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
ACRES COMMERCIAL REALTY CORP COM NEW 00489Q102   3,729,148 265,231 SH   SOLE N/A 265,231 0 0
AGNICO EAGLE MINES LTD COM 008474108   512,990 8,600 SH Call SOLE N/A 8,600 0 0
AGNICO EAGLE MINES LTD COM 008474108   8,443,398 141,549 SH   SOLE N/A 141,549 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   3,009,000 204,000 SH   SOLE N/A 204,000 0 0
ALTENERGY ACQUISITION CORP UNIT 10/29/2026 02157M207   1,848,182 168,938 SH   SOLE N/A 168,938 0 0
AMPLIFY ETF TR AMPLIFY JUNIOR S 032108649   1,342,536 135,200 SH Call SOLE N/A 135,200 0 0
AMPLIFY ETF TR AMPLIFY JUNIOR S 032108649   4,344,842 437,547 SH   SOLE N/A 437,547 0 0
ANTERO RESOURCES CORP COM 03674X106   4,578,201 157,869 SH   SOLE N/A 157,869 0 0
APPLIED DIGITAL CORP COM NEW 038169207   1,537,376 359,200 SH Call SOLE N/A 359,200 0 0
APPLIED DIGITAL CORP COM NEW 038169207   19,847,045 4,637,160 SH   SOLE N/A 4,637,160 0 0
ARCH RESOURCES INC CL A 03940R107   3,767,953 23,434 SH   SOLE N/A 23,434 0 0
B. RILEY FINANCIAL INC COM 05580M108   2,792,154 131,892 SH   SOLE N/A 131,892 0 0
BEAZER HOMES USA INC COM NEW 07556Q881   6,645,116 202,595 SH   SOLE N/A 202,595 0 0
BRC INC COM CL A 05601U105   104,004 24,300 SH Put SOLE N/A 24,300 0 0
CENTERRA GOLD INC COM 152006102   3,176,591 537,644 SH   SOLE N/A 537,644 0 0
CENTURY CASINOS INC COM 156492100   6,173,556 1,953,657 SH   SOLE N/A 1,953,657 0 0
DESKTOP METAL INC COM CL A 25058X105   1,064,448 1,209,600 SH Put SOLE N/A 1,209,600 0 0
DIAMONDBACK ENERGY INC COM 25278X109   12,420,107 62,674 SH   SOLE N/A 62,674 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100   1,460,987 92,879 SH   SOLE N/A 92,879 0 0
FUNKO INC COM CL A 361008105   288,912 46,300 SH Put SOLE N/A 46,300 0 0
GLOBAL SHIP LEASE INC NEW COM CL A Y27183600   17,324,487 853,423 SH   SOLE N/A 853,423 0 0
GREENFIRE RES LTD NEW COM SHS 39525U107   1,988,032 332,725 SH   SOLE N/A 332,725 0 0
HUDBAY MINERALS INC COM 443628102   4,437,454 633,922 SH   SOLE N/A 633,922 0 0
ISHARES SILVER TR ISHARES 46428Q109   2,789,150 122,600 SH Call SOLE N/A 122,600 0 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   4,915,712 316,734 SH   SOLE N/A 316,734 0 0
KINROSS GOLD CORP COM 496902404   551,087 89,900 SH Call SOLE N/A 89,900 0 0
LANDSEA HOMES CORP COM 51509P103   15,931,782 1,096,475 SH   SOLE N/A 1,096,475 0 0
LAZYDAYS HLDGS INC COM 52110H100   2,053,885 509,649 SH   SOLE N/A 509,649 0 0
MACH NATURAL RESOURCES LP COM UNIT LTD PAR 55445L100   4,209,677 218,118 SH   SOLE N/A 218,118 0 0
MAG SILVER CORP COM 55903Q104   305,762 28,900 SH   SOLE N/A 28,900 0 0
MOBIX LABS INC *W EXP 99/99/999 60743G118   6,320 30,093 SH   SOLE N/A 30,093 0 0
NEW FORTRESS ENERGY INC COM CL A 644393100   6,599,762 215,749 SH   SOLE N/A 215,749 0 0
NEXGEN ENERGY LTD COM 65340P106   10,408,288 1,339,548 SH   SOLE N/A 1,339,548 0 0
NIKOLA CORP COM 654110105   24,440 23,500 SH Put SOLE N/A 23,500 0 0
ORION S.A. COM L72967109   15,736,056 669,050 SH   SOLE N/A 669,050 0 0
PERPETUA RESOURCES CORP COM 714266103   406,153 97,633 SH   SOLE N/A 97,633 0 0
ROTH CH ACQUISITION V CO UNIT 12/10/2026 77867R209   2,155,077 200,100 SH   SOLE N/A 200,100 0 0
SEADRILL 2021 LTD COM G7997W102   13,248,215 263,384 SH   SOLE N/A 263,384 0 0
SKEENA RES LTD NEW COM 83056P715   154,598 33,600 SH   SOLE N/A 33,600 0 0
SPDR GOLD TR GOLD SHS 78463V107   884,185 4,298 SH   SOLE N/A 4,298 0 0
SPDR GOLD TR GOLD SHS 78463V107   8,701,956 42,300 SH Call SOLE N/A 42,300 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   47,076,300 90,000 SH Put SOLE N/A 90,000 0 0
SPROTT FDS TR URANIUM MINERS E 85208P303   1,946,068 39,482 SH   SOLE N/A 39,482 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104   336,563 34,877 SH   SOLE N/A 34,877 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107   203,105 24,500 SH   SOLE N/A 24,500 0 0
TPG RE FIN TR INC COM 87266M107   1,437,256 186,173 SH   SOLE N/A 186,173 0 0
TXO PARTNERS LP COM UNIT 87313P103   2,763,403 153,950 SH   SOLE N/A 153,950 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   14,128,701 446,828 SH   SOLE N/A 446,828 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   7,054,422 223,100 SH Call SOLE N/A 223,100 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   3,936,565 101,615 SH   SOLE N/A 101,615 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   1,623,206 41,900 SH Call SOLE N/A 41,900 0 0
VELO3D INC COMMON STOCK 92259N104   255,318 560,400 SH Put SOLE N/A 560,400 0 0
VISTRA CORP COM 92840M102   18,773,043 269,534 SH   SOLE N/A 269,534 0 0