| SSTATE STR SPDR S&P 500 ETF TSPY |
| 12.19% | 13.93% | $37.3M | 50,000 | $31.9M | 49,000 | +1,000+2.04% | Add |
| VVANGUARD INDEX FDSVOO |
| 10.82% | 13.45% | $33.1M | 45,000 | $30.8M | 53,300 | -8,300-15.57% | Reduce |
| IISHARES RUSSELLIWM |
| 8.83% | — | $27.0M | 90,000 | $0 | 0 | +90,000 | New Buy |
| NNATIONAL ENERGY SERVICES REUNESR |
| 7.81% | 5.16% | $23.9M | 799,578 | $11.8M | 549,578 | +250,000+45.49% | Add |
| BBKV CORPBKV |
| 5.2% | 6.75% | $15.9M | 581,689 | $15.4M | 541,689 | +40,000+7.38% | Add |
| TTERAWULF INC COMWULF |
| 4.21% | 2.64% | $12.9M | 522,574 | $6.0M | 418,640 | +103,934+24.83% | Add |
| CCORE NATURAL RESOURCES INCCNR |
| 4.13% | 6.31% | $12.6M | 157,926 | $14.4M | 137,926 | +20,000+14.50% | Add |
 FLUOR CORPFLR |
| 3.56% | 2.2% | $10.9M | 208,000 | $5.0M | 108,000 | +100,000+92.59% | Add |
| SSOLARIS ENERGY INFRAS INCSEI |
| 3.03% | 2.11% | $9.3M | 115,366 | $4.8M | 85,366 | +30,000+35.14% | Add |
 VISTA ENERGY S.A.B. DE C.V.VIST |
| 2.86% | 4.12% | $8.8M | 137,473 | $9.4M | 125,000 | +12,473+9.98% | Add |
 CAMECO CORPCCJ |
| 2.31% | 2.82% | $7.1M | 69,363 | $6.4M | 59,363 | +10,000+16.85% | Add |
| HHMH HLDG INCHMH |
| 2.29% | — | $7.0M | 375,000 | $0 | 0 | +375,000 | New Buy |
| AARIS MNG CORPARIS |
| 2.04% | 1.22% | $6.3M | 420,000 | $2.8M | 150,000 | +270,000+180.00% | Add |
| KKOSMOS ENERGY LTDKOS |
| 1.94% | 2.48% | $5.9M | 2.8M | $5.7M | 2.0M | +775,000+38.01% | Add |
 BORR DRILLING LTDBORR |
| 1.75% | 0.96% | $5.4M | 1.3M | $2.2M | 380,110 | +921,251+242.36% | Add |
| UUNITED STS OIL FD LPUSO |
| 1.74% | — | $5.3M | 50,000 | $0 | 0 | +50,000 | New Buy |
| DDELEK US HLDGS INC NEWDK |
| 1.7% | 1.77% | $5.2M | 102,717 | $4.1M | 90,000 | +12,717+14.13% | Add |
| IISHARES MSCI EAFE ETFEFA |
| 1.7% | — | $5.2M | 50,000 | $0 | 0 | +50,000 | New Buy |
| LLIBERTY ENERGY INCLBRT |
| 1.49% | 1.68% | $4.6M | 173,768 | $3.9M | 133,768 | +40,000+29.90% | Add |
 GENERAC HLDGS INCGNRC |
| 1.43% | — | $4.4M | 15,000 | $0 | 0 | +15,000 | New Buy |
 VALERO ENERGY CORP COMVLO |
| 1.36% | — | $4.2M | 16,000 | $0 | 0 | +16,000 | New Buy |
| CCENOVUS ENERGY INC COMCVE |
| 1.31% | 1.87% | $4.0M | 161,548 | $4.3M | 161,548 | 00.00% | Unchanged |
| HHAFNIA LIMITED USD0.01 |
| 1.14% | 0.88% | $3.5M | 525,000 | $2.0M | 265,000 | +260,000+98.11% | Add |
| IISHARES BITCOIN TRUST ETFIBIT |
| 1.09% | — | $3.3M | 100,000 | $0 | 0 | +100,000 | New Buy |
| IINNOVEX INTERNATIONAL INCINVX |
| 1.06% | 1.26% | $3.3M | 131,066 | $2.9M | 118,424 | +12,642+10.68% | Add |
 FRANCO NEV CORPFNV |
| 1.02% | — | $3.1M | 15,000 | $0 | 0 | +15,000 | New Buy |
| DDENISON MINES CORPDNN |
| 0.98% | 1.51% | $3.0M | 977,106 | $3.4M | 977,106 | 00.00% | Unchanged |
| OOceaneering Intl Inc ComOII |
| 0.92% | 1.86% | $2.8M | 69,689 | $4.3M | 120,000 | -50,311-41.93% | Reduce |
 HALLADOR ENERGY COMPANYHNRG |
| 0.85% | — | $2.6M | 150,000 | $0 | 0 | +150,000 | New Buy |
| UUR-ENERGY INC COMURG |
| 0.83% | 1.55% | $2.6M | 1.9M | $3.5M | 2.4M | -500,000-21.05% | Reduce |
| BBARRICK MNG CORPGOLD |
| 0.82% | 1.22% | $2.5M | 68,524 | $2.8M | 68,524 | 00.00% | Unchanged |
 TORM PLCTRMD |
| 0.77% | — | $2.3M | 90,000 | $0 | 0 | +90,000 | New Buy |
 CF INDS HLDGS INCCF |
| 0.71% | 1.34% | $2.2M | 20,000 | $3.1M | 23,667 | -3,667-15.49% | Reduce |
 ANTERO RESOURCES CORPAR |
| 0.69% | — | $2.1M | 60,000 | $0 | 0 | +60,000 | New Buy |
 GOLAR LNG LTD SHSGLNG |
| 0.65% | 0.95% | $2.0M | 40,000 | $2.2M | 40,000 | 00.00% | Unchanged |
 NEXGEN ENERGY LTDNXE |
| 0.63% | 1.04% | $1.9M | 204,656 | $2.4M | 204,656 | 00.00% | Unchanged |
| IIAMGOLD CORPIAG |
| 0.57% | 0.76% | $1.7M | 110,000 | $1.7M | 92,257 | +17,743+19.23% | Add |
 F N B CORPFNB |
| 0.56% | 0.78% | $1.7M | 92,000 | $1.8M | 92,000 | 00.00% | Unchanged |
 BLOOM ENERGY CORPBE |
| 0.49% | — | $1.5M | 5,000 | $0 | 0 | +5,000 | New Buy |
 CENTURY ALUM COCENX |
| 0.48% | 2.1% | $1.5M | 32,000 | $4.8M | 82,000 | -50,000-60.98% | Reduce |
| SSANTACRUZ SILVER MNG LTDSCZM |
| 0.42% | — | $1.3M | 200,000 | $0 | 0 | +200,000 | New Buy |
 PAN AMERN SILVER CORPPAAS |
| 0.37% | 0.38% | $1.1M | 25,000 | $870,474 | 15,934 | +9,066+56.90% | Add |
| SSTRATEGY INCMSTR |
| 0.36% | — | $1.1M | 12,600 | $0 | 0 | +12,600 | New Buy |
| DDHT HOLDINGS INC SHS NEWDHT |
| 0.32% | — | $991,800 | 60,000 | $0 | 0 | +60,000 | New Buy |
| FFERMI INCFRMI |
| 0.3% | — | $916,000 | 100,000 | $0 | 0 | +100,000 | New Buy |
| DDORIAN LPG LTDLPG |
| 0.28% | 0.9% | $869,500 | 25,000 | $2.1M | 60,000 | -35,000-58.33% | Reduce |
