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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
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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   8,410,050 165,000 SH   SOLE   165,000 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   12,230,000 1,000,000 SH   SOLE   1,000,000 0 0
AMERICAS GOLD AND SILVER COR COM 03062D100   2,198,639 4,601,400 SH   SOLE   4,601,400 0 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206   7,932,567 325,000 SH   SOLE   325,000 0 0
B2GOLD CORP COM 11777Q209   7,880,000 2,000,000 SH   SOLE   2,000,000 0 0
BARRICK GOLD CORP COM 067901108   12,070,500 650,000 SH   SOLE   650,000 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106   7,992,000 600,000 SH   SOLE   600,000 0 0
INTEGRA RES CORP COM NEW 45826T301   3,327,316 6,230,000 SH   SOLE   6,230,000 0 0
INVESCO DB MULTI-SECTOR COMM OIL FD 46140H403   154,151 10,580 SH   SOLE   10,580 0 0
ORLA MNG LTD NEW COM 68634K106   32,725,860 6,900,000 SH   SOLE   6,900,000 0 0
SCHWAB STRATEGIC TR US TIPS ETF 808524870   1,099,702 20,513 SH   SOLE   20,513 0 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107   2,344,764 273,043 SH   SOLE   273,043 0 0
SKEENA RES LTD NEW COM 83056P715   4,277,000 700,000 SH   SOLE   700,000 0 0
SSR MINING IN COM 784730103   12,098,555 800,000 SH   SOLE   800,000 0 0
VANECK MERK GOLD TR GOLD TRUST 921078101   345,003 18,063 SH   SOLE   18,063 0 0