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
ABERDEEN STD GOLD ETF TRPHYSCL GOLD SHS00326A10457435,000SH SOLE 35,00000
ALLEGHANY CORP DELCOM0171751006,88911,000SH SOLE 11,00000
ALLEGIANT TRAVEL COCOM01748X10211,89848,750SH SOLE 48,75000
ALLIANCE RESOURCE PARTNERS LUT LTD PART01877R1083,782652,000SH SOLE 652,00000
ANTERO MIDSTREAM CORPCOM03676B10211,8301,310,100SH SOLE 1,310,10000
ANTERO RESOURCES CORPCOM03674X1068,798862,500SH SOLE 862,50000
BARRICK GOLD CORPCOM0679011086,930350,000SH SOLE 350,00000
CAMECO CORPCOM13321L1085,282318,000SH SOLE 318,00000
CINER RESOURCES LPCOM UNIT LTD1724641092,313180,000SH SOLE 180,00000
CONCRETE PUMPING HLDGS INCCOM2067041083,705500,000SH SOLE 500,00000
CONSOL ENERGY INC DISC COMLCOM20854L1086,337652,000SH SOLE 652,00000
EMX RTY CORPCOM26873J1072,549861,225SH SOLE 861,22500
EOG RES INCCOM26875P10112,185168,000SH SOLE 168,00000
GOLDMAN SACHS PHYSICAL GOLDUNIT38150K1031,27475,000SH SOLE 75,00000
MARTIN MARIETTA MATLS INCCOM5732841064,11412,250SH SOLE 12,25000
NEWMONT CORPCOM6516391067,534125,000SH SOLE 125,00000
NEXGEN ENERGY LTDCOM65340P1064,4471,225,000SH SOLE 1,225,00000
NOV INCCOM62955J10310,290750,000SH SOLE 750,00000
OSISKO GOLD ROYALTIES LTDCOM68827L1011,102100,000SH SOLE 100,00000
PRECISION DRILLING CORPCOM NEW74022D4076,699310,000SH SOLE 310,00000
SANDSTORM GOLD LTDCOM NEW80013R2061,496220,000SH SOLE 220,00000
SPDR GOLD TRGOLD SHS78463V1078,79955,000SHCallSOLE 000
SPROTT PHYSICAL GOLD TRUNIT85207H1044,425330,000SH SOLE 330,00000
SUN CTRY AIRLS HLDGS INCCOM8666831051,81753,000SH SOLE 53,00000
TEXAS PACIFIC LAND CORPORATICOM88262P10215,89410,000SH SOLE 10,00000
UNIVERSAL INS HLDGS INCCOM91359V1072,581180,000SH SOLE 180,00000
VIASAT INCCOM92552V10013,436279,500SH SOLE 279,50000
VISTA OUTDOOR INCCOM92837710011,625362,500SH SOLE 362,50000