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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 ADR 02319V103   5,890 3,222,125 SH   SOLE   1,450,656 0 1,771,469
AGNICO EAGLE MINES LTD COM 008474108   43,014 543,262 SH   SOLE   326,440 0 216,822
FIRST MAJESTIC SILVER CORP COM 32076V103   262 45,723 SH   SOLE   0 0 45,723
ALAMOS GOLD INC-CLASS A COM CL A 011532108   212 11,405 SH   SOLE   0 0 11,405
ALGONQUIN POWER & UTILITIES COM 015857105   1,575 354,787 SH   SOLE   350,000 0 4,787
BCE INC COM NEW 05534B760   1,566 66,681 SH   SOLE   10,000 0 56,681
BANK OF NOVA SCOTIA COM 064149107   12,568 233,533 SH   SOLE   107,000 0 126,533
BP PLC-SPONS ADR SPONSORED ADR 055622104   11,111 370,154 SH   SOLE   160,000 0 210,154
B2GOLD CORP COM 11777Q209   13,924 5,677,077 SH   SOLE   4,490,229 0 1,186,848
BRITISH AMERICAN TOB-SP ADR SPONSORED ADR 110448107   24,336 665,462 SH   SOLE   350,000 0 315,462
SPROTT PHYSICAL GOLD AND SIL TR UNIT 85208R101   7,883 325,425 SH   SOLE   0 0 325,425
DAKOTA GOLD CORP COM 46655E100   2,464 1,113,290 SH   SOLE   884,658 0 228,632
DIAGEO PLC-SPONSORED ADR SPON ADR NEW 25243Q205   1,024 8,266 SH   SOLE   0 0 8,266
ENDEAVOUR SILVER CORP COM 29258Y103   109 27,520 SH   SOLE   0 0 27,520
ENBRIDGE INC COM 29250N105   437 10,110 SH   SOLE   0 0 10,110
EQUINOR ASA-SPON ADR SPONSORED ADR 29446M102   6,778 275,084 SH   SOLE   55,000 0 220,084
EQUINOX GOLD CORP COM 29446Y502   10,751 2,135,110 SH   SOLE   1,990,027 0 145,083
ENERGY TRANSFER LP COM UT LTD PTN 29273V100   259 13,210 SH   SOLE   0 0 13,210
FRANCO-NEVADA CORP COM 351858105   27,046 227,912 SH   SOLE   135,366 0 92,546
FORTUNA MINING CORP COM NEW 349942102   18,792 4,365,085 SH   SOLE   3,614,980 0 750,105
VANECK GOLD MINERS ETF GOLD MINERS ETF 92189F106   323 9,238 SH   SOLE   0 0 9,238
BARRICK GOLD CORP COM 067901108   31,083 1,987,369 SH   SOLE   1,224,192 0 763,177
GSK PLC-SPON ADR SPONSORED ADR 37733W204   7,225 214,165 SH   SOLE   110,760 0 103,405
HALEON PLC-ADR SPON ADS 405552100   889 93,787 SH   SOLE   0 0 93,787
IAMGOLD CORP COM 450913108   7,324 1,408,027 SH   SOLE   1,100,000 0 308,027
I-80 GOLD CORP COM 44955L106   4,133 8,571,215 SH   SOLE   7,671,229 0 899,986
INFOSYS LTD-SP ADR SPONSORED ADR 456788108   1,452 65,889 SH   SOLE   55,000 0 10,889
ITAU UNIBANCO H-SPON PRF ADR SPON ADR REP PFD 465562106   858 172,436 SH   SOLE   150,000 0 22,436
JANUS HENDERSON AAA CLO ETF HENDRSON AAA CL 47103U845   557 10,985 SH   SOLE   0 0 10,985
KINROSS GOLD CORP COM 496902404   10,801 1,122,441 SH   SOLE   300,000 0 822,441
METALLA ROYALTY & STREAMING COM NEW 59124U605   12,181 4,821,920 SH   SOLE   3,991,464 0 830,456
NEWMONT CORP COM 651639106   13,339 352,630 SH   SOLE   125,000 0 227,630
NETEASE INC-ADR SPONSORED ADS 64110W102   1,172 13,137 SH   SOLE   10,000 0 3,137
NUTRIEN LTD COM 67077M108   4,904 107,745 SH   SOLE   45,000 0 62,745
NOVO-NORDISK A/S-SPONS ADR ADR 670100205   7,985 91,390 SH   SOLE   20,000 0 71,390
NOVARTIS AG-SPONSORED ADR SPONSORED ADR 66987V109   9,279 95,218 SH   SOLE   40,000 0 55,218
OMEGA HEALTHCARE INVESTORS COM 681936100   221 5,800 SH   SOLE   0 0 5,800
OSISKO GOLD ROYALTIES LTD COM 68827L101   19,833 1,094,133 SH   SOLE   891,385 0 202,748
PAN AMERICAN SILVER CORP COM 697900108   27,310 1,339,706 SH   SOLE   964,455 0 375,251
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104   942 47,833 SH   SOLE   0 0 47,833
PHILIP MORRIS INTERNATIONAL COM 718172109   11,379 93,831 SH   SOLE   30,000 0 63,831
SPDR ICE PREFERRED SECURITIE ICE PFD SEC ETF 78464A292   539 15,965 SH   SOLE   0 0 15,965
SPROTT PHYSICAL SILVER TRUST TR UNIT 85207K107   2,597 269,057 SH   SOLE   0 0 269,057
ROYAL GOLD INC COM 780287108   15,361 116,327 SH   SOLE   91,300 0 25,027
RIO TINTO PLC-SPON ADR SPONSORED ADR 767204100   283 4,810 SH   SOLE   0 0 4,810
SHELL PLC-ADR SPON ADS 780259305   11,165 174,497 SH   SOLE   35,000 0 139,497
SK TELECOM CO LTD-SPON ADR SPONSORED ADR 78440P306   1,562 73,991 SH   SOLE   50,000 0 23,991
TAIWAN SEMICONDUCTOR-SP ADR SPONSORED ADS 874039100   634 3,108 SH   SOLE   0 0 3,108
TOTALENERGIES SE -SPON ADR SPONSORED ADS 89151E109   9,253 167,507 SH   SOLE   40,000 0 127,507
UNILEVER PLC-SPONSORED ADR SPON ADR NEW 904767704   14,192 250,238 SH   SOLE   85,000 0 165,238
ISHARES BROAD USD HIGH YIELD BROAD USD HIGH 46435U853   549 14,875 SH   SOLE   0 0 14,875
VALE SA-SP ADR SPONSORED ADS 91912E105   571 64,412 SH   SOLE   40,000 0 24,412
VANGUARD EMERG MKTS GOV BND EM MK GOV BD ETF 921946885   558 8,785 SH   SOLE   0 0 8,785
WHEATON PRECIOUS METALS CORP COM 962879102   16,006 283,856 SH   SOLE   221,200 0 62,656
YUM CHINA HOLDINGS INC COM 98850P109   1,688 35,299 SH   SOLE   28,500 0 6,799
WIPRO LTD-ADR SPON ADR 1 SH 97651M109   84 22,634 SH   SOLE   0 0 22,634
SAP SE-SPONSORED ADR SPON ADR 803054204   417 1,679 SH   SOLE   0 0 1,679
CEMEX SAB-SPONS ADR PART CER SPON ADR NEW 151290889   62 10,458 SH   SOLE   0 0 10,458
BANCO BRADESCO-ADR SP ADR PFD NEW 059460303   1,115 582,384 SH   SOLE   550,000 0 32,384
VODAFONE GROUP PLC-SP ADR SPONSORED ADR 92857W308   188 21,938 SH   SOLE   0 0 21,938
ISHARES INTERNATIONAL TREASU INTL TREA BD ETF 464288117   1,904 48,992 SH   SOLE   0 0 48,992
KT CORP-SP ADR SPONSORED ADR 48268K101   179 11,092 SH   SOLE   0 0 11,092
GOLD FIELDS LTD-SPONS ADR SPONSORED ADR 38059T106   173 12,911 SH   SOLE   0 0 12,911
WESTERN COPPER AND GOLD CORP COM 95805V108   1,149 1,094,474 SH   SOLE   1,006,600 0 87,874
SPDR BLOOMBERG INT TREASURY BLOOMBERG INTL T 78464A516   1,230 56,818 SH   SOLE   0 0 56,818
VANECK MERK GOLD ETF GOLD TRUST 921078101   11,337 446,865 SH   SOLE   0 0 446,865
WISDOMTREE FLOATING RATE TRE FLOATING RAT TREA 97717Y527   348 6,906 SH   SOLE   0 0 6,906
FIRST TRUST EMERGING MARKETS EME MRK BD ETF 33739P202   3,086 117,473 SH   SOLE   0 0 117,473
IVANHOE ELECTRIC INC / US COM 46578C108   1,456 191,180 SH   SOLE   160,300 0 30,880
MERCADOLIBRE INC COM 58733R102   496 290 SH   SOLE   250 0 40
EMX ROYALTY CORP COM 26873J107   2,478 1,424,771 SH   SOLE   1,424,771 0 0