# EDGAR Filing Document

**Accession Number:** 0000754811
**File Stem:** 0001437749-26-014398
**Filing Date:** 2026-5
**Character Count:** 19481
**Document Hash:** 1cdd552021fdb199571cf2718a16c85f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-014398.hdr.sgml**: 20260501

**ACCESSION NUMBER**: 0001437749-26-014398

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260501

**DATE AS OF CHANGE**: 20260501

**EFFECTIVENESS DATE**: 20260501

**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:** 26931526

**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

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** U S GLOBAL INVESTORS INC<br>**Address:** 7900 CALLAGHAN ROAD<br>SAN ANTONIO, TX 78229

**Form 13F File Number:** 028-02220

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Lisa Callicotte<br>**Title:** CFO<br>**Phone:** 210-308-1234

**Signature, Place, and Date of Signing:**

/s/ Lisa Callicotte  San Antonio, TX  05-01-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 162

**Form 13F Information Table Value Total:** $857577723

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AGNICO EAGLE MIN | COM | 008474108 |  | 5913416 | 29133 | SH |  | SOLE |  | 0 | 29133 | 0 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 6089400 | 30000 | SH |  | SOLE |  | 0 | 30000 | 0 |
| ALAMOS GOLD INC | COM CL A | 011532108 |  | 5821263 | 131021 | SH |  | SOLE |  | 0 | 131021 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 3110100 | 70000 | SH |  | SOLE |  | 0 | 70000 | 0 |
| ALASKA AIR GROUP | COM | 011659109 |  | 21941918 | 596572 | SH |  | SOLE |  | 0 | 596572 | 0 |
| ALCOA CORP | COM | 013872106 |  | 66330 | 1000 | SH |  | SOLE |  | 0 | 1000 | 0 |
| ALLEGIANT TRAVEL | COM | 01748X102 |  | 24249194 | 299225 | SH |  | SOLE |  | 0 | 299225 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 1978565 | 9500 | SH |  | SOLE |  | 0 | 9500 | 0 |
| AMERICAN AIRLINE | COM | 02376R102 |  | 69112426 | 6435049 | SH |  | SOLE |  | 0 | 6435049 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 262160 | 2000 | SH |  | SOLE |  | 0 | 2000 | 0 |
| AMERICAS GOLD AN | COM NEW | 03062D803 |  | 9402792 | 1800000 | SH |  | SOLE |  | 0 | 1800000 | 0 |
| ANGLOGOLD ASHANT | COM SHS | G0378L100 |  | 3937725 | 40445 | SH |  | SOLE |  | 0 | 40445 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 8762400 | 90000 | SH |  | SOLE |  | 0 | 90000 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 424400 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| ARIS MINING CORP | COM | 04040Y109 |  | 6319039 | 340000 | SH |  | SOLE |  | 0 | 340000 | 0 |
| AURA MINERALS INC | SHS NEW | G06973112 |  | 8160000 | 100000 | SH |  | SOLE |  | 0 | 100000 | 0 |
| AVINO SILVER  GOLD MINES LT | COM | 053906103 |  | 632000 | 100000 | SH |  | SOLE |  | 0 | 100000 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 518925 | 8500 | SH |  | SOLE |  | 0 | 8500 | 0 |
| BARRICK MINING C | COM SHS | 06849F108 |  | 5827463 | 142865 | SH |  | SOLE |  | 0 | 142865 | 0 |
| BLUE MOON METALS | COM | 09570Q509 |  | 324147 | 50000 | SH |  | SOLE |  | 0 | 50000 | 0 |
| BLUE MOON METALS | COM | 09570Q509 |  | 324147 | 50000 | SH |  | SOLE |  | 0 | 50000 | 0 |
| BOEING CO/THE | COM | 097023105 |  | 12457686 | 62592 | SH |  | SOLE |  | 0 | 62592 | 0 |
| BOOKING HOLDINGS | COM | 09857L108 |  | 12664643 | 3008 | SH |  | SOLE |  | 0 | 3008 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 329000 | 7000 | SH |  | SOLE |  | 0 | 7000 | 0 |
| BUNGE GLOBAL SA | COM SHS | H11356104 |  | 508800 | 4000 | SH |  | SOLE |  | 0 | 4000 | 0 |
| BW LPG LTD | COM | Y10230103 |  | 879706 | 49708 | SH |  | SOLE |  | 0 | 49708 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 543050 | 5000 | SH |  | SOLE |  | 0 | 5000 | 0 |
| CARNIVAL CORP | COMMON STOCK | 143658300 |  | 1358700 | 52500 | SH |  | SOLE |  | 0 | 52500 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 708460 | 1000 | SH |  | SOLE |  | 0 | 1000 | 0 |
| CENTERRA GOLD IN | COM | 152006102 |  | 4064161 | 228452 | SH |  | SOLE |  | 0 | 228452 | 0 |
| CENTERRA GOLD IN | COM | 152006102 |  | 3738236 | 210000 | SH |  | SOLE |  | 0 | 210000 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 1759312 | 6200 | SH |  | SOLE |  | 0 | 6200 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 136156 | 461 | SH |  | SOLE |  | 0 | 461 | 0 |
| COEUR MINING INC | COM NEW | 192108504 |  | 7330567 | 390547 | SH |  | SOLE |  | 0 | 390547 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 6557957 | 349385 | SH |  | SOLE |  | 0 | 349385 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 1406211 | 74918 | SH |  | SOLE |  | 0 | 74918 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 281550 | 15000 | SH |  | SOLE |  | 0 | 15000 | 0 |
| COLLECTIVE MININ | COM | 19425C100 |  | 351561 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| COLLECTIVE MININ | COM | 19425C100 |  | 263671 | 15000 | SH |  | SOLE |  | 0 | 15000 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 150000 | 1000 | SH |  | SOLE |  | 0 | 1000 | 0 |
| COPA HOLDIN-CL A | CL A | P31076105 |  | 3238680 | 28507 | SH |  | SOLE |  | 0 | 28507 | 0 |
| CORE NATURAL RESOURCES INC | COM SHS | 218937100 |  | 324663 | 3100 | SH |  | SOLE |  | 0 | 3100 | 0 |
| COTERRA ENERGY INC | COM | 127097103 |  | 702800 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| DANAOS CORP | SHS | Y1968P121 |  | 722924 | 6418 | SH |  | SOLE |  | 0 | 6418 | 0 |
| DELTA AIR LI | COM NEW | 247361702 |  | 77897674 | 1171746 | SH |  | SOLE |  | 0 | 1171746 | 0 |
| DHT HOLDINGS INC | SHS NEW | Y2065G121 |  | 379377 | 20765 | SH |  | SOLE |  | 0 | 20765 | 0 |
| DRDGOLD LIMITED | SPON ADR REPSTG | 26152H301 |  | 1468500 | 50000 | SH |  | SOLE |  | 0 | 50000 | 0 |
| DRDGOLD LTD-ADR | SPON ADR REPSTG | 26152H301 |  | 5743157 | 195545 | SH |  | SOLE |  | 0 | 195545 | 0 |
| ELEMENTAL ROYALT | COM NEW | 28620K106 |  | 2826666 | 150000 | SH |  | SOLE |  | 0 | 150000 | 0 |
| EMBRAER SA-ADR | SPONSORED ADS | 29082A107 |  | 6707141 | 113029 | SH |  | SOLE |  | 0 | 113029 | 0 |
| ENCORE ENERGY CO | COM NEW | 29259W700 |  | 90661 | 50000 | SH |  | SOLE |  | 0 | 50000 | 0 |
| ENDEAVOUR SILVER | COM | 29258Y103 |  | 280184 | 30000 | SH |  | SOLE |  | 0 | 30000 | 0 |
| ENDEAVOUR SILVER | COM | 29258Y103 |  | 2196644 | 235200 | SH |  | SOLE |  | 0 | 235200 | 0 |
| ENDEAVOUR SILVER | COM | 29258Y103 |  | 280184 | 30000 | SH |  | SOLE |  | 0 | 30000 | 0 |
| ENERFLEX LTD | COM | 29269R105 |  | 355640 | 17000 | SH |  | SOLE |  | 0 | 17000 | 0 |
| EQT CORP | COM | 26884L109 |  | 763680 | 12000 | SH |  | SOLE |  | 0 | 12000 | 0 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 823350 | 7500 | SH |  | SOLE |  | 0 | 7500 | 0 |
| EXPEDIA GROUP IN | COM NEW | 30212P303 |  | 12936536 | 56029 | SH |  | SOLE |  | 0 | 56029 | 0 |
| EXPEDITORS INTL | COM | 302130109 |  | 527946 | 3686 | SH |  | SOLE |  | 0 | 3686 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2969050 | 17500 | SH |  | SOLE |  | 0 | 17500 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 528927 | 1485 | SH |  | SOLE |  | 0 | 1485 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 2682216 | 7925 | SH |  | SOLE |  | 0 | 7925 | 0 |
| FIRST MAJESTIC SILVER CORP | COM | 32076V103 |  | 1074000 | 50000 | SH |  | SOLE |  | 0 | 50000 | 0 |
| FORTUNA MINING C | COM NEW | 349942102 |  | 3809645 | 383650 | SH |  | SOLE |  | 0 | 383650 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 617625 | 2500 | SH |  | SOLE |  | 0 | 2500 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 380457 | 1540 | SH |  | SOLE |  | 0 | 1540 | 0 |
| FRANCO-NEVADA CO | COM | 351858105 |  | 19855409 | 80370 | SH |  | SOLE |  | 0 | 80370 | 0 |
| FRONTIER GROUP H | COM | 35909R108 |  | 23938384 | 6781412 | SH |  | SOLE |  | 0 | 6781412 | 0 |
| FURY GOLD MINES | COM | 36117T100 |  | 214060 | 350000 | SH |  | SOLE |  | 0 | 350000 | 0 |
| GENERAL DYNAMICS | COM | 369550108 |  | 12389212 | 36097 | SH |  | SOLE |  | 0 | 36097 | 0 |
| GLOBAL SHIP-CL A | COM CL A | Y27183600 |  | 695829 | 18690 | SH |  | SOLE |  | 0 | 18690 | 0 |
| GLOBAL X FDS | MSCI CHINA CNSMR | 37950E408 |  | 89460 | 4500 | SH |  | SOLE |  | 0 | 4500 | 0 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 6810000 | 150000 | SH |  | SOLE |  | 0 | 150000 | 0 |
| GOLD FIELDS-ADR | SPONSORED ADR | 38059T106 |  | 7552653 | 166358 | SH |  | SOLE |  | 0 | 166358 | 0 |
| GRUPO AEROPO-ADR | SPON ADR SER B | 40051E202 |  | 3357266 | 9988 | SH |  | SOLE |  | 0 | 9988 | 0 |
| GRUPO AEROPO-ADR | SPON ADR | 400501102 |  | 3459110 | 30150 | SH |  | SOLE |  | 0 | 30150 | 0 |
| HAFNIA LTD | SHS | Y2990R101 |  | 799360 | 105179 | SH |  | SOLE |  | 0 | 105179 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 389900 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| HARMONY GOLD-ADR | SPONSORED ADR | 413216300 |  | 6116445 | 397947 | SH |  | SOLE |  | 0 | 397947 | 0 |
| HECLA MINING COMPANY | COM | 422704106 |  | 1397250 | 75000 | SH |  | SOLE |  | 0 | 75000 | 0 |
| HIGHLANDER SILVE | COM | 43087N204 |  | 443229 | 280000 | SH |  | SOLE |  | 0 | 280000 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 1292340 | 4250 | SH |  | SOLE |  | 0 | 4250 | 0 |
| HYCROFT MINING HOLDING CORP | CL A NEW | 44862P208 |  | 316800 | 9000 | SH |  | SOLE |  | 0 | 9000 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 10821500 | 575000 | SH |  | SOLE |  | 0 | 575000 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 7463654 | 396581 | SH |  | SOLE |  | 0 | 396581 | 0 |
| INTEGRA RES CORP | COM | 45826T509 |  | 955500 | 350000 | SH |  | SOLE |  | 0 | 350000 | 0 |
| INTEGRA RES CORP | COM | 45826T509 |  | 117390 | 43000 | SH |  | SOLE |  | 0 | 43000 | 0 |
| IVANHOE ELECTRIC | COM | 46578C108 |  | 313218 | 26499 | SH |  | SOLE |  | 0 | 26499 | 0 |
| JETBLUE AIRWAYS | COM | 477143101 |  | 24498009 | 5542536 | SH |  | SOLE |  | 0 | 5542536 | 0 |
| KINROSS GOLD | COM | 496902404 |  | 5962479 | 195363 | SH |  | SOLE |  | 0 | 195363 | 0 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 657336 | 12200 | SH |  | SOLE |  | 0 | 12200 | 0 |
| LATAM AIRLINES G | SPONSORED ADR | 51817R205 |  | 6730762 | 136140 | SH |  | SOLE |  | 0 | 136140 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 933010 | 13000 | SH |  | SOLE |  | 0 | 13000 | 0 |
| LIFE TIME GROUP HOLDINGS INC | COMMON STOCK | 53190C102 |  | 1107234 | 41100 | SH |  | SOLE |  | 0 | 41100 | 0 |
| MAKEMYTRIP LTD | SHS | V5633W109 |  | 5246927 | 140706 | SH |  | SOLE |  | 0 | 140706 | 0 |
| MAKO MINING CORP | COM NEW | 56089A400 |  | 644697 | 100000 | SH |  | SOLE |  | 0 | 100000 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 948503 | 2900 | SH |  | SOLE |  | 0 | 2900 | 0 |
| MATSON INC | COM | 57686G105 |  | 384111 | 2343 | SH |  | SOLE |  | 0 | 2343 | 0 |
| MCEWEN INC | COM NEW | 58039P305 |  | 2048496 | 100000 | SH |  | SOLE |  | 0 | 100000 | 0 |
| MELCO RESORTS AND ENTMNT LTD | ADR | 585464100 |  | 68160 | 12000 | SH |  | SOLE |  | 0 | 12000 | 0 |
| METALLA RTY  STREAMING LTD | COM NEW | 59124U605 |  | 3315000 | 500000 | SH |  | SOLE |  | 0 | 500000 | 0 |
| METALLA RTY  STREAMING LTD | COM NEW | 59124U605 |  | 288405 | 43500 | SH |  | SOLE |  | 0 | 43500 | 0 |
| METALLA RTY  STREAMING LTD | COM NEW | 59124U605 |  | 232050 | 35000 | SH |  | SOLE |  | 0 | 35000 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 92525 | 2500 | SH |  | SOLE |  | 0 | 2500 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 3986848 | 36830 | SH |  | SOLE |  | 0 | 36830 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 2263800 | 30000 | SH |  | SOLE |  | 0 | 30000 | 0 |
| OR ROYALTIES INC | COM SHS | 68390D106 |  | 17246823 | 453625 | SH |  | SOLE |  | 0 | 453625 | 0 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 2661400 | 70000 | SH |  | SOLE |  | 0 | 70000 | 0 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 418220 | 11000 | SH |  | SOLE |  | 0 | 11000 | 0 |
| ORLA MINING LTD | COM | 68634K106 |  | 3965597 | 246374 | SH |  | SOLE |  | 0 | 246374 | 0 |
| OSISKO DEVELOPME | COM NEW | 68828E809 |  | 811268 | 250000 | SH |  | SOLE |  | 0 | 250000 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 4018310 | 73555 | SH |  | SOLE |  | 0 | 73555 | 0 |
| PARAMOUNT GOLD NEV CORP | COM | 69924M109 |  | 282200 | 170000 | SH |  | SOLE |  | 0 | 170000 | 0 |
| PEABODY ENGR CORP | COM | 704551100 |  | 283370 | 8600 | SH |  | SOLE |  | 0 | 8600 | 0 |
| PERPETUA RESOURCES CORP | COM | 714266103 |  | 843600 | 30000 | SH |  | SOLE |  | 0 | 30000 | 0 |
| RANGE RES CORP | COM | 75281A109 |  | 474390 | 10500 | SH |  | SOLE |  | 0 | 10500 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 2347285 | 8530 | SH |  | SOLE |  | 0 | 8530 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 20355383 | 79985 | SH |  | SOLE |  | 0 | 79985 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 319385 | 1255 | SH |  | SOLE |  | 0 | 1255 | 0 |
| RYANAIR HLDG-ADR | SPONSORED ADR | 783513203 |  | 6022818 | 104201 | SH |  | SOLE |  | 0 | 104201 | 0 |
| SABRE CORP | COM | 78573M104 |  | 10925614 | 7534906 | SH |  | SOLE |  | 0 | 7534906 | 0 |
| SANTACRUZ SILVER | COM NEW SHS | 80280U205 |  | 3044683 | 350000 | SH |  | SOLE |  | 0 | 350000 | 0 |
| SANTACRUZ SILVER | COM NEW SHS | 80280U205 |  | 3755868 | 431754 | SH |  | SOLE |  | 0 | 431754 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 231255 | 4500 | SH |  | SOLE |  | 0 | 4500 | 0 |
| SEABRIDGE GOLD INC | COM | 811916105 |  | 566800 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| SEABRIDGE GOLD INC | COM | 811916105 |  | 566800 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| SELECT WATER SOLUTIONS INC | CL A COM | 81617J301 |  | 153000 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 1674000 | 18000 | SH |  | SOLE |  | 0 | 18000 | 0 |
| SIBANYE STILLWATER LTD | SPONSORED ADR | 82575P107 |  | 3388000 | 275000 | SH |  | SOLE |  | 0 | 275000 | 0 |
| SILVERCORP METAL | COM | 82835P103 |  | 3948701 | 367663 | SH |  | SOLE |  | 0 | 367663 | 0 |
| SILVERCORP METALS INC | COM | 82835P103 |  | 2685000 | 250000 | SH |  | SOLE |  | 0 | 250000 | 0 |
| SKYWEST INC | COM | 830879102 |  | 23654765 | 257593 | SH |  | SOLE |  | 0 | 257593 | 0 |
| SOLITARIO RESOURCES CORP | COM | 8342EP107 |  | 254200 | 310000 | SH |  | SOLE |  | 0 | 310000 | 0 |
| SOLV ENERGY INC | COM SHS CL A | 78475V103 |  | 360360 | 12000 | SH |  | SOLE |  | 0 | 12000 | 0 |
| SOUTHWEST AIR | COM | 844741108 |  | 62680097 | 1668355 | SH |  | SOLE |  | 0 | 1668355 | 0 |
| SSR MINING IN | COM | 784730103 |  | 3234000 | 110000 | SH |  | SOLE |  | 0 | 110000 | 0 |
| STANDARD LITHIUM LTD | COM | 853606101 |  | 255750 | 75000 | SH |  | SOLE |  | 0 | 75000 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 570790 | 4045 | SH |  | SOLE |  | 0 | 4045 | 0 |
| TEEKAY CORP LTD | SHS | G8726T105 |  | 767313 | 62843 | SH |  | SOLE |  | 0 | 62843 | 0 |
| TEEKAY TANK-CL A | CL A | G8726X106 |  | 394682 | 5383 | SH |  | SOLE |  | 0 | 5383 | 0 |
| TESLA INC | COM | 88160R101 |  | 2639425 | 7100 | SH |  | SOLE |  | 0 | 7100 | 0 |
| TEXTRON INC | COM | 883203101 |  | 12254372 | 139954 | SH |  | SOLE |  | 0 | 139954 | 0 |
| THE REALREAL INC | COM | 88339P101 |  | 290560 | 32000 | SH |  | SOLE |  | 0 | 32000 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 736938 | 5400 | SH |  | SOLE |  | 0 | 5400 | 0 |
| TORM PLC-A | SHS CL A | G89479102 |  | 395957 | 14192 | SH |  | SOLE |  | 0 | 14192 | 0 |
| TOTALENERGIES SE | ACT | F92124100 |  | 2001560 | 22000 | SH |  | SOLE |  | 0 | 22000 | 0 |
| TRIP.COM GRO-ADR | ADS | 89677Q107 |  | 6141248 | 123343 | SH |  | SOLE |  | 0 | 123343 | 0 |
| TRIPADVISOR INC | COM | 896945201 |  | 14635551 | 1372941 | SH |  | SOLE |  | 0 | 1372941 | 0 |
| TRIPLE FLAG PRECIOUS METAL | COM | 89679M104 |  | 2082600 | 60000 | SH |  | SOLE |  | 0 | 60000 | 0 |
| UBS GROUP AG | SHS | H42097107 |  | 1086146 | 27800 | SH |  | SOLE |  | 0 | 27800 | 0 |
| UNITED AIRLINES | COM | 910047109 |  | 72238030 | 784599 | SH |  | SOLE |  | 0 | 784599 | 0 |
| UNITED PARCEL-B | CL B | 911312106 |  | 527022 | 5357 | SH |  | SOLE |  | 0 | 5357 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 741240 | 3000 | SH |  | SOLE |  | 0 | 3000 | 0 |
| VERSAMET ROYALTI | COM NEW | 92528V200 |  | 2194560 | 250000 | SH |  | SOLE |  | 0 | 250000 | 0 |
| VIKING HOLDINGS LTD | ORD SHS | G93A5A101 |  | 906376 | 12335 | SH |  | SOLE |  | 0 | 12335 | 0 |
| VIZSLA SILVER CO | COM NEW | 92859G608 |  | 829256 | 250000 | SH |  | SOLE |  | 0 | 250000 | 0 |
| VIZSLA SILVER CO | COM NEW | 92859G608 |  | 2653619 | 800000 | SH |  | SOLE |  | 0 | 800000 | 0 |
| VOX ROYALTY CORP | COM | 92919F103 |  | 7922880 | 1512000 | SH |  | SOLE |  | 0 | 1512000 | 0 |
| VOX ROYALTY CORP | COM | 92919F103 |  | 786000 | 150000 | SH |  | SOLE |  | 0 | 150000 | 0 |
| WHEATON PRECIOUS | COM | 962879102 |  | 3807675 | 29064 | SH |  | SOLE |  | 0 | 29064 | 0 |
| WOODSIDE ENERGY GROUP LTD | SPONSORED ADR | 980228308 |  | 1791000 | 75000 | SH |  | SOLE |  | 0 | 75000 | 0 |
| ZTO EXPRESS -ADR | SPONSORED ADS A | 98980A105 |  | 562096 | 22332 | SH |  | SOLE |  | 0 | 22332 | 0 |

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