The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| ALLIED GOLD CORP | COM NEW | 01921D204 | 33,002,954 | 1,387,845 | SH | SOLE | 1,387,845 | 0 | 0 | ||
| B2GOLD CORP | COM | 11777Q209 | 43,277,810 | 11,571,607 | SH | SOLE | 11,571,607 | 0 | 0 | ||
| CADELER A S | SPON ADR | 12738K109 | 11,831,028 | 539,983 | SH | SOLE | 539,983 | 0 | 0 | ||
| CENOVUS ENERGY INC | COM | 15135U109 | 14,886,000 | 600,000 | SH | SOLE | 600,000 | 0 | 0 | ||
| CHORD ENERGY CORPORATION | COM NEW | 674215207 | 56,758,523 | 496,575 | SH | SOLE | 496,575 | 0 | 0 | ||
| COEUR MNG INC | COM NEW | 192108504 | 162,258,401 | 9,942,304 | SH | SOLE | 9,942,304 | 0 | 0 | ||
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 | 16,137,073 | 201,663 | SH | SOLE | 201,663 | 0 | 0 | ||
| ELEMENTAL RTY CORP | COM NEW | 28620K106 | 11,200,852 | 641,515 | SH | SOLE | 641,515 | 0 | 0 | ||
| ENDEAVOUR SILVER CORP | COM | 29258Y103 | 37,289,336 | 4,503,543 | SH | SOLE | 4,503,543 | 0 | 0 | ||
| I-80 GOLD CORP | *W EXP 11/16/202 | 44955L155 | 32,449,871 | 41,602,399 | SH | SOLE | 41,602,399 | 0 | 0 | ||
| I-80 GOLD CORP | COM | 44955L106 | 118,229,125 | 82,103,559 | SH | SOLE | 82,103,559 | 0 | 0 | ||
| MCEWEN INC. | COM NEW | 58039P305 | 2,048,690 | 113,000 | SH | SOLE | 113,000 | 0 | 0 | ||
| NEXMETALS MINING CORP. | COM NEW | 65346E204 | 8,274,293 | 3,513,500 | SH | SOLE | 3,513,500 | 0 | 0 | ||
| OSISKO DEVELOPMENT CORP | COM NEW | 68828E809 | 61,625,411 | 25,050,980 | SH | SOLE | 25,050,980 | 0 | 0 | ||
| RAYONIER ADVANCED MATLS INC | COM | 75508B104 | 49,980,773 | 6,358,877 | SH | SOLE | 6,358,877 | 0 | 0 | ||
| SEADRILL LTD | COM | G7997W102 | 48,408,390 | 1,279,968 | SH | SOLE | 1,279,968 | 0 | 0 | ||
| SIBANYE STILLWATER LTD | SPONSORED ADR | 82575P107 | 44,525,542 | 5,244,469 | SH | SOLE | 5,244,469 | 0 | 0 | ||
| TIDEWATER INC NEW | COM | 88642R109 | 19,049,517 | 285,900 | SH | SOLE | 285,900 | 0 | 0 | ||
| TSAKOS ENERGY NAVIGATION LTD | SHS | G9108L173 | 6,187,168 | 174,927 | SH | SOLE | 174,927 | 0 | 0 | ||
| VALARIS LTD | CL A | G9460G101 | 77,464,926 | 1,067,010 | SH | SOLE | 1,067,010 | 0 | 0 | ||