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
AGNICO EAGLE MINES LTD COM 008474108 BBG001S77MK3 30,637,790 613,001 SH   SOLE   613,001 0 0
ARCH RESOURCES INC CL A 03940R107 BBG00DZB5DD0 22,683,140 201,163 SH   SOLE   201,163 0 0
CALLON PETE CO DEL COM 13123X508 BBG001SB5DH0 52,080,318 1,485,039 SH   SOLE   1,485,039 0 0
CENTERRA GOLD INC COM 152006102 BBG001SLVFY5 51,926,641 8,660,108 SH   SOLE   8,660,108 0 0
CHORD ENERGY CORPORATION COM NEW 674215207 BBG00Y7BLJF2 89,327,040 580,800 SH   SOLE   580,800 0 0
ENETI INC COM Y2294C107 BBG005KLVW22 5,388,284 444,945 SH   SOLE   444,945 0 0
GATOS SILVER INC COM 368036109 BBG001W4GFS2 2,025,335 535,803 SH   SOLE   535,803 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 BBG001S64W80 22,260,000 5,300,000 SH   SOLE   5,300,000 0 0
RAYONIER ADVANCED MATLS INC COM 75508B104 BBG005XVML75 26,640,518 6,224,420 SH   SOLE   6,224,420 0 0
SEADRILL 2021 LTD COM G7997W102 BBG015K887C0 58,656,226 1,421,280 SH   SOLE   1,421,280 0 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 BBG00RRGP4W4 23,653,063 3,790,555 SH   SOLE   3,790,555 0 0
SOUTHWESTERN ENERGY CO COM 845467109 BBG001S5WHW7 58,477,300 9,730,000 SH   SOLE   9,730,000 0 0
VALARIS LIMITED CL A G9460G101 BBG010JW9K58 52,061,360 827,290 SH   SOLE   827,290 0 0