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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
CANADIAN NAT RES LTD COM 136385101   8,395,047 109,998 SH   SOLE   109,998 0 0
CRH PLC ORD G25508105   21,456,916 248,747 SH   SOLE   248,747 0 0
EOG RES INC COM 26875P101   7,296,979 57,079 SH   SOLE   57,079 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103   11,665,725 7,135 SH   SOLE   7,135 0 0
FRANCO NEV CORP COM 351858105   15,434,914 129,531 SH   SOLE   129,531 0 0
FRONTLINE LTD SHS NEW G3682E192   8,753,425 374,398 SH   SOLE   374,398 0 0
GENCO SHIPPING & TRADING LTD SHS Y2685T131   2,923,149 143,785 SH   SOLE   143,785 0 0
JSC KASPI.KZ ADR SHS 48581R205   30,758,982 239,109 SH   SOLE   239,109 0 0
ROYAL GOLD INC COM 780287108   15,065,826 123,683 SH   SOLE   123,683 0 0
SEABRIDGE GOLD INC COM 811916105   6,816,973 450,858 SH   SOLE   450,858 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204   6,018,653 252,143 SH   SOLE   252,143 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   4,777,285 101,364 SH   SOLE   101,364 0 0
ISHARES TR RUSSELL 2000 ETF 464287655   11,566,500 55,000 SH Put SOLE   55,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   13,076,750 25,000 SH Put SOLE   25,000 0 0