AGNICO EAGLE MIN COM 008474108 5913416 29133 SH SOLE 0 29133 0 AGNICO EAGLE MINES LTD COM 008474108 6089400 30000 SH SOLE 0 30000 0 ALAMOS GOLD INC COM CL A 011532108 5821263 131021 SH SOLE 0 131021 0 ALAMOS GOLD INC NEW COM CL A 011532108 3110100 70000 SH SOLE 0 70000 0 ALASKA AIR GROUP COM 011659109 21941918 596572 SH SOLE 0 596572 0 ALCOA CORP COM 013872106 66330 1000 SH SOLE 0 1000 0 ALLEGIANT TRAVEL COM 01748X102 24249194 299225 SH SOLE 0 299225 0 AMAZON COM INC COM 023135106 1978565 9500 SH SOLE 0 9500 0 AMERICAN AIRLINE COM 02376R102 69112426 6435049 SH SOLE 0 6435049 0 AMERICAN ELEC PWR CO INC COM 025537101 262160 2000 SH SOLE 0 2000 0 AMERICAS GOLD AN COM NEW 03062D803 9402792 1800000 SH SOLE 0 1800000 0 ANGLOGOLD ASHANT COM SHS G0378L100 3937725 40445 SH SOLE 0 40445 0 ANGLOGOLD ASHANTI PLC COM SHS G0378L100 8762400 90000 SH SOLE 0 90000 0 ANTERO RESOURCES CORP COM 03674X106 424400 10000 SH SOLE 0 10000 0 ARIS MINING CORP COM 04040Y109 6319039 340000 SH SOLE 0 340000 0 AURA MINERALS INC SHS NEW G06973112 8160000 100000 SH SOLE 0 100000 0 AVINO SILVER & GOLD MINES LT COM 053906103 632000 100000 SH SOLE 0 100000 0 BAKER HUGHES COMPANY CL A 05722G100 518925 8500 SH SOLE 0 8500 0 BARRICK MINING C COM SHS 06849F108 5827463 142865 SH SOLE 0 142865 0 BLUE MOON METALS COM 09570Q509 324147 50000 SH SOLE 0 50000 0 BLUE MOON METALS COM 09570Q509 324147 50000 SH SOLE 0 50000 0 BOEING CO/THE COM 097023105 12457686 62592 SH SOLE 0 62592 0 BOOKING HOLDINGS COM 09857L108 12664643 3008 SH SOLE 0 3008 0 BP PLC SPONSORED ADR 055622104 329000 7000 SH SOLE 0 7000 0 BUNGE GLOBAL SA COM SHS H11356104 508800 4000 SH SOLE 0 4000 0 BW LPG LTD COM Y10230103 879706 49708 SH SOLE 0 49708 0 CAMECO CORP COM 13321L108 543050 5000 SH SOLE 0 5000 0 CARNIVAL CORP COMMON STOCK 143658300 1358700 52500 SH SOLE 0 52500 0 CATERPILLAR INC COM 149123101 708460 1000 SH SOLE 0 1000 0 CENTERRA GOLD IN COM 152006102 4064161 228452 SH SOLE 0 228452 0 CENTERRA GOLD IN COM 152006102 3738236 210000 SH SOLE 0 210000 0 CHENIERE ENERGY INC COM NEW 16411R208 1759312 6200 SH SOLE 0 6200 0 CME GROUP INC COM 12572Q105 136156 461 SH SOLE 0 461 0 COEUR MINING INC COM NEW 192108504 7330567 390547 SH SOLE 0 390547 0 COEUR MNG INC COM NEW 192108504 6557957 349385 SH SOLE 0 349385 0 COEUR MNG INC COM NEW 192108504 1406211 74918 SH SOLE 0 74918 0 COEUR MNG INC COM NEW 192108504 281550 15000 SH SOLE 0 15000 0 COLLECTIVE MININ COM 19425C100 351561 20000 SH SOLE 0 20000 0 COLLECTIVE MININ COM 19425C100 263671 15000 SH SOLE 0 15000 0 CONSTELLATION BRANDS INC CL A 21036P108 150000 1000 SH SOLE 0 1000 0 COPA HOLDIN-CL A CL A P31076105 3238680 28507 SH SOLE 0 28507 0 CORE NATURAL RESOURCES INC COM SHS 218937100 324663 3100 SH SOLE 0 3100 0 COTERRA ENERGY INC COM 127097103 702800 20000 SH SOLE 0 20000 0 DANAOS CORP SHS Y1968P121 722924 6418 SH SOLE 0 6418 0 DELTA AIR LI COM NEW 247361702 77897674 1171746 SH SOLE 0 1171746 0 DHT HOLDINGS INC SHS NEW Y2065G121 379377 20765 SH SOLE 0 20765 0 DRDGOLD LIMITED SPON ADR REPSTG 26152H301 1468500 50000 SH SOLE 0 50000 0 DRDGOLD LTD-ADR SPON ADR REPSTG 26152H301 5743157 195545 SH SOLE 0 195545 0 ELEMENTAL ROYALT COM NEW 28620K106 2826666 150000 SH SOLE 0 150000 0 EMBRAER SA-ADR SPONSORED ADS 29082A107 6707141 113029 SH SOLE 0 113029 0 ENCORE ENERGY CO COM NEW 29259W700 90661 50000 SH SOLE 0 50000 0 ENDEAVOUR SILVER COM 29258Y103 280184 30000 SH SOLE 0 30000 0 ENDEAVOUR SILVER COM 29258Y103 2196644 235200 SH SOLE 0 235200 0 ENDEAVOUR SILVER COM 29258Y103 280184 30000 SH SOLE 0 30000 0 ENERFLEX LTD COM 29269R105 355640 17000 SH SOLE 0 17000 0 EQT CORP COM 26884L109 763680 12000 SH SOLE 0 12000 0 EXPAND ENERGY CORPORATION COM 165167735 823350 7500 SH SOLE 0 7500 0 EXPEDIA GROUP IN COM NEW 30212P303 12936536 56029 SH SOLE 0 56029 0 EXPEDITORS INTL COM 302130109 527946 3686 SH SOLE 0 3686 0 EXXON MOBIL CORP COM 30231G102 2969050 17500 SH SOLE 0 17500 0 FEDEX CORP COM 31428X106 528927 1485 SH SOLE 0 1485 0 FERRARI N V COM N3167Y103 2682216 7925 SH SOLE 0 7925 0 FIRST MAJESTIC SILVER CORP COM 32076V103 1074000 50000 SH SOLE 0 50000 0 FORTUNA MINING C COM NEW 349942102 3809645 383650 SH SOLE 0 383650 0 FRANCO NEV CORP COM 351858105 617625 2500 SH SOLE 0 2500 0 FRANCO NEV CORP COM 351858105 380457 1540 SH SOLE 0 1540 0 FRANCO-NEVADA CO COM 351858105 19855409 80370 SH SOLE 0 80370 0 FRONTIER GROUP H COM 35909R108 23938384 6781412 SH SOLE 0 6781412 0 FURY GOLD MINES COM 36117T100 214060 350000 SH SOLE 0 350000 0 GENERAL DYNAMICS COM 369550108 12389212 36097 SH SOLE 0 36097 0 GLOBAL SHIP-CL A COM CL A Y27183600 695829 18690 SH SOLE 0 18690 0 GLOBAL X FDS MSCI CHINA CNSMR 37950E408 89460 4500 SH SOLE 0 4500 0 GOLD FIELDS LTD SPONSORED ADR 38059T106 6810000 150000 SH SOLE 0 150000 0 GOLD FIELDS-ADR SPONSORED ADR 38059T106 7552653 166358 SH SOLE 0 166358 0 GRUPO AEROPO-ADR SPON ADR SER B 40051E202 3357266 9988 SH SOLE 0 9988 0 GRUPO AEROPO-ADR SPON ADR 400501102 3459110 30150 SH SOLE 0 30150 0 HAFNIA LTD SHS Y2990R101 799360 105179 SH SOLE 0 105179 0 HALLIBURTON CO COM 406216101 389900 10000 SH SOLE 0 10000 0 HARMONY GOLD-ADR SPONSORED ADR 413216300 6116445 397947 SH SOLE 0 397947 0 HECLA MINING COMPANY COM 422704106 1397250 75000 SH SOLE 0 75000 0 HIGHLANDER SILVE COM 43087N204 443229 280000 SH SOLE 0 280000 0 HILTON WORLDWIDE HLDGS INC COM 43300A203 1292340 4250 SH SOLE 0 4250 0 HYCROFT MINING HOLDING CORP CL A NEW 44862P208 316800 9000 SH SOLE 0 9000 0 IAMGOLD CORP COM 450913108 10821500 575000 SH SOLE 0 575000 0 IAMGOLD CORP COM 450913108 7463654 396581 SH SOLE 0 396581 0 INTEGRA RES CORP COM 45826T509 955500 350000 SH SOLE 0 350000 0 INTEGRA RES CORP COM 45826T509 117390 43000 SH SOLE 0 43000 0 IVANHOE ELECTRIC COM 46578C108 313218 26499 SH SOLE 0 26499 0 JETBLUE AIRWAYS COM 477143101 24498009 5542536 SH SOLE 0 5542536 0 KINROSS GOLD COM 496902404 5962479 195363 SH SOLE 0 195363 0 LAS VEGAS SANDS CORP COM 517834107 657336 12200 SH SOLE 0 12200 0 LATAM AIRLINES G SPONSORED ADR 51817R205 6730762 136140 SH SOLE 0 136140 0 LAUDER ESTEE COS INC CL A 518439104 933010 13000 SH SOLE 0 13000 0 LIFE TIME GROUP HOLDINGS INC COMMON STOCK 53190C102 1107234 41100 SH SOLE 0 41100 0 MAKEMYTRIP LTD SHS V5633W109 5246927 140706 SH SOLE 0 140706 0 MAKO MINING CORP COM NEW 56089A400 644697 100000 SH SOLE 0 100000 0 MARRIOTT INTL INC NEW CL A 571903202 948503 2900 SH SOLE 0 2900 0 MATSON INC COM 57686G105 384111 2343 SH SOLE 0 2343 0 MCEWEN INC COM NEW 58039P305 2048496 100000 SH SOLE 0 100000 0 MELCO RESORTS AND ENTMNT LTD ADR 585464100 68160 12000 SH SOLE 0 12000 0 METALLA RTY & STREAMING LTD COM NEW 59124U605 3315000 500000 SH SOLE 0 500000 0 METALLA RTY & STREAMING LTD COM NEW 59124U605 288405 43500 SH SOLE 0 43500 0 METALLA RTY & STREAMING LTD COM NEW 59124U605 232050 35000 SH SOLE 0 35000 0 MGM RESORTS INTERNATIONAL COM 552953101 92525 2500 SH SOLE 0 2500 0 NEWMONT CORP COM 651639106 3986848 36830 SH SOLE 0 36830 0 NUTRIEN LTD COM 67077M108 2263800 30000 SH SOLE 0 30000 0 OR ROYALTIES INC COM SHS 68390D106 17246823 453625 SH SOLE 0 453625 0 OR ROYALTIES INC. COM SHS 68390D106 2661400 70000 SH SOLE 0 70000 0 OR ROYALTIES INC. COM SHS 68390D106 418220 11000 SH SOLE 0 11000 0 ORLA MINING LTD COM 68634K106 3965597 246374 SH SOLE 0 246374 0 OSISKO DEVELOPME COM NEW 68828E809 811268 250000 SH SOLE 0 250000 0 PAN AMERN SILVER CORP COM 697900108 4018310 73555 SH SOLE 0 73555 0 PARAMOUNT GOLD NEV CORP COM 69924M109 282200 170000 SH SOLE 0 170000 0 PEABODY ENGR CORP COM 704551100 283370 8600 SH SOLE 0 8600 0 PERPETUA RESOURCES CORP COM 714266103 843600 30000 SH SOLE 0 30000 0 RANGE RES CORP COM 75281A109 474390 10500 SH SOLE 0 10500 0 ROYAL CARIBBEAN GROUP COM V7780T103 2347285 8530 SH SOLE 0 8530 0 ROYAL GOLD INC COM 780287108 20355383 79985 SH SOLE 0 79985 0 ROYAL GOLD INC COM 780287108 319385 1255 SH SOLE 0 1255 0 RYANAIR HLDG-ADR SPONSORED ADR 783513203 6022818 104201 SH SOLE 0 104201 0 SABRE CORP COM 78573M104 10925614 7534906 SH SOLE 0 7534906 0 SANTACRUZ SILVER COM NEW SHS 80280U205 3044683 350000 SH SOLE 0 350000 0 SANTACRUZ SILVER COM NEW SHS 80280U205 3755868 431754 SH SOLE 0 431754 0 SCHLUMBERGER LTD COM STK 806857108 231255 4500 SH SOLE 0 4500 0 SEABRIDGE GOLD INC COM 811916105 566800 20000 SH SOLE 0 20000 0 SEABRIDGE GOLD INC COM 811916105 566800 20000 SH SOLE 0 20000 0 SELECT WATER SOLUTIONS INC CL A COM 81617J301 153000 10000 SH SOLE 0 10000 0 SHELL PLC SPON ADS 780259305 1674000 18000 SH SOLE 0 18000 0 SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 3388000 275000 SH SOLE 0 275000 0 SILVERCORP METAL COM 82835P103 3948701 367663 SH SOLE 0 367663 0 SILVERCORP METALS INC COM 82835P103 2685000 250000 SH SOLE 0 250000 0 SKYWEST INC COM 830879102 23654765 257593 SH SOLE 0 257593 0 SOLITARIO RESOURCES CORP COM 8342EP107 254200 310000 SH SOLE 0 310000 0 SOLV ENERGY INC COM SHS CL A 78475V103 360360 12000 SH SOLE 0 12000 0 SOUTHWEST AIR COM 844741108 62680097 1668355 SH SOLE 0 1668355 0 SSR MINING IN COM 784730103 3234000 110000 SH SOLE 0 110000 0 STANDARD LITHIUM LTD COM 853606101 255750 75000 SH SOLE 0 75000 0 TAPESTRY INC COM 876030107 570790 4045 SH SOLE 0 4045 0 TEEKAY CORP LTD SHS G8726T105 767313 62843 SH SOLE 0 62843 0 TEEKAY TANK-CL A CL A G8726X106 394682 5383 SH SOLE 0 5383 0 TESLA INC COM 88160R101 2639425 7100 SH SOLE 0 7100 0 TEXTRON INC COM 883203101 12254372 139954 SH SOLE 0 139954 0 THE REALREAL INC COM 88339P101 290560 32000 SH SOLE 0 32000 0 TOLL BROTHERS INC COM 889478103 736938 5400 SH SOLE 0 5400 0 TORM PLC-A SHS CL A G89479102 395957 14192 SH SOLE 0 14192 0 TOTALENERGIES SE ACT F92124100 2001560 22000 SH SOLE 0 22000 0 TRIP.COM GRO-ADR ADS 89677Q107 6141248 123343 SH SOLE 0 123343 0 TRIPADVISOR INC COM 896945201 14635551 1372941 SH SOLE 0 1372941 0 TRIPLE FLAG PRECIOUS METAL COM 89679M104 2082600 60000 SH SOLE 0 60000 0 UBS GROUP AG SHS H42097107 1086146 27800 SH SOLE 0 27800 0 UNITED AIRLINES COM 910047109 72238030 784599 SH SOLE 0 784599 0 UNITED PARCEL-B CL B 911312106 527022 5357 SH SOLE 0 5357 0 VALERO ENERGY CORP COM 91913Y100 741240 3000 SH SOLE 0 3000 0 VERSAMET ROYALTI COM NEW 92528V200 2194560 250000 SH SOLE 0 250000 0 VIKING HOLDINGS LTD ORD SHS G93A5A101 906376 12335 SH SOLE 0 12335 0 VIZSLA SILVER CO COM NEW 92859G608 829256 250000 SH SOLE 0 250000 0 VIZSLA SILVER CO COM NEW 92859G608 2653619 800000 SH SOLE 0 800000 0 VOX ROYALTY CORP COM 92919F103 7922880 1512000 SH SOLE 0 1512000 0 VOX ROYALTY CORP COM 92919F103 786000 150000 SH SOLE 0 150000 0 WHEATON PRECIOUS COM 962879102 3807675 29064 SH SOLE 0 29064 0 WOODSIDE ENERGY GROUP LTD SPONSORED ADR 980228308 1791000 75000 SH SOLE 0 75000 0 ZTO EXPRESS -ADR SPONSORED ADS A 98980A105 562096 22332 SH SOLE 0 22332 0