOLE 34 0 0
SOCIEDAD QUIMICA Y MINERA DE CHILE COM 833635105 3,399 42 SH SOLE 42 0 0
SOUTH BOW CORP COM 83671M105 8,330,000 250,000 SH SOLE 250,000 0 0
SPHERE ENTERTAINMENT CLASS A COM 55826T102 723,184 6,160 SH SOLE 6,160 0 0
SPDR S&P 500 ETF COM 78462F103 29,915,640 46,000 SH SOLE 46,000 0 0
SPDR S&P 500 ETF PUT 78462F953 549,862,470 845,500 SH Put SOLE 845,500 0 0
SUMITOMO MITSUI FIN GRP COM 86562M209 739,124 37,424 SH SOLE 37,424 0 0
SUNCOR ENERGY INC COM 867224107 130,971,777 1,981,119 SH SOLE 1,981,119 0 0
TAIWAN SEMICONDUCTOR MANUFACTURING COM 874039100 3,063,855 9,066 SH SOLE 9,066 0 0
TARGA RESOURCES CORP COM 87612G101 2,019,630 8,055 SH SOLE 8,055 0 0
TC ENERGY CORP COM 87807B107 5,260,341 84,031 SH SOLE 84,031 0 0
TECHNIPFMC PLC COM G87110105 1,647,783 23,836 SH SOLE 23,836 0 0
TERAWULF INC COM 88080T104 409,091 28,350 SH SOLE 28,350 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 431,563 878 SH SOLE 878 0 0
TJX INC COM 872540109 1,729,551 10,830 SH SOLE 10,830 0 0
TKO GROUP HOLDINGS INC CLASS A COM 87256C101 889,075 4,409 SH SOLE 4,409 0 0
TORONTO DOMINION COM 891160509 16,173,422 173,330 SH SOLE 173,330 0 0
TRANSOCEAN LTD COM H8817H100 46,410,000 7,000,000 SH SOLE 7,000,000 0 0
UNION PACIFIC CORP COM 907818108 2,093,568 8,629 SH SOLE 8,629 0 0
URANIUM ENERGY CORP COM 916896103 1,520,438 112,625 SH SOLE 112,625 0 0
VALE SA COM 91912E105 1,575 99 SH SOLE 99 0 0
VIPER ENERGY INC CLASS A COM 64361Q101 9,398,000 200,000 SH SOLE 200,000 0 0
VIPER ENERGY INC CLASS A PUT 64361Q951 4,699,000 100,000 SH Put SOLE 100,000 0 0
VIZSLA SILVER CORP COM 92859G608 11,253,000 3,410,000 SH SOLE 3,410,000 0 0
WALMART INC COM 931142103 2,529,968 20,357 SH SOLE 20,357 0 0
WEC ENERGY GROUP INC COM 92939U106 1,489,150 12,863 SH SOLE 12,863 0 0
WELLTOWER INC COM 95040Q104 289,843 1,466 SH SOLE 1,466 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 15,272,491 116,575 SH SOLE 116,575 0 0
WILLIAMS INC COM 969457100 1,980,853 27,217 SH SOLE 27,217 0 0