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
ALCOA CORP COM 013872106   2,902,053 73,900 SH   SOLE   73,900 0 0
ALGOMA STL GROUP INC COM 015658107   37,477,994 3,635,111 SH   SOLE   3,635,111 0 0
APPLIED DIGITAL CORP COM NEW 038169207   3,248,613 396,656 SH   SOLE   396,656 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   2,988,000 49,800 SH   SOLE   49,800 0 0
ATLAS LITHIUM CORP COM NEW 105861306   1,059,697 147,796 SH   SOLE   147,796 0 0
CIVITAS RESOURCES INC COM NEW 17888H103   18,860,643 368,300 SH   SOLE   368,300 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101   2,582,343 202,378 SH   SOLE   202,378 0 0
COEUR MNG INC COM NEW 192108504   1,996,400 280,000 SH   SOLE   280,000 0 0
DARLING INGREDIENTS INC COM 237266101   1,106,368 29,300 SH   SOLE   29,300 0 0
FERROGLOBE PLC SHS G33856108   15,205,005 3,319,870 SH   SOLE   3,319,870 0 0
GLOBAL X FDS GLOBAL X URANIUM 37954Y871   4,782,760 164,356 SH   SOLE   164,356 0 0
GREEN PLAINS INC COM 393222104   3,081,270 227,400 SH   SOLE   227,400 0 0
HF SINCLAIR CORP COM 403949100   12,115,075 267,500 SH   SOLE   267,500 0 0
HUNTSMAN CORP COM 447011107   6,012,295 244,900 SH   SOLE   244,900 0 0
PAR PAC HOLDINGS INC COM NEW 69888T207   5,648,189 316,248 SH   SOLE   316,248 0 0
PEABODY ENERGY CORP COM 704551100   166,248,472 6,394,172 SH   SOLE   6,394,172 0 0
PEABODY ENERGY CORP CALL 704551900   114,122,000 4,300,000 SH Call SOLE   4,300,000 0 0
PHILLIPS 66 COM 718546104   45,146,725 344,500 SH   SOLE   344,500 0 0
SABLE OFFSHORE CORP COM SHS 78574H104   7,089,000 300,000 SH   SOLE   300,000 0 0
SCORPIO TANKERS INC SHS Y7542C130   1,010,265 14,100 SH   SOLE   14,100 0 0
SEADRILL 2021 LTD COM G7997W102   17,590,336 435,620 SH   SOLE   435,620 0 0
SELECT SECTOR SPDR TR ENERGY 81369Y506   4,071,773 46,700 SH   SOLE   46,700 0 0
SIGMA LITHIUM CORPORATION COM 826599102   3,607,216 285,381 SH   SOLE   285,381 0 0
SPDR GOLD TR GOLD SHS 78463V107   13,592,239 55,474 SH   SOLE   55,474 0 0
TIDEWATER INC NEW COM 88642R109   1,615,275 22,500 SH   SOLE   22,500 0 0
TYSON FOODS INC CL A 902494103   2,745,740 46,000 SH   SOLE   46,000 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   10,986,747 20,912 SH   SOLE   20,912 0 0
VITAL ENERGY INC COM 516806205   1,282,500 47,500 SH   SOLE   47,500 0 0
WESTLAKE CORPORATION COM 960413102   2,071,242 13,800 SH   SOLE   13,800 0 0