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
ADVANCED MICRO DEVICES INC COM 007903107   756,043 5,328 SH   SOLE   5,328 0 0
AGNICO EAGLE MINES LTD COM 008474108   7,573,106 63,677 SH   SOLE   63,677 0 0
ALAMOS GOLD INC CLASS A COM 011311107   8,764,800 330,000 SH   SOLE   330,000 0 0
ALPHABET INC CLASS C COM 02079K107   988,949 5,575 SH   SOLE   5,575 0 0
AMAZON INC COM 023135106   994,275 4,532 SH   SOLE   4,532 0 0
AMEREN CORP COM 023608102   1,342,159 13,975 SH   SOLE   13,975 0 0
AMERICAN ELECTRIC POWER INC COM 025537101   1,482,523 14,288 SH   SOLE   14,288 0 0
AMERICAN TOWER CORP COM 03027X100   2,595,217 11,742 SH   SOLE   11,742 0 0
AMPHENOL CORP CLASS A COM 032095101   851,423 8,622 SH   SOLE   8,622 0 0
ANTERO RESOURCES CORP COM 03674X106   56,392,000 1,400,000 SH   SOLE   1,400,000 0 0
APPLE INC COM 037833100   150,595 734 SH   SOLE   734 0 0
BLACKROCK INC COM 09290D101   764,903 729 SH   SOLE   729 0 0
BOSTON SCIENTIFIC CORP COM 101137107   805,790 7,502 SH   SOLE   7,502 0 0
BROADCOM INC COM 11135F101   1,666,029 6,044 SH   SOLE   6,044 0 0
CAMECO CORP COM 13321L108   3,711,500 50,000 SH   SOLE   50,000 0 0
CANADIAN IMPERIAL BANK OF COMMERCE COM 136069101   3,460,400 48,855 SH   SOLE   48,855 0 0
CANADIAN NATURAL RESOURCES LTD COM 136385101   2,836,488 90,334 SH   SOLE   90,334 0 0
CANADIAN PACIFIC KANSAS CITY LTD COM 13646K108   1,519,210 19,165 SH   SOLE   19,165 0 0
CENOVUS ENERGY INC COM 15135U109   8,160,000 600,000 SH   SOLE   600,000 0 0
CHENIERE ENERGY INC COM 16411R208   1,531,984 6,291 SH   SOLE   6,291 0 0
CHORD ENERGY CORP COM 674215207   4,842,500 50,000 SH   SOLE   50,000 0 0
CIRCLE INTERNET GROUP INC CLASS A COM 172573107   271,935 1,500 SH   SOLE   1,500 0 0
CME GROUP INC CLASS A COM 12572Q105   584,314 2,120 SH   SOLE   2,120 0 0
CMS ENERGY CORP COM 125896100   1,437,421 20,748 SH   SOLE   20,748 0 0
COINBASE GLOBAL INC CLASS A COM 19260Q107   2,162,523 6,170 SH   SOLE   6,170 0 0
COLLECTIVE MINING LTD COM 19425C100   4,211,900 385,000 SH   SOLE   385,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109   1,752,587 5,430 SH   SOLE   5,430 0 0
COSTCO WHOLESALE CORP COM 22160K105   898,866 908 SH   SOLE   908 0 0
DELL TECHNOLOGIES INC CLASS C COM 24703L202   708,260 5,777 SH   SOLE   5,777 0 0
DENISON MINES CORP COM 248356107   427,700 235,000 SH   SOLE   235,000 0 0
DUKE ENERGY CORP COM 26441C204   1,483,614 12,573 SH   SOLE   12,573 0 0
EATON CORP PLC COM G29183103   743,253 2,082 SH   SOLE   2,082 0 0
ENBRIDGE INC COM 29250N105   4,684,230 103,359 SH   SOLE   103,359 0 0
ENERGY TRANSFER COM 29273V100   1,429,224 78,832 SH   SOLE   78,832 0 0
EQT CORP COM 26884L109   93,312,000 1,600,000 SH   SOLE   1,600,000 0 0
EQUINIX INC COM 29444U700   1,415,141 1,779 SH   SOLE   1,779 0 0
EQUINOX GOLD CORP COM 29446Y502   376,848 47,945 SH   SOLE   47,945 0 0
ERO COPPER CORP COM 296006109   1,432,250 85,000 SH   SOLE   85,000 0 0
EXPAND ENERGY CORP COM 165167735   93,552,000 800,000 SH   SOLE   800,000 0 0
FORTIS INC COM 349553107   2,913,153 61,034 SH   SOLE   61,034 0 0
FREEPORT MCMORAN INC COM 35671D857   2,601,000 60,000 SH   SOLE   60,000 0 0
GE VERNOVA INC COM 36828A101   764,093 1,444 SH   SOLE   1,444 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   852,131 1,204 SH   SOLE   1,204 0 0
HUT 8 CORP COM 44812J104   796,043 42,798 SH   SOLE   42,798 0 0
IAMGOLD CORP COM 450913108   3,078,915 418,900 SH   SOLE   418,900 0 0
ISHARES 20 YR TR BD ETF PUT 464287952   52,950,000 600,000 SH Put SOLE   600,000 0 0
JPMORGAN CHASE COM 46625H100   1,143,985 3,946 SH   SOLE   3,946 0 0
KINROSS GOLD CORP COM 496902404   8,312,347 531,820 SH   SOLE   531,820 0 0
MAG SILVER CORP COM 55903Q104   380,340 18,000 SH   SOLE   18,000 0 0
MANULIFE FINANCIAL CORP COM 56501R106   4,020,248 125,790 SH   SOLE   125,790 0 0
MASTERCARD INC CLASS A COM 57636Q104   779,973 1,388 SH   SOLE   1,388 0 0
META PLATFORMS INC CLASS A COM 30303M102   1,091,635 1,479 SH   SOLE   1,479 0 0
MICROSOFT CORP COM 594918104   3,181,434 6,396 SH   SOLE   6,396 0 0
NEXGEN ENERGY LTD COM 65340P106   2,637,200 380,000 SH   SOLE   380,000 0 0
NISOURCE INC COM 65473P105   1,454,902 36,066 SH   SOLE   36,066 0 0
NORTHERN OIL AND GAS INC COM 665531307   4,252,500 150,000 SH   SOLE   150,000 0 0
NVIDIA CORP COM 67066G104   3,334,537 21,106 SH   SOLE   21,106 0 0
ORACLE CORP COM 68389X105   1,135,346 5,193 SH   SOLE   5,193 0 0
PAN AMERICAN SILVER CORP COM 697900108   1,353,402 47,655 SH   SOLE   47,655 0 0
PAYPAL HOLDINGS INC COM 70450Y103   1,238,023 16,658 SH   SOLE   16,658 0 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105   4,767,000 350,000 SH   SOLE   350,000 0 0
PPL CORP COM 69351T106   1,462,828 43,164 SH   SOLE   43,164 0 0
RANGE RESOURCES CORP COM 75281A109   61,005,000 1,500,000 SH   SOLE   1,500,000 0 0
ROBINHOOD MARKETS INC CLASS A COM 770700102   1,453,980 15,529 SH   SOLE   15,529 0 0
ROBLOX CORP CLASS A COM 771049103   984,251 9,356 SH   SOLE   9,356 0 0
ROYAL BANK OF CANADA COM 780087102   3,428,325 26,061 SH   SOLE   26,061 0 0
SAP COM 803054204   732,881 2,410 SH   SOLE   2,410 0 0
SBA COMMUNICATIONS COM 78410G104   1,993,557 8,489 SH   SOLE   8,489 0 0
SOUTH BOW CORP COM 83671M105   7,773,000 300,000 SH   SOLE   300,000 0 0
SPDR S&P 500 COM 78462F103   32,251,770 52,200 SH   SOLE   52,200 0 0
SPDR S&P 500 PUT 78462F953   37,688,850 61,000 SH Put SOLE   61,000 0 0
SUN LIFE FINANCIAL INC COM 866796105   3,232,992 48,653 SH   SOLE   48,653 0 0
SUNCOR ENERGY INC COM 867224107   3,033,263 80,995 SH   SOLE   80,995 0 0
T MOBILE US INC COM 872590104   679,756 2,853 SH   SOLE   2,853 0 0
TALEN ENERGY CORP COM 87422Q109   1,933,330 6,649 SH   SOLE   6,649 0 0
TARGA RESOURCES CORP COM 87612G101   1,534,341 8,814 SH   SOLE   8,814 0 0
TC ENERGY CORP COM 87807B107   2,182,767 44,738 SH   SOLE   44,738 0 0
TELUS CORP COM 87971M103   3,081,609 191,881 SH   SOLE   191,881 0 0
TJX INC COM 872540109   743,410 6,020 SH   SOLE   6,020 0 0
UNION PACIFIC CORP COM 907818108   1,997,324 8,681 SH   SOLE   8,681 0 0
URANIUM ENERGY CORP COM 916896103   765,850 112,625 SH   SOLE   112,625 0 0
VIPER ENERGY INC CLASS A COM 927959106   3,813,000 100,000 SH   SOLE   100,000 0 0
VISA INC CLASS A COM 92826C839   985,974 2,777 SH   SOLE   2,777 0 0
VIZSLA SILVER CORP COM 92859G608   4,121,660 1,401,925 SH   SOLE   1,401,925 0 0
WALMART INC COM 931142103   947,390 9,689 SH   SOLE   9,689 0 0
WASTE CONNECTIONS INC COM 94106B101   2,235,038 11,970 SH   SOLE   11,970 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   2,190,312 24,391 SH   SOLE   24,391 0 0