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<infoTable>
<nameOfIssuer>AGNICO EAGLE MINES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>008474108</cusip>
<value>427</value>
<shrsOrPrnAmt>
<sshPrnamt>15500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>15500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AGRIUM INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>008916108</cusip>
<value>652</value>
<shrsOrPrnAmt>
<sshPrnamt>7500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>7500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALAMOS GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>011527108</cusip>
<value>6148</value>
<shrsOrPrnAmt>
<sshPrnamt>508900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>508900</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALDERON IRON ORE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>01434T100</cusip>
<value>72</value>
<shrsOrPrnAmt>
<sshPrnamt>78000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>78000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALEXCO RESOURCE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>01535P106</cusip>
<value>6538</value>
<shrsOrPrnAmt>
<sshPrnamt>5837250</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>5837250</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALLIED NEVADA GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>019344100</cusip>
<value>2663</value>
<shrsOrPrnAmt>
<sshPrnamt>410875</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>410875</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALMADEN MINERALS LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>020283107</cusip>
<value>2897</value>
<shrsOrPrnAmt>
<sshPrnamt>2054352</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>2054352</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ALPHA NATURAL RESOURCES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>02076X102</cusip>
<value>760</value>
<shrsOrPrnAmt>
<sshPrnamt>145000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>145000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ANADARKO PETE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>032511107</cusip>
<value>3437</value>
<shrsOrPrnAmt>
<sshPrnamt>40000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>40000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>APACHE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>037411105</cusip>
<value>360</value>
<shrsOrPrnAmt>
<sshPrnamt>4300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>4300</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>APPLE INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>037833100</cusip>
<value>3212</value>
<shrsOrPrnAmt>
<sshPrnamt>8100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>8100</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ASANKO GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>04341Y105</cusip>
<value>6039</value>
<shrsOrPrnAmt>
<sshPrnamt>2875753</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>2875753</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>AVINO SILVER &amp; GOLD MINES LT</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>053906103</cusip>
<value>1332</value>
<shrsOrPrnAmt>
<sshPrnamt>1480500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1480500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>B2GOLD CORP COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>11777Q209</cusip>
<value>2466</value>
<shrsOrPrnAmt>
<sshPrnamt>1157741</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1157741</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BAKER HUGHES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>057224107</cusip>
<value>244</value>
<shrsOrPrnAmt>
<sshPrnamt>5300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>5300</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BALLY TECHNOLOGIES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>05874B107</cusip>
<value>1975</value>
<shrsOrPrnAmt>
<sshPrnamt>35000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>35000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>692</value>
<shrsOrPrnAmt>
<sshPrnamt>43986</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>43986</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>067901958</cusip>
<value>472</value>
<shrsOrPrnAmt>
<sshPrnamt>30000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>30000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BELLATRIX EXPLORATION LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>078314101</cusip>
<value>3040</value>
<shrsOrPrnAmt>
<sshPrnamt>500000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>500000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BHP BILLITON LTD SPONSORED ADR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>088606108</cusip>
<value>277</value>
<shrsOrPrnAmt>
<sshPrnamt>4800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>4800</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BRIGUS GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>109490102</cusip>
<value>1956</value>
<shrsOrPrnAmt>
<sshPrnamt>3834351</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>3834351</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CABOT OIL &amp; GAS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>127097103</cusip>
<value>710</value>
<shrsOrPrnAmt>
<sshPrnamt>10000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>10000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CAMECO CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>13321L108</cusip>
<value>658</value>
<shrsOrPrnAmt>
<sshPrnamt>31864</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>31864</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CAMERON INTERNATIONAL CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>13342B105</cusip>
<value>642</value>
<shrsOrPrnAmt>
<sshPrnamt>10500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>10500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CANADIAN NAT RES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>136385101</cusip>
<value>2176</value>
<shrsOrPrnAmt>
<sshPrnamt>77000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>77000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CARDERO RES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>14140U105</cusip>
<value>12</value>
<shrsOrPrnAmt>
<sshPrnamt>105300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>105300</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CBOE HLDGS INC</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>12503M908</cusip>
<value>3582</value>
<shrsOrPrnAmt>
<sshPrnamt>76800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>76800</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CENTRAL FD CDA LTD CL A</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>153501101</cusip>
<value>493</value>
<shrsOrPrnAmt>
<sshPrnamt>36284</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>36284</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CENTURY ALUM CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>156431108</cusip>
<value>278</value>
<shrsOrPrnAmt>
<sshPrnamt>30000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>30000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CIENA CORP COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>171779309</cusip>
<value>389</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>20000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CISCO SYS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>17275R102</cusip>
<value>13737</value>
<shrsOrPrnAmt>
<sshPrnamt>564500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>564500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CLAUDE RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>182873109</cusip>
<value>1124</value>
<shrsOrPrnAmt>
<sshPrnamt>5063350</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>5063350</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CLEAN ENERGY FUELS CORP</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>184499951</cusip>
<value>660</value>
<shrsOrPrnAmt>
<sshPrnamt>50000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>50000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COEUR MNG INC COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>192108504</cusip>
<value>15926</value>
<shrsOrPrnAmt>
<sshPrnamt>1197481</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1197481</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COMCAST CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>20030N200</cusip>
<value>4602</value>
<shrsOrPrnAmt>
<sshPrnamt>116000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>116000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CONCHO RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>20605P101</cusip>
<value>2512</value>
<shrsOrPrnAmt>
<sshPrnamt>30000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>30000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CONTINENTAL RESOURCES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>212015101</cusip>
<value>2608</value>
<shrsOrPrnAmt>
<sshPrnamt>30300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>30300</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CREDIT SUISSE NASSAU BRH 3X LONG SILVER</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>22542D662</cusip>
<value>284</value>
<shrsOrPrnAmt>
<sshPrnamt>50000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>50000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CROCS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>227046109</cusip>
<value>8752</value>
<shrsOrPrnAmt>
<sshPrnamt>530400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>530400</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DENISON MINES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>248356107</cusip>
<value>1711</value>
<shrsOrPrnAmt>
<sshPrnamt>1450272</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1450272</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DEUTSCHE BANK AG</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>D18190958</cusip>
<value>2098</value>
<shrsOrPrnAmt>
<sshPrnamt>50000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>50000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ELDORADO GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>284902103</cusip>
<value>1701</value>
<shrsOrPrnAmt>
<sshPrnamt>275218</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>275218</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENDEAVOUR SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>29258Y103</cusip>
<value>1439</value>
<shrsOrPrnAmt>
<sshPrnamt>419520</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>419520</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EOG RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26875P101</cusip>
<value>2634</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>20000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>ETFS PALLADIUM TR SH BEN INT</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26923A106</cusip>
<value>514</value>
<shrsOrPrnAmt>
<sshPrnamt>7950</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>7950</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>ETFS PLATINUM TR SH BEN INT</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26922V101</cusip>
<value>541</value>
<shrsOrPrnAmt>
<sshPrnamt>4125</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>4125</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EURASIAN MINERALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>29843R100</cusip>
<value>9804</value>
<shrsOrPrnAmt>
<sshPrnamt>8102630</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>8102630</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXETER RES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>301835104</cusip>
<value>1124</value>
<shrsOrPrnAmt>
<sshPrnamt>1583200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1583200</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FIRST MAJESTIC SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>32076V103</cusip>
<value>46532</value>
<shrsOrPrnAmt>
<sshPrnamt>4393911</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>4393911</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FOOT LOCKER INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>344849104</cusip>
<value>2508</value>
<shrsOrPrnAmt>
<sshPrnamt>71400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>71400</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FORD MTR CO DEL COM PAR $0.01</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>345370860</cusip>
<value>5479</value>
<shrsOrPrnAmt>
<sshPrnamt>354200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>354200</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FORTUNA SILVER MINES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>349915108</cusip>
<value>29159</value>
<shrsOrPrnAmt>
<sshPrnamt>8809347</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>8809347</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FRANCO NEVADA CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>351858105</cusip>
<value>794</value>
<shrsOrPrnAmt>
<sshPrnamt>22210</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>22210</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>37045V100</cusip>
<value>5516</value>
<shrsOrPrnAmt>
<sshPrnamt>165600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>165600</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GILDAN ACTIVEWEAR INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>375916103</cusip>
<value>8163</value>
<shrsOrPrnAmt>
<sshPrnamt>201500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>201500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GLOBAL X FDS SILVER MNR ETF</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>37950E853</cusip>
<value>1266</value>
<shrsOrPrnAmt>
<sshPrnamt>108000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>108000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLD STD VENTURES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>380738104</cusip>
<value>8</value>
<shrsOrPrnAmt>
<sshPrnamt>12000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>12000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GOLDEN MINERALS CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>381119106</cusip>
<value>660</value>
<shrsOrPrnAmt>
<sshPrnamt>485300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>485300</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GROUPE CGI INC CL A SUB VTG</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>39945C109</cusip>
<value>11338</value>
<shrsOrPrnAmt>
<sshPrnamt>387100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>387100</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>GULF RESOURCES INC COM PAR $0.0005</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>40251W309</cusip>
<value>29</value>
<shrsOrPrnAmt>
<sshPrnamt>25000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>25000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>406216101</cusip>
<value>392</value>
<shrsOrPrnAmt>
<sshPrnamt>9400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>9400</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HARMONY GOLD MNG LTD SPONSORED ADR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>413216300</cusip>
<value>63</value>
<shrsOrPrnAmt>
<sshPrnamt>16500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>16500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HECLA MNG CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>422704106</cusip>
<value>424</value>
<shrsOrPrnAmt>
<sshPrnamt>142186</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>142186</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>HUDBAY MINERALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>443628102</cusip>
<value>1274</value>
<shrsOrPrnAmt>
<sshPrnamt>193000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>193000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>IAMGOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>450913108</cusip>
<value>4112</value>
<shrsOrPrnAmt>
<sshPrnamt>949745</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>949745</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>478160104</cusip>
<value>4988</value>
<shrsOrPrnAmt>
<sshPrnamt>58100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>58100</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KIMBER RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>49435N101</cusip>
<value>439</value>
<shrsOrPrnAmt>
<sshPrnamt>4679457</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>4679457</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KINROSS GOLD CORP COM NO PAR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>496902404</cusip>
<value>106</value>
<shrsOrPrnAmt>
<sshPrnamt>20697</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>20697</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KOBEX MINERALS INC COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>49989C105</cusip>
<value>4141</value>
<shrsOrPrnAmt>
<sshPrnamt>8469159</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>8469159</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LAKE SHORE GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>510728108</cusip>
<value>260</value>
<shrsOrPrnAmt>
<sshPrnamt>846851</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>846851</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MAG SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>55903Q104</cusip>
<value>15579</value>
<shrsOrPrnAmt>
<sshPrnamt>2667704</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>2667704</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MAGNA INTL INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>559222401</cusip>
<value>8247</value>
<shrsOrPrnAmt>
<sshPrnamt>115800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>115800</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MARKET VECTORS ETF TR</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>57060U900</cusip>
<value>918</value>
<shrsOrPrnAmt>
<sshPrnamt>37500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>37500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MARKET VECTORS ETF TR</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>57060U909</cusip>
<value>14656</value>
<shrsOrPrnAmt>
<sshPrnamt>400000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>400000</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MARKET VECTORS ETF TR GOLD MINER ETF</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>57060U100</cusip>
<value>3841</value>
<shrsOrPrnAmt>
<sshPrnamt>156822</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>156822</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MARKET VECTORS ETF TR JR GOLD MINERS E</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>57060U589</cusip>
<value>38201</value>
<shrsOrPrnAmt>
<sshPrnamt>1042600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1042600</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MCDERMOTT INTL INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>580037109</cusip>
<value>342</value>
<shrsOrPrnAmt>
<sshPrnamt>41787</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>41787</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>METHANEX CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>59151K108</cusip>
<value>677</value>
<shrsOrPrnAmt>
<sshPrnamt>15800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>15800</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MICROCHIP TECHNOLOGY INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>595017104</cusip>
<value>6098</value>
<shrsOrPrnAmt>
<sshPrnamt>163700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>163700</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MINES MGMT INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>603432105</cusip>
<value>45</value>
<shrsOrPrnAmt>
<sshPrnamt>85400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>85400</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NATIONSTAR MTG HLDGS INC</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>63861C909</cusip>
<value>3040</value>
<shrsOrPrnAmt>
<sshPrnamt>81200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>81200</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>190</value>
<shrsOrPrnAmt>
<sshPrnamt>29600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>29600</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>NOBLE ENERGY INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>655044105</cusip>
<value>2402</value>
<shrsOrPrnAmt>
<sshPrnamt>40000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>40000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OASIS PETE INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>674215108</cusip>
<value>412</value>
<shrsOrPrnAmt>
<sshPrnamt>10600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>10600</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>OCEANEERING INTL INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>675232102</cusip>
<value>383</value>
<shrsOrPrnAmt>
<sshPrnamt>5300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>5300</Sole>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ONCOLYTICS BIOTECH INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>682310107</cusip>
<value>778</value>
<shrsOrPrnAmt>
<sshPrnamt>270000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>270000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PAN AMERICAN SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>697900108</cusip>
<value>8256</value>
<shrsOrPrnAmt>
<sshPrnamt>709242</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>709242</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PEMBINA PIPELINE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>706327103</cusip>
<value>354</value>
<shrsOrPrnAmt>
<sshPrnamt>11572</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>11572</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PENGROWTH ENERGY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>70706P104</cusip>
<value>1823</value>
<shrsOrPrnAmt>
<sshPrnamt>369685</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>369685</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>718546104</cusip>
<value>218</value>
<shrsOrPrnAmt>
<sshPrnamt>3700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>3700</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PIONEER NAT RES CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>723787107</cusip>
<value>405</value>
<shrsOrPrnAmt>
<sshPrnamt>2800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>2800</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PLATINUM GROUP METALS LTD COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>72765Q205</cusip>
<value>4365</value>
<shrsOrPrnAmt>
<sshPrnamt>4850094</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>4850094</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>POTASH CORP SASK INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>73755L107</cusip>
<value>2078</value>
<shrsOrPrnAmt>
<sshPrnamt>54500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>54500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PRECISION DRILLING CORP COM 2010</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>74022D308</cusip>
<value>1495</value>
<shrsOrPrnAmt>
<sshPrnamt>174800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>174800</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PRETIUM RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>74139C102</cusip>
<value>11477</value>
<shrsOrPrnAmt>
<sshPrnamt>1738900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1738900</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>PRIMERO MNG CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>74164W106</cusip>
<value>4667</value>
<shrsOrPrnAmt>
<sshPrnamt>1039500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1039500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RANGE RES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>75281A109</cusip>
<value>1546</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>20000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>REVETT MINERALS INC COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>761505205</cusip>
<value>126</value>
<shrsOrPrnAmt>
<sshPrnamt>195400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>195400</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RLJ ENTMT INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>74965F104</cusip>
<value>480</value>
<shrsOrPrnAmt>
<sshPrnamt>100000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>100000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ROYAL GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780287108</cusip>
<value>452</value>
<shrsOrPrnAmt>
<sshPrnamt>10733</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>10733</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RUBICON MINERALS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>780911103</cusip>
<value>148</value>
<shrsOrPrnAmt>
<sshPrnamt>115900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>115900</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>RYDER SYS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>783549108</cusip>
<value>1945</value>
<shrsOrPrnAmt>
<sshPrnamt>32000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>32000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SANDSTORM GOLD LTD COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>80013R206</cusip>
<value>763</value>
<shrsOrPrnAmt>
<sshPrnamt>130400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>130400</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>81369Y904</cusip>
<value>554</value>
<shrsOrPrnAmt>
<sshPrnamt>13000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>13000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>81369Y905</cusip>
<value>681</value>
<shrsOrPrnAmt>
<sshPrnamt>35000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>35000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVER BULL RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>827458100</cusip>
<value>2099</value>
<shrsOrPrnAmt>
<sshPrnamt>5313300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>5313300</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVER STD RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>82823L106</cusip>
<value>105</value>
<shrsOrPrnAmt>
<sshPrnamt>16500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>16500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVER WHEATON CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>828336107</cusip>
<value>19498</value>
<shrsOrPrnAmt>
<sshPrnamt>991262</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>991262</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SILVERCREST MINES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>828365106</cusip>
<value>11393</value>
<shrsOrPrnAmt>
<sshPrnamt>8196092</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>8196092</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SM ENERGY CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>78454L100</cusip>
<value>2399</value>
<shrsOrPrnAmt>
<sshPrnamt>40000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>40000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPDR GOLD TRUST GOLD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>78463V107</cusip>
<value>227</value>
<shrsOrPrnAmt>
<sshPrnamt>1904</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1904</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>78462F953</cusip>
<value>178868</value>
<shrsOrPrnAmt>
<sshPrnamt>1115000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1115000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPDR S&amp;P 500 ETF TR TR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>78462F103</cusip>
<value>305</value>
<shrsOrPrnAmt>
<sshPrnamt>1900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1900</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>78464A904</cusip>
<value>575</value>
<shrsOrPrnAmt>
<sshPrnamt>7500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>7500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPROTT PHYSICAL GOLD TRUST</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>85207H104</cusip>
<value>24307</value>
<shrsOrPrnAmt>
<sshPrnamt>2373742</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>2373742</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPROTT PHYSICAL PLAT PALLAD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>85207Q104</cusip>
<value>920</value>
<shrsOrPrnAmt>
<sshPrnamt>109700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>109700</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPROTT PHYSICAL SILVER TR TR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>85207K107</cusip>
<value>4145</value>
<shrsOrPrnAmt>
<sshPrnamt>536883</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>536883</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SPROTT RESOURCE LENDING CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>85207J100</cusip>
<value>19081</value>
<shrsOrPrnAmt>
<sshPrnamt>15144047</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>15144047</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>SUNCOR ENERGY INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>867224107</cusip>
<value>645</value>
<shrsOrPrnAmt>
<sshPrnamt>21855</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>21855</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TAHOE RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>873868103</cusip>
<value>6856</value>
<shrsOrPrnAmt>
<sshPrnamt>484500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>484500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TE CONNECTIVITY LTD REG</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>H84989104</cusip>
<value>2086</value>
<shrsOrPrnAmt>
<sshPrnamt>45800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>45800</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TESORO CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>881609101</cusip>
<value>204</value>
<shrsOrPrnAmt>
<sshPrnamt>3900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>3900</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TIMMINS GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>88741P103</cusip>
<value>8446</value>
<shrsOrPrnAmt>
<sshPrnamt>3874200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>3874200</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TORONTO DOMINION BK ONT COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>891160509</cusip>
<value>321</value>
<shrsOrPrnAmt>
<sshPrnamt>4000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>4000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRANSATLANTIC PETROLEUM LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>G89982105</cusip>
<value>14</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>20000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>U S GEOTHERMAL INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>90338S102</cusip>
<value>2282</value>
<shrsOrPrnAmt>
<sshPrnamt>6521413</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>6521413</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VALUECLICK INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>92046N102</cusip>
<value>2100</value>
<shrsOrPrnAmt>
<sshPrnamt>85000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>85000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VERMILION ENERGY INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>923725105</cusip>
<value>313</value>
<shrsOrPrnAmt>
<sshPrnamt>6400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>6400</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VIACOM INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>92553P201</cusip>
<value>5728</value>
<shrsOrPrnAmt>
<sshPrnamt>84200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>84200</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>VISTA GOLD CORP COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>927926303</cusip>
<value>5762</value>
<shrsOrPrnAmt>
<sshPrnamt>5940699</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>5940699</Sole>
<Shared>0</Shared>
<None>0</None>
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<nameOfIssuer>VODAFONE GROUP PLC</nameOfIssuer>
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<cusip>92857W209</cusip>
<value>6565</value>
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<nameOfIssuer>WHITING PETE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>966387102</cusip>
<value>2765</value>
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<sshPrnamt>60000</sshPrnamt>
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<Sole>60000</Sole>
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<nameOfIssuer>WI-LAN INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>928972108</cusip>
<value>18388</value>
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<sshPrnamt>3988800</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<Sole>3988800</Sole>
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<nameOfIssuer>WISDOMTREE TRUST JAPN HEDGE EQT</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>97717W851</cusip>
<value>502</value>
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<sshPrnamt>11000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<Sole>11000</Sole>
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<nameOfIssuer>WORTHINGTON INDS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>981811102</cusip>
<value>381</value>
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<sshPrnamt>12000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<Sole>12000</Sole>
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<nameOfIssuer>WYNDHAM WORLDWIDE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>98310W108</cusip>
<value>9449</value>
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<sshPrnamt>165100</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<Sole>165100</Sole>
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<nameOfIssuer>YAMANA GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>98462Y100</cusip>
<value>732</value>
<shrsOrPrnAmt>
<sshPrnamt>76990</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>76990</Sole>
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<None>0</None>
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<infoTable>
<nameOfIssuer>ZIONS BANCORPORATION</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>989701107</cusip>
<value>3673</value>
<shrsOrPrnAmt>
<sshPrnamt>127000</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>127000</Sole>
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<None>0</None>
</votingAuthority>
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</informationTable>
