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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AIR LEASE CORP CL A 00912X302 14,049 453,050 SH   SOLE 1 443,789 0 9,261
AUTOZONE INC COM 053332102 12 600 SH Put SOLE N/A 600 0 0
CAMECO CORP COM 13321L108 71,706 2,704,876 SH   SOLE 1 2,648,810 0 56,066
CHIPOTLE MEXICAN GRILL INC COM 169656105 8 900 SH Put SOLE N/A 900 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 19,964 5,092,833 SH   SOLE 1 4,971,363 0 121,470
GLOBAL X FDS GLOBAL X SILVER 37954Y848 456 18,922 SH   SOLE 1 18,922 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 62,669 25,789,898 SH   SOLE 1 25,190,711 0 599,187
HYSTER YALE MATLS HANDLING I CL A 449172105 7,465 347,054 SH   SOLE 1 338,684 0 8,370
IAMGOLD CORP COM 450913108 25,469 23,803,241 SH   SOLE 1 23,062,097 0 741,144
INTERNATIONAL TOWER HILL MIN COM 46050R102 7,272 14,047,222 SH   SOLE 1 13,671,048 0 376,174
ISHARES SILVER TR ISHARES 46428Q109 158 470,300 SH Call SOLE N/A 470,300 0 0
IVANHOE ELECTRIC INC COM 46578C108 9,176 1,112,276 SH   SOLE 1 1,094,071 0 18,205
KT CORP SPONSORED ADR 48268K101 97,702 7,995,289 SH   SOLE 1 7,703,354 0 291,935
KOREA ELEC PWR CORP SPONSORED ADR 500631106 11,293 1,660,792 SH   SOLE 1 1,554,687 0 106,105
LULULEMON ATHLETICA INC COM 550021109 461 2,900 SH Put SOLE N/A 2,900 0 0
NEW GOLD INC CDA COM 644535106 2,604 2,959,596 SH   SOLE 1 2,881,054 0 78,542
NIKE INC CL B 654106103 244 3,700 SH Put SOLE N/A 3,700 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 7,776 31,856,624 SH   SOLE 1 31,517,715 0 338,909
NOVAGOLD RES INC COM NEW 66987E206 31,936 6,809,288 SH   SOLE 1 6,645,085 0 164,203
PAYCHEX INC COM 704326107 121 8,900 SH Put SOLE N/A 8,900 0 0
PERPETUA RESOURCES CORP COM 714266103 10,606 5,250,591 SH   SOLE 1 5,121,810 0 128,781
PFIZER INC COM 717081103 250 36,500 SH Put SOLE N/A 36,500 0 0
RANGE RES CORP COM 75281A109 74,162 2,935,935 SH   SOLE 1 2,865,760 0 70,175
ROYAL GOLD INC COM 780287108 69,048 735,963 SH   SOLE 1 722,237 0 13,726
SABRE CORP COM 78573M104 12,447 2,416,857 SH   SOLE 1 2,382,362 0 34,495
SEABRIDGE GOLD INC COM 811916105 41,442 3,491,316 SH   SOLE 1 3,446,280 0 45,036
SOUTHWESTERN ENERGY CO COM 845467109 80,163 13,098,562 SH   SOLE 1 12,778,316 0 320,246
SPROTT INC COM NEW 852066208 20,887 622,482 SH   SOLE 1 607,250 0 15,232
TURQUOISE HILL RES LTD COM 900435207 114,952 3,887,467 SH   SOLE 1 3,810,596 0 76,871
VEON LTD SPONSORED ADR 91822M106 5,126 16,018,241 SH   SOLE 1 16,018,241 0 0
VANECK ETF TRUST GOLD MINERS ETF 92189F106 35,014 1,451,668 SH   SOLE 1 1,451,668 0 0
VISTA GOLD CORP COM NEW 927926303 1,189 2,258,884 SH   SOLE 1 2,258,884 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 61,172 1,890,371 SH   SOLE 1 1,852,900 0 37,471
ZOETIS INC CL A 98978V103 292 4,200 SH Put SOLE N/A 4,200 0 0
TSAKOS ENERGY NAVIGATION LTD SHS G9108L173 10,375 679,433 SH   SOLE 1 662,775 0 16,658
AERCAP HOLDINGS NV SHS N00985106 2,217 52,364 SH   SOLE 1 52,361 0 3