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
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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
Amazon.com Inc COM 023135106   16,181,329 77,694 SH   DFND   77,694 0 0
Apollo Global Management Inc COM 03769M106   16,417,514 147,348 SH   DFND   147,348 0 0
Salesforce Inc COM 79466L302   4,152,847 22,247 SH   DFND   22,247 0 0
Freeport-McMoRan Inc CL B 35671D857   16,134,228 274,485 SH   DFND   274,485 0 0
GE HealthCare Technologies Inc COMMON STOCK 36266G107   13,050,711 183,348 SH   DFND   183,348 0 0
Inspire Medical Systems Inc COM 457730109   2,650,180 51,380 SH   DFND   51,380 0 0
Meta Platforms Inc CL A 30303M102   2,663,837 4,656 SH   DFND   4,656 0 0
Newmont Corp COM 651639106   10,268,812 94,862 SH   DFND   94,862 0 0
Royalty Pharma PLC SHS CLASS A G7709Q104   14,206,939 296,163 SH   DFND   296,163 0 0
Charles Schwab Corp/The COM 808513105   3,864,270 41,118 SH   DFND   41,118 0 0
Sprott Inc COM NEW 852066208   8,567,712 59,956 SH   DFND   59,956 0 0
Sanofi SA SPONSORED ADR 80105N105   13,283,756 275,711 SH   DFND   275,711 0 0
Teck Resources Ltd CL B 878742204   17,652,029 341,102 SH   DFND   341,102 0 0
Tradeweb Markets Inc CL A 892672106   9,825,551 83,508 SH   DFND   83,508 0 0
Uber Technologies Inc COM 90353T100   3,976,290 55,280 SH   DFND   55,280 0 0
Union Pacific Corp COM 907818108   8,053,286 33,193 SH   DFND   33,193 0 0
Apollo Global Management Inc COM 03769M106   120,802,233 1,084,206 SH   DFND 1 0 1,084,206 0
Bank of America Corp COM 060505104   128,254,864 2,630,869 SH   DFND 1 0 2,630,869 0
Walt Disney Co/The COM 254687106   22,196,314 230,300 SH   DFND 1 0 230,300 0
Freeport-McMoRan Inc CL B 35671D857   84,745,066 1,441,733 SH   DFND 1 0 1,441,733 0
Alphabet Inc CAP STK CL C 02079K107   45,856,579 159,857 SH   DFND 1 0 159,857 0
Inspire Medical Systems Inc COM 457730109   3,750,949 72,721 SH   DFND 1 0 72,721 0
Newmont Corp COM 651639106   188,096,174 1,737,609 SH   DFND 1 0 1,737,609 0
Royalty Pharma PLC SHS CLASS A G7709Q104   105,880,391 2,207,221 SH   DFND 1 0 2,207,221 0
Charles Schwab Corp/The COM 808513105   28,467,388 302,909 SH   DFND 1 0 302,909 0
Sanofi SA SPONSORED ADR 80105N105   105,767,482 2,195,257 SH   DFND 1 0 2,195,257 0
Teck Resources Ltd CL B 878742204   106,005,942 2,048,424 SH   DFND 1 0 2,048,424 0
Truist Financial Corp COM 89832Q109   54,911,901 1,194,516 SH   DFND 1 0 1,194,516 0
Union Pacific Corp COM 907818108   55,887,517 230,350 SH   DFND 1 0 230,350 0
Wells Fargo & Co COM 949746101   52,826,967 663,572 SH   DFND 1 0 663,572 0
Wynn Resorts Ltd COM 983134107   91,155,951 897,646 SH   DFND 1 0 897,646 0
Alcoa Corp COM 013872106   16,341,125 246,361 SH   DFND 2 0 246,361 0
Agnico Eagle Mines Ltd COM 008474108   14,653,938 72,194 SH   DFND 2 0 72,194 0
AAR Corp COM 000361105   503,954 4,604 SH   DFND 2 0 4,604 0
Albemarle Corp COM 012653101   5,820,183 32,419 SH   DFND 2 0 32,419 0
Amazon.com Inc COM 023135106   4,418,865 21,217 SH   DFND 2 0 21,217 0
American Public Education Inc COM 02913V103   417,385 7,338 SH   DFND 2 0 7,338 0
Apollo Global Management Inc COM 03769M106   4,249,002 38,135 SH   DFND 2 0 38,135 0
AppLovin Corp COM CL A 03831W108   1,015,696 2,552 SH   DFND 2 0 2,552 0
Barrick Mining Corp COM SHS 06849F108   15,039,762 368,712 SH   DFND 2 0 368,712 0
Brookdale Senior Living Inc COM 112463104   1,811,273 132,403 SH   DFND 2 0 132,403 0
Borr Drilling Ltd SHS G1466R173   848,582 147,068 SH   DFND 2 0 147,068 0
B2Gold Corp COM 11777Q209   10,771,393 2,377,791 SH   DFND 2 0 2,377,791 0
Peabody Energy Corp COM 704551100   2,981,217 90,477 SH   DFND 2 0 90,477 0
Cameco Corp COM 13321L108   10,159,814 93,544 SH   DFND 2 0 93,544 0
Ciena Corp COM NEW 171779309   1,164,690 3,000 SH   DFND 2 0 3,000 0
Cipher Digital Inc COM 17253J106   736,113 57,196 SH   DFND 2 0 57,196 0
Coherent Corp COM 19247G107   714,630 3,000 SH   DFND 2 0 3,000 0
ConocoPhillips COM 20825C104   4,050,816 30,688 SH   DFND 2 0 30,688 0
Salesforce Inc COM 79466L302   1,072,979 5,748 SH   DFND 2 0 5,748 0
Chevron Corp COM 166764100   10,280,654 49,689 SH   DFND 2 0 49,689 0
Dave Inc CLASS A COM NEW 23834J201   518,962 2,981 SH   DFND 2 0 2,981 0
Denison Mines Corp COM 248356107   5,469,329 1,549,385 SH   DFND 2 0 1,549,385 0
Duos Technologies Group Inc COM 266042407   3,016,205 439,680 SH   DFND 2 0 439,680 0
Devon Energy Corp COM 25179M103   1,118,614 22,230 SH   DFND 2 0 22,230 0
EOG Resources Inc COM 26875P101   236,806 1,638 SH   DFND 2 0 1,638 0
Equinox Gold Corp COM 29446Y502   5,764,118 398,625 SH   DFND 2 0 398,625 0
Exelon Corp COM 30161N101   735,300 15,000 SH   DFND 2 0 15,000 0
Freeport-McMoRan Inc CL B 35671D857   30,956,487 526,650 SH   DFND 2 0 526,650 0
Figure Technology Solutions In COM CL A 349381103   2,398,771 70,656 SH   DFND 2 0 70,656 0
Comfort Systems USA Inc COM 199908104   2,284,986 1,657 SH   DFND 2 0 1,657 0
Fabrinet SHS G3323L100   521,520 1,000 SH   DFND 2 0 1,000 0
FormFactor Inc COM 346375108   523,940 5,402 SH   DFND 2 0 5,402 0
FTAI Aviation Ltd SHS G3730V105   516,215 2,107 SH   DFND 2 0 2,107 0
VanEck Gold Miners ETF/USA GOLD MINERS ETF 92189F106   1,871,282 20,391 SH   DFND 2 0 20,391 0
VanEck Junior Gold Miners ETF JUNIOR GOLD MINE 92189F791   2,265,155 18,870 SH   DFND 2 0 18,870 0
GE HealthCare Technologies Inc COMMON STOCK 36266G107   3,437,496 48,293 SH   DFND 2 0 48,293 0
Grab Holdings Ltd CLASS A ORD G4124C109   1,689,020 461,481 SH   DFND 2 0 461,481 0
Guidewire Software Inc COM 40171V100   2,348,541 15,703 SH   DFND 2 0 15,703 0
Hudbay Minerals Inc COM 443628102   10,281,233 491,925 SH   DFND 2 0 491,925 0
Warrior Met Coal Inc COM 93627C101   324,721 3,486 SH   DFND 2 0 3,486 0
Hycroft Mining Holding Corp CL A NEW 44862P208   679,290 19,298 SH   DFND 2 0 19,298 0
IAMGOLD Corp COM 450913108   1,622,397 86,206 SH   DFND 2 0 86,206 0
Inspire Medical Systems Inc COM 457730109   601,732 11,666 SH   DFND 2 0 11,666 0
IREN Ltd ORDINARY SHARES Q4982L109   3,915,016 114,207 SH   DFND 2 0 114,207 0
Kinross Gold Corp COM 496902404   19,005,781 622,732 SH   DFND 2 0 622,732 0
Life360 Inc COM 532206109   855,342 20,954 SH   DFND 2 0 20,954 0
Lumentum Holdings Inc COM 55024U109   1,414,656 2,013 SH   DFND 2 0 2,013 0
Comstock Inc COM SHS 205750409   152,979 50,157 SH   DFND 2 0 50,157 0
Meta Platforms Inc CL A 30303M102   659,094 1,152 SH   DFND 2 0 1,152 0
MP Materials Corp COM CL A 553368101   1,149,360 23,816 SH   DFND 2 0 23,816 0
Marex Group PLC ORD G5S37H101   342,152 7,675 SH   DFND 2 0 7,675 0
Matador Resources Co COM 576485205   501,270 7,934 SH   DFND 2 0 7,934 0
Nebius Group NV SHS CLASS A N97284108   207,520 2,000 SH   DFND 2 0 2,000 0
Newmont Corp COM 651639106   9,772,161 90,274 SH   DFND 2 0 90,274 0
Cloudflare Inc CL A COM 18915M107   1,564,883 7,584 SH   DFND 2 0 7,584 0
National HealthCare Corp COM 635906100   304,388 1,906 SH   DFND 2 0 1,906 0
NANO Nuclear Energy Inc COM 63010H108   7,409,869 361,810 SH   DFND 2 0 361,810 0
NU Holdings Ltd/Cayman Islands ORD SHS CL A G6683N103   235,524 16,390 SH   DFND 2 0 16,390 0
Nucor Corp COM 670346105   15,096,741 89,277 SH   DFND 2 0 89,277 0
NexGen Energy Ltd COM 65340P106   531,756 45,841 SH   DFND 2 0 45,841 0
PG&E Corp COM 69331C108   713,658 40,618 SH   DFND 2 0 40,618 0
Permian Resources Corp CLASS A COM 71424F105   682,048 31,991 SH   DFND 2 0 31,991 0
Quanta Services Inc COM 74762E102   514,432 937 SH   DFND 2 0 937 0
Radiopharm Theranostics Ltd SPONSORED ADS 75041J101   172,593 40,138 SH   DFND 2 0 40,138 0
Transocean Ltd REGISTERED SHS H8817H100   613,892 92,593 SH   DFND 2 0 92,593 0
Royalty Pharma PLC SHS CLASS A G7709Q104   5,808,591 121,088 SH   DFND 2 0 121,088 0
Southern Copper Corp COM 84265V105   7,530,206 43,765 SH   DFND 2 0 43,765 0
Charles Schwab Corp/The COM 808513105   1,080,488 11,497 SH   DFND 2 0 11,497 0
Sezzle Inc COM 78435P105   251,071 3,967 SH   DFND 2 0 3,967 0
SharonAI Holdings Inc COM CL A 778920306   4,600,893 202,415 SH   DFND 2 0 202,415 0
Sprott Inc COM NEW 852066208   3,273,267 22,906 SH   DFND 2 0 22,906 0
SiTime Corp COM 82982T106   288,367 835 SH   DFND 2 0 835 0
SkyWater Technology Inc COM 83089J108   265,630 9,691 SH   DFND 2 0 9,691 0
SharkNinja Inc COM SHS G8068L108   443,086 4,184 SH   DFND 2 0 4,184 0
Sandisk Corp/DE COM 80004C200   479,682 755 SH   DFND 2 0 755 0
Sanofi SA SPONSORED ADR 80105N105   3,587,676 74,464 SH   DFND 2 0 74,464 0
State Street SPDR S&P 500 ETF TR UNIT 78462F103   234,122 360 SH   DFND 2 0 360 0
Steel Dynamics Inc COM 858119100   11,017,080 61,206 SH   DFND 2 0 61,206 0
Sterling Infrastructure Inc COM 859241101   502,164 1,233 SH   DFND 2 0 1,233 0
Symbotic Inc CLASS A COM 87151X101   212,800 4,000 SH   DFND 2 0 4,000 0
Teck Resources Ltd CL B 878742204   6,383,052 123,344 SH   DFND 2 0 123,344 0
Taseko Mines Ltd COM 876511106   4,047,265 627,483 SH   DFND 2 0 627,483 0
TKO Group Holdings Inc CL A 87256C101   1,660,184 8,233 SH   DFND 2 0 8,233 0
Tradeweb Markets Inc CL A 892672106   2,689,237 22,856 SH   DFND 2 0 22,856 0
Uber Technologies Inc COM 90353T100   1,111,390 15,451 SH   DFND 2 0 15,451 0
Union Pacific Corp COM 907818108   2,197,167 9,056 SH   DFND 2 0 9,056 0
Vale SA SPONSORED ADS 91912E105   4,500,509 282,873 SH   DFND 2 0 282,873 0
Vnet Group Inc SPONSORED ADS A 90138A103   1,894,479 225,802 SH   DFND 2 0 225,802 0
Vertiv Holdings Co COM CL A 92537N108   1,252,900 5,000 SH   DFND 2 0 5,000 0
Woodward Inc COM 980745103   1,162,882 3,249 SH   DFND 2 0 3,249 0
State Street Industrial Select STATE STREET IND 81369Y704   334,296 2,067 SH   DFND 2 0 2,067 0
Exxon Mobil Corp COM 30231G102   12,541,776 73,923 SH   DFND 2 0 73,923 0
Franco-Nevada Corp COM 351858105   5,736,007 23,218 SH   DFND 2 0 23,218 0
Viper Energy Inc CL A 64361Q101   3,530,359 75,130 SH   DFND 2 0 75,130 0
Wheaton Precious Metals Corp COM 962879102   1,972,094 15,053 SH   DFND 2 0 15,053 0
Kimbell Royalty Partners LP UNIT 49435R102   1,635,703 113,041 SH   DFND 2 0 113,041 0
OR Royalties Inc COM SHS 68390D106   1,448,638 38,102 SH   DFND 2 0 38,102 0
Elemental Royalty Corp COM NEW 28620K106   203,472 10,800 SH   DFND 2 0 10,800 0
Alcoa Corp COM 013872106   7,294,244 109,969 SH   DFND 3 0 109,969 0
Agnico Eagle Mines Ltd COM 008474108   3,040,843 14,981 SH   DFND 3 0 14,981 0
Albemarle Corp COM 012653101   2,692,770 14,999 SH   DFND 3 0 14,999 0
Barrick Mining Corp COM SHS 06849F108   3,542,408 86,845 SH   DFND 3 0 86,845 0
B2Gold Corp COM 11777Q209   3,849,852 849,857 SH   DFND 3 0 849,857 0
Peabody Energy Corp COM 704551100   2,203,465 66,873 SH   DFND 3 0 66,873 0
Cameco Corp COM 13321L108   19,946,878 183,656 SH   DFND 3 0 183,656 0
ConocoPhillips COM 20825C104   1,811,304 13,722 SH   DFND 3 0 13,722 0
Chevron Corp COM 166764100   4,010,136 19,382 SH   DFND 3 0 19,382 0
Denison Mines Corp COM 248356107   1,892,182 536,029 SH   DFND 3 0 536,029 0
Equinox Gold Corp COM 29446Y502   3,395,743 234,837 SH   DFND 3 0 234,837 0
Freeport-McMoRan Inc CL B 35671D857   11,315,973 192,514 SH   DFND 3 0 192,514 0
Grab Holdings Ltd CLASS A ORD G4124C109   981,370 268,134 SH   DFND 3 0 268,134 0
Guidewire Software Inc COM 40171V100   1,083,712 7,246 SH   DFND 3 0 7,246 0
Hudbay Minerals Inc COM 443628102   4,951,273 236,903 SH   DFND 3 0 236,903 0
Warrior Met Coal Inc COM 93627C101   500,309 5,371 SH   DFND 3 0 5,371 0
Kinross Gold Corp COM 496902404   5,563,765 182,299 SH   DFND 3 0 182,299 0
Comstock Inc COM SHS 205750409   396,021 129,843 SH   DFND 3 0 129,843 0
Newmont Corp COM 651639106   1,894,700 17,503 SH   DFND 3 0 17,503 0
NANO Nuclear Energy Inc COM 63010H108   12,623,688 616,391 SH   DFND 3 0 616,391 0
Nucor Corp COM 670346105   5,524,159 32,668 SH   DFND 3 0 32,668 0
Southern Copper Corp COM 84265V105   3,308,198 19,227 SH   DFND 3 0 19,227 0
Sociedad Quimica y Minera de C SPON ADR SER B 833635105   258,441 3,193 SH   DFND 3 0 3,193 0
Steel Dynamics Inc COM 858119100   3,291,660 18,287 SH   DFND 3 0 18,287 0
Taseko Mines Ltd COM 876511106   2,402,735 372,517 SH   DFND 3 0 372,517 0
Vale SA SPONSORED ADS 91912E105   1,717,994 107,982 SH   DFND 3 0 107,982 0
Vnet Group Inc SPONSORED ADS A 90138A103   1,200,416 143,077 SH   DFND 3 0 143,077 0
State Street Industrial Select STATE STREET IND 81369Y704   263,620 1,630 SH   DFND 3 0 1,630 0
Exxon Mobil Corp COM 30231G102   6,529,704 38,487 SH   DFND 3 0 38,487 0
GOLD ROYALTY CORP COMMON SHARES 38071H106   20,449,758 5,712,223 SH   DFND   5,712,223 0 0