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   24,754,716 316,516 SH   SOLE   316,516 0 0
ALAMOS GOLD INC FCLASS A COM 011532108   940,348 50,995 SH   SOLE   50,995 0 0
AMBEV SA SPON ADR COM 02319V103   12,583,728 6,802,015 SH   SOLE   6,802,015 0 0
APACHE CORP COM 03743Q108   3,678,675 159,319 SH   SOLE   159,319 0 0
BARRICK GOLD CORP COM 067901108   10,562,422 681,447 SH   SOLE   681,447 0 0
BERKSHIRE HATHAWAY CL B COM 084670702   45,536,056 100,459 SH   SOLE   100,459 0 0
BERKSHIRE HATHAWAY HLD A COM 084670108   3,404,600 5 SH   SOLE   5 0 0
BRISTOL MYERS SQUIBB COM 110122108   8,852,715 156,519 SH   SOLE   156,519 0 0
CAMECO CORP COM 13321l108   29,435,421 572,785 SH   SOLE   572,785 0 0
CENOVUS ENERGY, INC. COM 15135U109   6,594,253 435,264 SH   SOLE   435,264 0 0
CHEVRON COM 166764100   34,754,793 239,953 SH   SOLE   239,953 0 0
CHUBB LTD INC COM H1467J104   588,243 2,129 SH   SOLE   2,129 0 0
CISCO SYSTEMS COM 17275R102   8,568,667 144,741 SH   SOLE   144,741 0 0
CNH INDUSTRIAL NV COM n20944109   7,249,172 639,821 SH   SOLE   639,821 0 0
CONOCOPHILLIPS COM 20825c104   28,927,043 291,691 SH   SOLE   291,691 0 0
DEVON ENERGY COM 25179m103   2,871,697 87,739 SH   SOLE   87,739 0 0
DOLLAR GENERAL CORP COM 256677105   7,517,401 99,148 SH   SOLE   99,148 0 0
EASTMAN CHEMICAL COM 277432100   219,168 2,400 SH   SOLE   2,400 0 0
EXXON MOBIL COM 30231G102   46,507,773 432,349 SH   SOLE   432,349 0 0
FEDERATED HERMES, INC COM 314211103   17,084,388 415,577 SH   SOLE   415,577 0 0
FRANKLIN RESOURCES INC COM COM 354613101   11,613,561 572,379 SH   SOLE   572,379 0 0
FREEPORT-MCMORAN INC. COM 35671d857   8,735,895 229,409 SH   SOLE   229,409 0 0
GILEAD SCIENCES INC COM 375558103   19,187,023 207,719 SH   SOLE   207,719 0 0
GRAFTECH INTERNATIONAL LTD COM 384313508   3,098,872 1,791,255 SH   SOLE   1,791,255 0 0
HP INC COM 40434L105   12,315,312 377,423 SH   SOLE   377,423 0 0
IMPERIAL OIL LTD COM 453038408   427,812 6,945 SH   SOLE   6,945 0 0
INTEL CORP. COM 458140100   10,973,606 547,312 SH   SOLE   547,312 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101   307,542 1,399 SH   SOLE   1,399 0 0
KRAFT HEINZ COMPANY COM 500754106   9,776,037 318,334 SH   SOLE   318,334 0 0
LOEWS COM 540424108   11,313,314 133,585 SH   SOLE   133,585 0 0
MAGNERA CORPORATION COM 55939a107   546,644 30,085 SH   SOLE   30,085 0 0
MARATHON PETROLEUM CORP COM 56585a102   687,595 4,929 SH   SOLE   4,929 0 0
MERCK AND CO. INC. COM 58933Y105   12,616,849 126,828 SH   SOLE   126,828 0 0
MOSAIC COM 61945c103   15,541,031 632,263 SH   SOLE   632,263 0 0
NEWMONT GOLDCORP COM 651639106   26,130,005 702,042 SH   SOLE   702,042 0 0
NUTRIEN LTD COM 67077m108   7,744,435 173,060 SH   SOLE   173,060 0 0
OVINTIV INC COM 69047q102   3,616,326 89,292 SH   SOLE   89,292 0 0
PARAMOUNT GLOBAL COM 92556H206   10,857,340 1,037,987 SH   SOLE   1,037,987 0 0
PARK AEROSPACE CORP COM 70014A104   6,874,923 469,278 SH   SOLE   469,278 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106   7,340,954 662,541 SH   SOLE   662,541 0 0
PFIZER INC COM COM 717081103   15,095,756 569,007 SH   SOLE   569,007 0 0
PHILLIPS 66 COM 718546104   7,395,766 64,915 SH   SOLE   64,915 0 0
RAYTHEON TECHNOLOGIES COM 75513E101   202,394 1,749 SH   SOLE   1,749 0 0
SAN JUAN BASIN ROYALTY TRUST COM 798241105   55,784 14,565 SH   SOLE   14,565 0 0
SANOFI COM 80105n105   13,131,437 272,267 SH   SOLE   272,267 0 0
TECK RESOURCES LTD CL B COM 878742204   40,173,036 991,193 SH   SOLE   991,193 0 0
TEJON RANCH CO COM 879080109   7,705,076 484,596 SH   SOLE   484,596 0 0
THE TRAVELERS COS., INC. COM 89417e109   635,950 2,640 SH   SOLE   2,640 0 0
TRANSOCEAN, LTD COM H8817H100   708,555 188,948 SH   SOLE   188,948 0 0
TSAKOS ENERGY NAVIGATION LTD COM g9108l173   6,251,885 360,547 SH   SOLE   360,547 0 0
VERIZON COMMUNICATIONS INC COM COM 92343V104   25,278,119 632,111 SH   SOLE   632,111 0 0
WAL-MART STORES COM 931142103   1,750,622 19,376 SH   SOLE   19,376 0 0