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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABRDN PALLADIUM ETF TRUST PHYSICAL PALLADM 003262102   294,216 2,577 SH   SOLE   2,577 0 0
ACM RESH INC COM CL A 00108J109   544,064 13,904 SH   SOLE   13,904 0 0
ADVISORSHARES TR PURE US CANNABIS 00768Y453   413,511 86,328 SH   SOLE   86,328 0 0
AGNICO EAGLE MINES LTD COM 008474108   4,214,000 25,000 SH   DFND 1 25,000 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   753,673 21,620 SH   SOLE   21,620 0 0
ALAMOS GOLD INC NEW COM CL A 011532108   6,972,000 200,000 SH   DFND 1 200,000 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   661,301 3,700 SH   SOLE   3,700 0 0
ALPHABET INC CAP STK CL A 02079K305   3,639,207 14,970 SH   SOLE   14,970 0 0
AMAZON COM INC COM 023135106   474,271 2,160 SH   SOLE   2,160 0 0
ANGLOGOLD ASHANTI PLC COM SHS G0378L100   7,033,000 100,000 SH   DFND 1 100,000 0 0
ATRENEW INC SPONSORED ADS 00138L108   808,220 175,700 SH   SOLE   175,700 0 0
AUTOZONE INC COM 053332102   1,420,069 331 SH   SOLE   331 0 0
AVANTOR INC COM 05352A100   624,000 50,000 SH   SOLE   50,000 0 0
BAUSCH HEALTH COS INC COM 071734107   241,914 37,506 SH   SOLE   37,506 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   488,663 972 SH   SOLE   972 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   2,262,600 3 SH   SOLE   3 0 0
BIONTECH SE SPONSORED ADS 09075V102   353,060 3,580 SH   SOLE   3,580 0 0
BLACKROCK INC COM 09290D101   935,028 802 SH   SOLE   802 0 0
BLOOM ENERGY CORP COM CL A 093712107   253,710 3,000 SH   SOLE   3,000 0 0
BOSTON BEER INC CL A 100557107   528,550 2,500 SH   SOLE   2,500 0 0
BROWN FORMAN CORP CL B 115637209   649,108 23,970 SH   SOLE   23,970 0 0
CORCEPT THERAPEUTICS INC COM 218352102   251,823 3,030 SH   SOLE   3,030 0 0
EHANG HLDGS LTD ADS 26853E102   3,714,000 200,000 SH   DFND 1 200,000 0 0
ENOVA INTL INC COM 29357K103   388,544 3,376 SH   SOLE   3,376 0 0
ERO COPPER CORP COM 296006109   303,592 15,007 SH   SOLE   15,007 0 0
FIRST SOLAR INC COM 336433107   236,629 1,073 SH   SOLE   1,073 0 0
FLUTTER ENTMT PLC SHS G3643J108   1,200,404 4,726 SH   SOLE   4,726 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108   17,415,000 450,000 SH   DFND 1 450,000 0 0
GDS HLDGS LTD SPONSORED ADS 36165L108   1,217,928 31,471 SH   SOLE   31,471 0 0
HARMONY GOLD MINING CO LTD SPONSORED ADR 413216300   210,867 11,618 SH   SOLE   11,618 0 0
HERTZ GLOBAL HLDGS INC COM NEW 42806J700   195,371 28,731 SH   SOLE   28,731 0 0
HESAI GROUP SPONSORED ADS 428050108   862,670 30,700 SH   SOLE   30,700 0 0
I-80 GOLD CORP COM 44955L106   7,165,500 7,500,000 SH   DFND 1 7,500,000 0 0
ICICI BANK LIMITED ADR 45104G104   362,760 12,000 SH   SOLE   12,000 0 0
IMMUNOCORE HLDGS PLC ADS 45258D105   1,453,200 40,000 SH   DFND 1 40,000 0 0
INNOVATIVE INDL PPTYS INC COM 45781V101   544,641 10,165 SH   SOLE   10,165 0 0
INVESCO EXCH TRADED FD TR II CHINA TECHNLGY 46138E800   297,292 5,038 SH   SOLE   5,038 0 0
IVANHOE ELECTRIC INC COM 46578C108   268,344 21,382 SH   SOLE   21,382 0 0
KANZHUN LIMITED SPONSORED ADS 48553T106   3,504,000 150,000 SH   DFND 1 150,000 0 0
KASPI KZ JSC SPONSORED ADS 48581R205   604,432 7,400 SH   SOLE   7,400 0 0
LAS VEGAS SANDS CORP COM 517834107   376,530 7,000 SH   SOLE   7,000 0 0
MERCADOLIBRE INC COM 58733R102   366,900 157 SH   SOLE   157 0 0
META PLATFORMS INC CL A 30303M102   4,247,654 5,784 SH   SOLE   5,784 0 0
MICROSOFT CORP COM 594918104   248,098 479 SH   SOLE   479 0 0
MIDDLEBY CORP COM 596278101   930,510 7,000 SH   SOLE   7,000 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608   840,000 8,000 SH   SOLE   8,000 0 0
NEW GOLD INC CDA COM 644535106   10,770,000 1,500,000 SH   DFND 1 1,500,000 0 0
NEW GOLD INC CDA COM 644535106   517,506 72,076 SH   SOLE   72,076 0 0
NEWMONT CORP COM 651639106   14,754,250 175,000 SH   DFND 1 175,000 0 0
NOAH HLDGS LTD SPON ADS 65487X102   429,989 37,100 SH   SOLE   37,100 0 0
NU HLDGS LTD ORD SHS CL A G6683N103   1,370,696 85,615 SH   SOLE   85,615 0 0
NVIDIA CORPORATION COM 67066G104   1,361,847 7,299 SH   SOLE   7,299 0 0
PAYPAL HLDGS INC COM 70450Y103   285,609 4,259 SH   SOLE   4,259 0 0
PERPETUA RESOURCES CORP COM 714266103   303,450 15,000 SH   SOLE   15,000 0 0
PINTEREST INC CL A 72352L106   296,929 9,230 SH   SOLE   9,230 0 0
PONY AI INC SPONSORED ADS 732908108   1,016,548 45,200 SH   SOLE   45,200 0 0
ROBLOX CORP CL A 771049103   948,862 6,850 SH   SOLE   6,850 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   525,840 42,000 SH   SOLE   42,000 0 0
SCHWAB CHARLES CORP COM 808513105   1,023,820 10,724 SH   SOLE   10,724 0 0
SEA LTD SPONSORD ADS 81141R100   1,429,840 8,000 SH   SOLE   8,000 0 0
SEA LTD SPONSORD ADS 81141R100   8,936,500 50,000 SH   DFND 1 50,000 0 0
SEABRIDGE GOLD INC COM 811916105   434,700 18,000 SH   SOLE   18,000 0 0
SIBANYE STILLWATER LTD SPONSORED ADR 82575P107   804,413 71,567 SH   SOLE   71,567 0 0
SILVERCORP METALS INC COM 82835P103   262,293 41,502 SH   SOLE   41,502 0 0
SOCIEDAD QUIMICA Y MINERA DE SPON ADR SER B 833635105   507,508 11,808 SH   SOLE   11,808 0 0
TRANSOCEAN LTD REGISTERED SHS H8817H100   374,400 120,000 SH   SOLE   120,000 0 0
UNION PAC CORP COM 907818108   679,564 2,875 SH   SOLE   2,875 0 0
VALARIS LTD CL A G9460G101   634,010 13,000 SH   SOLE   13,000 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   572,492 5,781 SH   SOLE   5,781 0 0
VANECK ETF TRUST JUNIOR GOLD MINE 92189F791   4,951,500 50,000 SH   DFND 1 50,000 0 0
VNET GROUP INC SPONSORED ADS A 90138A103   651,059 63,026 SH   SOLE   63,026 0 0
VOX ROYALTY CORP COM 92919F103   276,060 64,200 SH   SOLE   64,200 0 0