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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ALLEGHANY CORP DELCOM0171751005,72511,000SH SOLE 11,00000
ALLEGIANT TRAVEL COCOM01748X10211,980100,000SH SOLE 100,00000
ALLIANCE RESOURCE PARTNERS LUT LTD PART01877R1082,368855,000SH SOLE 855,00000
ANTERO MIDSTREAM CORPCOM03676B1028,0551,500,000SH SOLE 1,500,00000
ANTERO RESOURCES CORPCOM03674X1063,6031,310,000SH SOLE 1,310,00000
BARRICK GOLD CORPCOM0679011088,433300,000SH SOLE 300,00000
CAMECO CORPCOM13321L1085,555550,000SH SOLE 550,00000
CINER RES LPCOM UNIT LTD1724641092,252180,000SH SOLE 180,00000
CONCRETE PUMPING HLDGS INCCOM2067041081,695474,700SH SOLE 474,70000
CONSOL ENERGY INC DISC COMLCOM20854L1083,544800,000SH SOLE 800,00000
CORVUS GOLD INCCOM2210131053712,500SH SOLE 12,50000
EOG RES INCCOM26875P1015,319148,000SH SOLE 148,00000
MARTIN MARIETTA MATLS INCCOM5732841063,64815,500SH SOLE 15,50000
NATIONAL OILWELL VARCO INCCOM6370711015,210575,000SH SOLE 575,00000
NEWMONT CORPCOM6516391066,853108,000SH SOLE 108,00000
NEXGEN ENERGY LTDCOM65340P1061,7301,000,000SH SOLE 1,000,00000
PRECISION DRILLING CORPCOM 201074022D3083,7445,850,000SH SOLE 5,850,00000
SPDR GOLD TRGOLD SHS78463V10721,254120,000SHCallSOLE 000
SPDR S&P 500 ETF TRTR UNIT78462F10313,39640,000SHPutSOLE 000
SPROTT INCCOM NEW8520662083,414100,000SH SOLE 100,00000
SPROTT PHYSICAL GOLD TRUNIT85207H1045,388358,000SH SOLE 358,00000
SPROTT PHYSICAL SILVER TRTR UNIT85207K10720725,000SH SOLE 25,00000
TEXAS PAC LD TRSUB CTF PROP I T8826101082,9356,500SH SOLE 6,50000
UNIVERSAL INS HLDGS INCCOM91359V10731722,894SH SOLE 22,89400
VIASAT INCCOM92552V10010,145295,000SH SOLE 295,00000
VISTA OUTDOOR INCCOM92837710010,595525,000SH SOLE 525,00000