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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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
SPROTT PHYSICAL GOLD TR UNIT 85207H104 BBG000Q83F79 5,117,664 343,007 SH   SOLE   343,007 0 0
APOLLO GLOBAL MGMT INC COM 03769M106 BBG00ZNLTFK3 5,788,171 75,357 SH   SOLE   75,357 0 0
BERRY GLOBAL GROUP INC COM 08579W103 BBG000Q1R1Y9 5,265,264 81,835 SH   SOLE   81,835 0 0
EZCORP INC CL A NON VTG 302301106 BBG000C93HM1 2,964,023 353,702 SH   SOLE   353,702 0 0
TENET HEALTHCARE CORP COM NEW 88033G407 BBG000CPHYL4 7,445,700 91,493 SH   SOLE   91,493 0 0
AGNICO EAGLE MINES LTD COM 008474108 BBG000DLVDK3 3,094,512 61,915 SH   SOLE   61,915 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 BBG009HT6BL4 4,073,398 341,728 SH   SOLE   341,728 0 0
CHORD ENERGY CORPORATION COM NEW 674215207 BBG00Y7BLHL9 4,877,767 31,715 SH   SOLE   31,715 0 0
GLATFELTER CORPORATION COM 377320106 BBG000BKFNX9 3,510,853 1,162,534 SH   SOLE   1,162,534 0 0
NEWMONT CORP COM 651639106 BBG000BPWXK1 2,523,766 59,160 SH   SOLE   59,160 0 0
PAN AMERN SILVER CORP COM 697900108 BBG000C0RGY3 1,912,342 131,162 SH   SOLE   131,162 0 0
TALOS ENERGY INC COM 87484T108 BBG00JPH4HQ3 4,837,842 348,799 SH   SOLE   348,799 0 0
WARNER BROS DISCOVERY INC COM SER A 934423104 BBG011386VF4 49,245 3,927 SH   SOLE   3,927 0 0
BAKER HUGHES COMPANY CL A 05722G100 BBG00GBVBK51 5,383,910 170,323 SH   SOLE   170,323 0 0
CHESAPEAKE ENERGY CORP COM 165167735 BBG00Z6DX554 2,187,144 26,137 SH   SOLE   26,137 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 BBG000BM2FL9 5,437,454 428,146 SH   SOLE   428,146 0 0
OCEANEERING INTL INC COM 675232102 BBG000CPBCL8 1,359,640 72,708 SH   SOLE   72,708 0 0
PATRIA INVESTMENTS LIMITED COM CL A G69451105 BBG00YQ7XJT2 5,264,559 368,151 SH   SOLE   368,151 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204 BBG000L5R950 1,709,944 96,607 SH   SOLE   96,607 0 0
TIDEWATER INC NEW COM 88642R109 BBG00HBQ35R8 9,640,018 173,882 SH   SOLE   173,882 0 0
VALARIS LIMITED CL A G9460G101 BBG010JW9K49 5,103,875 81,104 SH   SOLE   81,104 0 0
WARRIOR MET COAL INC COM 93627C101 BBG00GD1JMV4 1,160,983 29,807 SH   SOLE   29,807 0 0
CLEVELAND-CLIFFS INC NEW COM 185899101 BBG000BFRF55 3,922,812 234,058 SH   SOLE   234,058 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 BBG000BJCDS3 2,080,472 1,621 SH   SOLE   1,621 0 0
MICRON TECHNOLOGY INC. COM 595112103 BBG000C5Z1S3 3,035,907 48,105 SH   SOLE   48,105 0 0
VISTRA CORP COM 92840M102 BBG00DXDL6Q1 9,001,676 342,921 SH   SOLE   342,921 0 0
BREAD FINANCIAL HOLDINGS INC COM 018581108 BBG000BFNR17 1,884,687 60,041 SH   SOLE   60,041 0 0
CENTENE CORP DEL COM 15135B101 BBG017YB59Q8 5,154,192 76,415 SH   SOLE   76,415 0 0
CLARIVATE PLC ORD SHS G21810109 BBG00P1919G5 2,205,623 231,440 SH   SOLE   231,440 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102 BBG003MN93C9 860,400 22,500 SH   SOLE   22,500 0 0
ISHARES TR 20 YR TR BD ETF 464287432 BBG000BJKYW3 823,520 8,000 SH   SOLE   8,000 0 0
ISHARES TR 20 YR TR BD ETF 464287902 BBG01C22RB47 76,721,182 745,300 SH Call SOLE   745,300 0 0
ISHARES TR 20 YR TR BD ETF 464287902 BBG01BNH3588 1,029,400 10,000 SH Call SOLE   10,000 0 0
NCR CORP NEW COM 62886E108 BBG000BMXK89 4,267,771 169,356 SH   SOLE   169,356 0 0
NET POWER INC COM CL A 64107A105 BBG00ZMY0GQ9 1,406,964 108,228 SH   SOLE   108,228 0 0
NOBLE CORP PLC ORD SHS A G65431127 BBG018KBK3G8 454,410 11,000 SH   SOLE   11,000 0 0
SEADRILL 2021 LTD COM G7997W102 BBG017YB59Q8 453,970 11,000 SH   SOLE   11,000 0 0
VITAL ENERGY INC COM 516806205 BBG000DZCFX4 645,645 14,300 SH   SOLE   14,300 0 0