<SEC-DOCUMENT>0001437749-23-002417.txt : 20230203
<SEC-HEADER>0001437749-23-002417.hdr.sgml : 20230203
<ACCEPTANCE-DATETIME>20230203093821
ACCESSION NUMBER:		0001437749-23-002417
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230203
DATE AS OF CHANGE:		20230203
EFFECTIVENESS DATE:		20230203

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S GLOBAL INVESTORS INC
		CENTRAL INDEX KEY:			0000754811
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				741598370
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-02220
		FILM NUMBER:		23583991

	BUSINESS ADDRESS:	
		STREET 1:		7900 CALLAGHAN RD
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78229
		BUSINESS PHONE:		2103081234

	MAIL ADDRESS:	
		STREET 1:		7900 CALLAGHAN ROAD
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78229

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED SERVICES ADVISORS INC /TX/
		DATE OF NAME CHANGE:	19950321
</SEC-HEADER>
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<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
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      <periodOfReport>12-31-2022</periodOfReport>
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      <reportCalendarOrQuarter>12-31-2022</reportCalendarOrQuarter>
      <filingManager>
        <name>U S GLOBAL INVESTORS INC</name>
        <address>
          <com:street1>7900 CALLAGHAN ROAD</com:street1>
          <com:city>SAN ANTONIO</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>78229</com:zipCode>
        </address>
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      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-02220</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Lisa Callicotte</name>
      <title>CFO</title>
      <phone>(210) 308-1234</phone>
      <signature>/s/ Lisa Callicotte</signature>
      <city>San Antonio</city>
      <stateOrCountry>TX</stateOrCountry>
      <signatureDate>02-03-2023</signatureDate>
    </signatureBlock>
    <summaryPage>
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<nameOfIssuer>AGNICO EAGLE MINES LTD</nameOfIssuer>
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<nameOfIssuer>AMERICAN AIRLINE</nameOfIssuer>
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<sshPrnamt>16743035</sshPrnamt>
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<nameOfIssuer>ANGLOGOLD AS-ADR</nameOfIssuer>
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<votingAuthority>
<Sole>0</Sole>
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<nameOfIssuer>ANGLOGOLD ASHANTI LTD-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>035128206</cusip>
<value>679700</value>
<shrsOrPrnAmt>
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<nameOfIssuer>AZUL SA-ADR</nameOfIssuer>
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<cusip>05501U106</cusip>
<value>10266040</value>
<shrsOrPrnAmt>
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<nameOfIssuer>BLACK STONE MINE</nameOfIssuer>
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<nameOfIssuer>BLOOM ENERGY C-A</nameOfIssuer>
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<nameOfIssuer>ELECTRA BATTERY</nameOfIssuer>
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</votingAuthority>
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<nameOfIssuer>EMBRAER SA-ADR</nameOfIssuer>
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<nameOfIssuer>EMX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<nameOfIssuer>ENERGY FUELS INC</nameOfIssuer>
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<sshPrnamt>80000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>80000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EQUINOR ASA-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>29446M102</cusip>
<value>895250</value>
<shrsOrPrnAmt>
<sshPrnamt>25000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>25000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXPEDIA GROUP IN</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>30212P303</cusip>
<value>38999432</value>
<shrsOrPrnAmt>
<sshPrnamt>445199</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>445199</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXPEDITORS INTL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>302130109</cusip>
<value>133329</value>
<shrsOrPrnAmt>
<sshPrnamt>1283</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1283</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FEDEX CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>31428X106</cusip>
<value>140465</value>
<shrsOrPrnAmt>
<sshPrnamt>811</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>811</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FERRARI NV</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>N3167Y103</cusip>
<value>434652</value>
<shrsOrPrnAmt>
<sshPrnamt>2029</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2029</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FORTUNA SILVER</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>349915108</cusip>
<value>2451101</value>
<shrsOrPrnAmt>
<sshPrnamt>653627</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>653627</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FORTUNA SILVER</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>349915108</cusip>
<value>938837</value>
<shrsOrPrnAmt>
<sshPrnamt>250000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>250000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO-NEVADA CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>7946002</value>
<shrsOrPrnAmt>
<sshPrnamt>58221</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>58221</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO-NEVADA CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>348024</value>
<shrsOrPrnAmt>
<sshPrnamt>2550</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2550</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO-NEVADA CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>2729600</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>20000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRONTIER GROUP H</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>35909R108</cusip>
<value>51430085</value>
<shrsOrPrnAmt>
<sshPrnamt>5007798</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5007798</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GENERAL DYNAMICS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>369550108</cusip>
<value>42967938</value>
<shrsOrPrnAmt>
<sshPrnamt>173181</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>173181</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GLOBAL X MSCI GR</nameOfIssuer>
<titleOfClass>MSCI GREECE ETF</titleOfClass>
<cusip>37954Y319</cusip>
<value>133200</value>
<shrsOrPrnAmt>
<sshPrnamt>5000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD RESOURCE CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>38068T105</cusip>
<value>1530000</value>
<shrsOrPrnAmt>
<sshPrnamt>1000000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1000000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD US 01/20/23 C18</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>45780</value>
<shrsOrPrnAmt>
<sshPrnamt>1635</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1635</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD US 01/20/23 C18</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>46872</value>
<shrsOrPrnAmt>
<sshPrnamt>1674</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1674</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD US 01/20/23 C18</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>85988</value>
<shrsOrPrnAmt>
<sshPrnamt>3071</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3071</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD US 01/20/23 C25</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>1102</value>
<shrsOrPrnAmt>
<sshPrnamt>1102</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1102</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD US 01/20/23 C25</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>1575</value>
<shrsOrPrnAmt>
<sshPrnamt>1575</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1575</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD US 01/20/23 C25</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>2887</value>
<shrsOrPrnAmt>
<sshPrnamt>2887</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2887</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GRUPO AEROPO-ADR</nameOfIssuer>
<titleOfClass>SPON ADR SER B</titleOfClass>
<cusip>40051E202</cusip>
<value>9948440</value>
<shrsOrPrnAmt>
<sshPrnamt>42699</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>42699</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GXO LOGISTIC</nameOfIssuer>
<titleOfClass>COMMON STOCK</titleOfClass>
<cusip>36262G101</cusip>
<value>137633</value>
<shrsOrPrnAmt>
<sshPrnamt>3224</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3224</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>406216101</cusip>
<value>787000</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>20000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HARMONY GOLD-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>413216300</cusip>
<value>1700000</value>
<shrsOrPrnAmt>
<sshPrnamt>500000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>500000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HARMONY GOLD-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>413216300</cusip>
<value>2409573</value>
<shrsOrPrnAmt>
<sshPrnamt>708698</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>708698</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HAWAIIAN HOLDING</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>419879101</cusip>
<value>48993901</value>
<shrsOrPrnAmt>
<sshPrnamt>4775234</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4775234</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HILTON WORLDWIDE HOLDINGS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>43300A203</cusip>
<value>1225692</value>
<shrsOrPrnAmt>
<sshPrnamt>9700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>9700</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HL US 01/20/23 C5</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>422704106</cusip>
<value>42525</value>
<shrsOrPrnAmt>
<sshPrnamt>630</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>630</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HL US 01/20/23 C5</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>422704106</cusip>
<value>46035</value>
<shrsOrPrnAmt>
<sshPrnamt>682</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>682</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HL US 01/20/23 C5</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>422704106</cusip>
<value>86805</value>
<shrsOrPrnAmt>
<sshPrnamt>1286</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1286</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HYATT HOTELS CORP-A</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>448579102</cusip>
<value>452250</value>
<shrsOrPrnAmt>
<sshPrnamt>5000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5000</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>I-80 GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>44955L106</cusip>
<value>1394422</value>
<shrsOrPrnAmt>
<sshPrnamt>500000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>500000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IAMGOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>450913108</cusip>
<value>1290000</value>
<shrsOrPrnAmt>
<sshPrnamt>500000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>500000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IAMGOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>450913108</cusip>
<value>3095076</value>
<shrsOrPrnAmt>
<sshPrnamt>1199642</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1199642</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ISHARES MSCI POLAND ETF</nameOfIssuer>
<titleOfClass>MSCI POLAND ETF</titleOfClass>
<cusip>46429B606</cusip>
<value>61840</value>
<shrsOrPrnAmt>
<sshPrnamt>4000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IVANHOE ELEC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>46578C108</cusip>
<value>18093</value>
<shrsOrPrnAmt>
<sshPrnamt>1499</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1499</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IVANHOE ELECTRIC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>46578C108</cusip>
<value>85074</value>
<shrsOrPrnAmt>
<sshPrnamt>7002</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7002</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>JETBLUE AIRWAYS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>477143101</cusip>
<value>52329460</value>
<shrsOrPrnAmt>
<sshPrnamt>8075534</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>8075534</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>JPM ULTR-SHT MUN</nameOfIssuer>
<titleOfClass>ULTRA SHT MUNCPL</titleOfClass>
<cusip>46641Q654</cusip>
<value>1137038</value>
<shrsOrPrnAmt>
<sshPrnamt>22500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>22500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KIMBELL ROYALTY</nameOfIssuer>
<titleOfClass>UNIT</titleOfClass>
<cusip>49435R102</cusip>
<value>918500</value>
<shrsOrPrnAmt>
<sshPrnamt>55000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<Shared>55000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LIBERTY ENERGY I</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>53115L104</cusip>
<value>320200</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>20000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LINDE PLC</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>G5494J103</cusip>
<value>652360</value>
<shrsOrPrnAmt>
<sshPrnamt>2000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LITHIUM AMERICAS</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>53680Q207</cusip>
<value>284086</value>
<shrsOrPrnAmt>
<sshPrnamt>15000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>15000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LOUISIANA-PACIFIC CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>546347105</cusip>
<value>296000</value>
<shrsOrPrnAmt>
<sshPrnamt>5000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LUCID GROUP INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>549498103</cusip>
<value>88790</value>
<shrsOrPrnAmt>
<sshPrnamt>13000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>13000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MAKEMYTRIP LTD</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>V5633W109</cusip>
<value>10739149</value>
<shrsOrPrnAmt>
<sshPrnamt>389523</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>389523</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MARRIOTT INTL-A</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>571903202</cusip>
<value>1608012</value>
<shrsOrPrnAmt>
<sshPrnamt>10800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>10800</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MATSON INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>57686G105</cusip>
<value>95703</value>
<shrsOrPrnAmt>
<sshPrnamt>1531</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1531</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MGM RESORTS INTERNATIONAL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>552953101</cusip>
<value>787955</value>
<shrsOrPrnAmt>
<sshPrnamt>23500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>23500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MOSAIC CO/THE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>61945C103</cusip>
<value>350960</value>
<shrsOrPrnAmt>
<sshPrnamt>8000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>8000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEM US 01/20/23 C82.5</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>2625</value>
<shrsOrPrnAmt>
<sshPrnamt>2625</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2625</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEW GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>2270642</value>
<shrsOrPrnAmt>
<sshPrnamt>2316982</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2316982</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>944000</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>20000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>1180000</value>
<shrsOrPrnAmt>
<sshPrnamt>25000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>25000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NIKE INC -CL B</nameOfIssuer>
<titleOfClass>CL B</titleOfClass>
<cusip>654106103</cusip>
<value>1959918</value>
<shrsOrPrnAmt>
<sshPrnamt>16750</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>16750</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NIO INC - ADR</nameOfIssuer>
<titleOfClass>SPON ADS</titleOfClass>
<cusip>62914V106</cusip>
<value>253500</value>
<shrsOrPrnAmt>
<sshPrnamt>26000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>26000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NIU TECHNOLO-ADR</nameOfIssuer>
<titleOfClass>ADS</titleOfClass>
<cusip>65481N100</cusip>
<value>16736</value>
<shrsOrPrnAmt>
<sshPrnamt>3200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3200</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NORTHERN TRUST CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>665859104</cusip>
<value>584034</value>
<shrsOrPrnAmt>
<sshPrnamt>6600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6600</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NORWEGIAN CRUISE LINE HLD</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>G66721104</cusip>
<value>648720</value>
<shrsOrPrnAmt>
<sshPrnamt>53000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>53000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NTES US 03/17/23 C75</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>64110W102</cusip>
<value>29250</value>
<shrsOrPrnAmt>
<sshPrnamt>50</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>50</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NUGT US 01/20/23 C50</nameOfIssuer>
<titleOfClass>DLY GOLD INDX 2X</titleOfClass>
<cusip>25460G781</cusip>
<value>1050</value>
<shrsOrPrnAmt>
<sshPrnamt>75</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>75</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NUGT US 01/20/23 C50</nameOfIssuer>
<titleOfClass>DLY GOLD INDX 2X</titleOfClass>
<cusip>25460G781</cusip>
<value>1050</value>
<shrsOrPrnAmt>
<sshPrnamt>75</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>75</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NUGT US 01/20/23 C50</nameOfIssuer>
<titleOfClass>DLY GOLD INDX 2X</titleOfClass>
<cusip>25460G781</cusip>
<value>3780</value>
<shrsOrPrnAmt>
<sshPrnamt>270</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>270</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NUTRIEN LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>67077M108</cusip>
<value>291722</value>
<shrsOrPrnAmt>
<sshPrnamt>4000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>674599105</cusip>
<value>629900</value>
<shrsOrPrnAmt>
<sshPrnamt>10000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>10000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OSISKO GOLD ROYA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>3227723</value>
<shrsOrPrnAmt>
<sshPrnamt>267417</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>267417</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PARAMOUNT GOLD N</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>69924M109</cusip>
<value>58650</value>
<shrsOrPrnAmt>
<sshPrnamt>170000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>170000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>718546104</cusip>
<value>416320</value>
<shrsOrPrnAmt>
<sshPrnamt>4000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PIEDMONT LITHIUM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>72016P105</cusip>
<value>440200</value>
<shrsOrPrnAmt>
<sshPrnamt>10000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>10000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PLATINUM GROUP M</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>72765Q882</cusip>
<value>174856</value>
<shrsOrPrnAmt>
<sshPrnamt>100000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>100000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>POTLATCHDELTIC CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>737630103</cusip>
<value>439900</value>
<shrsOrPrnAmt>
<sshPrnamt>10000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>10000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RANGE RESOURCES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>75281A109</cusip>
<value>500400</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>20000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RAYONIER INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>754907103</cusip>
<value>494400</value>
<shrsOrPrnAmt>
<sshPrnamt>15000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>15000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL CARIBBEAN CRUISES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>V7780T103</cusip>
<value>689054</value>
<shrsOrPrnAmt>
<sshPrnamt>13940</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>13940</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>315616</value>
<shrsOrPrnAmt>
<sshPrnamt>2800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2800</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>1127200</value>
<shrsOrPrnAmt>
<sshPrnamt>10000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>10000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>8432358</value>
<shrsOrPrnAmt>
<sshPrnamt>74808</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>74808</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RYANAIR HLDG-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>783513203</cusip>
<value>21287088</value>
<shrsOrPrnAmt>
<sshPrnamt>284739</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>284739</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SABINE ROYALTY</nameOfIssuer>
<titleOfClass>UNIT BEN INT</titleOfClass>
<cusip>785688102</cusip>
<value>2264425</value>
<shrsOrPrnAmt>
<sshPrnamt>26500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>26500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SABRE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>78573M104</cusip>
<value>44751864</value>
<shrsOrPrnAmt>
<sshPrnamt>7241402</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7241402</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SANDSTORM GOLD</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>80013R206</cusip>
<value>3335708</value>
<shrsOrPrnAmt>
<sshPrnamt>634165</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>634165</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>806857108</cusip>
<value>641520</value>
<shrsOrPrnAmt>
<sshPrnamt>12000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>12000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SIBANYE-STI-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>82575P107</cusip>
<value>2451800</value>
<shrsOrPrnAmt>
<sshPrnamt>230000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>230000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SIBANYE-STI-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>82575P107</cusip>
<value>2443869</value>
<shrsOrPrnAmt>
<sshPrnamt>229256</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>229256</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVERCORP METAL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>82835P103</cusip>
<value>2552929</value>
<shrsOrPrnAmt>
<sshPrnamt>862476</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>862476</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVERCORP METALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>82835P103</cusip>
<value>367040</value>
<shrsOrPrnAmt>
<sshPrnamt>124000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>124000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVERCREST META</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>828363101</cusip>
<value>1195219</value>
<shrsOrPrnAmt>
<sshPrnamt>200000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>200000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SKEENA RESOURCES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>83056P715</cusip>
<value>531946</value>
<shrsOrPrnAmt>
<sshPrnamt>100000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>100000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SKYWEST INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>830879102</cusip>
<value>58010295</value>
<shrsOrPrnAmt>
<sshPrnamt>3513646</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3513646</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SOUTHWEST AIR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>844741108</cusip>
<value>203527406</value>
<shrsOrPrnAmt>
<sshPrnamt>6044770</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6044770</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>STANDARD LITHIUM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>853606101</cusip>
<value>221250</value>
<shrsOrPrnAmt>
<sshPrnamt>75000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>75000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>STAR BULK CARRIE</nameOfIssuer>
<titleOfClass>SHS PAR</titleOfClass>
<cusip>Y8162K204</cusip>
<value>95900</value>
<shrsOrPrnAmt>
<sshPrnamt>4987</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4987</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TEMPUR SEALY INTL INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>88023U101</cusip>
<value>916611</value>
<shrsOrPrnAmt>
<sshPrnamt>26700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>26700</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TESLA INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>88160R101</cusip>
<value>1386391</value>
<shrsOrPrnAmt>
<sshPrnamt>11255</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>11255</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TEXTRON INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>883203101</cusip>
<value>41600876</value>
<shrsOrPrnAmt>
<sshPrnamt>587583</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>587583</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIP.COM GRO-ADR</nameOfIssuer>
<titleOfClass>ADS</titleOfClass>
<cusip>89677Q107</cusip>
<value>22361995</value>
<shrsOrPrnAmt>
<sshPrnamt>650058</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>650058</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIPADVISOR INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>896945201</cusip>
<value>40785472</value>
<shrsOrPrnAmt>
<sshPrnamt>2268380</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2268380</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TSMC-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>874039100</cusip>
<value>60337</value>
<shrsOrPrnAmt>
<sshPrnamt>810</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>810</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TTE1 US 01/20/23 C60</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>89151E109</cusip>
<value>38000</value>
<shrsOrPrnAmt>
<sshPrnamt>100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>100</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED AIRLINES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>910047109</cusip>
<value>197098918</value>
<shrsOrPrnAmt>
<sshPrnamt>5228088</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5228088</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED PARCEL-B</nameOfIssuer>
<titleOfClass>CL B</titleOfClass>
<cusip>911312106</cusip>
<value>138724</value>
<shrsOrPrnAmt>
<sshPrnamt>798</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>798</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VAIL RESORTS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>91879Q109</cusip>
<value>674531</value>
<shrsOrPrnAmt>
<sshPrnamt>2830</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2830</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VALERO ENERGY</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>91913Y100</cusip>
<value>317150</value>
<shrsOrPrnAmt>
<sshPrnamt>2500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VIPER ENERGY PARTNERS LP</nameOfIssuer>
<titleOfClass>COM UNT RP INT</titleOfClass>
<cusip>92763M105</cusip>
<value>635800</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>20000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VIZSLA SILVER CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>92859G202</cusip>
<value>142947</value>
<shrsOrPrnAmt>
<sshPrnamt>125000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>125000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VIZSLA SILVER CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>92859G202</cusip>
<value>1286521</value>
<shrsOrPrnAmt>
<sshPrnamt>1125000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1125000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VOX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>92919F103</cusip>
<value>162166</value>
<shrsOrPrnAmt>
<sshPrnamt>70000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>70000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VOX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>92919F103</cusip>
<value>3011657</value>
<shrsOrPrnAmt>
<sshPrnamt>1300000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1300000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WEST FRASER TIMB</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>952845105</cusip>
<value>288535</value>
<shrsOrPrnAmt>
<sshPrnamt>4000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WHEATON PRECIOUS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>8333458</value>
<shrsOrPrnAmt>
<sshPrnamt>213241</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>213241</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WHEATON PRECIOUS METALS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>273560</value>
<shrsOrPrnAmt>
<sshPrnamt>7000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WHEATON PRECIOUS METALS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>977000</value>
<shrsOrPrnAmt>
<sshPrnamt>25000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>25000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>XOM US 01/20/23 C110</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>30231G102</cusip>
<value>16250</value>
<shrsOrPrnAmt>
<sshPrnamt>50</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>50</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>YAMANA GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>98462Y100</cusip>
<value>2719500</value>
<shrsOrPrnAmt>
<sshPrnamt>490000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>490000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ZIM INTEGRATED S</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>M9T951109</cusip>
<value>209666</value>
<shrsOrPrnAmt>
<sshPrnamt>12197</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>12197</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ZTO EXPRESS -ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS A</titleOfClass>
<cusip>98980A105</cusip>
<value>146925</value>
<shrsOrPrnAmt>
<sshPrnamt>5468</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5468</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ZTO EXPRESS CAYMAN-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS A</titleOfClass>
<cusip>98980A105</cusip>
<value>150472</value>
<shrsOrPrnAmt>
<sshPrnamt>5600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5600</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
