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   7,414,641 260,437 SH   SOLE   260,437 0 0
ALCOA CORP COM 013872106   13,399,587 447,100 SH Call SOLE   447,100 0 0
ALGOMA STL GROUP INC COM 015658107   535,000 100,000 SH Call SOLE   100,000 0 0
BRP INC COM SUN VTG 05577W200   357,414 7,400 SH   SOLE   7,400 0 0
CALUMET INC COM 131428104   3,188,000 200,000 SH Call SOLE   200,000 0 0
CAMPING WORLD HLDGS INC CL A 13462K109   495,375 27,400 SH   SOLE   27,400 0 0
CENTURY ALUM CO COM 156431108   4,002,515 221,746 SH   SOLE   221,746 0 0
COMMERCIAL METALS CO COM 201723103   14,949,527 298,871 SH   SOLE   298,871 0 0
DARLING INGREDIENTS INC COM 237266101   3,738,009 98,059 SH   SOLE   98,059 0 0
DELEK US HLDGS INC NEW COM 24665A103   13,051,069 615,907 SH   SOLE   615,907 0 0
DELEK US HLDGS INC NEW COM 24665A103   46,977,000 2,100,000 SH Call SOLE   2,100,000 0 0
FERROGLOBE PLC SHS G33856108   5,193,361 1,418,951 SH   SOLE   1,418,951 0 0
HF SINCLAIR CORP COM 403949100   2,906,061 70,604 SH   SOLE   70,604 0 0
HUDBAY MINERALS INC COM 443628102   13,395,497 1,268,513 SH   SOLE   1,268,513 0 0
IAMGOLD CORP COM 450913108   2,820,672 398,400 SH   SOLE   398,400 0 0
INNOVEX INTERNATIONAL INC COM 457651107   761,217 48,609 SH   SOLE   48,609 0 0
INVESCO EXCHANGE TRADED FD T LEISURE AND ENTE 46137V720   1,396,050 24,600 SH   SOLE   24,600 0 0
IPERIONX LTD SPONSORED ADS 44916E100   5,836,235 1,885,203 SH   SOLE   1,885,203 0 0
IREN LIMITED ORDINARY SHARES Q4982L109   938,000 67,000 SH   SOLE   67,000 0 0
LIBERTY ENERGY INC COM CL A 53115L104   2,446,227 210,700 SH   SOLE   210,700 0 0
MATADOR RES CO COM 576485205   4,289,265 88,952 SH   SOLE   88,952 0 0
OLIN CORP COM PAR $1 680665205   5,155,122 252,331 SH   SOLE   252,331 0 0
OLIN CORP COM PAR $1 680665205   1,894,000 100,000 SH Call SOLE   100,000 0 0
PAR PAC HOLDINGS INC COM NEW 69888T207   5,110,685 192,131 SH   SOLE   192,131 0 0
PAR PAC HOLDINGS INC COM NEW 69888T207   22,100,934 704,300 SH Call SOLE   704,300 0 0
POLARIS INC COM 731068102   307,050 7,500 SH   SOLE   7,500 0 0
RAMACO RES INC COM CL A 75134P600   11,050,113 905,747 SH   SOLE   905,747 0 0
RAMACO RES INC COM CL A 75134P600   14,959,285 735,100 SH Call SOLE   735,100 0 0
RIOT PLATFORMS INC COM 767292105   867,210 82,200 SH   SOLE   82,200 0 0
SEADRILL LTD COM G7997W102   33,176,830 1,273,094 SH   SOLE   1,273,094 0 0
SIGMA LITHIUM CORPORATION COM 826599102   2,004,683 433,914 SH   SOLE   433,914 0 0
SM ENERGY CO COM 78454L100   931,210 37,100 SH   SOLE   37,100 0 0
SOUTHWEST AIRLS CO COM 844741108   852,240 26,500 SH   SOLE   26,500 0 0
SPDR GOLD TR GOLD SHS 78463V107   4,427,934 14,700 SH   SOLE   14,700 0 0
SPHERE ENTERTAINMENT CO CL A 55826T102   212,350 5,000 SH   SOLE   5,000 0 0
SUN CTRY AIRLS HLDGS INC COM 866683105   506,849 42,700 SH   SOLE   42,700 0 0
SUNRUN INC COM 86771W105   205,200 20,000 SH Call SOLE   20,000 0 0
THOR INDS INC COM 885160101   484,488 5,400 SH   SOLE   5,400 0 0
TIMKEN CO COM 887389104   3,060,178 41,800 SH   SOLE   41,800 0 0
TYSON FOODS INC CL A 902494103   6,026,684 109,100 SH   SOLE   109,100 0 0
VANGUARD INDEX FDS S&P 500 ETF SHS 922908363   1,594,263 2,812 SH   SOLE   2,812 0 0
WESTLAKE CORPORATION COM 960413102   5,451,624 71,600 SH   SOLE   71,600 0 0
WINNEBAGO INDS INC COM 974637100   597,936 20,500 SH   SOLE   20,500 0 0