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
ADVANCED MICRO DEVICES INC CALL 007903907   6,424,800 30,000 SH Call SOLE   30,000 0 0
ALBEMARLE CORP COM 012653101   1,207,085 8,500 SH   SOLE   8,500 0 0
AMERICAN AIRLS GROUP INC COM 02376R102   483,262 31,580 SH   SOLE   31,580 0 0
AMPLIFY ENERGY CORP NEW COM 03212B103   14,571,212 3,147,130 SH   SOLE   3,147,130 0 0
APPLIED DIGITAL CORP COM NEW 038169207   522,536 21,700 SH   SOLE   21,700 0 0
ATLAS ENERGY SOLUTIONS INC COM NEW 642045108   3,900,638 407,316 SH   SOLE   407,316 0 0
ATLAS ENERGY SOLUTIONS INC CALL 642045908   3,297,000 350,000 SH Call SOLE   350,000 0 0
BARRICK MNG CORP COM SHS 06849F108   14,625,744 330,600 SH   SOLE   330,600 0 0
BAYTEX ENERGY CORP COM 07317Q105   9,657,462 2,980,698 SH   SOLE   2,980,698 0 0
BUNGE GLOBAL SA COM SHS H11356104   3,005,486 33,600 SH   SOLE   33,600 0 0
CAMPING WORLD HLDGS INC CL A 13462K109   1,597,165 163,980 SH   SOLE   163,980 0 0
CENTURY ALUM CO COM 156431108   3,969,000 100,000 SH   SOLE   100,000 0 0
CHEMOURS CO COM 163851108   2,900,628 245,400 SH   SOLE   245,400 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105   8,916,280 1,009,652 SH   SOLE   1,009,652 0 0
COPA HOLDINGS SA CL A P31076105   1,409,610 11,660 SH   SOLE   11,660 0 0
CORE NATURAL RESOURCES INC COM SHS 218937100   20,739,420 234,000 SH   SOLE   234,000 0 0
COREWEAVE INC COM CL A 21873S108   546,860 7,400 SH   SOLE   7,400 0 0
CVR ENERGY INC COM 12662P108   5,028,061 199,200 SH   SOLE   199,200 0 0
DARLING INGREDIENTS INC COM 237266101   13,165,678 360,803 SH   SOLE   360,803 0 0
EVE HLDG INC COM 29970N104   322,355 80,880 SH   SOLE   80,880 0 0
EVOLV TECHNOLOGIES HLDNGS IN COM CL A 30049H102   241,339 34,090 SH   SOLE   34,090 0 0
FERROGLOBE PLC SHS G33856108   6,700,880 1,450,407 SH   SOLE   1,450,407 0 0
GREEN PLAINS INC COM 393222104   7,270,178 747,192 SH   SOLE   747,192 0 0
HF SINCLAIR CORP COM 403949100   14,251,873 308,082 SH   SOLE   308,082 0 0
HUDBAY MINERALS INC COM 443628102   11,932,040 599,600 SH   SOLE   599,600 0 0
HUT 8 CORP COM 44812J104   629,408 13,600 SH   SOLE   13,600 0 0
IAMGOLD CORP COM 450913108   8,268,219 493,625 SH   SOLE   493,625 0 0
INFINITY NAT RES INC COM CL A 456941103   3,082,484 202,795 SH   SOLE   202,795 0 0
ISHARES BITCOIN TRUST ETF CALL 46438F901   8,937,000 180,000 SH Call SOLE   180,000 0 0
ISHARES SILVER TR ISHARES 46428Q109   1,800,378 26,100 SH   SOLE   26,100 0 0
ISHARES TR EXPANDED TECH 464287515   995,007 9,300 SH   SOLE   9,300 0 0
LIBERTY ENERGY INC COM CL A 53115L104   2,200,056 117,713 SH   SOLE   117,713 0 0
LINDBLAD EXPEDITIONS HLDGS I COM 535219109   286,692 19,800 SH   SOLE   19,800 0 0
LINDE PLC SHS G54950103   10,430,566 24,350 SH   SOLE   24,350 0 0
MARATHON PETE CORP COM 56585A102   15,717,485 96,100 SH   SOLE   96,100 0 0
NORWEGIAN CRUISE LINE HLDG L SHS G66721104   331,748 14,809 SH   SOLE   14,809 0 0
NUCOR CORP COM 670346105   14,255,200 86,500 SH   SOLE   86,500 0 0
OIL STS INTL INC COM 678026105   1,983,237 288,084 SH   SOLE   288,084 0 0
OLIN CORP COM PAR $1 680665205   10,609,555 505,833 SH   SOLE   505,833 0 0
ORACLE CORP COM 68389X105   512,746 2,600 SH   SOLE   2,600 0 0
ORACLE CORP CALL 68389X905   28,554,315 146,500 SH Call SOLE   146,500 0 0
PAR PAC HOLDINGS INC COM NEW 69888T207   299,269 8,423 SH   SOLE   8,423 0 0
PHILLIPS 66 COM 718546104   5,039,884 38,900 SH   SOLE   38,900 0 0
POLARIS INC COM 731068102   1,614,594 25,048 SH   SOLE   25,048 0 0
RICE ACQUISITION CORP 3 UNIT 99/99/9999 G7553X122   5,195,000 500,000 SH   SOLE   500,000 0 0
SABLE OFFSHORE CORP COM SHS 78574H104   21,327,263 1,818,181 SH   SOLE   1,818,181 0 0
SABLE OFFSHORE CORP CALL 78574H904   451,000 50,000 SH Call SOLE   50,000 0 0
SEADRILL LTD COM G7997W102   63,387,343 1,835,718 SH   SOLE   1,835,718 0 0
SKYWEST INC COM 830879102   475,892 4,710 SH   SOLE   4,710 0 0
SM ENERGY CO COM 78454L100   10,383,556 552,905 SH   SOLE   552,905 0 0
SOUTHWEST AIRLS CO COM 844741108   4,247,664 102,860 SH   SOLE   102,860 0 0
SPDR GOLD TR GOLD SHS 78463V107   4,846,514 12,150 SH   SOLE   12,150 0 0
SPDR S&P 500 ETF TR CALL 78462F903   34,096,000 50,000 SH Call SOLE   50,000 0 0
SPDR SERIES TRUST STATE STREET SPD 78464A698   4,090,000 62,500 SH   SOLE   62,500 0 0
SPDR SERIES TRUST CALL 78464A908   22,612,209 348,900 SH Call SOLE   348,900 0 0
SPHERE ENTERTAINMENT CO CL A 55826T102   1,380,873 14,270 SH   SOLE   14,270 0 0
STURM RUGER & CO INC COM 864159108   746,041 22,940 SH   SOLE   22,940 0 0
SUN CTRY AIRLS HLDGS INC COM 866683105   8,001,513 555,935 SH   SOLE   555,935 0 0
THOR INDS INC COM 885160101   1,912,361 18,360 SH   SOLE   18,360 0 0
UNITED AIRLS HLDGS INC COM 910047109   1,080,307 9,710 SH   SOLE   9,710 0 0
VAIL RESORTS INC COM 91879Q109   226,457 1,700 SH   SOLE   1,700 0 0
VANGUARD SCOTTSDALE FDS VNG RUS2000IDX 92206C664   3,574,792 35,710 SH   SOLE   35,710 0 0
VIKING HOLDINGS LTD ORD SHS G93A5A101   411,700 5,710 SH   SOLE   5,710 0 0
WESTLAKE CORPORATION COM 960413102   8,364,686 111,900 SH   SOLE   111,900 0 0
WINNEBAGO INDS INC COM 974637100   1,920,108 46,700 SH   SOLE   46,700 0 0