Q3 2025 Holdings
Filed 2025-11-12 | 26 holdings | $261.3M | 13F-HR | View on SEC ↗ · Holdings Table ↗
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| Issuer | Class | CUSIP | Value ↓ | Shares | % Portfolio |
|---|---|---|---|---|---|
| Equinox Gold Corp(EQX) | COM | 29446Y502 | $54.0M | 4,817,923 | 20.7% |
| Hallador Energy Company(HNRG) | COM | 40609P105 | $39.4M | 2,010,994 | 15.1% |
| Precision Drilling Corp(PDS) | COM NEW | 74022D407 | $25.5M | 452,359 | 9.8% |
| Natural Gas Svcs Group Inc(NGS) | COM | 63886Q109 | $18.8M | 671,112 | 7.2% |
| PBF Energy Inc(PBF) | CL A | 69318G106 | $18.7M | 620,460 | 7.2% |
| Cenovus Energy Inc(CVE) | COM | 15135U109 | $15.6M | 920,500 | 6.0% |
| Tidewater Inc New(TDW) | COM | 88642R109 | $14.7M | 276,529 | 5.6% |
| Galiano Gold Inc(GAU) | COM | 36352H100 | $14.5M | 6,659,321 | 5.6% |
| North Amern Constr Group LTD(NOA) | COM | 656811106 | $12.0M | 841,934 | 4.6% |
| Eldorado Gold Corp New(EGO) | COM | 284902509 | $11.9M | 412,779 | 4.6% |
| Bassett Furniture Inds Inc(BSET) | COM | 070203104 | $7.4M | 476,119 | 2.8% |
| Vermilion Energy Inc(VET) | COM | 923725105 | $6.8M | 870,492 | 2.6% |
| Algoma STL Group Inc(ASTL) | COM | 015658107 | $6.3M | 1,786,122 | 2.4% |
| Enerflex LTD(EFXT) | COM | 29269R105 | $5.9M | 551,151 | 2.3% |
| Westwood Hldgs Group Inc(WHG) | COM | 961765104 | $1.6M | 99,926 | 0.6% |
| Ishares Silver TR(SLV) | ISHARES | 46428Q109 | $1.5M | 35,383 | 0.6% |
| Hennessy Advisors Inc(HNNA) | COM | 425885100 | $1.5M | 141,353 | 0.6% |
| I-80 Gold Corp(IAUX) | COM | 44955L106 | $1.1M | 1,126,349 | 0.4% |
| Ardmore Shipping Corp(ASC) | COM | Y0207T100 | $1.1M | 89,612 | 0.4% |
| Mercer Intl Inc(MERC) | COM | 588056101 | $889.9K | 309,007 | 0.3% |
| Mind Technology Inc(MIND) | COM NEW | 602566309 | $643.7K | 79,572 | 0.2% |
| Solitario Resources Corp(XPL) | COM | 8342EP107 | $441.5K | 632,458 | 0.2% |
| Spdr Gold TR(GLD) | GOLD SHS | 78463V107 | $294.3K | 828 | 0.1% |
| Sprott Asset Management LP(CEF/U) | PHYSICAL GOLD AN | 85208R101 | $274.2K | 7,474 | 0.1% |
| West Fraser Timber Co LTD(WFG) | COM | 952845105 | $213.7K | 3,142 | 0.1% |
| Dakota Gold Corp(DC) | COM | 46655E100 | $136.5K | 30,000 | 0.1% |