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 29,297 467,923 SH   SOLE   467,923 0 0
ALAMOS GOLD INC CL A COM 011532108 65,293 6,930,963 SH   SOLE   6,930,963 0 0
ALEXCO RESOURCE CORP COM 01535P106 811 268,100 SH   SOLE   268,100 0 0
ALMADEN MINERALS LTD CL B COM 020283305 3,024 6,222,384 SH   SOLE   6,222,384 0 0
AMAZON COM INC COM 023135106 331 120 SH   SOLE   120 0 0
AMERICAS GOLD AND SILVER CORP COM 03062D100 3,519 994,366 SH   SOLE   994,366 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 30,109 990,275 SH   SOLE   990,275 0 0
APPLE INC COM 037833100 222 608 SH   SOLE   608 0 0
ARCOSA INC COM 039653100 4,642 110,000 SH   SOLE   110,000 0 0
ARTISAN PARTNERS ASSET MGMT CL A COM 04316A108 9,100 280,000 SH   SOLE   280,000 0 0
ATLAS CORP COM Y0436Q109 177 23,257 SH   SOLE   23,257 0 0
AURYN RES INC COM 05208W108 166 90,000 SH   SOLE   90,000 0 0
AVINO SILVER & GOLD MINES LT COM 053906103 756 700,000 SH   SOLE   700,000 0 0
B2GOLD CORP COM 11777Q209 66,283 11,542,829 SH   SOLE   11,542,829 0 0
BARCLAYS BK PLC IPTH SR B S&P 06746P621 323 9,500 SH   SOLE   9,500 0 0
BARRICK GOLD CORPORATION COM 067901108 49,229 1,850,499 SH   SOLE   1,850,499 0 0
BERKSHIRE HATHAWAY INC CL B COM 084670702 8,085 45,292 SH   SOLE   45,292 0 0
BIOGEN INC COM 09062X103 8,561 32,000 SH   SOLE   32,000 0 0
BUCKLE INC COM 118440106 4,390 280,000 SH   SOLE   280,000 0 0
CAL MAINE FOODS INC COM 128030202 5,782 130,000 SH   SOLE   130,000 0 0
CAMECO CORP COM 13321L108 390 38,072 SH   SOLE   38,072 0 0
CIRRUS LOGIC INC COM 172755100 3,397 55,000 SH   SOLE   55,000 0 0
CME GROUP INC COM 12572Q105 309 1,902 SH   SOLE   1,902 0 0
COEUR MNG INC COM 192108504 11,475 1,887,816 SH   SOLE   1,887,816 0 0
CORTEVA INC COM 22052L104 324 12,098 SH   SOLE   12,098 0 0
CREDIT SUISSE AG NASSAU BRH 3X INVERS SILV 22542D654 98 11,000 SH   SOLE   11,000 0 0
DENISON MINES CORP COM 248356107 485 1,015,744 SH   SOLE   1,015,744 0 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807 262 10,550 SH   SOLE   10,550 0 0
DIREXION SHS ETF TR 20YR TRES BULL 25459W540 224 5,500 SH   SOLE   5,500 0 0
ELDORADO GOLD CORP NEW COM 284902509 1,681 128,470 SH   SOLE   128,470 0 0
EMX RTY CORP COM 26873J107 4,826 2,234,588 SH   SOLE   2,234,588 0 0
ENERGY FUELS INC COM 292671708 33 21,898 SH   SOLE   21,898 0 0
EQUINOX GOLD CORP COM 29446Y502 5,334 433,090 SH   SOLE   433,090 0 0
EXXON MOBIL CORP COM 30231G102 126 131,325 SH   SOLE   131,325 0 0
FEDERATED HERMES INC COM 314211103 7,110 300,000 SH   SOLE   300,000 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 3,773 282,536 SH   SOLE   282,536 0 0
FORTUNA SILVER MINES INC COM 349915108 17,324 2,572,647 SH   SOLE   2,572,647 0 0
FRANCO NEVADA CORP COM 351858105 61,828 447,117 SH   SOLE   447,117 0 0
FRANKLIN RES INC COM 354613101 7,969 380,000 SH   SOLE   380,000 0 0
FREEPORT-MCMORAN INC CL B COM 35671D857 117 10,090 SH   SOLE   10,090 0 0
FRP HLDGS INC COM 30292L107 3,652 90,000 SH   SOLE   90,000 0 0
GALIANO GOLD INC COM 36352H100 53 40,000 SH   SOLE   40,000 0 0
GENTEX CORP COM 371901109 2,577 100,000 SH   SOLE   100,000 0 0
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 62,611 6,472,503 SH   SOLE   6,472,503 0 0
GOLD STD VENTURES CORP COM 380738104 2,499 3,002,500 SH   SOLE   3,002,500 0 0
GOLDEN STAR RES LTD CDA COM 38119T807 503 173,300 SH   SOLE   173,300 0 0
GRAFTECH INTL LTD COM 384313508 251 31,472 SH   SOLE   31,472 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300 3,796 671,700 SH   SOLE   671,700 0 0
HECLA MNG CO COM 422704106 7,655 1,724,500 SH   SOLE   1,724,500 0 0
HELMERICH & PAYNE INC COM 423452101 7,820 400,828 SH   SOLE   400,828 0 0
INDUSTRIAS BACHOCO SAB DE SPON ADR COM 456463108 2,462 70,000 SH   SOLE   70,000 0 0
INTERNATIONAL TOWER HILL MINES COM 46050R102 51,629 28,968,469 SH   SOLE   28,968,469 0 0
INVESCO DB MLTI SECTR CMMTY AGRICULTURE FD 46140H106 186 13,750 SH   SOLE   13,750 0 0
ISHARES GOLD TRUST ISHARES 464285105 508 29,872 SH   SOLE   29,872 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 387 4,466 SH   SOLE   4,466 0 0
ISHARES TR 3 7 YR TREAS BD 464288661 324 2,422 SH   SOLE   2,422 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 733 43,070 SH   SOLE   43,070 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 9,152 601,340 SH   SOLE   601,340 0 0
KINROSS GOLD CORP COM 496902404 63,419 8,430,626 SH   SOLE   8,430,626 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 69,349 1,693,918 SH   SOLE   1,693,918 0 0
LAM RESEARCH CORP COM 512807108 3,235 10,000 SH   SOLE   10,000 0 0
MAG SILVER CORP COM 55903Q104 70,141 4,923,505 SH   SOLE   4,923,505 0 0
MARCUS & MILLICHAP INC COM 566324109 3,175 110,000 SH   SOLE   110,000 0 0
MAVERIX METALS INC COM 57776F405 25,381 5,572,886 SH   SOLE   5,572,886 0 0
METALLA RTY & STREAMING LTD COM 59124U605 306 57,656 SH   SOLE   57,656 0 0
NEW GOLD INC CDA COM 644535106 410 303,643 SH   SOLE   303,643 0 0
NEWMONT GOLDCORP CORPORATION COM 651639106 62,392 1,023,812 SH   SOLE   1,023,812 0 0
NEXGEN ENERGY LTD COM 65340P106 2,102 1,204,676 SH   SOLE   1,204,676 0 0
NOVAGOLD RES INC COM 66987E206 28,643 3,169,655 SH   SOLE   3,169,655 0 0
NUTRIEN LTD COM 67077M108 344 10,714 SH   SOLE   10,714 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 44,742 4,429,849 SH   SOLE   4,429,849 0 0
PAN AMERICAN SILVER CORP COM 697900108 115,923 3,650,566 SH   SOLE   3,650,566 0 0
PLATINUM GROUP METALS LTD COM 72765Q882 3,073 2,052,722 SH   SOLE   2,052,722 0 0
PRETIUM RES INC COM 74139C102 2,603 243,820 SH   SOLE   243,820 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102 7,594 80,000 SH   SOLE   80,000 0 0
ROYAL GOLD INC COM 780287108 39,177 315,130 SH   SOLE   315,130 0 0
SANDERSON FARMS INC COM 800013104 6,374 55,000 SH   SOLE   55,000 0 0
SANDSTORM GOLD LTD COM 80013R206 26,638 2,769,043 SH   SOLE   2,769,043 0 0
SEABRIDGE GOLD INC COM 811916105 12,951 634,255 SH   SOLE   634,255 0 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 6,495 635,002 SH   SOLE   635,002 0 0
SILVERCORP METALS INC COM 82835P103 2,162 298,267 SH   SOLE   298,267 0 0
SILVERCREST METALS INC COM 828363101 77,752,417 8,043,861 SH   SOLE   8,043,861 0 0
SMART SAND INC COM 83191H107 1,050 1,000,000 SH   SOLE   1,000,000 0 0
SOLARIS OILFIELD INFRSTR INC COM CL A 83418M103 105 14,216 SH   SOLE   14,216 0 0
SPDR SERIES TRUST SPDR BLOOMBERG 78468R663 202,500 175,500 SH   SOLE   175,500 0 0
SPROTT FOCUS TR INC COM 85208J109 142 24,028 SH   SOLE   24,028 0 0
SPROTT INC COM NEW 852066208 2,100 58,172 SH   SOLE   58,172 0 0
SPROTT PHYSICAL GOLD & SILVER TR UNIT 85208R101 1,068 63,204 SH   SOLE   63,204 0 0
SPROTT PHYSICAL GOLD TRUST COM 85207H104 1,578 110,246 SH   SOLE   110,246 0 0
SPROTT PHYSICAL SILVER TRUST COM 85207K107 886 134,045 SH   SOLE   134,045 0 0
SSR MNG INC COM 784730103 24,716 1,012,593 SH   SOLE   1,012,593 0 0
TECK RESOURCES LTD CL B 878742204 308 29,600 SH   SOLE   29,600 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 398 669 SH   SOLE   669 0 0
THOR INDS INC COM 885160101 2,663 25,000 SH   SOLE   25,000 0 0
TRILOGY METALS INC NEW COM 89621C105 958 478,806 SH   SOLE   478,806 0 0
TURQUOISE HILL RES LTD COM 900435108 202 275,415 SH   SOLE   275,415 0 0
URANIUM ENERGY CORP COM 916896103 522 563,913 SH   SOLE   563,913 0 0
VANECK VECTORS ETF TR GOLD MINERS COM 92189F106 1,973 53,794 SH   SOLE   53,794 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 4,174 37,200 SH   SOLE   37,200 0 0
WESTERN DIGITAL CORP COM 958102105 8,609 195,000 SH   SOLE   195,000 0 0
WESTLAKE CHEM CORP COM 960413102 9,120 170,000 SH   SOLE   170,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 84,605 1,776,859 SH   SOLE   1,776,859 0 0
YAMANA GOLD INC COM 98462Y100 6,011 834,400 SH   SOLE   834,400 0 0