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
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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 13,499 255,381 SH   SOLE   215,040 0 40,341
AGORA INC ADS 00851L103 668 41,220 SH   SOLE   41,220 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 1,814 237,041 SH   SOLE   220,000 0 17,041
ALMADEN MINERALS LTD COM CL B 020283305 0 107,750 SH   SOLE   107,750 0 0
AMBEV SA SPONSORED ADR 02319V103 9,561 3,541,157 SH   SOLE   1,450,656 0 2,090,501
APPLE INC COM 037833100 710 4,000 SH   SOLE   0 0 4,000
ARCO PLATFORM LTD COM CL A G04553106 1,266 60,580 SH   SOLE   60,580 0 0
B2GOLD CORP COM 11777Q209 10,732 2,744,177 SH   SOLE   2,358,728 0 385,449
BANCO BRADESCO S A SP ADR PFD NEW 059460303 3,462 1,011,947 SH   SOLE   979,000 0 32,947
BANK NOVA SCOTIA B C COM 064149107 13,591 190,445 SH   SOLE   79,000 0 111,445
BARRICK GOLD CORP COM 067901108 29,780 1,594,083 SH   SOLE   942,192 0 651,891
BCE INC COM NEW 05534B760 7,623 146,754 SH   SOLE   35,000 0 111,754
BP PLC SPONSORED ADR 055622104 14,257 516,845 SH   SOLE   268,000 0 248,845
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 20,398 538,185 SH   SOLE   269,000 0 269,185
BURNING ROCK BIOTECH LTD SPONSORED ADS 12233L107 261 27,405 SH   SOLE   27,405 0 0
CANADIAN NATL RY CO COM 136375102 258 2,055 SH   SOLE   0 0 2,055
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 4,751 289,929 SH   SOLE   264,381 0 25,548
DADA NEXUS LTD ADS 23344D108 563 42,800 SH   SOLE   42,800 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 3,122 14,254 SH   SOLE   6,200 0 8,054
EMX RTY CORP COM 26873J107 4,042 1,857,787 SH   SOLE   1,557,976 0 299,811
ENDEAVOUR SILVER CORP COM 29258Y103 70 18,020 SH   SOLE   0 0 18,020
EQUINOR ASA SPONSORED ADR 29446M102 11,205 411,436 SH   SOLE   100,000 0 311,436
EQUINOX GOLD CORP COM 29446Y502 13,237 1,958,386 SH   SOLE   1,783,099 0 175,287
FIRST MAJESTIC SILVER CORP COM 32076V103 354 34,167 SH   SOLE   0 0 34,167
FIRST TR EXCH TRADED FD III EME MRK BD ETF 33739P202 1,168 36,432 SH   SOLE   36,432 0 0
FORTUNA SILVER MINES INC COM 349915108 14,096 3,634,213 SH   SOLE   3,135,537 0 498,676
FRANCO NEV CORP COM 351858105 14,145 102,823 SH   SOLE   89,096 0 13,727
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 10,165 232,227 SH   SOLE   105,940 0 126,287
GOLD FIELDS LTD SPONSORED ADR 38059T106 13,315 1,216,359 SH   SOLE   1,114,000 0 102,359
IAMGOLD CORP COM 450913108 1,565 500,000 SH   SOLE   500,000 0 0
ISHARES TR INTL TREA BD ETF 464288117 718 13,878 SH   SOLE   0 0 13,878
ISHARES TR MSCI EMG MKT ETF 464287234 378 7,785 SH   SOLE   0 0 7,785
KINROSS GOLD CORP COM 496902404 4 500 SH   SOLE   0 0 500
MAVERIX METALS INC COM NEW 57776F405 3,901 899,724 SH   SOLE   725,000 0 174,724
METALLA RTY & STREAMING LTD COM NEW 59124U605 14,042 2,026,401 SH   SOLE   1,842,287 0 184,114
NEWMONT CORP COM 651639106 29,212 485,342 SH   SOLE   225,886 0 259,456
NOMAD ROYALTY COMPANY LTD COM NEW 65532M606 1,901 248,057 SH   SOLE   205,000 0 43,057
NOVARTIS AG SPONSORED ADR 66987V109 8,936 101,362 SH   SOLE   44,476 0 56,886
NOVO-NORDISK A S ADR 670100205 14,375 135,008 SH   SOLE   51,650 0 83,358
NUTRIEN LTD COM 67077M108 14,599 202,012 SH   SOLE   77,400 0 124,612
OSISKO GOLD ROYALTIES LTD COM 68827L101 12,974 1,064,462 SH   SOLE   915,009 0 149,453
PAN AMERN SILVER CORP COM 697900108 13,059 527,694 SH   SOLE   431,500 0 96,194
PHILIP MORRIS INTL INC COM 718172109 15,600 162,791 SH   SOLE   67,645 0 95,146
PRETIUM RES INC COM 74139C102 7,043 499,769 SH   SOLE   499,769 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 12,347 270,773 SH   SOLE   70,000 0 200,773
ROYAL GOLD INC COM 780287108 10,175 97,151 SH   SOLE   83,700 0 13,451
SANDSTORM GOLD LTD COM NEW 80013R206 9,154 1,479,712 SH   SOLE   1,389,000 0 90,712
SK TELECOM LTD SPONSORED ADR 78440P306 1,241 46,578 SH   SOLE   34,955 0 11,623
SPDR SER TR BLOOMBERG INTL T 78464A516 481 16,556 SH   SOLE   0 0 16,556
SPROTT PHYSICAL GOLD AND SILVE TR UNIT 85208R101 6,319 364,786 SH   SOLE   0 0 364,786
SPROTT PHYSICAL GOLD TR UNIT 85207H104 104 7,900 SH   SOLE   0 0 7,900
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 521 68,116 SH   SOLE   0 0 68,116
TOTALENERGIES SE SPONSORED ADS 89151E109 9,345 192,159 SH   SOLE   40,000 0 152,159
UNILEVER PLC SPON ADR NEW 904767704 9,787 183,160 SH   SOLE   83,253 0 99,907
VANECK ETF TRUST GOLD MINERS ETF 92189F106 1,221 40,601 SH   SOLE   0 0 40,601
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791 1,500 35,941 SH   SOLE   30,800 0 5,141
VANECK MERK GOLD TR GOLD TRUST 921078101 1,524 83,847 SH   SOLE   0 0 83,847
VISTA GOLD CORP COM NEW 927926303 3,609 5,115,797 SH   SOLE   4,284,324 0 831,473
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 387 25,554 SH   SOLE   0 0 25,554
VTEX SHS CL A G9470A102 880 82,130 SH   SOLE   82,130 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 6,627 156,901 SH   SOLE   107,000 0 49,901
YAMANA GOLD INC COM 98462Y100 12,291 3,008,991 SH   SOLE   1,592,708 0 1,416,283