<SEC-DOCUMENT>0001437749-24-031620.txt : 20241021
<SEC-HEADER>0001437749-24-031620.hdr.sgml : 20241021
<ACCEPTANCE-DATETIME>20241021151149
ACCESSION NUMBER:		0001437749-24-031620
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240930
FILED AS OF DATE:		20241021
DATE AS OF CHANGE:		20241021
EFFECTIVENESS DATE:		20241021

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:		241383194

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED SERVICES ADVISORS INC /TX/
		DATE OF NAME CHANGE:	19950321
</SEC-HEADER>
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<TYPE>13F-HR
<SEQUENCE>1
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          <cik>0000754811</cik>
          <ccc>XXXXXXXX</ccc>
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        <fileNumber>028-02220</fileNumber>
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      <periodOfReport>09-30-2024</periodOfReport>
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    <coverPage>
      <reportCalendarOrQuarter>09-30-2024</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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      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-02220</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
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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>10-21-2024</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>169</tableEntryTotal>
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<nameOfIssuer>EXPEDITORS INTL</nameOfIssuer>
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<nameOfIssuer>FEDEX CORP</nameOfIssuer>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>FORTUNA MINING C</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>349942102</cusip>
<value>3176583</value>
<shrsOrPrnAmt>
<sshPrnamt>686087</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>686087</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO-NEVADA CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>9976281</value>
<shrsOrPrnAmt>
<sshPrnamt>80292</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRONTIER GROUP H</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>35909R108</cusip>
<value>40472504</value>
<shrsOrPrnAmt>
<sshPrnamt>7564954</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7564954</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRONTLINE PLC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>M46528101</cusip>
<value>135386</value>
<shrsOrPrnAmt>
<sshPrnamt>5925</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5925</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GENERAL DYNAMICS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>369550108</cusip>
<value>20246493</value>
<shrsOrPrnAmt>
<sshPrnamt>66997</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>66997</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GLOBAL SHIP-CL A</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>Y27183600</cusip>
<value>150253</value>
<shrsOrPrnAmt>
<sshPrnamt>5638</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5638</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GRUPO AEROPO-ADR</nameOfIssuer>
<titleOfClass>SPON ADR SER B</titleOfClass>
<cusip>40051E202</cusip>
<value>5124742</value>
<shrsOrPrnAmt>
<sshPrnamt>18124</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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</infoTable>
<infoTable>
<nameOfIssuer>HARMONY GOLD-ADR</nameOfIssuer>
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<cusip>413216300</cusip>
<value>3501063</value>
<shrsOrPrnAmt>
<sshPrnamt>344254</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IAMGOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>450913108</cusip>
<value>3159516</value>
<shrsOrPrnAmt>
<sshPrnamt>604114</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>604114</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>INTERNATIONAL SE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>Y41053102</cusip>
<value>277032</value>
<shrsOrPrnAmt>
<sshPrnamt>5373</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>JETBLUE AIRWAYS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>477143101</cusip>
<value>33808593</value>
<shrsOrPrnAmt>
<sshPrnamt>5153749</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5153749</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KINROSS GOLD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>496902404</cusip>
<value>3022044</value>
<shrsOrPrnAmt>
<sshPrnamt>322868</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>322868</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MAKEMYTRIP LTD</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>V5633W109</cusip>
<value>9790888</value>
<shrsOrPrnAmt>
<sshPrnamt>105335</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>105335</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEW GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>3392715</value>
<shrsOrPrnAmt>
<sshPrnamt>1178026</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1178026</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OSISKO GOLD ROYA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>4179484</value>
<shrsOrPrnAmt>
<sshPrnamt>225796</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>225796</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>10077468</value>
<shrsOrPrnAmt>
<sshPrnamt>71828</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>71828</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RYANAIR HLDG-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>783513203</cusip>
<value>10636050</value>
<shrsOrPrnAmt>
<sshPrnamt>235415</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>235415</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SANDSTORM GOLD</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>80013R206</cusip>
<value>4157958</value>
<shrsOrPrnAmt>
<sshPrnamt>692993</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>692993</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SCORPIO TANKERS</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>Y7542C130</cusip>
<value>347730</value>
<shrsOrPrnAmt>
<sshPrnamt>4877</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4877</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVERCREST META</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>828363101</cusip>
<value>3503012</value>
<shrsOrPrnAmt>
<sshPrnamt>378704</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SKYWEST INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>830879102</cusip>
<value>34097951</value>
<shrsOrPrnAmt>
<sshPrnamt>401058</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SOUTHWEST AIR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>844741108</cusip>
<value>100768786</value>
<shrsOrPrnAmt>
<sshPrnamt>3400904</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3400904</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPIRIT AIRLINES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>848577102</cusip>
<value>28816495</value>
<shrsOrPrnAmt>
<sshPrnamt>12006873</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SUN COUNTRY HOLD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>866683105</cusip>
<value>30331895</value>
<shrsOrPrnAmt>
<sshPrnamt>2705789</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2705789</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TEEKAY TANK-CL A</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>Y8565N300</cusip>
<value>285250</value>
<shrsOrPrnAmt>
<sshPrnamt>4897</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TEXTRON INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>883203101</cusip>
<value>20527795</value>
<shrsOrPrnAmt>
<sshPrnamt>231743</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>231743</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TORM PLC-A</nameOfIssuer>
<titleOfClass>SHS CL A</titleOfClass>
<cusip>G89479102</cusip>
<value>341729</value>
<shrsOrPrnAmt>
<sshPrnamt>9995</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>9995</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIP.COM GRO-ADR</nameOfIssuer>
<titleOfClass>ADS</titleOfClass>
<cusip>89677Q107</cusip>
<value>12710056</value>
<shrsOrPrnAmt>
<sshPrnamt>213866</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>213866</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIPADVISOR INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>896945201</cusip>
<value>21916821</value>
<shrsOrPrnAmt>
<sshPrnamt>1512548</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIPLE FLAG</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>89679M104</cusip>
<value>3962223</value>
<shrsOrPrnAmt>
<sshPrnamt>244884</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>244884</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED AIRLINES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>910047109</cusip>
<value>117307714</value>
<shrsOrPrnAmt>
<sshPrnamt>2055866</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2055866</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED PARCEL-B</nameOfIssuer>
<titleOfClass>CL B</titleOfClass>
<cusip>911312106</cusip>
<value>204374</value>
<shrsOrPrnAmt>
<sshPrnamt>1499</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>10061525</value>
<shrsOrPrnAmt>
<sshPrnamt>164727</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>164727</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ZTO EXPRESS -ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS A</titleOfClass>
<cusip>98980A105</cusip>
<value>222980</value>
<shrsOrPrnAmt>
<sshPrnamt>9002</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>9002</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALAMOS GOLD INC</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>011532108</cusip>
<value>368550</value>
<shrsOrPrnAmt>
<sshPrnamt>18500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>18500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BW LPG LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>Y10230103</cusip>
<value>337362</value>
<shrsOrPrnAmt>
<sshPrnamt>23651</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>23651</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COLLECTIVE MININ</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>19425C100</cusip>
<value>240612</value>
<shrsOrPrnAmt>
<sshPrnamt>75000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COLLECTIVE MININ</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>19425C100</cusip>
<value>160408</value>
<shrsOrPrnAmt>
<sshPrnamt>50000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EMX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26873J107</cusip>
<value>1781490</value>
<shrsOrPrnAmt>
<sshPrnamt>1000000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENCORE ENERGY CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>29259W700</cusip>
<value>410260</value>
<shrsOrPrnAmt>
<sshPrnamt>100000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>100000</Shared>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENDEAVOUR SILVER</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>29258Y103</cusip>
<value>296053</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>ENDEAVOUR SILVER</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>29258Y103</cusip>
<value>789474</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>ENDEAVOUR SILVER</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>29258Y103</cusip>
<value>296053</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>HAFNIA LTD</nameOfIssuer>
<titleOfClass>ORD SHS</titleOfClass>
<cusip>G4233B109</cusip>
<value>333152</value>
<shrsOrPrnAmt>
<sshPrnamt>46805</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>46805</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>METHANEX CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>59151K108</cusip>
<value>371762</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>OSISKO GOLD ROYA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>2222058</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>SKEENA RESOURCES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>83056P715</cusip>
<value>169870</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>20000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VIZSLA SILVER CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>92859G608</cusip>
<value>478637</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>VIZSLA SILVER CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>92859G608</cusip>
<value>1579502</value>
<shrsOrPrnAmt>
<sshPrnamt>825000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>825000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AGNICO EAGLE MINES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>008474108</cusip>
<value>201400</value>
<shrsOrPrnAmt>
<sshPrnamt>2500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AGNICO EAGLE MINES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>008474108</cusip>
<value>402800</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>1611200</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>ALAMOS GOLD INC NEW</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>011532108</cusip>
<value>5982000</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>A-MARK PRECIOUS METALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>00181T107</cusip>
<value>662400</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>AMAZON COM INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>023135106</cusip>
<value>1486913</value>
<shrsOrPrnAmt>
<sshPrnamt>7980</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7980</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>025816109</cusip>
<value>949200</value>
<shrsOrPrnAmt>
<sshPrnamt>3500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ANGLOGOLD ASHANTI PLC</nameOfIssuer>
<titleOfClass>COM SHS</titleOfClass>
<cusip>G0378L100</cusip>
<value>2663000</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>ANTERO RESOURCES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>03674X106</cusip>
<value>429750</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>APOLLO GLOBAL MGMT INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>03769M106</cusip>
<value>886861</value>
<shrsOrPrnAmt>
<sshPrnamt>7100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7100</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ARCHER DANIELS MIDLAND CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>039483102</cusip>
<value>388310</value>
<shrsOrPrnAmt>
<sshPrnamt>6500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BAKER HUGHES COMPANY</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>05722G100</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>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>497250</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>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>1157598</value>
<shrsOrPrnAmt>
<sshPrnamt>58200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>58200</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>37125</value>
<shrsOrPrnAmt>
<sshPrnamt>250</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>250</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>215325</value>
<shrsOrPrnAmt>
<sshPrnamt>1450</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1450</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BHP GROUP LTD</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>088606108</cusip>
<value>217385</value>
<shrsOrPrnAmt>
<sshPrnamt>3500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BP PLC</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>055622104</cusip>
<value>313900</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>BUNGE GLOBAL SA</nameOfIssuer>
<titleOfClass>COM SHS</titleOfClass>
<cusip>H11356104</cusip>
<value>434880</value>
<shrsOrPrnAmt>
<sshPrnamt>4500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CAMECO CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>13321L108</cusip>
<value>238800</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>CANADIAN NAT RES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>136385101</cusip>
<value>199260</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>CARNIVAL CORP</nameOfIssuer>
<titleOfClass>UNIT 99/99/9999</titleOfClass>
<cusip>143658300</cusip>
<value>1084776</value>
<shrsOrPrnAmt>
<sshPrnamt>58700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>58700</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CHENIERE ENERGY INC</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>16411R208</cusip>
<value>1348800</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>763680</value>
<shrsOrPrnAmt>
<sshPrnamt>111000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>111000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COEUR MNG INC</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>192108504</cusip>
<value>860000</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>COEUR MNG INC</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>192108504</cusip>
<value>2408000</value>
<shrsOrPrnAmt>
<sshPrnamt>350000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>350000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>20825C104</cusip>
<value>157920</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>CONSTELLATION BRANDS INC</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>21036P108</cusip>
<value>1015299</value>
<shrsOrPrnAmt>
<sshPrnamt>3940</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3940</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DENISON MINES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>248356107</cusip>
<value>210450</value>
<shrsOrPrnAmt>
<sshPrnamt>115000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>115000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ELDORADO GOLD CORP NEW</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>284902509</cusip>
<value>1737000</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>EOG RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26875P101</cusip>
<value>307325</value>
<shrsOrPrnAmt>
<sshPrnamt>2500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>30231G102</cusip>
<value>410270</value>
<shrsOrPrnAmt>
<sshPrnamt>3500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FERRARI N V</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>N3167Y103</cusip>
<value>45975</value>
<shrsOrPrnAmt>
<sshPrnamt>25</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>25</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FERRARI N V</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>N3167Y103</cusip>
<value>2280034</value>
<shrsOrPrnAmt>
<sshPrnamt>4850</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4850</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FIRST SOLAR INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>336433107</cusip>
<value>249440</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>FMC CORP</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>302491303</cusip>
<value>428610</value>
<shrsOrPrnAmt>
<sshPrnamt>6500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>422450</value>
<shrsOrPrnAmt>
<sshPrnamt>3400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3400</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>994000</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>GOLDMAN SACHS GROUP INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>38141G104</cusip>
<value>1470477</value>
<shrsOrPrnAmt>
<sshPrnamt>2970</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2970</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GRAPHIC PACKAGING HLDG CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>388689101</cusip>
<value>221925</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>HARMONY GOLD MINING CO LTD</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>413216300</cusip>
<value>2034000</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>HECLA MNG CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>422704106</cusip>
<value>1334000</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>HILTON WORLDWIDE HLDGS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>43300A203</cusip>
<value>2005350</value>
<shrsOrPrnAmt>
<sshPrnamt>8700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>8700</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HUDBAY MINERALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>443628102</cusip>
<value>459500</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>IAMGOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>450913108</cusip>
<value>1307500</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>IMPERIAL OIL LTD</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>453038408</cusip>
<value>422700</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>INGREDION INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>457187102</cusip>
<value>549720</value>
<shrsOrPrnAmt>
<sshPrnamt>4000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IVANHOE ELECTRIC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>46578C108</cusip>
<value>338400</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>KIMBELL RTY PARTNERS LP</nameOfIssuer>
<titleOfClass>UNIT</titleOfClass>
<cusip>49435R102</cusip>
<value>482700</value>
<shrsOrPrnAmt>
<sshPrnamt>30000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>30000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>496902404</cusip>
<value>140400</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>KINROSS GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>496902404</cusip>
<value>1872000</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>KKR &amp; CO INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>48251W104</cusip>
<value>1168691</value>
<shrsOrPrnAmt>
<sshPrnamt>8950</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>8950</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LAS VEGAS SANDS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>517834107</cusip>
<value>432924</value>
<shrsOrPrnAmt>
<sshPrnamt>8600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>8600</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LAUDER ESTEE COS INC</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>518439104</cusip>
<value>598140</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>LIBERTY ENERGY INC</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>53115L104</cusip>
<value>143175</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>953720</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>1288913</value>
<shrsOrPrnAmt>
<sshPrnamt>4750</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4750</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MARATHON OIL CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>565849106</cusip>
<value>466025</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>MARRIOTT INTL INC NEW</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>571903202</cusip>
<value>298320</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>NEW GOLD INC CDA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>100800</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>144000</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>NEW GOLD INC CDA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>720000</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>NEW GOLD INC CDA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>2880000</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>33500</value>
<shrsOrPrnAmt>
<sshPrnamt>100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>100</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>184250</value>
<shrsOrPrnAmt>
<sshPrnamt>550</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>550</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>1069000</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>20000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEWMONT CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>651639106</cusip>
<value>1603500</value>
<shrsOrPrnAmt>
<sshPrnamt>30000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>30000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NORTHERN TR CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>665859104</cusip>
<value>846282</value>
<shrsOrPrnAmt>
<sshPrnamt>9400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>9400</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ON HLDG AG</nameOfIssuer>
<titleOfClass>NAMEN AKT A</titleOfClass>
<cusip>H5919C104</cusip>
<value>132898</value>
<shrsOrPrnAmt>
<sshPrnamt>2650</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2650</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>185100</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>185100</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>407220</value>
<shrsOrPrnAmt>
<sshPrnamt>22000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>22000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OSISKO GOLD ROYALTIES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>68827L101</cusip>
<value>925500</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>PAN AMERN SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>697900108</cusip>
<value>1043500</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>68646</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>PERMIAN RESOURCES CORP</nameOfIssuer>
<titleOfClass>CLASS A COM</titleOfClass>
<cusip>71424F105</cusip>
<value>204150</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>PERPETUA RESOURCES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>714266103</cusip>
<value>233750</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>PROSHARES TR II</nameOfIssuer>
<titleOfClass>ULTRASHRT NEW</titleOfClass>
<cusip>74347W395</cusip>
<value>69320</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>155970</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>215320</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>ROYAL CARIBBEAN GROUP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>V7780T103</cusip>
<value>1631712</value>
<shrsOrPrnAmt>
<sshPrnamt>9200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>9200</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>455975</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>1122400</value>
<shrsOrPrnAmt>
<sshPrnamt>8000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>8000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
