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
Expires: July 31, 2015
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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ADAMS RES & ENERGY INC COM NEW 006351308 3,107,997 115,111 SH SOLE 115,111 0 0
ALGOMA STL GROUP INC COM 015658107 14,934,808 1,459,903 SH SOLE 1,459,903 0 0
ARDMORE SHIPPING CORP COM Y0207T100 1,624,674 89,761 SH SOLE 89,761 0 0
BASSETT FURNITURE INDS INC COM 070203104 6,882,651 476,308 SH SOLE 476,308 0 0
ELDORADO GOLD CORP NEW COM 284902509 7,188,737 413,039 SH SOLE 413,039 0 0
EMCORE CORP COM 290846401 220,341 99,702 SH SOLE 99,702 0 0
ENERFLEX LTD COM 29269R105 3,291,294 551,598 SH SOLE 551,598 0 0
EQUINOX GOLD CORP COM 29446Y502 15,687,976 2,568,645 SH SOLE 2,568,645 0 0
GALIANO GOLD INC COM 36352H100 151,594 106,100 SH SOLE 106,100 0 0
HALLADOR ENERGY COMPANY COM 40609P105 19,058,992 2,021,102 SH SOLE 2,021,102 0 0
HENNESSY ADVISORS INC COM 425885100 1,406,462 141,353 SH SOLE 141,353 0 0
I-80 GOLD CORP COM 44955L106 1,309,695 1,126,838 SH SOLE 1,126,838 0 0
ISHARES SILVER TR ISHARES 46428Q109 1,108,700 39,025 SH SOLE 39,025 0 0
MERCER INTL INC COM 588056101 2,095,301 309,498 SH SOLE 309,498 0 0
MIND TECHNOLOGY INC COM NEW 602566309 367,657 95,248 SH SOLE 95,248 0 0
NATURAL GAS SVCS GROUP INC COM 63886Q109 13,029,389 681,810 SH SOLE 681,810 0 0
PEABODY ENERGY CORP COM 704551100 12,882,304 485,392 SH SOLE 485,392 0 0
PRECISION DRILLING CORP COM NEW 74022D407 7,623,489 123,638 SH SOLE 123,638 0 0
SOLITARIO RESOURCES CORP COM 8342EP107 442,721 632,458 SH SOLE 632,458 0 0
SPDR GOLD TR GOLD SHS 78463V107 266,637 1,097 SH SOLE 1,097 0 0
VERMILION ENERGY INC COM 923725105 2,833,876 290,000 SH SOLE 290,000 0 0
WEST FRASER TIMBER CO LTD COM 952845105 331,181 3,395 SH SOLE 3,395 0 0
WESTWOOD HLDGS GROUP INC COM 961765104 1,420,028 100,002 SH SOLE 100,002 0 0