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 5,498,100 30,000 SH SOLE 0 30,000 0
ALAMOS GOLD INC NEW COM CL A 011532108 3,239,000 100,000 SH SOLE 0 100,000 0
ALASKA AIR GROUP COM 011659109 28,199,877 728,679 SH SOLE 0 728,679 0
ALLEGIANT TRAVEL COM 01748X102 29,118,366 384,198 SH SOLE 0 384,198 0
AMERICAN AIRLINE COM 02376R102 90,748,273 6,787,455 SH SOLE 0 6,787,455 0
AMERICAS GOLD AN COM NEW 03062D803 10,520,548 2,400,000 SH SOLE 0 2,400,000 0
AMERICAS GOLD AN COM NEW 03062D803 876,712 200,000 SH SOLE 0 200,000 0
ANGLOGOLD ASHANT COM SHS G0378L100 5,671,198 60,364 SH SOLE 0 60,364 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100 939,500 10,000 SH SOLE 0 10,000 0
ANTERO RESOURCES CORP COM 03674X106 333,900 10,000 SH SOLE 0 10,000 0
ARDMORE SHIPPING COM Y0207T100 353,458 18,942 SH SOLE 0 18,942 0
ARIS MINING CORP COM 04040Y109 6,960,309 400,000 SH SOLE 0 400,000 0
AURA MINERALS INC SHS NEW G06973112 1,967,000 25,000 SH SOLE 0 25,000 0
AVINO SILVER & GOLD MINES LT COM 053906103 555,000 100,000 SH SOLE 0 100,000 0
AYA GOLD & SILVE COM 05466C109 15,474,710 575,000 SH SOLE 0 575,000 0
BAKER HUGHES COMPANY CL A 05722G100 274,500 5,000 SH SOLE 0 5,000 0
BARRICK MNG CORP COM SHS 06849F108 6,913,900 170,000 SH SOLE 0 170,000 0
BLUE MOON METALS COM 09570Q509 548,648 110,000 SH SOLE 0 110,000 0
BLUE MOON METALS COM 09570Q509 548,648 110,000 SH SOLE 0 110,000 0
BOEING CO/THE COM 097023105 14,746,323 79,260 SH SOLE 0 79,260 0
BOOKING HOLDINGS COM 09857L108 15,179,791 93,179 SH SOLE 0 93,179 0
BP PLC SPONSORED ADR 055622104 307,930 7,000 SH SOLE 0 7,000 0
BUENAVENTURA-ADR SPONSORED ADR 204448104 3,902,404 123,572 SH SOLE 0 123,572 0
BW LPG LTD COM Y10230103 705,130 28,161 SH SOLE 0 28,161 0
CAMECO CORP COM 13321L108 216,675 2,500 SH SOLE 0 2,500 0
CARNIVAL CORP LTD COMMON SHARES G2004J103 1,288,350 52,500 SH SOLE 0 52,500 0
CENTERRA GOLD IN COM 152006102 6,539,515 300,000 SH SOLE 0 300,000 0
CHENIERE ENERGY INC COM NEW 16411R208 1,667,986 6,200 SH SOLE 0 6,200 0
CME GROUP INC COM 12572Q105 120,773 461 SH SOLE 0 461 0
COEUR MINING INC COM NEW 192108504 5,425,939 308,292 SH SOLE 0 308,292 0
COEUR MNG INC COM NEW 192108504 264,000 15,000 SH SOLE 0 15,000 0
COEUR MNG INC COM NEW 192108504 1,318,557 74,918 SH SOLE 0 74,918 0
COEUR MNG INC COM NEW 192108504 6,149,176 349,385 SH SOLE 0 349,385 0
COLLECTIVE MININ COM 19425C100 183,772 15,000 SH SOLE 0 15,000 0
COLLECTIVE MININ COM 19425C100 122,515 10,000 SH SOLE 0 10,000 0
CONSTELLATION BRANDS INC CL A 21036P108 678,360 6,000 SH SOLE 0 6,000 0
COPA HOLDIN-CL A CL A P31076105 4,155,385 31,516 SH SOLE 0 31,516 0
DANAOS CORP SHS Y1968P121 342,414 2,219 SH SOLE 0 2,219 0
DELTA AIR LI COM NEW 247361702 91,803,914 1,099,975 SH SOLE 0 1,099,975 0
DHT HOLDINGS INC SHS NEW Y2065G121 941,553 41,717 SH SOLE 0 41,717 0
ELDORADO GOLD CORP NEW COM 284902509 2,886,750 75,000 SH SOLE 0 75,000 0
ELEMENTAL ROYALT COM NEW 28620K106 526,516 27,444 SH SOLE 0 27,444 0
ELEMENTAL ROYALT COM NEW 28620K106 6,503,751 339,000 SH SOLE 0 339,000 0
ELEMENTAL ROYALT COM NEW 28620K106 2,000,047 104,250 SH SOLE 0 104,250 0
EMBRAER SA-ADR SPONSORED ADS 29082A107 4,087,089 54,263 SH SOLE 0 54,263 0
ENDEAVOUR SILVER COM 29258Y103 257,113 30,000 SH SOLE 0 30,000 0
ENDEAVOUR SILVER COM 29258Y103 2,015,764 235,200 SH SOLE 0 235,200 0
ENDEAVOUR SILVER COM 29258Y103 257,113 30,000 SH SOLE 0 30,000 0
EXPEDIA GROUP IN COM NEW 30212P303 15,444,747 58,645 SH SOLE 0 58,645 0
EXPEDITORS INTL COM 302130109 512,191 2,774 SH SOLE 0 2,774 0
EXXONMOBIL HOLDINGS CORP COM SHS 30233Q108 2,359,875 14,500 SH SOLE 0 14,500 0
FEDEX CORP COM 31428X106 477,811 1,676 SH SOLE 0 1,676 0
FERRARI N V COM N3167Y103 2,861,912 7,285 SH SOLE 0 7,285 0
FORTUNA MINING C COM NEW 349942102 7,798,885 693,851 SH SOLE 0 693,851 0
FORTUNA MNG CORP COM NEW 349942102 157,360 14,000 SH SOLE 0 14,000 0
FRANCO NEV CORP COM 351858105 359,546 1,510 SH SOLE 0 1,510 0
FRANCO-NEVADA CO COM 351858105 19,094,041 80,190 SH SOLE 0 80,190 0
FRONTIER GROUP H COM 35909R108 31,140,702 5,216,198 SH SOLE 0 5,216,198 0
FRONTLINE PLC COM M46528101 731,512 14,847 SH SOLE 0 14,847 0
GALIANO GOLD INC COM 36352H100 135,800 70,000 SH SOLE 0 70,000 0
GENERAL DYNAMICS COM 369550108 15,206,442 45,826 SH SOLE 0 45,826 0
GLOBAL SHIP-CL A COM CL A Y27183600 338,863 7,677 SH SOLE 0 7,677 0
GLOBAL X FDS MSCI CHINA CNSMR 37950E408 70,965 4,500 SH SOLE 0 4,500 0
GLOBAL X FDS GLOBAL X SILVER 37954Y848 860,100 10,000 SH SOLE 0 10,000 0
GLOBAL X FDS GLOBAL X SILVER 37954Y848 2,580,300 30,000 SH SOLE 0 30,000 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 903,000 25,000 SH SOLE 0 25,000 0
GOLD FIELDS-ADR SPONSORED ADR 38059T106 6,611,080 183,031 SH SOLE 0 183,031 0
GOLD ROYALTY COR COMMON SHARES 38071H106 5,124,957 1,708,319 SH SOLE 0 1,708,319 0
GOLD X2 MINING I COM 38076G509 982,086 200,000 SH SOLE 0 200,000 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,350,540 1,500 SH SOLE 0 1,500 0
GRUPO AEROPO-ADR SPON ADR SER B 40051E202 3,792,439 16,125 SH SOLE 0 16,125 0
GRUPO AEROPO-ADR SPON ADR 400501102 3,992,505 41,326 SH SOLE 0 41,326 0
HAFNIA LTD SHS Y2990R101 769,545 77,419 SH SOLE 0 77,419 0
HALLIBURTON CO COM 406216101 318,000 10,000 SH SOLE 0 10,000 0
HARMONY GOLD-ADR SPONSORED ADR 413216300 5,503,548 310,584 SH SOLE 0 310,584 0
HECLA MINING COMPANY COM 422704106 1,277,250 75,000 SH SOLE 0 75,000 0
HF SINCLAIR CORP COM 403949100 268,300 2,500 SH SOLE 0 2,500 0
HIGHLANDER SILVE COM 43087N204 1,700,913 325,000 SH SOLE 0 325,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,568,332 4,930 SH SOLE 0 4,930 0
IAMGOLD CORP COM 450913108 10,585,750 575,000 SH SOLE 0 575,000 0
IAMGOLD CORP COM 450913108 5,746,313 312,130 SH SOLE 0 312,130 0
INTEGRA RES CORP COM 45826T509 899,500 350,000 SH SOLE 0 350,000 0
INTEGRA RESOURCE COM 45826T509 5,273,594 2,051,982 SH SOLE 0 2,051,982 0
INTERNATIONAL SE COM Y41053102 761,728 6,916 SH SOLE 0 6,916 0
IVANHOE ELECTRIC COM 46578C108 510,870 51,499 SH SOLE 0 51,499 0
JETBLUE AIRWAYS COM 477143101 27,500,491 6,501,298 SH SOLE 0 6,501,298 0
KINROSS GOLD COM 496902404 6,959,216 289,004 SH SOLE 0 289,004 0
KINROSS GOLD CORP COM 496902404 2,408,000 100,000 SH SOLE 0 100,000 0
LAS VEGAS SANDS CORP COM 517834107 1,085,147 28,700 SH SOLE 0 28,700 0
LATAM AIRLINES G SPONSORED ADR 51817R205 7,990,632 160,165 SH SOLE 0 160,165 0
LAUDER ESTEE COS INC CL A 518439104 1,178,179 12,700 SH SOLE 0 12,700 0
LIFE TIME GROUP HOLDINGS INC COMMON STOCK 53190C102 761,708 19,100 SH SOLE 0 19,100 0
MAKEMYTRIP LTD SHS V5633W109 3,903,487 82,701 SH SOLE 0 82,701 0
MAKO MINING CORP COM NEW 56089A400 940,639 100,000 SH SOLE 0 100,000 0
MARATHON PETE CORP COM 56585A102 316,336 800 SH SOLE 0 800 0
MARRIOTT INTL INC NEW CL A 571903202 711,340 2,000 SH SOLE 0 2,000 0
MARRIOTT INTL INC NEW CL A 571903202 1,013,660 2,850 SH SOLE 0 2,850 0
MATSON INC COM 57686G105 335,390 1,527 SH SOLE 0 1,527 0
MCEWEN INC COM NEW 58039P305 5,728,315 320,914 SH SOLE 0 320,914 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100 53,760 12,000 SH SOLE 0 12,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 296,730 31,500 SH SOLE 0 31,500 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 4,710,000 500,000 SH SOLE 0 500,000 0
MGM RESORTS INTERNATIONAL COM 552953101 158,355 5,100 SH SOLE 0 5,100 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 652,370 44,500 SH SOLE 0 44,500 0
NUTRIEN LTD COM 67077M108 1,756,250 25,000 SH SOLE 0 25,000 0
OCEANAGOLD CORP COM NEW 675222400 1,376,537 50,000 SH SOLE 0 50,000 0
OKEANIS ECO TANK SHS Y64177101 999,919 12,363 SH SOLE 0 12,363 0
OR ROYALTIES INC COM SHS 68390D106 8,010,973 233,284 SH SOLE 0 233,284 0
OR ROYALTIES INC. COM SHS 68390D106 446,420 13,000 SH SOLE 0 13,000 0
OR ROYALTIES INC. COM SHS 68390D106 2,575,500 75,000 SH SOLE 0 75,000 0
OSISKO GOLD GROU COM NEW 68827X105 702,494 250,000 SH SOLE 0 250,000 0
PAN AMERN SILVER CORP COM 697900108 4,030,138 88,555 SH SOLE 0 88,555 0
PARAMOUNT GOLD NEV CORP COM 69924M109 244,000 200,000 SH SOLE 0 200,000 0
PERPETUA RESOURCES CORP COM 714266103 647,100 30,000 SH SOLE 0 30,000 0
PHILLIPS 66 COM 718546104 306,372 1,200 SH SOLE 0 1,200 0
RALPH LAUREN CORP CL A 751212101 230,796 650 SH SOLE 0 650 0
RANGE RES CORP COM 75281A109 388,920 10,500 SH SOLE 0 10,500 0
ROYAL CARIBBEAN GROUP COM V7780T103 1,736,066 6,530 SH SOLE 0 6,530 0
ROYAL GOLD INC COM 780287108 19,422,328 82,298 SH SOLE 0 82,298 0
ROYAL GOLD INC COM 780287108 272,580 1,155 SH SOLE 0 1,155 0
RYANAIR HLDG-ADR SPONSORED ADR 783513203 8,424,726 153,149 SH SOLE 0 153,149 0
SABRE CORP COM 78573M104 15,688,583 7,400,275 SH SOLE 0 7,400,275 0
SANTACRUZ SILVER COM NEW SHS 80280U205 3,090,622 350,000 SH SOLE 0 350,000 0
SCHLUMBERGER LTD COM STK 806857108 219,240 4,500 SH SOLE 0 4,500 0
SCORPIO TANKERS SHS Y7542C130 879,938 10,513 SH SOLE 0 10,513 0
SEABRIDGE GOLD INC COM 811927102 340,080 12,000 SH SOLE 0 12,000 0
SELECT WATER SOLUTIONS INC CL A COM 81617J301 197,900 10,000 SH SOLE 0 10,000 0
SHELL PLC SPON ADS 780259305 2,281,200 24,000 SH SOLE 0 24,000 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 2,807,750 275,000 SH SOLE 0 275,000 0
SILVERCORP METALS INC COM 82835P103 2,667,500 250,000 SH SOLE 0 250,000 0
SINDA LTD COMMON STOCK G81569108 483,000 35,000 SH SOLE 0 35,000 0
SKYWEST INC COM 830879102 29,573,200 305,130 SH SOLE 0 305,130 0
SOLITARIO RESOURCES CORP COM 8342EP107 178,560 310,000 SH SOLE 0 310,000 0
SOUTHWEST AIR COM 844741108 94,141,419 2,260,841 SH SOLE 0 2,260,841 0
SSR MINING IN COM 784730103 4,998,000 150,000 SH SOLE 0 150,000 0
STANDARD LITHIUM CORP COM 853606101 201,300 110,000 SH SOLE 0 110,000 0
SUNSHINE SILVER MNG & REFNG COMMON STOCK 867866105 736,000 50,000 SH SOLE 0 50,000 0
TAPESTRY INC COM 876030107 557,369 4,845 SH SOLE 0 4,845 0
TEEKAY CORP LTD SHS G8726T105 743,280 52,160 SH SOLE 0 52,160 0
TEEKAY TANK-CL A CL A G8726X106 910,908 9,385 SH SOLE 0 9,385 0
TESLA INC COM 88160R101 2,288,525 6,450 SH SOLE 0 6,450 0
TEXTRON INC COM 883203101 15,618,943 204,973 SH SOLE 0 204,973 0
THE REALREAL INC COM 88339P101 548,080 62,000 SH SOLE 0 62,000 0
TOLL BROTHERS INC COM 889478103 741,125 5,500 SH SOLE 0 5,500 0
TOTALENERGIES SE ACT F92124100 1,881,000 22,000 SH SOLE 0 22,000 0
TRIP.COM GRO-ADR ADS 89677Q107 8,203,376 209,805 SH SOLE 0 209,805 0
TRIPADVISOR INC COM 896945201 15,402,717 1,840,229 SH SOLE 0 1,840,229 0
TRIPLE FLAG COM 89679M104 7,815,480 253,667 SH SOLE 0 253,667 0
UBS GROUP AG SHS H42097107 1,073,299 22,300 SH SOLE 0 22,300 0
UNITED AIRLINES COM 910047109 89,670,123 808,203 SH SOLE 0 808,203 0
UNITED PARCEL-B CL B 911312106 489,719 5,241 SH SOLE 0 5,241 0
VALERO ENERGY CORP COM 91913Y100 581,415 1,500 SH SOLE 0 1,500 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791 546,960 4,800 SH SOLE 0 4,800 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791 2,848,750 25,000 SH SOLE 0 25,000 0
VERSAMET ROYALTI COM NEW 92528V200 2,418,686 275,000 SH SOLE 0 275,000 0
VIKING HOLDINGS LTD ORD SHS G93A5A101 175,068 2,235 SH SOLE 0 2,235 0
VIZSLA SILVER CO COM NEW 92859G608 948,367 250,000 SH SOLE 0 250,000 0
VIZSLA SILVER CO COM NEW 92859G608 3,034,773 800,000 SH SOLE 0 800,000 0
VOX ROYALTY CORP COM 92919F103 753,000 150,000 SH SOLE 0 150,000 0
VOX ROYALTY CORP COM 92919F103 7,590,240 1,512,000 SH SOLE 0 1,512,000 0
WHEATON PRECIOUS COM 962879102 18,512,732 138,444 SH SOLE 0 138,444 0
WOODSIDE ENERGY GROUP LTD SPONSORED ADR 980228308 2,771,250 125,000 SH SOLE 0 125,000 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105 489,073 25,184 SH SOLE 0 25,184 0