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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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
ABRDN PALLADIUM ETF TRUST PHYSICAL PALLADM 003262102   23,016 200 SH   SOLE   0 200 0
CARNIVAL CORP COMMON STOCK 143658300   86,436 6,300 SH   SOLE   0 6,300 0
CHESAPEAKE ENERGY CORP COM 165167735   646,725 7,500 SH   SOLE   0 7,500 0
COTY INC COM CL A 222070203   866,630 79,000 SH   SOLE   0 79,000 0
DENISON MINES CORP COM 248356107   305,250 185,000 SH   SOLE   0 185,000 0
IAMGOLD CORP COM 450913108   645,000 300,000 SH   SOLE   0 300,000 0
ISHARES TR U.S. ENERGY ETF 464287796   94,860 2,000 SH   SOLE   0 2,000 0
ISHARES TR US OIL EQ&SV ETF 464288844   55,292 2,300 SH   SOLE   0 2,300 0
KRANESHARES TR GLOBAL CARB STRA 500767678   144,520 4,000 SH   SOLE   0 4,000 0
POLARIS INC COM 731068102   416,560 4,000 SH   SOLE   0 4,000 0
TOLL BROTHERS INC COM 889478103   318,028 4,300 SH   SOLE   0 4,300 0
CAMECO CORP COM 13321L108   297,300 7,500 SH   SOLE   0 7,500 0
DIREXION SHS ETF TR DLY S&P OIL GAS 25460G328   86,430 8,600 SH   SOLE   0 8,600 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807   1,454 176 SH   SOLE   0 176 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807   12,935 1,566 SH   SOLE   0 1,566 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807   26,911 3,258 SH   SOLE   0 3,258 0
ETF MANAGERS GRP COMMDTY TR BREAKWAVE DRY 26923H200   60,939 11,100 SH   SOLE   0 11,100 0
GLOBAL X FDS GLOBAL X URANIUM 37954Y871   27,040 1,000 SH   SOLE   0 1,000 0
INVESCO DB US DLR INDEX TR BULLISH FD 46141D203   89,190 3,000 SH   SOLE   0 3,000 0
ISHARES SILVER TR ISHARES 46428Q109   89,496 4,400 SH   SOLE   0 4,400 0
PROSHARES TR II ULSHT BLOOMB GAS 74347Y813   24,416 400 SH   SOLE   0 400 0
COEUR MNG INC COM NEW 192108504   12,050 482 SH Call SOLE   0 482 0
COEUR MNG INC COM NEW 192108504   13,175 527 SH Call SOLE   0 527 0
COEUR MNG INC COM NEW 192108504   25,650 1,026 SH Call SOLE   0 1,026 0
TEUCRIUM COMMODITY TR CORN FD SHS 88166A102   96,888 4,400 SH   SOLE   0 4,400 0
UNITED STS OIL FD LP UNITS 91232N207   121,290 1,500 SH   SOLE   0 1,500 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   395,000 25,000 SH   SOLE   0 25,000 0
NORWEGIAN CRUISE LINE HLDG L SHS G66721104   435,072 26,400 SH   SOLE   0 26,400 0
ON HLDG AG NAMEN AKT A H5919C104   222,560 8,000 SH   SOLE   0 8,000 0
FERRARI N V COM N3167Y103   221,655 750 SH   SOLE   0 750 0
SABINE ROYALTY TR UNIT BEN INT 785688102   1,318,000 20,000 SH   SOLE   0 20,000 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   880,000 55,000 SH   SOLE   0 55,000 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300   1,880,000 500,000 SH   SOLE   0 500,000 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   1,574,700 145,000 SH   SOLE   0 145,000 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107   617,000 100,000 SH   SOLE   0 100,000 0
NIO INC SPON ADS 62914V106   235,040 26,000 SH   SOLE   0 26,000 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301   1,369,500 165,000 SH   SOLE   0 165,000 0
LINDE PLC SHS G54950103   744,700 2,000 SH   SOLE   0 2,000 0
GLOBAL X FDS RGLOBAL X SILVER 37954Y848   454,100 19,000 SH   SOLE   0 19,000 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105   557,600 20,000 SH   SOLE   0 20,000 0
BLACK STONE MINERALS L P COM UNIT 09225M101   861,500 50,000 SH   SOLE   0 50,000 0
ATLAS LITHIUM CORP COM NEW 105861306   153,200 5,000 SH   SOLE   0 5,000 0
CHENIERE ENERGY INC COM NEW 16411R208   1,244,700 7,500 SH   SOLE   0 7,500 0
SANDSTORM GOLD LTD COM NEW 80013R206   932,000 200,000 SH   SOLE   0 200,000 0
ALAMOS GOLD INC NEW COM CL A 011532108   2,540,250 225,000 SH   SOLE   0 225,000 0
AGNICO EAGLE MINES LTD COM 008474108   227,250 5,000 SH   SOLE   0 5,000 0
AGNICO EAGLE MINES LTD COM 008474108   1,818,000 40,000 SH   SOLE   0 40,000 0
CF INDS HLDGS INC COM 125269100   171,480 2,000 SH   SOLE   0 2,000 0
CANADIAN SOLAR INC COM 136635109   246,100 10,000 SH   SOLE   0 10,000 0
DECKERS OUTDOOR CORP COM 243537107   868,812 1,690 SH   SOLE   0 1,690 0
ELDORADO GOLD CORP NEW COM 284902509   668,250 75,000 SH   SOLE   0 75,000 0
FRANCO NEV CORP COM 351858105   480,564 3,600 SH   SOLE   0 3,600 0
FRANCO NEV CORP COM 351858105   1,001,175 7,500 SH   SOLE   0 7,500 0
HALLIBURTON CO COM 406216101   405,000 10,000 SH   SOLE   0 10,000 0
KINROSS GOLD CORP COM 496902404   570,000 125,000 SH   SOLE   0 125,000 0
KINROSS GOLD CORP COM 496902404   1,710,000 375,000 SH   SOLE   0 375,000 0
LAS VEGAS SANDS CORP COM 517834107   1,329,360 29,000 SH   SOLE   0 29,000 0
LOUISIANA PAC CORP COM 546347105   138,175 2,500 SH   SOLE   0 2,500 0
LUCID GROUP INC COM 549498103   385,710 69,000 SH   SOLE   0 69,000 0
OCCIDENTAL PETE CORP COM 674599105   648,800 10,000 SH   SOLE   0 10,000 0
PAN AMERN SILVER CORP COM 697900108   217,200 15,000 SH   SOLE   0 15,000 0
PAN AMERN SILVER CORP COM 697900108   1,448,000 100,000 SH   SOLE   0 100,000 0
POTLATCHDELTIC CORPORATION COM 737630103   453,900 10,000 SH   SOLE   0 10,000 0
ROYAL GOLD INC COM 780287108   345,573 3,250 SH   SOLE   0 3,250 0
ROYAL GOLD INC COM 780287108   1,063,300 10,000 SH   SOLE   0 10,000 0
SCHLUMBERGER LTD COM 806857108   699,600 12,000 SH   SOLE   0 12,000 0
STANDARD LITHIUM LTD COM 853606101   212,250 75,000 SH   SOLE   0 75,000 0
WHEATON PRECIOUS METALS CORP COM 962879102   1,013,750 25,000 SH   SOLE   0 25,000 0
APOLLO GLOBAL MGMT INC COM 03769M106   991,848 11,050 SH   SOLE   0 11,050 0
CONOCOPHILLIPS COM 20825C104   179,700 1,500 SH   SOLE   0 1,500 0
GOLD RESOURCE CORP COM 38068T105   428,000 1,000,000 SH   SOLE   0 1,000,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   1,576,890 10,500 SH   SOLE   0 10,500 0
IVANHOE ELECTRIC COM 46578C108   196,338 16,499 SH   SOLE   0 16,499 0
JPMORGAN CHASE & CO COM 46625H100   1,740,240 12,000 SH   SOLE   0 12,000 0
MOSAIC CO NEW COM 61945C103   284,800 8,000 SH   SOLE   0 8,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   270,250 23,000 SH   SOLE   0 23,000 0
PARAMOUNT GOLD NEV CORP COM 69924M109   48,246 170,000 SH   SOLE   0 170,000 0
PIEDMONT LITHIUM COM 72016P105   297,750 7,500 SH   SOLE   0 7,500 0
RANGE RES CORP COM 75281A109   324,100 10,000 SH   SOLE   0 10,000 0
SILVERCORP METALS INC COM 82835P103   587,500 250,000 SH   SOLE   0 250,000 0
TESLA INC COM 88160R101   2,212,946 8,844 SH   SOLE   0 8,844 0
VALERO ENERGY CORP COM 91913Y100   354,275 2,500 SH   SOLE   0 2,500 0
VOX ROYALTY CORP COM 92919F103   404,000 200,000 SH   SOLE   0 200,000 0
VOX ROYALTY CORP COM 92919F103   3,030,000 1,500,000 SH   SOLE   0 1,500,000 0
ROYAL CARIBBEAN GROUP COM V7780T103   866,116 9,400 SH   SOLE   0 9,400 0
MARRIOTT INTL INC NEW CL A 571903202   1,906,632 9,700 SH   SOLE   0 9,700 0
AIR TRANSPORT SE COM 00922R105   29,888,449 1,432,125 SH   SOLE   0 1,432,125 0
ALASKA AIR GROUP COM 011659109   42,039,450 1,133,750 SH   SOLE   0 1,133,750 0
ALLEGIANT TRAVEL COM 01748X102   40,290,857 524,211 SH   SOLE   0 524,211 0
AMERICAN AIRLINE COM 02376R102   136,735,362 10,674,111 SH   SOLE   0 10,674,111 0
AZUL SA-ADR SPONSR ADR PFD 05501U106   7,666,249 892,462 SH   SOLE   0 892,462 0
B2GOLD CORP COM 11777Q209   2,471,334 855,133 SH   SOLE   0 855,133 0
BOEING CO/THE COM 097023105   26,272,619 137,065 SH   SOLE   0 137,065 0
BOOKING HOLDINGS COM 09857L108   30,003,750 9,729 SH   SOLE   0 9,729 0
COPA HOLDIN-CL A CL A P31076105   13,332,619 149,603 SH   SOLE   0 149,603 0
DANAOS CORP SHS Y1968P121   73,835 1,115 SH   SOLE   0 1,115 0
DELTA AIR LI COM NEW 247361702   135,452,301 3,660,873 SH   SOLE   0 3,660,873 0
DRDGOLD LTD-ADR SPON ADR REPSTG 26152H301   2,214,623 266,822 SH   SOLE   0 266,822 0
ELDORADO GOLD COM 284902509   2,414,646 271,004 SH   SOLE   0 271,004 0
EMBRAER SA-ADR SPONSORED ADS 29082A107   6,773,825 493,719 SH   SOLE   0 493,719 0
EXPEDIA GROUP IN COM NEW 30212P303   28,873,824 280,138 SH   SOLE   0 280,138 0
EXPEDITORS INTL COM 302130109   109,013 951 SH   SOLE   0 951 0
FEDEX CORP COM 31428X106   113,916 430 SH   SOLE   0 430 0
FRANCO-NEVADA CO COM 351858105   8,146,628 61,028 SH   SOLE   0 61,028 0
FRONTIER GROUP H COM 35909R108   34,742,391 7,178,180 SH   SOLE   0 7,178,180 0
GENERAL DYNAMICS COM 369550108   30,359,952 137,394 SH   SOLE   0 137,394 0
GOLD FIELDS-ADR SPONSORED ADR 38059T106   2,304,590 212,209 SH   SOLE   0 212,209 0
GRUPO AEROPO-ADR SPON ADR SER B 400501102   7,174,978 29,201 SH   SOLE   0 29,201 0
GXO LOGISTIC COMMON STOCK 36262G101   101,758 1,735 SH   SOLE   0 1,735 0
HARMONY GOLD-ADR SPONSORED ADR 413216300   2,406,603 640,054 SH   SOLE   0 640,054 0
HAWAIIAN HOLDING COM 419879101   36,718,558 5,800,720 SH   SOLE   0 5,800,720 0
INTERNATIONAL SE COM Y41053102   77,850 1,730 SH   SOLE   0 1,730 0
JETBLUE AIRWAYS COM 477143101   36,236,118 7,877,417 SH   SOLE   0 7,877,417 0
MAKEMYTRIP LTD SHS V5633W109   8,010,520 197,693 SH   SOLE   0 197,693 0
MATSON INC COM 57686G105   77,985 879 SH   SOLE   0 879 0
NEW GOLD INC COM 644535106   2,336,137 2,566,901 SH   SOLE   0 2,566,901 0
OSISKO GOLD ROYA COM 68827L101   3,202,416 272,546 SH   SOLE   0 272,546 0
ROYAL GOLD INC COM 780287108   8,465,888 79,619 SH   SOLE   0 79,619 0
RYANAIR HLDG-ADR SPONSORED ADS 783513203   15,019,431 154,505 SH   SOLE   0 154,505 0
SANDSTORM GOLD COM NEW 80013R206   3,085,088 662,036 SH   SOLE   0 662,036 0
SCORPIO TANKERS SHS Y7542C130   82,317 1,521 SH   SOLE   0 1,521 0
SIBANYE-STI-ADR SPONSORED ADR 82575P107   2,853,958 462,554 SH   SOLE   0 462,554 0
SKYWEST INC COM 830879102   43,928,627 1,047,416 SH   SOLE   0 1,047,416 0
SOUTHWEST AIR COM 844741108   134,588,765 4,971,879 SH   SOLE   0 4,971,879 0
SUN COUNTRY HOLD COM 866683105   45,740,367 3,082,235 SH   SOLE   0 3,082,235 0
TEEKAY TANK-CL A CL A Y8565N300   156,737 3,765 SH   SOLE   0 3,765 0
TEXTRON INC COM 883203101   31,170,906 398,911 SH   SOLE   0 398,911 0
TORM PLC-A SHS CL A G89479102   164,047 5,961 SH   SOLE   0 5,961 0
TRIP.COM GRO-ADR ADS 89677Q107   14,182,153 405,552 SH   SOLE   0 405,552 0
TRIPADVISOR INC COM 896945201   31,729,544 1,913,724 SH   SOLE   0 1,913,724 0
UNITED AIRLINES COM 910047109   133,445,037 3,154,729 SH   SOLE   0 3,154,729 0
UNITED PARCEL-B CL B 911312106   102,874 660 SH   SOLE   0 660 0
WHEATON PRECIOUS COM 962879102   8,344,663 205,787 SH   SOLE   0 205,787 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105   106,469 4,405 SH   SOLE   0 4,405 0
CENTERRA GOLD IN COM 152006102   293,437 60,000 SH   SOLE   0 60,000 0
CENTERRA GOLD IN COM 152006102   611,328 125,000 SH   SOLE   0 125,000 0
CENTERRA GOLD IN COM 152006102   2,233,294 456,648 SH   SOLE   0 456,648 0
ELECTRA BATTERY COM NEW 28474P201   185,608 300,000 SH   SOLE   0 300,000 0
EMX ROYALTY CORP COM 26873J107   2,255,653 1,250,000 SH   SOLE   0 1,250,000 0
ENCORE ENERGY CO COM NEW 29259W700   732,489 225,000 SH   SOLE   0 225,000 0
HUDBAY MINERALS COM 443628102   28,807 5,917 SH   SOLE   0 5,917 0
I-80 GOLD CORP COM 44955L106   301,981 200,000 SH   SOLE   0 200,000 0
IVANHOE ELECTRIC COM 46578C108   17,897 1,499 SH   SOLE   0 1,499 0
LITHIUM AMERICAS COM NEW 53680Q207   0 0 SH   SOLE   0 0 0
MCEWEN MINING IN COM NEW 58039P305   86,651 13,476 SH   SOLE   0 13,476 0
NUTRIEN LTD COM 67077M108   247,124 4,000 SH   SOLE   0 4,000 0
SILVERCREST META COM 828363101   243,058 55,000 SH   SOLE   0 55,000 0
SKEENA RESOURCES COM 83056P715   343,043 75,000 SH   SOLE   0 75,000 0
TRIPLE FLAG COM 89679M104   982,728 75,000 SH   SOLE   0 75,000 0
VIZSLA SILVER CO COM NEW 92859G202   134,419 125,000 SH   SOLE   0 125,000 0
VIZSLA SILVER CO COM NEW 92859G202   1,075,348 1,000,000 SH   SOLE   0 1,000,000 0