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 25,277 409,155 SH   SOLE   289,840 0 119,315
AGORA INC ADS 00851L103 410 41,220 SH   SOLE   41,220 0 0
ALAMOS GOLD INC NEW COM CL A 011532108 2,018 239,141 SH   SOLE   220,000 0 19,141
ALMADEN MINERALS LTD COM CL B 020283305 0 107,750 SH   SOLE   107,750 0 0
AMBEV SA SPONSORED ADR 02319V103 11,743 3,617,992 SH   SOLE   1,450,656 0 2,167,336
APPLE INC COM 037833100 698 4,000 SH   SOLE   0 0 4,000
ARCO PLATFORM LTD COM CL A G04553106 1,376 65,230 SH   SOLE   65,230 0 0
B2GOLD CORP COM 11777Q209 15,203 3,307,240 SH   SOLE   2,835,229 0 472,011
BANCO BRADESCO S A SP ADR PFD NEW 059460303 4,791 1,032,524 SH   SOLE   979,000 0 53,524
BANK NOVA SCOTIA B C COM 064149107 12,825 180,399 SH   SOLE   71,000 0 109,399
BARRICK GOLD CORP COM 067901108 40,551 1,645,425 SH   SOLE   982,192 0 663,233
BCE INC COM NEW 05534B760 8,137 145,747 SH   SOLE   35,000 0 110,747
BP PLC SPONSORED ADR 055622104 13,834 466,375 SH   SOLE   216,000 0 250,375
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 23,495 554,993 SH   SOLE   269,000 0 285,993
CANADIAN NATL RY CO COM 136375102 346 2,534 SH   SOLE   0 0 2,534
CI&T INC COM CL A G21307106 1,288 80,380 SH   SOLE   80,380 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 4,535 302,617 SH   SOLE   264,381 0 38,236
DADA NEXUS LTD ADS 23344D108 391 42,800 SH   SOLE   42,800 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 3,110 15,221 SH   SOLE   6,200 0 9,021
EMX RTY CORP COM 26873J107 3,765 1,801,281 SH   SOLE   1,537,976 0 263,305
ENDEAVOUR SILVER CORP COM 29258Y103 87 18,020 SH   SOLE   0 0 18,020
EQUINOR ASA SPONSORED ADR 29446M102 12,026 315,997 SH   SOLE   70,000 0 245,997
EQUINOX GOLD CORP COM 29446Y502 16,207 1,962,752 SH   SOLE   1,783,099 0 179,653
FIRST MAJESTIC SILVER CORP COM 32076V103 464 34,167 SH   SOLE   0 0 34,167
FIRST TR EXCH TRADED FD III EME MRK BD ETF 33739P202 922 29,853 SH   SOLE   0 0 29,853
FORTUNA SILVER MINES INC COM 349915108 14,517 3,803,294 SH   SOLE   3,219,537 0 583,757
FRANCO NEV CORP COM 351858105 16,544 103,609 SH   SOLE   89,096 0 14,513
FRESHWORKS INC CLASS A COM 358054104 869 48,500 SH   SOLE   48,500 0 0
GLAXOSMITHKLINE PLC SPONSORED ADR 37733W105 11,060 253,543 SH   SOLE   122,700 0 130,843
GOLD FIELDS LTD SPONSORED ADR 38059T106 18,888 1,222,456 SH   SOLE   1,114,000 0 108,456
IAMGOLD CORP COM 450913108 1,761 505,800 SH   SOLE   500,000 0 5,800
ISHARES TR INTL TREA BD ETF 464288117 542 11,390 SH   SOLE   0 0 11,390
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 983 171,921 SH   SOLE   150,000 0 21,921
KINROSS GOLD CORP COM 496902404 12,036 2,013,505 SH   SOLE   809,905 0 1,203,600
KT CORP SPONSORED ADR 48268K101 152 10,047 SH   SOLE   0 0 10,047
MAVERIX METALS INC COM NEW 57776F405 4,575 951,998 SH   SOLE   759,000 0 192,998
METALLA RTY & STREAMING LTD COM NEW 59124U605 14,773 2,076,570 SH   SOLE   1,842,287 0 234,283
NEWMONT CORP COM 651639106 27,225 335,740 SH   SOLE   137,700 0 198,040
NOMAD ROYALTY COMPANY LTD COM NEW 65532M606 2,026 275,488 SH   SOLE   215,000 0 60,488
NOVARTIS AG SPONSORED ADR 66987V109 10,676 121,295 SH   SOLE   60,000 0 61,295
NOVO-NORDISK A S ADR 670100205 13,102 116,922 SH   SOLE   34,550 0 82,372
NUTRIEN LTD COM 67077M108 14,632 142,052 SH   SOLE   57,000 0 85,052
OSISKO GOLD ROYALTIES LTD COM 68827L101 15,044 1,140,118 SH   SOLE   964,009 0 176,109
PAN AMERN SILVER CORP COM 697900108 14,949 546,368 SH   SOLE   431,500 0 114,868
PHILIP MORRIS INTL INC COM 718172109 15,532 163,432 SH   SOLE   67,645 0 95,787
ROYAL GOLD INC COM 780287108 13,914 98,339 SH   SOLE   83,700 0 14,639
SANDSTORM GOLD LTD COM NEW 80013R206 11,667 1,443,695 SH   SOLE   1,359,000 0 84,695
SK TELECOM LTD SPONSORED ADR 78440P306 1,558 60,527 SH   SOLE   50,000 0 10,527
SPDR SER TR BLOOMBERG INTL T 78464A516 360 13,503 SH   SOLE   0 0 13,503
SPROTT PHYSICAL GOLD AND SILVE TR UNIT 85208R101 6,985 363,050 SH   SOLE   0 0 363,050
SPROTT PHYSICAL GOLD TR UNIT 85207H104 86 5,764 SH   SOLE   0 0 5,764
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 806 93,804 SH   SOLE   0 0 93,804
TOTALENERGIES SE SPONSORED ADS 89151E109 9,858 192,038 SH   SOLE   40,000 0 152,038
UNILEVER PLC SPON ADR NEW 904767704 14,452 315,375 SH   SOLE   130,000 0 185,375
VALE S A SPONSORED ADS 91912E105 837 41,905 SH   SOLE   40,000 0 1,905
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791 1,112 23,641 SH   SOLE   20,000 0 3,641
VANECK MERK GOLD TR GOLD TRUST 921078101 2,160 112,613 SH   SOLE   0 0 112,613
VISTA GOLD CORP COM NEW 927926303 5,959 5,672,222 SH   SOLE   4,635,386 0 1,036,836
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 526 31,270 SH   SOLE   31,270 0 0
VTEX SHS CL A G9470A102 903 146,830 SH   SOLE   146,830 0 0
WHEATON PRECIOUS METALS CORP COM 962879102 7,840 164,293 SH   SOLE   107,000 0 57,293
YAMANA GOLD INC COM 98462Y100 17,310 3,035,200 SH   SOLE   1,592,708 0 1,442,492