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
ALAMOS GOLD INC NEW COM CL A 011532108 BBG009HT65S0 9,342,104 633,363 SH   SOLE   508,763 0 124,600
ALPHA METALLURGICAL RESOUR I COM 020764106 BBG00DGWV044 20,448,754 61,747 SH   SOLE   59,372 0 2,375
ANTERO RESOURCES CORP COM 03674X106 BBG001T61KH8 21,123,136 728,384 SH   SOLE   578,086 0 150,298
APA CORPORATION COM 03743Q108 BBG00YTS96H1 5,188,209 152,080 SH   SOLE   117,950 0 34,130
ARCH RESOURCES INC CL A 03940R107 BBG00DZB5DD0 7,811,339 48,581 SH   SOLE   46,706 0 1,875
BORR DRILLING LTD SHS G1466R173 BBG00FJ1SZG8 6,033,151 880,752 SH   SOLE   678,734 0 202,018
CALEDONIA MNG CORP PLC SHS NEW G1757E113 BBG001S70XD4 2,031,887 185,917 SH   SOLE   172,522 0 13,395
CAMECO CORP COM 13321L108 BBG001S5Y5S6 33,998,229 784,816 SH   SOLE   622,447 0 162,369
CENTRUS ENERGY CORP CL A 15643U104 BBG001S9F7B3 7,147,022 172,093 SH   SOLE   135,388 0 36,705
CF INDS HLDGS INC COM 125269100 BBG001SJ8KV8 9,656,687 116,052 SH   SOLE   91,912 0 24,140
CHAMPIONX CORPORATION COM 15872M104 BBG00JH9V005 9,847,183 275,041 SH   SOLE   218,841 0 56,200
CHESAPEAKE ENERGY CORP COM 165167735 BBG00Z6DX607 8,510,358 95,805 SH   SOLE   75,872 0 19,933
CIVITAS RESOURCES INC COM NEW 17888H103 BBG00GLNJ0R0 12,771,630 168,247 SH   SOLE   131,362 0 36,885
COMSTOCK RES INC COM 205768302 BBG001S8FX55 4,963,594 534,870 SH   SOLE   422,000 0 112,870
CONSOL ENERGY INC NEW COM 20854L108 BBG00HC115M9 14,651,467 174,922 SH   SOLE   168,262 0 6,660
CORTEVA INC COM 22052L104 BBG00BN969D0 4,624,269 80,185 SH   SOLE   62,525 0 17,660
DENISON MINES CORP COM 248356107 BBG001S9ZPX7 6,045,449 3,100,230 SH   SOLE   2,435,980 0 664,250
DIAMOND OFFSHORE DRILLING IN COM 25271C201 BBG010JCFCF2 10,068,693 738,174 SH   SOLE   586,194 0 151,980
DIAMONDBACK ENERGY INC COM 25278X109 BBG002PHSZN7 11,276,071 56,901 SH   SOLE   45,311 0 11,590
ENCORE ENERGY CORP COM NEW 29259W700 BBG001T8HNC6 4,282,098 977,648 SH   SOLE   773,303 0 204,345
ENERGY FUELS INC COM NEW 292671708 BBG001S9FH94 5,756,256 915,144 SH   SOLE   719,084 0 196,060
EQT CORP COM 26884L109 BBG001S5QXJ4 19,168,911 519,093 SH   SOLE   411,887 0 107,206
EQUINOX GOLD CORP COM 29446Y502 BBG001SSK0K0 5,260,684 871,844 SH   SOLE   686,624 0 185,220
ERO COPPER CORP COM 296006109 BBG00HNV5D86 5,353,404 277,508 SH   SOLE   218,053 0 59,455
FREEPORT-MCMORAN INC CL B 35671D857 BBG001S5R3F3 9,398,937 200,485 SH   SOLE   157,685 0 42,800
HUDBAY MINERALS INC COM 443628102 BBG001SL27N7 4,604,660 657,670 SH   SOLE   516,810 0 140,860
INTREPID POTASH INC COM 46121Y201 BBG001T0ZCR1 3,642,657 174,624 SH   SOLE   135,024 0 39,600
IVANHOE ELECTRIC INC COM 46578C108 BBG012WFRMH9 14,032,022 1,431,839 SH   SOLE   1,146,432 0 285,407
MATADOR RES CO COM 576485205 BBG001T3L5S4 16,343,426 244,772 SH   SOLE   191,400 0 53,372
MOSAIC CO NEW COM 61945C103 BBG001S7LJN1 13,330,543 410,676 SH   SOLE   299,706 0 110,970
NEXGEN ENERGY LTD COM 65340P106 BBG00334PFM6 9,653,751 1,242,439 SH   SOLE   974,144 0 268,295
NOBLE CORP PLC ORD SHS A G65431127 BBG018KBK3H7 8,344,062 172,078 SH   SOLE   134,741 0 37,337
NOV INC COM 62955J103 BBG001S6HFR2 3,218,555 164,885 SH   SOLE   129,510 0 35,375
NOVAGOLD RES INC COM NEW 66987E206 BBG001S5ZT85 875,604 291,868 SH   SOLE   223,633 0 68,235
NUTRIEN LTD COM 67077M108 BBG00JM9SM69 10,084,444 185,683 SH   SOLE   128,953 0 56,730
OCEANEERING INTL INC COM 675232102 BBG001S61HT3 8,835,536 377,587 SH   SOLE   298,882 0 78,705
ORLA MNG LTD NEW COM 68634K106 BBG00FGY26J8 4,218,095 1,113,314 SH   SOLE   876,534 0 236,780
PAN AMERN SILVER CORP COM 697900108 BBG001S5ZXR5 3,326,512 220,591 SH   SOLE   173,666 0 46,925
PIONEER NAT RES CO COM 723787107 BBG001S7V1J4 14,309,663 54,513 SH   SOLE   46,950 0 7,563
RANGE RES CORP COM 75281A109 BBG001SBZNN8 42,624,374 1,238,001 SH   SOLE   997,864 0 240,137
SCHLUMBERGER LTD COM STK 806857108 BBG001S5W4C8 8,578,368 156,511 SH   SOLE   123,971 0 32,540
SEADRILL 2021 LTD COM G7997W102 BBG015K887C0 8,010,476 159,254 SH   SOLE   124,128 0 35,126
SKEENA RES LTD NEW COM 83056P715 BBG001S6LB05 5,508,995 1,197,300 SH   SOLE   939,446 0 257,854
TIDEWATER INC NEW COM 88642R109 BBG00HBQ36G8 360,088 3,914 SH   SOLE   3,914 0 0
TRANSOCEAN LTD REGISTERED SHS H8817H100 BBG001S7B678 4,273,377 680,474 SH   SOLE   535,224 0 145,250
TRILOGY METALS INC NEW COM 89621C105 BBG0028693Q9 830,825 1,678,816 SH   SOLE   1,300,146 0 378,670
TRIPLE FLAG PRECIOUS METAL COM 89679M104 BBG00QRZMFT6 1,324,964 91,671 SH   SOLE   72,771 0 18,900
URANIUM ENERGY CORP COM 916896103 BBG001SK6158 10,445,828 1,547,530 SH   SOLE   1,205,095 0 342,435
UR-ENERGY INC COM 91688R108 BBG001SKVFK2 3,861,994 2,413,746 SH   SOLE   1,909,298 0 504,448
VALARIS LTD CL A G9460G101 BBG010JW9K58 3,577,710 47,538 SH   SOLE   37,373 0 10,165
VITAL ENERGY INC COM 516806205 BBG001T24DQ0 2,566,211 48,843 SH   SOLE   38,041 0 10,802