| HNRG Hallador Energy Co. | 21.18% | 2,021,102 | $24.8M | No change |
| EQX Equinox Gold Corp. | 15.06% | 2,568,645 | $17.7M | No change |
| NGS Natural Gas Services Group | 12.58% | 671,326 | $14.7M | No change |
| PDS Precision Drilling Corp. | 7.75% | 195,505 | $9.1M | Add +58.1% |
| TDW Tidewater Inc. | 7.28% | 201,731 | $8.5M | New |
| ASTL Algoma Steel Group Inc. | 6.75% | 1,459,903 | $7.9M | No change |
| BSET Bassett Furniture Inds | 6.20% | 476,308 | $7.3M | No change |
| EGO Eldorado Gold Corp. | 5.93% | 413,039 | $6.9M | No change |
| EFXT Enerflex Ltd. | 3.64% | 551,598 | $4.3M | No change |
| BTU Peabody Energy Corp. | 2.74% | 237,056 | $3.2M | No change |
| GAU Galiano Gold Inc. | 2.60% | 2,478,831 | $3.0M | Add +3.6% |
| MERC Mercer International Inc. | 1.62% | 309,498 | $1.9M | No change |
| WHG Westwood Holdings Group Inc. | 1.38% | 100,002 | $1.6M | No change |
| HNNA Hennessy Advisors Inc. | 1.20% | 141,353 | $1.4M | No change |
| SLV iShares Silver Trust | 1.03% | 39,025 | $1.2M | No change |
| ASC Ardmore Shipping Corp. | 0.75% | 89,761 | $879K | No change |
| IAUX I-80 Gold Corp. | 0.57% | 1,126,838 | $666K | No change |
| MIND Mind Technology Inc. | 0.45% | 87,059 | $522K | Reduce -2.7% |
| XPL Solitario Resources Corp. | 0.32% | 632,458 | $379K | No change |
| VET Vermilion Energy Inc. | 0.30% | 43,308 | $351K | Reduce -85.4% |
| GLD SPDR Gold Shares | 0.27% | 1,097 | $316K | No change |
| WFG West Fraser Timber Co. Ltd. | 0.21% | 3,197 | $246K | Reduce -5.8% |
| CEF Sprott Physical Gold and Sil | 0.19% | 7,892 | $224K | New |