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
ADAMS RES & ENERGY INC COM NEW 006351308   5,538,589 144,159 SH   SOLE   144,159 0 0
ALGOMA STL GROUP INC COM 015658107   9,834,152 1,217,098 SH   SOLE   1,217,098 0 0
ARDMORE SHIPPING CORP COM Y0207T100   2,838,103 190,861 SH   SOLE   190,861 0 0
BASSETT FURNITURE INDS INC COM 070203104   5,173,428 290,642 SH   SOLE   290,642 0 0
CENTERRA GOLD INC COM 152006102   11,326,521 1,755,676 SH   SOLE   1,755,676 0 0
CONIFER HLDGS INC COM 20731J102   716,524 474,519 SH   SOLE   474,519 0 0
CSI COMPRESSCO LP COM UNIT 12637A103   112,855 91,752 SH   SOLE   91,752 0 0
DELTA APPAREL INC COM 247368103   2,057,220 187,020 SH   SOLE   187,020 0 0
ELDORADO GOLD CORP NEW COM 284902509   5,049,176 488,039 SH   SOLE   488,039 0 0
EMCORE CORP COM NEW 290846203   1,146,557 997,006 SH   SOLE   997,006 0 0
ENERFLEX LTD COM 29269R105   3,281,380 551,598 SH   SOLE   551,598 0 0
EQUINOX GOLD CORP COM 29446Y502   13,429,938 2,618,645 SH   SOLE   2,618,645 0 0
EZCORP INC CL A NON VTG 302301106   2,479,526 288,317 SH   SOLE   288,317 0 0
HALLADOR ENERGY COMPANY COM 40609P105   21,181,415 2,304,833 SH   SOLE   2,304,833 0 0
I-80 GOLD CORP COM 44955L106   2,739,651 1,126,838 SH   SOLE   1,126,838 0 0
ISHARES SILVER TR ISHARES 46428Q109   949,921 42,944 SH   SOLE   42,944 0 0
KINROSS GOLD CORP COM 496902404   104,948 22,282 SH   SOLE   22,282 0 0
MATRIX SVC CO COM 576853105   6,333,946 1,172,953 SH   SOLE   1,172,953 0 0
MAYVILLE ENGR CO INC COM 578605107   4,950,053 331,773 SH   SOLE   331,773 0 0
MERCER INTL INC COM 588056101   3,027,005 309,668 SH   SOLE   309,668 0 0
PEABODY ENERGY CORP COM 704551100   13,706,035 535,392 SH   SOLE   535,392 0 0
SOLITARIO ZINC CORP COM 8342EP107   419,954 634,467 SH   SOLE   634,467 0 0
SPDR GOLD TR GOLD SHS 78463V107   242,767 1,325 SH   SOLE   1,325 0 0
TIDEWATER INC NEW COM 88642R109   5,739,260 130,201 SH   SOLE   130,201 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100   4,306,376 460,575 SH   SOLE   460,575 0 0
WEST FRASER TIMBER CO LTD COM 952845105   1,135,329 15,937 SH   SOLE   15,937 0 0
WESTWOOD HLDGS GROUP INC COM 961765104   1,121,022 100,002 SH   SOLE   100,002 0 0