<SEC-DOCUMENT>0001437749-24-013047.txt : 20240424
<SEC-HEADER>0001437749-24-013047.hdr.sgml : 20240424
<ACCEPTANCE-DATETIME>20240424170447
ACCESSION NUMBER:		0001437749-24-013047
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240424
DATE AS OF CHANGE:		20240424
EFFECTIVENESS DATE:		20240424

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:		24871436

	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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      <periodOfReport>03-31-2024</periodOfReport>
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      <reportCalendarOrQuarter>03-31-2024</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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      <form13FFileNumber>028-02220</form13FFileNumber>
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    <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>04-24-2024</signatureDate>
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<votingAuthority>
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<nameOfIssuer>ATLANTICA SUSTAINABLE INFR P</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>G0751N103</cusip>
<value>323400</value>
<shrsOrPrnAmt>
<sshPrnamt>17500</sshPrnamt>
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<nameOfIssuer>ATLAS LITHIUM CORP</nameOfIssuer>
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<cusip>105861306</cusip>
<value>51060</value>
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<sshPrnamt>3000</sshPrnamt>
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<nameOfIssuer>BHP GROUP LTD</nameOfIssuer>
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<nameOfIssuer>AMPLIFY COMMODITY TRUST</nameOfIssuer>
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<cusip>03210A107</cusip>
<value>16632</value>
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<nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
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<shrsOrPrnAmt>
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<infoTable>
<nameOfIssuer>GLOBAL X FDS</nameOfIssuer>
<titleOfClass>GLOBAL X COPPER</titleOfClass>
<cusip>37954Y830</cusip>
<value>101832</value>
<shrsOrPrnAmt>
<sshPrnamt>2400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2400</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GLOBAL X FDS</nameOfIssuer>
<titleOfClass>GLOBAL X URANIUM</titleOfClass>
<cusip>37954Y871</cusip>
<value>69192</value>
<shrsOrPrnAmt>
<sshPrnamt>2400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2400</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GLOBAL X FDS</nameOfIssuer>
<titleOfClass>US INFR DEV ETF</titleOfClass>
<cusip>37954Y673</cusip>
<value>302556</value>
<shrsOrPrnAmt>
<sshPrnamt>7600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7600</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD RESOURCE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>38068T105</cusip>
<value>434600</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>GRAYSCALE BITCOIN TR BTC</nameOfIssuer>
<titleOfClass>SHS REP COM UT</titleOfClass>
<cusip>389637109</cusip>
<value>69487</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>HALLIBURTON CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>406216101</cusip>
<value>394200</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>3268000</value>
<shrsOrPrnAmt>
<sshPrnamt>400000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>400000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IAMGOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>450913108</cusip>
<value>832500</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>INVESCO DB MULTI-SECTOR COMM</nameOfIssuer>
<titleOfClass>AGRICULTURE FD</titleOfClass>
<cusip>46140H106</cusip>
<value>133704</value>
<shrsOrPrnAmt>
<sshPrnamt>5400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5400</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>INVESCO DB MULTI-SECTOR COMM</nameOfIssuer>
<titleOfClass>BASE METALS FD</titleOfClass>
<cusip>46140H700</cusip>
<value>96984</value>
<shrsOrPrnAmt>
<sshPrnamt>5400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5400</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>INVESCO DB US DLR INDEX TR</nameOfIssuer>
<titleOfClass>BULLISH FD</titleOfClass>
<cusip>46141D203</cusip>
<value>422713</value>
<shrsOrPrnAmt>
<sshPrnamt>14900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>14900</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>INVESCO EXCH TRADED FD TR II</nameOfIssuer>
<titleOfClass>S&amp;P GBL WATER</titleOfClass>
<cusip>46138E263</cusip>
<value>211014</value>
<shrsOrPrnAmt>
<sshPrnamt>3800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3800</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ISHARES TR</nameOfIssuer>
<titleOfClass>GL TIMB FORE ETF</titleOfClass>
<cusip>464288174</cusip>
<value>29871</value>
<shrsOrPrnAmt>
<sshPrnamt>354</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>354</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ISHARES SILVER TR</nameOfIssuer>
<titleOfClass>ISHARES</titleOfClass>
<cusip>46428Q109</cusip>
<value>134225</value>
<shrsOrPrnAmt>
<sshPrnamt>5900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5900</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ISHARES TR</nameOfIssuer>
<titleOfClass>U.S. ENERGY ETF</titleOfClass>
<cusip>464287796</cusip>
<value>83980</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>ISHARES TR</nameOfIssuer>
<titleOfClass>US OIL EQ&amp;SV ETF</titleOfClass>
<cusip>464288844</cusip>
<value>96965</value>
<shrsOrPrnAmt>
<sshPrnamt>4100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4100</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IVANHOE ELECTRIC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>46578C108</cusip>
<value>61730</value>
<shrsOrPrnAmt>
<sshPrnamt>6299</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6299</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IVANHOE ELECTRIC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>46578C108</cusip>
<value>161690</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>1362040</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>KRANESHARES TR</nameOfIssuer>
<titleOfClass>GLOBAL CARB STRA</titleOfClass>
<cusip>500767678</cusip>
<value>55368</value>
<shrsOrPrnAmt>
<sshPrnamt>1800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1800</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KIMBELL RTY PARTNERS LP</nameOfIssuer>
<titleOfClass>UNIT</titleOfClass>
<cusip>49435R102</cusip>
<value>853600</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>KINROSS GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>496902404</cusip>
<value>613000</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>KKR &amp; CO INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>48251W104</cusip>
<value>1222047</value>
<shrsOrPrnAmt>
<sshPrnamt>12150</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>12150</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LAS VEGAS SANDS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>517834107</cusip>
<value>979715</value>
<shrsOrPrnAmt>
<sshPrnamt>18950</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>18950</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LIBERTY ENERGY INC</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>53115L104</cusip>
<value>155400</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>LINDE PLC</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>G54950103</cusip>
<value>928640</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>LULULEMON ATHLETICA INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>550021109</cusip>
<value>1445405</value>
<shrsOrPrnAmt>
<sshPrnamt>3700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3700</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MARATHON OIL CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>565849106</cusip>
<value>495950</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>604500</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>MARRIOTT INTL INC NEW</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>571903202</cusip>
<value>925978</value>
<shrsOrPrnAmt>
<sshPrnamt>3670</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3670</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MICROSTRATEGY INC</nameOfIssuer>
<titleOfClass>CL A NEW</titleOfClass>
<cusip>594972408</cusip>
<value>8523</value>
<shrsOrPrnAmt>
<sshPrnamt>5</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>59500</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>255000</value>
<shrsOrPrnAmt>
<sshPrnamt>150000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>150000</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>1700000</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>NEXGEN ENERGY LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>65340P106</cusip>
<value>194250</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>OCCIDENTAL PETE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>674599105</cusip>
<value>649900</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>ON HLDG AG</nameOfIssuer>
<titleOfClass>NAMEN AKT A</titleOfClass>
<cusip>H5919C104</cusip>
<value>141520</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>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>164200</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 ROYALTIES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>164200</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 ROYALTIES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>574700</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>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>821000</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>PARAMOUNT GOLD NEV CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>69924M109</cusip>
<value>68952</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>PEABODY ENERGY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>704551100</cusip>
<value>363900</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>264900</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>PROSHARES TR II</nameOfIssuer>
<titleOfClass>ULTRASHRT NEW</titleOfClass>
<cusip>74347W395</cusip>
<value>93500</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>PROSHARES TR II</nameOfIssuer>
<titleOfClass>ULTRASHRT NEW</titleOfClass>
<cusip>74347W395</cusip>
<value>210375</value>
<shrsOrPrnAmt>
<sshPrnamt>9000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>9000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RANGE RES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>75281A109</cusip>
<value>344300</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 CARIBBEAN GROUP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>V7780T103</cusip>
<value>1237189</value>
<shrsOrPrnAmt>
<sshPrnamt>8900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>8900</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>395883</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>1218100</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>1050000</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>SCHLUMBERGER LTD</nameOfIssuer>
<titleOfClass>COM STK</titleOfClass>
<cusip>806857108</cusip>
<value>328860</value>
<shrsOrPrnAmt>
<sshPrnamt>6000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SEABRIDGE GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>811916105</cusip>
<value>75600</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>SEABRIDGE GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>811916105</cusip>
<value>151200</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>SELECT WATER SOLUTIONS INC</nameOfIssuer>
<titleOfClass>CL A COM</titleOfClass>
<cusip>81617J301</cusip>
<value>461500</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>38880</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>SILVERCORP METALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>82835P103</cusip>
<value>815000</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>SPDR GOLD TR</nameOfIssuer>
<titleOfClass>GOLD SHS</titleOfClass>
<cusip>78463V107</cusip>
<value>205720</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>SPDR SER TR</nameOfIssuer>
<titleOfClass>S&amp;P OILGAS EXP</titleOfClass>
<cusip>78468R556</cusip>
<value>92958</value>
<shrsOrPrnAmt>
<sshPrnamt>600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>600</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SSR MINING IN</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>784730103</cusip>
<value>446000</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>SYLVAMO CORP</nameOfIssuer>
<titleOfClass>COMMON STOCK</titleOfClass>
<cusip>871332102</cusip>
<value>432180</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>TEUCRIUM COMMODITY TR</nameOfIssuer>
<titleOfClass>WHEAT FD</titleOfClass>
<cusip>88166A508</cusip>
<value>84396</value>
<shrsOrPrnAmt>
<sshPrnamt>15600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>15600</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TOLL BROTHERS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>889478103</cusip>
<value>718004</value>
<shrsOrPrnAmt>
<sshPrnamt>5550</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5550</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TESLA INC</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>88160R101</cusip>
<value>21100</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>UBS GROUP AG</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>H42097107</cusip>
<value>2088960</value>
<shrsOrPrnAmt>
<sshPrnamt>68000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>68000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED STS OIL FD LP</nameOfIssuer>
<titleOfClass>UNITS</titleOfClass>
<cusip>91232N207</cusip>
<value>157460</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>UR-ENERGY INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>91688R108</cusip>
<value>240000</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 GASOLINE FD LP</nameOfIssuer>
<titleOfClass>UNITS</titleOfClass>
<cusip>91201T102</cusip>
<value>120581</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>VALERO ENERGY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>91913Y100</cusip>
<value>469398</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>VANECK ETF TRUST</nameOfIssuer>
<titleOfClass>AGRIBUSINESS ETF</titleOfClass>
<cusip>92189F700</cusip>
<value>240416</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>VANECK ETF TRUST</nameOfIssuer>
<titleOfClass>GOLD MINERS ETF</titleOfClass>
<cusip>92189F106</cusip>
<value>98022</value>
<shrsOrPrnAmt>
<sshPrnamt>3100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3100</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VANECK ETF TRUST</nameOfIssuer>
<titleOfClass>GOLD MINERS ETF</titleOfClass>
<cusip>92189F106</cusip>
<value>189720</value>
<shrsOrPrnAmt>
<sshPrnamt>6000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VANECK ETF TRUST</nameOfIssuer>
<titleOfClass>GOLD MINERS ETF</titleOfClass>
<cusip>92189F106</cusip>
<value>474300</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>VIPER ENERGY INC</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>927959106</cusip>
<value>769200</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>VOX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>92919F103</cusip>
<value>418000</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>3135000</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>WHEATON PRECIOUS METALS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>942600</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>27598570</value>
<shrsOrPrnAmt>
<sshPrnamt>2005710</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2005710</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALASKA AIR GROUP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>011659109</cusip>
<value>44711792</value>
<shrsOrPrnAmt>
<sshPrnamt>1040051</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1040051</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALLEGIANT TRAVEL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>01748X102</cusip>
<value>40474337</value>
<shrsOrPrnAmt>
<sshPrnamt>538151</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>538151</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AMERICAN AIRLINE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>02376R102</cusip>
<value>145200393</value>
<shrsOrPrnAmt>
<sshPrnamt>9459309</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>9459309</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AZUL SA-ADR</nameOfIssuer>
<titleOfClass>SPONSR ADR PFD</titleOfClass>
<cusip>05501U106</cusip>
<value>6797180</value>
<shrsOrPrnAmt>
<sshPrnamt>874798</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>874798</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BOEING CO/THE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>097023105</cusip>
<value>24856533</value>
<shrsOrPrnAmt>
<sshPrnamt>128797</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>128797</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BOOKING HOLDINGS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>09857L108</cusip>
<value>27441284</value>
<shrsOrPrnAmt>
<sshPrnamt>7564</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7564</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COPA HOLDIN-CL A</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>P31076105</cusip>
<value>6801231</value>
<shrsOrPrnAmt>
<sshPrnamt>65296</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>65296</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DELTA AIR LI</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>247361702</cusip>
<value>158738069</value>
<shrsOrPrnAmt>
<sshPrnamt>3316024</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3316024</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ELDORADO GOLD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>284902509</cusip>
<value>2899447</value>
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<infoTable>
<nameOfIssuer>EMBRAER SA-ADR</nameOfIssuer>
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<shrsOrPrnAmt>
<sshPrnamt>306229</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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<None>0</None>
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<infoTable>
<nameOfIssuer>EXPEDIA GROUP IN</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>30212P303</cusip>
<value>26542772</value>
<shrsOrPrnAmt>
<sshPrnamt>192688</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>192688</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXPEDITORS INTL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>302130109</cusip>
<value>180410</value>
<shrsOrPrnAmt>
<sshPrnamt>1484</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1484</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FEDEX CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>31428X106</cusip>
<value>207454</value>
<shrsOrPrnAmt>
<sshPrnamt>716</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>716</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FORTUNA SILVER</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>349915108</cusip>
<value>4007512</value>
<shrsOrPrnAmt>
<sshPrnamt>1074400</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1074400</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO-NEVADA CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>8592270</value>
<shrsOrPrnAmt>
<sshPrnamt>72107</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>72107</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRONTIER GROUP H</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>35909R108</cusip>
<value>39467039</value>
<shrsOrPrnAmt>
<sshPrnamt>4866466</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4866466</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GENERAL DYNAMICS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>369550108</cusip>
<value>26721012</value>
<shrsOrPrnAmt>
<sshPrnamt>94591</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>94591</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GRUPO AEROPO-ADR</nameOfIssuer>
<titleOfClass>SPON ADR SER B</titleOfClass>
<cusip>40051E202</cusip>
<value>7180816</value>
<shrsOrPrnAmt>
<sshPrnamt>22533</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GXO LOGISTIC</nameOfIssuer>
<titleOfClass>COMMON STOCK</titleOfClass>
<cusip>36262G101</cusip>
<value>196170</value>
<shrsOrPrnAmt>
<sshPrnamt>3649</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3649</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HARMONY GOLD-ADR</nameOfIssuer>
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<cusip>413216300</cusip>
<value>2894312</value>
<shrsOrPrnAmt>
<sshPrnamt>354261</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>354261</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>INTERNATIONAL SE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>Y41053102</cusip>
<value>118370</value>
<shrsOrPrnAmt>
<sshPrnamt>2225</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2225</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>JETBLUE AIRWAYS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>477143101</cusip>
<value>42103788</value>
<shrsOrPrnAmt>
<sshPrnamt>5674365</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5674365</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MAKEMYTRIP LTD</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>V5633W109</cusip>
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<shrsOrPrnAmt>
<sshPrnamt>108181</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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<None>0</None>
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<infoTable>
<nameOfIssuer>MATSON INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
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<shrsOrPrnAmt>
<sshPrnamt>1131</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1131</Shared>
<None>0</None>
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</infoTable>
<infoTable>
<nameOfIssuer>NEW GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>2910985</value>
<shrsOrPrnAmt>
<sshPrnamt>1712344</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1712344</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OSISKO GOLD ROYA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>3435918</value>
<shrsOrPrnAmt>
<sshPrnamt>209252</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>209252</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>8959369</value>
<shrsOrPrnAmt>
<sshPrnamt>73552</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>73552</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RYANAIR HLDG-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>783513203</cusip>
<value>13685606</value>
<shrsOrPrnAmt>
<sshPrnamt>94001</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>94001</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SANDSTORM GOLD</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>80013R206</cusip>
<value>3750621</value>
<shrsOrPrnAmt>
<sshPrnamt>714404</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>714404</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SCORPIO TANKERS</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>Y7542C130</cusip>
<value>126214</value>
<shrsOrPrnAmt>
<sshPrnamt>1764</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1764</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SFL CORP LTD</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>G7738W106</cusip>
<value>114547</value>
<shrsOrPrnAmt>
<sshPrnamt>8691</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>8691</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SIBANYE-STI-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>82575P107</cusip>
<value>2904290</value>
<shrsOrPrnAmt>
<sshPrnamt>616622</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>616622</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVERCORP METAL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>82835P103</cusip>
<value>2991702</value>
<shrsOrPrnAmt>
<sshPrnamt>917700</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>917700</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVERCREST META</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>828363101</cusip>
<value>2967696</value>
<shrsOrPrnAmt>
<sshPrnamt>445600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>445600</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SKYWEST INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>830879102</cusip>
<value>40245179</value>
<shrsOrPrnAmt>
<sshPrnamt>582588</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>582588</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SOUTHWEST AIR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>844741108</cusip>
<value>117874620</value>
<shrsOrPrnAmt>
<sshPrnamt>4038185</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4038185</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SUN COUNTRY HOLD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>866683105</cusip>
<value>39422595</value>
<shrsOrPrnAmt>
<sshPrnamt>2612498</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2612498</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TEEKAY TANK-CL A</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>Y8565N300</cusip>
<value>256186</value>
<shrsOrPrnAmt>
<sshPrnamt>4386</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4386</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TEXTRON INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>883203101</cusip>
<value>27800322</value>
<shrsOrPrnAmt>
<sshPrnamt>289798</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>289798</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TORM PLC-A</nameOfIssuer>
<titleOfClass>SHS CL A</titleOfClass>
<cusip>G89479102</cusip>
<value>248355</value>
<shrsOrPrnAmt>
<sshPrnamt>7106</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7106</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIP.COM GRO-ADR</nameOfIssuer>
<titleOfClass>ADS</titleOfClass>
<cusip>89677Q107</cusip>
<value>13275321</value>
<shrsOrPrnAmt>
<sshPrnamt>302468</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>302468</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIPADVISOR INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>896945201</cusip>
<value>26965332</value>
<shrsOrPrnAmt>
<sshPrnamt>970325</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>970325</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIPLE FLAG</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>89679M104</cusip>
<value>2875550</value>
<shrsOrPrnAmt>
<sshPrnamt>199000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>199000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED AIRLINES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>910047109</cusip>
<value>151962549</value>
<shrsOrPrnAmt>
<sshPrnamt>3173821</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3173821</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED PARCEL-B</nameOfIssuer>
<titleOfClass>CL B</titleOfClass>
<cusip>911312106</cusip>
<value>177613</value>
<shrsOrPrnAmt>
<sshPrnamt>1195</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WHEATON PRECIOUS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>8919918</value>
<shrsOrPrnAmt>
<sshPrnamt>189262</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>189262</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ZTO EXPRESS -ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS A</titleOfClass>
<cusip>98980A105</cusip>
<value>184586</value>
<shrsOrPrnAmt>
<sshPrnamt>8815</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>8815</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CENTERRA GOLD IN</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>152006102</cusip>
<value>354505</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>1477105</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>3563994</value>
<shrsOrPrnAmt>
<sshPrnamt>603206</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>603206</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CENTERRA GOLD IN</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>152006102</cusip>
<value>384047</value>
<shrsOrPrnAmt>
<sshPrnamt>65000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>65000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EMX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26873J107</cusip>
<value>2160266</value>
<shrsOrPrnAmt>
<sshPrnamt>1250000</sshPrnamt>
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<Sole>0</Sole>
<Shared>1250000</Shared>
<None>0</None>
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<infoTable>
<nameOfIssuer>ENCORE ENERGY CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>29259W700</cusip>
<value>637001</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>I-80 GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>44955L106</cusip>
<value>262925</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>14702</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>61780</value>
<shrsOrPrnAmt>
<sshPrnamt>6299</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6299</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>METHANEX CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>59151K108</cusip>
<value>178346</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>ORLA MINING LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68634K106</cusip>
<value>947194</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>OSISKO GOLD ROYA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>820901</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>SILVERCREST META</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>828363101</cusip>
<value>1333826</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>SILVERCREST META</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>828363101</cusip>
<value>233419</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>SKEENA RESOURCES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>83056P715</cusip>
<value>345089</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>1084010</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>599255</value>
<shrsOrPrnAmt>
<sshPrnamt>41461</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>41461</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VIZSLA SILVER CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>92859G202</cusip>
<value>147718</value>
<shrsOrPrnAmt>
<sshPrnamt>113000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>113000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VIZSLA SILVER CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>92859G202</cusip>
<value>1176514</value>
<shrsOrPrnAmt>
<sshPrnamt>900000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>900000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
