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
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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   1,819,650 35,000 SH   SOLE   0 35,000 0
ALAMOS GOLD INC COM CL A 011532108   808,800 80,000 SH   SOLE   0 80,000 0
ALAMOS GOLD INC COM CL A 011532108   4,448,400 440,000 SH   SOLE   0 440,000 0
ALASKA AIR GROUP COM 011659109   60,227,129 1,402,588 SH   SOLE   0 1,402,588 0
ALIBABA GROUP HOLDING-ADR SPONSORED ADS 01609W102   55,497 630 SH   SOLE   0 630 0
ALLEGIANT TRAVEL COM 01748X102   57,755,669 849,473 SH   SOLE   0 849,473 0
AMERICAN AIRLINE COM 02376R102   212,971,405 16,743,035 SH   SOLE   0 16,743,035 0
ANGLOGOLD AS-ADR SPONSORED ADR 035128206   3,466,606 178,507 SH   SOLE   0 178,507 0
ANGLOGOLD ASHANTI LTD-ADR SPONSORED ADR 035128206   679,700 35,000 SH   SOLE   0 35,000 0
AZUL SA-ADR SPONSR ADR PFD 05501U106   10,266,040 1,680,203 SH   SOLE   0 1,680,203 0
BLACK STONE MINE COM UNIT 09225M101   1,433,950 85,000 SH   SOLE   0 85,000 0
BLOOM ENERGY C-A COM CL A 093712107   573,600 30,000 SH   SOLE   0 30,000 0
BOEING CO/THE COM 097023105   45,883,136 240,869 SH   SOLE   0 240,869 0
BOOKING HOLDINGS COM 09857L108   42,703,783 21,190 SH   SOLE   0 21,190 0
BP US 01/20/23 C34 SPONSORED ADS 055622104   15,350 100 SH Call SOLE   0 100 0
CALEDONIA MINING CORP PLC SHS NEW G1757E113   310,000 25,000 SH   SOLE   0 25,000 0
CANADIAN SOLAR INC COM 136635109   309,000 10,000 SH   SOLE   0 10,000 0
CAPRI HOLDINGS L SHS G1890L107   544,540 9,500 SH   SOLE   0 9,500 0
CF INDUSTRIES HOLDINGS COM 125269100   340,800 4,000 SH   SOLE   0 4,000 0
CHENIERE ENERGY COM NEW 16411R208   1,124,700 7,500 SH   SOLE   0 7,500 0
CONOCOPHILLIPS COM 20825C104   590,000 5,000 SH   SOLE   0 5,000 0
CONSTELLATION-A CL A 21036P108   1,332,563 5,750 SH   SOLE   0 5,750 0
COPA HOLDIN-CL A CL A P31076105   10,394,670 124,981 SH   SOLE   0 124,981 0
COSTCO WHOLESALE CORP COM 22160K105   1,689,050 3,700 SH   SOLE   0 3,700 0
COTY INC-CL A COM CL A 222070203   941,600 110,000 SH   SOLE   0 110,000 0
CQQQ US 03/17/23 C39 CHINA TECHNLGY 46138E800   45,750 75 SH Call SOLE   0 75 0
CRYOPORT COM PAR $0.001 229050307   147,475 8,500 SH   SOLE   0 8,500 0
DAQO NEW ENERGY CORP-ADR SPNSRD ADS NEW 23703Q203   122,587 3,175 SH   SOLE   0 3,175 0
DELTA AIR LI COM NEW 247361702   219,545,645 6,681,243 SH   SOLE   0 6,681,243 0
DRDGOLD LTD-ADR SPON ADR REPSTG 26152H301   244,200 33,000 SH   SOLE   0 33,000 0
DRDGOLD LTD-ADR SPON ADR REPSTG 26152H301   1,221,000 165,000 SH   SOLE   0 165,000 0
ELDORADO GOLD COM 284902509   1,045,000 125,000 SH   SOLE   0 125,000 0
ELECTRA BATTERY COM NEW 28474P201   138,335 83,333 SH   SOLE   0 83,333 0
EMBRAER SA-ADR SPONSORED ADS 29082A107   11,452,093 1,047,767 SH   SOLE   0 1,047,767 0
EMX ROYALTY CORP COM 26873J107   2,370,149 1,250,000 SH   SOLE   0 1,250,000 0
ENERGY FUELS INC COM NEW 292671708   496,800 80,000 SH   SOLE   0 80,000 0
EQUINOR ASA-ADR SPONSORED ADR 29446M102   895,250 25,000 SH   SOLE   0 25,000 0
EXPEDIA GROUP IN COM NEW 30212P303   38,999,432 445,199 SH   SOLE   0 445,199 0
EXPEDITORS INTL COM 302130109   133,329 1,283 SH   SOLE   0 1,283 0
FEDEX CORP COM 31428X106   140,465 811 SH   SOLE   0 811 0
FERRARI NV COM N3167Y103   434,652 2,029 SH   SOLE   0 2,029 0
FORTUNA SILVER COM 349915108   2,451,101 653,627 SH   SOLE   0 653,627 0
FORTUNA SILVER COM 349915108   938,837 250,000 SH   SOLE   0 250,000 0
FRANCO-NEVADA CO COM 351858105   7,946,002 58,221 SH   SOLE   0 58,221 0
FRANCO-NEVADA CORP COM 351858105   348,024 2,550 SH   SOLE   0 2,550 0
FRANCO-NEVADA CORP COM 351858105   2,729,600 20,000 SH   SOLE   0 20,000 0
FRONTIER GROUP H COM 35909R108   51,430,085 5,007,798 SH   SOLE   0 5,007,798 0
GENERAL DYNAMICS COM 369550108   42,967,938 173,181 SH   SOLE   0 173,181 0
GLOBAL X MSCI GR MSCI GREECE ETF 37954Y319   133,200 5,000 SH   SOLE   0 5,000 0
GOLD RESOURCE CO COM 38068T105   1,530,000 1,000,000 SH   SOLE   0 1,000,000 0
GOLD US 01/20/23 C18 COM 067901108   45,780 1,635 SH Call SOLE   0 1,635 0
GOLD US 01/20/23 C18 COM 067901108   46,872 1,674 SH Call SOLE   0 1,674 0
GOLD US 01/20/23 C18 COM 067901108   85,988 3,071 SH Call SOLE   0 3,071 0
GOLD US 01/20/23 C25 COM 067901108   1,102 1,102 SH Call SOLE   0 1,102 0
GOLD US 01/20/23 C25 COM 067901108   1,575 1,575 SH Call SOLE   0 1,575 0
GOLD US 01/20/23 C25 COM 067901108   2,887 2,887 SH Call SOLE   0 2,887 0
GRUPO AEROPO-ADR SPON ADR SER B 40051E202   9,948,440 42,699 SH   SOLE   0 42,699 0
GXO LOGISTIC COMMON STOCK 36262G101   137,633 3,224 SH   SOLE   0 3,224 0
HALLIBURTON CO COM 406216101   787,000 20,000 SH   SOLE   0 20,000 0
HARMONY GOLD-ADR SPONSORED ADR 413216300   1,700,000 500,000 SH   SOLE   0 500,000 0
HARMONY GOLD-ADR SPONSORED ADR 413216300   2,409,573 708,698 SH   SOLE   0 708,698 0
HAWAIIAN HOLDING COM 419879101   48,993,901 4,775,234 SH   SOLE   0 4,775,234 0
HILTON WORLDWIDE HOLDINGS COM 43300A203   1,225,692 9,700 SH   SOLE   0 9,700 0
HL US 01/20/23 C5 COM 422704106   42,525 630 SH Call SOLE   0 630 0
HL US 01/20/23 C5 COM 422704106   46,035 682 SH Call SOLE   0 682 0
HL US 01/20/23 C5 COM 422704106   86,805 1,286 SH Call SOLE   0 1,286 0
HYATT HOTELS CORP-A COM CL A 448579102   452,250 5,000 SH   SOLE   0 5,000 0
I-80 GOLD CORP COM 44955L106   1,394,422 500,000 SH   SOLE   0 500,000 0
IAMGOLD CORP COM 450913108   1,290,000 500,000 SH   SOLE   0 500,000 0
IAMGOLD CORP COM 450913108   3,095,076 1,199,642 SH   SOLE   0 1,199,642 0
ISHARES MSCI POLAND ETF MSCI POLAND ETF 46429B606   61,840 4,000 SH   SOLE   0 4,000 0
IVANHOE ELEC COM 46578C108   18,093 1,499 SH   SOLE   0 1,499 0
IVANHOE ELECTRIC COM 46578C108   85,074 7,002 SH   SOLE   0 7,002 0
JETBLUE AIRWAYS COM 477143101   52,329,460 8,075,534 SH   SOLE   0 8,075,534 0
JPM ULTR-SHT MUN ULTRA SHT MUNCPL 46641Q654   1,137,038 22,500 SH   SOLE   0 22,500 0
KIMBELL ROYALTY UNIT 49435R102   918,500 55,000 SH   SOLE   0 55,000 0
LIBERTY ENERGY I COM CL A 53115L104   320,200 20,000 SH   SOLE   0 20,000 0
LINDE PLC SHS G5494J103   652,360 2,000 SH   SOLE   0 2,000 0
LITHIUM AMERICAS COM NEW 53680Q207   284,086 15,000 SH   SOLE   0 15,000 0
LOUISIANA-PACIFIC CORP COM 546347105   296,000 5,000 SH   SOLE   0 5,000 0
LUCID GROUP INC COM 549498103   88,790 13,000 SH   SOLE   0 13,000 0
MAKEMYTRIP LTD SHS V5633W109   10,739,149 389,523 SH   SOLE   0 389,523 0
MARRIOTT INTL-A CL A 571903202   1,608,012 10,800 SH   SOLE   0 10,800 0
MATSON INC COM 57686G105   95,703 1,531 SH   SOLE   0 1,531 0
MGM RESORTS INTERNATIONAL COM 552953101   787,955 23,500 SH   SOLE   0 23,500 0
MOSAIC CO/THE COM 61945C103   350,960 8,000 SH   SOLE   0 8,000 0
NEM US 01/20/23 C82.5 COM 651639106   2,625 2,625 SH Call SOLE   0 2,625 0
NEW GOLD INC COM 644535106   2,270,642 2,316,982 SH   SOLE   0 2,316,982 0
NEWMONT CORP COM 651639106   944,000 20,000 SH   SOLE   0 20,000 0
NEWMONT CORP COM 651639106   1,180,000 25,000 SH   SOLE   0 25,000 0
NIKE INC -CL B CL B 654106103   1,959,918 16,750 SH   SOLE   0 16,750 0
NIO INC - ADR SPON ADS 62914V106   253,500 26,000 SH   SOLE   0 26,000 0
NIU TECHNOLO-ADR ADS 65481N100   16,736 3,200 SH   SOLE   0 3,200 0
NORTHERN TRUST CORP COM 665859104   584,034 6,600 SH   SOLE   0 6,600 0
NORWEGIAN CRUISE LINE HLD SHS G66721104   648,720 53,000 SH   SOLE   0 53,000 0
NTES US 03/17/23 C75 SPONSORED ADS 64110W102   29,250 50 SH Call SOLE   0 50 0
NUGT US 01/20/23 C50 DLY GOLD INDX 2X 25460G781   1,050 75 SH Call SOLE   0 75 0
NUGT US 01/20/23 C50 DLY GOLD INDX 2X 25460G781   1,050 75 SH Call SOLE   0 75 0
NUGT US 01/20/23 C50 DLY GOLD INDX 2X 25460G781   3,780 270 SH Call SOLE   0 270 0
NUTRIEN LTD COM 67077M108   291,722 4,000 SH   SOLE   0 4,000 0
OCCIDENTAL PETROLEUM CORP COM 674599105   629,900 10,000 SH   SOLE   0 10,000 0
OSISKO GOLD ROYA COM 68827L101   3,227,723 267,417 SH   SOLE   0 267,417 0
PARAMOUNT GOLD N COM 69924M109   58,650 170,000 SH   SOLE   0 170,000 0
PHILLIPS 66 COM 718546104   416,320 4,000 SH   SOLE   0 4,000 0
PIEDMONT LITHIUM COM 72016P105   440,200 10,000 SH   SOLE   0 10,000 0
PLATINUM GROUP M COM 72765Q882   174,856 100,000 SH   SOLE   0 100,000 0
POTLATCHDELTIC CORP COM 737630103   439,900 10,000 SH   SOLE   0 10,000 0
RANGE RESOURCES CORP COM 75281A109   500,400 20,000 SH   SOLE   0 20,000 0
RAYONIER INC COM 754907103   494,400 15,000 SH   SOLE   0 15,000 0
ROYAL CARIBBEAN CRUISES COM V7780T103   689,054 13,940 SH   SOLE   0 13,940 0
ROYAL GOLD INC COM 780287108   315,616 2,800 SH   SOLE   0 2,800 0
ROYAL GOLD INC COM 780287108   1,127,200 10,000 SH   SOLE   0 10,000 0
ROYAL GOLD INC COM 780287108   8,432,358 74,808 SH   SOLE   0 74,808 0
RYANAIR HLDG-ADR SPONSORED ADS 783513203   21,287,088 284,739 SH   SOLE   0 284,739 0
SABINE ROYALTY UNIT BEN INT 785688102   2,264,425 26,500 SH   SOLE   0 26,500 0
SABRE CORP COM 78573M104   44,751,864 7,241,402 SH   SOLE   0 7,241,402 0
SANDSTORM GOLD COM NEW 80013R206   3,335,708 634,165 SH   SOLE   0 634,165 0
SCHLUMBERGER LTD COM 806857108   641,520 12,000 SH   SOLE   0 12,000 0
SIBANYE-STI-ADR SPONSORED ADR 82575P107   2,451,800 230,000 SH   SOLE   0 230,000 0
SIBANYE-STI-ADR SPONSORED ADR 82575P107   2,443,869 229,256 SH   SOLE   0 229,256 0
SILVERCORP METAL COM 82835P103   2,552,929 862,476 SH   SOLE   0 862,476 0
SILVERCORP METALS INC COM 82835P103   367,040 124,000 SH Call SOLE   0 124,000 0
SILVERCREST META COM 828363101   1,195,219 200,000 SH   SOLE   0 200,000 0
SKEENA RESOURCES COM 83056P715   531,946 100,000 SH   SOLE   0 100,000 0
SKYWEST INC COM 830879102   58,010,295 3,513,646 SH   SOLE   0 3,513,646 0
SOUTHWEST AIR COM 844741108   203,527,406 6,044,770 SH   SOLE   0 6,044,770 0
STANDARD LITHIUM COM 853606101   221,250 75,000 SH   SOLE   0 75,000 0
STAR BULK CARRIE SHS PAR Y8162K204   95,900 4,987 SH   SOLE   0 4,987 0
TEMPUR SEALY INTL INC COM 88023U101   916,611 26,700 SH   SOLE   0 26,700 0
TESLA INC COM 88160R101   1,386,391 11,255 SH   SOLE   0 11,255 0
TEXTRON INC COM 883203101   41,600,876 587,583 SH   SOLE   0 587,583 0
TRIP.COM GRO-ADR ADS 89677Q107   22,361,995 650,058 SH   SOLE   0 650,058 0
TRIPADVISOR INC COM 896945201   40,785,472 2,268,380 SH   SOLE   0 2,268,380 0
TSMC-ADR SPONSORED ADS 874039100   60,337 810 SH   SOLE   0 810 0
TTE1 US 01/20/23 C60 SPONSORED ADS 89151E109   38,000 100 SH Call SOLE   0 100 0
UNITED AIRLINES COM 910047109   197,098,918 5,228,088 SH   SOLE   0 5,228,088 0
UNITED PARCEL-B CL B 911312106   138,724 798 SH   SOLE   0 798 0
VAIL RESORTS INC COM 91879Q109   674,531 2,830 SH   SOLE   0 2,830 0
VALERO ENERGY COM 91913Y100   317,150 2,500 SH   SOLE   0 2,500 0
VIPER ENERGY PARTNERS LP COM UNT RP INT 92763M105   635,800 20,000 SH   SOLE   0 20,000 0
VIZSLA SILVER CO COM NEW 92859G202   142,947 125,000 SH   SOLE   0 125,000 0
VIZSLA SILVER CO COM NEW 92859G202   1,286,521 1,125,000 SH   SOLE   0 1,125,000 0
VOX ROYALTY CORP COM 92919F103   162,166 70,000 SH   SOLE   0 70,000 0
VOX ROYALTY CORP COM 92919F103   3,011,657 1,300,000 SH   SOLE   0 1,300,000 0
WEST FRASER TIMB COM 952845105   288,535 4,000 SH   SOLE   0 4,000 0
WHEATON PRECIOUS COM 962879102   8,333,458 213,241 SH   SOLE   0 213,241 0
WHEATON PRECIOUS METALS COM 962879102   273,560 7,000 SH   SOLE   0 7,000 0
WHEATON PRECIOUS METALS COM 962879102   977,000 25,000 SH   SOLE   0 25,000 0
XOM US 01/20/23 C110 COM 30231G102   16,250 50 SH Call SOLE   0 50 0
YAMANA GOLD INC COM 98462Y100   2,719,500 490,000 SH   SOLE   0 490,000 0
ZIM INTEGRATED S SHS M9T951109   209,666 12,197 SH   SOLE   0 12,197 0
ZTO EXPRESS -ADR SPONSORED ADS A 98980A105   146,925 5,468 SH   SOLE   0 5,468 0
ZTO EXPRESS CAYMAN-ADR SPONSORED ADS A 98980A105   150,472 5,600 SH   SOLE   0 5,600 0