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

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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
ALTA MESA RES INC CL A 02133L109   168,899 1,157,635 SH   SOLE   1,157,635 0 0
ATENTO S A SHS L0427L105   2,589,667 1,040,027 SH   SOLE   1,040,027 0 0
EMX RTY CORP COM 26873J107   1,605,498 1,314,000 SH   SOLE   1,314,000 0 0
MAG SILVER CORP COM 55903Q104   20,136,590 1,908,022 SH   SOLE   1,908,022 0 0
PAN AMERICAN SILVER CORP COM 697900108   6,428,535 497,950 SH   SOLE   497,950 0 0
SANDSTORM GOLD LTD COM NEW 80013R206   706,964 127,341 SH   SOLE   127,341 0 0