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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADAMS RES & ENERGY INC COM NEW 006351308   3,338,219 115,111 SH   SOLE   115,111 0 0
ALGOMA STL GROUP INC COM 015658107   12,395,587 1,460,022 SH   SOLE   1,460,022 0 0
ARDMORE SHIPPING CORP COM Y0207T100   1,491,938 90,861 SH   SOLE   90,861 0 0
BASSETT FURNITURE INDS INC COM 070203104   7,035,251 476,643 SH   SOLE   476,643 0 0
CONIFER HLDGS INC COM 20731J102   536,159 474,519 SH   SOLE   474,519 0 0
DELTA APPAREL INC COM 247368103   2,078,104 695,018 SH   SOLE   695,018 0 0
ELDORADO GOLD CORP NEW COM 284902509   5,811,459 413,039 SH   SOLE   413,039 0 0
EMCORE CORP COM NEW 290846203   343,967 997,006 SH   SOLE   997,006 0 0
ENERFLEX LTD COM 29269R105   3,212,318 551,598 SH   SOLE   551,598 0 0
EQUINOX GOLD CORP COM 29446Y502   15,509,430 2,568,645 SH   SOLE   2,568,645 0 0
HALLADOR ENERGY COMPANY COM 40609P105   10,772,474 2,021,102 SH   SOLE   2,021,102 0 0
HENNESSY ADVISORS INC COM 425885100   975,336 141,353 SH   SOLE   141,353 0 0
I-80 GOLD CORP COM 44955L106   1,482,351 1,126,838 SH   SOLE   1,126,838 0 0
ISHARES SILVER TR ISHARES 46428Q109   944,694 41,525 SH   SOLE   41,525 0 0
KINROSS GOLD CORP COM 496902404   136,589 22,282 SH   SOLE   22,282 0 0
MATRIX SVC CO COM 576853105   419,305 32,180 SH   SOLE   32,180 0 0
MAYVILLE ENGR CO INC COM 578605107   3,065,130 213,896 SH   SOLE   213,896 0 0
MERCER INTL INC COM 588056101   3,079,505 309,498 SH   SOLE   309,498 0 0
NATURAL GAS SVCS GROUP INC COM 63886Q109   16,606,724 854,695 SH   SOLE   854,695 0 0
PEABODY ENERGY CORP COM 704551100   11,775,610 485,392 SH   SOLE   485,392 0 0
PRECISION DRILLING CORP COM NEW 74022D407   6,124,178 90,932 SH   SOLE   90,932 0 0
SOLITARIO RESOURCES CORP COM 8342EP107   379,348 632,458 SH   SOLE   632,458 0 0
SPDR GOLD TR GOLD SHS 78463V107   225,675 1,097 SH   SOLE   1,097 0 0
SUPERIOR GROUP OF CO INC COM 868358102   5,069,691 306,882 SH   SOLE   306,882 0 0
VERMILION ENERGY INC COM 923725105   3,484,736 280,000 SH   SOLE   280,000 0 0
WEST FRASER TIMBER CO LTD COM 952845105   298,904 3,458 SH   SOLE   3,458 0 0
WESTWOOD HLDGS GROUP INC COM 961765104   1,232,025 100,002 SH   SOLE   100,002 0 0