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
ACACIA RESH CORP ACACIA TCH COM 003881307 2,288,461 491,086 SH SOLE 491,086 0 0
ADVANSIX INC COM 00773T101 24,047,425 1,209,629 SH SOLE 1,209,629 0 0
ALGOMA STL GROUP INC COM 015658107 7,233,794 1,786,122 SH SOLE 1,786,122 0 0
ARDMORE SHIPPING CORP COM Y0207T100 1,255,464 89,612 SH SOLE 89,612 0 0
BASSETT FURNITURE INDS INC COM 070203104 9,753,318 550,413 SH SOLE 550,413 0 0
CENOVUS ENERGY INC COM 15135U109 85,639,679 3,451,821 SH SOLE 3,451,821 0 0
CHATHAM LODGING TR COM 16208T102 8,976,952 678,530 SH SOLE 678,530 0 0
DAKOTA GOLD CORP COM 46655e100 127,800 30,000 SH SOLE 30,000 0 0
ELDORADO GOLD CORP NEW COM 284902509 12,065,809 387,779 SH SOLE 387,779 0 0
ENERFLEX LTD COM 29269R105 13,532,059 551,151 SH SOLE 551,151 0 0
EQUINOX GOLD CORP COM 29446Y502 37,703,826 3,870,237 SH SOLE 3,870,237 0 0
FIRST INTERNET BANCORP COM 320557101 9,848,456 354,261 SH SOLE 354,261 0 0
GALIANO GOLD INC COM 36352H100 26,386,629 14,125,317 SH SOLE 14,125,317 0 0
GREENFIRE RES LTD NEW COM SHS 39525U107 4,394,095 777,716 SH SOLE 777,716 0 0
HALLADOR ENERGY COMPANY COM 40609P105 31,511,132 1,812,026 SH SOLE 1,812,026 0 0
HARLEY DAVIDSON INC COM 412822108 33,485,740 1,369,000 SH SOLE 1,369,000 0 0
HENNESSY ADVISORS INC COM 425885100 1,733,295 170,768 SH SOLE 170,768 0 0
I-80 GOLD CORP COM 44955L106 1,635,611 1,126,349 SH SOLE 1,126,349 0 0
ISHARES SILVER TR ISHARES 46428Q109 472,782 8,842 SH SOLE 8,842 0 0
MERCER INTL INC COM 588056101 203,892 308,927 SH SOLE 308,927 0 0
MOHAWK INDS INC COM 608190104 17,749,972 146,295 SH SOLE 146,295 0 0
MOSAIC CO COM 61945C103 18,088,589 853,638 SH SOLE 853,638 0 0
NATURAL GAS SVCS GROUP INC COM 63886Q109 25,231,378 584,872 SH SOLE 584,872 0 0
NORTH AMERN CONSTR GROUP LTD COM 656811106 13,802,346 1,038,177 SH SOLE 1,038,177 0 0
PARK HOTELS & RESORTS INC COM 700517105 21,735,283 1,525,283 SH SOLE 1,525,283 0 0
PBF ENERGY INC CL A 69318G106 28,235,555 620,289 SH SOLE 620,289 0 0
PRECISION DRILLING CORP COM NEW 74022D407 38,701,593 504,059 SH SOLE 504,059 0 0
RADIAN GROUP INC COM 750236101 30,795,677 817,512 SH SOLE 817,512 0 0
RLJ LODGING TR COM 74965L101 24,285,686 2,049,425 SH SOLE 2,049,425 0 0
RYERSON HLDG CORP COM 783754104 27,488,829 1,116,978 SH SOLE 1,116,978 0 0
SM ENERGY COMPANY COM 78454L100 20,328,011 778,851 SH SOLE 778,851 0 0
SOLITARIO RESOURCES CORP COM 8342EP107 475,861 632,458 SH SOLE 632,458 0 0
SPDR GOLD TR GOLD SHS 78463V107 305,019 828 SH SOLE 828 0 0
SPROTT ASSET MANAGEMENT LP PHYSICAL GOLD AN 85208R101 300,679 7,474 SH SOLE 7,474 0 0
TIDEWATER INC NEW COM 88642R109 18,425,127 276,529 SH SOLE 276,529 0 0
VERMILION ENERGY INC COM 923725105 30,498,983 3,260,428 SH SOLE 3,260,428 0 0
VILLAGE SUPER MKT INC CL A NEW 927107409 2,350,818 55,733 SH SOLE 55,733 0 0
WEST FRASER TIMBER CO LTD COM 952845105 212,649 3,142 SH SOLE 3,142 0 0
WESTWOOD HLDGS GROUP INC COM 961765104 1,914,582 99,926 SH SOLE 99,926 0 0