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
Abeona Therapeutics COM NEW 00289Y206   2,175,107 485,515 SH   SOLE   485,515 0 0
Aldeyra Therapeutics Inc COM 01438T106   9,253,622 5,475,516 SH   SOLE   5,475,516 0 0
Altimmune Inc COM NEW 02155H200   492,800 160,000 SH   SOLE   160,000 0 0
Biohaven Pharmactl Hldg Co COM G11196105   19,699,972 2,328,602 SH   SOLE   2,326,602 0 0
MeiraGTX Holdings COM G59665102   10,825,000 1,250,000 SH   SOLE   1,250,000 0 0
Cardiol Therapeutics Inc COM Cal A 14161Y200   135,000 100,000 SH   SOLE   100,000 0 0
Booz Allen Hamilton HLDG COR CL A 099502106   1,014,390 13,000 SH   SOLE   13,000 0 0
Entera Bio Ltd SHS M40527109   6,470,066 5,881,879 SH   SOLE   5,881,879 0 0
Orgenesis, Inc. COM 68619K105   30,373 50,623 SH   SOLE   50,623 0 0
Ocular Therapeutix Inc. COM 67576A100   5,085,388 600,400 SH   SOLE   600,400 0 0
Nuvation Bio Inc COM CL A 67080N101   6,428,955 1,498,591 SH   SOLE   1,498,591 0 0
Elicio Therapeutics Inc COM 28657F103   6,744,481 630,915 SH   SOLE   630,915 0 0
Pharming Group NV SPON ADS 71716E105   67,508 4,057 SH   SOLE   407 0 0
Philip Morris Intl. Inc COM 718172109   1,653,400 10,000 SH   SOLE   10,000 0 0
SEABRIDGE GOLD INC COM 811916105   8,983,865 317,003 SH   SOLE   317,003 0 0
SSR Mining In COM 784730103   7,203,000 245,000 SH   SOLE   245,000 0 0
Triple Flag Precious Metals COM 89679M104   3,991,650 115,000 SH   SOLE   115,000 0 0
Versamet Royalties Corp COM NEW 92528V200   633,565 66,621 SH   SOLE   66,621 0 0
Sprott Physical silver Trust Physical Silver 85207K107   5,418,482 222,160 SH   SOLE   222,160 0 0
Sprott physical gold Trust Physical Gold Tr 85207H104   13,717,229 387,055 SH   SOLE   387,055 0 0
iSHares US Aerospace & Defense US AER DEF ETF 464288760   1,673,437 7,650 SH   SOLE   7,650 0 0
Northrop Grumman Corp COM 666807102   1,477,049 2,165 SH   SOLE   2,165 0 0
Agnico Eagle Mines Ltd COM 008474108   10,707,195 52,750 SH   SOLE   52,750 0 0
Alamos Gold Inc COM CL New 011532108   2,221,500 50,000 SH   SOLE   50,000 0 0
Amrize LTD SHS H2927K103   513,983 9,175 SH   SOLE   9,175 0 0
Centerra Gold Inc COM 152006102   6,386,610 359,000 SH   SOLE   359,000 0 0
Elemental RTY Corp COM NEW 28620K106   943,000 50,000 SH   SOLE   50,000 0 0
Gold RTY Corp COM 38071H106   3,580,000 1,000,000 SH   SOLE   1,000,000 0 0
Franco Nev Corp COM 351858105   7,905,600 32,000 SH   SOLE   32,000 0 0
Kinross Gold Corp COM 496902404   9,766,400 320,000 SH   SOLE   320,000 0 0
New Pac Metals Corp COM 64782A107   2,007,900 485,000 SH   SOLE   485,000 0 0
OR Royalties COM SHS 68390D106   8,555 225,000 SH   SOLE   225,000 0 0
Royal Gold Inc. COM 780287108   13,424,347 52,750 SH   SOLE   52,750 0 0
Wheaton Precious Metals Corp COM 962879102   1,637,625 12,500 SH   SOLE   12,500 0 0
Coeur Mining Inc COM NEW 192108504   1,804,397 96,132 SH   SOLE   96,132 0 0
Dakota Gold Corp COM 46655E100   620,751 122,921 SH   SOLE   122,921 0 0
Pan American Silver COM 697900108   5,464,912 100,035 SH   SOLE   100,035 0 0