The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES LTD COM 008474108   80,391,606 1,229,404 SH   SOLE N/A 1,229,404 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   1,182,253 75,386 SH   SOLE N/A 75,386 0 0
ALPHABET INC CAP STK CL A 02079K305   2,149,370 11,800 SH Put SOLE N/A 11,800 0 0
ALPHABET INC CAP STK CL A 02079K305   13,114,800 72,000 SH Call SOLE N/A 72,000 0 0
ALPHABET INC CAP STK CL A 02079K305   14,188,574 77,895 SH   SOLE N/A 77,895 0 0
AMAZON COM INC COM 023135106   1,526,675 7,900 SH Put SOLE N/A 7,900 0 0
AMAZON COM INC COM 023135106   24,054,021 124,471 SH   SOLE N/A 124,471 0 0
ANTERO RESOURCES CORP COM 03674X106   34,073,584 1,044,241 SH   SOLE N/A 1,044,241 0 0
APPLE INC COM 037833100   1,116,286 5,300 SH Put SOLE N/A 5,300 0 0
APPLIED INDL TECHNOLOGIES IN COM 03820C105   8,206,006 42,299 SH   SOLE N/A 42,299 0 0
ATLAS LITHIUM CORP COM NEW 105861306   9,131,242 661,158 SH   SOLE N/A 661,158 0 0
AZEK CO INC CL A 05478C105   35,299,210 837,864 SH   SOLE N/A 837,864 0 0
BANK MONTREAL QUE COM 063671101   10,880,734 129,662 SH   SOLE N/A 129,662 0 0
BLACKSTONE INC COM 09260D107   383,780 3,100 SH Put SOLE N/A 3,100 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   6,205,488 149,236 SH   SOLE N/A 149,236 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   47,227,000 830,000 SH Call SOLE N/A 830,000 0 0
CANADIAN NAT RES LTD COM 136385101   88,151,697 2,475,393 SH   SOLE N/A 2,475,393 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108   64,684,234 821,545 SH   SOLE N/A 821,545 0 0
CARRIER GLOBAL CORPORATION COM 14448C104   29,749,033 471,608 SH   SOLE N/A 471,608 0 0
CENOVUS ENERGY INC COM 15135U109   17,309,572 880,857 SH   SOLE N/A 880,857 0 0
CENOVUS ENERGY INC COM 15135U109   80,670,000 3,000,000 SH Call SOLE N/A 3,000,000 0 0
CHEMED CORP NEW COM 16359R103   1,640,762 3,024 SH   SOLE N/A 3,024 0 0
CHENIERE ENERGY INC COM NEW 16411R208   20,631,863 118,011 SH   SOLE N/A 118,011 0 0
CHESAPEAKE ENERGY CORP COM 165167735   32,562,034 396,180 SH   SOLE N/A 396,180 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105   626,500 10,000 SH Put SOLE N/A 10,000 0 0
CINTAS CORP COM 172908105   1,260,468 1,800 SH Put SOLE N/A 1,800 0 0
COLLIERS INTL GROUP INC SUB VTG SHS 194693107   14,690,460 131,576 SH   SOLE N/A 131,576 0 0
CONSTELLATION ENERGY CORP COM 21037T109   13,215,216 65,987 SH   SOLE N/A 65,987 0 0
COPART INC COM 217204106   590,344 10,900 SH Put SOLE N/A 10,900 0 0
COSTCO WHSL CORP NEW COM 22160K105   22,949,730 27,000 SH Put SOLE N/A 27,000 0 0
CROWDSTRIKE HLDGS INC CL A 22788C105   3,013,406 7,864 SH   SOLE N/A 7,864 0 0
DANAHER CORPORATION COM 235851102   1,595,792 6,387 SH   SOLE N/A 6,387 0 0
DELL TECHNOLOGIES INC CL C 24703L202   8,114,486 58,839 SH   SOLE N/A 58,839 0 0
DEXCOM INC COM 252131107   7,953,494 70,149 SH   SOLE N/A 70,149 0 0
DIAMONDBACK ENERGY INC COM 25278X109   12,946,888 64,673 SH   SOLE N/A 64,673 0 0
DUTCH BROS INC CL A 26701L100   85,361,625 2,061,875 SH   SOLE N/A 2,061,875 0 0
EQUITY LIFESTYLE PPTYS INC COM 29472R108   38,939,208 597,869 SH   SOLE N/A 597,869 0 0
FAIR ISAAC CORP COM 303250104   297,732 200 SH Put SOLE N/A 200 0 0
FIRSTSERVICE CORP NEW COM 33767E202   14,888,752 97,856 SH   SOLE N/A 97,856 0 0
FRANCO NEV CORP COM 351858105   6,364,654 53,695 SH   SOLE N/A 53,695 0 0
FRANCO NEV CORP COM 351858105   44,118,400 272,000 SH Call SOLE N/A 272,000 0 0
GMS INC COM 36251C103   10,209,015 126,647 SH   SOLE N/A 126,647 0 0
GRAPHIC PACKAGING HLDG CO COM 388689101   80,983,475 3,089,793 SH   SOLE N/A 3,089,793 0 0
HUDBAY MINERALS INC COM 443628102   4,952,000 400,000 SH Call SOLE N/A 400,000 0 0
HUDBAY MINERALS INC COM 443628102   49,727,414 5,496,486 SH   SOLE N/A 5,496,486 0 0
ICON PLC SHS G4705A100   22,152,611 70,669 SH   SOLE N/A 70,669 0 0
ILLINOIS TOOL WKS INC COM 452308109   710,880 3,000 SH Put SOLE N/A 3,000 0 0
IMPERIAL OIL LTD COM NEW 453038408   11,595,326 170,100 SH   SOLE N/A 170,100 0 0
INGERSOLL RAND INC COM 45687V106   7,819,689 86,082 SH   SOLE N/A 86,082 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602   489,335 1,100 SH Put SOLE N/A 1,100 0 0
INVESCO QQQ TR UNIT SER 1 46090E103   404,800,039 844,900 SH Put SOLE N/A 844,900 0 0
ISHARES TR 20 YR TR BD ETF 464287432   22,945,000 250,000 SH Call SOLE N/A 250,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432   56,481,412 615,400 SH Put SOLE N/A 615,400 0 0
ISHARES TR IBOXX HI YD ETF 464288513   191,961,112 2,502,100 SH Put SOLE N/A 2,502,100 0 0
ISHARES TR IBOXX INV CP ETF 464287242   53,560,000 500,000 SH Put SOLE N/A 500,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655   23,677,263 116,700 SH Put SOLE N/A 116,700 0 0
ISHARES TR U.S. REAL ES ETF 464287739   719,468 8,200 SH Put SOLE N/A 8,200 0 0
ISHARES TR US HOME CONS ETF 464288752   394,134 3,900 SH Put SOLE N/A 3,900 0 0
KINROSS GOLD CORP COM 496902404   77,110,298 9,264,000 SH   SOLE N/A 9,264,000 0 0
KKR & CO INC COM 48251W104   442,008 4,200 SH Put SOLE N/A 4,200 0 0
KKR & CO INC COM 48251W104   16,002,058 152,053 SH   SOLE N/A 152,053 0 0
LAMAR ADVERTISING CO NEW CL A 512816109   5,987,975 50,096 SH   SOLE N/A 50,096 0 0
LPL FINL HLDGS INC COM 50212V100   28,493,348 102,017 SH   SOLE N/A 102,017 0 0
MANULIFE FINL CORP COM 56501R106   15,681,654 589,037 SH   SOLE N/A 589,037 0 0
MARTIN MARIETTA MATLS INC COM 573284106   32,839,582 60,612 SH   SOLE N/A 60,612 0 0
MASTERCARD INCORPORATED CL A 57636Q104   705,856 1,600 SH Put SOLE N/A 1,600 0 0
MCEWEN MNG INC COM NEW 58039P305   213,729 23,304 SH   SOLE N/A 23,304 0 0
MDU RES GROUP INC COM 552690109   12,499,574 497,991 SH   SOLE N/A 497,991 0 0
META PLATFORMS INC CL A 30303M102   806,752 1,600 SH Put SOLE N/A 1,600 0 0
MICROSOFT CORP COM 594918104   1,921,885 4,300 SH Put SOLE N/A 4,300 0 0
MICROSOFT CORP COM 594918104   37,385,133 83,645 SH   SOLE N/A 83,645 0 0
NEXGEN ENERGY LTD COM 65340P106   26,555,430 3,809,034 SH   SOLE N/A 3,809,034 0 0
NEXTERA ENERGY INC COM 65339F101   13,434,852 189,731 SH   SOLE N/A 189,731 0 0
NVR INC COM 62944T105   2,542,168 335 SH   SOLE N/A 335 0 0
OVINTIV INC COM 69047Q102   23,435,000 500,000 SH   SOLE N/A 500,000 0 0
PARKER-HANNIFIN CORP COM 701094104   10,153,630 20,074 SH   SOLE N/A 20,074 0 0
PERMIAN RESOURCES CORP CLASS A COM 71424F105   17,675,190 1,094,439 SH   SOLE N/A 1,094,439 0 0
POOL CORP COM 73278L105   3,591,458 11,686 SH   SOLE N/A 11,686 0 0
PROLOGIS INC. COM 74340W103   1,440,600 12,827 SH   SOLE N/A 12,827 0 0
ROPER TECHNOLOGIES INC COM 776696106   39,444,363 69,979 SH   SOLE N/A 69,979 0 0
ROYAL BK CDA COM 780087102   1,092,375 7,500 SH Put SOLE N/A 7,500 0 0
ROYAL BK CDA COM 780087102   11,944,686 112,221 SH   SOLE N/A 112,221 0 0
ROYAL GOLD INC COM 780287108   17,897,630 142,998 SH   SOLE N/A 142,998 0 0
S&P GLOBAL INC COM 78409V104   2,040,004 4,574 SH   SOLE N/A 4,574 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886   735,912 10,800 SH Put SOLE N/A 10,800 0 0
SHERWIN WILLIAMS CO COM 824348106   13,766,874 46,131 SH   SOLE N/A 46,131 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   1,088,440 2,000 SH Call SOLE N/A 2,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   6,312,952 11,600 SH Put SOLE N/A 11,600 0 0
SPRING VALLEY ACQUISTN CORP *W EXP 02/25/202 G83752116   6,335,868 79,166,665 SH   SOLE N/A 79,166,665 0 0
SPROTT INC COM NEW 852066208   32,302,714 779,177 SH   SOLE N/A 779,177 0 0
SPX TECHNOLOGIES INC COM 78473E103   20,123,328 141,574 SH   SOLE N/A 141,574 0 0
STANTEC INC COM 85472N109   24,486,114 292,557 SH   SOLE N/A 292,557 0 0
STERIS PLC SHS USD G8473T100   14,574,822 66,388 SH   SOLE N/A 66,388 0 0
SUN CMNTYS INC COM 866674104   78,603,681 653,180 SH   SOLE N/A 653,180 0 0
SUN LIFE FINANCIAL INC. COM 866796105   8,645,461 176,362 SH   SOLE N/A 176,362 0 0
TECK RESOURCES LTD CL B 878742204   29,520,996 616,172 SH   SOLE N/A 616,172 0 0
TELEDYNE TECHNOLOGIES INC COM 879360105   1,378,105 3,552 SH   SOLE N/A 3,552 0 0
TELUS CORPORATION COM 87971M103   5,570,189 368,044 SH   SOLE N/A 368,044 0 0
TETRA TECH INC NEW COM 88162G103   9,585,000 46,875 SH   SOLE N/A 46,875 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102   26,238,191 47,447 SH   SOLE N/A 47,447 0 0
TRANE TECHNOLOGIES PLC SHS G8994E103   3,272,196 9,948 SH   SOLE N/A 9,948 0 0
UBER TECHNOLOGIES INC COM 90353T100   14,536,000 200,000 SH Call SOLE N/A 200,000 0 0
UNION PAC CORP COM 907818108   9,473,054 41,868 SH   SOLE N/A 41,868 0 0
UNION PAC CORP COM 907818108   13,575,600 60,000 SH Call SOLE N/A 60,000 0 0
UNITED PARKS & RESORTS INC COM 81282V100   5,712,706 105,187 SH   SOLE N/A 105,187 0 0
UNITED STS OIL FD LP UNITS 91232N207   47,809,713 600,700 SH Put SOLE N/A 600,700 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106   7,464,600 220,000 SH Put SOLE N/A 220,000 0 0
VISA INC COM CL A 92826C839   839,904 3,200 SH Put SOLE N/A 3,200 0 0
VISA INC COM CL A 92826C839   13,448,175 51,237 SH   SOLE N/A 51,237 0 0
VISTRA CORP COM 92840M102   9,727,089 113,132 SH   SOLE N/A 113,132 0 0
VULCAN MATLS CO COM 929160109   10,097,403 40,604 SH   SOLE N/A 40,604 0 0
WARRIOR MET COAL INC COM 93627C101   25,277,918 402,707 SH   SOLE N/A 402,707 0 0
WASTE CONNECTIONS INC COM 94106B101   17,463,170 99,556 SH   SOLE N/A 99,556 0 0
WEST FRASER TIMBER CO LTD COM 952845105   6,961,975 90,670 SH   SOLE N/A 90,670 0 0
XPO INC COM 983793100   15,907,002 149,854 SH   SOLE N/A 149,854 0 0