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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
CRH PLC ORD G25508105   22,061,548 237,886 SH   SOLE   237,886 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103   10,675,669 5,799 SH   SOLE   5,799 0 0
FRANCO NEV CORP COM 351858105   14,398,214 115,881 SH   SOLE   115,881 0 0
FRONTLINE LTD SHS NEW G3682E192   6,661,780 291,544 SH   SOLE   291,544 0 0
NAVIOS MARITIME PARTNERS L P COM UNIT LPI Y62267409   15,214,894 242,933 SH   SOLE   242,933 0 0
ROYAL GOLD INC COM 780287108   13,939,927 99,358 SH   SOLE   99,358 0 0
SEABRIDGE GOLD INC COM 811916105   5,197,177 309,540 SH   SOLE   309,540 0 0
STAR BULK CARRIERS CORP SHS PAR Y8162K204   11,237,186 474,343 SH   SOLE   474,343 0 0
ISHARES SILVER TR ISHARES 46428Q109   2,073,930 73,000 SH   SOLE   73,000 0 0
WHEATON PRECIOUS METALS CORP COM 962879102   4,265,705 69,838 SH   SOLE   69,838 0 0
XP INC CL A G98239109   14,634,734 815,760 SH   SOLE   815,760 0 0
NAVIOS MARITIME PARTNERS L P COM UNIT LPI Y62267409   19,415,300 310,000 SH Call SOLE   310,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   15,782,400 120,000 SH Put SOLE   120,000 0 0