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
ADAM NAT RES FD INC COM 00548F105 243 15,007 SH   SOLE   15,007 0 0
AERSALE CORPORATION COM 00810F106 16,091 1,291,400 SH   SOLE   1,291,400 0 0
AGNICO EAGLE MINES LTD COM 008474108 39,691 656,552 SH   SOLE   656,552 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 49,500 6,471,167 SH   SOLE   6,471,167 0 0
ALEXCO RESOURCE CORP COM 01535P106 96 38,285 SH   SOLE   38,285 0 0
ALMADEN MINERALS LTD COM CL B 020283305 86 170,725 SH   SOLE   170,725 0 0
AMAZON COM INC COM 023135106 413 120 SH   SOLE   120 0 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 15,406 829,175 SH   SOLE   829,175 0 0
APPLE INC COM 037833100 334 2,440 SH   SOLE   2,440 0 0
ARCONIC CORPORATION COM 03966V107 274 7,689 SH   SOLE   7,689 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 11,689 230,000 SH   SOLE   230,000 0 0
ATLAS CORP SHARES Y0436Q109 557 39,062 SH   SOLE   39,062 0 0
B2GOLD CORP COM 11777Q209 16,714 3,969,959 SH   SOLE   3,969,959 0 0
BARRICK GOLD CORP COM 067901108 31,991 1,546,931 SH   SOLE   1,546,931 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 13,282 47,792 SH   SOLE   47,792 0 0
BERRY CORP COM 08579X101 2,965 441,267 SH   SOLE   441,267 0 0
BHP GROUP LTD SPONSORED ADS 088606108 642 8,917 SH   SOLE   8,917 0 0
BIOGEN INC COM 09062X103 8,657 25,000 SH   SOLE   25,000 0 0
BRIGHAM MINERALS INC CL A COM 10918L103 658 30,911 SH   SOLE   30,911 0 0
BUCKLE INC COM 118440106 13,681 275,000 SH   SOLE   275,000 0 0
CAL MAINE FOODS INC COM NEW 128030202 9,596 265,000 SH   SOLE   265,000 0 0
CAMECO CORP COM 13321L108 1,497 78,031 SH   SOLE   78,031 0 0
CF INDS HLDGS INC COM 125269100 496 9,642 SH   SOLE   9,642 0 0
CHEMOURS CO COM 163851108 551 15,819 SH   SOLE   15,819 0 0
CHENIERE ENERGY INC COM NEW 16411R208 449 5,178 SH   SOLE   5,178 0 0
CME GROUP INC COM 12572Q105 695 3,269 SH   SOLE   3,269 0 0
COEUR MNG INC COM NEW 192108504 9,135 1,028,697 SH   SOLE   1,028,697 0 0
CORE LABORATORIES N V COM N22717107 490 12,591 SH   SOLE   12,591 0 0
CORTEVA INC COM 22052L104 988 22,271 SH   SOLE   22,271 0 0
CORVUS GOLD INC COM 221013105 63,570 23,123,381 SH   SOLE   23,123,381 0 0
DENISON MINES CORP COM 248356107 4,710 3,883,696 SH   SOLE   3,883,696 0 0
DIREXION SHS ETF TR DLY JR GOLD 2X 25460G807 291 28,000 SH   SOLE   28,000 0 0
DIREXION SHS ETF TR 20YR TRES BULL 25459W540 402 15,200 SH   SOLE   15,200 0 0
ELDORADO GOLD CORP NEW COM 284902509 2,698 271,656 SH   SOLE   271,656 0 0
EMX RTY CORP COM 26873J107 8,558 2,871,950 SH   SOLE   2,871,950 0 0
ENERGY FUELS INC COM NEW 292671708 164 27,109 SH   SOLE   27,109 0 0
EQUINOX GOLD CORP COM 29446Y502 32,094 4,620,389 SH   SOLE   4,620,389 0 0
ERO COPPER CORP COM 296006109 591 28,110 SH   SOLE   28,110 0 0
EXXON MOBIL CORP COM 30231G102 206 3,264 SH   SOLE   3,264 0 0
FEDERATED HERMES INC CL B 314211103 13,225 390,000 SH   SOLE   390,000 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 10,015 634,064 SH   SOLE   634,064 0 0
FORTUNA SILVER MINES INC COM 349915108 42 7,500 SH Call SOLE   7,500 0 0
FORTUNA SILVER MINES INC COM 349915108 4,507 809,317 SH   SOLE   809,317 0 0
FRANCO NEV CORP COM 351858105 34,958 240,966 SH   SOLE   240,966 0 0
FRANKLIN RESOURCES INC COM 354613101 8,797 275,000 SH   SOLE   275,000 0 0
FREEPORT-MCMORAN INC CL B 35671D857 720 19,413 SH   SOLE   19,413 0 0
FRP HLDGS INC COM 30292L107 6,682 120,000 SH   SOLE   120,000 0 0
FURY GOLD MINES LIMITED COM 36117T100 97 81,141 SH   SOLE   81,141 0 0
GALIANO GOLD INC COM 36352H100 34 30,900 SH   SOLE   30,900 0 0
GATOS SILVER INC COM 368036109 21,357 1,221,080 SH   SOLE   1,221,080 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 41,159 4,624,604 SH   SOLE   4,624,604 0 0
GOLD ROYALTY CORP COMMON SHARES 38071H106 2,236 418,000 SH   SOLE   418,000 0 0
GOLD ROYALTY CORP *W EXP 99/99/999 38071H114 219 209,000 SH   SOLE   209,000 0 0
GOLD STD VENTURES CORP COM 380738104 1,718 3,000,000 SH   SOLE   3,000,000 0 0
GOLDEN STAR RES LTD CDA COM 38119T807 7,299 2,580,587 SH   SOLE   2,580,587 0 0
GOLDMINING INC COM 38149E101 71 49,500 SH   SOLE   49,500 0 0
GRAFTECH INTL LTD COM 384313508 472 40,640 SH   SOLE   40,640 0 0
HECLA MNG CO COM 422704106 14,020 1,884,423 SH   SOLE   1,884,423 0 0
HELMERICH & PAYNE INC COM 423452101 13,794 422,754 SH   SOLE   422,754 0 0
HYCROFT MINING HOLDING CORP COM CL A 44862P109 1,331 434,874 SH   SOLE   434,874 0 0
INDUSTRIAS BACHOCO SAB SPON ADR B 456463108 3,474 75,000 SH   SOLE   75,000 0 0
INGREDION INC COM 457187102 287 3,176 SH   SOLE   3,176 0 0
INTEGRA RES CORP COM NEW 45826T301 11,940 4,080,122 SH   SOLE   4,080,122 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 29,004 27,821,530 SH   SOLE   27,821,530 0 0
INVESCO CURRENCYSHARES EURO EURO SHS 46138K103 104,427 942,400 SH Put SOLE   942,400 0 0
INVESCO EXCHANGE TRADED FD T DYNMC OIL GAS 46137V670 515 132,500 SH   SOLE   132,500 0 0
ISHARES GOLD TR ISHARES NEW 464285204 536 15,911 SH   SOLE   15,911 0 0
ISHARES INC MSCI HONG KG ETF 464286871 486 18,200 SH   SOLE   18,200 0 0
ISHARES SILVER TR ISHARES 46428Q109 1,279 52,800 SH Call SOLE   52,800 0 0
ISHARES SILVER TR ISHARES 46428Q109 1,299 53,623 SH   SOLE   53,623 0 0
ISHARES TR JPMORGAN USD EMG 464288281 36,223 322,100 SH Put SOLE   322,100 0 0
ISHARES TR 3 7 YR TREAS BD 464288661 333 2,554 SH   SOLE   2,554 0 0
ISHARES TR 1 3 YR TREAS BD 464287457 348 4,039 SH   SOLE   4,039 0 0
ISHARES TR US HOME CONS ETF 464288752 627 9,060 SH   SOLE   9,060 0 0
ISHARES TR 20 YR TR BD ETF 464287432 1,200 8,316 SH   SOLE   8,316 0 0
ISHARES TR 20 YR TR BD ETF 464287432 5,861 40,600 SH Put SOLE   40,600 0 0
ITERIS INC NEW COM 46564T107 67 10,000 SH   SOLE   10,000 0 0
KENNEDY-WILSON HOLDINGS INC COM 489398107 12,751 641,720 SH   SOLE   641,720 0 0
KINROSS GOLD CORP COM 496902404 55,894 8,804,493 SH   SOLE   8,804,493 0 0
KINROSS GOLD CORP COM 496902404 1,826 288,000 SH Call SOLE   288,000 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 57,764 1,499,271 SH   SOLE   1,499,271 0 0
MAG SILVER CORP COM 55903Q104 100,770 4,816,511 SH   SOLE   4,816,511 0 0
MARCUS & MILLICHAP INC COM 566324109 3,887 100,000 SH   SOLE   100,000 0 0
MAVERIX METALS INC COM NEW 57776F405 28,423 5,265,879 SH   SOLE   5,265,879 0 0
METALLA RTY & STREAMING LTD COM NEW 59124U605 207 24,124 SH   SOLE   24,124 0 0
NEW GOLD INC CDA COM 644535106 4,252 2,363,485 SH   SOLE   2,363,485 0 0
NEW PAC METALS CORP COM 64782A107 55 11,295 SH   SOLE   11,295 0 0
NEWMONT CORP COM 651639106 49,022 773,465 SH   SOLE   773,465 0 0
NEXGEN ENERGY LTD COM 65340P106 3,901 948,720 SH   SOLE   948,720 0 0
NOVAGOLD RES INC COM NEW 66987E206 22,931 2,862,797 SH   SOLE   2,862,797 0 0
NUCOR CORP COM 670346105 480 5,000 SH   SOLE   5,000 0 0
NUTRIEN LTD COM 67077M108 1,633 26,948 SH   SOLE   26,948 0 0
ORLA MNG LTD NEW COM 68634K106 180 43,741 SH   SOLE   43,741 0 0
OSISKO GOLD ROYALTIES LTD COM 68827L101 70,181 5,121,953 SH   SOLE   5,121,953 0 0
PAN AMERN SILVER CORP COM 697900108 89,668 3,139,090 SH   SOLE   3,139,090 0 0
PLATINUM GROUP METALS LTD COM 72765Q882 742 204,880 SH   SOLE   204,880 0 0
PRETIUM RES INC COM 74139C102 41,903 4,380,808 SH   SOLE   4,380,808 0 0
PROSHARES TR ULT FTSE CHIN 50 74347X880 585 8,265 SH   SOLE   8,265 0 0
PROSHARES TR PSHS ULT SEMICDT 74347R669 641 17,740 SH   SOLE   17,740 0 0
PROSHARES TR MSCI EMRG ETF 74347X302 616 5,720 SH   SOLE   5,720 0 0
QUANTA SVCS INC COM 74762E102 246 2,715 SH   SOLE   2,715 0 0
RAVEN INDS INC COM 754212108 217 3,749 SH   SOLE   3,749 0 0
RELIANCE STEEL & ALUMINUM CO COM 759509102 9,054 60,000 SH   SOLE   60,000 0 0
RIO TINTO PLC SPONSORED ADR 767204100 246 2,931 SH   SOLE   2,931 0 0
ROYAL GOLD INC COM 780287108 12,197 106,894 SH   SOLE   106,894 0 0
SANDERSON FARMS INC COM 800013104 8,459 45,000 SH   SOLE   45,000 0 0
SANDSTORM GOLD LTD COM NEW 80013R206 25,686 3,255,208 SH   SOLE   3,255,208 0 0
SCHLUMBERGER LTD COM STK 806857108 1,326 41,436 SH   SOLE   41,436 0 0
SCOTTS MIRACLE-GRO CO CL A 810186106 378 1,968 SH   SOLE   1,968 0 0
SEABRIDGE GOLD INC COM 811916105 29,568 1,685,137 SH   SOLE   1,685,137 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 658 10,400 SH   SOLE   10,400 0 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107 57,860 3,458,434 SH   SOLE   3,458,434 0 0
SILVERCORP METALS INC COM 82835P103 5,696 1,038,465 SH   SOLE   1,038,465 0 0
SILVERCREST METALS INC COM 828363101 59,811 6,830,021 SH   SOLE   6,830,021 0 0
SMART SAND INC COM 83191H107 2,997 900,000 SH   SOLE   900,000 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105 426 8,993 SH   SOLE   8,993 0 0
SOLARIS OILFIELD INFRASTRUCT COM CL A 83418M103 286 29,356 SH   SOLE   29,356 0 0
SPDR GOLD TR GOLD SHS 78463V107 399 2,410 SH   SOLE   2,410 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 11,172 26,100 SH Put SOLE   26,100 0 0
SPDR SER TR SPDR BLOOMBERG 78468R663 15,748 172,163 SH   SOLE   172,163 0 0
SPROTT ETF TRUST GOLD MINERS ETF 85210B102 233 8,234 SH   SOLE   8,234 0 0
SPROTT FOCUS TR INC COM 85208J109 835 98,171 SH   SOLE   98,171 0 0
SPROTT INC COM NEW 852066208 2,928 74,436 SH   SOLE   74,436 0 0
SPROTT PHYSICAL GOLD & SILVE TR UNIT 85208R101 1,303 69,739 SH   SOLE   69,739 0 0
SPROTT PHYSICAL GOLD TR UNIT 85207H104 3,515 250,529 SH   SOLE   250,529 0 0
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104 1,328 70,575 SH   SOLE   70,575 0 0
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 2,866 308,834 SH   SOLE   308,834 0 0
SSR MNG INC COM 784730103 41,979 2,689,538 SH   SOLE   2,689,538 0 0
SUNCOR ENERGY INC NEW COM 867224107 3,006 125,391 SH   SOLE   125,391 0 0
TESLA INC COM 88160R101 357 525 SH   SOLE   525 0 0
TEXAS PACIFIC LAND CORPORATI COM 88262P102 2,051 1,282 SH   SOLE   1,282 0 0
THOR INDS INC COM 885160101 11,300 100,000 SH   SOLE   100,000 0 0
TRILOGY METALS INC NEW COM 89621C105 3,148 1,254,264 SH   SOLE   1,254,264 0 0
UNITED STS COMMODITY INDEX F COMM IDX FND 911717106 588 14,565 SH   SOLE   14,565 0 0
UR-ENERGY INC COM 91688R108 19 13,522 SH   SOLE   13,522 0 0
URANIUM ENERGY CORP COM 916896103 1,159 435,575 SH   SOLE   435,575 0 0
URANIUM ENERGY CORP COM 916896103 40 15,000 SH Put SOLE   15,000 0 0
URANIUM RTY CORP COM 91702V101 3,431 1,143,723 SH   SOLE   1,143,723 0 0
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 706 15,100 SH Put SOLE   15,100 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 573 16,868 SH   SOLE   16,868 0 0
VANECK VECTORS ETF TR RUSSIA ETF 92189F403 590 20,355 SH   SOLE   20,355 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 3,705 44,800 SH   SOLE   44,800 0 0
VISHAY INTERTECHNOLOGY INC COM 928298108 4,285 190,000 SH   SOLE   190,000 0 0
WESTERN DIGITAL CORP. COM 958102105 12,099 170,000 SH   SOLE   170,000 0 0
WESTLAKE CHEM CORP COM 960413102 10,360 115,000 SH   SOLE   115,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 65,930 1,496,031 SH   SOLE   1,496,031 0 0
YAMANA GOLD INC COM 98462Y100 3,698 876,339 SH   SOLE   876,339 0 0