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
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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADAMS RES & ENERGY INC COM NEW 006351308   3,774,083 144,159 SH   SOLE   144,159 0 0
ALGOMA STL GROUP INC COM 015658107   16,148,521 1,610,022 SH   SOLE   1,610,022 0 0
ARDMORE SHIPPING CORP COM Y0207T100   2,689,231 190,861 SH   SOLE   190,861 0 0
BASSETT FURNITURE INDS INC COM 070203104   7,912,274 476,643 SH   SOLE   476,643 0 0
CENTERRA GOLD INC COM 152006102   10,533,521 1,755,676 SH   SOLE   1,755,676 0 0
CONIFER HLDGS INC COM 20731J102   521,923 474,519 SH   SOLE   474,519 0 0
CSI COMPRESSCO LP COM UNIT 12637A103   135,585 83,181 SH   SOLE   83,181 0 0
DELTA APPAREL INC COM 247368103   4,955,478 695,018 SH   SOLE   695,018 0 0
ELDORADO GOLD CORP NEW COM 284902509   6,329,866 488,039 SH   SOLE   488,039 0 0
EMCORE CORP COM NEW 290846203   487,536 997,006 SH   SOLE   997,006 0 0
ENERFLEX LTD COM 29269R105   2,564,696 551,598 SH   SOLE   551,598 0 0
EQUINOX GOLD CORP COM 29446Y502   12,791,314 2,618,645 SH   SOLE   2,618,645 0 0
EZCORP INC CL A NON VTG 302301106   2,519,891 288,317 SH   SOLE   288,317 0 0
HALLADOR ENERGY COMPANY COM 40609P105   18,352,742 2,076,102 SH   SOLE   2,076,102 0 0
HENNESSY ADVISORS INC COM 425885100   948,479 141,353 SH   SOLE   141,353 0 0
I-80 GOLD CORP COM 44955L106   1,991,453 1,126,838 SH   SOLE   1,126,838 0 0
ISHARES SILVER TR ISHARES 46428Q109   904,415 41,525 SH   SOLE   41,525 0 0
KINROSS GOLD CORP COM 496902404   134,806 22,282 SH   SOLE   22,282 0 0
MATRIX SVC CO COM 576853105   11,531,970 1,179,138 SH   SOLE   1,179,138 0 0
MAYVILLE ENGR CO INC COM 578605107   3,118,700 216,276 SH   SOLE   216,276 0 0
MERCER INTL INC COM 588056101   2,934,041 309,498 SH   SOLE   309,498 0 0
NATURAL GAS SVCS GROUP INC COM 63886Q109   13,743,496 854,695 SH   SOLE   854,695 0 0
PEABODY ENERGY CORP COM 704551100   13,020,733 535,392 SH   SOLE   535,392 0 0
SOLITARIO RESOURCES CORP COM 8342EP107   354,240 632,458 SH   SOLE   632,458 0 0
SPDR GOLD TR GOLD SHS 78463V107   209,713 1,097 SH   SOLE   1,097 0 0
SUPERIOR GROUP OF CO INC COM 868358102   5,683,986 421,036 SH   SOLE   421,036 0 0
TIDEWATER INC NEW COM 88642R109   5,564,945 77,173 SH   SOLE   77,173 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100   9,248,346 460,575 SH   SOLE   460,575 0 0
VERMILION ENERGY INC COM 923725105   3,391,686 280,000 SH   SOLE   280,000 0 0
WEST FRASER TIMBER CO LTD COM 952845105   1,366,184 15,889 SH   SOLE   15,889 0 0
WESTWOOD HLDGS GROUP INC COM 961765104   1,257,025 100,002 SH   SOLE   100,002 0 0