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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
APPLE INC PUT 037833100 4 5,100 SH Put SOLE   5,100 0 0
APPLE INC PUT 037833100 35 2,700 SH Put SOLE   2,700 0 0
AUTOZONE INC PUT 053332102 88 700 SH Put SOLE   700 0 0
BRASILAGRO BRAZILIAN AGRIC R SPONSORED ADR 10554B104 47 11,325 SH   SOLE   11,325 0 0
CAMECO CORP COM 13321L108 109,277 11,502,876 SH   SOLE   10,053,432 0 1,449,444
CENTRAIS ELETRICAS BRASILEIR SPONSORED ADR 15234Q207 251 26,178 SH   SOLE   26,178 0 0
DOMINOS PIZZA INC PUT 25754A201 43 2,500 SH Put SOLE   2,500 0 0
GENERAL ELECTRIC CO COM 369604103 35,883 4,013,747 SH   SOLE   3,429,349 0 584,398
HOME DEPOT INC PUT 437076102 1 4,200 SH Put SOLE   4,200 0 0
HOME DEPOT INC PUT 437076102 30 1,500 SH Put SOLE   1,500 0 0
INTERNATIONAL TOWER HILL MIN COM 46050R102 4,072 7,829,912 SH   SOLE   6,473,097 0 1,356,815
ISHARES TR PUT 464287234 295 819,500 SH Put SOLE   819,500 0 0
ISHARES SILVER TRUST CALL 46428Q109 13 92,600 SH Call SOLE   92,600 0 0
KT CORP SPONSORED ADR 48268K101 87,715 7,755,491 SH   SOLE   6,727,044 0 1,028,447
KINROSS GOLD CORP COM 496902404 79 17,218 SH   SOLE   17,218 0 0
KOREA ELECTRIC PWR SPONSORED ADR 500631106 24,166 2,229,367 SH   SOLE   1,878,406 0 350,961
NEW GOLD INC CDA COM 644535106 39,535 39,143,458 SH   SOLE   33,390,342 0 5,753,116
NIKE INC PUT 654106103 1 9,700 SH Put SOLE   9,700 0 0
NIKE INC PUT 654106103 8 7,400 SH Put SOLE   7,400 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 5,136 8,742,118 SH   SOLE   7,204,860 0 1,537,258
NOVAGOLD RES INC COM NEW 66987E206 27,837 4,585,922 SH   SOLE   3,764,389 0 821,533
RANGE RES CORP COM 75281A109 45,479 11,905,620 SH   SOLE   9,986,650 0 1,918,970
RESTAURANT BRANDS INTL INC PUT 76131D103 118 13,000 SH Put SOLE   13,000 0 0
ROYAL GOLD INC COM 780287108 2,659 21,584 SH   SOLE   21,584 0 0
SOUTHWESTERN ENERGY CO COM 845467109 23,087 11,962,172 SH   SOLE   10,022,254 0 1,939,918
STARBUCKS CORP PUT 855244109 22 18,600 SH Put SOLE   18,600 0 0
STARBUCKS CORP PUT 855244109 31 3,000 SH Put SOLE   3,000 0 0
TIFFANY & CO NEW PUT 886547108 76 2,500 SH Put SOLE   2,500 0 0
TURQUOISE HILL RES LTD COM 900435108 32,255 67,876,654 SH   SOLE   58,918,801 0 8,957,853
Wheaton Precious Metals Corp COM 962879102 54,322 2,070,182 SH   SOLE   1,727,648 0 342,534
TSAKOS ENERGY NAVIGATION LTD SHS G9108L108 16,474 5,584,243 SH   SOLE   4,672,087 0 912,156
DIANA SHIPPING INC COM Y2066G104 16,850 4,985,090 SH   SOLE   4,175,048 0 810,042