| HNRG Hallador Energy Co. | 19.93% | 2,021,102 | $23.1M | No change |
| NGS Natural Gas Services Group | 15.49% | 671,326 | $18.0M | Reduce -1.5% |
| ASTL Algoma Steel Group Inc. | 12.30% | 1,459,903 | $14.3M | No change |
| EQX Equinox Gold Corp. | 11.14% | 2,568,645 | $12.9M | No change |
| PDS Precision Drilling Corp. | 6.51% | 123,638 | $7.6M | No change |
| BSET Bassett Furniture Inds | 5.67% | 476,308 | $6.6M | No change |
| EGO Eldorado Gold Corp. | 5.29% | 413,039 | $6.1M | No change |
| EFXT Enerflex Ltd. | 4.73% | 551,598 | $5.5M | No change |
| BTU Peabody Energy Corp. | 4.27% | 237,056 | $5.0M | Reduce -51.2% |
| GAU Galiano Gold Inc. | 2.56% | 2,392,299 | $3.0M | Add +2154.8% |
| VET Vermilion Energy Inc. | 2.40% | 296,189 | $2.8M | Add +2.1% |
| MERC Mercer International Inc. | 1.73% | 309,498 | $2.0M | No change |
| HNNA Hennessy Advisors Inc. | 1.55% | 141,353 | $1.8M | No change |
| AE Adams Resources & Energy Inc. | 1.46% | 45,022 | $1.7M | Reduce -60.9% |
| WHG Westwood Holdings Group Inc. | 1.25% | 100,002 | $1.5M | No change |
| ASC Ardmore Shipping Corp. | 0.94% | 89,761 | $1.1M | No change |
| SLV iShares Silver Trust | 0.88% | 39,025 | $1.0M | No change |
| MIND Mind Technology Inc. | 0.61% | 89,457 | $710K | Reduce -6.1% |
| IAUX I-80 Gold Corp. | 0.47% | 1,126,838 | $541K | No change |
| XPL Solitario Resources Corp. | 0.32% | 632,458 | $376K | No change |
| WFG West Fraser Timber Co. Ltd. | 0.25% | 3,395 | $294K | No change |
| GLD SPDR Gold Shares | 0.23% | 1,097 | $266K | No change |