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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES LTD COM 008474108 1,478 35,000 SH   SOLE NONE 0 35,000 0
ALAMOS GOLD INC NEW COM CL A 011532108 593 80,000 SH   SOLE NONE 0 80,000 0
ALAMOS GOLD INC NEW COM CL A 011532108 3,260 440,000 SH   SOLE NONE 0 440,000 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 6 80 SH Call SOLE NONE 0 80 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 50 630 SH   SOLE NONE 0 630 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 484 35,000 SH   SOLE NONE 0 35,000 0
B2GOLD CORP COM 11777Q209 966 300,000 SH   SOLE NONE 0 300,000 0
BARRICK GOLD CORP COM 067901108 2 24 SH Call SOLE NONE 0 24 0
BARRICK GOLD CORP COM 067901108 2 35 SH Call SOLE NONE 0 35 0
BARRICK GOLD CORP COM 067901108 4 71 SH Call SOLE NONE 0 71 0
BARRICK GOLD CORP COM 067901108 11 1,102 SH Call SOLE NONE 0 1,102 0
BARRICK GOLD CORP COM 067901108 16 1,575 SH Call SOLE NONE 0 1,575 0
BARRICK GOLD CORP COM 067901108 29 2,887 SH Call SOLE NONE 0 2,887 0
BLACK STONE MINERALS L P COM UNIT 09225M101 1,096 70,000 SH   SOLE NONE 0 70,000 0
BLOOM ENERGY CORP COM CL A 093712107 600 30,000 SH   SOLE NONE 0 30,000 0
BP PLC-ADR SPONSORED ADS 055622104 7 100 SH Call SOLE NONE 0 100 0
CALEDONIA MNG CORP PLC SHS NEW G1757E113 246 25,000 SH   SOLE NONE 0 25,000 0
CANADIAN SOLAR INC COM 136635109 373 10,000 SH   SOLE NONE 0 10,000 0
CF INDS HLDGS INC COM 125269100 385 4,000 SH   SOLE NONE 0 4,000 0
CHENIERE ENERGY INC COM NEW 16411R208 1,244 7,500 SH   SOLE NONE 0 7,500 0
CONOCOPHILLIPS COM 20825C104 1,023 10,000 SH   SOLE NONE 0 10,000 0
COTY INC-CL A COM CL A 222070203 739 117,000 SH   SOLE NONE 0 117,000 0
DAQO NEW ENERGY CORP SPNSRD ADS NEW 23703Q203 169 3,175 SH   SOLE NONE 0 3,175 0
DIREXION DAILY G DLY GOLD INDX 2X 25460G781 5 75 SH Call SOLE NONE 0 75 0
DIREXION DAILY G DLY GOLD INDX 2X 25460G781 5 75 SH Call SOLE NONE 0 75 0
DIREXION DAILY G DLY GOLD INDX 2X 25460G781 18 270 SH Call SOLE NONE 0 270 0
ELDORADO GOLD CORP NEW COM 284902509 754 125,000 SH   SOLE NONE 0 125,000 0
ENERGY FUELS INC COM NEW 292671708 490 80,000 SH   SOLE NONE 0 80,000 0
EQUINOR ASA SPONSORED ADR 29446M102 828 25,000 SH   SOLE NONE 0 25,000 0
EXXON MOBIL CORP COM 30231G102 6 50 SH Call SOLE NONE 0 50 0
FERRARI N V COM N3167Y103 375 2,029 SH   SOLE NONE 0 2,029 0
FRANCO NEV CORP COM 351858105 597 5,000 SH   SOLE NONE 0 5,000 0
FRANCO NEV CORP COM 351858105 197 1,650 SH   SOLE NONE 0 1,650 0
GLOBAL X FDS MSCI GREECE ETF 37954Y319 148 7,000 SH   SOLE NONE 0 7,000 0
GOLD RESOURCE CORP COM 38068T105 1,650 1,000,000 SH   SOLE NONE 0 1,000,000 0
HALLIBURTON CO COM 406216101 492 20,000 SH   SOLE NONE 0 20,000 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 1,215 500,000 SH   SOLE NONE 0 500,000 0
HECLA MINING CO COM 422704106 20 630 SH Call SOLE NONE 0 630 0
HECLA MINING CO COM 422704106 21 682 SH Call SOLE NONE 0 682 0
HECLA MINING CO COM 422704106 40 1,286 SH Call SOLE NONE 0 1,286 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 1,170 9,700 SH   SOLE NONE 0 9,700 0
HSBC HOLDING-ADR SPON ADR NEW 404280406 2 200 SH Call SOLE NONE 0 200 0
IAMGOLD CORP COM 450913108 428 400,000 SH   SOLE NONE 0 400,000 0
INTEGRA RES CORP COM NEW 45826T301 119 225,000 SH   SOLE NONE 0 225,000 0
ISHARES INC MSCI TURKEY ETF 464286715 32 200 SH Put SOLE NONE 0 200 0
IVANHOE ELECTRIC COM 46578C108 83 10,000 SH   SOLE NONE 0 10,000 0
J P MORGAN EXCHANGE TRADED F ULTRA SHT MUNCPL 46641Q654 1,761 35,000 SH   SOLE NONE 0 35,000 0
KIMBELL RTY PARTNERS LP UNIT 49435R102 934 55,000 SH   SOLE NONE 0 55,000 0
LAZARD LTD SHS A G54050102 678 21,300 SH   SOLE NONE 0 21,300 0
LIBERTY ENERGY INC COM CL A 53115L104 254 20,000 SH   SOLE NONE 0 20,000 0
LINDE PLC SHS G5494J103 539 2,000 SH   SOLE NONE 0 2,000 0
LOUISIANA PAC CORP COM 546347105 256 5,000 SH   SOLE NONE 0 5,000 0
MARRIOTT INTL INC NEW CL A 571903202 1,514 10,800 SH   SOLE NONE 0 10,800 0
MOSAIC CO NEW COM 61945C103 387 8,000 SH   SOLE NONE 0 8,000 0
MP MATERIALS CORP COM CL A 553368101 205 7,500 SH   SOLE NONE 0 7,500 0
NATURA &CO H-ADR ADS 63884N108 584 107,000 SH   SOLE NONE 0 107,000 0
NEWMONT CORP COM 651639106 3 420 SH Call SOLE NONE 0 420 0
NEWMONT CORP COM 651639106 3 525 SH Call SOLE NONE 0 525 0
NEWMONT CORP COM 651639106 17 2,625 SH Call SOLE NONE 0 2,625 0
NEWMONT CORP COM 651639106 1,051 25,000 SH   SOLE NONE 0 25,000 0
NIO INC SPON ADS 62914V106 410 26,000 SH   SOLE NONE 0 26,000 0
NIU TECHNOLO-ADR ADS 65481N100 13 3,200 SH   SOLE NONE 0 3,200 0
NORTHERN TR CORP COM 665859104 565 6,600 SH   SOLE NONE 0 6,600 0
OCCIDENTAL PETE CORP COM 674599105 1,229 20,000 SH   SOLE NONE 0 20,000 0
PARAMOUNT GOLD NEV CORP COM 69924M109 52 170,000 SH   SOLE NONE 0 170,000 0
PHILLIPS 66 COM 718546104 525 6,500 SH   SOLE NONE 0 6,500 0
PIEDMONT LITHIUM COM 72016P105 535 10,000 SH   SOLE NONE 0 10,000 0
POTLATCHDELTIC CORPORATION COM 737630103 410 10,000 SH   SOLE NONE 0 10,000 0
RALPH LAUREN CORP CL A 751212101 722 8,500 SH   SOLE NONE 0 8,500 0
RANGE RES CORP COM 75281A109 505 20,000 SH   SOLE NONE 0 20,000 0
RAYONIER INC COM 754907103 450 15,000 SH   SOLE NONE 0 15,000 0
ROYAL CARIBBEAN GROUP COM V7780T103 1,004 26,500 SH   SOLE NONE 0 26,500 0
ROYAL GOLD INC COM 780287108 150 1,600 SH   SOLE NONE 0 1,600 0
ROYAL GOLD INC COM 780287108 2,111 22,500 SH   SOLE NONE 0 22,500 0
SABINE ROYALTY TR UNIT BEN INT 785688102 1,777 25,000 SH   SOLE NONE 0 25,000 0
SANDSTORM GOLD LTD COM NEW 80013R206 243 47,000 SH   SOLE NONE 0 47,000 0
SANDSTORM GOLD LTD COM NEW 80013R206 724 140,000 SH   SOLE NONE 0 140,000 0
SCHLUMBERGER LTD COM 806857108 431 12,000 SH   SOLE NONE 0 12,000 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 2,144 230,000 SH   SOLE NONE 0 230,000 0
SSR MNG INC COM 784730103 1,471 100,000 SH   SOLE NONE 0 100,000 0
TEMPUR SEALY INTL INC COM 88023U101 645 26,700 SH   SOLE NONE 0 26,700 0
TESLA INC COM 88160R101 2,375 8,955 SH   SOLE NONE 0 8,955 0
TMC THE METALS C COM 87261Y106 105 100,000 SH   SOLE NONE 0 100,000 0
TOTAL SE SPONSORED ADS 89151E109 5 100 SH Call SOLE NONE 0 100 0
VAIL RESORTS INC COM 91879Q109 679 3,150 SH   SOLE NONE 0 3,150 0
VALERO ENERGY CORP COM 91913Y100 801 7,500 SH   SOLE NONE 0 7,500 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 1 1,000 SH Call SOLE NONE 0 1,000 0
VANECK VECTORS ETF TR VANECK SHRT MUNI 92189F528 1,613 97,000 SH   SOLE NONE 0 97,000 0
VANGUARD SCOTTSDALE FDS SHORT TERM TREAS 92206C102 1,387 24,000 SH   SOLE NONE 0 24,000 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105 573 20,000 SH   SOLE NONE 0 20,000 0
WHEATON PRECIOUS METALS CORP COM 962879102 227 7,000 SH   SOLE NONE 0 7,000 0
WHEATON PRECIOUS METALS CORP COM 962879102 1,294 40,000 SH   SOLE NONE 0 40,000 0
YAMANA GOLD INC COM 98462Y100 2,220 490,000 SH   SOLE NONE 0 490,000 0
AGNICO EAGLE MIN COM 008474108 2,046 48,443 SH   SOLE NONE 0 48,443 0
AIR TRANSPORT SE COM 00922R105 35,567 1,476,403 SH   SOLE NONE 0 1,476,403 0
ALASKA AIR GROUP COM 011659109 57,532 1,469,529 SH   SOLE NONE 0 1,469,529 0
ALLEGIANT TRAVEL COM 01748X102 49,004 671,473 SH   SOLE NONE 0 671,473 0
AMERICAN AIRLINE COM 02376R102 199,746 16,590,162 SH   SOLE NONE 0 16,590,162 0
ANGLOGOLD AS-ADR SPONSORED ADR 035128206 2,783 201,404 SH   SOLE NONE 0 201,404 0
AZUL SA-ADR SPONSR ADR PFD 05501U106 9,888 1,214,716 SH   SOLE NONE 0 1,214,716 0
B2GOLD CORP COM 11777Q209 2,058 639,184 SH   SOLE NONE 0 639,184 0
BOOKING HOLDINGS COM 09857L108 39,184 23,846 SH   SOLE NONE 0 23,846 0
COPA HOLDIN-CL A CL A P31076105 20,402 304,455 SH   SOLE NONE 0 304,455 0
DELTA AIR LI COM NEW 247361702 197,461 7,037,110 SH   SOLE NONE 0 7,037,110 0
EMBRAER SA-ADR SPONSORED ADS 29082A107 9,110 1,059,342 SH   SOLE NONE 0 1,059,342 0
EXPEDIA GROUP IN COM NEW 30212P303 39,729 424,052 SH   SOLE NONE 0 424,052 0
EXPEDITORS INTL COM 302130109 140 1,582 SH   SOLE NONE 0 1,582 0
FEDEX CORP COM 31428X106 118 792 SH   SOLE NONE 0 792 0
FRANCO-NEVADA CO COM 351858105 6,588 55,137 SH   SOLE NONE 0 55,137 0
FRONTIER GROUP H COM 35909R108 49,925 5,146,861 SH   SOLE NONE 0 5,146,861 0
GENERAL DYNAMICS COM 369550108 40,891 192,727 SH   SOLE NONE 0 192,727 0
GOLAR LNG LTD SHS G9456A100 100 4,023 SH   SOLE NONE 0 4,023 0
GRUPO AEROPO-ADR SPON ADR SER B 40051E202 9,984 50,895 SH   SOLE NONE 0 50,895 0
GXO LOGISTIC COMMON STOCK 36262G101 124 3,546 SH   SOLE NONE 0 3,546 0
HARMONY GOLD-ADR SPONSORED ADR 413216300 2,047 842,538 SH   SOLE NONE 0 842,538 0
HAWAIIAN HOLDING COM 419879101 56,009 4,259,220 SH   SOLE NONE 0 4,259,220 0
IAMGOLD CORP COM 450913108 1,821 1,701,922 SH   SOLE NONE 0 1,701,922 0
JETBLUE AIRWAYS COM 477143101 55,530 8,375,521 SH   SOLE NONE 0 8,375,521 0
MAKEMYTRIP LTD SHS V5633W109 10,328 336,427 SH   SOLE NONE 0 336,427 0
MATSON INC COM 57686G105 92 1,489 SH   SOLE NONE 0 1,489 0
NEW GOLD INC COM 644535106 2,811 3,194,609 SH   SOLE NONE 0 3,194,609 0
OSISKO GOLD ROYA COM 68827L101 2,791 274,207 SH   SOLE NONE 0 274,207 0
ROYAL GOLD INC COM 780287108 6,778 72,243 SH   SOLE NONE 0 72,243 0
RYANAIR HLDG-ADR SPONSORED ADS 783513203 17,602 301,294 SH   SOLE NONE 0 301,294 0
SABRE CORP COM 78573M104 32,927 6,393,631 SH   SOLE NONE 0 6,393,631 0
SIBANYE-STI-ADR SPONSORED ADR 82575P107 2,738 293,766 SH   SOLE NONE 0 293,766 0
SILVERCORP METAL COM 82835P103 2,107 904,506 SH   SOLE NONE 0 904,506 0
SKYWEST INC COM 830879102 50,707 3,118,523 SH   SOLE NONE 0 3,118,523 0
SOUTHWEST AIR COM 844741108 184,317 5,976,571 SH   SOLE NONE 0 5,976,571 0
STAR BULK CARRIE SHS PAR Y8162K204 95 5,435 SH   SOLE NONE 0 5,435 0
SUN COUNTRY HOLD COM 866683105 42,204 3,100,947 SH   SOLE NONE 0 3,100,947 0
TEXTRON INC COM 883203101 39,838 683,795 SH   SOLE NONE 0 683,795 0
TRIP.COM GRO-ADR ADS 89677Q107 23,862 873,753 SH   SOLE NONE 0 873,753 0
TRIPADVISOR INC COM 896945201 40,287 1,824,603 SH   SOLE NONE 0 1,824,603 0
UNITED AIRLINES COM 910047109 195,158 5,999,319 SH   SOLE NONE 0 5,999,319 0
UNITED PARCEL-B CL B 911312106 132 819 SH   SOLE NONE 0 819 0
WHEATON PRECIOUS COM 962879102 6,915 213,679 SH   SOLE NONE 0 213,679 0
ZIM INTEGRATED S SHS M9T951109 200 8,514 SH   SOLE NONE 0 8,514 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105 147 6,138 SH   SOLE NONE 0 6,138 0
ELECTRA BATTERY COM NEW 28474P201 231 83,333 SH   SOLE NONE 0 83,333 0
EMX ROYALTY CORP COM 26873J107 2,314 1,250,000 SH   SOLE NONE 0 1,250,000 0
FORTUNA SILVER COM 349915108 625 250,000 SH   SOLE NONE 0 250,000 0
I-80 GOLD CORP COM 44955L106 1,764 1,000,000 SH   SOLE NONE 0 1,000,000 0
LITHIUM AMERICAS COM NEW 53680Q207 393 15,000 SH   SOLE NONE 0 15,000 0
MAVERIX METALS I COM NEW 57776F405 1,991 600,000 SH   SOLE NONE 0 600,000 0
NUTRIEN LTD COM 67077M108 333 4,000 SH   SOLE NONE 0 4,000 0
PLATINUM GROUP M COM 72765Q882 160 100,000 SH   SOLE NONE 0 100,000 0
SANDSTORM GOLD COM NEW 80013R206 381 73,673 SH   SOLE NONE 0 73,673 0
SANDSTORM GOLD COM NEW 80013R206 1,883 364,225 SH   SOLE NONE 0 364,225 0
SANDSTORM GOLD COM NEW 80013R206 313 60,500 SH   SOLE NONE 0 60,500 0
SKEENA RESOURCES COM 83056P715 467 100,000 SH   SOLE NONE 0 100,000 0
VIZSLA SILVER CO COM NEW 92859G202 1,143 1,000,000 SH   SOLE NONE 0 1,000,000 0
WEST FRASER TIMB COM 952845105 289 4,000 SH   SOLE NONE 0 4,000 0