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
ALPHA METALLURGICAL RESOUR I COM 020764106 BBG00DGWV044 8,632,187 52,520 SH   SOLE   52,520 0 0
ANTERO RESOURCES CORP COM 03674X106 BBG001T61KH8 15,055,149 653,719 SH   SOLE   514,383 0 139,336
APA CORPORATION COM 03743Q108 BBG00YTS96H1 4,512,023 132,920 SH   SOLE   105,420 0 27,500
ARCH RESOURCES INC CL A 03940R107 BBG00DZB5DD0 4,705,024 41,726 SH   SOLE   41,726 0 0
BORR DRILLING LTD SHS G1466R173 BBG00FJ1SZG8 5,741,474 762,480 SH   SOLE   590,154 0 172,326
CALEDONIA MNG CORP PLC SHS NEW G1757E113 BBG001S70XD4 1,789,463 155,707 SH   SOLE   149,507 0 6,200
CAMECO CORP COM 13321L108 BBG001S5Y5S6 21,921,319 699,691 SH   SOLE   553,691 0 146,000
CENTRUS ENERGY CORP CL A 15643U104 BBG001S9F7B3 4,879,865 149,873 SH   SOLE   118,783 0 31,090
CF INDS HLDGS INC COM 125269100 BBG001SJ8KV8 7,209,753 103,857 SH   SOLE   82,437 0 21,420
CHAMPIONX CORPORATION COM 15872M104 BBG00JH9V005 7,559,721 244,207 SH   SOLE   193,517 0 50,690
CHESAPEAKE ENERGY CORP COM 165167735 BBG00Z6DX607 7,127,444 85,175 SH   SOLE   67,231 0 17,944
CIVITAS RESOURCES INC COM NEW 17888H103 BBG00GLNJ0R0 10,274,183 148,107 SH   SOLE   114,617 0 33,490
COMSTOCK RES INC COM 205768302 BBG001S8FX55 5,401,076 465,610 SH   SOLE   369,710 0 95,900
CONSOL ENERGY INC NEW COM 20854L108 BBG00HC115M9 10,145,868 149,622 SH   SOLE   149,622 0 0
CORTEVA INC COM 22052L104 BBG00BN969D0 4,014,152 70,055 SH   SOLE   55,555 0 14,500
DENISON MINES CORP COM 248356107 BBG001S9ZPX7 3,379,811 2,703,849 SH   SOLE   2,140,829 0 563,020
DIAMOND OFFSHORE DRILLING IN COM 25271C201 BBG010JCFCF2 9,391,380 659,507 SH   SOLE   522,907 0 136,600
DIAMONDBACK ENERGY INC COM 25278X109 BBG002PHSZN7 6,616,735 50,371 SH   SOLE   39,901 0 10,470
ENCORE ENERGY CORP COM NEW 29259W700 BBG001T8HNC6 2,036,691 845,100 SH   SOLE   673,000 0 172,100
ENERGY FUELS INC COM NEW 292671708 BBG001S9FH94 4,978,141 797,779 SH   SOLE   631,599 0 166,180
EQT CORP COM 26884L109 BBG001S5QXJ4 19,135,116 465,235 SH   SOLE   366,174 0 99,061
EQUINOX GOLD CORP COM 29446Y502 BBG001SSK0K0 3,478,144 758,774 SH   SOLE   601,894 0 156,880
ERO COPPER CORP COM 296006109 BBG00HNV5D86 4,898,013 242,013 SH   SOLE   191,633 0 50,380
FREEPORT-MCMORAN INC CL B 35671D857 BBG001S5R3F3 7,122,576 178,723 SH   SOLE   141,373 0 37,350
HUDBAY MINERALS INC COM 443628102 BBG001SL27N7 2,751,269 573,737 SH   SOLE   454,317 0 119,420
INTREPID POTASH INC COM 46121Y201 BBG001T0ZCR1 3,440,462 151,629 SH   SOLE   118,629 0 33,000
IVANHOE ELECTRIC INC COM 46578C108 BBG012WFRMH9 13,655,279 1,047,184 SH   SOLE   834,084 0 213,100
MATADOR RES CO COM 576485205 BBG001T3L5S4 11,424,804 218,364 SH   SOLE   168,354 0 50,010
MOSAIC CO NEW COM 61945C103 BBG001S7LJN1 13,150,585 375,731 SH   SOLE   270,831 0 104,900
NEXGEN ENERGY LTD COM 65340P106 BBG00334PFM6 5,072,091 1,076,877 SH   SOLE   832,877 0 244,000
NOBLE CORP PLC ORD SHS A G65431127 BBG018KBK3H7 6,400,117 154,929 SH   SOLE   136,029 0 18,900
NOV INC COM 62955J103 BBG001S6HFR2 2,305,750 143,750 SH   SOLE   113,760 0 29,990
NOVAGOLD RES INC COM NEW 66987E206 BBG001S5ZT85 996,355 249,713 SH   SOLE   191,833 0 57,880
NUTRIEN LTD COM 67077M108 BBG00JM9SM69 10,012,105 169,553 SH   SOLE   114,783 0 54,770
OCEANEERING INTL INC COM 675232102 BBG001S61HT3 6,284,172 336,052 SH   SOLE   266,002 0 70,050
ORLA MNG LTD NEW COM 68634K106 BBG00FGY26J8 4,074,747 970,464 SH   SOLE   770,174 0 200,290
PAN AMERN SILVER CORP COM 697900108 BBG001S5ZXR5 2,799,447 192,006 SH   SOLE   152,266 0 39,740
PIONEER NAT RES CO COM 723787107 BBG001S7V1J4 19,577,474 94,495 SH   SOLE   75,449 0 19,046
RANGE RES CORP COM 75281A109 BBG001SBZNN8 33,831,109 1,150,718 SH   SOLE   907,996 0 242,722
SCHLUMBERGER LTD COM STK 806857108 BBG001S5W4C8 6,861,622 139,691 SH   SOLE   110,751 0 28,940
SEADRILL 2021 LTD COM G7997W102 BBG015K887C0 5,746,435 139,240 SH   SOLE   107,755 0 31,485
SKEENA RES LTD NEW COM 83056P715 BBG001S6LB05 1,537,398 318,595 SH   SOLE   252,378 0 66,217
TIDEWATER INC NEW COM 88642R109 BBG00HBQ36G8 216,992 3,914 SH   SOLE   3,914 0 0
TRANSOCEAN LTD REG SHS H8817H100 BBG001S7B678 4,157,834 593,129 SH   SOLE   470,129 0 123,000
TRILOGY METALS INC NEW COM 89621C105 BBG0028693Q9 867,807 1,552,906 SH   SOLE   1,256,706 0 296,200
TRIPLE FLAG PRECIOUS METAL COM 89679M104 BBG00QRZMFT6 1,112,096 80,781 SH   SOLE   65,265 0 15,516
URANIUM ENERGY CORP COM 916896103 BBG001SK6158 4,691,711 1,379,915 SH   SOLE   1,067,545 0 312,370
UR-ENERGY INC COM 91688R108 BBG001SKVFK2 2,190,697 2,086,378 SH   SOLE   1,661,450 0 424,928
VALARIS LIMITED CL A G9460G101 BBG010JW9K58 2,601,086 41,333 SH   SOLE   32,733 0 8,600
VITAL ENERGY INC COM 516806205 BBG001T24DQ0 1,880,181 41,643 SH   SOLE   32,543 0 9,100