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
AGNICO EAGLE MINES LTD COM 008474108   163,500 2,500 SH   SOLE   0 2,500 0
AGNICO EAGLE MINES LTD COM 008474108   1,308,000 20,000 SH   SOLE   0 20,000 0
AIR TRANSPORT SE COM 00922R105   24,561,225 1,819,350 SH   SOLE   0 1,819,350 0
ALAMOS GOLD INC NEW COM CL A 011532108   3,920,000 250,000 SH   SOLE   0 250,000 0
ALASKA AIR GROUP COM 011659109   39,643,811 943,451 SH   SOLE   0 943,451 0
ALLEGIANT TRAVEL COM 01748X102   25,973,889 488,231 SH   SOLE   0 488,231 0
A-MARK PRECIOUS METALS INC COM 00181T107   485,550 15,000 SH   SOLE   0 15,000 0
AMAZON COM INC COM 023135106   2,315,135 11,980 SH   SOLE   0 11,980 0
AMERICAN AIRLINE COM 02376R102   98,670,794 8,580,069 SH   SOLE   0 8,580,069 0
AMERICAN EXPRESS CO COM 025816109   486,255 2,100 SH   SOLE   0 2,100 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   1,633,450 65,000 SH   SOLE   0 65,000 0
APOLLO GLOBAL MGMT INC COM 03769M106   1,771,050 15,000 SH   SOLE   0 15,000 0
ATLAS LITHIUM CORP COM NEW 105861306   31,140 3,000 SH   SOLE   0 3,000 0
AZUL SA-ADR SPONSR ADR PFD 05501U106   4,324,891 793,558 SH   SOLE   0 793,558 0
B2GOLD CORP COM 11777Q209   472,500 175,000 SH   SOLE   0 175,000 0
BARRICK GOLD CORP COM 067901108   250,200 15,000 SH   SOLE   0 15,000 0
BARRICK GOLD CORP COM 067901108   417,000 25,000 SH   SOLE   0 25,000 0
BHP GROUP LTD SPONSORED ADS 088606108   199,815 3,500 SH   SOLE   0 3,500 0
BLACKSTONE INC COM 09260D107   1,522,740 12,300 SH   SOLE   0 12,300 0
BOEING CO/THE COM 097023105   20,765,628 116,917 SH   SOLE   0 116,917 0
BOOKING HOLDINGS COM 09857L108   26,298,501 6,964 SH   SOLE   0 6,964 0
BP PLC SPONSORED ADR 055622104   361,000 10,000 SH   SOLE   0 10,000 0
BUNGE GLOBAL SA COM SHS H11356104   480,465 4,500 SH   SOLE   0 4,500 0
CAMECO CORP COM 13321L108   492,000 10,000 SH   SOLE   0 10,000 0
CANADIAN NAT RES LTD COM 136385101   213,600 6,000 SH   SOLE   0 6,000 0
CANADIAN SOLAR INC COM 136635109   147,500 10,000 SH   SOLE   0 10,000 0
CARNIVAL CORP UNIT 99/99/9999 143658300   1,183,104 63,200 SH   SOLE   0 63,200 0
CENTERRA GOLD IN COM 152006102   515,666 75,000 SH   SOLE   0 75,000 0
CENTERRA GOLD IN COM 152006102   1,718,888 250,000 SH   SOLE   0 250,000 0
CENTERRA GOLD IN COM 152006102   4,259,974 619,583 SH   SOLE   0 619,583 0
CENTERRA GOLD IN COM 152006102   446,911 65,000 SH   SOLE   0 65,000 0
CF INDS HLDGS INC COM 125269100   370,600 5,000 SH   SOLE   0 5,000 0
CHENIERE ENERGY INC COM NEW 16411R208   1,311,225 7,500 SH   SOLE   0 7,500 0
COEUR MNG INC COM NEW 192108504   281,000 50,000 SH   SOLE   0 50,000 0
COEUR MNG INC COM NEW 192108504   983,500 175,000 SH   SOLE   0 175,000 0
CONOCOPHILLIPS COM 20825C104   171,570 1,500 SH   SOLE   0 1,500 0
CONSTELLATION BRANDS INC CL A 21036P108   1,785,523 6,940 SH   SOLE   0 6,940 0
COPA HOLDIN-CL A CL A P31076105   5,765,350 59,296 SH   SOLE   0 59,296 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203   109,500 7,500 SH   SOLE   0 7,500 0
DECKERS OUTDOOR CORP COM 243537107   963,110 995 SH   SOLE   0 995 0
DELTA AIR LI COM NEW 247361702   153,703,056 3,012,604 SH   SOLE   0 3,012,604 0
DENISON MINES CORP COM 248356107   457,700 230,000 SH   SOLE   0 230,000 0
DIREXION SHS ETF TR DLY S&P OIL GAS 25460G328   42,108 4,400 SH   SOLE   0 4,400 0
ELDORADO GOLD COM 284902509   3,422,672 211,668 SH   SOLE   0 211,668 0
ELDORADO GOLD CORP NEW COM 284902509   739,500 50,000 SH   SOLE   0 50,000 0
EMBRAER SA-ADR SPONSORED ADS 29082A107   7,719,756 277,789 SH   SOLE   0 277,789 0
EMX ROYALTY CORP COM 26873J107   2,449,002 1,250,000 SH   SOLE   0 1,250,000 0
ENCORE ENERGY CO COM NEW 29259W700   722,043 150,000 SH   SOLE   0 150,000 0
EOG RES INC COM 26875P101   314,675 2,500 SH   SOLE   0 2,500 0
EQUINOX GOLD CORP COM 29446Y502   2,876,500 550,000 SH   SOLE   0 550,000 0
EXPEDIA GROUP IN COM NEW 30212P303   19,728,831 174,808 SH   SOLE   0 174,808 0
EXPEDITORS INTL COM 302130109   183,284 1,516 SH   SOLE   0 1,516 0
FEDEX CORP COM 31428X106   184,121 725 SH   SOLE   0 725 0
FERRARI N V COM N3167Y103   755,485 1,850 SH   SOLE   0 1,850 0
FORTUNA MNG CORP COM NEW 349942102   97,800 20,000 SH   SOLE   0 20,000 0
FORTUNA SILVER COM NEW 349942102   6,912,160 1,107,718 SH   SOLE   0 1,107,718 0
FRANCO NEV CORP COM 351858105   545,192 4,600 SH   SOLE   0 4,600 0
FRANCO NEV CORP COM 351858105   948,160 8,000 SH   SOLE   0 8,000 0
FRANCO-NEVADA CO COM 351858105   9,146,839 73,884 SH   SOLE   0 73,884 0
FRONTIER GROUP H COM 35909R108   24,145,597 4,414,186 SH   SOLE   0 4,414,186 0
GATOS SILVER INC COM 368036109   156,600 15,000 SH   SOLE   0 15,000 0
GATOS SILVER INC COM 368036109   783,000 75,000 SH   SOLE   0 75,000 0
GENERAL DYNAMICS COM 369550108   25,729,559 85,831 SH   SOLE   0 85,831 0
GOLD RESOURCE CORP COM 38068T105   373,500 1,000,000 SH   SOLE   0 1,000,000 0
GOLDMAN SACHS GROUP INC COM 38141G104   1,221,264 2,700 SH   SOLE   0 2,700 0
GRUPO AEROPO-ADR SPON ADR SER B 40051E202   6,877,246 20,493 SH   SOLE   0 20,493 0
GXO LOGISTIC COMMON STOCK 36262G101   186,554 3,714 SH   SOLE   0 3,714 0
HALLIBURTON CO COM 406216101   337,800 10,000 SH   SOLE   0 10,000 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300   1,834,000 200,000 SH   SOLE   0 200,000 0
HARMONY GOLD-ADR SPONSORED ADR 413216300   3,300,579 362,701 SH   SOLE   0 362,701 0
HECLA MNG CO COM 422704106   970,000 200,000 SH   SOLE   0 200,000 0
I-80 GOLD CORP COM 44955L106   218,667 200,000 SH   SOLE   0 200,000 0
IAMGOLD CORP COM 450913108   937,500 250,000 SH   SOLE   0 250,000 0
INGREDION INC COM 457187102   458,800 4,000 SH   SOLE   0 4,000 0
INTERNATIONAL SE COM Y41053102   145,460 2,258 SH   SOLE   0 2,258 0
IVANHOE ELECTRIC COM 46578C108   59,085 6,299 SH   SOLE   0 6,299 0
IVANHOE ELECTRIC COM 46578C108   154,761 16,499 SH   SOLE   0 16,499 0
IVANHOE ELECTRIC COM 46578C108   17,005 1,499 SH   SOLE   0 1,499 0
IVANHOE ELECTRIC COM 46578C108   71,458 6,299 SH   SOLE   0 6,299 0
JETBLUE AIRWAYS COM 477143101   28,771,534 5,146,965 SH   SOLE   0 5,146,965 0
JPMORGAN CHASE & CO COM 46625H100   525,876 2,600 SH   SOLE   0 2,600 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   899,800 55,000 SH   SOLE   0 55,000 0
KINROSS GOLD CORP COM 496902404   124,800 15,000 SH   SOLE   0 15,000 0
KINROSS GOLD CORP COM 496902404   1,081,600 130,000 SH   SOLE   0 130,000 0
KKR & CO INC COM 48251W104   2,152,158 20,450 SH   SOLE   0 20,450 0
LAUDER ESTEE COS INC CL A 518439104   106,400 1,000 SH   SOLE   0 1,000 0
LIBERTY ENERGY INC COM CL A 53115L104   156,675 7,500 SH   SOLE   0 7,500 0
LINDE PLC SHS G54950103   877,620 2,000 SH   SOLE   0 2,000 0
LULULEMON ATHLETICA INC COM 550021109   1,657,785 5,550 SH   SOLE   0 5,550 0
MAKEMYTRIP LTD SHS V5633W109   7,424,525 98,221 SH   SOLE   0 98,221 0
MARATHON OIL CORP COM 565849106   501,725 17,500 SH   SOLE   0 17,500 0
MARATHON PETE CORP COM 56585A102   520,440 3,000 SH   SOLE   0 3,000 0
MATSON INC COM 57686G105   144,994 1,131 SH   SOLE   0 1,131 0
METHANEX CORP COM 59151K108   482,822 9,000 SH   SOLE   0 9,000 0
NEW GOLD INC COM 644535106   3,851,840 1,758,831 SH   SOLE   0 1,758,831 0
NEW GOLD INC CDA COM 644535106   68,250 35,000 SH   SOLE   0 35,000 0
NEW GOLD INC CDA COM 644535106   97,500 50,000 SH   SOLE   0 50,000 0
NEW GOLD INC CDA COM 644535106   292,500 150,000 SH   SOLE   0 150,000 0
NEW GOLD INC CDA COM 644535106   1,950,000 1,000,000 SH   SOLE   0 1,000,000 0
NEXGEN ENERGY LTD COM 65340P106   174,500 25,000 SH   SOLE   0 25,000 0
NIKE INC CL B 654106103   376,850 5,000 SH   SOLE   0 5,000 0
NORWEGIAN CRUISE LINE HLDG L SHS G66721104   1,108,610 59,000 SH   SOLE   0 59,000 0
OCCIDENTAL PETE CORP COM 674599105   630,300 10,000 SH   SOLE   0 10,000 0
ORLA MINING LTD COM 68634K106   1,062,151 250,000 SH   SOLE   0 250,000 0
ORLA MINING LTD COM 68634K106   219,483 51,660 SH   SOLE   0 51,660 0
OSISKO GOLD ROYA COM 68827L101   3,578,618 214,932 SH   SOLE   0 214,932 0
OSISKO GOLD ROYA COM 68827L101   2,002,348 120,000 SH   SOLE   0 120,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   155,800 10,000 SH   SOLE   0 10,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   155,800 10,000 SH   SOLE   0 10,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   459,610 29,500 SH   SOLE   0 29,500 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   779,000 50,000 SH   SOLE   0 50,000 0
PAN AMERN SILVER CORP COM 697900108   596,400 30,000 SH   SOLE   0 30,000 0
PARAMOUNT GOLD NEV CORP COM 69924M109   68,000 170,000 SH   SOLE   0 170,000 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105   242,250 15,000 SH   SOLE   0 15,000 0
PROSHARES TR II ULTRASHRT NEW 74347W395   86,676 4,000 SH   SOLE   0 4,000 0
PROSHARES TR II ULTRASHRT NEW 74347W395   195,021 9,000 SH   SOLE   0 9,000 0
RALPH LAUREN CORP CL A 751212101   525,180 3,000 SH   SOLE   0 3,000 0
RANGE RES CORP COM 75281A109   335,300 10,000 SH   SOLE   0 10,000 0
ROYAL CARIBBEAN GROUP COM V7780T103   478,290 3,000 SH   SOLE   0 3,000 0
ROYAL GOLD INC COM 780287108   9,655,271 75,320 SH   SOLE   0 75,320 0
ROYAL GOLD INC COM 780287108   406,770 3,250 SH   SOLE   0 3,250 0
ROYAL GOLD INC COM 780287108   1,001,280 8,000 SH   SOLE   0 8,000 0
RYANAIR HLDG-ADR SPONSORED ADS 783513203   10,383,312 85,361 SH   SOLE   0 85,361 0
SANDSTORM GOLD COM NEW 80013R206   4,167,984 733,800 SH   SOLE   0 733,800 0
SCHLUMBERGER LTD COM STK 806857108   283,080 6,000 SH   SOLE   0 6,000 0
SCORPIO TANKERS SHS Y7542C130   146,823 1,789 SH   SOLE   0 1,789 0
SEABRIDGE GOLD INC COM 811916105   205,350 15,000 SH   SOLE   0 15,000 0
SEABRIDGE GOLD INC COM 811916105   273,800 20,000 SH   SOLE   0 20,000 0
SELECT WATER SOLUTIONS INC CL A COM 81617J301   535,000 50,000 SH   SOLE   0 50,000 0
SFL CORP LTD SHS G7738W106   126,515 8,841 SH   SOLE   0 8,841 0
SIBANYE-STI-ADR SPONSORED ADR 82575P107   3,229,620 637,006 SH   SOLE   0 637,006 0
SIGMA LITHIUM CORPORATION COM 826599102   36,090 3,000 SH   SOLE   0 3,000 0
SILVERCORP METALS INC COM 82835P103   840,000 250,000 SH   SOLE   0 250,000 0
SILVERCREST META COM 828363101   4,082,666 457,698 SH   SOLE   0 457,698 0
SILVERCREST META COM 828363101   894,482 100,000 SH   SOLE   0 100,000 0
SILVERCREST META COM 828363101   178,896 20,000 SH   SOLE   0 20,000 0
SKEENA RESOURCES COM 83056P715   331,854 75,000 SH   SOLE   0 75,000 0
SKYWEST INC COM 830879102   39,460,706 528,468 SH   SOLE   0 528,468 0
SOLITARIO RESOURCES CORP COM 8342EP107   265,500 300,000 SH   SOLE   0 300,000 0
SOUTHWEST AIR COM 844741108   98,311,968 3,662,890 SH   SOLE   0 3,662,890 0
SUN COUNTRY HOLD COM 866683105   25,095,155 2,369,703 SH   SOLE   0 2,369,703 0
SYLVAMO CORP COMMON STOCK 871332102   480,200 7,000 SH   SOLE   0 7,000 0
TEEKAY TANK-CL A CL A Y8565N300   321,253 4,411 SH   SOLE   0 4,411 0
TEXTRON INC COM 883203101   23,033,808 262,913 SH   SOLE   0 262,913 0
TORM PLC-A SHS CL A G89479102   265,500 7,166 SH   SOLE   0 7,166 0
TOTALENERGIES SE SPONSORED ADS 89151E109   266,720 4,000 SH   SOLE   0 4,000 0
TRIP.COM GRO-ADR ADS 89677Q107   14,133,468 274,383 SH   SOLE   0 274,383 0
TRIPADVISOR INC COM 896945201   16,151,578 880,195 SH   SOLE   0 880,195 0
TRIPLE FLAG COM 89679M104   4,183,717 253,405 SH   SOLE   0 253,405 0
UBS GROUP AG SHS H42097107   2,008,720 68,000 SH   SOLE   0 68,000 0
UNITED AIRLINES COM 910047109   152,548,725 2,878,821 SH   SOLE   0 2,878,821 0
UNITED PARCEL-B CL B 911312106   166,021 1,195 SH   SOLE   0 1,195 0
UR-ENERGY INC COM 91688R108   210,000 150,000 SH   SOLE   0 150,000 0
VIPER ENERGY INC CL A 927959106   750,600 20,000 SH   SOLE   0 20,000 0
VIZSLA SILVER CO COM NEW 92859G608   205,635 113,000 SH   SOLE   0 113,000 0
VIZSLA SILVER CO COM NEW 92859G608   1,455,826 800,000 SH   SOLE   0 800,000 0
VOX ROYALTY CORP COM 92919F103   554,000 200,000 SH   SOLE   0 200,000 0
VOX ROYALTY CORP COM 92919F103   4,155,000 1,500,000 SH   SOLE   0 1,500,000 0
WHEATON PRECIOUS COM 962879102   10,731,405 194,727 SH   SOLE   0 194,727 0
WHEATON PRECIOUS METALS CORP COM 962879102   235,890 4,500 SH   SOLE   0 4,500 0
WHEATON PRECIOUS METALS CORP COM 962879102   1,572,600 30,000 SH   SOLE   0 30,000 0
WYNN RESORTS LTD COM 983134107   465,400 5,200 SH   SOLE   0 5,200 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105   204,814 8,987 SH   SOLE   0 8,987 0