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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
AGNICO EAGLE MINES LTD COM 008474108   274,250 5,000 SH   SOLE   0 5,000 0
AGNICO EAGLE MINES LTD COM 008474108   2,194,000 40,000 SH   SOLE   0 40,000 0
ALAMOS GOLD INC NEW COM CL A 011532108   3,030,750 225,000 SH   SOLE   0 225,000 0
ATLAS LITHIUM CORP COM NEW 105861306   125,120 4,000 SH   SOLE   0 4,000 0
CF INDS HLDGS INC COM 125269100   437,250 5,500 SH   SOLE   0 5,500 0
CANADIAN SOLAR INC COM 136635109   262,300 10,000 SH   SOLE   0 10,000 0
CARNIVAL CORP COMMON STOCK 143658300   838,008 45,200 SH   SOLE   0 45,200 0
CHESAPEAKE ENERGY CORP COM 165167735   577,050 7,500 SH   SOLE   0 7,500 0
COEUR MNG INC COM NEW 192108504   58,900 775 SH Call SOLE   0 775 0
COEUR MNG INC COM NEW 192108504   64,600 850 SH Call SOLE   0 850 0
COEUR MNG INC COM NEW 192108504   125,400 1,650 SH Call SOLE   0 1,650 0
COTY INC COM CL A 222070203   981,180 79,000 SH   SOLE   0 79,000 0
DECKERS OUTDOOR CORP COM 243537107   802,116 1,200 SH   SOLE   0 1,200 0
DENISON MINES CORP COM 248356107   265,500 150,000 SH   SOLE   0 150,000 0
ELDORADO GOLD CORP NEW COM 284902509   972,750 75,000 SH   SOLE   0 75,000 0
FRANCO NEV CORP COM 351858105   398,916 3,600 SH   SOLE   0 3,600 0
FRANCO NEV CORP COM 351858105   831,075 7,500 SH   SOLE   0 7,500 0
HALLIBURTON CO COM 406216101   361,500 10,000 SH   SOLE   0 10,000 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300   3,075,000 500,000 SH   SOLE   0 500,000 0
IAMGOLD CORP COM 450913108   759,000 300,000 SH   SOLE   0 300,000 0
KINROSS GOLD CORP COM 496902404   1,512,500 250,000 SH   SOLE   0 250,000 0
KRANESHARES TR GLOBAL CARB STRA 500767678   18,245 500 SH   SOLE   0 500 0
LAS VEGAS SANDS CORP COM 517834107   1,454,156 29,550 SH   SOLE   0 29,550 0
MARRIOTT INTL INC NEW CL A 571903202   1,815,356 8,050 SH   SOLE   0 8,050 0
NEW GOLD INC CDA COM 644535106   51,100 35,000 SH   SOLE   0 35,000 0
NEW GOLD INC CDA COM 644535106   219,000 150,000 SH   SOLE   0 150,000 0
NEW GOLD INC CDA COM 644535106   1,460,000 1,000,000 SH   SOLE   0 1,000,000 0
NEWMONT CORP COM 651639106   47,150 115 SH Call SOLE   0 115 0
NEWMONT CORP COM 651639106   51,250 125 SH Call SOLE   0 125 0
NEWMONT CORP COM 651639106   106,600 260 SH Call SOLE   0 260 0
CHORD ENERGY CORPORATION COM NEW 674215207   332,460 2,000 SH   SOLE   0 2,000 0
OCCIDENTAL PETE CORP COM 674599105   597,100 10,000 SH   SOLE   0 10,000 0
ROYAL GOLD INC COM 780287108   393,120 3,250 SH   SOLE   0 3,250 0
ROYAL GOLD INC COM 780287108   1,209,600 10,000 SH   SOLE   0 10,000 0
SCHLUMBERGER LTD COM 806857108   624,480 12,000 SH   SOLE   0 12,000 0
STANDARD LITHIUM LTD COM 853606101   151,500 75,000 SH   SOLE   0 75,000 0
TOLL BROTHERS INC COM 889478103   637,298 6,200 SH   SOLE   0 6,200 0
WHEATON PRECIOUS METALS CORP COM 962879102   1,233,500 25,000 SH   SOLE   0 25,000 0
APA CORPORATION COM 03743Q108   358,800 10,000 SH   SOLE   0 10,000 0
BLACK STONE MINERALS L P COM UNIT 09225M101   798,000 50,000 SH   SOLE   0 50,000 0
CAMECO CORP COM 13321L108   215,500 5,000 SH   SOLE   0 5,000 0
CHENIERE ENERGY INC COM NEW 16411R208   1,280,325 7,500 SH   SOLE   0 7,500 0
CONOCOPHILLIPS COM 20825C104   174,105 1,500 SH   SOLE   0 1,500 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203   399,000 15,000 SH   SOLE   0 15,000 0
DIREXION SHS ETF TR DLY GOLD INDX 2X 25460G781   6,643 191 SH   SOLE   0 191 0
DIREXION SHS ETF TR DLY GOLD INDX 2X 25460G781   94,428 2,715 SH   SOLE   0 2,715 0
DIREXION SHS ETF TR DLY GOLD INDX 2X 25460G781   215,427 6,194 SH   SOLE   0 6,194 0
DIREXION SHS ETF TR DAILY JR GLD MIN 25460G831   6,880 203 SH   SOLE   0 203 0
DIREXION SHS ETF TR DAILY JR GLD MIN 25460G831   101,467 2,994 SH   SOLE   0 2,994 0
DIREXION SHS ETF TR DAILY JR GLD MIN 25460G831   240,721 7,103 SH   SOLE   0 7,103 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301   954,000 120,000 SH   SOLE   0 120,000 0
ETF MANAGERS GRP COMMDTY TR BREAKWAVE DRY 26923H200   3,468 300 SH   SOLE   0 300 0
GLOBAL X FDS RGLOBAL X SILVER 37954Y848   22,696 800 SH   SOLE   0 800 0
GLOBAL X FDS GLOBAL X URANIUM 37954Y871   30,459 1,100 SH   SOLE   0 1,100 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   2,096,700 145,000 SH   SOLE   0 145,000 0
GOLD RESOURCE CORP COM 38068T105   376,000 1,000,000 SH   SOLE   0 1,000,000 0
ISHARES SILVER TR ISHARES 46428Q109   37,026 1,700 SH   SOLE   0 1,700 0
IVANHOE ELECTRIC COM 46578C108   166,310 16,499 SH   SOLE   0 16,499 0
JPMORGAN CHASE & CO COM 46625H100   1,156,680 6,800 SH   SOLE   0 6,800 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   827,750 55,000 SH   SOLE   0 55,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   214,200 15,000 SH   SOLE   0 15,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   214,200 15,000 SH   SOLE   0 15,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   442,680 31,000 SH   SOLE   0 31,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   1,071,000 75,000 SH   SOLE   0 75,000 0
PARAMOUNT GOLD NEV CORP COM 69924M109   63,750 170,000 SH   SOLE   0 170,000 0
RANGE RES CORP COM 75281A109   304,400 10,000 SH   SOLE   0 10,000 0
SANDSTORM GOLD LTD COM NEW 80013R206   1,006,000 200,000 SH   SOLE   0 200,000 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107   543,000 100,000 SH   SOLE   0 100,000 0
SILVERCORP METALS INC COM 82835P103   657,500 250,000 SH   SOLE   0 250,000 0
VALERO ENERGY CORP COM 91913Y100   357,500 2,750 SH   SOLE   0 2,750 0
VOX ROYALTY CORP COM 92919F103   412,000 200,000 SH   SOLE   0 200,000 0
VOX ROYALTY CORP COM 92919F103   3,090,000 1,500,000 SH   SOLE   0 1,500,000 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   934,500 50,000 SH   SOLE   0 50,000 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   10,800 180 SH Call SOLE   0 180 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   10,800 180 SH Call SOLE   0 180 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   25,500 425 SH Call SOLE   0 425 0
ATLANTICA SUSTAINABLE INFR P SHS G0751N103   376,250 17,500 SH   SOLE   0 17,500 0
CAPRI HOLDINGS LIMITED SHS G1890L107   75,360 1,500 SH   SOLE   0 1,500 0
LINDE PLC SHS G54950103   821,420 2,000 SH   SOLE   0 2,000 0
NORWEGIAN CRUISE LINE HLDG L SHS G66721104   941,880 47,000 SH   SOLE   0 47,000 0
ON HLDG AG NAMEN AKT A H5919C104   107,880 4,000 SH   SOLE   0 4,000 0
FERRARI N V COM N3167Y103   2,436,696 7,200 SH   SOLE   0 7,200 0
ROYAL CARIBBEAN GROUP COM V7780T103   116,541 900 SH   SOLE   0 900 0
CLEARWAY ENERGY INC CL C 18539C204   356,590 13,000 SH   SOLE   0 13,000 0
CLEVELAND-CLIFFS INC NEW COM 185899101   408,400 20,000 SH   SOLE   0 20,000 0
CONSTELLATION BRANDS INC CL A 21036P108   1,776,863 7,350 SH   SOLE   0 7,350 0
DIREXION SHS ETF TR HYDROGEN ETF 25460G617   21,219 1,735 SH   SOLE   0 1,735 0
LAUDER ESTEE COS INC CL A 518439104   731,250 5,000 SH   SOLE   0 5,000 0
ETF MANAGERS TR PRIME JUNIR SLVR 26924G102   29,000 2,900 SH   SOLE   0 2,900 0
FIRST TR EXCHANGE-TRADED FD GBL WND ENRG ETF 33736G106   16,480 1,000 SH   SOLE   0 1,000 0
FORTUNA SILVER MINES INC COM 349915108   77,200 20,000 SH   SOLE   0 20,000 0
FORTUNA SILVER MINES INC COM 349915108   772,000 200,000 SH   SOLE   0 200,000 0
GLOBAL X FDS GLOBAL X COPPER 37954Y830   75,000 2,000 SH   SOLE   0 2,000 0
GLOBAL X FDS LITHIUM BTRY ETF 37954Y855   35,658 700 SH   SOLE   0 700 0
GLOBAL X FDS US INFR DEV ETF 37954Y673   34,460 1,000 SH   SOLE   0 1,000 0
INVESCO EXCH TRADED FD TR II SOLAR ETF 46138G706   16,005 300 SH   SOLE   0 300 0
ISHARES TR GL CLEAN ENE ETF 464288224   45,153 2,900 SH   SOLE   0 2,900 0
ISHARES TR U.S. REAL ES ETF 464287739   36,564 400 SH   SOLE   0 400 0
KKR & CO INC COM 48251W104   1,205,468 14,550 SH   SOLE   0 14,550 0
LULULEMON ATHLETICA INC COM 550021109   153,387 300 SH   SOLE   0 300 0
MARATHON OIL CORP COM 565849106   422,800 17,500 SH   SOLE   0 17,500 0
MARATHON PETE CORP COM 56585A102   445,080 3,000 SH   SOLE   0 3,000 0
NIKE INC CL B 654106103   40,600 200 SH Call SOLE   0 200 0
PEABODY ENERGY CORP COM 704551100   364,800 15,000 SH   SOLE   0 15,000 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105   204,000 15,000 SH   SOLE   0 15,000 0
SELECT WATER SOLUTIONS INC CL A COM 81617J301   379,500 50,000 SH   SOLE   0 50,000 0
SIGMA LITHIUM CORPORATION COM 826599102   252,240 8,000 SH   SOLE   0 8,000 0
SSR MINING IN COM 784730103   860,800 80,000 SH   SOLE   0 80,000 0
SYLVAMO CORP COMMON STOCK 871332102   392,880 8,000 SH   SOLE   0 8,000 0
TEMPUR SEALY INTL INC COM 88023U101   922,557 18,100 SH   SOLE   0 18,100 0
TEUCRIUM COMMODITY TR WHEAT FD 88166A508   39,402 6,600 SH   SOLE   0 6,600 0
UBS GROUP AG SHS H42097107   1,498,650 48,500 SH   SOLE   0 48,500 0
UR-ENERGY INC COM 91688R108   231,000 150,000 SH   SOLE   0 150,000 0
UNITED STS NAT GAS FD LP UNIT PAR 912318300   23,322 4,600 SH   SOLE   0 4,600 0
VANECK ETF TRUST RARE EARTH/STRTG 92189H805   24,620 400 SH   SOLE   0 400 0
VANECK ETF TRUST STEEL ETF 92189F205   36,878 500 SH   SOLE   0 500 0
VIPER ENERGY INC CL A 927959106   627,600 20,000 SH   SOLE   0 20,000 0
AIR TRANSPORT SE COM 00922R105   34,909,254 1,982,354 SH   SOLE   0 1,982,354 0
ALASKA AIR GROUP COM 011659109   54,218,767 1,387,734 SH   SOLE   0 1,387,734 0
ALLEGIANT TRAVEL COM 01748X102   53,453,214 647,055 SH   SOLE   0 647,055 0
AMERICAN AIRLINE COM 02376R102   174,159,419 12,675,358 SH   SOLE   0 12,675,358 0
AZUL SA-ADR SPONSR ADR PFD 05501U106   7,681,466 792,721 SH   SOLE   0 792,721 0
B2GOLD CORP COM 11777Q209   2,666,206 843,736 SH   SOLE   0 843,736 0
BOEING CO/THE COM 097023105   35,779,756 137,266 SH   SOLE   0 137,266 0
BOOKING HOLDINGS COM 09857L108   36,007,830 10,151 SH   SOLE   0 10,151 0
BUENAVENTURA-ADR SPONSORED ADR 204448104   2,922,910 191,792 SH   SOLE   0 191,792 0
COPA HOLDIN-CL A CL A P31076105   17,555,714 165,137 SH   SOLE   0 165,137 0
DELTA AIR LI COM NEW 247361702   178,400,297 4,434,509 SH   SOLE   0 4,434,509 0
DRDGOLD LTD-ADR SPON ADR REPSTG 26152H301   2,452,162 308,448 SH   SOLE   0 308,448 0
ELDORADO GOLD COM 284902509   2,732,390 210,670 SH   SOLE   0 210,670 0
EMBRAER SA-ADR SPONSORED ADS 29082A107   7,938,131 430,251 SH   SOLE   0 430,251 0
EURONAV NV SHS B38564108   92,295 5,247 SH   SOLE   0 5,247 0
EXPEDIA GROUP IN COM NEW 30212P303   34,406,846 226,674 SH   SOLE   0 226,674 0
EXPEDITORS INTL COM 302130109   149,969 1,179 SH   SOLE   0 1,179 0
FEDEX CORP COM 31428X106   136,351 539 SH   SOLE   0 539 0
FRANCO-NEVADA CO COM 351858105   9,262,165 83,586 SH   SOLE   0 83,586 0
FRONTIER GROUP H COM 35909R108   57,240,702 10,483,645 SH   SOLE   0 10,483,645 0
GENERAL DYNAMICS COM 369550108   32,771,912 126,206 SH   SOLE   0 126,206 0
GRUPO AEROPO-ADR SPON ADR SER B 40051E202   10,192,924 34,638 SH   SOLE   0 34,638 0
GXO LOGISTIC COMMON STOCK 36262G101   151,188 2,472 SH   SOLE   0 2,472 0
HARMONY GOLD-ADR SPONSORED ADR 413216300   3,694,465 600,726 SH   SOLE   0 600,726 0
INTERNATIONAL SE COM Y41053102   192,380 4,230 SH   SOLE   0 4,230 0
JETBLUE AIRWAYS COM 477143101   54,286,365 9,781,327 SH   SOLE   0 9,781,327 0
MAKEMYTRIP LTD SHS V5633W109   8,528,232 181,529 SH   SOLE   0 181,529 0
MATSON INC COM 57686G105   109,271 997 SH   SOLE   0 997 0
NEW GOLD INC COM 644535106   2,861,101 1,959,658 SH   SOLE   0 1,959,658 0
OSISKO GOLD ROYA COM 68827L101   3,690,737 258,455 SH   SOLE   0 258,455 0
ROYAL GOLD INC COM 780287108   9,180,017 75,893 SH   SOLE   0 75,893 0
RYANAIR HLDG-ADR SPONSORED ADS 783513203   17,227,845 129,183 SH   SOLE   0 129,183 0
SANDSTORM GOLD COM NEW 80013R206   3,690,461 733,690 SH   SOLE   0 733,690 0
SCORPIO TANKERS SHS Y7542C130   105,853 1,741 SH   SOLE   0 1,741 0
SIBANYE-STI-ADR SPONSORED ADR 82575P107   3,323,926 612,141 SH   SOLE   0 612,141 0
SKYWEST INC COM 830879102   49,995,542 957,769 SH   SOLE   0 957,769 0
SOUTHWEST AIR COM 844741108   179,354,821 6,210,347 SH   SOLE   0 6,210,347 0
SSR MINING INC COM 784730103   2,544,084 236,439 SH   SOLE   0 236,439 0
SUN COUNTRY HOLD COM 866683105   44,838,758 2,850,525 SH   SOLE   0 2,850,525 0
TEEKAY TANK-CL A CL A Y8565N300   195,732 3,917 SH   SOLE   0 3,917 0
TEXTRON INC COM 883203101   32,707,216 406,705 SH   SOLE   0 406,705 0
TORM PLC-A SHS CL A G89479102   266,665 8,769 SH   SOLE   0 8,769 0
TRIP.COM GRO-ADR ADS 89677Q107   17,757,143 493,117 SH   SOLE   0 493,117 0
TRIPADVISOR INC COM 896945201   37,336,895 1,734,180 SH   SOLE   0 1,734,180 0
UNITED AIRLINES COM 910047109   171,637,433 4,159,899 SH   SOLE   0 4,159,899 0
UNITED PARCEL-B CL B 911312106   146,538 932 SH   SOLE   0 932 0
WHEATON PRECIOUS COM 962879102   9,195,101 186,362 SH   SOLE   0 186,362 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105   141,214 6,636 SH   SOLE   0 6,636 0
CENTERRA GOLD IN COM 152006102   358,378 60,000 SH   SOLE   0 60,000 0
CENTERRA GOLD IN COM 152006102   1,493,242 250,000 SH   SOLE   0 250,000 0
CENTERRA GOLD IN COM 152006102   2,747,583 460,003 SH   SOLE   0 460,003 0
CENTERRA GOLD IN COM 152006102   107,513 18,000 SH   SOLE   0 18,000 0
ELECTRA BATTERY COM NEW 28474P201   113,267 300,000 SH   SOLE   0 300,000 0
EMX ROYALTY CORP COM 26873J107   2,010,496 1,250,000 SH   SOLE   0 1,250,000 0
ENCORE ENERGY CO COM NEW 29259W700   786,831 200,000 SH   SOLE   0 200,000 0
I-80 GOLD CORP COM 44955L106   351,884 200,000 SH   SOLE   0 200,000 0
IVANHOE ELECTRIC COM 46578C108   15,168 1,499 SH   SOLE   0 1,499 0
OSISKO GOLD ROYA COM 68827L101   1,070,943 75,000 SH   SOLE   0 75,000 0
SILVERCREST META COM 828363101   1,476,440 225,000 SH   SOLE   0 225,000 0
SILVERCREST META COM 828363101   393,717 60,000 SH   SOLE   0 60,000 0
SKEENA RESOURCES COM 83056P715   365,287 75,000 SH   SOLE   0 75,000 0
TRIPLE FLAG COM 89679M104   999,018 75,000 SH   SOLE   0 75,000 0
VIZSLA SILVER CO COM NEW 92859G202   157,630 125,000 SH   SOLE   0 125,000 0
VIZSLA SILVER CO COM NEW 92859G202   1,261,044 1,000,000 SH   SOLE   0 1,000,000 0