<SEC-DOCUMENT>0001437749-25-012894.txt : 20250424
<SEC-HEADER>0001437749-25-012894.hdr.sgml : 20250424
<ACCEPTANCE-DATETIME>20250424123123
ACCESSION NUMBER:		0001437749-25-012894
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250424
DATE AS OF CHANGE:		20250424
EFFECTIVENESS DATE:		20250424

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
		EIN:				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:		25865947

	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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<SEQUENCE>1
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      <periodOfReport>03-31-2025</periodOfReport>
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      <reportCalendarOrQuarter>03-31-2025</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>
      <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>04-24-2025</signatureDate>
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<nameOfIssuer>RANGE RES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>75281A109</cusip>
<value>279510</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>RIVIAN AUTOMOTIVE INC</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>76954A103</cusip>
<value>108315</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>ROYAL CARIBBEAN GROUP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>V7780T103</cusip>
<value>1202851</value>
<shrsOrPrnAmt>
<sshPrnamt>5855</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5855</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>10305545</value>
<shrsOrPrnAmt>
<sshPrnamt>63027</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>63027</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>515057</value>
<shrsOrPrnAmt>
<sshPrnamt>3150</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3150</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>1308080</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>RYANAIR HLDG-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>783513203</cusip>
<value>6717043</value>
<shrsOrPrnAmt>
<sshPrnamt>158533</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>158533</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SABRE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>78573M104</cusip>
<value>12867021</value>
<shrsOrPrnAmt>
<sshPrnamt>4579011</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4579011</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SANDSTORM GOLD</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>80013R206</cusip>
<value>4710430</value>
<shrsOrPrnAmt>
<sshPrnamt>623898</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>623898</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SANDSTORM GOLD LTD</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>80013R206</cusip>
<value>1887500</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>SCHLUMBERGER LTD</nameOfIssuer>
<titleOfClass>COM STK</titleOfClass>
<cusip>806857108</cusip>
<value>188100</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>SCORPIO TANKERS</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>Y7542C130</cusip>
<value>260918</value>
<shrsOrPrnAmt>
<sshPrnamt>6943</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6943</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SEABRIDGE GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>811916105</cusip>
<value>233400</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>SEABRIDGE GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>811916105</cusip>
<value>233400</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>SELECT WATER SOLUTIONS INC</nameOfIssuer>
<titleOfClass>CL A COM</titleOfClass>
<cusip>81617J301</cusip>
<value>157500</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>SHELL PLC</nameOfIssuer>
<titleOfClass>SPON ADS</titleOfClass>
<cusip>780259305</cusip>
<value>366400</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>SIGMA LITHIUM CORPORATION</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>826599102</cusip>
<value>104000</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>SILVERCORP METALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>82835P103</cusip>
<value>270900</value>
<shrsOrPrnAmt>
<sshPrnamt>70000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>70000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVERCORP METALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>82835P103</cusip>
<value>967500</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>SKYWEST INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>830879102</cusip>
<value>23596365</value>
<shrsOrPrnAmt>
<sshPrnamt>270074</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>270074</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SOLITARIO RESOURCES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>8342EP107</cusip>
<value>180000</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>SOUTHWEST AIR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>844741108</cusip>
<value>89474246</value>
<shrsOrPrnAmt>
<sshPrnamt>2664510</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2664510</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>STANDARD LITHIUM LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>853606101</cusip>
<value>95250</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>STEEL DYNAMICS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>858119100</cusip>
<value>187620</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>SUN COUNTRY HOLD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>866683105</cusip>
<value>21209348</value>
<shrsOrPrnAmt>
<sshPrnamt>1721538</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1721538</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TECK RESOURCES LTD</nameOfIssuer>
<titleOfClass>CL B</titleOfClass>
<cusip>878742204</cusip>
<value>309655</value>
<shrsOrPrnAmt>
<sshPrnamt>8500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>8500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TESLA INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>88160R101</cusip>
<value>1928150</value>
<shrsOrPrnAmt>
<sshPrnamt>7440</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7440</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TEXTRON INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>883203101</cusip>
<value>14759302</value>
<shrsOrPrnAmt>
<sshPrnamt>204281</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>204281</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TOLL BROTHERS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>889478103</cusip>
<value>459317</value>
<shrsOrPrnAmt>
<sshPrnamt>4350</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4350</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TORM PLC-A</nameOfIssuer>
<titleOfClass>SHS CL A</titleOfClass>
<cusip>G89479102</cusip>
<value>251336</value>
<shrsOrPrnAmt>
<sshPrnamt>15251</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>15251</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TOTALENERGIES SE</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>89151E109</cusip>
<value>258760</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>TRIP.COM GRO-ADR</nameOfIssuer>
<titleOfClass>ADS</titleOfClass>
<cusip>89677Q107</cusip>
<value>7692735</value>
<shrsOrPrnAmt>
<sshPrnamt>120993</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>120993</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIPADVISOR INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>896945201</cusip>
<value>15833204</value>
<shrsOrPrnAmt>
<sshPrnamt>1117375</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1117375</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRIPLE FLAG</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>89679M104</cusip>
<value>4107120</value>
<shrsOrPrnAmt>
<sshPrnamt>214471</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>214471</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED AIRLINES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>910047109</cusip>
<value>75432844</value>
<shrsOrPrnAmt>
<sshPrnamt>1092438</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1092438</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED PARCEL-B</nameOfIssuer>
<titleOfClass>CL B</titleOfClass>
<cusip>911312106</cusip>
<value>187093</value>
<shrsOrPrnAmt>
<sshPrnamt>1701</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1701</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>UNITED STATES STL CORP NEW</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>912909108</cusip>
<value>211300</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>VAIL RESORTS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>91879Q109</cusip>
<value>104013</value>
<shrsOrPrnAmt>
<sshPrnamt>650</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>650</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VF CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>918204108</cusip>
<value>170720</value>
<shrsOrPrnAmt>
<sshPrnamt>11000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>11000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VIKING HOLDINGS LTD</nameOfIssuer>
<titleOfClass>ORD SHS</titleOfClass>
<cusip>G93A5A101</cusip>
<value>429300</value>
<shrsOrPrnAmt>
<sshPrnamt>10800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>10800</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VIPER ENERGY INC</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>927959106</cusip>
<value>338625</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>VIZSLA SILVER CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>92859G608</cusip>
<value>571458</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>1828667</value>
<shrsOrPrnAmt>
<sshPrnamt>800000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>800000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VOX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>92919F103</cusip>
<value>540200</value>
<shrsOrPrnAmt>
<sshPrnamt>185000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>185000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VOX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>92919F103</cusip>
<value>4131800</value>
<shrsOrPrnAmt>
<sshPrnamt>1415000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1415000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WEYERHAEUSER CO MTN BE</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>962166104</cusip>
<value>380640</value>
<shrsOrPrnAmt>
<sshPrnamt>13000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>13000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WHEATON PRECIOUS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>10641365</value>
<shrsOrPrnAmt>
<sshPrnamt>137078</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>137078</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WHEATON PRECIOUS METALS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>333809</value>
<shrsOrPrnAmt>
<sshPrnamt>4300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>4300</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>WHEATON PRECIOUS METALS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>962879102</cusip>
<value>1552600</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>ZIM INTEGRATED S</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>M9T951109</cusip>
<value>238955</value>
<shrsOrPrnAmt>
<sshPrnamt>16378</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>16378</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ZTO EXPRESS -ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS A</titleOfClass>
<cusip>98980A105</cusip>
<value>200404</value>
<shrsOrPrnAmt>
<sshPrnamt>10101</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>10101</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AGNICO EAGLE MINES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>008474108</cusip>
<value>271025</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>3252300</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>ALAMOS GOLD INC NEW</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>011532108</cusip>
<value>6952400</value>
<shrsOrPrnAmt>
<sshPrnamt>260000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>260000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALASKA AIR GROUP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>011659109</cusip>
<value>21044503</value>
<shrsOrPrnAmt>
<sshPrnamt>427560</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>427560</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALBEMARLE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>012653101</cusip>
<value>72020</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>ALCOA CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>013872106</cusip>
<value>152500</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>ALLEGIANT TRAVEL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>01748X102</cusip>
<value>21300460</value>
<shrsOrPrnAmt>
<sshPrnamt>412400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>412400</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALLIANCE RESOURCE PARTNERS L</nameOfIssuer>
<titleOfClass>UT LTD PART</titleOfClass>
<cusip>01877R108</cusip>
<value>381920</value>
<shrsOrPrnAmt>
<sshPrnamt>14000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>14000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AMAZON COM INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>023135106</cusip>
<value>713475</value>
<shrsOrPrnAmt>
<sshPrnamt>3750</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3750</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AMERICAN AIRLINE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>02376R102</cusip>
<value>75762145</value>
<shrsOrPrnAmt>
<sshPrnamt>7181246</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>7181246</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>025816109</cusip>
<value>1427310</value>
<shrsOrPrnAmt>
<sshPrnamt>5305</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5305</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AMERICAS GOLD AN</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>03062D100</cusip>
<value>213993</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>ANGLOGOLD ASHANTI PLC</nameOfIssuer>
<titleOfClass>COM SHS</titleOfClass>
<cusip>G0378L100</cusip>
<value>2227200</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>ANTERO RESOURCES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>03674X106</cusip>
<value>303300</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>APPLE INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>037833100</cusip>
<value>1232822</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>B2GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>11777Q209</cusip>
<value>1211250</value>
<shrsOrPrnAmt>
<sshPrnamt>425000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>425000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BAKER HUGHES COMPANY</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>05722G100</cusip>
<value>153825</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>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>97875</value>
<shrsOrPrnAmt>
<sshPrnamt>225</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>225</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>289275</value>
<shrsOrPrnAmt>
<sshPrnamt>665</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<putCall>Call</putCall>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>665</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BHP GROUP LTD</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>088606108</cusip>
<value>169890</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>BOEING CO/THE</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>097023105</cusip>
<value>16885132</value>
<shrsOrPrnAmt>
<sshPrnamt>99004</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>99004</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BOISE CASCADE CO DEL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>09739D100</cusip>
<value>147135</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>BOOKING HOLDINGS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>09857L108</cusip>
<value>16377565</value>
<shrsOrPrnAmt>
<sshPrnamt>3555</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3555</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BP PLC</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>055622104</cusip>
<value>337900</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>BUENAVENTURA-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>204448104</cusip>
<value>2261380</value>
<shrsOrPrnAmt>
<sshPrnamt>144682</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>144682</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CAMECO CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>13321L108</cusip>
<value>102900</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>CARLYLE GROUP INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>14316J108</cusip>
<value>741030</value>
<shrsOrPrnAmt>
<sshPrnamt>17000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>17000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CARNIVAL CORP</nameOfIssuer>
<titleOfClass>UNIT 99/99/9999</titleOfClass>
<cusip>143658300</cusip>
<value>1435455</value>
<shrsOrPrnAmt>
<sshPrnamt>73500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>73500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CENTERRA GOLD IN</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>152006102</cusip>
<value>4347651</value>
<shrsOrPrnAmt>
<sshPrnamt>685386</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>685386</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CENTERRA GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>152006102</cusip>
<value>501015</value>
<shrsOrPrnAmt>
<sshPrnamt>78900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>78900</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CHENIERE ENERGY INC</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>16411R208</cusip>
<value>1157000</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>CME GROUP INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>12572Q105</cusip>
<value>122299</value>
<shrsOrPrnAmt>
<sshPrnamt>461</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>461</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COEUR MNG INC</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>192108504</cusip>
<value>118400</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>COEUR MNG INC</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>192108504</cusip>
<value>657120</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>2072000</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>COLLECTIVE MININ</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>19425C100</cusip>
<value>610366</value>
<shrsOrPrnAmt>
<sshPrnamt>70000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>70000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COLLECTIVE MININ</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>19425C100</cusip>
<value>435976</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>CONOCOPHILLIPS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>20825C104</cusip>
<value>626129</value>
<shrsOrPrnAmt>
<sshPrnamt>5962</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5962</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CONSTELLATION BRANDS INC</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>21036P108</cusip>
<value>330336</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>COPA HOLDIN-CL A</nameOfIssuer>
<titleOfClass>CL A</titleOfClass>
<cusip>P31076105</cusip>
<value>3698492</value>
<shrsOrPrnAmt>
<sshPrnamt>40001</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>40001</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CORTEVA INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>22052L104</cusip>
<value>377580</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>DELTA AIR LI</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>247361702</cusip>
<value>78490682</value>
<shrsOrPrnAmt>
<sshPrnamt>1800245</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1800245</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DENISON MINES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>248356107</cusip>
<value>65000</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>DEVON ENERGY CORP NEW</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>25179M103</cusip>
<value>374000</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>DRDGOLD LTD-ADR</nameOfIssuer>
<titleOfClass>SPON ADR REPSTG</titleOfClass>
<cusip>26152H301</cusip>
<value>2149572</value>
<shrsOrPrnAmt>
<sshPrnamt>138951</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>138951</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ELDORADO GOLD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>284902509</cusip>
<value>3420498</value>
<shrsOrPrnAmt>
<sshPrnamt>203359</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>203359</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EMBRAER SA-ADR</nameOfIssuer>
<titleOfClass>SPONSORED ADS</titleOfClass>
<cusip>29082A107</cusip>
<value>3332822</value>
<shrsOrPrnAmt>
<sshPrnamt>72139</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>72139</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EMX ROYALTY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26873J107</cusip>
<value>2035712</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>ENCORE ENERGY CO</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>29259W700</cusip>
<value>133398</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>ENDEAVOUR SILVER</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>29258Y103</cusip>
<value>341277</value>
<shrsOrPrnAmt>
<sshPrnamt>80000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>80000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENDEAVOUR SILVER</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>29258Y103</cusip>
<value>1365108</value>
<shrsOrPrnAmt>
<sshPrnamt>320000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>320000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENDEAVOUR SILVER</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>29258Y103</cusip>
<value>223963</value>
<shrsOrPrnAmt>
<sshPrnamt>52500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>52500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EOG RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26875P101</cusip>
<value>320600</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>ETF OPPORTUNITIES TRUST</nameOfIssuer>
<titleOfClass>T REX 2X INVERSE</titleOfClass>
<cusip>26923N413</cusip>
<value>71553</value>
<shrsOrPrnAmt>
<sshPrnamt>5100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5100</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ETF OPPORTUNITIES TRUST</nameOfIssuer>
<titleOfClass>T REX 2X INVERSE</titleOfClass>
<cusip>26923N413</cusip>
<value>77165</value>
<shrsOrPrnAmt>
<sshPrnamt>5500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5500</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ETF OPPORTUNITIES TRUST</nameOfIssuer>
<titleOfClass>T REX 2X INVERSE</titleOfClass>
<cusip>26923N413</cusip>
<value>350750</value>
<shrsOrPrnAmt>
<sshPrnamt>25000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>25000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXPEDIA GROUP IN</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>30212P303</cusip>
<value>15740716</value>
<shrsOrPrnAmt>
<sshPrnamt>93639</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>93639</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXPEDITORS INTL</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>302130109</cusip>
<value>202381</value>
<shrsOrPrnAmt>
<sshPrnamt>1683</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>1683</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>30231G102</cusip>
<value>832510</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>FEDEX CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>31428X106</cusip>
<value>197949</value>
<shrsOrPrnAmt>
<sshPrnamt>812</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>812</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FERRARI N V</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>N3167Y103</cusip>
<value>2774802</value>
<shrsOrPrnAmt>
<sshPrnamt>6485</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>6485</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FORTUNA MINING C</nameOfIssuer>
<titleOfClass>COM NEW</titleOfClass>
<cusip>349942102</cusip>
<value>3517955</value>
<shrsOrPrnAmt>
<sshPrnamt>576714</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>576714</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>393900</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>FRANCO NEV CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>501041</value>
<shrsOrPrnAmt>
<sshPrnamt>3180</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3180</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>2048280</value>
<shrsOrPrnAmt>
<sshPrnamt>13000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>13000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO-NEVADA CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>10571173</value>
<shrsOrPrnAmt>
<sshPrnamt>67093</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>67093</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRONTIER GROUP H</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>35909R108</cusip>
<value>16919985</value>
<shrsOrPrnAmt>
<sshPrnamt>3898614</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>3898614</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GENERAL DYNAMICS</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>369550108</cusip>
<value>15749672</value>
<shrsOrPrnAmt>
<sshPrnamt>57780</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>57780</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD FIELDS LTD</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>38059T106</cusip>
<value>1435850</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>GOLDMAN SACHS GROUP INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>38141G104</cusip>
<value>1543269</value>
<shrsOrPrnAmt>
<sshPrnamt>2825</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>2825</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GRUPO AEROPO-ADR</nameOfIssuer>
<titleOfClass>SPON ADR SER B</titleOfClass>
<cusip>40051E202</cusip>
<value>3897280</value>
<shrsOrPrnAmt>
<sshPrnamt>14233</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>14233</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HAFNIA LTD</nameOfIssuer>
<titleOfClass>SHS</titleOfClass>
<cusip>Y2990R101</cusip>
<value>261706</value>
<shrsOrPrnAmt>
<sshPrnamt>63643</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>63643</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>406216101</cusip>
<value>76110</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>HARMONY GOLD MINING CO LTD</nameOfIssuer>
<titleOfClass>SPONSORED ADR</titleOfClass>
<cusip>413216300</cusip>
<value>2215500</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>HECLA MNG CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>422704106</cusip>
<value>2780000</value>
<shrsOrPrnAmt>
<sshPrnamt>500000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>500000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HILTON WORLDWIDE HLDGS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>43300A203</cusip>
<value>1171883</value>
<shrsOrPrnAmt>
<sshPrnamt>5150</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>5150</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HUDBAY MINERALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>443628102</cusip>
<value>721050</value>
<shrsOrPrnAmt>
<sshPrnamt>95000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>95000</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HYATT HOTELS CORP</nameOfIssuer>
<titleOfClass>COM CL A</titleOfClass>
<cusip>448579102</cusip>
<value>490000</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>IAMGOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>450913108</cusip>
<value>1250000</value>
<shrsOrPrnAmt>
<sshPrnamt>200000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>0</Sole>
<Shared>200000</Shared>
<None>0</None>
</votingAuthority>
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<infoTable>
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</SEC-DOCUMENT>
