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<infoTable>
<nameOfIssuer>AGRIUM INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>008916108</cusip>
<value>504</value>
<shrsOrPrnAmt>
<sshPrnamt>6000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>6000</Sole>
<Shared>0</Shared>
<None>0</None>
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<infoTable>
<nameOfIssuer>ALAMOS GOLD INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>011527108</cusip>
<value>8159</value>
<shrsOrPrnAmt>
<sshPrnamt>525400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>525400</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>ALDERON IRON ORE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>01434T100</cusip>
<value>50</value>
<shrsOrPrnAmt>
<sshPrnamt>33000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>33000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>ALEXCO RESOURCE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>01535P106</cusip>
<value>8344</value>
<shrsOrPrnAmt>
<sshPrnamt>5835250</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>5835250</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>ALLIED NEVADA GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>019344100</cusip>
<value>1717</value>
<shrsOrPrnAmt>
<sshPrnamt>410875</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>410875</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>ALMADEN MINERALS LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>020283107</cusip>
<value>4166</value>
<shrsOrPrnAmt>
<sshPrnamt>3040929</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>3040929</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>ANADARKO PETE CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>032511107</cusip>
<value>3571</value>
<shrsOrPrnAmt>
<sshPrnamt>38400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>38400</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>APPLE INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>037833100</cusip>
<value>3862</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>6347</value>
<shrsOrPrnAmt>
<sshPrnamt>2759507</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>2759507</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>1721</value>
<shrsOrPrnAmt>
<sshPrnamt>1434200</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1434200</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>B2GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>11777Q209</cusip>
<value>2316</value>
<shrsOrPrnAmt>
<sshPrnamt>933841</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>933841</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BAKER HUGHES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>057224107</cusip>
<value>260</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>BARRICK GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>067901108</cusip>
<value>236</value>
<shrsOrPrnAmt>
<sshPrnamt>12700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>12700</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BARRICK GOLD CORP PUT</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>067901958</cusip>
<value>559</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>BAYTEX ENERGY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>07317Q105</cusip>
<value>396</value>
<shrsOrPrnAmt>
<sshPrnamt>9600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>9600</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BELLATRIX EXPLORATION LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>078314101</cusip>
<value>6674</value>
<shrsOrPrnAmt>
<sshPrnamt>877000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>877000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BONANZA CREEK ENERGY INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>097793103</cusip>
<value>415</value>
<shrsOrPrnAmt>
<sshPrnamt>8600</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>8600</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>BRIGUS GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>109490102</cusip>
<value>1923</value>
<shrsOrPrnAmt>
<sshPrnamt>3204351</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>3204351</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CABOT OIL &amp; GAS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>127097103</cusip>
<value>1493</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>CAMECO CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>13321L108</cusip>
<value>959</value>
<shrsOrPrnAmt>
<sshPrnamt>53090</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>53090</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CANADIAN NAT RES LTD</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>136385101</cusip>
<value>6033</value>
<shrsOrPrnAmt>
<sshPrnamt>191900</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>191900</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CARDERO RES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>14140U105</cusip>
<value>18</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>CENTRAL FD CDA LTD CL A</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>153501101</cusip>
<value>533</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>CF INDS HLDGS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>125269100</cusip>
<value>274</value>
<shrsOrPrnAmt>
<sshPrnamt>1300</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1300</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CIENA CORP COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>171779309</cusip>
<value>750</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>CISCO SYS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>17275R102</cusip>
<value>14445</value>
<shrsOrPrnAmt>
<sshPrnamt>616500</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>616500</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>CLAUDE RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>182873109</cusip>
<value>1180</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>COEUR MNG INC COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>192108504</cusip>
<value>14456</value>
<shrsOrPrnAmt>
<sshPrnamt>1199681</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1199681</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>COMPANIA DE MINAS BUENAVENTU SPONSORED ADR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>204448104</cusip>
<value>468</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>CONTINENTAL RESOURCES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>212015101</cusip>
<value>1073</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>CROCS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>227046109</cusip>
<value>4375</value>
<shrsOrPrnAmt>
<sshPrnamt>321700</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>321700</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DENISON MINES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>248356107</cusip>
<value>1984</value>
<shrsOrPrnAmt>
<sshPrnamt>1836999</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1836999</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>DISCOVER FINL SVCS CALL</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>254709908</cusip>
<value>9855</value>
<shrsOrPrnAmt>
<sshPrnamt>195000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>195000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ELDORADO GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>284902103</cusip>
<value>1519</value>
<shrsOrPrnAmt>
<sshPrnamt>226418</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>226418</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENCANA CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>292505104</cusip>
<value>2859</value>
<shrsOrPrnAmt>
<sshPrnamt>165000</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>165000</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ENDEAVOUR SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>29258Y103</cusip>
<value>1861</value>
<shrsOrPrnAmt>
<sshPrnamt>432720</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>432720</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EOG RES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26875P101</cusip>
<value>3115</value>
<shrsOrPrnAmt>
<sshPrnamt>18400</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>18400</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EPL OIL &amp; GAS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26883D108</cusip>
<value>401</value>
<shrsOrPrnAmt>
<sshPrnamt>10800</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>10800</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ETFS PALLADIUM TR SH BEN INT</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26923A106</cusip>
<value>562</value>
<shrsOrPrnAmt>
<sshPrnamt>7950</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>7950</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>ETFS PLATINUM TR SH BEN INT</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>26922V101</cusip>
<value>566</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>10032</value>
<shrsOrPrnAmt>
<sshPrnamt>8089946</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>8089946</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>EXETER RES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>301835104</cusip>
<value>991</value>
<shrsOrPrnAmt>
<sshPrnamt>1254100</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1254100</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FIRST MAJESTIC SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>32076V103</cusip>
<value>54796</value>
<shrsOrPrnAmt>
<sshPrnamt>4620254</sshPrnamt>
<sshPrnamtType>SH</sshPrnamtType>
</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>4620254</Sole>
<Shared>0</Shared>
<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>FLEXIBLE SOLUTIONS INTL INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
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<votingAuthority>
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<nameOfIssuer>FOOT LOCKER INC</nameOfIssuer>
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<value>2423</value>
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<sshPrnamt>71400</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<None>0</None>
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<infoTable>
<nameOfIssuer>FORD MTR CO DEL COM PAR $0.01</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>345370860</cusip>
<value>7848</value>
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<sshPrnamt>465200</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>465200</Sole>
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<None>0</None>
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<infoTable>
<nameOfIssuer>FORD MTR CO DEL PUT</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>345370950</cusip>
<value>7845</value>
<shrsOrPrnAmt>
<sshPrnamt>465000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>465000</Sole>
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<infoTable>
<nameOfIssuer>FORTUNA SILVER MINES INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>349915108</cusip>
<value>33092</value>
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<sshPrnamt>9066347</sshPrnamt>
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<votingAuthority>
<Sole>9066347</Sole>
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<infoTable>
<nameOfIssuer>FRANCO NEVADA CORP</nameOfIssuer>
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<sshPrnamt>28390</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>37045V100</cusip>
<value>7036</value>
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<sshPrnamt>195600</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>GILDAN ACTIVEWEAR INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>375916103</cusip>
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<sshPrnamt>181900</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<nameOfIssuer>GLOBAL X FDS SILVER MNR ETF</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>37950E853</cusip>
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<sshPrnamt>171900</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>171900</Sole>
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<infoTable>
<nameOfIssuer>GOLD STD VENTURES CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>380738104</cusip>
<value>7</value>
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<sshPrnamt>12000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>GOLDEN MINERALS CO</nameOfIssuer>
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<sshPrnamt>485300</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>485300</Sole>
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<infoTable>
<nameOfIssuer>GOLDEN STAR RES LTD CDA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>38119T104</cusip>
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<sshPrnamt>242000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>242000</Sole>
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<nameOfIssuer>GROUPE CGI INC CL A SUB VTG</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>39945C109</cusip>
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<sshPrnamt>442100</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<nameOfIssuer>GULF RESOURCES INC COM PAR $0.0005</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>40251W309</cusip>
<value>43</value>
<shrsOrPrnAmt>
<sshPrnamt>25000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>25000</Sole>
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<infoTable>
<nameOfIssuer>GULFPORT ENERGY CORP COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>402635304</cusip>
<value>444</value>
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<sshPrnamt>6900</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>HARMONY GOLD MNG LTD SPONSORED ADR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>413216300</cusip>
<value>49</value>
<shrsOrPrnAmt>
<sshPrnamt>14500</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>HECLA MNG CO</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>422704106</cusip>
<value>507</value>
<shrsOrPrnAmt>
<sshPrnamt>161402</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>161402</Sole>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>HUDBAY MINERALS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>443628102</cusip>
<value>181</value>
<shrsOrPrnAmt>
<sshPrnamt>22000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>22000</Sole>
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<infoTable>
<nameOfIssuer>IAMGOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>450913108</cusip>
<value>6886</value>
<shrsOrPrnAmt>
<sshPrnamt>1449745</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1449745</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>INTERCONTINENTALEXCHANGE INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>45865V100</cusip>
<value>9978</value>
<shrsOrPrnAmt>
<sshPrnamt>55000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>55000</Sole>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>INTREPID POTASH INC PUT</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>46121Y952</cusip>
<value>784</value>
<shrsOrPrnAmt>
<sshPrnamt>50000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>ISHARES CALL</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>464287909</cusip>
<value>65704</value>
<shrsOrPrnAmt>
<sshPrnamt>1030000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>1030000</Sole>
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<infoTable>
<nameOfIssuer>ISHARES SILVER TRUST ISHARES</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>46428Q109</cusip>
<value>2860</value>
<shrsOrPrnAmt>
<sshPrnamt>136853</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>136853</Sole>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>KIMBER RES INC COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>49435N101</cusip>
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<shrsOrPrnAmt>
<sshPrnamt>4679457</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>KINROSS GOLD CORP COM NO PAR</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>496902404</cusip>
<value>95</value>
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<sshPrnamt>18801</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<None>0</None>
</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>KODIAK OIL &amp; GAS CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>50015Q100</cusip>
<value>340</value>
<shrsOrPrnAmt>
<sshPrnamt>28200</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>28200</Sole>
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<None>0</None>
</votingAuthority>
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<infoTable>
<nameOfIssuer>KRAFT FOODS GROUP INC CALL</nameOfIssuer>
<titleOfClass>CALL</titleOfClass>
<cusip>50076Q906</cusip>
<value>50381</value>
<shrsOrPrnAmt>
<sshPrnamt>960000</sshPrnamt>
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</shrsOrPrnAmt>
<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>960000</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>LAKE SHORE GOLD CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>510728108</cusip>
<value>53</value>
<shrsOrPrnAmt>
<sshPrnamt>132566</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MAG SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>55903Q104</cusip>
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<shrsOrPrnAmt>
<sshPrnamt>2803804</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>2803804</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>MAGNA INTL INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>559222401</cusip>
<value>9560</value>
<shrsOrPrnAmt>
<sshPrnamt>115800</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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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>4362</value>
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<sshPrnamt>174322</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>174322</Sole>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>MARKET VECTORS ETF TR JR GOLD MINERS E</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>57061R544</cusip>
<value>16595</value>
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<sshPrnamt>407350</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>407350</Sole>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>METHANEX CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>59151K108</cusip>
<value>426</value>
<shrsOrPrnAmt>
<sshPrnamt>8300</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>8300</Sole>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>MICROCHIP TECHNOLOGY INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>595017104</cusip>
<value>6595</value>
<shrsOrPrnAmt>
<sshPrnamt>163700</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>MINES MGMT INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>603432105</cusip>
<value>48</value>
<shrsOrPrnAmt>
<sshPrnamt>85400</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>85400</Sole>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>NATIONSTAR MTG HLDGS INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>63861C109</cusip>
<value>9154</value>
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<sshPrnamt>162800</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>644535106</cusip>
<value>198</value>
<shrsOrPrnAmt>
<sshPrnamt>33100</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>NOBLE ENERGY INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>655044105</cusip>
<value>1340</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>20000</Sole>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>NORTHERN DYNASTY MINERALS LT COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>66510M204</cusip>
<value>29</value>
<shrsOrPrnAmt>
<sshPrnamt>20000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>20000</Sole>
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<infoTable>
<nameOfIssuer>OCEANEERING INTL INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>675232102</cusip>
<value>309</value>
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<sshPrnamt>3800</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>OCWEN FINL CORP COM</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>675746309</cusip>
<value>3251</value>
<shrsOrPrnAmt>
<sshPrnamt>58300</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>ONCOLYTICS BIOTECH INC</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>682310107</cusip>
<value>561</value>
<shrsOrPrnAmt>
<sshPrnamt>230000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>230000</Sole>
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<infoTable>
<nameOfIssuer>PAN AMERICAN SILVER CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>697900108</cusip>
<value>8116</value>
<shrsOrPrnAmt>
<sshPrnamt>769242</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
<Sole>769242</Sole>
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<infoTable>
<nameOfIssuer>PENGROWTH ENERGY CORP</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
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<nameOfIssuer>PHILIP MORRIS INTL INC CALL</nameOfIssuer>
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<nameOfIssuer>PLATINUM GROUP METALS LTD COM</nameOfIssuer>
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<nameOfIssuer>PRECISION DRILLING CORP COM 2010</nameOfIssuer>
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<nameOfIssuer>RYDER SYS INC</nameOfIssuer>
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<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
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<nameOfIssuer>SILVER BULL RES INC</nameOfIssuer>
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<nameOfIssuer>SILVER STD RES INC</nameOfIssuer>
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<nameOfIssuer>SILVER WHEATON CORP</nameOfIssuer>
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<nameOfIssuer>SILVERCREST MINES INC</nameOfIssuer>
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<nameOfIssuer>SPDR GOLD TRUST GOLD</nameOfIssuer>
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<nameOfIssuer>SPDR S&amp;P 500 ETF TR PUT</nameOfIssuer>
<titleOfClass>PUT</titleOfClass>
<cusip>78462F953</cusip>
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<sshPrnamt>980000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>SPDR S&amp;P 500 ETF TR TR</nameOfIssuer>
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<nameOfIssuer>SPROTT PHYSICAL GOLD TRUST</nameOfIssuer>
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<nameOfIssuer>SPROTT PHYSICAL PLAT PALLAD</nameOfIssuer>
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<nameOfIssuer>SPROTT PHYSICAL SILVER TR TR</nameOfIssuer>
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<nameOfIssuer>SUN LIFE FINL INC</nameOfIssuer>
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<cusip>866796105</cusip>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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<infoTable>
<nameOfIssuer>SUNCOR ENERGY INC</nameOfIssuer>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>SUNTRUST BKS INC</nameOfIssuer>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<nameOfIssuer>TAHOE RES INC</nameOfIssuer>
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<cusip>873868103</cusip>
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<sshPrnamt>514000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>TE CONNECTIVITY LTD REG</nameOfIssuer>
<titleOfClass>COM</titleOfClass>
<cusip>H84989104</cusip>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>TECK RESOURCES LTD CL B</nameOfIssuer>
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<value>523</value>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>TIMMINS GOLD CORP</nameOfIssuer>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>TORONTO DOMINION BK ONT COM</nameOfIssuer>
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<cusip>891160509</cusip>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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</votingAuthority>
</infoTable>
<infoTable>
<nameOfIssuer>TRANSATLANTIC PETROLEUM LTD</nameOfIssuer>
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<cusip>G89982105</cusip>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>U S GEOTHERMAL INC</nameOfIssuer>
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<sshPrnamt>6521413</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>VALUECLICK INC</nameOfIssuer>
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<cusip>92046N102</cusip>
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<sshPrnamt>64000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
<votingAuthority>
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</votingAuthority>
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<infoTable>
<nameOfIssuer>VERMILION ENERGY INC</nameOfIssuer>
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<sshPrnamt>6000</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>VIACOM INC</nameOfIssuer>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>VISTA GOLD CORP COM</nameOfIssuer>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>VODAFONE GROUP PLC</nameOfIssuer>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<infoTable>
<nameOfIssuer>WEATHERFORD INTERNATIONAL LT REG</nameOfIssuer>
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<cusip>H27013103</cusip>
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<sshPrnamt>21500</sshPrnamt>
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<investmentDiscretion>SOLE</investmentDiscretion>
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<nameOfIssuer>WI-LAN INC</nameOfIssuer>
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<sshPrnamt>3189200</sshPrnamt>
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