# EDGAR Filing Document

**Accession Number:** 0000754811
**File Stem:** 0001437749-25-031428
**Filing Date:** 2025-10
**Character Count:** 20252
**Document Hash:** f3f62ac60803f488e187d1e2a3462e03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-031428.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001437749-25-031428

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**EFFECTIVENESS DATE**: 20251021

**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:** 251407758

**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:** 09-30-2025

**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  10-21-2025<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:** 171

**Form 13F Information Table Value Total:** $885802999

      (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 MINES LTD | COM | 008474108 |  | 5056800 | 30000 | SH |  | SOLE |  | 0 | 30000 | 0 |
| ALAMOS GOLD INC NEW | COM CL A | 011532108 |  | 8715000 | 250000 | SH |  | SOLE |  | 0 | 250000 | 0 |
| ALASKA AIR GROUP | COM | 011659109 |  | 18486550 | 371365 | SH |  | SOLE |  | 0 | 371365 | 0 |
| ALBEMARLE CORP | COM | 012653101 |  | 81080 | 1000 | SH |  | SOLE |  | 0 | 1000 | 0 |
| ALLEGIANT TRAVEL | COM | 01748X102 |  | 23133802 | 380678 | SH |  | SOLE |  | 0 | 380678 | 0 |
| ALLIANCE RESOURCE PARTNERS L | UT LTD PART | 01877R108 |  | 353990 | 14000 | SH |  | SOLE |  | 0 | 14000 | 0 |
| AMERICAN AIRLINE | COM | 02376R102 |  | 72894974 | 6485318 | SH |  | SOLE |  | 0 | 6485318 | 0 |
| AMERICAS GOLD AN | COM NEW | 03062D803 |  | 2161413 | 580000 | SH |  | SOLE |  | 0 | 580000 | 0 |
| ANGLOGOLD ASHANT | COM SHS | G0378L100 |  | 5194855 | 73864 | SH |  | SOLE |  | 0 | 73864 | 0 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 6329700 | 90000 | SH |  | SOLE |  | 0 | 90000 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 335600 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| ARIS MINING CORP | COM | 04040Y109 |  | 2938178 | 300000 | SH |  | SOLE |  | 0 | 300000 | 0 |
| AURA MINERALS INC | SHS NEW | G06973112 |  | 3721000 | 100000 | SH |  | SOLE |  | 0 | 100000 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 4950000 | 1000000 | SH |  | SOLE |  | 0 | 1000000 | 0 |
| B2GOLD CORP | COM | 11777Q209 |  | 5338654 | 1078516 | SH |  | SOLE |  | 0 | 1078516 | 0 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 170520 | 3500 | SH |  | SOLE |  | 0 | 3500 | 0 |
| BARRICK GOLD CORP | COM | 06849F108 |  | 470700 | 300 | SH | Call | SOLE |  | 0 | 300 | 0 |
| BARRICK GOLD CORP | COM | 06849F108 |  | 1357185 | 865 | SH | Call | SOLE |  | 0 | 865 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 327700 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 2949300 | 90000 | SH |  | SOLE |  | 0 | 90000 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 195125 | 3500 | SH |  | SOLE |  | 0 | 3500 | 0 |
| BIRKENSTOCK HOLDING PLC | COM SHS | M2029K104 |  | 339375 | 7500 | SH |  | SOLE |  | 0 | 7500 | 0 |
| BLACKROCK ETF TRUST II | ISHARES SHORT-TE | 092528884 |  | 57054 | 1126 | SH |  | SOLE |  | 0 | 1126 | 0 |
| BOEING CO/THE | COM | 097023105 |  | 14303917 | 66274 | SH |  | SOLE |  | 0 | 66274 | 0 |
| BOISE CASCADE CO DEL | COM | 09739D100 |  | 115980 | 1500 | SH |  | SOLE |  | 0 | 1500 | 0 |
| BOOKING HOLDINGS | COM | 09857L108 |  | 15026168 | 2783 | SH |  | SOLE |  | 0 | 2783 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 413520 | 12000 | SH |  | SOLE |  | 0 | 12000 | 0 |
| CALEDONIA MINING | SHS NEW | G1757E113 |  | 3648302 | 100754 | SH |  | SOLE |  | 0 | 100754 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 209650 | 2500 | SH |  | SOLE |  | 0 | 2500 | 0 |
| CANGO INC | ADS | 137586103 |  | 42400 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| CANGO INC | ADS | 137586103 |  | 169600 | 40000 | SH |  | SOLE |  | 0 | 40000 | 0 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 1720145 | 59500 | SH |  | SOLE |  | 0 | 59500 | 0 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 1409880 | 6000 | SH |  | SOLE |  | 0 | 6000 | 0 |
| CME GROUP INC | COM | 12572Q105 |  | 124558 | 461 | SH |  | SOLE |  | 0 | 461 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 337680 | 18000 | SH |  | SOLE |  | 0 | 18000 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 2082360 | 111000 | SH |  | SOLE |  | 0 | 111000 | 0 |
| COEUR MNG INC | COM NEW | 192108504 |  | 6566000 | 350000 | SH |  | SOLE |  | 0 | 350000 | 0 |
| COLLECTIVE MININ | COM | 19425C100 |  | 290228 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| COLLECTIVE MININ | COM | 19425C100 |  | 217671 | 15000 | SH |  | SOLE |  | 0 | 15000 | 0 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 242406 | 1800 | SH |  | SOLE |  | 0 | 1800 | 0 |
| COPA HOLDIN-CL A | CL A | P31076105 |  | 3964310 | 33364 | SH |  | SOLE |  | 0 | 33364 | 0 |
| CORTEVA INC | COM | 22052L104 |  | 405780 | 6000 | SH |  | SOLE |  | 0 | 6000 | 0 |
| DELTA AIR LI | COM NEW | 247361702 |  | 77238623 | 1361033 | SH |  | SOLE |  | 0 | 1361033 | 0 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 350600 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| DOLLY VARDEN SIL | COM NO PAR | 256827783 |  | 1756660 | 350000 | SH |  | SOLE |  | 0 | 350000 | 0 |
| DRDGOLD LTD-ADR | SPON ADR REPSTG | 26152H301 |  | 5769918 | 209055 | SH |  | SOLE |  | 0 | 209055 | 0 |
| EMBRAER SA-ADR | SPONSORED ADS | 29082A107 |  | 8027035 | 132788 | SH |  | SOLE |  | 0 | 132788 | 0 |
| EMX ROYALTY CORP | COM | 26873J107 |  | 2556186 | 500000 | SH |  | SOLE |  | 0 | 500000 | 0 |
| ENCORE ENERGY CO | COM NEW | 29259W700 |  | 161198 | 50000 | SH |  | SOLE |  | 0 | 50000 | 0 |
| ENDEAVOUR SILVER | COM | 29258Y103 |  | 626122 | 80000 | SH |  | SOLE |  | 0 | 80000 | 0 |
| ENDEAVOUR SILVER | COM | 29258Y103 |  | 2504488 | 320000 | SH |  | SOLE |  | 0 | 320000 | 0 |
| ENDEAVOUR SILVER | COM | 29258Y103 |  | 410893 | 52500 | SH |  | SOLE |  | 0 | 52500 | 0 |
| EXPEDIA GROUP IN | COM NEW | 30212P303 |  | 15096521 | 70627 | SH |  | SOLE |  | 0 | 70627 | 0 |
| EXPEDITORS INTL | COM | 302130109 |  | 287351 | 2344 | SH |  | SOLE |  | 0 | 2344 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1183875 | 10500 | SH |  | SOLE |  | 0 | 10500 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 294291 | 1248 | SH |  | SOLE |  | 0 | 1248 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 3961821 | 8165 | SH |  | SOLE |  | 0 | 8165 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 557275 | 2500 | SH |  | SOLE |  | 0 | 2500 | 0 |
| FRANCO NEV CORP | COM | 351858105 |  | 597399 | 2680 | SH |  | SOLE |  | 0 | 2680 | 0 |
| FRANCO-NEVADA CO | COM | 351858105 |  | 17243649 | 77357 | SH |  | SOLE |  | 0 | 77357 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 588300 | 15000 | SH |  | SOLE |  | 0 | 15000 | 0 |
| FRONTIER GROUP H | COM | 35909R108 |  | 20147168 | 4563345 | SH |  | SOLE |  | 0 | 4563345 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 461175 | 750 | SH |  | SOLE |  | 0 | 750 | 0 |
| GENERAL DYNAMICS | COM | 369550108 |  | 16173289 | 47429 | SH |  | SOLE |  | 0 | 47429 | 0 |
| GLOBAL SHIP-CL A | COM CL A | Y27183600 |  | 181314 | 5906 | SH |  | SOLE |  | 0 | 5906 | 0 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 6294000 | 150000 | SH |  | SOLE |  | 0 | 150000 | 0 |
| GOLD FIELDS-ADR | SPONSORED ADR | 38059T106 |  | 5313730 | 126638 | SH |  | SOLE |  | 0 | 126638 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1652426 | 2075 | SH |  | SOLE |  | 0 | 2075 | 0 |
| GRUPO AEROPO-ADR | SPON ADR SER B | 40051E202 |  | 3658479 | 11315 | SH |  | SOLE |  | 0 | 11315 | 0 |
| GRUPO AEROPO-ADR | SPON ADR | 400501102 |  | 3348146 | 32234 | SH |  | SOLE |  | 0 | 32234 | 0 |
| HAFNIA LTD | SHS | Y2990R101 |  | 186654 | 31161 | SH |  | SOLE |  | 0 | 31161 | 0 |
| HALLIBURTON CO | COM | 406216101 |  | 73800 | 3000 | SH |  | SOLE |  | 0 | 3000 | 0 |
| HARMONY GOLD-ADR | SPONSORED ADR | 413216300 |  | 5568366 | 306797 | SH |  | SOLE |  | 0 | 306797 | 0 |
| HECLA MNG CO | COM | 422704106 |  | 7260000 | 600000 | SH |  | SOLE |  | 0 | 600000 | 0 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 1141536 | 4400 | SH |  | SOLE |  | 0 | 4400 | 0 |
| HUDBAY MINERALS INC | COM | 443628102 |  | 1440200 | 95000 | SH |  | SOLE |  | 0 | 95000 | 0 |
| IAMGOLD CORP | COM | 450913108 |  | 6465000 | 500000 | SH |  | SOLE |  | 0 | 500000 | 0 |
| ICL GROUP LTD | SHS | M53213100 |  | 306646 | 49300 | SH |  | SOLE |  | 0 | 49300 | 0 |
| INTEGRA RES CORP | COM | 45826T509 |  | 442500 | 150000 | SH |  | SOLE |  | 0 | 150000 | 0 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 348000 | 7500 | SH |  | SOLE |  | 0 | 7500 | 0 |
| IVANHOE ELECTRIC | COM | 46578C108 |  | 502000 | 40000 | SH |  | SOLE |  | 0 | 40000 | 0 |
| JETBLUE AIRWAYS | COM | 477143101 |  | 22184929 | 4509132 | SH |  | SOLE |  | 0 | 4509132 | 0 |
| KINROSS GOLD | COM | 496902404 |  | 6767500 | 272334 | SH |  | SOLE |  | 0 | 272334 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 248500 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| KINROSS GOLD CORP | COM | 496902404 |  | 3354750 | 135000 | SH |  | SOLE |  | 0 | 135000 | 0 |
| LATAM AIRLINES G | SPONSORED ADR | 51817R205 |  | 3628326 | 80184 | SH |  | SOLE |  | 0 | 80184 | 0 |
| LAUDER ESTEE COS INC | CL A | 518439104 |  | 660900 | 7500 | SH |  | SOLE |  | 0 | 7500 | 0 |
| LIFE TIME GROUP HOLDINGS INC | COMMON STOCK | 53190C102 |  | 927360 | 33600 | SH |  | SOLE |  | 0 | 33600 | 0 |
| LINDE PLC | SHS | G54950103 |  | 380000 | 800 | SH |  | SOLE |  | 0 | 800 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 569376 | 3200 | SH |  | SOLE |  | 0 | 3200 | 0 |
| MAKEMYTRIP LTD | SHS | V5633W109 |  | 3639355 | 38882 | SH |  | SOLE |  | 0 | 38882 | 0 |
| METALLA ROYALTY | COM NEW | 59124U605 |  | 5172627 | 814587 | SH |  | SOLE |  | 0 | 814587 | 0 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 138640 | 4000 | SH |  | SOLE |  | 0 | 4000 | 0 |
| NEW GOLD INC | COM | 644535106 |  | 5191528 | 723054 | SH |  | SOLE |  | 0 | 723054 | 0 |
| NEW GOLD INC CDA | COM | 644535106 |  | 179500 | 25000 | SH |  | SOLE |  | 0 | 25000 | 0 |
| NEW GOLD INC CDA | COM | 644535106 |  | 1795000 | 250000 | SH |  | SOLE |  | 0 | 250000 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 349350 | 85 | SH | Call | SOLE |  | 0 | 85 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 1027500 | 250 | SH | Call | SOLE |  | 0 | 250 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 1686200 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| NORTHERN TR CORP | COM | 665859104 |  | 1150830 | 8550 | SH |  | SOLE |  | 0 | 8550 | 0 |
| NORWEGIAN CRUISE LINE HLDG L | SHS | G66721104 |  | 960570 | 39000 | SH |  | SOLE |  | 0 | 39000 | 0 |
| NUTRIEN LTD | COM | 67077M108 |  | 1467750 | 25000 | SH |  | SOLE |  | 0 | 25000 | 0 |
| ON HLDG AG | NAMEN AKT A | H5919C104 |  | 366328 | 8650 | SH |  | SOLE |  | 0 | 8650 | 0 |
| OR ROYALTIES INC | COM SHS | 68390D106 |  | 17570110 | 438376 | SH |  | SOLE |  | 0 | 438376 | 0 |
| OR ROYALTIES INC | COM SHS | 68390D106 |  | 6808789 | 170000 | SH |  | SOLE |  | 0 | 170000 | 0 |
| OR ROYALTIES INC | COM SHS | 68390D106 |  | 600775 | 15000 | SH |  | SOLE |  | 0 | 15000 | 0 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 709416 | 17700 | SH |  | SOLE |  | 0 | 17700 | 0 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 801600 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 801600 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| OR ROYALTIES INC. | COM SHS | 68390D106 |  | 10020000 | 250000 | SH |  | SOLE |  | 0 | 250000 | 0 |
| ORLA MINING LTD | COM | 68634K106 |  | 5964851 | 552301 | SH |  | SOLE |  | 0 | 552301 | 0 |
| OSISKO DEVELOPME | COM NEW | 68828E809 |  | 854455 | 250000 | SH |  | SOLE |  | 0 | 250000 | 0 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 2848785 | 73555 | SH |  | SOLE |  | 0 | 73555 | 0 |
| PARAMOUNT GOLD NEV CORP | COM | 69924M109 |  | 209100 | 170000 | SH |  | SOLE |  | 0 | 170000 | 0 |
| PERMA-PIPE INTL HLDGS INC | COM | 714167103 |  | 117150 | 5000 | SH |  | SOLE |  | 0 | 5000 | 0 |
| PERMIAN RESOURCES CORP | CLASS A COM | 71424F105 |  | 192000 | 15000 | SH |  | SOLE |  | 0 | 15000 | 0 |
| PERPETUA RESOURCES CORP | COM | 714266103 |  | 101150 | 5000 | SH |  | SOLE |  | 0 | 5000 | 0 |
| PERPETUA RESOURCES CORP | COM | 714266103 |  | 303450 | 15000 | SH |  | SOLE |  | 0 | 15000 | 0 |
| PERPETUA RESOURCES CORP | COM | 714266103 |  | 606900 | 30000 | SH |  | SOLE |  | 0 | 30000 | 0 |
| PPL CORP | COM | 69351T106 |  | 185800 | 5000 | SH |  | SOLE |  | 0 | 5000 | 0 |
| RANGE RES CORP | COM | 75281A109 |  | 395220 | 10500 | SH |  | SOLE |  | 0 | 10500 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 278920 | 19000 | SH |  | SOLE |  | 0 | 19000 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 2535249 | 7835 | SH |  | SOLE |  | 0 | 7835 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 457322 | 2280 | SH |  | SOLE |  | 0 | 2280 | 0 |
| RYANAIR HLDG-ADR | SPONSORED ADR | 783513203 |  | 7867562 | 130647 | SH |  | SOLE |  | 0 | 130647 | 0 |
| SABRE CORP | COM | 78573M104 |  | 15914502 | 8696449 | SH |  | SOLE |  | 0 | 8696449 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 154665 | 4500 | SH |  | SOLE |  | 0 | 4500 | 0 |
| SCORPIO TANKERS | SHS | Y7542C130 |  | 187599 | 3347 | SH |  | SOLE |  | 0 | 3347 | 0 |
| SEABRIDGE GOLD INC | COM | 811916105 |  | 483000 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| SEABRIDGE GOLD INC | COM | 811916105 |  | 483000 | 20000 | SH |  | SOLE |  | 0 | 20000 | 0 |
| SELECT WATER SOLUTIONS INC | CL A COM | 81617J301 |  | 106900 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 786830 | 11000 | SH |  | SOLE |  | 0 | 11000 | 0 |
| SIBANYE STILLWATER LTD | SPONSORED ADR | 82575P107 |  | 168600 | 15000 | SH |  | SOLE |  | 0 | 15000 | 0 |
| SIBANYE-STI-ADR | SPONSORED ADR | 82575P107 |  | 5949692 | 529332 | SH |  | SOLE |  | 0 | 529332 | 0 |
| SIGMA LITHIUM CORPORATION | COM | 826599102 |  | 64100 | 10000 | SH |  | SOLE |  | 0 | 10000 | 0 |
| SILVERCORP METAL | COM | 82835P103 |  | 7853681 | 1242671 | SH |  | SOLE |  | 0 | 1242671 | 0 |
| SILVERCORP METALS INC | COM | 82835P103 |  | 442400 | 70000 | SH |  | SOLE |  | 0 | 70000 | 0 |
| SILVERCORP METALS INC | COM | 82835P103 |  | 1580000 | 250000 | SH |  | SOLE |  | 0 | 250000 | 0 |
| SKYWEST INC | COM | 830879102 |  | 21574135 | 214412 | SH |  | SOLE |  | 0 | 214412 | 0 |
| SOLITARIO RESOURCES CORP | COM | 8342EP107 |  | 216380 | 310000 | SH |  | SOLE |  | 0 | 310000 | 0 |
| SOUTHWEST AIR | COM | 844741108 |  | 84985297 | 2663281 | SH |  | SOLE |  | 0 | 2663281 | 0 |
| SSR MINING IN | COM | 784730103 |  | 4884000 | 200000 | SH |  | SOLE |  | 0 | 200000 | 0 |
| SSR MINING INC | COM | 784730103 |  | 5265978 | 215642 | SH |  | SOLE |  | 0 | 215642 | 0 |
| STANDARD LITHIUM LTD | COM | 853606101 |  | 252750 | 75000 | SH |  | SOLE |  | 0 | 75000 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 209145 | 1500 | SH |  | SOLE |  | 0 | 1500 | 0 |
| SUN COUNTRY HOLD | COM | 866683105 |  | 21591266 | 1828219 | SH |  | SOLE |  | 0 | 1828219 | 0 |
| TAPESTRY INC | COM | 876030107 |  | 735930 | 6500 | SH |  | SOLE |  | 0 | 6500 | 0 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 219450 | 5000 | SH |  | SOLE |  | 0 | 5000 | 0 |
| TEEKAY CORP LTD | SHS | G8726T105 |  | 361687 | 44216 | SH |  | SOLE |  | 0 | 44216 | 0 |
| TESLA INC | COM | 88160R101 |  | 74425 | 10 | SH | Call | SOLE |  | 0 | 10 | 0 |
| TESLA INC | COM | 88160R101 |  | 194125 | 50 | SH | Call | SOLE |  | 0 | 50 | 0 |
| TESLA INC | COM | 88160R101 |  | 1263005 | 2840 | SH |  | SOLE |  | 0 | 2840 | 0 |
| TEXTRON INC | COM | 883203101 |  | 16056987 | 190046 | SH |  | SOLE |  | 0 | 190046 | 0 |
| TOLL BROTHERS INC | COM | 889478103 |  | 600909 | 4350 | SH |  | SOLE |  | 0 | 4350 | 0 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 895350 | 15000 | SH |  | SOLE |  | 0 | 15000 | 0 |
| TRIP.COM GRO-ADR | ADS | 89677Q107 |  | 7859603 | 104516 | SH |  | SOLE |  | 0 | 104516 | 0 |
| TRIPADVISOR INC | COM | 896945201 |  | 14192850 | 872869 | SH |  | SOLE |  | 0 | 872869 | 0 |
| TRIPLE FLAG | COM | 89679M104 |  | 6251838 | 213665 | SH |  | SOLE |  | 0 | 213665 | 0 |
| UNITED AIRLINES | COM | 910047109 |  | 75287660 | 780183 | SH |  | SOLE |  | 0 | 780183 | 0 |
| UNITED PARCEL-B | CL B | 911312106 |  | 281663 | 3372 | SH |  | SOLE |  | 0 | 3372 | 0 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 170260 | 1000 | SH |  | SOLE |  | 0 | 1000 | 0 |
| VF CORP | COM | 918204108 |  | 158730 | 11000 | SH |  | SOLE |  | 0 | 11000 | 0 |
| VIZSLA SILVER CO | COM NEW | 92859G608 |  | 1078840 | 250000 | SH |  | SOLE |  | 0 | 250000 | 0 |
| VIZSLA SILVER CO | COM NEW | 92859G608 |  | 3452287 | 800000 | SH |  | SOLE |  | 0 | 800000 | 0 |
| VOX ROYALTY CORP | COM | 92919F103 |  | 645000 | 150000 | SH |  | SOLE |  | 0 | 150000 | 0 |
| VOX ROYALTY CORP | COM | 92919F103 |  | 6071600 | 1412000 | SH |  | SOLE |  | 0 | 1412000 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 322270 | 13000 | SH |  | SOLE |  | 0 | 13000 | 0 |
| WHEATON PRECIOUS | COM | 962879102 |  | 16215570 | 144989 | SH |  | SOLE |  | 0 | 144989 | 0 |
| WHEATON PRECIOUS METALS CORP | COM | 962879102 |  | 391440 | 3500 | SH |  | SOLE |  | 0 | 3500 | 0 |
| ZIM INTEGRATED S | SHS | M9T951109 |  | 481364 | 35525 | SH |  | SOLE |  | 0 | 35525 | 0 |
| ZTO EXPRESS -ADR | SPONSORED ADS A | 98980A105 |  | 283469 | 14764 | SH |  | SOLE |  | 0 | 14764 | 0 |

---