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
CENOVUS ENERGY INC COM 15135U109   42,681,000 2,050,000 SH   SOLE   2,050,000 0 0
KOSMOS ENERGY LTD COM 500688106   12,270,000 1,500,000 SH   SOLE   1,500,000 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   11,926,250 1,015,000 SH   SOLE   1,015,000 0 0
RANGE RES CORP COM 75281A109   22,687,000 700,000 SH   SOLE   700,000 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101   6,252,000 400,000 SH   SOLE   400,000 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108   19,718,650 265,000 SH   SOLE   265,000 0 0
EATON CORP PLC SHS G29183103   43,722,400 205,000 SH   SOLE   205,000 0 0
ALPHABET INC CAP STK CL A 02079K305   26,172,000 200,000 SH   SOLE   200,000 0 0
STEEL DYNAMICS INC COM 858119100   18,763,500 175,000 SH   SOLE   175,000 0 0
WESCO INTL INC COM 95082P105   22,148,280 154,000 SH   SOLE   154,000 0 0
AMAZON COM INC COM 023135106   19,068,000 150,000 SH   SOLE   150,000 0 0
MICROSOFT CORP COM 594918104   31,575,000 100,000 SH   SOLE   100,000 0 0
ECOLAB INC COM 278865100   16,940,000 100,000 SH   SOLE   100,000 0 0
DIAMONDBACK ENERGY INC COM 25278X109   15,488,000 100,000 SH   SOLE   100,000 0 0
OSISKO DEVELOPMENT CORP COM NEW 68828E809   196,500 50,000 SH   SOLE   50,000 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   233,000 50,000 SH   SOLE   50,000 0 0
NUCOR CORP COM 670346105   7,817,500 50,000 SH   SOLE   50,000 0 0
PG&E CORP COM 69331C108   403,250 25,000 SH   SOLE   25,000 0 0
UNITED STATES STL CORP NEW COM 912909108   812,000 25,000 SH   SOLE   25,000 0 0
NEW FOUND GOLD CORP COM 64440N103   140,000 25,000 SH   SOLE   25,000 0 0
CSX CORP COM 126408103   615,000 20,000 SH   SOLE   20,000 0 0
CANADIAN NAT RES LTD COM 136385101   1,293,400 20,000 SH   SOLE   20,000 0 0
SITIO ROYALTIES CORP CLASS A COM 82983N108   363,150 15,000 SH   SOLE   15,000 0 0
TECK RESOURCES LTD CL B 878742204   430,900 10,000 SH   SOLE   10,000 0 0
SCHLUMBERGER LTD COM STK 806857108   466,400 8,000 SH   SOLE   8,000 0 0
CORTEVA INC COM 22052L104   358,120 7,000 SH   SOLE   7,000 0 0
DARLING INGREDIENTS INC COM 237266101   339,300 6,500 SH   SOLE   6,500 0 0
TARGA RES CORP COM 87612G101   514,320 6,000 SH   SOLE   6,000 0 0
CONSTELLATION ENERGY CORP COM 21037T109   545,400 5,000 SH   SOLE   5,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100   318,200 5,000 SH   SOLE   5,000 0 0
WASTE CONNECTIONS INC COM 94106B101   671,500 5,000 SH   SOLE   5,000 0 0
HESS CORP COM 42809H107   765,000 5,000 SH   SOLE   5,000 0 0
CALIFORNIA RES CORP COM STOCK 13057Q305   263,247 4,700 SH   SOLE   4,700 0 0
CHART INDS INC COM 16115Q308   591,920 3,500 SH   SOLE   3,500 0 0
JACOBS SOLUTIONS INC COM 46982L108   450,450 3,300 SH   SOLE   3,300 0 0
SOUTHERN COPPER CORP COM 84265V105   240,928 3,200 SH   SOLE   3,200 0 0
ALBEMARLE CORP COM 012653101   510,120 3,000 SH   SOLE   3,000 0 0
QUANTA SVCS INC COM 74762E102   523,796 2,800 SH   SOLE   2,800 0 0
AMERICAN WTR WKS CO INC NEW COM 030420103   321,958 2,600 SH   SOLE   2,600 0 0
CHENIERE ENERGY INC COM NEW 16411R208   414,900 2,500 SH   SOLE   2,500 0 0
LINDE PLC SHS G54950103   930,875 2,500 SH   SOLE   2,500 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102   524,460 2,000 SH   SOLE   2,000 0 0
UNION PAC CORP COM 907818108   407,260 2,000 SH   SOLE   2,000 0 0
DEERE & CO COM 244199105   566,070 1,500 SH   SOLE   1,500 0 0
METALS ACQUISITION LIMITED ORD SHS G60409110   11,980 1,000 SH   SOLE   1,000 0 0