<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
    <infoTable>
        <nameOfIssuer>ANTERO RESOURCES CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>03674X106</cusip>
        <value>19034556</value>
        <shrsOrPrnAmt>
            <sshPrnamt>472556</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>472556</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>BANCO BBVA ARGENTINA S A</nameOfIssuer>
        <titleOfClass>SPONSORED ADS</titleOfClass>
        <cusip>058934100</cusip>
        <value>3806770</value>
        <shrsOrPrnAmt>
            <sshPrnamt>231274</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>231274</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>BANCO MACRO SA</nameOfIssuer>
        <titleOfClass>SPON ADR B</titleOfClass>
        <cusip>05961W105</cusip>
        <value>13812062</value>
        <shrsOrPrnAmt>
            <sshPrnamt>196725</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>196725</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>BARRICK MNG CORP</nameOfIssuer>
        <titleOfClass>COM SHS</titleOfClass>
        <cusip>06849F108</cusip>
        <value>23884704</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1147200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>1147200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>EQT CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>26884L109</cusip>
        <value>18158340</value>
        <shrsOrPrnAmt>
            <sshPrnamt>311357</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>311357</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>EQUINOX GOLD CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>29446Y502</cusip>
        <value>30615743</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5324477</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>5324477</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GRUPO FINANCIERO GALICIA S.A</nameOfIssuer>
        <titleOfClass>SPONSORED ADR</titleOfClass>
        <cusip>399909100</cusip>
        <value>16996648</value>
        <shrsOrPrnAmt>
            <sshPrnamt>337302</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>337302</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GULFPORT ENERGY CORP</nameOfIssuer>
        <titleOfClass>COMMON SHARES</titleOfClass>
        <cusip>402635502</cusip>
        <value>15730488</value>
        <shrsOrPrnAmt>
            <sshPrnamt>78195</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>78195</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES INC</nameOfIssuer>
        <titleOfClass>MSCI BRAZIL ETF</titleOfClass>
        <cusip>464286400</cusip>
        <value>97449530</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3377800</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>3377800</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ISHARES TR</nameOfIssuer>
        <titleOfClass>MSCI EMG MKT ETF</titleOfClass>
        <cusip>464287234</cusip>
        <value>178527997</value>
        <shrsOrPrnAmt>
            <sshPrnamt>81522</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>81522</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>KASPI KZ JSC</nameOfIssuer>
        <titleOfClass>SPONSORED ADS</titleOfClass>
        <cusip>48581R205</cusip>
        <value>27789760</value>
        <shrsOrPrnAmt>
            <sshPrnamt>327362</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>327362</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>NEWMONT CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>651639106</cusip>
        <value>23401003</value>
        <shrsOrPrnAmt>
            <sshPrnamt>401665</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>401665</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>TECK RESOURCES LTD</nameOfIssuer>
        <titleOfClass>CL B</titleOfClass>
        <cusip>878742204</cusip>
        <value>14091409</value>
        <shrsOrPrnAmt>
            <sshPrnamt>348970</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>348970</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>VANECK ETF TRUST</nameOfIssuer>
        <titleOfClass>JUNIOR GOLD MINE</titleOfClass>
        <cusip>92189F791</cusip>
        <value>19828067</value>
        <shrsOrPrnAmt>
            <sshPrnamt>293358</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>293358</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>VISTA ENERGY S.A.B. DE C.V.</nameOfIssuer>
        <titleOfClass>SPONSORED ADS</titleOfClass>
        <cusip>92837L109</cusip>
        <value>11776320</value>
        <shrsOrPrnAmt>
            <sshPrnamt>246315</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>246315</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>DEUTSCHE BANK A G</nameOfIssuer>
        <titleOfClass>NAMEN AKT</titleOfClass>
        <cusip>D18190898</cusip>
        <value>30442201</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1026753</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>1026753</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>NU HLDGS LTD</nameOfIssuer>
        <titleOfClass>ORD SHS CL A</titleOfClass>
        <cusip>G6683N103</cusip>
        <value>15510035</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1130469</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>1130469</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
</informationTable>
