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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
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
NEWMONT CORP A 651639106 40,211 651,552 SH   SOLE   649,014 0 2,538
BARRICK GOLD CORPORATION A 067901108 32,191 1,224,243 SH   SOLE   1,214,275 0 9,968
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 15,301 384,606 SH   SOLE   382,135 0 2,471
YAMANA GOLD INC A 98462Y100 14,262 3,032,700 SH   SOLE   3,021,395 0 11,305
PHILIP MORRIS INTL INC COM A 718172109 12,142 157,140 SH   SOLE   156,537 0 603
FRANCO-NEVADA CORP A 351858105 11,245 83,783 SH   SOLE   82,706 0 1,077
KINROSS GOLD CORP A 496902404 9,833 1,440,677 SH   SOLE   1,428,290 0 12,387
FORTUNA SILVER MINES INC A 349915108 9,334 3,063,736 SH   SOLE   3,049,514 0 14,222
AGNICO EAGLE MINES LTD A 008474108 8,774 148,945 SH   SOLE   146,259 0 2,686
B2GOLD CORP A 11777Q209 9,468 1,828,350 SH   SOLE   1,811,750 0 16,600
NOVO-NORDISK A S SPONSORED ADR 670100205 8,362 132,303 SH   SOLE   131,640 0 663
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 8,284 197,337 SH   SOLE   196,417 0 920
UNILEVER N V N Y SHS 904784709 8,170 165,332 SH   SOLE   164,803 0 529
GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 7,724 991,165 SH   SOLE   985,772 0 5,393
ROYAL GOLD INC A 780287108 7,464 58,052 SH   SOLE   57,932 0 120
NOVARTIS A G SPONSORED ADR 66987V109 7,219 83,371 SH   SOLE   83,043 0 328
ROYAL DUTCH SHELL PLC A 780259206 6,837 181,883 SH   SOLE   181,178 0 705
TOTAL SA-SPON ADR SPONSORED ADS 89151E109 6,548 177,076 SH   SOLE   176,453 0 623
AMBEV SA-ADR SPONSORED ADR 02319V103 6,504 2,941,767 SH   SOLE   2,916,216 0 25,551
PAN AMERN SILVER CORP A 697900108 5,895 267,400 SH   SOLE   261,500 0 5,900
PRETIUM RES INC A 74139C102 6,147 763,757 SH   SOLE   754,957 0 8,800
BCE INC A 05534B760 7,348 177,950 SH   SOLE   177,278 0 672
EQUINOR ASA-SPON ADR SPONSORED ADR 29446M102 4,935 359,313 SH   SOLE   358,358 0 955
SANDSTORM GOLD LTD A 80013R206 4,301 523,785 SH   SOLE   517,555 0 6,230
VISTA GOLD CORP A 927926303 4,047 5,276,292 SH   SOLE   5,226,292 0 50,000
NUTRIEN LTD A 67077M108 4,028 109,280 SH   SOLE   108,828 0 452
WHEATON PRECIOUS METALS CORP A 962879102 4,702 118,900 SH   SOLE   113,525 0 5,375
OSISKO GOLD ROYALTIES LTD A 68827L101 6,402 678,654 SH   SOLE   671,776 0 6,878
BAIDU INC - SPON ADR SPON ADR REP A 056752108 2,526 25,352 SH   SOLE   25,125 0 227
EMX ROYALTY CORP A 26873J107 2,422 1,424,357 SH   SOLE   1,385,357 0 39,000
ALMADEN MINERALS LTD - B COM CL B 020283305 2,393 5,072,230 SH   SOLE   5,072,230 0 0
EQUINOX GOLD CORP A 29446Y502 3,791 442,905 SH   SOLE   432,965 0 9,940
VANECK VECTORS JR GOLD MINERS TF A 92189F791 1,423 34,155 SH   SOLE   33,155 0 1,000
CIA DE MINAS BUENAVENTUR-ADR SPONSORED ADR 204448104 930 125,227 SH   SOLE   125,077 0 150
GUERRERO VENTURES INC A 40161R200 696 2,200,000 SH   SOLE   2,200,000 0 0
SPROTT PHYSICAL GOLD AND SIL A 85208R101 691 44,430 SH   SOLE   44,430 0 0
FIRST MAJESTIC SILVER CORP A 32076V103 288 34,161 SH   SOLE   34,161 0 0
SEABRIDGE GOLD INC A 811916105 171 12,200 SH   SOLE   12,000 0 200
ALAMOS GOLD INC A 011532108 149 18,431 SH   SOLE   18,431 0 0
ENDEAVOUR SILVER CORP A 29258Y103 81 49,500 SH   SOLE   49,500 0 0
SPROTT PHYSICAL SILVER TRUST A 85207K107 78 13,762 SH   SOLE   13,762 0 0
METALLA ROYALTY & STREAMING A 59124U605 8,564 1,569,866 SH   SOLE   1,556,866 0 13,000