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
ALAMOS GOLD INC NEW COM CL A 011532108 BBG009HT65S0 21,603,824 1,196,225 SH   SOLE   989,315 0 206,910
ALPHA METALLURGICAL RESOUR I COM 020764106 BBG00DGWV044 14,956,658 71,800 SH   SOLE   69,226 0 2,574
ANTERO RESOURCES CORP COM 03674X106 BBG001T61KH8 25,372,753 830,532 SH   SOLE   677,967 0 152,565
BORR DRILLING LTD SHS G1466R173 BBG00FJ1SZG8 3,895,605 1,033,317 SH   SOLE   831,299 0 202,018
CALEDONIA MNG CORP PLC SHS NEW G1757E113 BBG001S70XD4 2,137,788 226,221 SH   SOLE   212,752 0 13,469
CAMECO CORP COM 13321L108 BBG001S5Y5S6 34,202,604 658,629 SH   SOLE   533,041 0 125,588
CANADIAN NAT RES LTD COM 136385101 BBG001S5YC56 15,192,647 512,344 SH   SOLE   500,214 0 12,130
CENTRUS ENERGY CORP CL A 15643U104 BBG001S9F7B3 14,401,646 207,756 SH   SOLE   170,612 0 37,144
CIVITAS RESOURCES INC COM NEW 17888H103 BBG00GLNJ0R0 8,381,276 192,673 SH   SOLE   155,391 0 37,282
COMSTOCK RES INC COM 205768302 BBG001S8FX55 10,797,942 702,991 SH   SOLE   585,200 0 117,791
CONSOL ENERGY INC NEW COM 20854L108 BBG00HC115M9 22,106,791 201,172 SH   SOLE   194,176 0 6,996
DENISON MINES CORP COM 248356107 BBG001S9ZPX7 7,086,285 3,710,097 SH   SOLE   3,044,668 0 665,429
DIAMONDBACK ENERGY INC COM 25278X109 BBG002PHSZN7 10,651,367 68,243 SH   SOLE   56,280 0 11,963
ENCORE ENERGY CORP COM NEW 29259W700 BBG001T8HNC6 3,693,693 1,136,521 SH   SOLE   932,176 0 204,345
ENERGY FUELS INC COM NEW 292671708 BBG001S9FH94 6,127,853 1,145,393 SH   SOLE   947,045 0 198,348
EQT CORP COM 26884L109 BBG001S5QXJ4 25,201,419 592,417 SH   SOLE   483,702 0 108,715
EQUINOX GOLD CORP COM 29446Y502 BBG001SSK0K0 7,871,847 1,528,556 SH   SOLE   1,259,997 0 268,559
ERO COPPER CORP COM 296006109 BBG00HNV5D86 4,484,617 349,834 SH   SOLE   288,432 0 61,402
EXPAND ENERGY CORPORATION COM 165167735 BBG00Z6DX607 10,303,429 109,031 SH   SOLE   88,791 0 20,240
FREEPORT-MCMORAN INC CL B 35671D857 BBG001S5R3F3 8,734,873 225,649 SH   SOLE   183,778 0 41,871
HUDBAY MINERALS INC COM 443628102 BBG001SL27N7 6,140,973 780,287 SH   SOLE   636,496 0 143,791
INTREPID POTASH INC COM 46121Y201 BBG001T0ZCR1 4,802,764 209,362 SH   SOLE   169,796 0 39,566
IVANHOE ELECTRIC INC COM 46578C108 BBG012WFRMH9 11,845,552 1,675,467 SH   SOLE   1,384,161 0 291,306
MATADOR RES CO COM 576485205 BBG001T3L5S4 15,260,972 285,679 SH   SOLE   231,767 0 53,912
MOSAIC CO NEW COM 61945C103 BBG001S7LJN1 10,974,050 451,979 SH   SOLE   349,110 0 102,869
NEXGEN ENERGY LTD COM 65340P106 BBG00334PFM6 10,057,301 1,440,874 SH   SOLE   1,169,983 0 270,891
NOBLE CORP PLC ORD SHS A G65431127 BBG018KBK3H7 10,748,194 370,492 SH   SOLE   313,126 0 57,366
NOV INC COM 62955J103 BBG001S6HFR2 2,691,162 189,652 SH   SOLE   154,219 0 35,433
NOVAGOLD RES INC COM NEW 66987E206 BBG001S5ZT85 1,228,434 371,128 SH   SOLE   302,845 0 68,283
NUTRIEN LTD COM 67077M108 BBG00JM9SM69 9,003,720 200,439 SH   SOLE   148,149 0 52,290
OCEANEERING INTL INC COM 675232102 BBG001S61HT3 11,334,455 460,189 SH   SOLE   380,099 0 80,090
ORLA MNG LTD NEW COM 68634K106 BBG00FGY26J8 7,418,511 1,367,031 SH   SOLE   1,127,094 0 239,937
PAN AMERN SILVER CORP COM 697900108 BBG001S5ZXR5 5,707,164 276,376 SH   SOLE   228,940 0 47,436
RANGE RES CORP COM 75281A109 BBG001SBZNN8 46,416,311 1,409,973 SH   SOLE   1,162,899 0 247,074
SCHLUMBERGER LTD COM STK 806857108 BBG001S5W4C8 6,760,612 181,104 SH   SOLE   148,273 0 32,831
SEADRILL 2021 LTD COM G7997W102 BBG015K887C0 17,435,288 476,374 SH   SOLE   390,944 0 85,430
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 BBG00RRGP4W4 9,446,389 2,653,480 SH   SOLE   2,433,141 0 220,339
SKEENA RES LTD NEW COM 83056P715 BBG001S6LB05 13,325,317 1,505,167 SH   SOLE   1,244,699 0 260,468
TRANSOCEAN LTD REGISTERED SHS H8817H100 BBG001S7B678 3,103,440 857,304 SH   SOLE   709,268 0 148,036
TRILOGY METALS INC NEW COM 89621C105 BBG0028693Q9 1,465,656 1,392,197 SH   SOLE   1,057,737 0 334,460
TRIPLE FLAG PRECIOUS METAL COM 89679M104 BBG00QRZMFT6 1,535,504 99,656 SH   SOLE   80,756 0 18,900
URANIUM ENERGY CORP COM 916896103 BBG001SK6158 12,505,985 1,746,646 SH   SOLE   1,402,889 0 343,757
UR-ENERGY INC COM 91688R108 BBG001SKVFK2 3,463,035 3,148,214 SH   SOLE   2,634,070 0 514,144
VALARIS LTD CL A G9460G101 BBG010JW9K58 6,891,548 167,230 SH   SOLE   135,680 0 31,550