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 5,068 94,535 SH   SOLE   94,535 0 0
ALEXCO RESOURCE CORP COM 01535P106 1,282 653,983 SH   SOLE   653,983 0 0
ALMADEN MINERALS LTD COM CL B 020283305 1,335 1,879,775 SH   SOLE   1,879,775 0 0
AMAZON COM INC COM 023135106 208 120 SH   SOLE   120 0 0
AMGEN INC COM 031162100 968 5,000 SH   SOLE   5,000 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 1,671 74,700 SH   SOLE   74,700 0 0
APPLE INC COM 037833100 4,616 20,610 SH   SOLE   20,610 0 0
ARCOSA INC COM 039653100 3,421 100,000 SH   SOLE   100,000 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 5,930 210,000 SH   SOLE   210,000 0 0
AURYN RES INC COM 05208W108 112 90,000 SH   SOLE   90,000 0 0
AVINO SILVER & GOLD MINES LT COM 053906103 1,589 2,036,630 SH   SOLE   2,036,630 0 0
B2GOLD CORP COM 11777Q209 9,568 2,533,239 SH   SOLE   2,533,239 0 0
BARRICK GOLD CORPORATION COM 067901108 9,927 572,797 SH   SOLE   572,797 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 9,006 43,292 SH   SOLE   43,292 0 0
BIOGEN INC COM 09062X103 8,149 35,000 SH   SOLE   35,000 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 207 14,512 SH   SOLE   14,512 0 0
BUCKLE INC COM 118440106 4,532 220,000 SH   SOLE   220,000 0 0
CAL MAINE FOODS INC COM NEW 128030202 4,162 104,164 SH   SOLE   104,164 0 0
CAMECO CORP COM 13321L108 330 34,757 SH   SOLE   34,757 0 0
CIRRUS LOGIC INC COM 172755100 8,573 160,000 SH   SOLE   160,000 0 0
COEUR MNG INC COM NEW 192108504 6,835 1,103,893 SH   SOLE   1,103,893 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 3,104 155,294 SH   SOLE   155,294 0 0
DENISON MINES CORP COM 248356107 5 10,896 SH   SOLE   10,896 0 0
DIREXION SHS ETF TR DAILY BEAR 3X 25460E489 296 36,000 SH   SOLE   36,000 0 0
EMX RTY CORP COM 26873J107 6,938 5,099,868 SH   SOLE   5,099,868 0 0
ENCANA CORP COM 292505104 1,512 328,597 SH   SOLE   328,597 0 0
ENDEAVOUR SILVER CORP COM 29258Y103 51 22,920 SH   SOLE   22,920 0 0
ENTREE RES LTD COM 29384J103 1,523 8,244,295 SH   SOLE   8,244,295 0 0
EQUINOX GOLD CORP COM 29446Y502 1,677 317,050 SH   SOLE   317,050 0 0
EXXON MOBIL CORP COM 30231G102 4,953 70,150 SH   SOLE   70,150 0 0
FEDERATED INVS INC PA CL B 314211103 4,537 140,000 SH   SOLE   140,000 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 140 15,431 SH   SOLE   15,431 0 0
FORTUNA SILVER MINES INC COM 349915108 11,894 3,050,225 SH   SOLE   3,050,225 0 0
FRANCO NEVADA CORP COM 351858105 7,427 81,467 SH   SOLE   81,467 0 0
FRANKLIN RES INC COM 354613101 9,091 315,000 SH   SOLE   315,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 154 16,100 SH   SOLE   16,100 0 0
FRP HLDGS INC COM 30292L107 3,601 75,000 SH   SOLE   75,000 0 0
GENTEX CORP COM 371901109 4,406 160,000 SH   SOLE   160,000 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 2,194 388,852 SH   SOLE   388,852 0 0
GOLD RESOURCE CORP COM 38068T105 1,576 390,200 SH   SOLE   390,200 0 0
GREAT PANTHER MINING LIMITED COM 39115V101 674 722,300 SH   SOLE   722,300 0 0
HECLA MNG CO COM 422704106 1,953 838,100 SH   SOLE   838,100 0 0
HELMERICH & PAYNE INC COM 423452101 10,692 266,835 SH   SOLE   266,835 0 0
IAMGOLD CORP COM 450913108 2,401 612,110 SH   SOLE   612,110 0 0
ICAD INC COM NEW 44934S206 411 60,000 SH   SOLE   60,000 0 0
INDUSTRIAS BACHOCO S A B DE SPON ADR B 456463108 3,749 70,438 SH   SOLE   70,438 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101 22 37,672 SH   SOLE   37,672 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 24 46,200 SH   SOLE   46,200 0 0
INVESCO DB MLTI SECTR CMMTY AGRICULTURE FD 46140H106 218 13,750 SH   SOLE   13,750 0 0
ISHARES GOLD TRUST ISHARES 464285105 392 27,820 SH   SOLE   27,820 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 769 9,069 SH   SOLE   9,069 0 0
ISHARES TR 20 YR TR BD ETF 464287432 348 2,434 SH   SOLE   2,434 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 10,260 468,045 SH   SOLE   468,045 0 0
KINROSS GOLD CORP COM 496902404 8,934 1,613,100 SH   SOLE   1,613,100 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 7,849 143,306 SH   SOLE   143,306 0 0
LAM RESEARCH CORP COM 512807108 8,089 35,000 SH   SOLE   35,000 0 0
MAG SILVER CORP COM 55903Q104 17,215 1,456,738 SH   SOLE   1,456,738 0 0
MARATHON PETE CORP COM 56585A102 527 8,672 SH   SOLE   8,672 0 0
MARCUS & MILLICHAP INC COM 566324109 3,549 100,000 SH   SOLE   100,000 0 0
MAVERIX METALS INC COM NEW 57776F405 963 208,383 SH   SOLE   208,383 0 0
NEW GOLD INC CDA COM 644535106 201 199,238 SH   SOLE   199,238 0 0
NEWMONT GOLDCORP CORPORATION COM 651639106 580 15,289 SH   SOLE   15,289 0 0
NEXGEN ENERGY LTD COM 65340P106 1,809 1,106,311 SH   SOLE   1,106,311 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 15 25,000 SH   SOLE   25,000 0 0
NUTRIEN LTD COM 67077M108 351 7,039 SH   SOLE   7,039 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 727 78,206 SH   SOLE   78,206 0 0
PAN AMERICAN SILVER CORP COM 697900108 18,361 1,065,956 SH   SOLE   1,065,956 0 0
PANHANDLE OIL AND GAS INC CL A 698477106 564 40,338 SH   SOLE   40,338 0 0
PLATINUM GROUP METALS LTD COM 72765Q882 385 246,472 SH   SOLE   246,472 0 0
PRETIUM RES INC COM 74139C102 10,718 790,352 SH   SOLE   790,352 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102 5,980 60,000 SH   SOLE   60,000 0 0
ROYAL GOLD INC COM 780287108 3,649 29,620 SH   SOLE   29,620 0 0
SANDSTORM GOLD LTD COM NEW 80013R206 14,974 2,655,011 SH   SOLE   2,655,011 0 0
SEABRIDGE GOLD INC COM 811916105 7,739 533,357 SH   SOLE   533,357 0 0
SILVERCORP METALS INC COM 82835P103 2,239 435,767 SH   SOLE   435,767 0 0
SILVERCREST METALS INC COM 828363101 14,242 2,155,691 SH   SOLE   2,155,691 0 0
SMART SAND INC COM 83191H107 2,122 750,000 SH   SOLE   750,000 0 0
SPDR SERIES TRUST SPDR BLOOMBERG 78468R663 544 5,940 SH   SOLE   5,940 0 0
SPROTT ETF TR GOLD MINERS ETF 85210B102 342 14,235 SH   SOLE   14,235 0 0
SPROTT FOCUS TR INC COM 85208J109 334 49,562 SH   SOLE   49,562 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 396 27,945 SH   SOLE   27,945 0 0
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 1,111 93,986 SH   SOLE   93,986 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104 402 31,436 SH   SOLE   31,436 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 829 132,920 SH   SOLE   132,920 0 0
SSR MNG INC COM 784730103 8,122 437,688 SH   SOLE   437,688 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204 612 60,732 SH   SOLE   60,732 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 540 831 SH   SOLE   831 0 0
THOR INDS INC COM 885160101 6,797 120,000 SH   SOLE   120,000 0 0
TRANSOCEAN LTD REG SHS H8817H100 72 16,200 SH   SOLE   16,200 0 0
TRILOGY METALS INC NEW COM 89621C105 854 514,749 SH   SOLE   514,749 0 0
TURQUOISE HILL RES LTD COM 900435108 314 643,600 SH   SOLE   643,600 0 0
URANIUM ENERGY CORP COM 916896103 397 388,440 SH   SOLE   388,440 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 1,916 71,720 SH   SOLE   71,720 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 3,895 36,300 SH   SOLE   36,300 0 0
WESTERN COPPER & GOLD CORP COM 95805V108 226 262,500 SH   SOLE   262,500 0 0
WESTERN DIGITAL CORP COM 958102105 9,542 160,000 SH   SOLE   160,000 0 0
WESTLAKE CHEM CORP COM 960413102 8,845 135,000 SH   SOLE   135,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 29,335 895,125 SH   SOLE   895,125 0 0
YAMANA GOLD INC COM 98462Y100 95 29,750 SH   SOLE   29,750 0 0