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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES LTD COM 008474108   427 15,500 SH   SOLE   15,500 0 0
AGRIUM INC COM 008916108   652 7,500 SH   SOLE   7,500 0 0
ALAMOS GOLD INC COM 011527108   6,148 508,900 SH   SOLE   508,900 0 0
ALDERON IRON ORE CORP COM 01434T100   72 78,000 SH   SOLE   78,000 0 0
ALEXCO RESOURCE CORP COM 01535P106   6,538 5,837,250 SH   SOLE   5,837,250 0 0
ALLIED NEVADA GOLD CORP COM 019344100   2,663 410,875 SH   SOLE   410,875 0 0
ALMADEN MINERALS LTD COM 020283107   2,897 2,054,352 SH   SOLE   2,054,352 0 0
ALPHA NATURAL RESOURCES INC COM 02076X102   760 145,000 SH   SOLE   145,000 0 0
ANADARKO PETE CORP COM 032511107   3,437 40,000 SH   SOLE   40,000 0 0
APACHE CORP COM 037411105   360 4,300 SH   SOLE   4,300 0 0
APPLE INC COM 037833100   3,212 8,100 SH   SOLE   8,100 0 0
ASANKO GOLD INC COM 04341Y105   6,039 2,875,753 SH   SOLE   2,875,753 0 0
AVINO SILVER & GOLD MINES LT COM 053906103   1,332 1,480,500 SH   SOLE   1,480,500 0 0
B2GOLD CORP COM COM 11777Q209   2,466 1,157,741 SH   SOLE   1,157,741 0 0
BAKER HUGHES INC COM 057224107   244 5,300 SH   SOLE   5,300 0 0
BALLY TECHNOLOGIES INC COM 05874B107   1,975 35,000 SH   SOLE   35,000 0 0
BARRICK GOLD CORP COM 067901108   692 43,986 SH   SOLE   43,986 0 0
BARRICK GOLD CORP PUT 067901958   472 30,000 SH   SOLE   30,000 0 0
BELLATRIX EXPLORATION LTD COM 078314101   3,040 500,000 SH   SOLE   500,000 0 0
BHP BILLITON LTD SPONSORED ADR COM 088606108   277 4,800 SH   SOLE   4,800 0 0
BRIGUS GOLD CORP COM 109490102   1,956 3,834,351 SH   SOLE   3,834,351 0 0
CABOT OIL & GAS CORP COM 127097103   710 10,000 SH   SOLE   10,000 0 0
CAMECO CORP COM 13321L108   658 31,864 SH   SOLE   31,864 0 0
CAMERON INTERNATIONAL CORP COM 13342B105   642 10,500 SH   SOLE   10,500 0 0
CANADIAN NAT RES LTD COM 136385101   2,176 77,000 SH   SOLE   77,000 0 0
CARDERO RES CORP COM 14140U105   12 105,300 SH   SOLE   105,300 0 0
CBOE HLDGS INC CALL 12503M908   3,582 76,800 SH   SOLE   76,800 0 0
CENTRAL FD CDA LTD CL A COM 153501101   493 36,284 SH   SOLE   36,284 0 0
CENTURY ALUM CO COM 156431108   278 30,000 SH   SOLE   30,000 0 0
CIENA CORP COM COM 171779309   389 20,000 SH   SOLE   20,000 0 0
CISCO SYS INC COM 17275R102   13,737 564,500 SH   SOLE   564,500 0 0
CLAUDE RES INC COM 182873109   1,124 5,063,350 SH   SOLE   5,063,350 0 0
CLEAN ENERGY FUELS CORP PUT 184499951   660 50,000 SH   SOLE   50,000 0 0
COEUR MNG INC COM COM 192108504   15,926 1,197,481 SH   SOLE   1,197,481 0 0
COMCAST CORP COM 20030N200   4,602 116,000 SH   SOLE   116,000 0 0
CONCHO RES INC COM 20605P101   2,512 30,000 SH   SOLE   30,000 0 0
CONTINENTAL RESOURCES INC COM 212015101   2,608 30,300 SH   SOLE   30,300 0 0
CREDIT SUISSE NASSAU BRH 3X LONG SILVER COM 22542D662   284 50,000 SH   SOLE   50,000 0 0
CROCS INC COM 227046109   8,752 530,400 SH   SOLE   530,400 0 0
DENISON MINES CORP COM 248356107   1,711 1,450,272 SH   SOLE   1,450,272 0 0
DEUTSCHE BANK AG PUT D18190958   2,098 50,000 SH   SOLE   50,000 0 0
ELDORADO GOLD CORP COM 284902103   1,701 275,218 SH   SOLE   275,218 0 0
ENDEAVOUR SILVER CORP COM 29258Y103   1,439 419,520 SH   SOLE   419,520 0 0
EOG RES INC COM 26875P101   2,634 20,000 SH   SOLE   20,000 0 0
ETFS PALLADIUM TR SH BEN INT COM 26923A106   514 7,950 SH   SOLE   7,950 0 0
ETFS PLATINUM TR SH BEN INT COM 26922V101   541 4,125 SH   SOLE   4,125 0 0
EURASIAN MINERALS INC COM 29843R100   9,804 8,102,630 SH   SOLE   8,102,630 0 0
EXETER RES CORP COM 301835104   1,124 1,583,200 SH   SOLE   1,583,200 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103   46,532 4,393,911 SH   SOLE   4,393,911 0 0
FOOT LOCKER INC COM 344849104   2,508 71,400 SH   SOLE   71,400 0 0
FORD MTR CO DEL COM PAR $0.01 COM 345370860   5,479 354,200 SH   SOLE   354,200 0 0
FORTUNA SILVER MINES INC COM 349915108   29,159 8,809,347 SH   SOLE   8,809,347 0 0
FRANCO NEVADA CORP COM 351858105   794 22,210 SH   SOLE   22,210 0 0
GENERAL MTRS CO COM 37045V100   5,516 165,600 SH   SOLE   165,600 0 0
GILDAN ACTIVEWEAR INC COM 375916103   8,163 201,500 SH   SOLE   201,500 0 0
GLOBAL X FDS SILVER MNR ETF COM 37950E853   1,266 108,000 SH   SOLE   108,000 0 0
GOLD STD VENTURES CORP COM 380738104   8 12,000 SH   SOLE   12,000 0 0
GOLDEN MINERALS CO COM 381119106   660 485,300 SH   SOLE   485,300 0 0
GROUPE CGI INC CL A SUB VTG COM 39945C109   11,338 387,100 SH   SOLE   387,100 0 0
GULF RESOURCES INC COM PAR $0.0005 COM 40251W309   29 25,000 SH   SOLE   25,000 0 0
HALLIBURTON CO COM 406216101   392 9,400 SH   SOLE   9,400 0 0
HARMONY GOLD MNG LTD SPONSORED ADR COM 413216300   63 16,500 SH   SOLE   16,500 0 0
HECLA MNG CO COM 422704106   424 142,186 SH   SOLE   142,186 0 0
HUDBAY MINERALS INC COM 443628102   1,274 193,000 SH   SOLE   193,000 0 0
IAMGOLD CORP COM 450913108   4,112 949,745 SH   SOLE   949,745 0 0
JOHNSON & JOHNSON COM 478160104   4,988 58,100 SH   SOLE   58,100 0 0
KIMBER RES INC COM 49435N101   439 4,679,457 SH   SOLE   4,679,457 0 0
KINROSS GOLD CORP COM NO PAR COM 496902404   106 20,697 SH   SOLE   20,697 0 0
KOBEX MINERALS INC COM COM 49989C105   4,141 8,469,159 SH   SOLE   8,469,159 0 0
LAKE SHORE GOLD CORP COM 510728108   260 846,851 SH   SOLE   846,851 0 0
MAG SILVER CORP COM 55903Q104   15,579 2,667,704 SH   SOLE   2,667,704 0 0
MAGNA INTL INC COM 559222401   8,247 115,800 SH   SOLE   115,800 0 0
MARKET VECTORS ETF TR CALL 57060U900   918 37,500 SH   SOLE   37,500 0 0
MARKET VECTORS ETF TR CALL 57060U909   14,656 400,000 SH   SOLE   400,000 0 0
MARKET VECTORS ETF TR GOLD MINER ETF COM 57060U100   3,841 156,822 SH   SOLE   156,822 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E COM 57060U589   38,201 1,042,600 SH   SOLE   1,042,600 0 0
MCDERMOTT INTL INC COM 580037109   342 41,787 SH   SOLE   41,787 0 0
METHANEX CORP COM 59151K108   677 15,800 SH   SOLE   15,800 0 0
MICROCHIP TECHNOLOGY INC COM 595017104   6,098 163,700 SH   SOLE   163,700 0 0
MINES MGMT INC COM 603432105   45 85,400 SH   SOLE   85,400 0 0
NATIONSTAR MTG HLDGS INC CALL 63861C909   3,040 81,200 SH   SOLE   81,200 0 0
NEW GOLD INC CDA COM 644535106   190 29,600 SH   SOLE   29,600 0 0
NOBLE ENERGY INC COM 655044105   2,402 40,000 SH   SOLE   40,000 0 0
OASIS PETE INC COM 674215108   412 10,600 SH   SOLE   10,600 0 0
OCEANEERING INTL INC COM 675232102   383 5,300 SH   SOLE   5,300 0 0
ONCOLYTICS BIOTECH INC COM 682310107   778 270,000 SH   SOLE   270,000 0 0
PAN AMERICAN SILVER CORP COM 697900108   8,256 709,242 SH   SOLE   709,242 0 0
PEMBINA PIPELINE CORP COM 706327103   354 11,572 SH   SOLE   11,572 0 0
PENGROWTH ENERGY CORP COM 70706P104   1,823 369,685 SH   SOLE   369,685 0 0
PHILLIPS 66 COM 718546104   218 3,700 SH   SOLE   3,700 0 0
PIONEER NAT RES CO COM 723787107   405 2,800 SH   SOLE   2,800 0 0
PLATINUM GROUP METALS LTD COM COM 72765Q205   4,365 4,850,094 SH   SOLE   4,850,094 0 0
POTASH CORP SASK INC COM 73755L107   2,078 54,500 SH   SOLE   54,500 0 0
PRECISION DRILLING CORP COM 2010 COM 74022D308   1,495 174,800 SH   SOLE   174,800 0 0
PRETIUM RES INC COM 74139C102   11,477 1,738,900 SH   SOLE   1,738,900 0 0
PRIMERO MNG CORP COM 74164W106   4,667 1,039,500 SH   SOLE   1,039,500 0 0
RANGE RES CORP COM 75281A109   1,546 20,000 SH   SOLE   20,000 0 0
REVETT MINERALS INC COM COM 761505205   126 195,400 SH   SOLE   195,400 0 0
RLJ ENTMT INC COM 74965F104   480 100,000 SH   SOLE   100,000 0 0
ROYAL GOLD INC COM 780287108   452 10,733 SH   SOLE   10,733 0 0
RUBICON MINERALS CORP COM 780911103   148 115,900 SH   SOLE   115,900 0 0
RYDER SYS INC COM 783549108   1,945 32,000 SH   SOLE   32,000 0 0
SANDSTORM GOLD LTD COM COM 80013R206   763 130,400 SH   SOLE   130,400 0 0
SELECT SECTOR SPDR TR CALL 81369Y904   554 13,000 SH   SOLE   13,000 0 0
SELECT SECTOR SPDR TR CALL 81369Y905   681 35,000 SH   SOLE   35,000 0 0
SILVER BULL RES INC COM 827458100   2,099 5,313,300 SH   SOLE   5,313,300 0 0
SILVER STD RES INC COM 82823L106   105 16,500 SH   SOLE   16,500 0 0
SILVER WHEATON CORP COM 828336107   19,498 991,262 SH   SOLE   991,262 0 0
SILVERCREST MINES INC COM 828365106   11,393 8,196,092 SH   SOLE   8,196,092 0 0
SM ENERGY CO COM 78454L100   2,399 40,000 SH   SOLE   40,000 0 0
SPDR GOLD TRUST GOLD COM 78463V107   227 1,904 SH   SOLE   1,904 0 0
SPDR S&P 500 ETF TR PUT 78462F953   178,868 1,115,000 SH   SOLE   1,115,000 0 0
SPDR S&P 500 ETF TR TR COM 78462F103   305 1,900 SH   SOLE   1,900 0 0
SPDR SERIES TRUST CALL 78464A904   575 7,500 SH   SOLE   7,500 0 0
SPROTT PHYSICAL GOLD TRUST COM 85207H104   24,307 2,373,742 SH   SOLE   2,373,742 0 0
SPROTT PHYSICAL PLAT PALLAD COM 85207Q104   920 109,700 SH   SOLE   109,700 0 0
SPROTT PHYSICAL SILVER TR TR COM 85207K107   4,145 536,883 SH   SOLE   536,883 0 0
SPROTT RESOURCE LENDING CORP COM 85207J100   19,081 15,144,047 SH   SOLE   15,144,047 0 0
SUNCOR ENERGY INC COM 867224107   645 21,855 SH   SOLE   21,855 0 0
TAHOE RES INC COM 873868103   6,856 484,500 SH   SOLE   484,500 0 0
TE CONNECTIVITY LTD REG COM H84989104   2,086 45,800 SH   SOLE   45,800 0 0
TESORO CORP COM 881609101   204 3,900 SH   SOLE   3,900 0 0
TIMMINS GOLD CORP COM 88741P103   8,446 3,874,200 SH   SOLE   3,874,200 0 0
TORONTO DOMINION BK ONT COM COM 891160509   321 4,000 SH   SOLE   4,000 0 0
TRANSATLANTIC PETROLEUM LTD COM G89982105   14 20,000 SH   SOLE   20,000 0 0
U S GEOTHERMAL INC COM 90338S102   2,282 6,521,413 SH   SOLE   6,521,413 0 0
VALUECLICK INC COM 92046N102   2,100 85,000 SH   SOLE   85,000 0 0
VERMILION ENERGY INC COM 923725105   313 6,400 SH   SOLE   6,400 0 0
VIACOM INC COM 92553P201   5,728 84,200 SH   SOLE   84,200 0 0
VISTA GOLD CORP COM COM 927926303   5,762 5,940,699 SH   SOLE   5,940,699 0 0
VODAFONE GROUP PLC COM 92857W209   6,565 228,400 SH   SOLE   228,400 0 0
WHITING PETE CORP COM 966387102   2,765 60,000 SH   SOLE   60,000 0 0
WI-LAN INC COM 928972108   18,388 3,988,800 SH   SOLE   3,988,800 0 0
WISDOMTREE TRUST JAPN HEDGE EQT COM 97717W851   502 11,000 SH   SOLE   11,000 0 0
WORTHINGTON INDS INC COM 981811102   381 12,000 SH   SOLE   12,000 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108   9,449 165,100 SH   SOLE   165,100 0 0
YAMANA GOLD INC COM 98462Y100   732 76,990 SH   SOLE   76,990 0 0
ZIONS BANCORPORATION COM 989701107   3,673 127,000 SH   SOLE   127,000 0 0