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
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 11,841 204,820 SH   SOLE   178,540 0 26,280
ALAMOS GOLD INC NEW COM CL A 011532108 1,401 179,431 SH   SOLE   160,000 0 19,431
ALCON INC ORD SHS H01301128 208 2,960 SH   SOLE   0 0 2,960
AMBEV SA SPONSORED ADR 02319V103 9,696 3,538,522 SH   SOLE   1,450,656 0 2,087,866
B2GOLD CORP COM 11777Q209 9,543 2,214,150 SH   SOLE   2,008,728 0 205,422
BANCO BRADESCO S A SP ADR PFD NEW 059460303 4,314 917,862 SH   SOLE   890,000 0 27,862
BANK OF NOVA SCOTIA COM 064149107 6,917 110,583 SH   SOLE   0 0 110,583
BARRICK GOLD CORP COM 067901108 27,709 1,399,428 SH   SOLE   826,792 0 572,636
BCE INC COM NEW 05534B760 4,942 107,881 SH   SOLE   0 0 107,881
BP PLC SPONSORED ADR 055622104 12,437 510,770 SH   SOLE   268,000 0 242,770
BRITISH AMERICAN TOB PLC SPONSORED ADR 110448107 17,910 457,913 SH   SOLE   219,614 0 238,299
CANADIAN NATL RY CO COM 136375102 542 4,676 SH   SOLE   0 0 4,676
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 5,054 285,994 SH   SOLE   264,381 0 21,613
DIAGEO PLC SPON ADR NEW 25243Q205 2,086 12,659 SH   SOLE   6,200 0 6,459
EMX RTY CORP COM 26873J107 5,072 1,713,379 SH   SOLE   1,431,976 0 281,403
ENDEAVOUR SILVER CORP COM 29258Y103 231 46,520 SH   SOLE   0 0 46,520
EQUINOR ASA SPONSORED ADR 29446M102 7,987 410,427 SH   SOLE   100,000 0 310,427
EQUINOX GOLD CORP COM 29446Y502 1,672 209,300 SH   SOLE   150,000 0 59,300
FIRST MAJESTIC SILVER CORP COM 32076V103 532 34,161 SH   SOLE   0 0 34,161
FORTUNA SILVER MINES INC COM 349915108 19,840 3,066,493 SH   SOLE   2,839,537 0 226,956
FRANCO NEV CORP COM 351858105 12,599 100,559 SH   SOLE   90,096 0 10,463
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 7,341 203,649 SH   SOLE   85,940 0 117,709
GOLD FIELDS LTD SPONSORED ADR 38059T106 10,300 1,085,320 SH   SOLE   1,038,000 0 47,320
IAMGOLD CORP COM 450913108 894 300,000 SH   SOLE   300,000 0 0
KINROSS GOLD CORP COM 496902404 10,528 1,578,431 SH   SOLE   609,905 0 968,526
MAVERIX METALS INC COM NEW 57776F405 4,546 862,556 SH   SOLE   745,000 0 117,556
METALLA RTY & STREAMING LTD COM NEW 59124U605 3,575 402,618 SH   SOLE   258,437 0 144,181
NEWMONT CORP COM 651639106 36,147 599,745 SH   SOLE   314,336 0 285,409
NOVARTIS AG SPONSORED ADR 66987V109 7,106 83,134 SH   SOLE   28,976 0 54,158
NOVO-NORDISK A S ADR 670100205 8,418 123,710 SH   SOLE   36,650 0 87,060
NUTRIEN LTD COM 67077M108 12,366 228,172 SH   SOLE   97,400 0 130,772
OSISKO GOLD ROYALTIES LTD COM 68827L101 7,672 695,998 SH   SOLE   596,889 0 99,109
PAN AMERN SILVER CORP COM 697900108 9,925 330,517 SH   SOLE   281,500 0 49,017
PHILIP MORRIS INTL INC COM 718172109 14,281 159,686 SH   SOLE   64,645 0 95,041
PRETIUM RES INC COM 74139C102 7,781 750,321 SH   SOLE   704,769 0 45,552
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 10,738 273,851 SH   SOLE   70,000 0 203,851
ROYAL GOLD INC COM 780287108 10,627 98,732 SH   SOLE   88,200 0 10,532
SANDSTORM GOLD LTD COM NEW 80013R206 11,879 1,746,910 SH   SOLE   1,650,000 0 96,910
SILVERCORP METALS INC COM 82835P103 59 12,044 SH   SOLE   0 0 12,044
SK TELECOM CO LTD SPONSORED ADR 78440P108 1,929 70,837 SH   SOLE   57,553 0 13,284
SPROTT PHYSICAL GOLD AND SILVE TR UNIT 85208R101 7,194 414,158 SH   SOLE   0 0 414,158
SPROTT PHYSICAL GOLD TR UNIT 85207H104 1,120 83,487 SH   SOLE   0 0 83,487
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 158 18,038 SH   SOLE   0 0 18,038
TOTAL SE SPONSORED ADS 89151E109 9,137 193,891 SH   SOLE   40,000 0 153,891
UNILEVER PLC SPON ADR NEW 904767704 8,259 147,937 SH   SOLE   53,653 0 94,284
VANECK MERK GOLD TR GOLD TRUST 921078101 735 44,178 SH   SOLE   0 0 44,178
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 1,418 31,514 SH   SOLE   30,800 0 714
VISTA GOLD CORP COM NEW 927926303 5,409 5,102,716 SH   SOLE   4,496,124 0 606,592
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 281 15,251 SH   SOLE   0 0 15,251
WHEATON PRECIOUS METALS CORP COM 962879102 4,232 110,696 SH   SOLE   79,000 0 31,696
YAMANA GOLD INC COM 98462Y100 12,803 2,942,324 SH   SOLE   1,592,708 0 1,349,616