| Stock | Company | % Portfolio | Shares Held | Market Value | Change in Shares | % Change | Quarter End Price | Source |
|---|---|---|---|---|---|---|---|---|
| EQX | EQUINOX GOLD CORP | 20.66% | 4,817,923 | $53,990,310 | -10,440 | -0.22% | $11.21 | 13F |
| HNRG | HALLADOR ENERGY COMPANY | 15.06% | 2,010,994 | $39,355,153 | No Change | $19.57 | 13F | |
| PDS | PRECISION DRILLING CORP | 9.75% | 452,359 | $25,485,806 | 236,963 | 110.01% | $56.34 | 13F |
| NGS | NATURAL GAS SVCS GROUP INC | 7.19% | 671,112 | $18,784,425 | No Change | $27.99 | 13F | |
| PBF | PBF ENERGY INC | 7.16% | 620,460 | $18,719,278 | No Change | $30.17 | 13F | |
| CVE | CENOVUS ENERGY INC | 5.98% | 920,500 | $15,639,295 | 920,500 | New | $16.99 | 13F |
| TDW | TIDEWATER INC NEW | 5.64% | 276,529 | $14,747,292 | No Change | $53.33 | 13F | |
| GAU | GALIANO GOLD INC | 5.55% | 6,659,321 | $14,503,821 | 153,400 | 2.36% | $2.18 | 13F |
| NOA | NORTH AMERN CONSTR GROUP LTD | 4.58% | 841,934 | $11,964,501 | 841,934 | New | $14.21 | 13F |
| EGO | ELDORADO GOLD CORP NEW | 4.56% | 412,779 | $11,925,185 | No Change | $28.89 | 13F | |
| BSET | BASSETT FURNITURE INDS INC | 2.85% | 476,119 | $7,446,501 | No Change | $15.64 | 13F | |
| VET | VERMILION ENERGY INC | 2.6% | 870,492 | $6,801,492 | 350,000 | 67.24% | $7.81 | 13F |
| ASTL | ALGOMA STL GROUP INC | 2.43% | 1,786,122 | $6,349,664 | No Change | $3.56 | 13F | |
| EFXT | ENERFLEX LTD | 2.28% | 551,151 | $5,946,497 | No Change | $10.79 | 13F | |
| WHG | WESTWOOD HLDGS GROUP INC | 0.63% | 99,926 | $1,647,780 | No Change | $16.49 | 13F | |
| HNNA | HENNESSY ADVISORS INC | 0.57% | 141,353 | $1,477,153 | No Change | $10.45 | 13F | |
| SLV | ISHARES SILVER TR | 0.57% | 35,383 | $1,499,178 | No Change | $42.37 | 13F | |
| IAUX | I-80 GOLD CORP | 0.41% | 1,126,349 | $1,076,114 | No Change | $0.96 | 13F | |
| ASC | ARDMORE SHIPPING CORP | 0.41% | 89,612 | $1,063,694 | No Change | $11.87 | 13F | |
| MERC | MERCER INTL INC | 0.34% | 309,007 | $889,940 | No Change | $2.88 | 13F | |
| MIND | MIND TECHNOLOGY INC | 0.25% | 79,572 | $643,737 | No Change | $8.09 | 13F | |
| XPL | SOLITARIO RESOURCES CORP | 0.17% | 632,458 | $441,456 | No Change | $0.7 | 13F | |
| GLD | SPDR GOLD TR | 0.11% | 828 | $294,329 | No Change | $355.47 | 13F | |
| CEF | SPROTT ASSET MANAGEMENT LP | 0.1% | 7,474 | $274,221 | No Change | $36.69 | 13F | |
| WFG | WEST FRASER TIMBER CO LTD | 0.08% | 3,142 | $213,675 | No Change | $68.01 | 13F | |
| DC | DAKOTA GOLD CORP | 0.05% | 30,000 | $136,500 | No Change | $4.55 | 13F | |
| BTU | PEABODY ENERGY CORP | -236,925 | Exited | 13F |