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   5,067,189 144,159 SH   SOLE   144,159 0 0
ALGOMA STL GROUP INC COM 015658107   11,431,156 1,610,022 SH   SOLE   1,610,022 0 0
ARDMORE SHIPPING CORP COM Y0207T100   2,357,133 190,861 SH   SOLE   190,861 0 0
BASSETT FURNITURE INDS INC COM 070203104   7,168,711 476,643 SH   SOLE   476,643 0 0
CENTERRA GOLD INC COM 152006102   10,535,903 1,755,676 SH   SOLE   1,755,676 0 0
CONIFER HLDGS INC COM 20731J102   806,730 474,519 SH   SOLE   474,519 0 0
CSI COMPRESSCO LP COM UNIT 12637A103   107,601 85,398 SH   SOLE   85,398 0 0
DELTA APPAREL INC COM 247368103   3,775,661 360,273 SH   SOLE   360,273 0 0
ELDORADO GOLD CORP NEW COM 284902509   4,946,411 488,039 SH   SOLE   488,039 0 0
EMCORE CORP COM NEW 290846203   750,347 997,006 SH   SOLE   997,006 0 0
ENERFLEX LTD COM 29269R105   3,760,418 551,598 SH   SOLE   551,598 0 0
EQUINOX GOLD CORP COM 29446Y502   12,013,573 2,618,645 SH   SOLE   2,618,645 0 0
EZCORP INC CL A NON VTG 302301106   2,416,096 288,317 SH   SOLE   288,317 0 0
HALLADOR ENERGY COMPANY COM 40609P105   19,752,419 2,304,833 SH   SOLE   2,304,833 0 0
HENNESSY ADVISORS INC COM 425885100   471,022 66,717 SH   SOLE   66,717 0 0
I-80 GOLD CORP COM 44955L106   2,537,959 1,126,838 SH   SOLE   1,126,838 0 0
ISHARES SILVER TR ISHARES 46428Q109   882,582 42,249 SH   SOLE   42,249 0 0
KINROSS GOLD CORP COM 496902404   106,285 22,282 SH   SOLE   22,282 0 0
MATRIX SVC CO COM 576853105   7,055,943 1,197,953 SH   SOLE   1,197,953 0 0
MAYVILLE ENGR CO INC COM 578605107   2,694,799 216,276 SH   SOLE   216,276 0 0
MERCER INTL INC COM 588056101   2,499,021 309,668 SH   SOLE   309,668 0 0
NATURAL GAS SVCS GROUP INC COM 63886Q109   8,461,481 854,695 SH   SOLE   854,695 0 0
PEABODY ENERGY CORP COM 704551100   11,596,591 535,392 SH   SOLE   535,392 0 0
SOLITARIO ZINC CORP COM 8342EP107   364,819 634,467 SH   SOLE   634,467 0 0
SPDR GOLD TR GOLD SHS 78463V107   206,971 1,161 SH   SOLE   1,161 0 0
SUPERIOR GROUP OF CO INC COM 868358102   2,170,224 232,358 SH   SOLE   232,358 0 0
TIDEWATER INC NEW COM 88642R109   7,218,343 130,201 SH   SOLE   130,201 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100   6,452,656 460,575 SH   SOLE   460,575 0 0
VERMILION ENERGY INC COM 923725105   3,496,028 280,000 SH   SOLE   280,000 0 0
WEST FRASER TIMBER CO LTD COM 952845105   1,370,862 15,937 SH   SOLE   15,937 0 0
WESTWOOD HLDGS GROUP INC COM 961765104   1,240,025 100,002 SH   SOLE   100,002 0 0