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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
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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
NOBLE CORP PLC ORD SHS A G65431127   5,712,414 182,859 SH   SOLE   0 0 182,859
SEADRILL 2021 LTD COM G7997W102   6,008,145 154,700 SH   SOLE   0 0 154,700
ETFS GOLD TR PHYSCL GOLD SHS 00326A104   11,202,740 447,295 SH   SOLE   0 0 447,295
ABRDN PLATINUM ETF TRUST PHYSCL PLATM SHS 003260106   995,820 12,000 SH   SOLE   0 0 12,000
ALLEGIANT TRAVEL CO COM 01748X102   10,149,920 108,000 SH   SOLE   0 0 108,000
ANTERO RESOURCES CORP COM 03674X106   4,857,123 138,351 SH   SOLE   0 0 138,351
AUTONATION INC COM 05329W102   5,125,644 30,200 SH   SOLE   0 0 30,200
AVIS BUDGET GROUP COM 053774105   5,425,631 67,547 SH   SOLE   0 0 67,547
BUILDERS FIRSTSOURCE INC COM 12008R107   5,200,517 36,367 SH   SOLE   0 0 36,367
EOG RES INC COM 26875P101   735,480 6,000 SH   SOLE   0 0 6,000
FRP HLDGS INC COM 30292L107   306,300 10,000 SH   SOLE   0 0 10,000
HERTZ GLOBAL HLDGS INC COM NEW 42806J700   1,597,080 438,000 SH   SOLE   0 0 438,000
ISHARES BITCOIN TRUST ETF SHS BEN INT 46438F101   744,700 14,000 SH   SOLE   0 0 14,000
OPENLANE INC COM 48238T109   1,875,660 94,500 SH   SOLE   0 0 94,500
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608   1,222,422 11,050 SH   SOLE   0 0 11,050
NEXGEN ENERGY LTD COM 65340P106   1,942,010 294,244 SH   SOLE   0 0 294,244
OCCIDENTAL PETE CORP COM 674599105   617,625 12,500 SH   SOLE   0 0 12,500
PEABODY ENERGY CORP COM 704551100   481,620 23,000 SH   SOLE   0 0 23,000
PRECISION DRILLING CORP COM NEW 74022D407   3,561,906 51,981 SH   SOLE   0 0 51,981
SEABRIDGE GOLD INC COM 811916105   312,508 27,400 SH   SOLE   0 0 27,400
SITIO ROYALTIES CORP CLASS A COM 82983N108   6,062,535 316,578 SH   SOLE   0 0 316,578
SPROTT INC COM NEW 852066208   762,358 18,089 SH   SOLE   0 0 18,089
SPROTT PHYSICAL GOLD TR UNIT 85207H104   7,569,780 376,000 SH   SOLE   0 0 376,000
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107   289,500 30,000 SH   SOLE   0 0 30,000
SPROTT FDS TR URANIUM MINERS E 85208P303   566,289 14,052 SH   SOLE   0 0 14,052
SPROTT FDS TR JUNIOR URANIUM 85208P808   1,625,645 87,493 SH   SOLE   0 0 87,493
URANIUM RTY CORP COM 91702V101   32,850 15,000 SH   SOLE   0 0 15,000
VANECK ETF TRUST GOLD MINERS ETF 92189F106   644,290 19,000 SH   SOLE   0 0 19,000
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   1,215,660 28,446 SH   SOLE   0 0 28,446