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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
ALGOMA STL GROUP INC COM 015658107   7,912,674 1,459,903 SH   SOLE   1,459,903 0 0
ARDMORE SHIPPING CORP COM Y0207T100   878,760 89,761 SH   SOLE   89,761 0 0
BASSETT FURNITURE INDS INC COM 070203104   7,263,697 476,308 SH   SOLE   476,308 0 0
ELDORADO GOLD CORP NEW COM 284902509   6,947,316 413,039 SH   SOLE   413,039 0 0
ENERFLEX LTD COM 29269R105   4,262,221 551,598 SH   SOLE   551,598 0 0
EQUINOX GOLD CORP COM 29446Y502   17,652,610 2,568,645 SH   SOLE   2,568,645 0 0
GALIANO GOLD INC COM 36352H100   3,048,799 2,478,831 SH   SOLE   2,478,831 0 0
HALLADOR ENERGY COMPANY COM 40609P105   24,819,133 2,021,102 SH   SOLE   2,021,102 0 0
HENNESSY ADVISORS INC COM 425885100   1,407,876 141,353 SH   SOLE   141,353 0 0
I-80 GOLD CORP COM 44955L106   665,562 1,126,838 SH   SOLE   1,126,838 0 0
ISHARES SILVER TR ISHARES 46428Q109   1,209,385 39,025 SH   SOLE   39,025 0 0
MERCER INTL INC COM 588056101   1,903,413 309,498 SH   SOLE   309,498 0 0
MIND TECHNOLOGY INC COM NEW 602566309   522,354 87,059 SH   SOLE   87,059 0 0
NATURAL GAS SVCS GROUP INC COM 63886Q109   14,749,032 671,326 SH   SOLE   671,326 0 0
PEABODY ENERGY CORP COM 704551100   3,212,109 237,056 SH   SOLE   237,056 0 0
PRECISION DRILLING CORP COM NEW 74022D407   9,088,507 195,505 SH   SOLE   195,505 0 0
SOLITARIO RESOURCES CORP COM 8342EP107   379,475 632,458 SH   SOLE   632,458 0 0
SPDR GOLD TR GOLD SHS 78463V107   316,090 1,097 SH   SOLE   1,097 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101   224,212 7,892 SH   SOLE   7,892 0 0
TIDEWATER INC NEW COM 88642R109   8,527,169 201,731 SH   SOLE   201,731 0 0
VERMILION ENERGY INC COM 923725105   350,592 43,308 SH   SOLE   43,308 0 0
WEST FRASER TIMBER CO LTD COM 952845105   245,545 3,197 SH   SOLE   3,197 0 0
WESTWOOD HLDGS GROUP INC COM 961765104   1,620,032 100,002 SH   SOLE   100,002 0 0