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
AGRIUM INC COM 008916108   504 6,000 SH   SOLE   6,000 0 0
ALAMOS GOLD INC COM 011527108   8,159 525,400 SH   SOLE   525,400 0 0
ALDERON IRON ORE CORP COM 01434T100   50 33,000 SH   SOLE   33,000 0 0
ALEXCO RESOURCE CORP COM 01535P106   8,344 5,835,250 SH   SOLE   5,835,250 0 0
ALLIED NEVADA GOLD CORP COM 019344100   1,717 410,875 SH   SOLE   410,875 0 0
ALMADEN MINERALS LTD COM 020283107   4,166 3,040,929 SH   SOLE   3,040,929 0 0
ANADARKO PETE CORP COM 032511107   3,571 38,400 SH   SOLE   38,400 0 0
APPLE INC COM 037833100   3,862 8,100 SH   SOLE   8,100 0 0
ASANKO GOLD INC COM 04341Y105   6,347 2,759,507 SH   SOLE   2,759,507 0 0
AVINO SILVER & GOLD MINES LT COM 053906103   1,721 1,434,200 SH   SOLE   1,434,200 0 0
B2GOLD CORP COM 11777Q209   2,316 933,841 SH   SOLE   933,841 0 0
BAKER HUGHES INC COM 057224107   260 5,300 SH   SOLE   5,300 0 0
BARRICK GOLD CORP COM 067901108   236 12,700 SH   SOLE   12,700 0 0
BARRICK GOLD CORP PUT PUT 067901958   559 30,000 SH   SOLE   30,000 0 0
BAYTEX ENERGY CORP COM 07317Q105   396 9,600 SH   SOLE   9,600 0 0
BELLATRIX EXPLORATION LTD COM 078314101   6,674 877,000 SH   SOLE   877,000 0 0
BONANZA CREEK ENERGY INC COM 097793103   415 8,600 SH   SOLE   8,600 0 0
BRIGUS GOLD CORP COM 109490102   1,923 3,204,351 SH   SOLE   3,204,351 0 0
CABOT OIL & GAS CORP COM 127097103   1,493 40,000 SH   SOLE   40,000 0 0
CAMECO CORP COM 13321L108   959 53,090 SH   SOLE   53,090 0 0
CANADIAN NAT RES LTD COM 136385101   6,033 191,900 SH   SOLE   191,900 0 0
CARDERO RES CORP COM 14140U105   18 105,300 SH   SOLE   105,300 0 0
CENTRAL FD CDA LTD CL A COM 153501101   533 36,284 SH   SOLE   36,284 0 0
CF INDS HLDGS INC COM 125269100   274 1,300 SH   SOLE   1,300 0 0
CIENA CORP COM COM 171779309   750 30,000 SH   SOLE   30,000 0 0
CISCO SYS INC COM 17275R102   14,445 616,500 SH   SOLE   616,500 0 0
CLAUDE RES INC COM 182873109   1,180 5,063,350 SH   SOLE   5,063,350 0 0
COEUR MNG INC COM COM 192108504   14,456 1,199,681 SH   SOLE   1,199,681 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR COM 204448104   468 40,000 SH   SOLE   40,000 0 0
CONTINENTAL RESOURCES INC COM 212015101   1,073 10,000 SH   SOLE   10,000 0 0
CROCS INC COM 227046109   4,375 321,700 SH   SOLE   321,700 0 0
DENISON MINES CORP COM 248356107   1,984 1,836,999 SH   SOLE   1,836,999 0 0
DISCOVER FINL SVCS CALL CALL 254709908   9,855 195,000 SH   SOLE   195,000 0 0
ELDORADO GOLD CORP COM 284902103   1,519 226,418 SH   SOLE   226,418 0 0
ENCANA CORP COM 292505104   2,859 165,000 SH   SOLE   165,000 0 0
ENDEAVOUR SILVER CORP COM 29258Y103   1,861 432,720 SH   SOLE   432,720 0 0
EOG RES INC COM 26875P101   3,115 18,400 SH   SOLE   18,400 0 0
EPL OIL & GAS INC COM 26883D108   401 10,800 SH   SOLE   10,800 0 0
ETFS PALLADIUM TR SH BEN INT COM 26923A106   562 7,950 SH   SOLE   7,950 0 0
ETFS PLATINUM TR SH BEN INT COM 26922V101   566 4,125 SH   SOLE   4,125 0 0
EURASIAN MINERALS INC COM 29843R100   10,032 8,089,946 SH   SOLE   8,089,946 0 0
EXETER RES CORP COM 301835104   991 1,254,100 SH   SOLE   1,254,100 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103   54,796 4,620,254 SH   SOLE   4,620,254 0 0
FLEXIBLE SOLUTIONS INTL INC COM 33938T104   136 121,200 SH   SOLE   121,200 0 0
FOOT LOCKER INC COM 344849104   2,423 71,400 SH   SOLE   71,400 0 0
FORD MTR CO DEL COM PAR $0.01 COM 345370860   7,848 465,200 SH   SOLE   465,200 0 0
FORD MTR CO DEL PUT PUT 345370950   7,845 465,000 SH   SOLE   465,000 0 0
FORTUNA SILVER MINES INC COM 349915108   33,092 9,066,347 SH   SOLE   9,066,347 0 0
FRANCO NEVADA CORP COM 351858105   1,285 28,390 SH   SOLE   28,390 0 0
GENERAL MTRS CO COM 37045V100   7,036 195,600 SH   SOLE   195,600 0 0
GILDAN ACTIVEWEAR INC COM 375916103   8,447 181,900 SH   SOLE   181,900 0 0
GLOBAL X FDS SILVER MNR ETF COM 37950E853   2,269 171,900 SH   SOLE   171,900 0 0
GOLD STD VENTURES CORP COM 380738104   7 12,000 SH   SOLE   12,000 0 0
GOLDEN MINERALS CO COM 381119106   461 485,300 SH   SOLE   485,300 0 0
GOLDEN STAR RES LTD CDA COM 38119T104   97 242,000 SH   SOLE   242,000 0 0
GROUPE CGI INC CL A SUB VTG COM 39945C109   15,518 442,100 SH   SOLE   442,100 0 0
GULF RESOURCES INC COM PAR $0.0005 COM 40251W309   43 25,000 SH   SOLE   25,000 0 0
GULFPORT ENERGY CORP COM COM 402635304   444 6,900 SH   SOLE   6,900 0 0
HARMONY GOLD MNG LTD SPONSORED ADR COM 413216300   49 14,500 SH   SOLE   14,500 0 0
HECLA MNG CO COM 422704106   507 161,402 SH   SOLE   161,402 0 0
HUDBAY MINERALS INC COM 443628102   181 22,000 SH   SOLE   22,000 0 0
IAMGOLD CORP COM 450913108   6,886 1,449,745 SH   SOLE   1,449,745 0 0
INTERCONTINENTALEXCHANGE INC COM 45865V100   9,978 55,000 SH   SOLE   55,000 0 0
INTREPID POTASH INC PUT PUT 46121Y952   784 50,000 SH   SOLE   50,000 0 0
ISHARES CALL CALL 464287909   65,704 1,030,000 SH   SOLE   1,030,000 0 0
ISHARES SILVER TRUST ISHARES COM 46428Q109   2,860 136,853 SH   SOLE   136,853 0 0
KIMBER RES INC COM COM 49435N101   648 4,679,457 SH   SOLE   4,679,457 0 0
KINROSS GOLD CORP COM NO PAR COM 496902404   95 18,801 SH   SOLE   18,801 0 0
KODIAK OIL & GAS CORP COM 50015Q100   340 28,200 SH   SOLE   28,200 0 0
KRAFT FOODS GROUP INC CALL CALL 50076Q906   50,381 960,000 SH   SOLE   960,000 0 0
LAKE SHORE GOLD CORP COM 510728108   53 132,566 SH   SOLE   132,566 0 0
MAG SILVER CORP COM 55903Q104   16,486 2,803,804 SH   SOLE   2,803,804 0 0
MAGNA INTL INC COM 559222401   9,560 115,800 SH   SOLE   115,800 0 0
MARKET VECTORS ETF TR GOLD MINER ETF COM 57060U100   4,362 174,322 SH   SOLE   174,322 0 0
MARKET VECTORS ETF TR JR GOLD MINERS E COM 57061R544   16,595 407,350 SH   SOLE   407,350 0 0
METHANEX CORP COM 59151K108   426 8,300 SH   SOLE   8,300 0 0
MICROCHIP TECHNOLOGY INC COM 595017104   6,595 163,700 SH   SOLE   163,700 0 0
MINES MGMT INC COM 603432105   48 85,400 SH   SOLE   85,400 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109   9,154 162,800 SH   SOLE   162,800 0 0
NEW GOLD INC CDA COM 644535106   198 33,100 SH   SOLE   33,100 0 0
NOBLE ENERGY INC COM 655044105   1,340 20,000 SH   SOLE   20,000 0 0
NORTHERN DYNASTY MINERALS LT COM COM 66510M204   29 20,000 SH   SOLE   20,000 0 0
OCEANEERING INTL INC COM 675232102   309 3,800 SH   SOLE   3,800 0 0
OCWEN FINL CORP COM COM 675746309   3,251 58,300 SH   SOLE   58,300 0 0
ONCOLYTICS BIOTECH INC COM 682310107   561 230,000 SH   SOLE   230,000 0 0
PAN AMERICAN SILVER CORP COM 697900108   8,116 769,242 SH   SOLE   769,242 0 0
PENGROWTH ENERGY CORP COM 70706P104   2,189 369,685 SH   SOLE   369,685 0 0
PHILIP MORRIS INTL INC COM 718172109   4,762 55,000 SH   SOLE   55,000 0 0
PHILIP MORRIS INTL INC CALL CALL 718172909   72,978 842,800 SH   SOLE   842,800 0 0
PIONEER NAT RES CO COM 723787107   1,171 6,200 SH   SOLE   6,200 0 0
PLATINUM GROUP METALS LTD COM COM 72765Q205   8,208 7,670,587 SH   SOLE   7,670,587 0 0
POTASH CORP SASK INC COM 73755L107   626 20,000 SH   SOLE   20,000 0 0
PRECISION DRILLING CORP COM 2010 COM 74022D308   397 40,000 SH   SOLE   40,000 0 0
PRETIUM RES INC COM 74139C102   11,604 1,684,150 SH   SOLE   1,684,150 0 0
PRIMERO MNG CORP COM 74164W106   5,938 1,089,500 SH   SOLE   1,089,500 0 0
RANGE RES CORP COM 75281A109   1,518 20,000 SH   SOLE   20,000 0 0
REVETT MINERALS INC COM COM 761505205   221 195,400 SH   SOLE   195,400 0 0
RLJ ENTMT INC COM 74965F104   545 100,000 SH   SOLE   100,000 0 0
ROYAL GOLD INC COM 780287108   595 12,218 SH   SOLE   12,218 0 0
RUBICON MINERALS CORP COM 780911103   146 115,900 SH   SOLE   115,900 0 0
RYDER SYS INC COM 783549108   7,880 132,000 SH   SOLE   132,000 0 0
SANDSTORM GOLD LTD COM COM 80013R206   626 116,400 SH   SOLE   116,400 0 0
SCHLUMBERGER LTD COM 806857108   433 4,900 SH   SOLE   4,900 0 0
SILVER BULL RES INC COM 827458100   1,913 5,313,300 SH   SOLE   5,313,300 0 0
SILVER STD RES INC COM 82823L106   191 31,100 SH   SOLE   31,100 0 0
SILVER WHEATON CORP COM 828336107   32,854 1,326,363 SH   SOLE   1,326,363 0 0
SILVERCREST MINES INC COM 828365106   14,899 8,417,592 SH   SOLE   8,417,592 0 0
SPDR GOLD TRUST GOLD COM 78463V107   244 1,904 SH   SOLE   1,904 0 0
SPDR S&P 500 ETF TR PUT PUT 78462F953   164,650 980,000 SH   SOLE   980,000 0 0
SPDR S&P 500 ETF TR TR COM 78462F103   386 2,300 SH   SOLE   2,300 0 0
SPROTT PHYSICAL GOLD TRUST COM 85207H104   26,182 2,373,742 SH   SOLE   243,642 0 0
SPROTT PHYSICAL PLAT PALLAD COM 85207Q104   982 110,200 SH   SOLE   110,200 0 0
SPROTT PHYSICAL SILVER TR TR COM 85207K107   8,255 945,633 SH   SOLE   945,633 0 0
SUN LIFE FINL INC COM 866796105   8,600 269,000 SH   SOLE   269,000 0 0
SUNCOR ENERGY INC COM 867224107   2,839 79,355 SH   SOLE   79,355 0 0
SUNTRUST BKS INC COM 867914103   5,349 165,000 SH   SOLE   165,000 0 0
TAHOE RES INC COM 873868103   9,211 514,000 SH   SOLE   514,000 0 0
TE CONNECTIVITY LTD REG COM H84989104   6,239 120,500 SH   SOLE   120,500 0 0
TECK RESOURCES LTD CL B COM 878742204   523 19,500 SH   SOLE   19,500 0 0
TIMMINS GOLD CORP COM 88741P103   7,547 4,519,200 SH   SOLE   4,519,200 0 0
TORONTO DOMINION BK ONT COM COM 891160509   360 4,000 SH   SOLE   4,000 0 0
TRANSATLANTIC PETROLEUM LTD COM G89982105   17 20,000 SH   SOLE   20,000 0 0
U S GEOTHERMAL INC COM 90338S102   2,902 6,521,413 SH   SOLE   6,521,413 0 0
VALUECLICK INC COM 92046N102   1,335 64,000 SH   SOLE   64,000 0 0
VERMILION ENERGY INC COM 923725105   332 6,000 SH   SOLE   6,000 0 0
VIACOM INC COM 92553P201   6,285 75,200 SH   SOLE   75,200 0 0
VISTA GOLD CORP COM COM 927926303   2,176 4,720,163 SH   SOLE   4,720,163 0 0
VODAFONE GROUP PLC COM 92857W209   10,603 301,400 SH   SOLE   301,400 0 0
WEATHERFORD INTERNATIONAL LT REG COM H27013103   330 21,500 SH   SOLE   21,500 0 0
WI-LAN INC COM 928972108   12,310 3,189,200 SH   SOLE   3,189,200 0 0
WYNDHAM WORLDWIDE CORP COM 98310W108   5,798 95,100 SH   SOLE   95,100 0 0
YAMANA GOLD INC COM 98462Y100   1,134 109,015 SH   SOLE   109,015 0 0