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		<nameOfIssuer>ADECOAGRO S A</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>L00849106</cusip>
		<value>8567286</value>
		<shrsOrPrnAmt>
			<sshPrnamt>844900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
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		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>844900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ARCHER DANIELS MIDLAND CO</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>039483102</cusip>
		<value>10017756</value>
		<shrsOrPrnAmt>
			<sshPrnamt>126200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>126200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>BUNGE GLOBAL SA</nameOfIssuer>
		<titleOfClass>COM SHS</titleOfClass>
		<cusip>H11356104</cusip>
		<value>9283260</value>
		<shrsOrPrnAmt>
			<sshPrnamt>86800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>86800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CANADIAN NAT RES LTD MED TER</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>136385101</cusip>
		<value>17189964</value>
		<shrsOrPrnAmt>
			<sshPrnamt>365200</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>365200</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CENOVUS ENERGY INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>15135U109</cusip>
		<value>17712492</value>
		<shrsOrPrnAmt>
			<sshPrnamt>569900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>569900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CENTERRA GOLD INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>152006102</cusip>
		<value>20675754</value>
		<shrsOrPrnAmt>
			<sshPrnamt>949300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>949300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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		<nameOfIssuer>CF INDUSTRIES HOLD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>125269100</cusip>
		<value>15736320</value>
		<shrsOrPrnAmt>
			<sshPrnamt>136600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>136600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CHEVRON CORPORATION</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>166764100</cusip>
		<value>18807741</value>
		<shrsOrPrnAmt>
			<sshPrnamt>92100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>92100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>20825C104</cusip>
		<value>18785015</value>
		<shrsOrPrnAmt>
			<sshPrnamt>150100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>150100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>EXXONMOBIL HOLDINGS CORP</nameOfIssuer>
		<titleOfClass>COM SHS</titleOfClass>
		<cusip>30233Q108</cusip>
		<value>18276825</value>
		<shrsOrPrnAmt>
			<sshPrnamt>112300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>112300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>FRANCO NEV CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>351858105</cusip>
		<value>3357351</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>14100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>GEOPARK LTD</nameOfIssuer>
		<titleOfClass>USD SHS</titleOfClass>
		<cusip>G38327105</cusip>
		<value>3426555</value>
		<shrsOrPrnAmt>
			<sshPrnamt>327900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>327900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>HUNTSMAN CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>447011107</cusip>
		<value>9398760</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1118900</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1118900</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>INVESCO DB MULTI-SECTOR COMM</nameOfIssuer>
		<titleOfClass>AGRICULTURE FD</titleOfClass>
		<cusip>46140H106</cusip>
		<value>18752496</value>
		<shrsOrPrnAmt>
			<sshPrnamt>666400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>666400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>NUTRIEN LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>67077M108</cusip>
		<value>16614125</value>
		<shrsOrPrnAmt>
			<sshPrnamt>236500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>236500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>PETROLEO BRASILEIRO S A</nameOfIssuer>
		<titleOfClass>SPONSORED ADR</titleOfClass>
		<cusip>71654V408</cusip>
		<value>18628562</value>
		<shrsOrPrnAmt>
			<sshPrnamt>892600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>892600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>780287108</cusip>
		<value>3374800</value>
		<shrsOrPrnAmt>
			<sshPrnamt>14300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>14300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>SPACE EXPLORATION TECHN CORP</nameOfIssuer>
		<titleOfClass>CLASS A COM STK</titleOfClass>
		<cusip>84615Q103</cusip>
		<value>1780148</value>
		<shrsOrPrnAmt>
			<sshPrnamt>11800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>11800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>SYMBOTIC INC</nameOfIssuer>
		<titleOfClass>CLASS A COM</titleOfClass>
		<cusip>87151X101</cusip>
		<value>1989911</value>
		<shrsOrPrnAmt>
			<sshPrnamt>47300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>47300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TERRA INNOVATUM GLOBAL NV</nameOfIssuer>
		<titleOfClass>ORD SHS</titleOfClass>
		<cusip>N85083108</cusip>
		<value>944115</value>
		<shrsOrPrnAmt>
			<sshPrnamt>278500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>278500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TEUCRIUM COMMODITY TR</nameOfIssuer>
		<titleOfClass>CORN FD SHS</titleOfClass>
		<cusip>88166A102</cusip>
		<value>3299632</value>
		<shrsOrPrnAmt>
			<sshPrnamt>173300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>173300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TEUCRIUM COMMODITY TR</nameOfIssuer>
		<titleOfClass>SUGAR FD</titleOfClass>
		<cusip>88166A409</cusip>
		<value>3552530</value>
		<shrsOrPrnAmt>
			<sshPrnamt>315500</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>315500</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TEUCRIUM COMMODITY TR</nameOfIssuer>
		<titleOfClass>WHEAT FD</titleOfClass>
		<cusip>88166A870</cusip>
		<value>16697772</value>
		<shrsOrPrnAmt>
			<sshPrnamt>679600</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>679600</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>TREKOR METALS LTD</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>89472Y107</cusip>
		<value>16833663</value>
		<shrsOrPrnAmt>
			<sshPrnamt>1889300</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>1889300</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
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	<infoTable>
		<nameOfIssuer>VISTA ENERGY S.A.B. DE C.V.</nameOfIssuer>
		<titleOfClass>SPONSORED ADS</titleOfClass>
		<cusip>92837L109</cusip>
		<value>10070435</value>
		<shrsOrPrnAmt>
			<sshPrnamt>154100</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>154100</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
	<infoTable>
		<nameOfIssuer>WHEATON PRECIOUS METALS CORP</nameOfIssuer>
		<titleOfClass>COM</titleOfClass>
		<cusip>962879102</cusip>
		<value>3396488</value>
		<shrsOrPrnAmt>
			<sshPrnamt>25400</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>25400</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
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		<nameOfIssuer>YPF SOCIEDAD ANONIMA</nameOfIssuer>
		<titleOfClass>SPONSORED ADS</titleOfClass>
		<cusip>984245100</cusip>
		<value>10166364</value>
		<shrsOrPrnAmt>
			<sshPrnamt>202800</sshPrnamt>
			<sshPrnamtType>SH</sshPrnamtType>
		</shrsOrPrnAmt>
		<investmentDiscretion>SOLE</investmentDiscretion>
		<votingAuthority>
			<Sole>202800</Sole>
			<Shared>0</Shared>
			<None>0</None>
		</votingAuthority>
	</infoTable>
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