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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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 MIN COM 008474108   5,913,416 29,133 SH   SOLE   0 29,133 0
AGNICO EAGLE MINES LTD COM 008474108   6,089,400 30,000 SH   SOLE   0 30,000 0
ALAMOS GOLD INC COM CL A 011532108   5,821,263 131,021 SH   SOLE   0 131,021 0
ALAMOS GOLD INC NEW COM CL A 011532108   3,110,100 70,000 SH   SOLE   0 70,000 0
ALASKA AIR GROUP COM 011659109   21,941,918 596,572 SH   SOLE   0 596,572 0
ALCOA CORP COM 013872106   66,330 1,000 SH   SOLE   0 1,000 0
ALLEGIANT TRAVEL COM 01748X102   24,249,194 299,225 SH   SOLE   0 299,225 0
AMAZON COM INC COM 023135106   1,978,565 9,500 SH   SOLE   0 9,500 0
AMERICAN AIRLINE COM 02376R102   69,112,426 6,435,049 SH   SOLE   0 6,435,049 0
AMERICAN ELEC PWR CO INC COM 025537101   262,160 2,000 SH   SOLE   0 2,000 0
AMERICAS GOLD AN COM NEW 03062D803   9,402,792 1,800,000 SH   SOLE   0 1,800,000 0
ANGLOGOLD ASHANT COM SHS G0378L100   3,937,725 40,445 SH   SOLE   0 40,445 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   8,762,400 90,000 SH   SOLE   0 90,000 0
ANTERO RESOURCES CORP COM 03674X106   424,400 10,000 SH   SOLE   0 10,000 0
ARIS MINING CORP COM 04040Y109   6,319,039 340,000 SH   SOLE   0 340,000 0
AURA MINERALS INC SHS NEW G06973112   8,160,000 100,000 SH   SOLE   0 100,000 0
AVINO SILVER & GOLD MINES LT COM 053906103   632,000 100,000 SH   SOLE   0 100,000 0
BAKER HUGHES COMPANY CL A 05722G100   518,925 8,500 SH   SOLE   0 8,500 0
BARRICK MINING C COM SHS 06849F108   5,827,463 142,865 SH   SOLE   0 142,865 0
BLUE MOON METALS COM 09570Q509   324,147 50,000 SH   SOLE   0 50,000 0
BLUE MOON METALS COM 09570Q509   324,147 50,000 SH   SOLE   0 50,000 0
BOEING CO/THE COM 097023105   12,457,686 62,592 SH   SOLE   0 62,592 0
BOOKING HOLDINGS COM 09857L108   12,664,643 3,008 SH   SOLE   0 3,008 0
BP PLC SPONSORED ADR 055622104   329,000 7,000 SH   SOLE   0 7,000 0
BUNGE GLOBAL SA COM SHS H11356104   508,800 4,000 SH   SOLE   0 4,000 0
BW LPG LTD COM Y10230103   879,706 49,708 SH   SOLE   0 49,708 0
CAMECO CORP COM 13321L108   543,050 5,000 SH   SOLE   0 5,000 0
CARNIVAL CORP COMMON STOCK 143658300   1,358,700 52,500 SH   SOLE   0 52,500 0
CATERPILLAR INC COM 149123101   708,460 1,000 SH   SOLE   0 1,000 0
CENTERRA GOLD IN COM 152006102   4,064,161 228,452 SH   SOLE   0 228,452 0
CENTERRA GOLD IN COM 152006102   3,738,236 210,000 SH   SOLE   0 210,000 0
CHENIERE ENERGY INC COM NEW 16411R208   1,759,312 6,200 SH   SOLE   0 6,200 0
CME GROUP INC COM 12572Q105   136,156 461 SH   SOLE   0 461 0
COEUR MINING INC COM NEW 192108504   7,330,567 390,547 SH   SOLE   0 390,547 0
COEUR MNG INC COM NEW 192108504   6,557,957 349,385 SH   SOLE   0 349,385 0
COEUR MNG INC COM NEW 192108504   1,406,211 74,918 SH   SOLE   0 74,918 0
COEUR MNG INC COM NEW 192108504   281,550 15,000 SH   SOLE   0 15,000 0
COLLECTIVE MININ COM 19425C100   351,561 20,000 SH   SOLE   0 20,000 0
COLLECTIVE MININ COM 19425C100   263,671 15,000 SH   SOLE   0 15,000 0
CONSTELLATION BRANDS INC CL A 21036P108   150,000 1,000 SH   SOLE   0 1,000 0
COPA HOLDIN-CL A CL A P31076105   3,238,680 28,507 SH   SOLE   0 28,507 0
CORE NATURAL RESOURCES INC COM SHS 218937100   324,663 3,100 SH   SOLE   0 3,100 0
COTERRA ENERGY INC COM 127097103   702,800 20,000 SH   SOLE   0 20,000 0
DANAOS CORP SHS Y1968P121   722,924 6,418 SH   SOLE   0 6,418 0
DELTA AIR LI COM NEW 247361702   77,897,674 1,171,746 SH   SOLE   0 1,171,746 0
DHT HOLDINGS INC SHS NEW Y2065G121   379,377 20,765 SH   SOLE   0 20,765 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301   1,468,500 50,000 SH   SOLE   0 50,000 0
DRDGOLD LTD-ADR SPON ADR REPSTG 26152H301   5,743,157 195,545 SH   SOLE   0 195,545 0
ELEMENTAL ROYALT COM NEW 28620K106   2,826,666 150,000 SH   SOLE   0 150,000 0
EMBRAER SA-ADR SPONSORED ADS 29082A107   6,707,141 113,029 SH   SOLE   0 113,029 0
ENCORE ENERGY CO COM NEW 29259W700   90,661 50,000 SH   SOLE   0 50,000 0
ENDEAVOUR SILVER COM 29258Y103   280,184 30,000 SH   SOLE   0 30,000 0
ENDEAVOUR SILVER COM 29258Y103   2,196,644 235,200 SH   SOLE   0 235,200 0
ENDEAVOUR SILVER COM 29258Y103   280,184 30,000 SH   SOLE   0 30,000 0
ENERFLEX LTD COM 29269R105   355,640 17,000 SH   SOLE   0 17,000 0
EQT CORP COM 26884L109   763,680 12,000 SH   SOLE   0 12,000 0
EXPAND ENERGY CORPORATION COM 165167735   823,350 7,500 SH   SOLE   0 7,500 0
EXPEDIA GROUP IN COM NEW 30212P303   12,936,536 56,029 SH   SOLE   0 56,029 0
EXPEDITORS INTL COM 302130109   527,946 3,686 SH   SOLE   0 3,686 0
EXXON MOBIL CORP COM 30231G102   2,969,050 17,500 SH   SOLE   0 17,500 0
FEDEX CORP COM 31428X106   528,927 1,485 SH   SOLE   0 1,485 0
FERRARI N V COM N3167Y103   2,682,216 7,925 SH   SOLE   0 7,925 0
FIRST MAJESTIC SILVER CORP COM 32076V103   1,074,000 50,000 SH   SOLE   0 50,000 0
FORTUNA MINING C COM NEW 349942102   3,809,645 383,650 SH   SOLE   0 383,650 0
FRANCO NEV CORP COM 351858105   617,625 2,500 SH   SOLE   0 2,500 0
FRANCO NEV CORP COM 351858105   380,457 1,540 SH   SOLE   0 1,540 0
FRANCO-NEVADA CO COM 351858105   19,855,409 80,370 SH   SOLE   0 80,370 0
FRONTIER GROUP H COM 35909R108   23,938,384 6,781,412 SH   SOLE   0 6,781,412 0
FURY GOLD MINES COM 36117T100   214,060 350,000 SH   SOLE   0 350,000 0
GENERAL DYNAMICS COM 369550108   12,389,212 36,097 SH   SOLE   0 36,097 0
GLOBAL SHIP-CL A COM CL A Y27183600   695,829 18,690 SH   SOLE   0 18,690 0
GLOBAL X FDS MSCI CHINA CNSMR 37950E408   89,460 4,500 SH   SOLE   0 4,500 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   6,810,000 150,000 SH   SOLE   0 150,000 0
GOLD FIELDS-ADR SPONSORED ADR 38059T106   7,552,653 166,358 SH   SOLE   0 166,358 0
GRUPO AEROPO-ADR SPON ADR SER B 40051E202   3,357,266 9,988 SH   SOLE   0 9,988 0
GRUPO AEROPO-ADR SPON ADR 400501102   3,459,110 30,150 SH   SOLE   0 30,150 0
HAFNIA LTD SHS Y2990R101   799,360 105,179 SH   SOLE   0 105,179 0
HALLIBURTON CO COM 406216101   389,900 10,000 SH   SOLE   0 10,000 0
HARMONY GOLD-ADR SPONSORED ADR 413216300   6,116,445 397,947 SH   SOLE   0 397,947 0
HECLA MINING COMPANY COM 422704106   1,397,250 75,000 SH   SOLE   0 75,000 0
HIGHLANDER SILVE COM 43087N204   443,229 280,000 SH   SOLE   0 280,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   1,292,340 4,250 SH   SOLE   0 4,250 0
HYCROFT MINING HOLDING CORP CL A NEW 44862P208   316,800 9,000 SH   SOLE   0 9,000 0
IAMGOLD CORP COM 450913108   10,821,500 575,000 SH   SOLE   0 575,000 0
IAMGOLD CORP COM 450913108   7,463,654 396,581 SH   SOLE   0 396,581 0
INTEGRA RES CORP COM 45826T509   955,500 350,000 SH   SOLE   0 350,000 0
INTEGRA RES CORP COM 45826T509   117,390 43,000 SH   SOLE   0 43,000 0
IVANHOE ELECTRIC COM 46578C108   313,218 26,499 SH   SOLE   0 26,499 0
JETBLUE AIRWAYS COM 477143101   24,498,009 5,542,536 SH   SOLE   0 5,542,536 0
KINROSS GOLD COM 496902404   5,962,479 195,363 SH   SOLE   0 195,363 0
LAS VEGAS SANDS CORP COM 517834107   657,336 12,200 SH   SOLE   0 12,200 0
LATAM AIRLINES G SPONSORED ADR 51817R205   6,730,762 136,140 SH   SOLE   0 136,140 0
LAUDER ESTEE COS INC CL A 518439104   933,010 13,000 SH   SOLE   0 13,000 0
LIFE TIME GROUP HOLDINGS INC COMMON STOCK 53190C102   1,107,234 41,100 SH   SOLE   0 41,100 0
MAKEMYTRIP LTD SHS V5633W109   5,246,927 140,706 SH   SOLE   0 140,706 0
MAKO MINING CORP COM NEW 56089A400   644,697 100,000 SH   SOLE   0 100,000 0
MARRIOTT INTL INC NEW CL A 571903202   948,503 2,900 SH   SOLE   0 2,900 0
MATSON INC COM 57686G105   384,111 2,343 SH   SOLE   0 2,343 0
MCEWEN INC COM NEW 58039P305   2,048,496 100,000 SH   SOLE   0 100,000 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100   68,160 12,000 SH   SOLE   0 12,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   3,315,000 500,000 SH   SOLE   0 500,000 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   288,405 43,500 SH   SOLE   0 43,500 0
METALLA RTY & STREAMING LTD COM NEW 59124U605   232,050 35,000 SH   SOLE   0 35,000 0
MGM RESORTS INTERNATIONAL COM 552953101   92,525 2,500 SH   SOLE   0 2,500 0
NEWMONT CORP COM 651639106   3,986,848 36,830 SH   SOLE   0 36,830 0
NUTRIEN LTD COM 67077M108   2,263,800 30,000 SH   SOLE   0 30,000 0
OR ROYALTIES INC COM SHS 68390D106   17,246,823 453,625 SH   SOLE   0 453,625 0
OR ROYALTIES INC. COM SHS 68390D106   2,661,400 70,000 SH   SOLE   0 70,000 0
OR ROYALTIES INC. COM SHS 68390D106   418,220 11,000 SH   SOLE   0 11,000 0
ORLA MINING LTD COM 68634K106   3,965,597 246,374 SH   SOLE   0 246,374 0
OSISKO DEVELOPME COM NEW 68828E809   811,268 250,000 SH   SOLE   0 250,000 0
PAN AMERN SILVER CORP COM 697900108   4,018,310 73,555 SH   SOLE   0 73,555 0
PARAMOUNT GOLD NEV CORP COM 69924M109   282,200 170,000 SH   SOLE   0 170,000 0
PEABODY ENGR CORP COM 704551100   283,370 8,600 SH   SOLE   0 8,600 0
PERPETUA RESOURCES CORP COM 714266103   843,600 30,000 SH   SOLE   0 30,000 0
RANGE RES CORP COM 75281A109   474,390 10,500 SH   SOLE   0 10,500 0
ROYAL CARIBBEAN GROUP COM V7780T103   2,347,285 8,530 SH   SOLE   0 8,530 0
ROYAL GOLD INC COM 780287108   20,355,383 79,985 SH   SOLE   0 79,985 0
ROYAL GOLD INC COM 780287108   319,385 1,255 SH   SOLE   0 1,255 0
RYANAIR HLDG-ADR SPONSORED ADR 783513203   6,022,818 104,201 SH   SOLE   0 104,201 0
SABRE CORP COM 78573M104   10,925,614 7,534,906 SH   SOLE   0 7,534,906 0
SANTACRUZ SILVER COM NEW SHS 80280U205   3,044,683 350,000 SH   SOLE   0 350,000 0
SANTACRUZ SILVER COM NEW SHS 80280U205   3,755,868 431,754 SH   SOLE   0 431,754 0
SCHLUMBERGER LTD COM STK 806857108   231,255 4,500 SH   SOLE   0 4,500 0
SEABRIDGE GOLD INC COM 811916105   566,800 20,000 SH   SOLE   0 20,000 0
SEABRIDGE GOLD INC COM 811916105   566,800 20,000 SH   SOLE   0 20,000 0
SELECT WATER SOLUTIONS INC CL A COM 81617J301   153,000 10,000 SH   SOLE   0 10,000 0
SHELL PLC SPON ADS 780259305   1,674,000 18,000 SH   SOLE   0 18,000 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107   3,388,000 275,000 SH   SOLE   0 275,000 0
SILVERCORP METAL COM 82835P103   3,948,701 367,663 SH   SOLE   0 367,663 0
SILVERCORP METALS INC COM 82835P103   2,685,000 250,000 SH   SOLE   0 250,000 0
SKYWEST INC COM 830879102   23,654,765 257,593 SH   SOLE   0 257,593 0
SOLITARIO RESOURCES CORP COM 8342EP107   254,200 310,000 SH   SOLE   0 310,000 0
SOLV ENERGY INC COM SHS CL A 78475V103   360,360 12,000 SH   SOLE   0 12,000 0
SOUTHWEST AIR COM 844741108   62,680,097 1,668,355 SH   SOLE   0 1,668,355 0
SSR MINING IN COM 784730103   3,234,000 110,000 SH   SOLE   0 110,000 0
STANDARD LITHIUM LTD COM 853606101   255,750 75,000 SH   SOLE   0 75,000 0
TAPESTRY INC COM 876030107   570,790 4,045 SH   SOLE   0 4,045 0
TEEKAY CORP LTD SHS G8726T105   767,313 62,843 SH   SOLE   0 62,843 0
TEEKAY TANK-CL A CL A G8726X106   394,682 5,383 SH   SOLE   0 5,383 0
TESLA INC COM 88160R101   2,639,425 7,100 SH   SOLE   0 7,100 0
TEXTRON INC COM 883203101   12,254,372 139,954 SH   SOLE   0 139,954 0
THE REALREAL INC COM 88339P101   290,560 32,000 SH   SOLE   0 32,000 0
TOLL BROTHERS INC COM 889478103   736,938 5,400 SH   SOLE   0 5,400 0
TORM PLC-A SHS CL A G89479102   395,957 14,192 SH   SOLE   0 14,192 0
TOTALENERGIES SE ACT F92124100   2,001,560 22,000 SH   SOLE   0 22,000 0
TRIP.COM GRO-ADR ADS 89677Q107   6,141,248 123,343 SH   SOLE   0 123,343 0
TRIPADVISOR INC COM 896945201   14,635,551 1,372,941 SH   SOLE   0 1,372,941 0
TRIPLE FLAG PRECIOUS METAL COM 89679M104   2,082,600 60,000 SH   SOLE   0 60,000 0
UBS GROUP AG SHS H42097107   1,086,146 27,800 SH   SOLE   0 27,800 0
UNITED AIRLINES COM 910047109   72,238,030 784,599 SH   SOLE   0 784,599 0
UNITED PARCEL-B CL B 911312106   527,022 5,357 SH   SOLE   0 5,357 0
VALERO ENERGY CORP COM 91913Y100   741,240 3,000 SH   SOLE   0 3,000 0
VERSAMET ROYALTI COM NEW 92528V200   2,194,560 250,000 SH   SOLE   0 250,000 0
VIKING HOLDINGS LTD ORD SHS G93A5A101   906,376 12,335 SH   SOLE   0 12,335 0
VIZSLA SILVER CO COM NEW 92859G608   829,256 250,000 SH   SOLE   0 250,000 0
VIZSLA SILVER CO COM NEW 92859G608   2,653,619 800,000 SH   SOLE   0 800,000 0
VOX ROYALTY CORP COM 92919F103   7,922,880 1,512,000 SH   SOLE   0 1,512,000 0
VOX ROYALTY CORP COM 92919F103   786,000 150,000 SH   SOLE   0 150,000 0
WHEATON PRECIOUS COM 962879102   3,807,675 29,064 SH   SOLE   0 29,064 0
WOODSIDE ENERGY GROUP LTD SPONSORED ADR 980228308   1,791,000 75,000 SH   SOLE   0 75,000 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105   562,096 22,332 SH   SOLE   0 22,332 0