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 1,835 28,660 SH   SOLE   27,510 0 1,150
ALMADEN MINERALS LTD COM CL B 020283305 575 1,180,613 SH   SOLE   1,117,729 0 62,884
ARES CAPITAL CORP COM 04010L103 2,545 176,269 SH   SOLE   176,269 0 0
B2GOLD CORP COM 11777Q209 1,081 191,300 SH   SOLE   191,300 0 0
BARCLAYS BK PLC IPTH SR B S&P 06746P621 643 19,000 SH   SOLE   19,000 0 0
BARRICK GOLD CORPORATION COM 067901108 1,964 72,795 SH   SOLE   72,195 0 600
BARRICK GOLD CORPORATION COM 067901108 54 2,000 SH Call SOLE   2,000 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 5 20,500 SH   SOLE   20,500 0 0
EMX RTY CORP COM 26873J107 4,531 2,107,649 SH   SOLE   2,052,149 0 55,500
ENERPLUS CORP COM 292766102 35 12,500 SH   SOLE   12,500 0 0
EQUINOX GOLD CORP COM 29446Y502 1,235 110,300 SH   SOLE   102,400 0 7,900
FORTUNA SILVER MINES INC COM 349915108 4,634 915,729 SH   SOLE   887,329 0 28,400
FRANCO NEVADA CORP COM 351858105 16,865 120,731 SH   SOLE   116,439 0 4,292
FREEPORT-MCMORAN INC CL B 35671D857 736 63,210 SH   SOLE   59,310 0 3,900
GLADSTONE CAPITAL CORP COM 376535100 757 103,978 SH   SOLE   99,218 0 4,760
GLADSTONE INVT CORP COM 376546107 1,428 140,294 SH   SOLE   133,709 0 6,585
GLADSTONE LD CORP COM 376549101 958 60,394 SH   SOLE   57,444 0 2,950
GOLD FIELDS LTD SPONSORED ADR 38059T106 184 19,600 SH   SOLE   19,600 0 0
GOLUB CAP BDC INC COM 38173M102 979 83,799 SH   SOLE   78,429 0 5,370
LOEWS CORP COM 540424108 638 18,635 SH   SOLE   17,425 0 1,210
METALLA RTY & STREAMING LTD COM NEW 59124U605 4,299 810,825 SH   SOLE   792,725 0 18,100
OSISKO GOLD ROYALTIES LTD COM 68827L101 6,145 616,960 SH   SOLE   597,868 0 19,092
PAN AMERN SILVER CORP COM 697900108 3,332 109,574 SH   SOLE   105,374 0 4,200
PRETIUM RES INC COM 74139C102 1,169 139,145 SH   SOLE   136,095 0 3,050
ROYAL GOLD INC COM 780287108 5,757 46,532 SH   SOLE   45,102 0 1,430
SANDSTORM GOLD LTD COM NEW 80013R206 773 80,500 SH   SOLE   80,500 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 1,215 84,997 SH   SOLE   84,997 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207k107 782 118,312 SH   SOLE   118,312 0 0
TESLA INC COM 88160R101 8,206 7,600 SH Put SOLE   7,600 0 0
VISTA GOLD CORP COM NEW 927926303 1,885 2,210,000 SH   SOLE   2,129,400 0 80,600
WHEATON PRECIOUS METALS CORP COM 962879102 2,428 55,310 SH   SOLE   53,785 0 1,525