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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
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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
BARRICK GOLD CORP SPONSORED ADR 067901108   33,385 1,848,230 SH   SOLE   1,126,392 0 721,838
KINROSS GOLD CORP COM 496902404   9,549 1,584,211 SH   SOLE   609,905 0 974,306
CIA CERVECERIAS UNI-SPON ADR SPONSORED ADR 204429104   2,898 229,206 SH   SOLE   174,402 0 54,804
PAN AMERICAN SILVER CORP COM 697900108   22,749 1,394,702 SH   SOLE   988,455 0 406,247
BCE INC SPONSORED ADS 05534B760   3,167 78,609 SH   SOLE   10,000 0 68,609
TAIWAN SEMICONDUCTOR-SP ADR SPONSORED ADS 874039100   366 3,364 SH   SOLE   0 0 3,364
WIPRO LTD-ADR COM 97651M109   75 12,981 SH   SOLE   0 0 12,981
SAP SE-SPONSORED ADR BLOOMBERG INTL T 803054204   406 2,498 SH   SOLE   0 0 2,498
GSK PLC-SPON ADR SPONSORED ADR 37733W204   8,737 234,116 SH   SOLE   110,760 0 123,356
SK TELECOM CO LTD-SPON ADR SPONSORED ADR 78440P306   1,803 83,921 SH   SOLE   50,000 0 33,921
VALE SA-SP ADR SPONSORED ADS 91912E105   710 44,693 SH   SOLE   40,000 0 4,693
AMBEV SA-ADR SPONSORED ADS 02319V103   9,736 3,481,677 SH   SOLE   1,450,656 0 2,031,021
CEMEX SAB-SPONS ADR PART CER COM 151290889   92 11,511 SH   SOLE   0 0 11,511
ITAU UNIBANCO H-SPON PRF ADR SPON ADR REP PFD 465562106   1,221 174,929 SH   SOLE   150,000 0 24,929
NEWMONT CORP COM 651639106   12,550 303,650 SH   SOLE   103,500 0 200,150
NOVO-NORDISK A/S-SPONS ADR ADR 670100205   12,909 125,371 SH   SOLE   30,000 0 95,371
ROYAL GOLD INC SPON ADS 780287108   14,003 115,927 SH   SOLE   91,700 0 24,227
BANCO BRADESCO-ADR SP ADR PFD NEW 059460303   4,668 1,332,488 SH   SOLE   1,239,700 0 92,788
INFOSYS LTD-SP ADR COM 456788108   730 39,527 SH   SOLE   30,000 0 9,527
BP PLC-SPONS ADR SPONSORED ADS 055622104   13,924 390,844 SH   SOLE   160,000 0 230,844
UNILEVER PLC-SPONSORED ADR SPON ADR NEW 904767704   14,651 301,995 SH   SOLE   115,000 0 186,995
BRITISH AMERICAN TOB-SP ADR SPONSORED ADR 110448107   18,225 615,738 SH   SOLE   311,000 0 304,738
DIAGEO PLC-SPONSORED ADR SPON ADR NEW 25243Q205   1,198 8,179 SH   SOLE   0 0 8,179
NETEASE INC-ADR SPONSORED ADS 64110W102   1,208 12,943 SH   SOLE   10,000 0 2,943
BANK OF NOVA SCOTIA SPONSORED ADR 064149107   11,704 242,152 SH   SOLE   107,000 0 135,152
VODAFONE GROUP PLC-SP ADR SPONSORED ADR 92857W308   536 60,367 SH   SOLE   0 0 60,367
FIRST MAJESTIC SILVER CORP COM 32076V103   296 48,251 SH   SOLE   0 0 48,251
TOTALENERGIES SE -SPON ADR SPONSORED ADS 89151E109   12,245 180,435 SH   SOLE   40,000 0 140,435
AGNICO EAGLE MINES LTD COM 008474108   31,343 572,380 SH   SOLE   361,368 0 211,012
ALGONQUIN POWER & UTILITIES COM 015857105   2,291 361,829 SH   SOLE   350,000 0 11,829
CANADIAN NATL RAILWAY CO COM 136375102   242 1,842 SH   SOLE   0 0 1,842
ISHARES INTERNATIONAL TREASU INTL TREA BD ETF 464288117   1,881 44,670 SH   SOLE   0 0 44,670
METALLA ROYALTY & STREAMING COM NEW 59124U605   10,396 3,396,976 SH   SOLE   3,035,032 0 361,944
PHILIP MORRIS INTERNATIONAL COM 718172109   14,780 155,570 SH   SOLE   61,645 0 93,925
SEABRIDGE GOLD INC BLOOMBERG INTL T 811916105   163 13,500 SH   SOLE   10,000 0 3,500
KT CORP-SP ADR SPON ADR REP PFD 48268K101   201 14,080 SH   SOLE   0 0 14,080
GOLD FIELDS LTD-SPONS ADR SPONSORED ADR 38059T106   2,467 170,376 SH   SOLE   159,690 0 10,686
FORTUNA SILVER MINES INC COM 349915108   17,578 4,561,286 SH   SOLE   3,624,980 0 936,306
IAMGOLD CORP COM 450913108   6,898 2,727,065 SH   SOLE   2,400,000 0 327,065
NOVARTIS AG-SPONSORED ADR SPONSORED ADR 66987V109   11,103 109,443 SH   SOLE   45,000 0 64,443
EQUINOR ASA-SPON ADR SPONSORED ADR 29446M102   9,161 288,805 SH   SOLE   55,000 0 233,805
WHEATON PRECIOUS METALS CORP COM 962879102   16,305 330,947 SH   SOLE   257,200 0 73,747
SPROTT PHYSICAL GOLD TRUST BLOOMBERG INTL T 85207H104   829 52,321 SH   SOLE   0 0 52,321
EQUINOX GOLD CORP COM 29446Y502   10,976 2,256,131 SH   SOLE   2,063,099 0 193,032
FRANCO-NEVADA CORP COM 351858105   14,380 129,779 SH   SOLE   97,696 0 32,083
SPDR BLOOMBERG INT TREASURY BLOOMBERG INTL T 78464A516   1,211 51,261 SH   SOLE   0 0 51,261
B2GOLD CORP SPONSORED ADR 11777Q209   13,742 4,348,113 SH   SOLE   3,535,229 0 812,884
SPROTT PHYSICAL SILVER TRUST TR UNIT 85207K107   1,601 199,853 SH   SOLE   0 0 199,853
VANECK MERK GOLD TRUST GOLD TRUST 921078101   6,997 346,772 SH   SOLE   0 0 346,772
OSISKO GOLD ROYALTIES LTD COM 68827L101   16,698 1,171,204 SH   SOLE   959,009 0 212,195
FIRST TRUST EMERGING MARKETS EME MRK BD ETF 33739P202   3,205 107,955 SH   SOLE   0 0 107,955
ALAMOS GOLD INC-CLASS A COM CL A 011532108   3,281 243,970 SH   SOLE   220,000 0 23,970
SILVERCREST METALS INC BLOOMBERG INTL T 828363101   3,855 588,459 SH   SOLE   528,644 0 59,815
NUTRIEN LTD COM 67077M108   6,607 115,792 SH   SOLE   45,000 0 70,792
TELEFONICA BRASIL-ADR NEW ADR 87936R205   138 12,468 SH   SOLE   0 0 12,468
I-80 GOLD CORP COM 44955L106   9,797 5,575,386 SH   SOLE   5,056,300 0 519,086
DAKOTA GOLD CORP SPON ADR REP PFD 46655E100   795 303,849 SH   SOLE   151,265 0 152,584
TRIPLE FLAG PRECIOUS MET COM 89679M104   5,586 419,635 SH   SOLE   419,359 0 276
SHELL PLC-ADR SPON ADS 780259305   14,167 214,040 SH   SOLE   60,000 0 154,040
HALEON PLC-ADR SPONSORED ADR 405552100   870 105,322 SH   SOLE   0 0 105,322
ANGLOGOLD ASHANTI PLC COM G0378L100   1,402 74,974 SH   SOLE   72,000 0 2,974
MERCADOLIBRE INC COM 58733R102   868 550 SH   SOLE   500 0 50
EMX ROYALTY CORP COM 26873J107   4,248 5,426,971 SH   SOLE   5,426,971 0 0
VISTA GOLD CORP COM NEW 927926303   1,066 2,357,295 SH   SOLE   2,357,295 0 0
VOX ROYALTY CORP COM 92919F103   0 58,350 SH   SOLE   58,350 0 0
SPROTT PHYSICAL GOLD AND SIL TR UNIT 85208R101   6,893 360,344 SH   SOLE   0 0 360,344
ENDEAVOUR SILVER CORP COM 29258Y103   54 27,520 SH   SOLE   0 0 27,520
VANECK GOLD MINERS ETF GOLD TRUST 92189F106   303 9,801 SH   SOLE   0 0 9,801