<SEC-DOCUMENT>0001437749-24-001936.txt : 20240123
<SEC-HEADER>0001437749-24-001936.hdr.sgml : 20240123
<ACCEPTANCE-DATETIME>20240123141531
ACCESSION NUMBER:		0001437749-24-001936
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240123
DATE AS OF CHANGE:		20240123
EFFECTIVENESS DATE:		20240123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S GLOBAL INVESTORS INC
		CENTRAL INDEX KEY:			0000754811
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		ORGANIZATION NAME:           	02 Finance
		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:		24552009

	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>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <credentials>
          <cik>0000754811</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
        <fileNumber>028-02220</fileNumber>
      </filer>
      <periodOfReport>12-31-2023</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>12-31-2023</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>
      </filingManager>
      <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>01-23-2024</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>181</tableEntryTotal>
      <tableValueTotal>1486700852</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
    </summaryPage>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>F13InfoTable_64902.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<infoTable>
<nameOfIssuer>AGNICO EAGLE MINES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>008474108</cusip>
<value>274250</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>AGNICO EAGLE MINES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>008474108</cusip>
<value>2194000</value>
<shrsOrPrnAmt>
<sshPrnamt>40000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>40000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALAMOS GOLD INC NEW</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>011532108</cusip>
<value>3030750</value>
<shrsOrPrnAmt>
<sshPrnamt>225000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>225000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ATLAS LITHIUM CORP</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>105861306</cusip>
<value>125120</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>CF INDS HLDGS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>125269100</cusip>
<value>437250</value>
<shrsOrPrnAmt>
<sshPrnamt>5500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CANADIAN SOLAR INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>136635109</cusip>
<value>262300</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>CARNIVAL CORP</nameOfIssuer>
<titleOfClass>COMMON STOCK</titleOfClass>
<cusip>143658300</cusip>
<value>838008</value>
<shrsOrPrnAmt>
<sshPrnamt>45200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>45200</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CHESAPEAKE ENERGY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>165167735</cusip>
<value>577050</value>
<shrsOrPrnAmt>
<sshPrnamt>7500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COEUR MNG INC</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>192108504</cusip>
<value>58900</value>
<shrsOrPrnAmt>
<sshPrnamt>775</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>775</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COEUR MNG INC</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>192108504</cusip>
<value>64600</value>
<shrsOrPrnAmt>
<sshPrnamt>850</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>850</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COEUR MNG INC</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>192108504</cusip>
<value>125400</value>
<shrsOrPrnAmt>
<sshPrnamt>1650</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1650</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COTY INC</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>222070203</cusip>
<value>981180</value>
<shrsOrPrnAmt>
<sshPrnamt>79000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>79000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DECKERS OUTDOOR CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>243537107</cusip>
<value>802116</value>
<shrsOrPrnAmt>
<sshPrnamt>1200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1200</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DENISON MINES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>248356107</cusip>
<value>265500</value>
<shrsOrPrnAmt>
<sshPrnamt>150000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>150000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ELDORADO GOLD CORP NEW</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>284902509</cusip>
<value>972750</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>FRANCO NEV CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>398916</value>
<shrsOrPrnAmt>
<sshPrnamt>3600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3600</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>831075</value>
<shrsOrPrnAmt>
<sshPrnamt>7500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>406216101</cusip>
<value>361500</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>HARMONY GOLD MINING CO LTD</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>413216300</cusip>
<value>3075000</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>759000</value>
<shrsOrPrnAmt>
<sshPrnamt>300000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>300000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>496902404</cusip>
<value>1512500</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>KRANESHARES TR</nameOfIssuer>
<titleOfClass>GLOBAL CARB STRA</titleOfClass>
<cusip>500767678</cusip>
<value>18245</value>
<shrsOrPrnAmt>
<sshPrnamt>500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LAS VEGAS SANDS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>517834107</cusip>
<value>1454156</value>
<shrsOrPrnAmt>
<sshPrnamt>29550</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>29550</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MARRIOTT INTL INC NEW</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>571903202</cusip>
<value>1815356</value>
<shrsOrPrnAmt>
<sshPrnamt>8050</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>8050</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>51100</value>
<shrsOrPrnAmt>
<sshPrnamt>35000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>35000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>219000</value>
<shrsOrPrnAmt>
<sshPrnamt>150000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>150000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>1460000</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>NEWMONT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>47150</value>
<shrsOrPrnAmt>
<sshPrnamt>115</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>115</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>51250</value>
<shrsOrPrnAmt>
<sshPrnamt>125</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>125</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>106600</value>
<shrsOrPrnAmt>
<sshPrnamt>260</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>260</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CHORD ENERGY CORPORATION</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>674215207</cusip>
<value>332460</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>OCCIDENTAL PETE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>674599105</cusip>
<value>597100</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>393120</value>
<shrsOrPrnAmt>
<sshPrnamt>3250</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3250</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>1209600</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>SCHLUMBERGER LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>806857108</cusip>
<value>624480</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>STANDARD LITHIUM LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>853606101</cusip>
<value>151500</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>TOLL BROTHERS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>889478103</cusip>
<value>637298</value>
<shrsOrPrnAmt>
<sshPrnamt>6200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6200</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WHEATON PRECIOUS METALS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>1233500</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>APA CORPORATION</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>03743Q108</cusip>
<value>358800</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>BLACK STONE MINERALS L P</nameOfIssuer>
<titleOfClass>COM UNIT</titleOfClass>
<cusip>09225M101</cusip>
<value>798000</value>
<shrsOrPrnAmt>
<sshPrnamt>50000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>50000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CAMECO CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>13321L108</cusip>
<value>215500</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>CHENIERE ENERGY INC</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>16411R208</cusip>
<value>1280325</value>
<shrsOrPrnAmt>
<sshPrnamt>7500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>20825C104</cusip>
<value>174105</value>
<shrsOrPrnAmt>
<sshPrnamt>1500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DAQO NEW ENERGY CORP</nameOfIssuer>
<titleOfClass>SPNSRD ADS NEW</titleOfClass>
<cusip>23703Q203</cusip>
<value>399000</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>DIREXION SHS ETF TR</nameOfIssuer>
<titleOfClass>DLY GOLD INDX 2X</titleOfClass>
<cusip>25460G781</cusip>
<value>6643</value>
<shrsOrPrnAmt>
<sshPrnamt>191</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>191</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DIREXION SHS ETF TR</nameOfIssuer>
<titleOfClass>DLY GOLD INDX 2X</titleOfClass>
<cusip>25460G781</cusip>
<value>94428</value>
<shrsOrPrnAmt>
<sshPrnamt>2715</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2715</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DIREXION SHS ETF TR</nameOfIssuer>
<titleOfClass>DLY GOLD INDX 2X</titleOfClass>
<cusip>25460G781</cusip>
<value>215427</value>
<shrsOrPrnAmt>
<sshPrnamt>6194</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6194</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DIREXION SHS ETF TR</nameOfIssuer>
<titleOfClass>DAILY JR GLD MIN</titleOfClass>
<cusip>25460G831</cusip>
<value>6880</value>
<shrsOrPrnAmt>
<sshPrnamt>203</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>203</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DIREXION SHS ETF TR</nameOfIssuer>
<titleOfClass>DAILY JR GLD MIN</titleOfClass>
<cusip>25460G831</cusip>
<value>101467</value>
<shrsOrPrnAmt>
<sshPrnamt>2994</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2994</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DIREXION SHS ETF TR</nameOfIssuer>
<titleOfClass>DAILY JR GLD MIN</titleOfClass>
<cusip>25460G831</cusip>
<value>240721</value>
<shrsOrPrnAmt>
<sshPrnamt>7103</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7103</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DRDGOLD LIMITED</nameOfIssuer>
<titleOfClass>SPON ADR REPSTG</titleOfClass>
<cusip>26152H301</cusip>
<value>954000</value>
<shrsOrPrnAmt>
<sshPrnamt>120000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>120000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ETF MANAGERS GRP COMMDTY TR</nameOfIssuer>
<titleOfClass>BREAKWAVE DRY</titleOfClass>
<cusip>26923H200</cusip>
<value>3468</value>
<shrsOrPrnAmt>
<sshPrnamt>300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>300</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GLOBAL X FDS</nameOfIssuer>
<titleOfClass>RGLOBAL X SILVER</titleOfClass>
<cusip>37954Y848</cusip>
<value>22696</value>
<shrsOrPrnAmt>
<sshPrnamt>800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>800</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GLOBAL X FDS</nameOfIssuer>
<titleOfClass>GLOBAL X URANIUM</titleOfClass>
<cusip>37954Y871</cusip>
<value>30459</value>
<shrsOrPrnAmt>
<sshPrnamt>1100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1100</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD FIELDS LTD</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>38059T106</cusip>
<value>2096700</value>
<shrsOrPrnAmt>
<sshPrnamt>145000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>145000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD RESOURCE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>38068T105</cusip>
<value>376000</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>ISHARES SILVER TR</nameOfIssuer>
<titleOfClass>ISHARES</titleOfClass>
<cusip>46428Q109</cusip>
<value>37026</value>
<shrsOrPrnAmt>
<sshPrnamt>1700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1700</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IVANHOE ELECTRIC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>46578C108</cusip>
<value>166310</value>
<shrsOrPrnAmt>
<sshPrnamt>16499</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>16499</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>46625H100</cusip>
<value>1156680</value>
<shrsOrPrnAmt>
<sshPrnamt>6800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6800</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KIMBELL RTY PARTNERS LP</nameOfIssuer>
<titleOfClass>UNIT</titleOfClass>
<cusip>49435R102</cusip>
<value>827750</value>
<shrsOrPrnAmt>
<sshPrnamt>55000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>55000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>214200</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>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>214200</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>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>442680</value>
<shrsOrPrnAmt>
<sshPrnamt>31000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>31000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>1071000</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>PARAMOUNT GOLD NEV CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>69924M109</cusip>
<value>63750</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>RANGE RES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>75281A109</cusip>
<value>304400</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>SANDSTORM GOLD LTD</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>80013R206</cusip>
<value>1006000</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>SIBANYE STILLWATER LTD</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>82575P107</cusip>
<value>543000</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>SILVERCORP METALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>82835P103</cusip>
<value>657500</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>VALERO ENERGY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>91913Y100</cusip>
<value>357500</value>
<shrsOrPrnAmt>
<sshPrnamt>2750</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2750</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VOX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>92919F103</cusip>
<value>412000</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>VOX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>92919F103</cusip>
<value>3090000</value>
<shrsOrPrnAmt>
<sshPrnamt>1500000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1500000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ANGLOGOLD ASHANTI PLC</nameOfIssuer>
<titleOfClass>COM SHS</titleOfClass>
<cusip>G0378L100</cusip>
<value>934500</value>
<shrsOrPrnAmt>
<sshPrnamt>50000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>50000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ANGLOGOLD ASHANTI PLC</nameOfIssuer>
<titleOfClass>COM SHS</titleOfClass>
<cusip>G0378L100</cusip>
<value>10800</value>
<shrsOrPrnAmt>
<sshPrnamt>180</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>180</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ANGLOGOLD ASHANTI PLC</nameOfIssuer>
<titleOfClass>COM SHS</titleOfClass>
<cusip>G0378L100</cusip>
<value>10800</value>
<shrsOrPrnAmt>
<sshPrnamt>180</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>180</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ANGLOGOLD ASHANTI PLC</nameOfIssuer>
<titleOfClass>COM SHS</titleOfClass>
<cusip>G0378L100</cusip>
<value>25500</value>
<shrsOrPrnAmt>
<sshPrnamt>425</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>425</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ATLANTICA SUSTAINABLE INFR P</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>G0751N103</cusip>
<value>376250</value>
<shrsOrPrnAmt>
<sshPrnamt>17500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>17500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CAPRI HOLDINGS LIMITED</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>G1890L107</cusip>
<value>75360</value>
<shrsOrPrnAmt>
<sshPrnamt>1500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LINDE PLC</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>G54950103</cusip>
<value>821420</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>NORWEGIAN CRUISE LINE HLDG L</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>G66721104</cusip>
<value>941880</value>
<shrsOrPrnAmt>
<sshPrnamt>47000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>47000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ON HLDG AG</nameOfIssuer>
<titleOfClass>NAMEN AKT A</titleOfClass>
<cusip>H5919C104</cusip>
<value>107880</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>FERRARI N V</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>N3167Y103</cusip>
<value>2436696</value>
<shrsOrPrnAmt>
<sshPrnamt>7200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7200</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL CARIBBEAN GROUP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>V7780T103</cusip>
<value>116541</value>
<shrsOrPrnAmt>
<sshPrnamt>900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>900</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CLEARWAY ENERGY INC</nameOfIssuer>
<titleOfClass>CL C</titleOfClass>
<cusip>18539C204</cusip>
<value>356590</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>CLEVELAND-CLIFFS INC NEW</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>185899101</cusip>
<value>408400</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>CONSTELLATION BRANDS INC</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>21036P108</cusip>
<value>1776863</value>
<shrsOrPrnAmt>
<sshPrnamt>7350</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7350</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DIREXION SHS ETF TR</nameOfIssuer>
<titleOfClass>HYDROGEN ETF</titleOfClass>
<cusip>25460G617</cusip>
<value>21219</value>
<shrsOrPrnAmt>
<sshPrnamt>1735</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1735</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LAUDER ESTEE COS INC</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>518439104</cusip>
<value>731250</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>ETF MANAGERS TR</nameOfIssuer>
<titleOfClass>PRIME JUNIR SLVR</titleOfClass>
<cusip>26924G102</cusip>
<value>29000</value>
<shrsOrPrnAmt>
<sshPrnamt>2900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2900</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FIRST TR EXCHANGE-TRADED FD</nameOfIssuer>
<titleOfClass>GBL WND ENRG ETF</titleOfClass>
<cusip>33736G106</cusip>
<value>16480</value>
<shrsOrPrnAmt>
<sshPrnamt>1000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FORTUNA SILVER MINES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>349915108</cusip>
<value>77200</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>FORTUNA SILVER MINES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>349915108</cusip>
<value>772000</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>GLOBAL X FDS</nameOfIssuer>
<titleOfClass>GLOBAL X COPPER</titleOfClass>
<cusip>37954Y830</cusip>
<value>75000</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>GLOBAL X FDS</nameOfIssuer>
<titleOfClass>LITHIUM BTRY ETF</titleOfClass>
<cusip>37954Y855</cusip>
<value>35658</value>
<shrsOrPrnAmt>
<sshPrnamt>700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>700</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GLOBAL X FDS</nameOfIssuer>
<titleOfClass>US INFR DEV ETF</titleOfClass>
<cusip>37954Y673</cusip>
<value>34460</value>
<shrsOrPrnAmt>
<sshPrnamt>1000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>INVESCO EXCH TRADED FD TR II</nameOfIssuer>
<titleOfClass>SOLAR ETF</titleOfClass>
<cusip>46138G706</cusip>
<value>16005</value>
<shrsOrPrnAmt>
<sshPrnamt>300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>300</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ISHARES TR</nameOfIssuer>
<titleOfClass>GL CLEAN ENE ETF</titleOfClass>
<cusip>464288224</cusip>
<value>45153</value>
<shrsOrPrnAmt>
<sshPrnamt>2900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2900</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ISHARES TR</nameOfIssuer>
<titleOfClass>U.S. REAL ES ETF</titleOfClass>
<cusip>464287739</cusip>
<value>36564</value>
<shrsOrPrnAmt>
<sshPrnamt>400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>400</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KKR &amp; CO INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>48251W104</cusip>
<value>1205468</value>
<shrsOrPrnAmt>
<sshPrnamt>14550</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>14550</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LULULEMON ATHLETICA INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>550021109</cusip>
<value>153387</value>
<shrsOrPrnAmt>
<sshPrnamt>300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>300</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MARATHON OIL CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>565849106</cusip>
<value>422800</value>
<shrsOrPrnAmt>
<sshPrnamt>17500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>17500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MARATHON PETE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>56585A102</cusip>
<value>445080</value>
<shrsOrPrnAmt>
<sshPrnamt>3000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NIKE INC</nameOfIssuer>
<titleOfClass>CL B</titleOfClass>
<cusip>654106103</cusip>
<value>40600</value>
<shrsOrPrnAmt>
<sshPrnamt>200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>200</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PEABODY ENERGY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>704551100</cusip>
<value>364800</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>PERMIAN RESOURCES CORP</nameOfIssuer>
<titleOfClass>CLASS A COM</titleOfClass>
<cusip>71424F105</cusip>
<value>204000</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>SELECT WATER SOLUTIONS INC</nameOfIssuer>
<titleOfClass>CL A COM</titleOfClass>
<cusip>81617J301</cusip>
<value>379500</value>
<shrsOrPrnAmt>
<sshPrnamt>50000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>50000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SIGMA LITHIUM CORPORATION</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>826599102</cusip>
<value>252240</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>SSR MINING IN</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>784730103</cusip>
<value>860800</value>
<shrsOrPrnAmt>
<sshPrnamt>80000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>80000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SYLVAMO CORP</nameOfIssuer>
<titleOfClass>COMMON STOCK</titleOfClass>
<cusip>871332102</cusip>
<value>392880</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>TEMPUR SEALY INTL INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>88023U101</cusip>
<value>922557</value>
<shrsOrPrnAmt>
<sshPrnamt>18100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>18100</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TEUCRIUM COMMODITY TR</nameOfIssuer>
<titleOfClass>WHEAT FD</titleOfClass>
<cusip>88166A508</cusip>
<value>39402</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>UBS GROUP AG</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>H42097107</cusip>
<value>1498650</value>
<shrsOrPrnAmt>
<sshPrnamt>48500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>48500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UR-ENERGY INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>91688R108</cusip>
<value>231000</value>
<shrsOrPrnAmt>
<sshPrnamt>150000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>150000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED STS NAT GAS FD LP</nameOfIssuer>
<titleOfClass>UNIT PAR</titleOfClass>
<cusip>912318300</cusip>
<value>23322</value>
<shrsOrPrnAmt>
<sshPrnamt>4600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4600</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VANECK ETF TRUST</nameOfIssuer>
<titleOfClass>RARE EARTH/STRTG</titleOfClass>
<cusip>92189H805</cusip>
<value>24620</value>
<shrsOrPrnAmt>
<sshPrnamt>400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>400</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VANECK ETF TRUST</nameOfIssuer>
<titleOfClass>STEEL ETF</titleOfClass>
<cusip>92189F205</cusip>
<value>36878</value>
<shrsOrPrnAmt>
<sshPrnamt>500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VIPER ENERGY INC</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>927959106</cusip>
<value>627600</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>AIR TRANSPORT SE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>00922R105</cusip>
<value>34909254</value>
<shrsOrPrnAmt>
<sshPrnamt>1982354</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1982354</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALASKA AIR GROUP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>011659109</cusip>
<value>54218767</value>
<shrsOrPrnAmt>
<sshPrnamt>1387734</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1387734</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALLEGIANT TRAVEL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>01748X102</cusip>
<value>53453214</value>
<shrsOrPrnAmt>
<sshPrnamt>647055</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>647055</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AMERICAN AIRLINE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>02376R102</cusip>
<value>174159419</value>
<shrsOrPrnAmt>
<sshPrnamt>12675358</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>12675358</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AZUL SA-ADR</nameOfIssuer>
<titleOfClass>SPONSR ADR PFD</titleOfClass>
<cusip>05501U106</cusip>
<value>7681466</value>
<shrsOrPrnAmt>
<sshPrnamt>792721</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>792721</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>B2GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>11777Q209</cusip>
<value>2666206</value>
<shrsOrPrnAmt>
<sshPrnamt>843736</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>843736</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BOEING CO/THE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>097023105</cusip>
<value>35779756</value>
<shrsOrPrnAmt>
<sshPrnamt>137266</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>137266</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BOOKING HOLDINGS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>09857L108</cusip>
<value>36007830</value>
<shrsOrPrnAmt>
<sshPrnamt>10151</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>10151</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BUENAVENTURA-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>204448104</cusip>
<value>2922910</value>
<shrsOrPrnAmt>
<sshPrnamt>191792</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>191792</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COPA HOLDIN-CL A</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>P31076105</cusip>
<value>17555714</value>
<shrsOrPrnAmt>
<sshPrnamt>165137</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>165137</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DELTA AIR LI</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>247361702</cusip>
<value>178400297</value>
<shrsOrPrnAmt>
<sshPrnamt>4434509</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4434509</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DRDGOLD LTD-ADR</nameOfIssuer>
<titleOfClass>SPON ADR REPSTG</titleOfClass>
<cusip>26152H301</cusip>
<value>2452162</value>
<shrsOrPrnAmt>
<sshPrnamt>308448</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>308448</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ELDORADO GOLD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>284902509</cusip>
<value>2732390</value>
<shrsOrPrnAmt>
<sshPrnamt>210670</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>210670</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EMBRAER SA-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>29082A107</cusip>
<value>7938131</value>
<shrsOrPrnAmt>
<sshPrnamt>430251</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>430251</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EURONAV NV</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>B38564108</cusip>
<value>92295</value>
<shrsOrPrnAmt>
<sshPrnamt>5247</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5247</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXPEDIA GROUP IN</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>30212P303</cusip>
<value>34406846</value>
<shrsOrPrnAmt>
<sshPrnamt>226674</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>226674</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXPEDITORS INTL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>302130109</cusip>
<value>149969</value>
<shrsOrPrnAmt>
<sshPrnamt>1179</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1179</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FEDEX CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>31428X106</cusip>
<value>136351</value>
<shrsOrPrnAmt>
<sshPrnamt>539</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>539</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO-NEVADA CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>9262165</value>
<shrsOrPrnAmt>
<sshPrnamt>83586</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>83586</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRONTIER GROUP H</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>35909R108</cusip>
<value>57240702</value>
<shrsOrPrnAmt>
<sshPrnamt>10483645</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>10483645</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GENERAL DYNAMICS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>369550108</cusip>
<value>32771912</value>
<shrsOrPrnAmt>
<sshPrnamt>126206</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>126206</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GRUPO AEROPO-ADR</nameOfIssuer>
<titleOfClass>SPON ADR SER B</titleOfClass>
<cusip>40051E202</cusip>
<value>10192924</value>
<shrsOrPrnAmt>
<sshPrnamt>34638</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>34638</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GXO LOGISTIC</nameOfIssuer>
<titleOfClass>COMMON STOCK</titleOfClass>
<cusip>36262G101</cusip>
<value>151188</value>
<shrsOrPrnAmt>
<sshPrnamt>2472</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2472</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HARMONY GOLD-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>413216300</cusip>
<value>3694465</value>
<shrsOrPrnAmt>
<sshPrnamt>600726</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>600726</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>INTERNATIONAL SE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>Y41053102</cusip>
<value>192380</value>
<shrsOrPrnAmt>
<sshPrnamt>4230</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4230</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>JETBLUE AIRWAYS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>477143101</cusip>
<value>54286365</value>
<shrsOrPrnAmt>
<sshPrnamt>9781327</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>9781327</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MAKEMYTRIP LTD</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>V5633W109</cusip>
<value>8528232</value>
<shrsOrPrnAmt>
<sshPrnamt>181529</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>181529</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MATSON INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>57686G105</cusip>
<value>109271</value>
<shrsOrPrnAmt>
<sshPrnamt>997</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>997</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEW GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>2861101</value>
<shrsOrPrnAmt>
<sshPrnamt>1959658</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1959658</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OSISKO GOLD ROYA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>3690737</value>
<shrsOrPrnAmt>
<sshPrnamt>258455</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>258455</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>9180017</value>
<shrsOrPrnAmt>
<sshPrnamt>75893</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>75893</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RYANAIR HLDG-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>783513203</cusip>
<value>17227845</value>
<shrsOrPrnAmt>
<sshPrnamt>129183</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>129183</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SANDSTORM GOLD</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>80013R206</cusip>
<value>3690461</value>
<shrsOrPrnAmt>
<sshPrnamt>733690</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>733690</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SCORPIO TANKERS</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>Y7542C130</cusip>
<value>105853</value>
<shrsOrPrnAmt>
<sshPrnamt>1741</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1741</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SIBANYE-STI-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>82575P107</cusip>
<value>3323926</value>
<shrsOrPrnAmt>
<sshPrnamt>612141</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>612141</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SKYWEST INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>830879102</cusip>
<value>49995542</value>
<shrsOrPrnAmt>
<sshPrnamt>957769</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>957769</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SOUTHWEST AIR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>844741108</cusip>
<value>179354821</value>
<shrsOrPrnAmt>
<sshPrnamt>6210347</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6210347</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SSR MINING INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>784730103</cusip>
<value>2544084</value>
<shrsOrPrnAmt>
<sshPrnamt>236439</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>236439</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SUN COUNTRY HOLD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>866683105</cusip>
<value>44838758</value>
<shrsOrPrnAmt>
<sshPrnamt>2850525</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2850525</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TEEKAY TANK-CL A</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>Y8565N300</cusip>
<value>195732</value>
<shrsOrPrnAmt>
<sshPrnamt>3917</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3917</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TEXTRON INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>883203101</cusip>
<value>32707216</value>
<shrsOrPrnAmt>
<sshPrnamt>406705</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>406705</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TORM PLC-A</nameOfIssuer>
<titleOfClass>SHS CL A</titleOfClass>
<cusip>G89479102</cusip>
<value>266665</value>
<shrsOrPrnAmt>
<sshPrnamt>8769</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>8769</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIP.COM GRO-ADR</nameOfIssuer>
<titleOfClass>ADS</titleOfClass>
<cusip>89677Q107</cusip>
<value>17757143</value>
<shrsOrPrnAmt>
<sshPrnamt>493117</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>493117</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIPADVISOR INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>896945201</cusip>
<value>37336895</value>
<shrsOrPrnAmt>
<sshPrnamt>1734180</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1734180</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED AIRLINES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>910047109</cusip>
<value>171637433</value>
<shrsOrPrnAmt>
<sshPrnamt>4159899</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4159899</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED PARCEL-B</nameOfIssuer>
<titleOfClass>CL B</titleOfClass>
<cusip>911312106</cusip>
<value>146538</value>
<shrsOrPrnAmt>
<sshPrnamt>932</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>932</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WHEATON PRECIOUS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>9195101</value>
<shrsOrPrnAmt>
<sshPrnamt>186362</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>186362</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ZTO EXPRESS -ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS A</titleOfClass>
<cusip>98980A105</cusip>
<value>141214</value>
<shrsOrPrnAmt>
<sshPrnamt>6636</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6636</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CENTERRA GOLD IN</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>152006102</cusip>
<value>358378</value>
<shrsOrPrnAmt>
<sshPrnamt>60000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>60000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CENTERRA GOLD IN</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>152006102</cusip>
<value>1493242</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>CENTERRA GOLD IN</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>152006102</cusip>
<value>2747583</value>
<shrsOrPrnAmt>
<sshPrnamt>460003</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>460003</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CENTERRA GOLD IN</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>152006102</cusip>
<value>107513</value>
<shrsOrPrnAmt>
<sshPrnamt>18000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>18000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ELECTRA BATTERY</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>28474P201</cusip>
<value>113267</value>
<shrsOrPrnAmt>
<sshPrnamt>300000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>300000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EMX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26873J107</cusip>
<value>2010496</value>
<shrsOrPrnAmt>
<sshPrnamt>1250000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1250000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENCORE ENERGY CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>29259W700</cusip>
<value>786831</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>I-80 GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>44955L106</cusip>
<value>351884</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>IVANHOE ELECTRIC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>46578C108</cusip>
<value>15168</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>OSISKO GOLD ROYA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>1070943</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>SILVERCREST META</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>828363101</cusip>
<value>1476440</value>
<shrsOrPrnAmt>
<sshPrnamt>225000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>225000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVERCREST META</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>828363101</cusip>
<value>393717</value>
<shrsOrPrnAmt>
<sshPrnamt>60000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>60000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SKEENA RESOURCES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>83056P715</cusip>
<value>365287</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>TRIPLE FLAG</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>89679M104</cusip>
<value>999018</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>VIZSLA SILVER CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>92859G202</cusip>
<value>157630</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>1261044</value>
<shrsOrPrnAmt>
<sshPrnamt>1000000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1000000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
