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
AGNICO EAGLE MINES LTD COM 008474108 5,205 129,260 SH   SOLE   128,110 0 1,150
ALMADEN MINERALS COM CL B 020283305 4,669 7,107,423 SH   SOLE   7,011,539 0 95,884
ARES CAPITAL COM 04010L103 3,392 217,723 SH   SOLE   208,876 0 8,847
B2GOLD COM 11777Q209 4,813 1,659,700 SH   SOLE   1,659,700 0 0
COLLECTORS UNIVERSE COM NEW 19421R200 1,127 99,360 SH   SOLE   97,600 0 1,760
EMX ROYALTY COM 26873J107 2,592 2,293,845 SH   SOLE   2,237,341 0 56,504
FORTUNA SILVER COM 349915108 6,013 1,651,957 SH   SOLE   1,627,257 0 24,700
FRANCO-NEVADA COM 351858105 16,044 228,962 SH   SOLE   224,480 0 4,482
FREEPORT-MCMORAN INC CL B 35671D857 337 32,900 SH   SOLE   30,000 0 2,900
GLADSTONE CAPITAL COM 376535100 690 93,558 SH   SOLE   90,958 0 2,600
GLADSTONE INVESTMENT COM 376546107 1,258 134,496 SH   SOLE   129,941 0 4,555
GLADSTONE LAND COM 376549101 799 69,934 SH   SOLE   67,134 0 2,800
GOLDFIELDS NEW SPONSORED ADR 38059T106 4,300 1,221,500 SH   SOLE   1,218,500 0 3,000
GOLDCORP COM 380956409 1,897 194,401 SH   SOLE   192,361 0 2,040
GOLUB CAPITAL COM 38173M102 1,307 78,840 SH   SOLE   75,020 0 3,820
KINROSS GOLD COM NO PAR 496902404 202 62,700 SH   SOLE   60,700 0 2,000
LOEWS CORPORATION COM 540424108 802 17,719 SH   SOLE   16,759 0 960
MAG SILVER COM 55903Q104 369 50,567 SH   SOLE   49,567 0 1,000
NEVSUN RESOURCES COM 64156L101 5,129 1,166,272 SH   SOLE   1,166,272 0 0
NEWMONT MINING COM 651639106 1,129 32,700 SH   SOLE   32,700 0 0
OSISKO GOLD COM 68827L101 10,868 1,243,457 SH   SOLE   1,219,573 0 23,884
PAN AMERICAN SILVER COM 697900108 798 54,875 SH   SOLE   54,075 0 800
PRETIUM RESOURCES COM 74139C102 5,683 672,562 SH   SOLE   667,612 0 4,950
RANDGOLD RESOURCES ADR 752344309 4,298 50,258 SH   SOLE   50,258 0 0
ROYAL DUTCH SPONS ADR A 780259206 586 10,080 SH   SOLE   9,490 0 590
ROYAL GOLD COM 780287108 10,203 119,644 SH   SOLE   118,094 0 1,550
VISTA GOLD COM NEW 927926303 4,166 8,134,665 SH   SOLE   8,040,565 0 94,100
WHEATON PRECIOUS METALS COM 962879102 3,792 194,480 SH   SOLE   192,455 0 2,025