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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
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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
ABRDN PALLADIUM ETF TRUST PHYSICAL PALLADM 003262102   37,408 400 SH   SOLE   0 400 0
AGNICO EAGLE MINES LTD COM 008474108   298,250 5,000 SH   SOLE   0 5,000 0
AGNICO EAGLE MINES LTD COM 008474108   2,386,000 40,000 SH   SOLE   0 40,000 0
ALAMOS GOLD INC NEW COM CL A 011532108   2,950,000 200,000 SH   SOLE   0 200,000 0
AMAZON COM INC COM 023135106   992,090 5,500 SH   SOLE   0 5,500 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   1,443,000 65,000 SH   SOLE   0 65,000 0
APOLLO GLOBAL MGMT INC COM 03769M106   1,518,075 13,500 SH   SOLE   0 13,500 0
APPLE INC COM 037833100   1,954,872 11,400 SH   SOLE   0 11,400 0
ATLANTICA SUSTAINABLE INFR P SHS G0751N103   323,400 17,500 SH   SOLE   0 17,500 0
ATLAS LITHIUM CORP COM NEW 105861306   51,060 3,000 SH   SOLE   0 3,000 0
BHP GROUP LTD SPONSORED ADS 088606108   201,915 3,500 SH   SOLE   0 3,500 0
AMPLIFY COMMODITY TRUST BREAKWAVE DRY BU 03210A107   16,632 1,200 SH   SOLE   0 1,200 0
CAMECO CORP COM 13321L108   433,200 10,000 SH   SOLE   0 10,000 0
CANADIAN SOLAR INC COM 136635109   197,600 10,000 SH   SOLE   0 10,000 0
CARNIVAL CORP UNIT 99/99/9999 143658300   983,668 60,200 SH   SOLE   0 60,200 0
CF INDS HLDGS INC COM 125269100   416,050 5,000 SH   SOLE   0 5,000 0
CHENIERE ENERGY INC COM NEW 16411R208   1,209,600 7,500 SH   SOLE   0 7,500 0
CHESAPEAKE ENERGY CORP COM 165167735   444,150 5,000 SH   SOLE   0 5,000 0
CLEVELAND-CLIFFS INC NEW COM 185899101   454,800 20,000 SH   SOLE   0 20,000 0
COEUR MNG INC COM NEW 192108504   188,500 50,000 SH   SOLE   0 50,000 0
COEUR MNG INC COM NEW 192108504   377,000 100,000 SH   SOLE   0 100,000 0
CONOCOPHILLIPS COM 20825C104   190,920 1,500 SH   SOLE   0 1,500 0
CONSTELLATION BRANDS INC CL A 21036P108   1,886,014 6,940 SH   SOLE   0 6,940 0
COTY INC COM CL A 222070203   944,840 79,000 SH   SOLE   0 79,000 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203   211,125 7,500 SH   SOLE   0 7,500 0
DECKERS OUTDOOR CORP COM 243537107   922,435 980 SH   SOLE   0 980 0
DENISON MINES CORP COM 248356107   448,500 230,000 SH   SOLE   0 230,000 0
DIREXION SHS ETF TR OIL GAS BL 2X SH 25460G500   45,111 1,100 SH   SOLE   0 1,100 0
EQUINOX GOLD CORP COM 29446Y502   1,204,000 200,000 SH   SOLE   0 200,000 0
LAUDER ESTEE COS INC CL A 518439104   154,150 1,000 SH   SOLE   0 1,000 0
FERRARI N V COM N3167Y103   2,463,061 5,650 SH   SOLE   0 5,650 0
FIRST TR EXCHANGE-TRADED FD NAT GAS ETF 33733E807   30,184 1,100 SH   SOLE   0 1,100 0
FORTUNA SILVER MINES INC COM 349915108   74,600 20,000 SH   SOLE   0 20,000 0
FORTUNA SILVER MINES INC COM 349915108   746,000 200,000 SH   SOLE   0 200,000 0
FRANCO NEV CORP COM 351858105   548,136 4,600 SH   SOLE   0 4,600 0
FRANCO NEV CORP COM 351858105   1,489,500 12,500 SH   SOLE   0 12,500 0
GLOBAL X FDS GLOBAL X COPPER 37954Y830   101,832 2,400 SH   SOLE   0 2,400 0
GLOBAL X FDS GLOBAL X URANIUM 37954Y871   69,192 2,400 SH   SOLE   0 2,400 0
GLOBAL X FDS US INFR DEV ETF 37954Y673   302,556 7,600 SH   SOLE   0 7,600 0
GOLD RESOURCE CORP COM 38068T105   434,600 1,000,000 SH   SOLE   0 1,000,000 0
GRAYSCALE BITCOIN TR BTC SHS REP COM UT 389637109   69,487 1,100 SH   SOLE   0 1,100 0
HALLIBURTON CO COM 406216101   394,200 10,000 SH   SOLE   0 10,000 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300   3,268,000 400,000 SH   SOLE   0 400,000 0
IAMGOLD CORP COM 450913108   832,500 250,000 SH   SOLE   0 250,000 0
INVESCO DB MULTI-SECTOR COMM AGRICULTURE FD 46140H106   133,704 5,400 SH   SOLE   0 5,400 0
INVESCO DB MULTI-SECTOR COMM BASE METALS FD 46140H700   96,984 5,400 SH   SOLE   0 5,400 0
INVESCO DB US DLR INDEX TR BULLISH FD 46141D203   422,713 14,900 SH   SOLE   0 14,900 0
INVESCO EXCH TRADED FD TR II S&P GBL WATER 46138E263   211,014 3,800 SH   SOLE   0 3,800 0
ISHARES TR GL TIMB FORE ETF 464288174   29,871 354 SH   SOLE   0 354 0
ISHARES SILVER TR ISHARES 46428Q109   134,225 5,900 SH   SOLE   0 5,900 0
ISHARES TR U.S. ENERGY ETF 464287796   83,980 1,700 SH   SOLE   0 1,700 0
ISHARES TR US OIL EQ&SV ETF 464288844   96,965 4,100 SH   SOLE   0 4,100 0
IVANHOE ELECTRIC COM 46578C108   61,730 6,299 SH   SOLE   0 6,299 0
IVANHOE ELECTRIC COM 46578C108   161,690 16,499 SH   SOLE   0 16,499 0
JPMORGAN CHASE & CO COM 46625H100   1,362,040 6,800 SH   SOLE   0 6,800 0
KRANESHARES TR GLOBAL CARB STRA 500767678   55,368 1,800 SH   SOLE   0 1,800 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   853,600 55,000 SH   SOLE   0 55,000 0
KINROSS GOLD CORP COM 496902404   613,000 100,000 SH   SOLE   0 100,000 0
KKR & CO INC COM 48251W104   1,222,047 12,150 SH   SOLE   0 12,150 0
LAS VEGAS SANDS CORP COM 517834107   979,715 18,950 SH   SOLE   0 18,950 0
LIBERTY ENERGY INC COM CL A 53115L104   155,400 7,500 SH   SOLE   0 7,500 0
LINDE PLC SHS G54950103   928,640 2,000 SH   SOLE   0 2,000 0
LULULEMON ATHLETICA INC COM 550021109   1,445,405 3,700 SH   SOLE   0 3,700 0
MARATHON OIL CORP COM 565849106   495,950 17,500 SH   SOLE   0 17,500 0
MARATHON PETE CORP COM 56585A102   604,500 3,000 SH   SOLE   0 3,000 0
MARRIOTT INTL INC NEW CL A 571903202   925,978 3,670 SH   SOLE   0 3,670 0
MICROSTRATEGY INC CL A NEW 594972408   8,523 5 SH   SOLE   0 5 0
NEW GOLD INC CDA COM 644535106   59,500 35,000 SH   SOLE   0 35,000 0
NEW GOLD INC CDA COM 644535106   255,000 150,000 SH   SOLE   0 150,000 0
NEW GOLD INC CDA COM 644535106   1,700,000 1,000,000 SH   SOLE   0 1,000,000 0
NEXGEN ENERGY LTD COM 65340P106   194,250 25,000 SH   SOLE   0 25,000 0
OCCIDENTAL PETE CORP COM 674599105   649,900 10,000 SH   SOLE   0 10,000 0
ON HLDG AG NAMEN AKT A H5919C104   141,520 4,000 SH   SOLE   0 4,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   164,200 10,000 SH   SOLE   0 10,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   164,200 10,000 SH   SOLE   0 10,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   574,700 35,000 SH   SOLE   0 35,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   821,000 50,000 SH   SOLE   0 50,000 0
PARAMOUNT GOLD NEV CORP COM 69924M109   68,952 170,000 SH   SOLE   0 170,000 0
PEABODY ENERGY CORP COM 704551100   363,900 15,000 SH   SOLE   0 15,000 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105   264,900 15,000 SH   SOLE   0 15,000 0
PROSHARES TR II ULTRASHRT NEW 74347W395   93,500 4,000 SH   SOLE   0 4,000 0
PROSHARES TR II ULTRASHRT NEW 74347W395   210,375 9,000 SH   SOLE   0 9,000 0
RANGE RES CORP COM 75281A109   344,300 10,000 SH   SOLE   0 10,000 0
ROYAL CARIBBEAN GROUP COM V7780T103   1,237,189 8,900 SH   SOLE   0 8,900 0
ROYAL GOLD INC COM 780287108   395,883 3,250 SH   SOLE   0 3,250 0
ROYAL GOLD INC COM 780287108   1,218,100 10,000 SH   SOLE   0 10,000 0
SANDSTORM GOLD LTD COM NEW 80013R206   1,050,000 200,000 SH   SOLE   0 200,000 0
SCHLUMBERGER LTD COM STK 806857108   328,860 6,000 SH   SOLE   0 6,000 0
SEABRIDGE GOLD INC COM 811916105   75,600 5,000 SH   SOLE   0 5,000 0
SEABRIDGE GOLD INC COM 811916105   151,200 10,000 SH   SOLE   0 10,000 0
SELECT WATER SOLUTIONS INC CL A COM 81617J301   461,500 50,000 SH   SOLE   0 50,000 0
SIGMA LITHIUM CORPORATION COM 826599102   38,880 3,000 SH   SOLE   0 3,000 0
SILVERCORP METALS INC COM 82835P103   815,000 250,000 SH   SOLE   0 250,000 0
SPDR GOLD TR GOLD SHS 78463V107   205,720 1,000 SH   SOLE   0 1,000 0
SPDR SER TR S&P OILGAS EXP 78468R556   92,958 600 SH   SOLE   0 600 0
SSR MINING IN COM 784730103   446,000 100,000 SH   SOLE   0 100,000 0
SYLVAMO CORP COMMON STOCK 871332102   432,180 7,000 SH   SOLE   0 7,000 0
TEUCRIUM COMMODITY TR WHEAT FD 88166A508   84,396 15,600 SH   SOLE   0 15,600 0
TOLL BROTHERS INC COM 889478103   718,004 5,550 SH   SOLE   0 5,550 0
TESLA INC CALL 88160R101   21,100 50 SH Call SOLE   0 50 0
UBS GROUP AG SHS H42097107   2,088,960 68,000 SH   SOLE   0 68,000 0
UNITED STS OIL FD LP UNITS 91232N207   157,460 2,000 SH   SOLE   0 2,000 0
UR-ENERGY INC COM 91688R108   240,000 150,000 SH   SOLE   0 150,000 0
UNITED STS GASOLINE FD LP UNITS 91201T102   120,581 1,700 SH   SOLE   0 1,700 0
VALERO ENERGY CORP COM 91913Y100   469,398 2,750 SH   SOLE   0 2,750 0
VANECK ETF TRUST AGRIBUSINESS ETF 92189F700   240,416 3,200 SH   SOLE   0 3,200 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   98,022 3,100 SH   SOLE   0 3,100 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   189,720 6,000 SH   SOLE   0 6,000 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   474,300 15,000 SH   SOLE   0 15,000 0
VIPER ENERGY INC CL A 927959106   769,200 20,000 SH   SOLE   0 20,000 0
VOX ROYALTY CORP COM 92919F103   418,000 200,000 SH   SOLE   0 200,000 0
VOX ROYALTY CORP COM 92919F103   3,135,000 1,500,000 SH   SOLE   0 1,500,000 0
WHEATON PRECIOUS METALS CORP COM 962879102   942,600 20,000 SH   SOLE   0 20,000 0
AIR TRANSPORT SE COM 00922R105   27,598,570 2,005,710 SH   SOLE   0 2,005,710 0
ALASKA AIR GROUP COM 011659109   44,711,792 1,040,051 SH   SOLE   0 1,040,051 0
ALLEGIANT TRAVEL COM 01748X102   40,474,337 538,151 SH   SOLE   0 538,151 0
AMERICAN AIRLINE COM 02376R102   145,200,393 9,459,309 SH   SOLE   0 9,459,309 0
AZUL SA-ADR SPONSR ADR PFD 05501U106   6,797,180 874,798 SH   SOLE   0 874,798 0
BOEING CO/THE COM 097023105   24,856,533 128,797 SH   SOLE   0 128,797 0
BOOKING HOLDINGS COM 09857L108   27,441,284 7,564 SH   SOLE   0 7,564 0
COPA HOLDIN-CL A CL A P31076105   6,801,231 65,296 SH   SOLE   0 65,296 0
DELTA AIR LI COM NEW 247361702   158,738,069 3,316,024 SH   SOLE   0 3,316,024 0
ELDORADO GOLD COM 284902509   2,899,447 206,073 SH   SOLE   0 206,073 0
EMBRAER SA-ADR SPONSORED ADS 29082A107   8,157,941 306,229 SH   SOLE   0 306,229 0
EXPEDIA GROUP IN COM NEW 30212P303   26,542,772 192,688 SH   SOLE   0 192,688 0
EXPEDITORS INTL COM 302130109   180,410 1,484 SH   SOLE   0 1,484 0
FEDEX CORP COM 31428X106   207,454 716 SH   SOLE   0 716 0
FORTUNA SILVER COM 349915108   4,007,512 1,074,400 SH   SOLE   0 1,074,400 0
FRANCO-NEVADA CO COM 351858105   8,592,270 72,107 SH   SOLE   0 72,107 0
FRONTIER GROUP H COM 35909R108   39,467,039 4,866,466 SH   SOLE   0 4,866,466 0
GENERAL DYNAMICS COM 369550108   26,721,012 94,591 SH   SOLE   0 94,591 0
GRUPO AEROPO-ADR SPON ADR SER B 40051E202   7,180,816 22,533 SH   SOLE   0 22,533 0
GXO LOGISTIC COMMON STOCK 36262G101   196,170 3,649 SH   SOLE   0 3,649 0
HARMONY GOLD-ADR SPONSORED ADR 413216300   2,894,312 354,261 SH   SOLE   0 354,261 0
INTERNATIONAL SE COM Y41053102   118,370 2,225 SH   SOLE   0 2,225 0
JETBLUE AIRWAYS COM 477143101   42,103,788 5,674,365 SH   SOLE   0 5,674,365 0
MAKEMYTRIP LTD SHS V5633W109   7,686,260 108,181 SH   SOLE   0 108,181 0
MATSON INC COM 57686G105   127,124 1,131 SH   SOLE   0 1,131 0
NEW GOLD INC COM 644535106   2,910,985 1,712,344 SH   SOLE   0 1,712,344 0
OSISKO GOLD ROYA COM 68827L101   3,435,918 209,252 SH   SOLE   0 209,252 0
ROYAL GOLD INC COM 780287108   8,959,369 73,552 SH   SOLE   0 73,552 0
RYANAIR HLDG-ADR SPONSORED ADS 783513203   13,685,606 94,001 SH   SOLE   0 94,001 0
SANDSTORM GOLD COM NEW 80013R206   3,750,621 714,404 SH   SOLE   0 714,404 0
SCORPIO TANKERS SHS Y7542C130   126,214 1,764 SH   SOLE   0 1,764 0
SFL CORP LTD SHS G7738W106   114,547 8,691 SH   SOLE   0 8,691 0
SIBANYE-STI-ADR SPONSORED ADR 82575P107   2,904,290 616,622 SH   SOLE   0 616,622 0
SILVERCORP METAL COM 82835P103   2,991,702 917,700 SH   SOLE   0 917,700 0
SILVERCREST META COM 828363101   2,967,696 445,600 SH   SOLE   0 445,600 0
SKYWEST INC COM 830879102   40,245,179 582,588 SH   SOLE   0 582,588 0
SOUTHWEST AIR COM 844741108   117,874,620 4,038,185 SH   SOLE   0 4,038,185 0
SUN COUNTRY HOLD COM 866683105   39,422,595 2,612,498 SH   SOLE   0 2,612,498 0
TEEKAY TANK-CL A CL A Y8565N300   256,186 4,386 SH   SOLE   0 4,386 0
TEXTRON INC COM 883203101   27,800,322 289,798 SH   SOLE   0 289,798 0
TORM PLC-A SHS CL A G89479102   248,355 7,106 SH   SOLE   0 7,106 0
TRIP.COM GRO-ADR ADS 89677Q107   13,275,321 302,468 SH   SOLE   0 302,468 0
TRIPADVISOR INC COM 896945201   26,965,332 970,325 SH   SOLE   0 970,325 0
TRIPLE FLAG COM 89679M104   2,875,550 199,000 SH   SOLE   0 199,000 0
UNITED AIRLINES COM 910047109   151,962,549 3,173,821 SH   SOLE   0 3,173,821 0
UNITED PARCEL-B CL B 911312106   177,613 1,195 SH   SOLE   0 1,195 0
WHEATON PRECIOUS COM 962879102   8,919,918 189,262 SH   SOLE   0 189,262 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105   184,586 8,815 SH   SOLE   0 8,815 0
CENTERRA GOLD IN COM 152006102   354,505 60,000 SH   SOLE   0 60,000 0
CENTERRA GOLD IN COM 152006102   1,477,105 250,000 SH   SOLE   0 250,000 0
CENTERRA GOLD IN COM 152006102   3,563,994 603,206 SH   SOLE   0 603,206 0
CENTERRA GOLD IN COM 152006102   384,047 65,000 SH   SOLE   0 65,000 0
EMX ROYALTY CORP COM 26873J107   2,160,266 1,250,000 SH   SOLE   0 1,250,000 0
ENCORE ENERGY CO COM NEW 29259W700   637,001 150,000 SH   SOLE   0 150,000 0
I-80 GOLD CORP COM 44955L106   262,925 200,000 SH   SOLE   0 200,000 0
IVANHOE ELECTRIC COM 46578C108   14,702 1,499 SH   SOLE   0 1,499 0
IVANHOE ELECTRIC COM 46578C108   61,780 6,299 SH   SOLE   0 6,299 0
METHANEX CORP COM 59151K108   178,346 4,000 SH   SOLE   0 4,000 0
ORLA MINING LTD COM 68634K106   947,194 250,000 SH   SOLE   0 250,000 0
OSISKO GOLD ROYA COM 68827L101   820,901 50,000 SH   SOLE   0 50,000 0
SILVERCREST META COM 828363101   1,333,826 200,000 SH   SOLE   0 200,000 0
SILVERCREST META COM 828363101   233,419 35,000 SH   SOLE   0 35,000 0
SKEENA RESOURCES COM 83056P715   345,089 75,000 SH   SOLE   0 75,000 0
TRIPLE FLAG COM 89679M104   1,084,010 75,000 SH   SOLE   0 75,000 0
TRIPLE FLAG COM 89679M104   599,255 41,461 SH   SOLE   0 41,461 0
VIZSLA SILVER CO COM NEW 92859G202   147,718 113,000 SH   SOLE   0 113,000 0
VIZSLA SILVER CO COM NEW 92859G202   1,176,514 900,000 SH   SOLE   0 900,000 0