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   195,525 2,500 SH   SOLE   0 2,500 0
AGNICO EAGLE MINES LTD COM 008474108   391,050 5,000 SH   SOLE   0 5,000 0
AGNICO EAGLE MINES LTD COM 008474108   2,346,300 30,000 SH   SOLE   0 30,000 0
ALAMOS GOLD INC NEW COM CL A 011532108   5,532,000 300,000 SH   SOLE   0 300,000 0
ALBEMARLE CORP COM 012653101   86,080 1,000 SH   SOLE   0 1,000 0
ALCOA CORP COM 013872106   188,900 5,000 SH   SOLE   0 5,000 0
AMERICAN EXPRESS CO COM 025816109   1,335,555 4,500 SH   SOLE   0 4,500 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   1,384,800 60,000 SH   SOLE   0 60,000 0
ANTERO RESOURCES CORP COM 03674X106   525,750 15,000 SH   SOLE   0 15,000 0
APOLLO GLOBAL MGMT INC COM 03769M106   1,213,100 7,345 SH   SOLE   0 7,345 0
BAKER HUGHES COMPANY CL A 05722G100   410,200 10,000 SH   SOLE   0 10,000 0
BARRICK GOLD CORP COM 067901108   250 250 SH Call SOLE   0 250 0
BARRICK GOLD CORP COM 067901108   1,450 1,450 SH Call SOLE   0 1,450 0
BHP GROUP LTD SPONSORED ADS 088606108   170,905 3,500 SH   SOLE   0 3,500 0
BP PLC SPONSORED ADR 055622104   295,600 10,000 SH   SOLE   0 10,000 0
BUNGE GLOBAL SA COM SHS H11356104   349,920 4,500 SH   SOLE   0 4,500 0
CAMECO CORP COM 13321L108   256,950 5,000 SH   SOLE   0 5,000 0
CANADIAN NAT RES LTD COM 136385101   185,220 6,000 SH   SOLE   0 6,000 0
CARNIVAL CORP UNIT 99/99/9999 143658300   1,420,440 57,000 SH   SOLE   0 57,000 0
CENTERRA GOLD INC COM 152006102   121,766 21,400 SH   SOLE   0 21,400 0
CHENIERE ENERGY INC COM NEW 16411R208   1,611,525 7,500 SH   SOLE   0 7,500 0
CME GROUP INC COM 12572Q105   107,058 461 SH   SOLE   0 461 0
COEUR MNG INC COM NEW 192108504   114,400 20,000 SH   SOLE   0 20,000 0
COEUR MNG INC COM NEW 192108504   634,920 111,000 SH   SOLE   0 111,000 0
COEUR MNG INC COM NEW 192108504   2,002,000 350,000 SH   SOLE   0 350,000 0
CONOCOPHILLIPS COM 20825C104   591,252 5,962 SH   SOLE   0 5,962 0
CONSTELLATION BRANDS INC CL A 21036P108   1,392,300 6,300 SH   SOLE   0 6,300 0
DENISON MINES CORP COM 248356107   207,000 115,000 SH   SOLE   0 115,000 0
ELDORADO GOLD CORP NEW COM 284902509   1,487,000 100,000 SH   SOLE   0 100,000 0
EOG RES INC COM 26875P101   306,450 2,500 SH   SOLE   0 2,500 0
EXXON MOBIL CORP COM 30231G102   376,495 3,500 SH   SOLE   0 3,500 0
FERRARI N V COM N3167Y103   55 55 SH Call SOLE   0 55 0
FERRARI N V COM N3167Y103   2,888,912 6,800 SH   SOLE   0 6,800 0
FIRST SOLAR INC COM 336433107   176,240 1,000 SH   SOLE   0 1,000 0
FMC CORP COM NEW 302491303   315,965 6,500 SH   SOLE   0 6,500 0
FRANCO NEV CORP COM 351858105   517,396 4,400 SH   SOLE   0 4,400 0
FRANCO NEV CORP COM 351858105   940,720 8,000 SH   SOLE   0 8,000 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   990,000 75,000 SH   SOLE   0 75,000 0
GOLDMAN SACHS GROUP INC COM 38141G104   1,483,086 2,590 SH   SOLE   0 2,590 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300   1,642,000 200,000 SH   SOLE   0 200,000 0
HECLA MNG CO COM 422704106   2,455,000 500,000 SH   SOLE   0 500,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   1,594,182 6,450 SH   SOLE   0 6,450 0
HUDBAY MINERALS INC COM 443628102   607,500 75,000 SH   SOLE   0 75,000 0
IAMGOLD CORP COM 450913108   1,290,000 250,000 SH   SOLE   0 250,000 0
IMPERIAL OIL LTD COM NEW 453038408   369,600 6,000 SH   SOLE   0 6,000 0
INGREDION INC COM 457187102   550,240 4,000 SH   SOLE   0 4,000 0
ISHARES TR SHRT NAT MUN ETF 464288158   1,054,800 10,000 SH   SOLE   0 10,000 0
IVANHOE ELECTRIC COM 46578C108   302,000 40,000 SH   SOLE   0 40,000 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   486,900 30,000 SH   SOLE   0 30,000 0
KINROSS GOLD CORP COM 496902404   139,050 15,000 SH   SOLE   0 15,000 0
KINROSS GOLD CORP COM 496902404   1,854,000 200,000 SH   SOLE   0 200,000 0
KKR & CO INC COM 48251W104   584,245 3,950 SH   SOLE   0 3,950 0
LAS VEGAS SANDS CORP COM 517834107   441,696 8,600 SH   SOLE   0 8,600 0
LAUDER ESTEE COS INC CL A 518439104   824,780 11,000 SH   SOLE   0 11,000 0
LINDE PLC SHS G54950103   837,340 2,000 SH   SOLE   0 2,000 0
MARRIOTT INTL INC NEW CL A 571903202   878,661 3,150 SH   SOLE   0 3,150 0
NEW GOLD INC CDA COM 644535106   620,000 250,000 SH   SOLE   0 250,000 0
NEW GOLD INC CDA COM 644535106   2,480,000 1,000,000 SH   SOLE   0 1,000,000 0
NEWMONT CORP COM 651639106   100 100 SH Call SOLE   0 100 0
NEWMONT CORP COM 651639106   550 550 SH Call SOLE   0 550 0
NEXGEN ENERGY LTD COM 65340P106   165,000 25,000 SH   SOLE   0 25,000 0
NORTHERN TR CORP COM 665859104   727,750 7,100 SH   SOLE   0 7,100 0
NORWEGIAN CRUISE LINE HLDG L SHS G66721104   128,650 5,000 SH   SOLE   0 5,000 0
ON HLDG AG NAMEN AKT A H5919C104   462,807 8,450 SH   SOLE   0 8,450 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   181,000 10,000 SH   SOLE   0 10,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   181,000 10,000 SH   SOLE   0 10,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   465,170 25,700 SH   SOLE   0 25,700 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   905,000 50,000 SH   SOLE   0 50,000 0
PAN AMERN SILVER CORP COM 697900108   1,011,000 50,000 SH   SOLE   0 50,000 0
PARAMOUNT GOLD NEV CORP COM 69924M109   58,140 170,000 SH   SOLE   0 170,000 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105   215,700 15,000 SH   SOLE   0 15,000 0
PERPETUA RESOURCES CORP COM 714266103   320,100 30,000 SH   SOLE   0 30,000 0
RANGE RES CORP COM 75281A109   251,860 7,000 SH   SOLE   0 7,000 0
ROYAL CARIBBEAN GROUP COM V7780T103   1,789,001 7,755 SH   SOLE   0 7,755 0
ROYAL GOLD INC COM 780287108   454,883 3,450 SH   SOLE   0 3,450 0
ROYAL GOLD INC COM 780287108   1,054,800 8,000 SH   SOLE   0 8,000 0
SANDSTORM GOLD LTD COM NEW 80013R206   1,395,000 250,000 SH   SOLE   0 250,000 0
SCHLUMBERGER LTD COM STK 806857108   191,700 5,000 SH   SOLE   0 5,000 0
SEABRIDGE GOLD INC COM 811916105   171,150 15,000 SH   SOLE   0 15,000 0
SEABRIDGE GOLD INC COM 811916105   228,200 20,000 SH   SOLE   0 20,000 0
SELECT WATER SOLUTIONS INC CL A COM 81617J301   397,200 30,000 SH   SOLE   0 30,000 0
SIGMA LITHIUM CORPORATION COM 826599102   112,200 10,000 SH   SOLE   0 10,000 0
SILVERCORP METALS INC COM 82835P103   750,000 250,000 SH   SOLE   0 250,000 0
SOLITARIO RESOURCES CORP COM 8342EP107   178,350 300,000 SH   SOLE   0 300,000 0
STANDARD LITHIUM LTD COM 853606101   109,500 75,000 SH   SOLE   0 75,000 0
SYLVAMO CORP COMMON STOCK 871332102   553,140 7,000 SH   SOLE   0 7,000 0
TECK RESOURCES LTD CL B 878742204   344,505 8,500 SH   SOLE   0 8,500 0
TESLA INC COM 88160R101   1,954,586 4,840 SH   SOLE   0 4,840 0
TOTALENERGIES SE SPONSORED ADS 89151E109   218,000 4,000 SH   SOLE   0 4,000 0
UR-ENERGY INC COM 91688R108   172,500 150,000 SH   SOLE   0 150,000 0
VF CORP COM 918204108   236,060 11,000 SH   SOLE   0 11,000 0
VIKING HOLDINGS LTD ORD SHS G93A5A101   872,388 19,800 SH   SOLE   0 19,800 0
VIPER ENERGY INC CL A 927959106   736,050 15,000 SH   SOLE   0 15,000 0
VOX ROYALTY CORP COM 92919F103   432,900 185,000 SH   SOLE   0 185,000 0
VOX ROYALTY CORP COM 92919F103   3,311,100 1,415,000 SH   SOLE   0 1,415,000 0
WHEATON PRECIOUS METALS CORP COM 962879102   320,568 5,700 SH   SOLE   0 5,700 0
WHEATON PRECIOUS METALS CORP COM 962879102   1,124,800 20,000 SH   SOLE   0 20,000 0
WYNN RESORTS LTD COM 983134107   913,296 10,600 SH   SOLE   0 10,600 0
ALASKA AIR GROUP COM 011659109   34,002,232 525,131 SH   SOLE   0 525,131 0
ALLEGIANT TRAVEL COM 01748X102   36,761,201 390,578 SH   SOLE   0 390,578 0
AMERICAN AIRLINE COM 02376R102   115,118,771 6,604,634 SH   SOLE   0 6,604,634 0
BOEING CO/THE COM 097023105   23,083,632 130,416 SH   SOLE   0 130,416 0
BOOKING HOLDINGS COM 09857L108   20,549,385 4,136 SH   SOLE   0 4,136 0
COPA HOLDIN-CL A CL A P31076105   5,350,134 60,880 SH   SOLE   0 60,880 0
DANAOS CORP SHS Y1968P121   122,107 1,525 SH   SOLE   0 1,525 0
DELTA AIR LI COM NEW 247361702   111,408,935 1,841,470 SH   SOLE   0 1,841,470 0
ELDORADO GOLD COM 284902509   2,530,815 170,196 SH   SOLE   0 170,196 0
EMBRAER SA-ADR SPONSORED ADS 29082A107   5,354,950 145,991 SH   SOLE   0 145,991 0
EXPEDIA GROUP IN COM NEW 30212P303   21,362,548 114,649 SH   SOLE   0 114,649 0
EXPEDITORS INTL COM 302130109   165,601 1,495 SH   SOLE   0 1,495 0
FEDEX CORP COM 31428X106   182,865 650 SH   SOLE   0 650 0
FORTUNA MINING C COM NEW 349942102   2,412,700 562,401 SH   SOLE   0 562,401 0
FRANCO-NEVADA CO COM 351858105   9,035,263 76,837 SH   SOLE   0 76,837 0
FRONTIER GROUP H COM 35909R108   38,164,703 5,367,750 SH   SOLE   0 5,367,750 0
GENERAL DYNAMICS COM 369550108   20,934,281 79,450 SH   SOLE   0 79,450 0
GLOBAL SHIP-CL A COM CL A Y27183600   120,305 5,511 SH   SOLE   0 5,511 0
GRUPO AEROPO-ADR SPON ADR SER B 40051E202   5,335,775 20,711 SH   SOLE   0 20,711 0
IAMGOLD CORP COM 450913108   2,596,982 503,291 SH   SOLE   0 503,291 0
JETBLUE AIRWAYS COM 477143101   37,460,147 4,765,922 SH   SOLE   0 4,765,922 0
KINROSS GOLD COM 496902404   2,592,411 279,656 SH   SOLE   0 279,656 0
MAKEMYTRIP LTD SHS V5633W109   10,252,624 91,313 SH   SOLE   0 91,313 0
MATSON INC COM 57686G105   110,704 821 SH   SOLE   0 821 0
MCEWEN MINING IN COM NEW 58039P305   2,556,601 328,612 SH   SOLE   0 328,612 0
METALLA ROYALTY COM NEW 59124U605   2,522,422 1,004,949 SH   SOLE   0 1,004,949 0
NEW GOLD INC COM 644535106   2,421,085 976,244 SH   SOLE   0 976,244 0
OSISKO GOLD ROYA COM 68827L101   3,480,865 192,313 SH   SOLE   0 192,313 0
ROYAL GOLD INC COM 780287108   8,339,908 63,253 SH   SOLE   0 63,253 0
RYANAIR HLDG-ADR SPONSORED ADR 783513203   10,261,914 235,419 SH   SOLE   0 235,419 0
SABRE CORP COM 78573M104   20,509,120 5,618,937 SH   SOLE   0 5,618,937 0
SANDSTORM GOLD COM NEW 80013R206   3,681,399 659,749 SH   SOLE   0 659,749 0
SCORPIO TANKERS SHS Y7542C130   253,021 5,092 SH   SOLE   0 5,092 0
SKYWEST INC COM 830879102   30,263,091 302,238 SH   SOLE   0 302,238 0
SOUTHWEST AIR COM 844741108   116,246,563 3,457,661 SH   SOLE   0 3,457,661 0
SUN COUNTRY HOLD COM 866683105   32,072,268 2,199,744 SH   SOLE   0 2,199,744 0
TEXTRON INC COM 883203101   20,084,285 262,574 SH   SOLE   0 262,574 0
TORM PLC-A SHS CL A G89479102   245,459 12,620 SH   SOLE   0 12,620 0
TRIP.COM GRO-ADR ADS 89677Q107   10,202,945 148,601 SH   SOLE   0 148,601 0
TRIPADVISOR INC COM 896945201   22,790,937 1,543,056 SH   SOLE   0 1,543,056 0
TRIPLE FLAG COM 89679M104   3,402,635 226,239 SH   SOLE   0 226,239 0
UNITED AIRLINES COM 910047109   116,305,797 1,197,794 SH   SOLE   0 1,197,794 0
UNITED PARCEL-B CL B 911312106   175,405 1,391 SH   SOLE   0 1,391 0
WHEATON PRECIOUS COM 962879102   8,536,163 151,781 SH   SOLE   0 151,781 0
ZIM INTEGRATED S SHS M9T951109   345,281 16,082 SH   SOLE   0 16,082 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105   134,348 6,872 SH   SOLE   0 6,872 0
ALAMOS GOLD INC COM CL A 011532108   341,158 18,500 SH   SOLE   0 18,500 0
AMERICAS GOLD AN COM 03062D100   382,449 1,000,000 SH   SOLE   0 1,000,000 0
CENTERRA GOLD IN COM 152006102   3,545,488 623,321 SH   SOLE   0 623,321 0
COLLECTIVE MININ COM 19425C100   311,348 75,000 SH   SOLE   0 75,000 0
COLLECTIVE MININ COM 19425C100   207,566 50,000 SH   SOLE   0 50,000 0
EMX ROYALTY CORP COM 26873J107   1,724,498 1,000,000 SH   SOLE   0 1,000,000 0
ENCORE ENERGY CO COM NEW 29259W700   337,251 100,000 SH   SOLE   0 100,000 0
ENDEAVOUR SILVER COM 29258Y103   274,842 75,000 SH   SOLE   0 75,000 0
ENDEAVOUR SILVER COM 29258Y103   1,099,367 300,000 SH   SOLE   0 300,000 0
ENDEAVOUR SILVER COM 29258Y103   183,228 50,000 SH   SOLE   0 50,000 0
HAFNIA LTD SHS Y2990R101   300,183 56,508 SH   SOLE   0 56,508 0
METHANEX CORP COM 59151K108   449,531 9,000 SH   SOLE   0 9,000 0
ORLA MINING LTD COM 68634K106   1,063,427 192,125 SH   SOLE   0 192,125 0
OSISKO GOLD ROYA COM 68827L101   2,172,033 120,000 SH   SOLE   0 120,000 0
VIZSLA SILVER CO COM NEW 92859G608   422,432 250,000 SH   SOLE   0 250,000 0
VIZSLA SILVER CO COM NEW 92859G608   1,351,784 800,000 SH   SOLE   0 800,000 0