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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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMBEV SA-ADR SPONSORED ADS 02319V103   9,113 3,525,972 SH   SOLE   1,450,656 0 2,075,316
AGNICO EAGLE MINES LTD COM 008474108   25,957 570,553 SH   SOLE   361,368 0 209,185
FIRST MAJESTIC SILVER CORP COM 32076V103   246 48,238 SH   SOLE   0 0 48,238
ALAMOS GOLD INC-CLASS A COM CL A 011532108   2,752 243,624 SH   SOLE   220,000 0 23,624
ALGONQUIN POWER & UTILITIES COM 015857105   2,148 361,646 SH   SOLE   350,000 0 11,646
BANCO BRADESCO-ADR SP ADR PFD NEW 059460303   3,803 1,332,103 SH   SOLE   1,239,700 0 92,403
BCE INC SPONSORED ADS 05534B760   3,062 80,054 SH   SOLE   10,000 0 70,054
BANK OF NOVA SCOTIA SPONSORED ADR 064149107   10,799 240,394 SH   SOLE   107,000 0 133,394
BP PLC-SPONS ADR SPONSORED ADS 055622104   15,195 391,333 SH   SOLE   160,000 0 231,333
BRITISH AMERICAN TOB-SP ADR SPONSORED ADR 110448107   19,441 618,136 SH   SOLE   311,000 0 307,136
B2GOLD CORP SPONSORED ADR 11777Q209   12,529 4,341,553 SH   SOLE   3,535,229 0 806,324
CIA CERVECERIAS UNI-SPON ADR SPONSORED ADR 204429104   2,954 234,069 SH   SOLE   174,402 0 59,667
SPROTT PHYSICAL GOLD AND SIL TR UNIT 85208R101   6,200 357,957 SH   SOLE   0 0 357,957
DAKOTA GOLD CORP SPON ADR REP PFD 46655E100   742 286,376 SH   SOLE   141,265 0 145,111
DIAGEO PLC-SPONSORED ADR SPON ADR NEW 25243Q205   1,188 7,849 SH   SOLE   0 0 7,849
ENDEAVOUR SILVER CORP COM 29258Y103   67 27,520 SH   SOLE   0 0 27,520
EMX ROYALTY CORP COM 26873J107   2,217 1,304,255 SH   SOLE   1,105,914 0 198,341
EQUINOR ASA-SPON ADR SPONSORED ADR 29446M102   9,491 288,791 SH   SOLE   55,000 0 233,791
EQUINOX GOLD CORP COM 29446Y502   9,533 2,261,695 SH   SOLE   2,063,099 0 198,596
FRANCO-NEVADA CORP COM 351858105   14,355 107,536 SH   SOLE   89,096 0 18,440
FORTUNA SILVER MINES INC COM 349915108   12,460 4,579,271 SH   SOLE   3,624,980 0 954,291
VANECK GOLD MINERS ETF GOLD TRUST 92189F106   264 9,801 SH   SOLE   0 0 9,801
BARRICK GOLD CORP SPONSORED ADR 067901108   26,972 1,852,311 SH   SOLE   1,126,392 0 725,919
GSK PLC-SPON ADR SPONSORED ADR 37733W204   8,428 232,046 SH   SOLE   110,760 0 121,286
HALEON PLC-ADR SPONSORED ADR 405552100   893 106,912 SH   SOLE   0 0 106,912
IAMGOLD CORP COM 450913108   3,958 1,841,368 SH   SOLE   1,800,000 0 41,368
I-80 GOLD CORP COM 44955L106   8,425 5,571,905 SH   SOLE   5,056,300 0 515,605
ITAU UNIBANCO H-SPON PRF ADR SPON ADR REP PFD 465562106   940 174,163 SH   SOLE   150,000 0 24,163
KINROSS GOLD CORP COM 496902404   7,975 1,744,285 SH   SOLE   739,905 0 1,004,380
METALLA ROYALTY & STREAMING COM NEW 59124U605   8,611 2,808,043 SH   SOLE   2,448,308 0 359,735
NEWMONT CORP COM 651639106   11,971 323,640 SH   SOLE   125,000 0 198,640
NETEASE INC-ADR SPONSORED ADS 64110W102   1,297 12,923 SH   SOLE   10,000 0 2,923
NUTRIEN LTD COM 67077M108   7,197 116,387 SH   SOLE   45,000 0 71,387
NOVO-NORDISK A/S-SPONS ADR ADR 670100205   11,620 127,470 SH   SOLE   30,000 0 97,470
NOVARTIS AG-SPONSORED ADR SPONSORED ADR 66987V109   11,171 109,423 SH   SOLE   45,000 0 64,423
OSISKO GOLD ROYALTIES LTD COM 68827L101   14,529 1,236,489 SH   SOLE   964,009 0 272,480
PAN AMERICAN SILVER CORP COM 697900108   20,160 1,392,979 SH   SOLE   988,455 0 404,524
PHILIP MORRIS INTERNATIONAL COM 718172109   14,495 156,326 SH   SOLE   61,645 0 94,681
SPROTT PHYSICAL SILVER TRUST TR UNIT 85207K107   1,623 212,114 SH   SOLE   0 0 212,114
ROYAL GOLD INC SPON ADS 780287108   12,229 114,986 SH   SOLE   91,700 0 23,286
SEABRIDGE GOLD INC BLOOMBERG INTL T 811916105   143 13,500 SH   SOLE   10,000 0 3,500
SHELL PLC-ADR SPON ADS 780259305   13,910 215,289 SH   SOLE   60,000 0 155,289
SK TELECOM CO LTD-SPON ADR SPONSORED ADR 78440P306   1,817 84,159 SH   SOLE   50,000 0 34,159
TOTALENERGIES SE -SPON ADR SPONSORED ADS 89151E109   12,001 181,901 SH   SOLE   40,000 0 141,901
UNILEVER PLC-SPONSORED ADR SPON ADR NEW 904767704   14,976 302,700 SH   SOLE   115,000 0 187,700
VISTA GOLD CORP COM NEW 927926303   2,332 5,426,324 SH   SOLE   4,322,609 0 1,103,715
TELEFONICA BRASIL-ADR NEW ADR 87936R205   108 12,257 SH   SOLE   0 0 12,257
WHEATON PRECIOUS METALS CORP COM 962879102   13,400 330,489 SH   SOLE   257,200 0 73,289
INFOSYS LTD-SP ADR COM 456788108   593 34,418 SH   SOLE   30,000 0 4,418
MERCADOLIBRE INC COM 58733R102   695 545 SH   SOLE   500 0 45
VALE SA-SP ADR SPONSORED ADS 91912E105   597 44,463 SH   SOLE   40,000 0 4,463
ANGLOGOLD ASHANTI PLC COM G0378L100   916 57,847 SH   SOLE   55,000 0 2,847
GOLD FIELDS LTD-SPONS ADR SPONSORED ADR 38059T106   6,420 590,870 SH   SOLE   580,690 0 10,180
SILVERCREST METALS INC BLOOMBERG INTL T 828363101   2,287 518,644 SH   SOLE   518,644 0 0
TRIPLE FLAG PRECIOUS MET COM 89679M104   5,353 409,635 SH   SOLE   409,359 0 276
VOX ROYALTY CORP COM 92919F103   0 58,350 SH   SOLE   58,350 0 0
TAIWAN SEMICONDUCTOR-SP ADR SPONSORED ADS 874039100   242 2,628 SH   SOLE   0 0 2,628
WIPRO LTD-ADR COM 97651M109   61 12,062 SH   SOLE   0 0 12,062
SAP SE-SPONSORED ADR BLOOMBERG INTL T 803054204   344 2,537 SH   SOLE   0 0 2,537
CEMEX SAB-SPONS ADR PART CER COM 151290889   72 10,522 SH   SOLE   0 0 10,522
VODAFONE GROUP PLC-SP ADR SPONSORED ADR 92857W308   595 60,894 SH   SOLE   0 0 60,894
CANADIAN NATL RAILWAY CO COM 136375102   222 1,921 SH   SOLE   0 0 1,921
ISHARES INTERNATIONAL TREASU INTL TREA BD ETF 464288117   1,770 46,946 SH   SOLE   0 0 46,946
KT CORP-SP ADR SPON ADR REP PFD 48268K101   191 13,914 SH   SOLE   0 0 13,914
SPROTT PHYSICAL GOLD TRUST BLOOMBERG INTL T 85207H104   181 12,675 SH   SOLE   0 0 12,675
SPDR BLOOMBERG INT TREASURY BLOOMBERG INTL T 78464A516   1,163 54,038 SH   SOLE   0 0 54,038
VANECK MERK GOLD TRUST GOLD TRUST 921078101   6,545 357,873 SH   SOLE   0 0 357,873
FIRST TRUST EMERGING MARKETS EME MRK BD ETF 33739P202   3,124 113,919 SH   SOLE   0 0 113,919