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

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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
CRH PLC ORD G25508105   20,008,188 266,847 SH   SOLE   266,847 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103   12,012,557 7,135 SH   SOLE   7,135 0 0
FRANCO NEV CORP COM 351858105   15,153,612 127,857 SH   SOLE   127,857 0 0
FRONTLINE LTD SHS NEW G3682E192   7,510,173 291,544 SH   SOLE   291,544 0 0
JSC KASPI.KZ ADR SHS 48581R205   23,915,745 185,379 SH   SOLE   185,379 0 0
ROYAL GOLD INC COM 780287108   14,872,387 118,827 SH   SOLE   118,827 0 0
SEABRIDGE GOLD INC COM 811916105   6,092,488 445,032 SH   SOLE   445,032 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204   6,147,246 252,143 SH   SOLE   252,143 0 0
ISHARES SILVER TR ISHARES 46428Q109   611,110 23,000 SH   SOLE   23,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   4,039,695 77,064 SH   SOLE   77,064 0 0
XP INC CL A G98239109   15,920,357 905,080 SH   SOLE   905,080 0 0
INVESCO QQQ TR UNIT SER 1 46090E103   9,582,200 20,000 SH Put SOLE   20,000 0 0