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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
AGNICO EAGLE MINES LTD COM 008474108 600 7,534 SH   SOLE   0 0 7,534
B2GOLD CORP COM 11777Q209 269 41,266 SH   SOLE   0 0 41,266
BARRICK GOLD CORP COM 067901108 40,692 1,390,062 SH   SOLE   1,368,699 0 21,363
CIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 166 13,574 SH   SOLE   0 0 13,574
EMX ROYALTY CORP COM 26873J107 4,827 1,688,717 SH   SOLE   1,583,128 0 105,589
EQUINOR ASA SPONSORED ADR 29446M102 5,499 402,259 SH   SOLE   402,259 0 0
EQUINOX GOLD CORP COM 29446Y502 2,303 201,850 SH   SOLE   177,771 0 24,079
FORTUNA SILVER MINES INC COM 349915108 23,504 3,138,719 SH   SOLE   3,052,743 0 85,976
FRANCO NEVADA CORP COM 351858105 14,807 99,827 SH   SOLE   96,795 0 3,032
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 7,217 195,172 SH   SOLE   195,119 0 53
GOLD FIELDS LTD SPONSORED ADR 38059T106 13,159 1,057,063 SH   SOLE   1,047,506 0 9,557
KINROSS GOLD CORP COM 496902404 13,404 1,514,656 SH   SOLE   1,512,729 0 1,927
MAVERIX METALS INC COM 57776F405 4,868 912,891 SH   SOLE   879,932 0 32,959
METALLA ROYALTY & STREAMING COM 59124U605 3,484 411,229 SH   SOLE   337,658 0 73,571
NEWMONT CORP COM 651639106 41,992 618,727 SH   SOLE   618,460 0 267
NOVARTIS AG SPONSORED ADR 66987V109 6,956 82,436 SH   SOLE   82,325 0 111
NOVO NORDISK A S ADR 670100205 9,067 126,536 SH   SOLE   126,410 0 126
NUTRIEN LTD COM 67077M108 6,106 155,321 SH   SOLE   155,211 0 110
OSISKO GOLD ROYALTIES LTD COM 68827L101 9,532 791,060 SH   SOLE   757,289 0 33,771
PAN AMERICAN SILVER CORP COM 697900108 11,094 318,118 SH   SOLE   301,805 0 16,313
PHILIP MORRIS INTERNATIONAL COM 718172109 11,219 155,047 SH   SOLE   154,907 0 140
PRETIUM RESOURCES INC COM 74139C102 10,054 755,587 SH   SOLE   733,266 0 22,321
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 6,291 231,466 SH   SOLE   231,036 0 430
ROYAL GOLD INC COM 780287108 11,798 94,353 SH   SOLE   92,236 0 2,117
SANDSTORM GOLD LTD COM 80013R206 13,727 1,716,220 SH   SOLE   1,684,745 0 31,475
SK TELECOM LTD SPONSORED ADR 78440P108 1,524 68,243 SH   SOLE   68,243 0 0
SPROTT PHYSICAL SILVER TRUST TR UNIT 85207K107 271 31,283 SH   SOLE   25,599 0 5,684
TOTAL S.A. SPONSORED ADS 89151E109 6,284 192,155 SH   SOLE   191,889 0 266
UNILEVER N V N Y SHS 904784709 9,071 148,637 SH   SOLE   148,477 0 160
VANECK VECTORS ETF TR JR GOLD MINERS ETF 92189F791 1,973 33,876 SH   SOLE   33,876 0 0
VISTA GOLD CORP COM 927926303 5,751 5,184,618 SH   SOLE   5,001,256 0 183,362
WHEATON PRECIOUS METALS CORP COM 962879102 4,879 99,699 SH   SOLE   93,422 0 6,277