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
ADAMS RES & ENERGY INC COM NEW 006351308   5,532,945 142,162 SH   SOLE   142,162 0 0
ALGOMA STL GROUP INC COM 015658107   4,077,939 643,208 SH   SOLE   643,208 0 0
ARDMORE SHIPPING CORP COM Y0207T100   2,674,698 185,614 SH   SOLE   185,614 0 0
BASSETT FURNITURE INDS INC COM 070203104   4,508,876 259,429 SH   SOLE   259,429 0 0
CENTERRA GOLD INC COM 152006102   9,037,406 1,746,631 SH   SOLE   1,746,631 0 0
CONIFER HLDGS INC COM 20731J102   733,397 467,132 SH   SOLE   467,132 0 0
CSI COMPRESSCO LP COM UNIT 12637A103   122,030 91,752 SH   SOLE   91,752 0 0
DELTA APPAREL INC COM 247368103   867,060 81,721 SH   SOLE   81,721 0 0
ELDORADO GOLD CORP NEW COM 284902509   4,017,348 482,082 SH   SOLE   482,082 0 0
EMCORE CORP COM NEW 290846203   959,618 997,006 SH   SOLE   997,006 0 0
ENERFLEX LTD COM 29269R105   3,408,856 540,787 SH   SOLE   540,787 0 0
EQUINOX GOLD CORP COM 29446Y502   8,480,135 2,593,430 SH   SOLE   2,593,430 0 0
EZCORP INC CL A NON VTG 302301106   2,307,281 283,102 SH   SOLE   283,102 0 0
HALLADOR ENERGY COMPANY COM 40609P105   22,732,854 2,275,561 SH   SOLE   2,275,561 0 0
I-80 GOLD CORP COM 44955L106   3,143,966 1,126,838 SH   SOLE   1,126,838 0 0
ISHARES SILVER TR ISHARES 46428Q109   960,556 43,622 SH   SOLE   43,622 0 0
KINROSS GOLD CORP COM 496902404   91,133 22,282 SH   SOLE   22,282 0 0
MATRIX SVC CO COM 576853105   7,205,690 1,158,471 SH   SOLE   1,158,471 0 0
MAYVILLE ENGR CO INC COM 578605107   4,148,593 327,693 SH   SOLE   327,693 0 0
MERCER INTL INC COM 588056101   3,474,039 298,457 SH   SOLE   298,457 0 0
PEABODY ENERGY CORP COM 704551100   13,875,308 525,182 SH   SOLE   525,182 0 0
SOLITARIO ZINC CORP COM 8342EP107   389,847 628,684 SH   SOLE   628,684 0 0
SPDR GOLD TR GOLD SHS 78463V107   224,773 1,325 SH   SOLE   1,325 0 0
TIDEWATER INC NEW COM 88642R109   4,740,605 128,646 SH   SOLE   128,646 0 0
UNIVERSAL STAINLESS & ALLOY COM 913837100   3,263,089 455,103 SH   SOLE   455,103 0 0
VALARIS LIMITED CL A G9460G101   323,832 4,789 SH   SOLE   4,789 0 0
WEST FRASER TIMBER CO LTD COM 952845105   1,119,721 15,516 SH   SOLE   15,516 0 0
WESTWOOD HLDGS GROUP INC COM 961765104   1,110,820 99,771 SH   SOLE   99,771 0 0