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
Estimated average burden
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
BP PLC SPONSORED ADR 055622104   35,290 1,000 SH   SOLE NONE 0 1,000 0
OSISKO GOLD ROYALTIES LTD COM 68827L101   46,110 3,000 SH   SOLE NONE 0 3,000 0
EXXON MOBIL CORP COM 30231G102   62,312 581 SH   SOLE NONE 0 581 0
ATLAS LITHIUM CORP COM NEW 105861306   107,100 5,000 SH   SOLE NONE 0 5,000 0
TECK RESOURCES LTD CL B 878742204   210,500 5,000 SH   SOLE NONE 0 5,000 0
ZTO EXPRESS CAYMAN INC SPONSORED ADS A 98980A105   225,720 9,000 SH   SOLE NONE 0 9,000 0
PDD HOLDINGS INC SPONSORED ADS 722304102   245,447 3,550 SH   SOLE NONE 0 3,550 0
ENDEAVOUR SILVER CORP COM 29258Y103   245,650 85,000 SH   SOLE NONE 0 85,000 0
VOX ROYALTY CORP COM 92919F103   314,600 130,000 SH   SOLE NONE 0 130,000 0
SANDSTORM GOLD LTD COM NEW 80013R206   409,600 80,000 SH   SOLE NONE 0 80,000 0
VOX ROYALTY CORP COM 92919F103   484,000 200,000 SH   SOLE NONE 0 200,000 0
WILLIAMS SONOMA INC COM 969904101   500,560 4,000 SH   SOLE NONE 0 4,000 0
WYNN RESORTS LTD COM 983134107   612,538 5,800 SH   SOLE NONE 0 5,800 0
MGM RESORTS INTERNATIONAL COM 552953101   759,816 17,300 SH   SOLE NONE 0 17,300 0
LINDE PLC SHS G54950103   762,160 2,000 SH   SOLE NONE 0 2,000 0
ROYAL CARIBBEAN GROUP COM V7780T103   975,156 9,400 SH   SOLE NONE 0 9,400 0
LULULEMON ATHLETICA INC COM 550021109   1,003,025 2,650 SH   SOLE NONE 0 2,650 0
SANDSTORM GOLD LTD COM NEW 80013R206   1,024,000 200,000 SH   SOLE NONE 0 200,000 0
APOLLO GLOBAL MGMT INC COM 03769M106   1,036,935 13,500 SH   SOLE NONE 0 13,500 0
LAS VEGAS SANDS CORP COM 517834107   1,740,000 30,000 SH   SOLE NONE 0 30,000 0
JPMORGAN CHASE & CO COM 46625H100   1,745,280 12,000 SH   SOLE NONE 0 12,000 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   2,005,350 145,000 SH   SOLE NONE 0 145,000 0
WHEATON PRECIOUS METALS CORP COM 962879102   1,080,500 25,000 SH   SOLE NONE 0 25,000 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105   536,600 20,000 SH   SOLE NONE 0 20,000 0
VALERO ENERGY CORP COM 91913Y100   293,250 2,500 SH   SOLE NONE 0 2,500 0
VAIL RESORTS INC COM 91879Q109   939,065 3,730 SH   SOLE NONE 0 3,730 0
TESLA INC COM 88160R101   2,425,299 9,265 SH   SOLE NONE 0 9,265 0
STANDARD LITHIUM LTD COM 853606101   337,500 75,000 SH   SOLE NONE 0 75,000 0
SILVERCORP METALS INC COM 82835P103   705,000 250,000 SH   SOLE NONE 0 250,000 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107   624,000 100,000 SH   SOLE NONE 0 100,000 0
SCHLUMBERGER LTD COM 806857108   589,440 12,000 SH   SOLE NONE 0 12,000 0
SABINE ROYALTY TR UNIT BEN INT 785688102   1,318,800 20,000 SH   SOLE NONE 0 20,000 0
ROYAL GOLD INC COM 780287108   373,035 3,250 SH   SOLE NONE 0 3,250 0
ROYAL GOLD INC COM 780287108   1,147,800 10,000 SH   SOLE NONE 0 10,000 0
RAYONIER INC COM 754907103   471,000 15,000 SH   SOLE NONE 0 15,000 0
RANGE RES CORP COM 75281A109   294,000 10,000 SH   SOLE NONE 0 10,000 0
POTLATCHDELTIC CORPORATION COM 737630103   528,500 10,000 SH   SOLE NONE 0 10,000 0
PIEDMONT LITHIUM COM 72016P105   432,825 7,500 SH   SOLE NONE 0 7,500 0
PARAMOUNT GOLD NEV CORP COM 69924M109   53,550 170,000 SH   SOLE NONE 0 170,000 0
PAN AMERN SILVER CORP COM 697900108   218,700 15,000 SH   SOLE NONE 0 15,000 0
PAN AMERN SILVER CORP COM 697900108   1,458,000 100,000 SH   SOLE NONE 0 100,000 0
OCCIDENTAL PETE CORP COM 674599105   588,000 10,000 SH   SOLE NONE 0 10,000 0
NIO INC SPON ADS 62914V106   251,940 26,000 SH   SOLE NONE 0 26,000 0
MOSAIC CO NEW COM 61945C103   280,000 8,000 SH   SOLE NONE 0 8,000 0
MARRIOTT INTL INC NEW CL A 571903202   2,038,959 11,100 SH   SOLE NONE 0 11,100 0
LUCID GROUP INC COM 549498103   475,410 69,000 SH   SOLE NONE 0 69,000 0
LOUISIANA PAC CORP COM 546347105   187,450 2,500 SH   SOLE NONE 0 2,500 0
LITHIUM AMERS CORP NEW COM NEW 53680Q207   404,200 20,000 SH   SOLE NONE 0 20,000 0
KINROSS GOLD CORP COM 496902404   596,250 125,000 SH   SOLE NONE 0 125,000 0
KINROSS GOLD CORP COM 496902404   1,788,750 375,000 SH   SOLE NONE 0 375,000 0
KIMBELL RTY PARTNERS LP UNIT 49435R102   809,050 55,000 SH   SOLE NONE 0 55,000 0
IVANHOE ELECTRIC COM 46578C108   215,147 16,499 SH   SOLE NONE 0 16,499 0
HSBC HLDGS PLC SPON ADR NEW 404280406   356,580 9,000 SH   SOLE NONE 0 9,000 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   1,746,600 12,000 SH   SOLE NONE 0 12,000 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300   2,100,000 500,000 SH   SOLE NONE 0 500,000 0
HALLIBURTON CO COM 406216101   329,900 10,000 SH   SOLE NONE 0 10,000 0
GOLD RESOURCE CORP COM 38068T105   630,000 1,000,000 SH   SOLE NONE 0 1,000,000 0
GLOBAL X FDS RGLOBAL X SILVER 37954Y848   493,810 19,000 SH   SOLE NONE 0 19,000 0
FRANCO NEV CORP COM 351858105   420,670 2,950 SH   SOLE NONE 0 2,950 0
FRANCO NEV CORP COM 351858105   1,069,500 7,500 SH   SOLE NONE 0 7,500 0
ENERGY FUELS INC COM NEW 292671708   499,200 80,000 SH   SOLE NONE 0 80,000 0
ELDORADO GOLD CORP NEW COM 284902509   757,500 75,000 SH   SOLE NONE 0 75,000 0
DRDGOLD LIMITED SPON ADR REPSTG 26152H301   1,752,300 165,000 SH   SOLE NONE 0 165,000 0
DECKERS OUTDOOR CORP COM 243537107   1,028,937 1,950 SH   SOLE NONE 0 1,950 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203   149,868 3,775 SH   SOLE NONE 0 3,775 0
CONOCOPHILLIPS COM 20825C104   155,415 1,500 SH   SOLE NONE 0 1,500 0
CHENIERE ENERGY INC COM NEW 16411R208   1,142,700 7,500 SH   SOLE NONE 0 7,500 0
CF INDS HLDGS INC COM 125269100   138,840 2,000 SH   SOLE NONE 0 2,000 0
CANADIAN SOLAR INC COM 136635109   386,900 10,000 SH   SOLE NONE 0 10,000 0
CALEDONIA MNG CORP PLC SHS NEW G1757E113   290,500 25,000 SH   SOLE NONE 0 25,000 0
BLOOM ENERGY CORP COM CL A 093712107   490,500 30,000 SH   SOLE NONE 0 30,000 0
BLACK STONE MINERALS L P COM UNIT 09225M101   797,500 50,000 SH   SOLE NONE 0 50,000 0
B2GOLD CORP B2GOLD CORP 11777Q209   535,500 150,000 SH   SOLE NONE 0 150,000 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206   527,250 25,000 SH   SOLE NONE 0 25,000 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   52,511 630 SH   SOLE NONE 0 630 0
ALAMOS GOLD INC NEW COM CL A 011532108   2,682,000 225,000 SH   SOLE NONE 0 225,000 0
AGNICO EAGLE MINES LTD COM 008474108   249,900 5,000 SH   SOLE NONE 0 5,000 0
AGNICO EAGLE MINES LTD COM 008474108   1,999,200 40,000 SH   SOLE NONE 0 40,000 0
AIR TRANSPORT SE COM 00922R105   36,201,284 1,918,457 SH   SOLE NONE 0 1,918,457 0
ALASKA AIR GROUP COM 011659109   57,648,184 1,084,020 SH   SOLE NONE 0 1,084,020 0
ALLEGIANT TRAVEL COM 01748X102   60,195,150 476,680 SH   SOLE NONE 0 476,680 0
AMERICAN AIRLINE COM 02376R102   206,836,970 11,529,374 SH   SOLE NONE 0 11,529,374 0
ANGLOGOLD AS-ADR SPONSORED ADR 035128206   2,664,068 126,319 SH   SOLE NONE 0 126,319 0
AZUL SA-ADR SPONSR ADR PFD 05501U106   9,858,361 720,114 SH   SOLE NONE 0 720,114 0
BOEING CO/THE COM 097023105   35,033,978 165,912 SH   SOLE NONE 0 165,912 0
BOOKING HOLDINGS COM 09857L108   34,450,810 12,758 SH   SOLE NONE 0 12,758 0
COPA HOLDIN-CL A CL A P31076105   8,621,812 77,969 SH   SOLE NONE 0 77,969 0
DANAOS CORP SHS Y1968P121   72,734 1,089 SH   SOLE NONE 0 1,089 0
DELTA AIR LI COM NEW 247361702   217,280,762 4,570,483 SH   SOLE NONE 0 4,570,483 0
DRDGOLD LTD-ADR SPON ADR REPSTG 26152H301   2,771,820 261,000 SH   SOLE NONE 0 261,000 0
EMBRAER SA-ADR SPONSORED ADS 29082A107   8,499,815 549,794 SH   SOLE NONE 0 549,794 0
EQUINOX GOLD COR COM 29446Y502   2,897,276 632,593 SH   SOLE NONE 0 632,593 0
EXPEDIA GROUP IN COM NEW 30212P303   33,527,597 306,496 SH   SOLE NONE 0 306,496 0
EXPEDITORS INTL COM 302130109   108,169 893 SH   SOLE NONE 0 893 0
FEDEX CORP COM 31428X106   117,257 473 SH   SOLE NONE 0 473 0
FRANCO-NEVADA CO COM 351858105   10,013,515 70,221 SH   SOLE NONE 0 70,221 0
FRONTIER GROUP H COM 35909R108   53,912,281 5,575,210 SH   SOLE NONE 0 5,575,210 0
GENERAL DYNAMICS COM 369550108   34,947,245 162,432 SH   SOLE NONE 0 162,432 0
GOLD FIELDS-ADR SPONSORED ADR 38059T106   2,756,125 199,286 SH   SOLE NONE 0 199,286 0
GRUPO AEROPO-ADR SPON ADR SER B 40051E202   8,493,149 30,585 SH   SOLE NONE 0 30,585 0
GXO LOGISTIC COMMON STOCK 36262G101   108,679 1,730 SH   SOLE NONE 0 1,730 0
HARMONY GOLD-ADR SPONSORED ADR 413216300   2,871,086 683,592 SH   SOLE NONE 0 683,592 0
HAWAIIAN HOLDING COM 419879101   62,746,074 5,826,005 SH   SOLE NONE 0 5,826,005 0
IAMGOLD CORP COM 450913108   2,718,578 1,033,680 SH   SOLE NONE 0 1,033,680 0
JETBLUE AIRWAYS COM 477143101   62,113,508 7,010,554 SH   SOLE NONE 0 7,010,554 0
NEW GOLD INC COM 644535106   2,826,892 2,617,493 SH   SOLE NONE 0 2,617,493 0
OSISKO GOLD ROYA COM 68827L101   3,960,311 257,665 SH   SOLE NONE 0 257,665 0
ROYAL GOLD INC COM 780287108   9,784,765 85,248 SH   SOLE NONE 0 85,248 0
RYANAIR HLDG-ADR SPONSORED ADS 783513203   17,713,364 160,157 SH   SOLE NONE 0 160,157 0
SANDSTORM GOLD COM NEW 80013R206   3,948,984 771,286 SH   SOLE NONE 0 771,286 0
SCORPIO TANKERS SHS Y7542C130   72,970 1,545 SH   SOLE NONE 0 1,545 0
SIBANYE-STI-ADR SPONSORED ADR 82575P107   3,559,833 570,486 SH   SOLE NONE 0 570,486 0
SKYWEST INC COM 830879102   61,414,230 1,508,208 SH   SOLE NONE 0 1,508,208 0
SOUTHWEST AIR COM 844741108   205,251,243 5,668,358 SH   SOLE NONE 0 5,668,358 0
SUN COUNTRY HOLD COM 866683105   59,389,620 2,641,887 SH   SOLE NONE 0 2,641,887 0
TEXTRON INC COM 883203101   36,529,601 540,139 SH   SOLE NONE 0 540,139 0
TORM PLC-A SHS CL A G89479102   68,953 2,854 SH   SOLE NONE 0 2,854 0
TRIP.COM GRO-ADR ADS 89677Q107   16,787,820 479,652 SH   SOLE NONE 0 479,652 0
TRIPADVISOR INC COM 896945201   34,502,983 2,092,358 SH   SOLE NONE 0 2,092,358 0
UNITED AIRLINES COM 910047109   193,703,281 3,530,222 SH   SOLE NONE 0 3,530,222 0
UNITED PARCEL-B CL B 911312106   108,805 607 SH   SOLE NONE 0 607 0
WHEATON PRECIOUS COM 962879102   9,734,700 225,236 SH   SOLE NONE 0 225,236 0
ZIM INTEGRATED S SHS M9T951109   125,300 10,113 SH   SOLE NONE 0 10,113 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105   94,853 3,782 SH   SOLE NONE 0 3,782 0
CENTERRA GOLD IN COM 152006102   359,764 60,000 SH   SOLE NONE 0 60,000 0
CENTERRA GOLD IN COM 152006102   749,509 125,000 SH   SOLE NONE 0 125,000 0
ELECTRA BATTERY COM NEW 28474P201   80,551 83,333 SH   SOLE NONE 0 83,333 0
EMX ROYALTY CORP COM 26873J107   2,388,234 1,250,000 SH   SOLE NONE 0 1,250,000 0
ENCORE ENERGY CO COM NEW 29259W700   724,966 300,000 SH   SOLE NONE 0 300,000 0
I-80 GOLD CORP COM 44955L106   450,083 200,000 SH   SOLE NONE 0 200,000 0
IVANHOE ELEC COM 46578C108   19,527 1,499 SH   SOLE NONE 0 1,499 0
LITHIUM AMERICAS COM NEW 53680Q207   228,782 11,300 SH   SOLE NONE 0 11,300 0
MCEWEN MINING IN COM NEW 58039P305   96,882 13,476 SH   SOLE NONE 0 13,476 0
NUTRIEN LTD COM 67077M108   236,248 4,000 SH   SOLE NONE 0 4,000 0
SKEENA RESOURCES COM 83056P715   361,917 75,000 SH   SOLE NONE 0 75,000 0
TRIPLE FLAG COM 89679M104   1,032,510 75,000 SH   SOLE NONE 0 75,000 0
VIZSLA SILVER CO COM NEW 92859G202   151,979 125,000 SH   SOLE NONE 0 125,000 0
VIZSLA SILVER CO COM NEW 92859G202   1,215,828 1,000,000 SH   SOLE NONE 0 1,000,000 0
VOX ROYALTY CORP COM 92919F103   170,745 70,000 SH   SOLE NONE 0 70,000 0
VOX ROYALTY CORP COM 92919F103   3,170,971 1,300,000 SH   SOLE NONE 0 1,300,000 0