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
Estimated average burden
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
ALCOA CORP COM 013872106   4,833,215 130,100 SH   SOLE   130,100 0 0
ALGOMA STL GROUP INC COM 015658107   33,821,125 3,497,531 SH   SOLE   3,497,531 0 0
APPLIED DIGITAL CORP COM NEW 038169207   595,805 74,756 SH   SOLE   74,756 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   10,780,604 215,190 SH   SOLE   215,190 0 0
ATLAS LITHIUM CORP COM NEW 105861306   662,356 102,058 SH   SOLE   102,058 0 0
CF INDS HLDGS INC COM 125269100   11,073,570 131,700 SH   SOLE   131,700 0 0
CHORD ENERGY CORPORATION COM NEW 674215207   18,445,642 161,300 SH   SOLE   161,300 0 0
CIVITAS RESOURCES INC COM NEW 17888H103   4,042,572 90,600 SH   SOLE   90,600 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101   5,521,932 590,300 SH   SOLE   590,300 0 0
CNX RES CORP CALL 12653C908   7,410,000 200,000 SH Call SOLE   200,000 0 0
COEUR MNG INC COM NEW 192108504   1,570,800 280,000 SH   SOLE   280,000 0 0
CONOCOPHILLIPS COM 20825C104   2,005,417 20,300 SH   SOLE   20,300 0 0
CONSOL ENERGY INC NEW COM 20854L108   5,016,252 47,341 SH   SOLE   47,341 0 0
CORE SCIENTIFIC INC NEW COM 21874A106   490,797 35,360 SH   SOLE   35,360 0 0
CVR ENERGY INC COM 12662P108   781,376 42,100 SH   SOLE   42,100 0 0
DARLING INGREDIENTS INC COM 237266101   17,193,056 520,354 SH   SOLE   520,354 0 0
DARLING INGREDIENTS INC CALL 237266901   1,650,000 50,000 SH Call SOLE   50,000 0 0
DIAMONDBACK ENERGY INC COM 25278X109   1,993,197 12,200 SH   SOLE   12,200 0 0
DIVERSIFIED ENERGY COMPANY P SHS NEW G2891G204   546,744 32,700 SH   SOLE   32,700 0 0
EOG RES INC COM 26875P101   2,021,855 16,600 SH   SOLE   16,600 0 0
FERROGLOBE PLC SHS G33856108   9,385,343 2,482,895 SH   SOLE   2,482,895 0 0
GREEN PLAINS INC COM 393222104   1,122,954 126,033 SH   SOLE   126,033 0 0
HF SINCLAIR CORP COM 403949100   9,447,492 274,158 SH   SOLE   274,158 0 0
HONEYWELL INTL INC COM 438516106   2,968,460 13,100 SH   SOLE   13,100 0 0
HUNTSMAN CORP COM 447011107   3,037,853 172,900 SH   SOLE   172,900 0 0
HUT 8 CORP COM 44812J104   501,688 24,200 SH   SOLE   24,200 0 0
IPERIONX LTD SPONSORED ADS 44916E100   3,477,566 939,088 SH   SOLE   939,088 0 0
IREN LIMITED ORDINARY SHARES Q4982L109   1,381,660 139,000 SH   SOLE   139,000 0 0
ISHARES SILVER TR ISHARES 46428Q109   2,965,446 112,200 SH   SOLE   112,200 0 0
NABORS INDUSTRIES LTD SHS G6359F137   1,085,000 20,000 SH   SOLE   20,000 0 0
NPK INTERNATIONAL INC COM SHS 651718504   824,715 110,700 SH   SOLE   110,700 0 0
NUCOR CORP COM 670346105   16,674,199 143,700 SH   SOLE   143,700 0 0
NUCOR CORP CALL 670346905   16,927,146 146,100 SH Call SOLE   146,100 0 0
PAR PAC HOLDINGS INC COM NEW 69888T207   377,835 23,468 SH   SOLE   23,468 0 0
PATTERSON-UTI ENERGY INC COM 703481101   3,500,479 431,625 SH   SOLE   431,625 0 0
PEABODY ENERGY CORP COM 704551100   11,092,717 533,817 SH   SOLE   533,817 0 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105   1,997,200 138,500 SH   SOLE   138,500 0 0
PHILLIPS 66 COM 718546104   16,630,515 148,500 SH   SOLE   148,500 0 0
SABLE OFFSHORE CORP COM SHS 78574H104   7,089,000 300,000 SH   SOLE   300,000 0 0
SEADRILL 2021 LTD COM G7997W102   26,862,181 700,448 SH   SOLE   700,448 0 0
SIGMA LITHIUM CORPORATION COM 826599102   772,800 70,000 SH   SOLE   70,000 0 0
SPDR GOLD TR GOLD SHS 78463V107   6,346,376 26,374 SH   SOLE   26,374 0 0
SPDR SER TR S&P OILGAS EXP 78468R556   4,893,922 37,464 SH   SOLE   37,464 0 0
STEEL DYNAMICS INC COM 858119100   34,803,803 305,700 SH   SOLE   305,700 0 0
STEEL DYNAMICS INC CALL 858119900   15,876,708 139,600 SH Call SOLE   139,600 0 0
UNITED STATES STL CORP NEW COM 912909108   4,232,492 136,400 SH   SOLE   136,400 0 0
VALERO ENERGY CORP COM 91913Y100   3,767,085 31,500 SH   SOLE   31,500 0 0
WARRIOR MET COAL INC COM 93627C101   12,044,784 220,682 SH   SOLE   220,682 0 0
WARRIOR MET COAL INC CALL 93627C901   32,159,829 588,900 SH Call SOLE   588,900 0 0
WEATHERFORD INTL PLC ORD SHS G48833118   1,931,266 27,800 SH   SOLE   27,800 0 0