The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALBEMARLE CORP COM 012653101   2,367,750 25,000 SH Call SOLE   25,000 0 0
ALCOA CORP COM 013872106   3,472,200 90,000 SH   SOLE   90,000 0 0
ALPHA METALLURGICAL RESOUR I COM 020764106   5,195,960 22,000 SH   SOLE   22,000 0 0
ANTERO RESOURCES CORP COM 03674X106   2,865,000 100,000 SH   SOLE   100,000 0 0
BKV CORP COM 05603J108   3,502,718 191,510 SH   SOLE   191,510 0 0
CAMECO CORP COM 13321L108   6,208,800 130,000 SH   SOLE   130,000 0 0
CANADIAN NAT RES LTD COM 136385101   5,645,700 170,000 SH   SOLE   170,000 0 0
CENOVUS ENERGY INC COM 15135U109   3,028,130 181,000 SH   SOLE   181,000 0 0
CHESAPEAKE ENERGY CORP COM 165167735   2,220,750 27,000 SH   SOLE   27,000 0 0
CONOCOPHILLIPS COM 20825C104   6,106,240 58,000 SH   SOLE   58,000 0 0
CONSOL ENERGY INC NEW COM 20854L108   6,279,000 60,000 SH   SOLE   60,000 0 0
ENCORE ENERGY CORP COM NEW 29259W700   888,998 220,049 SH   SOLE   220,049 0 0
EQT CORP COM 26884L109   4,763,200 130,000 SH   SOLE   130,000 0 0
ERO COPPER CORP COM 296006109   2,227,000 100,000 SH   SOLE   100,000 0 0
FRONTLINE PLC COM M46528101   4,035,881 176,625 SH   SOLE   176,625 0 0
GENCO SHIPPING & TRADING LTD SHS Y2685T131   1,950,000 100,000 SH   SOLE   100,000 0 0
HECLA MNG CO COM 422704106   3,335,000 500,000 SH   SOLE   500,000 0 0
INTERNATIONAL SEAWAYS INC COM Y41053102   3,867,000 75,000 SH   SOLE   75,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655   6,626,700 30,000 SH Put SOLE   30,000 0 0
KINROSS GOLD CORP COM 496902404   6,613,776 706,600 SH   SOLE   706,600 0 0
KOSMOS ENERGY LTD COM 500688106   2,418,000 600,000 SH   SOLE   600,000 0 0
MP MATERIALS CORP COM CL A 553368101   2,647,500 150,000 SH   SOLE   150,000 0 0
MP MATERIALS CORP COM CL A 553368101   1,765,000 100,000 SH Call SOLE   100,000 0 0
NAVIGATOR HLDGS LTD SHS Y62132108   1,607,000 100,000 SH   SOLE   100,000 0 0
NEWMONT CORP COM 651639106   5,184,650 97,000 SH   SOLE   97,000 0 0
PEABODY ENERGY CORP COM 704551100   1,143,104 43,071 SH   SOLE   43,071 0 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105   3,742,750 275,000 SH   SOLE   275,000 0 0
RAMACO RES INC COM CL A 75134P600   2,925,000 250,000 SH   SOLE   250,000 0 0
SCORPIO TANKERS INC SHS Y7542C130   3,600,650 50,500 SH   SOLE   50,500 0 0
SEADRILL 2021 LTD COM G7997W102   3,179,200 80,000 SH   SOLE   80,000 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204   6,159,400 260,000 SH   SOLE   260,000 0 0
STEEL DYNAMICS INC COM 858119100   1,512,960 12,000 SH   SOLE   12,000 0 0
URANIUM ENERGY CORP COM 916896103   1,552,500 250,000 SH   SOLE   250,000 0 0
VALE S A SPONSORED ADS 91912E105   5,840,000 500,000 SH   SOLE   500,000 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   1,991,000 50,000 SH Put SOLE   50,000 0 0
WARRIOR MET COAL INC COM 93627C101   4,153,500 65,000 SH   SOLE   65,000 0 0
WEATHERFORD INTL PLC ORD SHS G48833118   2,547,600 30,000 SH   SOLE   30,000 0 0