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
AGNICO EAGLE MINES LTD COM 008474108 BBG000DLVDK3 3,396,038 61,915 SH   SOLE   61,915 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 BBG009HT6BL4 4,603,076 341,728 SH   SOLE   341,728 0 0
BAKER HUGHES COMPANY CL A 05722G100 BBG00GBVBK51 293,025 8,573 SH   SOLE   8,573 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 BBG00DK7NM27 2,672,259 83,482 SH   SOLE   83,482 0 0
CENTENE CORP DEL COM 15135B101 BBG000BDXCJ5 5,670,757 76,415 SH   SOLE   76,415 0 0
CHESAPEAKE ENERGY CORP COM 165167735 BBG00Z6DX554 6,694 87 SH   SOLE   87 0 0
CHORD ENERGY CORPORATION COM NEW 674215207 BBG00Y7BLHL9 2,157,665 12,980 SH   SOLE   12,980 0 0
CIVITAS RESOURCES INC COM NEW 17888H103 BBG00GLNJ018 1,094,080 16,000 SH   SOLE   16,000 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 BBG000G3RXX7 473,431 48,260 SH   SOLE   48,260 0 0
DIAMONDBACK ENERGY INC COM 25278X109 BBG002PHSYX9 2,529,975 16,314 SH   SOLE   16,314 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 BBG000BM2FL9 5,908,415 428,146 SH   SOLE   428,146 0 0
EURONAV NV SHS B38564108 BBG00805YZG8 484,780 27,560 SH   SOLE   27,560 0 0
EZCORP INC CL A NON VTG 302301106 BBG000C93HM1 3,091,355 353,702 SH   SOLE   353,702 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 BBG000BJCDS3 3,364,378 2,371 SH   SOLE   2,371 0 0
FORMFACTOR INC COM 346375108 BBG000D1Y3P1 522,668 12,531 SH   SOLE   12,531 0 0
GLATFELTER CORPORATION COM 377320106 BBG000BKFNX9 2,255,316 1,162,534 SH   SOLE   1,162,534 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 BBG003MN93C9 1,023,300 22,500 SH   SOLE   22,500 0 0
ISHARES TR 20 YR TR BD ETF 464287432 BBG000BJKYW3 3,114,720 31,500 SH   SOLE   31,500 0 0
MICRON TECHNOLOGY INC. COM 595112103 BBG000C5Z1S3 7,025,189 82,320 SH   SOLE   82,320 0 0
NCR ATLEOS CORPORATION COM SHS 63001N106 BBG3001N1063 8,084,684 332,840 SH   SOLE   332,840 0 0
NCR CORP NEW COM 62886E108 BBG000BMXK89 8,236,404 487,073 SH   SOLE   487,073 0 0
NCR CORP NEW COM 62886E108 BBG000BMXK89 14,365,045 849,500 SH Call SOLE   849,500 0 0
NET POWER INC COM CL A 64107A105 BBG00ZMY0GQ9 556,692 55,118 SH   SOLE   55,118 0 0
NEWMONT CORP COM 651639106 BBG000BPWXK1 2,448,632 59,160 SH   SOLE   59,160 0 0
NOBLE CORP PLC ORD SHS A G65431127 BBG018KBK3G8 992,674 20,612 SH   SOLE   20,612 0 0
PAN AMERN SILVER CORP COM 697900108 BBG000C0RGY3 2,853,863 174,762 SH   SOLE   174,762 0 0
PATRIA INVESTMENTS LIMITED COM CL A G69451105 BBG00YQ7XJT2 7,993,296 515,364 SH   SOLE   515,364 0 0
PHINIA INC COMMON STOCK 71880K101 BBG01F6N6NM7 3,704,740 122,309 SH   SOLE   122,309 0 0
SEADRILL 2021 LTD COM G7997W102 BBG017YB59Q8 1,252,920 26,500 SH   SOLE   26,500 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 BBG000Q83F79 5,464,102 343,007 SH   SOLE   343,007 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 BBG000CPHYL4 10,939,664 144,762 SH   SOLE   144,762 0 0
TIDEWATER INC NEW COM 88642R109 BBG00HBQ35R8 3,400,635 47,159 SH   SOLE   47,159 0 0
VALARIS LIMITED CL A G9460G101 BBG010JW9K49 993,168 14,484 SH   SOLE   14,484 0 0
VISTRA CORP COM 92840M102 BBG00DXDL6Q1 3,509,673 91,113 SH   SOLE   91,113 0 0
WARRIOR MET COAL INC COM 93627C101 BBG00GD1JMV4 61,397 1,007 SH   SOLE   1,007 0 0