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 8,820,864 56,544 SH   SOLE   46,994 0 9,550
ANTERO RESOURCES CORP COM 03674X106 BBG001T61KH8 13,625,224 590,092 SH   SOLE   450,756 0 139,336
APA CORPORATION COM 03743Q108 BBG00YTS96H1 4,697,933 130,281 SH   SOLE   102,781 0 27,500
ARCH RESOURCES INC CL A 03940R107 BBG00DZB5DD0 5,850,233 44,502 SH   SOLE   36,992 0 7,510
CALEDONIA MNG CORP PLC SHS NEW G1757E113 BBG001S70XD4 2,068,674 136,097 SH   SOLE   129,897 0 6,200
CALLON PETE CO DEL COM 13123X508 BBG001SB5DH0 848,540 25,375 SH   SOLE   19,875 0 5,500
CAMECO CORP COM 13321L108 BBG001S5Y5S6 16,563,726 632,928 SH   SOLE   486,928 0 146,000
CENTRUS ENERGY CORP CL A 15643U104 BBG001S9F7B3 4,347,097 135,003 SH   SOLE   103,913 0 31,090
CF INDS HLDGS INC COM 125269100 BBG001SJ8KV8 6,782,672 93,567 SH   SOLE   72,147 0 21,420
CHAMPIONX CORPORATION COM 15872M104 BBG00JH9V005 5,966,348 219,917 SH   SOLE   169,227 0 50,690
CHESAPEAKE ENERGY CORP COM 165167735 BBG00Z6DX607 5,842,990 76,841 SH   SOLE   58,897 0 17,944
CIVITAS RESOURCES INC COM NEW 17888H103 BBG00GLNJ0R0 9,588,307 140,303 SH   SOLE   106,813 0 33,490
CONSOL ENERGY INC NEW COM 20854L108 BBG00HC115M9 9,237,834 158,535 SH   SOLE   131,835 0 26,700
CORTEVA INC COM 22052L104 BBG00BN969D0 4,174,598 69,219 SH   SOLE   54,719 0 14,500
DENISON MINES CORP COM 248356107 BBG001S9ZPX7 2,653,800 2,434,679 SH   SOLE   1,871,659 0 563,020
DIAMOND OFFSHORE DRILLING IN COM 25271C201 BBG010JCFCF2 7,162,114 594,860 SH   SOLE   458,260 0 136,600
DIAMONDBACK ENERGY INC COM 25278X109 BBG002PHSZN7 6,130,095 45,351 SH   SOLE   34,881 0 10,470
ENERGY FUELS INC COM NEW 292671708 BBG001S9FH94 4,008,276 718,329 SH   SOLE   552,149 0 166,180
EQT CORP COM 26884L109 BBG001S5QXJ4 13,345,049 418,209 SH   SOLE   319,148 0 99,061
EQUINOX GOLD CORP COM 29446Y502 BBG001SSK0K0 3,507,404 683,034 SH   SOLE   526,154 0 156,880
ERO COPPER CORP COM 296006109 BBG00HNV5D86 3,868,484 218,664 SH   SOLE   168,284 0 50,380
FREEPORT-MCMORAN INC CL B 35671D857 BBG001S5R3F3 6,579,678 160,833 SH   SOLE   123,483 0 37,350
INTREPID POTASH INC COM 46121Y201 BBG001T0ZCR1 3,770,546 136,614 SH   SOLE   103,614 0 33,000
IVANHOE ELECTRIC INC COM 46578C108 BBG012WFRMH9 7,252,590 596,921 SH   SOLE   452,821 0 144,100
MATADOR RES CO COM 576485205 BBG001T3L5S4 9,840,440 206,515 SH   SOLE   156,505 0 50,010
MOSAIC CO NEW COM 61945C103 BBG001S7LJN1 14,209,816 309,717 SH   SOLE   238,617 0 71,100
NEXGEN ENERGY LTD COM 65340P106 BBG00334PFM6 3,690,308 963,527 SH   SOLE   719,527 0 244,000
NOBLE CORP PLC ORD SHS A G65431127 BBG018KBK3H7 5,654,235 143,254 SH   SOLE   111,124 0 32,130
NOV INC COM 62955J103 BBG001S6HFR2 2,398,063 129,555 SH   SOLE   99,565 0 29,990
NOVAGOLD RES INC COM NEW 66987E206 BBG001S5ZT85 1,379,615 221,803 SH   SOLE   163,923 0 57,880
NUTRIEN LTD COM 67077M108 BBG00JM9SM69 9,638,164 130,510 SH   SOLE   100,440 0 30,070
OCEANEERING INTL INC COM 675232102 BBG001S61HT3 5,377,785 305,036 SH   SOLE   234,986 0 70,050
ORLA MNG LTD NEW COM 68634K106 BBG00FGY26J8 4,143,492 873,624 SH   SOLE   673,334 0 200,290
OVINTIV INC COM 69047Q102 BBG00R2NHQ74 2,236,202 61,979 SH   SOLE   48,779 0 13,200
PAN AMERN SILVER CORP COM 697900108 BBG001S5ZXR5 3,145,979 172,856 SH   SOLE   133,116 0 39,740
PDC ENERGY INC COM 69327R101 BBG001S5V439 9,686,944 150,934 SH   SOLE   115,084 0 35,850
PERMIAN RESOURCES CORP CLASS A COM 71424F105 BBG00D61Y2G3 1,823,766 173,692 SH   SOLE   138,292 0 35,400
PIONEER NAT RES CO COM 723787107 BBG001S7V1J4 14,650,135 71,730 SH   SOLE   54,374 0 17,356
RANGE RES CORP COM 75281A109 BBG001SBZNN8 28,235,549 1,066,700 SH   SOLE   823,978 0 242,722
SCHLUMBERGER LTD COM STK 806857108 BBG001S5W4C8 6,203,490 126,344 SH   SOLE   97,404 0 28,940
SKEENA RES LTD NEW COM 83056P715 BBG001S6LB05 1,757,670 286,895 SH   SOLE   220,678 0 66,217
TRANSOCEAN LTD REG SHS H8817H100 BBG001S7B678 3,396,844 534,095 SH   SOLE   411,095 0 123,000
TRILOGY METALS INC NEW COM 89621C105 BBG0028693Q9 750,106 1,408,006 SH   SOLE   1,111,806 0 296,200
TRIPLE FLAG PRECIOUS METAL COM 89679M104 BBG00QRZMFT6 1,090,595 73,221 SH   SOLE   57,705 0 15,516
URANIUM ENERGY CORP COM 916896103 BBG001SK6158 2,226,551 773,108 SH   SOLE   604,738 0 168,370
VALARIS LIMITED CL A G9460G101 BBG010JW9K58 2,433,895 37,410 SH   SOLE   28,810 0 8,600
VITAL ENERGY INC COM 516806205 BBG001T24DQ0 2,508,024 55,073 SH   SOLE   41,173 0 13,900