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   4,856,717 144,159 SH   SOLE   144,159 0 0
ALGOMA STL GROUP INC COM 015658107   10,948,150 1,610,022 SH   SOLE   1,610,022 0 0
ARDMORE SHIPPING CORP COM Y0207T100   2,483,102 190,861 SH   SOLE   190,861 0 0
BASSETT FURNITURE INDS INC COM 070203104   6,982,820 476,643 SH   SOLE   476,643 0 0
CENTERRA GOLD INC COM 152006102   8,623,821 1,755,676 SH   SOLE   1,755,676 0 0
CONIFER HLDGS INC COM 20731J102   545,839 474,519 SH   SOLE   474,519 0 0
CSI COMPRESSCO LP COM UNIT 12637A103   113,339 82,130 SH   SOLE   82,130 0 0
DELTA APPAREL INC COM 247368103   4,607,883 695,005 SH   SOLE   695,005 0 0
ELDORADO GOLD CORP NEW COM 284902509   4,348,427 488,039 SH   SOLE   488,039 0 0
EMCORE CORP COM NEW 290846203   474,076 997,006 SH   SOLE   997,006 0 0
ENERFLEX LTD COM 29269R105   3,182,765 551,598 SH   SOLE   551,598 0 0
EQUINOX GOLD CORP COM 29446Y502   11,061,143 2,618,645 SH   SOLE   2,618,645 0 0
EZCORP INC CL A NON VTG 302301106   2,378,615 288,317 SH   SOLE   288,317 0 0
HALLADOR ENERGY COMPANY COM 40609P105   33,235,692 2,304,833 SH   SOLE   2,304,833 0 0
HENNESSY ADVISORS INC COM 425885100   947,065 141,353 SH   SOLE   141,353 0 0
I-80 GOLD CORP COM 44955L106   1,708,844 1,126,838 SH   SOLE   1,126,838 0 0
ISHARES SILVER TR ISHARES 46428Q109   837,642 41,182 SH   SOLE   41,182 0 0
KINROSS GOLD CORP COM 496902404   101,606 22,282 SH   SOLE   22,282 0 0
MATRIX SVC CO COM 576853105   14,135,845 1,197,953 SH   SOLE   1,197,953 0 0
MAYVILLE ENGR CO INC COM 578605107   2,372,548 216,276 SH   SOLE   216,276 0 0
MERCER INTL INC COM 588056101   2,654,806 309,418 SH   SOLE   309,418 0 0
NATURAL GAS SVCS GROUP INC COM 63886Q109   12,444,359 854,695 SH   SOLE   854,695 0 0
PEABODY ENERGY CORP COM 704551100   13,914,838 535,392 SH   SOLE   535,392 0 0
SOLITARIO RESOURCES CORP COM 8342EP107   345,658 634,467 SH   SOLE   634,467 0 0
SUPERIOR GROUP OF CO INC COM 868358102   2,958,633 380,287 SH   SOLE   380,287 0 0
TIDEWATER INC NEW COM 88642R109   5,484,685 77,173 SH   SOLE   77,173 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100   6,038,138 460,575 SH   SOLE   460,575 0 0
VERMILION ENERGY INC COM 923725105   4,115,695 280,000 SH   SOLE   280,000 0 0
WEST FRASER TIMBER CO LTD COM 952845105   1,162,559 15,937 SH   SOLE   15,937 0 0
WESTWOOD HLDGS GROUP INC COM 961765104   1,015,020 100,002 SH   SOLE   100,002 0 0