AGNICO EAGLE MINES LTD COM 008474108 5498100 30000 SH SOLE 0 30000 0 ALAMOS GOLD INC NEW COM CL A 011532108 3239000 100000 SH SOLE 0 100000 0 ALASKA AIR GROUP COM 011659109 28199877 728679 SH SOLE 0 728679 0 ALLEGIANT TRAVEL COM 01748X102 29118366 384198 SH SOLE 0 384198 0 AMERICAN AIRLINE COM 02376R102 90748273 6787455 SH SOLE 0 6787455 0 AMERICAS GOLD AN COM NEW 03062D803 10520548 2400000 SH SOLE 0 2400000 0 AMERICAS GOLD AN COM NEW 03062D803 876712 200000 SH SOLE 0 200000 0 ANGLOGOLD ASHANT COM SHS G0378L100 5671198 60364 SH SOLE 0 60364 0 ANGLOGOLD ASHANTI PLC COM SHS G0378L100 939500 10000 SH SOLE 0 10000 0 ANTERO RESOURCES CORP COM 03674X106 333900 10000 SH SOLE 0 10000 0 ARDMORE SHIPPING COM Y0207T100 353458 18942 SH SOLE 0 18942 0 ARIS MINING CORP COM 04040Y109 6960309 400000 SH SOLE 0 400000 0 AURA MINERALS INC SHS NEW G06973112 1967000 25000 SH SOLE 0 25000 0 AVINO SILVER & GOLD MINES LT COM 053906103 555000 100000 SH SOLE 0 100000 0 AYA GOLD & SILVE COM 05466C109 15474710 575000 SH SOLE 0 575000 0 BAKER HUGHES COMPANY CL A 05722G100 274500 5000 SH SOLE 0 5000 0 BARRICK MNG CORP COM SHS 06849F108 6913900 170000 SH SOLE 0 170000 0 BLUE MOON METALS COM 09570Q509 548648 110000 SH SOLE 0 110000 0 BLUE MOON METALS COM 09570Q509 548648 110000 SH SOLE 0 110000 0 BOEING CO/THE COM 097023105 14746323 79260 SH SOLE 0 79260 0 BOOKING HOLDINGS COM 09857L108 15179791 93179 SH SOLE 0 93179 0 BP PLC SPONSORED ADR 055622104 307930 7000 SH SOLE 0 7000 0 BUENAVENTURA-ADR SPONSORED ADR 204448104 3902404 123572 SH SOLE 0 123572 0 BW LPG LTD COM Y10230103 705130 28161 SH SOLE 0 28161 0 CAMECO CORP COM 13321L108 216675 2500 SH SOLE 0 2500 0 CARNIVAL CORP LTD COMMON SHARES G2004J103 1288350 52500 SH SOLE 0 52500 0 CENTERRA GOLD IN COM 152006102 6539515 300000 SH SOLE 0 300000 0 CHENIERE ENERGY INC COM NEW 16411R208 1667986 6200 SH SOLE 0 6200 0 CME GROUP INC COM 12572Q105 120773 461 SH SOLE 0 461 0 COEUR MINING INC COM NEW 192108504 5425939 308292 SH SOLE 0 308292 0 COEUR MNG INC COM NEW 192108504 264000 15000 SH SOLE 0 15000 0 COEUR MNG INC COM NEW 192108504 1318557 74918 SH SOLE 0 74918 0 COEUR MNG INC COM NEW 192108504 6149176 349385 SH SOLE 0 349385 0 COLLECTIVE MININ COM 19425C100 183772 15000 SH SOLE 0 15000 0 COLLECTIVE MININ COM 19425C100 122515 10000 SH SOLE 0 10000 0 CONSTELLATION BRANDS INC CL A 21036P108 678360 6000 SH SOLE 0 6000 0 COPA HOLDIN-CL A CL A P31076105 4155385 31516 SH SOLE 0 31516 0 DANAOS CORP SHS Y1968P121 342414 2219 SH SOLE 0 2219 0 DELTA AIR LI COM NEW 247361702 91803914 1099975 SH SOLE 0 1099975 0 DHT HOLDINGS INC SHS NEW Y2065G121 941553 41717 SH SOLE 0 41717 0 ELDORADO GOLD CORP NEW COM 284902509 2886750 75000 SH SOLE 0 75000 0 ELEMENTAL ROYALT COM NEW 28620K106 526516 27444 SH SOLE 0 27444 0 ELEMENTAL ROYALT COM NEW 28620K106 6503751 339000 SH SOLE 0 339000 0 ELEMENTAL ROYALT COM NEW 28620K106 2000047 104250 SH SOLE 0 104250 0 EMBRAER SA-ADR SPONSORED ADS 29082A107 4087089 54263 SH SOLE 0 54263 0 ENDEAVOUR SILVER COM 29258Y103 257113 30000 SH SOLE 0 30000 0 ENDEAVOUR SILVER COM 29258Y103 2015764 235200 SH SOLE 0 235200 0 ENDEAVOUR SILVER COM 29258Y103 257113 30000 SH SOLE 0 30000 0 EXPEDIA GROUP IN COM NEW 30212P303 15444747 58645 SH SOLE 0 58645 0 EXPEDITORS INTL COM 302130109 512191 2774 SH SOLE 0 2774 0 EXXONMOBIL HOLDINGS CORP COM SHS 30233Q108 2359875 14500 SH SOLE 0 14500 0 FEDEX CORP COM 31428X106 477811 1676 SH SOLE 0 1676 0 FERRARI N V COM N3167Y103 2861912 7285 SH SOLE 0 7285 0 FORTUNA MINING C COM NEW 349942102 7798885 693851 SH SOLE 0 693851 0 FORTUNA MNG CORP COM NEW 349942102 157360 14000 SH SOLE 0 14000 0 FRANCO NEV CORP COM 351858105 359546 1510 SH SOLE 0 1510 0 FRANCO-NEVADA CO COM 351858105 19094041 80190 SH SOLE 0 80190 0 FRONTIER GROUP H COM 35909R108 31140702 5216198 SH SOLE 0 5216198 0 FRONTLINE PLC COM M46528101 731512 14847 SH SOLE 0 14847 0 GALIANO GOLD INC COM 36352H100 135800 70000 SH SOLE 0 70000 0 GENERAL DYNAMICS COM 369550108 15206442 45826 SH SOLE 0 45826 0 GLOBAL SHIP-CL A COM CL A Y27183600 338863 7677 SH SOLE 0 7677 0 GLOBAL X FDS MSCI CHINA CNSMR 37950E408 70965 4500 SH SOLE 0 4500 0 GLOBAL X FDS GLOBAL X SILVER 37954Y848 860100 10000 SH SOLE 0 10000 0 GLOBAL X FDS GLOBAL X SILVER 37954Y848 2580300 30000 SH SOLE 0 30000 0 GOLD FIELDS LTD SPONSORED ADR 38059T106 903000 25000 SH SOLE 0 25000 0 GOLD FIELDS-ADR SPONSORED ADR 38059T106 6611080 183031 SH SOLE 0 183031 0 GOLD ROYALTY COR COMMON SHARES 38071H106 5124957 1708319 SH SOLE 0 1708319 0 GOLD X2 MINING I COM 38076G509 982086 200000 SH SOLE 0 200000 0 GOLDMAN SACHS GROUP INC COM 38141G104 1350540 1500 SH SOLE 0 1500 0 GRUPO AEROPO-ADR SPON ADR SER B 40051E202 3792439 16125 SH SOLE 0 16125 0 GRUPO AEROPO-ADR SPON ADR 400501102 3992505 41326 SH SOLE 0 41326 0 HAFNIA LTD SHS Y2990R101 769545 77419 SH SOLE 0 77419 0 HALLIBURTON CO COM 406216101 318000 10000 SH SOLE 0 10000 0 HARMONY GOLD-ADR SPONSORED ADR 413216300 5503548 310584 SH SOLE 0 310584 0 HECLA MINING COMPANY COM 422704106 1277250 75000 SH SOLE 0 75000 0 HF SINCLAIR CORP COM 403949100 268300 2500 SH SOLE 0 2500 0 HIGHLANDER SILVE COM 43087N204 1700913 325000 SH SOLE 0 325000 0 HILTON WORLDWIDE HLDGS INC COM 43300A203 1568332 4930 SH SOLE 0 4930 0 IAMGOLD CORP COM 450913108 10585750 575000 SH SOLE 0 575000 0 IAMGOLD CORP COM 450913108 5746313 312130 SH SOLE 0 312130 0 INTEGRA RES CORP COM 45826T509 899500 350000 SH SOLE 0 350000 0 INTEGRA RESOURCE COM 45826T509 5273594 2051982 SH SOLE 0 2051982 0 INTERNATIONAL SE COM Y41053102 761728 6916 SH SOLE 0 6916 0 IVANHOE ELECTRIC COM 46578C108 510870 51499 SH SOLE 0 51499 0 JETBLUE AIRWAYS COM 477143101 27500491 6501298 SH SOLE 0 6501298 0 KINROSS GOLD COM 496902404 6959216 289004 SH SOLE 0 289004 0 KINROSS GOLD CORP COM 496902404 2408000 100000 SH SOLE 0 100000 0 LAS VEGAS SANDS CORP COM 517834107 1085147 28700 SH SOLE 0 28700 0 LATAM AIRLINES G SPONSORED ADR 51817R205 7990632 160165 SH SOLE 0 160165 0 LAUDER ESTEE COS INC CL A 518439104 1178179 12700 SH SOLE 0 12700 0 LIFE TIME GROUP HOLDINGS INC COMMON STOCK 53190C102 761708 19100 SH SOLE 0 19100 0 MAKEMYTRIP LTD SHS V5633W109 3903487 82701 SH SOLE 0 82701 0 MAKO MINING CORP COM NEW 56089A400 940639 100000 SH SOLE 0 100000 0 MARATHON PETE CORP COM 56585A102 316336 800 SH SOLE 0 800 0 MARRIOTT INTL INC NEW CL A 571903202 711340 2000 SH SOLE 0 2000 0 MARRIOTT INTL INC NEW CL A 571903202 1013660 2850 SH SOLE 0 2850 0 MATSON INC COM 57686G105 335390 1527 SH SOLE 0 1527 0 MCEWEN INC COM NEW 58039P305 5728315 320914 SH SOLE 0 320914 0 MELCO RESORTS AND ENTMNT LTD ADR 585464100 53760 12000 SH SOLE 0 12000 0 METALLA RTY & STREAMING LTD COM NEW 59124U605 296730 31500 SH SOLE 0 31500 0 METALLA RTY & STREAMING LTD COM NEW 59124U605 4710000 500000 SH SOLE 0 500000 0 MGM RESORTS INTERNATIONAL COM 552953101 158355 5100 SH SOLE 0 5100 0 NORWEGIAN CRUISE LINE HLDGS SHS G66721104 652370 44500 SH SOLE 0 44500 0 NUTRIEN LTD COM 67077M108 1756250 25000 SH SOLE 0 25000 0 OCEANAGOLD CORP COM NEW 675222400 1376537 50000 SH SOLE 0 50000 0 OKEANIS ECO TANK SHS Y64177101 999919 12363 SH SOLE 0 12363 0 OR ROYALTIES INC COM SHS 68390D106 8010973 233284 SH SOLE 0 233284 0 OR ROYALTIES INC. COM SHS 68390D106 446420 13000 SH SOLE 0 13000 0 OR ROYALTIES INC. COM SHS 68390D106 2575500 75000 SH SOLE 0 75000 0 OSISKO GOLD GROU COM NEW 68827X105 702494 250000 SH SOLE 0 250000 0 PAN AMERN SILVER CORP COM 697900108 4030138 88555 SH SOLE 0 88555 0 PARAMOUNT GOLD NEV CORP COM 69924M109 244000 200000 SH SOLE 0 200000 0 PERPETUA RESOURCES CORP COM 714266103 647100 30000 SH SOLE 0 30000 0 PHILLIPS 66 COM 718546104 306372 1200 SH SOLE 0 1200 0 RALPH LAUREN CORP CL A 751212101 230796 650 SH SOLE 0 650 0 RANGE RES CORP COM 75281A109 388920 10500 SH SOLE 0 10500 0 ROYAL CARIBBEAN GROUP COM V7780T103 1736066 6530 SH SOLE 0 6530 0 ROYAL GOLD INC COM 780287108 19422328 82298 SH SOLE 0 82298 0 ROYAL GOLD INC COM 780287108 272580 1155 SH SOLE 0 1155 0 RYANAIR HLDG-ADR SPONSORED ADR 783513203 8424726 153149 SH SOLE 0 153149 0 SABRE CORP COM 78573M104 15688583 7400275 SH SOLE 0 7400275 0 SANTACRUZ SILVER COM NEW SHS 80280U205 3090622 350000 SH SOLE 0 350000 0 SCHLUMBERGER LTD COM STK 806857108 219240 4500 SH SOLE 0 4500 0 SCORPIO TANKERS SHS Y7542C130 879938 10513 SH SOLE 0 10513 0 SEABRIDGE GOLD INC COM 811927102 340080 12000 SH SOLE 0 12000 0 SELECT WATER SOLUTIONS INC CL A COM 81617J301 197900 10000 SH SOLE 0 10000 0 SHELL PLC SPON ADS 780259305 2281200 24000 SH SOLE 0 24000 0 SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 2807750 275000 SH SOLE 0 275000 0 SILVERCORP METALS INC COM 82835P103 2667500 250000 SH SOLE 0 250000 0 SINDA LTD COMMON STOCK G81569108 483000 35000 SH SOLE 0 35000 0 SKYWEST INC COM 830879102 29573200 305130 SH SOLE 0 305130 0 SOLITARIO RESOURCES CORP COM 8342EP107 178560 310000 SH SOLE 0 310000 0 SOUTHWEST AIR COM 844741108 94141419 2260841 SH SOLE 0 2260841 0 SSR MINING IN COM 784730103 4998000 150000 SH SOLE 0 150000 0 STANDARD LITHIUM CORP COM 853606101 201300 110000 SH SOLE 0 110000 0 SUNSHINE SILVER MNG & REFNG COMMON STOCK 867866105 736000 50000 SH SOLE 0 50000 0 TAPESTRY INC COM 876030107 557369 4845 SH SOLE 0 4845 0 TEEKAY CORP LTD SHS G8726T105 743280 52160 SH SOLE 0 52160 0 TEEKAY TANK-CL A CL A G8726X106 910908 9385 SH SOLE 0 9385 0 TESLA INC COM 88160R101 2288525 6450 SH SOLE 0 6450 0 TEXTRON INC COM 883203101 15618943 204973 SH SOLE 0 204973 0 THE REALREAL INC COM 88339P101 548080 62000 SH SOLE 0 62000 0 TOLL BROTHERS INC COM 889478103 741125 5500 SH SOLE 0 5500 0 TOTALENERGIES SE ACT F92124100 1881000 22000 SH SOLE 0 22000 0 TRIP.COM GRO-ADR ADS 89677Q107 8203376 209805 SH SOLE 0 209805 0 TRIPADVISOR INC COM 896945201 15402717 1840229 SH SOLE 0 1840229 0 TRIPLE FLAG COM 89679M104 7815480 253667 SH SOLE 0 253667 0 UBS GROUP AG SHS H42097107 1073299 22300 SH SOLE 0 22300 0 UNITED AIRLINES COM 910047109 89670123 808203 SH SOLE 0 808203 0 UNITED PARCEL-B CL B 911312106 489719 5241 SH SOLE 0 5241 0 VALERO ENERGY CORP COM 91913Y100 581415 1500 SH SOLE 0 1500 0 VANECK ETF TRUST JUNIOR GOLD MINE 92189F791 546960 4800 SH SOLE 0 4800 0 VANECK ETF TRUST JUNIOR GOLD MINE 92189F791 2848750 25000 SH SOLE 0 25000 0 VERSAMET ROYALTI COM NEW 92528V200 2418686 275000 SH SOLE 0 275000 0 VIKING HOLDINGS LTD ORD SHS G93A5A101 175068 2235 SH SOLE 0 2235 0 VIZSLA SILVER CO COM NEW 92859G608 948367 250000 SH SOLE 0 250000 0 VIZSLA SILVER CO COM NEW 92859G608 3034773 800000 SH SOLE 0 800000 0 VOX ROYALTY CORP COM 92919F103 753000 150000 SH SOLE 0 150000 0 VOX ROYALTY CORP COM 92919F103 7590240 1512000 SH SOLE 0 1512000 0 WHEATON PRECIOUS COM 962879102 18512732 138444 SH SOLE 0 138444 0 WOODSIDE ENERGY GROUP LTD SPONSORED ADR 980228308 2771250 125000 SH SOLE 0 125000 0 ZTO EXPRESS -ADR SPONSORED ADS A 98980A105 489073 25184 SH SOLE 0 25184 0